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Home My WebLink About2328 Borrows and Leader ooveaant and agree v fdbws: 1. Payaaat of Priaslpal nail Intss~aat. Boerowu shall promptbr pay when dw the priadpal d nail retreat oa the indebtedness evldeaasd by the Note. peepgym~sat nail lataehaages as providd is the Note, and tbs prindpal dared intenstoa any Posers Advaaea sscnrd by this ![orfgage. 4. gti?ds ibr 1'assa nail Ioatranos. Subject to applicable law err to a written waive by Lands, Borrmrs shall pay to Leader on the day monthly installments dpeineipal and iuteeest are payable under the Nob, until the Nob is paid in lull, a sum (herdn "FLnds'~ equal to one twelRlt of the yeayq? tiucss_and assessmeat~ wl>kh-may attain priority over this Mortgage, and ground rears on the Property, if aqy, ph» arw twelfW dy..rU? peeminm installments for based insurance, plw onstwelRh ofywrbi praainm installments for sortgage uuuranee. if aAy, all as rsasoaablj? estimatid initially and !Mm tams to lilies b0? Lender on the basis of anenraeab and bills and ressoaabk estimates tMreoL 11~s Pynds shall bs bard iA as iaseitntioa tbs deposits oe account d which ere iruured a gnaranbed by a Ftisdecal or State agency ~ (indedirtg Lends if Leads i• soeb as institatioa). Leads shall apply tbs Fends t4 paj? saW taxes. assessmwts, insurance prasaimos and ground rrnb. Leader mq not d~args tae so holding and applying the Fonds. anall?siag said aooount, or vai$?ing and compiling said assessments and bills. nukes Lender pays Borrows interest on the Fonds and applicable law permits Lender to ma1~e such a charge. Borrows nail Treads mq? agra in wilting at the tiros d execntioa of this Mortgage that interest on the Fonds shall be paid to Borrower, and nnkss such ageeetasnt id made err applicable law regniees such interest to be paid, L~der shall not be required to pay Borrows any interest or earnings an the Funds. Lends ahaD give to Borrower. without durge, an annual aooounting of the Fonds showing credits sad debit to the Funds sal the purpose toe which each debit to the F1u?ds was made. The Funds are pledged as additional sscuurity foe the same secured by this Mortgage. . If the amount tithe F'nads held by Lender. togetber with the future monthly installments of Fonds payable prior to the dw dates of tares, ' aasesaneab. insurance premiums and grouud rents. shall exoaed the amount required to pay said tazto„ aaesamenb, insurance premimns and ground rents as they fall tine, such excess shall be, at Borrows's option, tither promptly repaid b Borrower or credited to Borrows ou moatbly installments d Funds. It the amount d We Fends held by Leads-shall not be ¦ to pay taxes. assessments, insurance premiums and ground casts ss they fill tine, Borrower chap pay to Lends aqy amount necessan~rtiike ~ the deficiency within 30 days from the dab attics is mailed by Lender to Borrows requesting payment thereof Upon payment in roll dap snags secured by this Mortgage. Leader shall promptljt refund to Borrows{ aaY funds held by Lender. If nailer paragraph 18 hereof the Property is sold or the Property is otherwise aognired by Lends. Lends shall apply, no later than immediately prior to We sale d the Property orits acquisition by Lender, any Fhnda held by Lender at the time of application s. a credit against the awns secured by this Matgapa. 3. Application of Payments. Ualea applicable law provides otherwise. all payments received by Leads ends the Note a~ paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower untie paragraph Z hereoL then b interest payable oa the Note. then to the principal of the Note, and then to interest and principal on any Future Advances. 4. Charles; Liens. Borrowu shall pay ell taxes. assessments and other charges. fines and impositions attributable to the Property which may attain s priority ova this Mortga~ and leasehold payments or ground rents, if any. in We manner provided undo paragraph 2 hereof or, if not paid in such manner. by Borrower making paymenk when due. directly to the payee thueof. Borrower chap promptly furnish to ienda all notices of amoanta due undo this paragraph, and in the event Borrower shall make payment directly. Borrowu shall promptly furnish to Lends receipts evidencing sud? payments. Borrows shall promptly disd~arge any lien which has priority over thin Mortgage; provided, that - Borrowa ahapnot berequired todischarge any such lien eo long as Borrower shall agree in writing to the payment of the obligation secured by such Uen in a manna adaptable to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings' which operate b prevent the enforcement of the lien or forfeiture of the Property or any part thereof. b. Hazard Insurance. Borrower shall keep the improvements now ezisting or hereafter erected on the Property insured against loss by fire, hazards indnded within the term "eztended coverage," and such othu hazards as Lends may require and in sect amounts and for such periods as Leader may require; provided, that Lender eJ}all not require that the amount of such coverage ezceed that amount of coverage required to pay the sums secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. that each approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the mannct provided under paragraph 2 hereof or, if not paid in each manna, by Borrower making payment, when due, directly to the insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage dause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrows shall promptly furnish to ixnder all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carries and Lender. Lender may make proof of lose if not made promptly by Borrows. Udees Lender and Borrows otherwise agree in writing. insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shag be applied to the snma secured by this Mortgage. with the excess, if any. paid to Borrowu. If the Property is abandoned by Borrower, orif Borrower fail to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or the awns secured by this Mortgage. Unless Lender and Borrower otlserwise agree in writing, any such application of prooeeda to principal shall not extend or postpone the due date d the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If undo paragraph 18 hereof We Property is acquired by Lender, all right. title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulting iroan damage to Property prior to the sale or acquisition shall pass to Lendu to the extent of the awns secured by this Mortgage immediately prior to such Gale or acquisition. 6. Preservation and Maintenance of Prnperty; Leaseholds; Condominuma; Planned Unit Developments. Borrows shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of We Property and chap comply with the provisions d any lease if this Mortgage is on a leasehold. If thin Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or covenants creatingor governing the condominium or planned unit development, the by-laws and regulations of the rnndominium or planned unit development, and eonstitnent documents. If a condominium or planned unit devebpment ride is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider shall be inrnrporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. Pe+otection of Lender's Security. Tf Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is oonnmeneed which materially affects Lender's interest in the Property. induding, but not limited to, eminent domain. insolvency. Dodo enforomunk er arrangements or proceedings involving a bankrupt or deoedenk then Lender at Leader's optionnpon notice to Harrower may make sack appearances. disburse such somas and take such action as is necessary to protect I.eodelr iateresk indnding. bat not limited to, disbursement d reesonabk attorney's fees and entry upon the Property to make repairs. If Leads required mortgage insurance as a condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such insurance in effect until arch time as the requirement for ouch insw~ance Laminates in aeoordaace with Borrower's and Lender's written agreement or applicable Law. Borrowu shall pay the amount of all mortgage insurance premiums in the manna provided ands paragraph 2 bereof. Any amonnta disbursed by Lends persuant to this Paragraph 7. with interest thereon, shall become additlenal indebtedness d Borrows secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable neon _ notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding priaapal undo the Note unless payment of intered at such rate world be contrary to applicable law. in which event such amounts shag bear interest at We highest:ate permissible under applicable law. Nothing contained in this Paragraph 7. chap require Lends to incur any expense or take any action herennds. - BOOK~~~ PAGE~~C7~?0 - . ~