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Home My WebLink About2827 Borrowe~ and l.ender oovenant and aQres a~ foUows: 1. P~mept ot Prlnclpal ~ad IntereaR Borrower shall pmmptly pey when due the principal o[ and iMereat on the indebtednes~ evidenosd by the Note, prepaytaent and late charges as provided in the Note, and the principal of end inte~t on any Ftiture Advances secuced by this Mort~a~e. ' 2. Pltpds [or Tsse~ and Iniurence. 8ubject to appiicable lsw or to a written waiver by Lender, Eiorruwer shall pny to l.ender on the day monthly uutallments of principal and interest are payable under the Note. until ehe Note ir paid in tull. a aum (herei~ "~ndi equel to ons twelfth oi the yearly taxos and as~essments which may attain priority over this Mortga~e, artd ground rents on the Piroperty. if any. plus one- twelRh of yeariy premium installments for hazard insurance, plua onetwelRh otyearly premiu~n installments for mortgage insu~ance, i[any. all as reasonably estimated initially and fran time to time by l.ender on the baeis ot aeaessme~te and bills and reaeonable eetimatea thereof. 11se P~nda shaU be held in an institution the deposits or accounb of which are inaured or guaranteed by s Federal or State egency (including I.ender i[ Lender is such an institution). I.ender shall apply the [~nds to pay said taxes, aeaeeaments, inaurance premiums and ground renta. I.ender may not charge for w holding and applying the Ftinds, analyzing aaid account, or verifying and compiling said es~asmen4 and bills. unless Leader pays Borrower interest on the Funds and applicable law permita l.ende~ to make euch a ch arge. Borrower and I.ender may agree in writing at the time of e:ecution of thie Mortgege that intereat on the l~l~nde ahall be paid to Borrower, and unleaa euch a~reement ii made or applicable law requires such i~terest to be paid. Lender shall not be required b pay Borrower any interest or earnings on the FLnds. Lend~ ahaU give to Borrower. without charge. an annual accounting of the Funda showing credite and debite to the • ~nda snd the purpo~e for which each debit to the ~nda was mada.'I~e Funde are pledged ae additional eecurity for the sums eecured by this Mortgage. If the amount of the I~nds held by Lende~. together with the future monthly inatallmente of Funda payable prior to the due dates of ta~ces, assessmenta, inswranue premiuma and ground renta. ehall eacc~ed lhe amount required to pay said taxes, aeseasmenta, inaurance premi~uns and ground reats es they fall due, such e~ccess shall be. af Borrower a option, either promptly repaid b Borrower or ccedited to Borrower on monthly instaqments of Phnds. If the amount o! the ~tnds held by l.ender ehall not be eufficient to pay ta:ee, aeseaemente, insurance premiums and gronnd nnta as they faU due, Borrower ahall pay to Lender any amount neoessary to make up the deficiency within 30 days from the date notice ia mailed by I.ender to Borrower requesting payment thereof. i Upon pqyment in full of all sums secured by thia Mortgage, l.ender ahall prompdy refund to Botrower any funde held by I.ender. If under paragraph 18 heeeof the Ptoperty ia soid or the Property ia otherwiee acquired by I.ender. l.ender shall apply, no later than immediately psior to the eale of the Property or its aoquisition by Lender. any Funde held by I.ender at the time of application as a credit againat the sums aecured ~ by this Mortgage. ' ~ ~ 3. Application of Payments. Unlese appliceble law providee otherwise. all paymenta received by I.ender under the Note and paragraphs 1 and 2 hereof shall be applied by l.ender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then b interest payeble on the NM~e, then to the principal of the Note, and then to intereat and principal on any Future Advancee. 4. Chargea; Liens. Borrower ahall pay all taxes, asseesments and other charges, finea and impoaitions uttributable to the Property which may attain a priority over thia Mortgage, and leasehoid paymenta or ground rents, if uny. in the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due, directly to the payee thereof. Borrowe~ shall promptly furnieh lo l.ender all noticea of amounts due under thie paragraph. and in the event Borrower ahall make payment directly, Borcower ahall promptly furniah to [.ender reoeipte evidencing euch paymenta. Borrower ahall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower ahaU not be required to discharge any auch lien eo long as E3orrower ahall agree in writing to the puyment of the obiigation secured by auch lien in a manner acceptable to [.ender, or shall in good faith conteat auch lien by, or defend enforcement of such lien in, legal proc~eedinqs which operate to prevent the enforcement of the lien or forteiture of the Properiy or any part thereof. 5. Hazard Insuranoe. Borrower shall keep the improvementa now e:iating or hereafter erected on the Property inaured againet losa by fire. hazarda included within the term "extended rnverage; ' and auch other hazarde as I.ender may require and in auch amounte and for such periode as Lender may requ've; provided, that Lender ehall not require such ooverage amount exceeding the minimum, as may be required by etate or federal cegulations governing activitiea of Lender, or that amount of covera$e required to pay the sums eecured by this Mortgage, whichever ia the greater. The ineurance carrier pmviding the insurance aha11 be chosen by Borrower subject to approval by I.ender, provided, that such approval shal! not be unreasonably withheld. All premiums on insurance policies ahaU be paid in the manner provided under paraKrxph Z hereof or, if not paid in euch manner, by Borrower making payment, when due, directly to the insurance carrier. ; All insurance poliries and renewals thereotshell be in form acceptable to I.ender and shall inciude a standard mortgaqe clauae in favor of = and in form aoceptable to Lender. I.ender ehall have the right to hold the policiea and renewals thereof, and Borrower ahall promptly furniah to i.ender all nnewal noticea and all receipta of paid premiume. In the event of lose, Borrower shaD give prompt notice !n the ineurance carrier i and Lender. Lender may make proof of loss if not made pmmpdy by Borrower. Unlees I.ender and Borrower otherwiee agree in writing, ineurance proceeda ahall be applied to reetoratiun or repair of the Property j damaged, provided euch reatoration or repair is economically feasible and the eecurity of thie Mortgage is not thereby impaired. If such - ~ reetoration or repair ie not economically feasible or if the eec~rity of this Mortgage would be impaired. the inaurance proceeds shall be applied ~ W the auma eecured by thia Mortgage, wifli the exceae, if any, paid to Borrower. If the Property ia abandoned by Borrower, or if E3ortower faile to ; respoad to Lender within 30 days from the date notice ia mailed by Lender to Borrower that the inaurance carrier offera to aetde a claim for s ineurance benefite. Lender ie authorized to collect and apply the inaurance proceede at Lender s option either to reetoration or repair of the ~ Property or the eums eecured by thia Mortgage. . Unlesa Leader and Borrower otherwise aBree in writing, any euch application of proceede to principal shall not extend or postpone the due date of the monthly inataUmente referred to in paragrapha 1 und 2 hereof or change the amount of euch inetsllmenta_ If under paragraph 18 hereof the Property ie aoquired by Lender, ap right, tide end intereat of Borrower in and to any insurance policies and in and to the proceeda thereof reaalting from damage to Property prior to the sale or soquieition shall pass to Lender to the extent of the euma secured by thie ~ Mortgage immediately prior to such aale or aoquieition. 6. Preservation and Maiatenanceof Property; Leaeeholde; Condominume; Plenned Unit Developments. Borrowerahali keep the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and ahall oompty with the _ provisiona of any leaee if thia Mortgage ie on a leasehold. If thie Mortgage is on a unit in a oondominium or a planned unit developmenl, E3orrower ahall perform all of Borrower's obligatione under the dectaration or rnvenanta creatingor govetning the rnndominium or planned unit development, the by-lawe and regutations of the condomir?ium or planned nni! development, and conatituent documente. [f a condominium or plenned unit development rider ia e:ecuted by Borrower and recorded together with thie Mortgage, the oovenanta and ngreements of auch rider ahall be incorporated into and shall amend and supplement thecovenants and agreemente of thia Mortgage as if the rider were a part hereof. _ 7. Protection of Lender'~ Security. If BoTrower fails to perform the oovenanta and agreemente oontained in this Mortgage, or if any action or pra.~eeding ia oommenoed which materially aftects Lender's interest in the Property, including, but not limited to, eminent domain, ~ ineolvency. oode enforoement, or arrangements or pra~edings involving a bankrupt or deoedent, then Lender at Lendu's option,upon ~ notioe to Barrower may make each appearanoe~, disburse such sums and take such action ae is n~sary to proi~ect LendEr's u?tere~~ ~ including, but aot Umited to, diebursement of reasoaeble attorney's fees and entry upon the Property to make npain. If Lender required martgage-insnrance as s oondition of making the loan eeci~rcd by thie Mortgege, Borrower shall pay the premiums required to maintsin ~ snch insnranoe in effect until sueh time ae the requirement for such ineurance terminates in accordance with Borrower's and [.ender's ~ written agreement or applicable I~w. Borrower ehall pay the amount of all mortgage insurance premiums in the manner pmvided under paragraph 2 hereot. ~ My amounta disbureed by Lender persuant to this paragraph 7. with intereet thereon, shall become additional indebtedness of E3orrower ~ecured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, euch amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and ahall bear intereat from the date of disbursement at the rate payeble firom ` time Lo time on outstanding principal under the Nole unlesa payment of interest et euch rate would br oontrary to applicable lew, in which ' event such amounts shall bear interest at the higheat rate permissible under applicabie law. Nothing contained in this paragreph 7, shaU ~ requin I.ender to incur any expense or take any action hereunder. ~ t r ~ . . ~,,;K 312 ~~E 2~23 ~ _ , - - ~