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Home My WebLink About1356 Borrower end L.e~der covenant and agree as followe: 1. Payment of Pcincipal and Interest. Borrower ehall promptly pay.when due the principal of wnd intereBt on the indebtedness evidenced by the Note, pnpayment and Iate chargea aa provided in the Note, and the principal of and interest on any Fliture Advancea secured by thie Mortgage. 2. F~unde [or Taxes aad Ineurance. Subject to applicable luw or to a written waiver by I.ender, E3urn~wer ahull pay w l.ender on the day monthly inataUmente of principal and interest are pttyable under the Note, until the Note is paid i~ full, a aum (herein "Funds") equal to one twelRh of thc yrs:ly taxea and uaeexsments which may attsiin priority over thia Mortgage, and ground rents on the!'roperty, if any. plus o~e- twelfth of yearly premium inetallments for hazard inaurance, plus onetwelfth ofyearly premium inetaliments for mortgage inaurance, if any. all ae reaaonably estimated initially and from time to ti~ne by I.ender on the basis of aeseasments a~d billa nnd reasonable eetimates thereof. The ~nds ahall be held in an institution the deposits or accounta of which are insured or guaranteed by a Federal or State agency (including Lender if l.ender ia auch an institution). Lender ahall applp the Funde to pay eaid taxea, assesRmente, insurance prnmiuma and ground renta. Lender may not charge for eo holding and applying the Funda. analyzing aaid account, or verifying and compiling said asseasment8 and bille, unlese Lender paya Borrower intereat on the Funds and applicable law permite I.ender to make auch a charge. Borrowe: and I.ender may agree in writing at the time of execution of thia Mortgage that interest on the ~nda ahall be paid to Borrower, and unless auch agreement ia made or applicable law requires euch intereat to be paid, Lende~ ehall not be required to pay Borrower any internet or earninge on the F~nde. l.ender ahall give to Borrower, without charge, an annual accounting of the Funda ehowing credits and debite to the Funde and the purpoee for which each debit to the ~nda was made. The Funds are pledged as additional eecurity for the auma eecured by thie Mortgage. If the amount of the fi~nda held by I.ender, together with the future monthly inataliments otFunds payable prior to the due dates otta:ee, aaseasmenta, insurance premiuma and ground rents, shall excYed the amount required to pay eaid taxes, sasexaments. i~aurunce premiuma and ground renLs as they fall due, euch excees ahall be, at Borrower e option, either promptly repaid to Borrower or credited to Borrower on monthly installmente of Fl~nda. If the amount of the Funds held by Lender sha11 no[ be ~ufficient to pay taxea, assesamente, insurance premiume and ground rente se they fall due, Borrower shail pay to Lender any amount necesaary to make up the de6ciency within 30 days from the date notice is mailed by l.ender to Bonower requesting payment thereof. Upon payment in full of all eums aecured by this MortgaRe, Lender ahall promptly refund to Borrower any funda held by I.ender. If under paragraph 18 hereof the Property is sold or the Piroperty is otherwise acquired by Lender, [.ender shall apply, no later than immediately prior to the sale of the Property or its aoquieition by [.ender, any Funda held by I.ender at the time of application ae a credit againat the suma secured by thie Mortgage. 3. Applicatioa of Paymente. Unleas applicable Iaw providee otherwise, aU paymente received by I.ender under the Note and paragraphe 1 and 2 her~of shall be applied by Lender first in payment of amounte payable to Lender by Borrower under paragraph 2 hereof, then to intereHt payable on the Note, then to the principal of the Note, and then to intereat and principal on any Future Advancea. 4. Charges; Liene. E3orrower ahall pay all laxes, nssessment8 and othercharges, finex and impositions attributable to the E'roperty which may attain a priority over this Mortgage, and leasehold payments or Rruund rents, if any, in the manner provided under paragraph 2 hereofor, - if not paid in auch manner, by Borrower makinq ps~yment, when due, directly to the payee thereof. Bormwer shall prumptly furniah tu t.ender all notices of amounts due under this paragrrph, and in the event E3orrower ehaU make pa~~ment directly, Borrower shall promptly furnish to - [.ender receipta evidencinq auch paymenta. E3orrower shaU promptly dischargr any lien which has priurity over this H1ortKaqe; provided, that F3orrower shall not be required to diacharge any such lien so long as t3orrower shall agree in writinq to the payment of the obligation serured by such lien in a manner acceptable to I.ender, or shall in good faith contest such lien by, ordefend enforcement of such lien in.legal proceedings which operate to prevent the enforcement of the lien or forfeiture ot the ['roperty or any part thereof. 5. Hazerd Iaeurance. Borrower ahall keep the improvementa now exieting or hereafter erected on the Property insured aRainat loss by 6ret hazarde included within the term "extended coveragP," and duch other hazards as I.ender may require and in snch amoants and fur such periads as I.ender may require; provided, that I.ender ehall not require such coverage amount exce~.~ding the minimum, as may be required by state or tederal regulationa goveming adivitiea of Lender, or that amount of coverage required to pay the aums secured by this Mortgage, whichever ie the greater. The insurance carrier providing the insurance shall be chosen by Eiorrower subject to appro~ al by I.ender, pmvidcd, that such approval ahall not be unreasonably withheld. All premiums on insur~nce pulicies shall be paid in the manner pmvideci under par.~Kraph 2 hemof or, if i not paid in such manner, by E3orrower making payment, when due, directiY to the insurance carrier. - All inaurance policiea and renewals thereof ahaU be in torm acceptableto I.enderand shall include a atandard mortgage clauae in favor of ~ and in form acceptable to l.ender_ Lender ahall have the right to hold the policies and renewals thereof, ~nd f3orrower shall promptly furnish to ; i.ender all renewal noticea and all receipta o[ paid premiuma_ In the event of lose, Borrower shail give prompt notice to the inaurance carrier ~ ` and Lender. Lender may make proof of loss if not made promptly by Borrower. ` j Unlesa Lender and Borrower otherwiee agree in writing, inaurance proceeda shaU be appl~ to reatoration or repair of the Property ~ damaged, provided auch restoration or repair is economically [easible and the security of this Murigaqe ia not thereby impaired. If such reatoration or repair is not economicaliy feasible or i[the security of this Mortgagewould be impaired,the insu~ance proceeda shall be appiied ~ to the s~una secured by this Mortgage, with the excess, if any, paid to Borrower_ If the Property is abandone~by Borrower, or if Eiorrower faila to E reapond to L,ender within 30 daya from the date notice is mailed by I.ender to Borrower that the inaurance~carrier offers to aetde a claim for ~ insurance benefits, Lender ie authorized to collect and apply the inaurance proceede at I.ende~'s option eithjer to restoraiion or repair of the ~ Property or the suma secured by this Mortgaqe. f Unless Lender snd Borrower otherwise agree in writing, any such application of proceeds to principal a~all not extend or postpone the due date of the monthly inatallments referred to in paragrapha I and 2 hereof or change the amount of such inetaUments. If under paragraph 18 hereof the Property ia acquired by Lender, all right, title and interest of Bornower in ar.d to any inaurance policiea and in and to the proceeds tt?ereof reaulting from damage to Property prior to the sale or acquieition ehall paas to Lender to the eittent of the suma secured by this ~tortgage immediately pnor to such aale or acquiaition. 6. Preaervation and Maintenance of Property; Leaeeholde; Condominums; Planned Unit Developmente. Borrower ahall keep ~ the Property in good repair and ahall not rnmmit waste or permit impairment or deterioration of the Property~sx~_ ahall rnmply with the ~ provieions of any lease if thie Morlgage ia on a leasehold. If this Mortgage ia on a unit in a condominium or a planned unit development, E3orrower ahalt perform all of Borrower's obligationa under the declaration or covenants creatingor governing the condot~inium or pianned ~ unit development, the by-fawa and regulatione of the condominium or planned unit development, and conetit~uent documenta. If a a condominium or ~planned unit development rider is executed by ~3orrower and recorded together with this Mortgage~e oovenants and ~ agreemente of such rider ahall be incorporated into and ahall amend and supplement the covenanta and agreement~ of ~ s Mortqage as if the rider were a part hereof. ? 7. Protection of I.ender's 3ecurity. If Borrower taile to perform the oovenante and agreemente contain~ ~n Wis Mortgage, or if any action or proceeding is commenced which materially affecte Lender a intereat in the Property, including, but not iTmit~d to, eminent domain, ~ insolvency, oode enforcement, or anangements or proceedings involving a bankrupt or decedent, then Lenyler pt Lendei s option.upon - ° notice to Borrower may make such eppearances, dieburse auch eums and take such action as ie neceaeary Eo protect Lender's intereet, ~ including, bnt not limited to, diabursement of reaaonable attorney'e fees and entry upon the Property to maice repaire.lf Lenda required ~ mortgage ineurance aa a condition of making the loan eecured by thia Mortgage, Borrower ahall pay the premiums rn+quired to maintain ~ such insurance in effect until auch time ae the reqairement for such ineurance terminates in accordance with Borrower's and Lendefs a written egreement or appliceble Law. Borrower ehall pay the amount of all morigage insurance premiums in the manner provided under parngraph 2 hereof. ~ Any amounte diabursed Ly Lender perauant to this paragraph with intereet thereon, ahall become additional indebtednees of ~ Borrower aecured by thia Mortgege. Unleae Borrower and Lender agree to other terme of payment, anch amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and ehall bear interest from the date of diebursement at the rate payable fmm ~ ~ time to time on outetanding principal under the Note unleee payment of intere~t at auch rate would be oontrary to applicable law, in which I ~ event auch amounta ehall bear intereet at the highest rate perm~aeible under applicable lew. Nothing contained in thia peragraph 7, ehall ~ ~ require Lender to incur any expenae or take any aMion hereunder. I ~ ~ ~ . ~ ~ 311 :1355 ~