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Home My WebLink About0268 _ s 1 +r s ~ • i_ ~ •f Borrows std Ltrdac covenant and agras a• fdbwa: I. Paytswat of Prlnefps! sad Iet+tesr:t. $oeeowsr shall pr+oaoptly pay when dw the principal of and interest oa the indebtednep - e+ridsacsd by dts Nods, prspgrtaeut sadists charges as provided in the Note, and the principal of acid iatsrest ou any FLture Advanoa secured by this Moctgtr~e. Fltnds for Taxes sad Iriauranea. 3ubjed t+o appiicsbls law or to a written waiver by Lender, 9orros?er shall pqy to Lender on the day monthly irreWLiaetrts utprinedpal and iatersst art payable under the Note, until the Note is paid in full, a sum (herein "Fhnds'h equal to one• twelfth of the yearljr taxes and aaessener?ts which may attain priu: ity over this Mortgage. and ground n?nta on Ehe Property. it any. Phu ons• tweliW of yearly premium inKalhnen4lac irasatd insurYtnee, plrtsone-twelfth oiyearly prstniutn installments for arortgage insurancx, if any, aU as reasonably estimated initially and from liras t+a time by Lendsou the basis of assess?nente and bills and reasonable estimates therec?f. 1Le FLnds ahaU be held in an ineRitnbon the deposits of accounts of which are insured or guaranteed by a p'edecal or 3tats ajency (ir?dudiog Leader if Lender is arch an institution). Lender shall apply the Plmds to pay said taxes. asspsa4anta. insurance-premiums and ground teats, Lender mglr cwt charge for so holding and applying tEie Ftitnds, analysing said account. or verifyiirg and eompititrg said assesementa sad biW. artless Lerdsrpays B•xrower interest on the Ftitads and applicable law permits Lender to make such a charge. Borroyrdr and Lender may ay~tee in writing at the time of esecrrtion o[ this Mottgaga that interest on the FLnde shall be paid to 6~ut~awer, and unless such agreement is toads os applice~ble law t~equires ouch inta+est to be paid, Lends shall cwt be required to pay Borrower any u?ter~eet ar - earnings on the Funcs. Leader shall give to Bostowes, without charge, an annual adoountirg of the F~ruda showing credits and debits to the Funds and the parpose fosirltidt each debit to the Funds was made. 7be Fonda are pledged as additional security for the euau secured by thin If the smamt of the Funds irald by Lender, together with the future monthly installments of lanais payable prior to the due dates of taus. a+nr?ts, inerrranoe pismiams and ground Hate, shall ezored the amount -'eqd~ to pry acid texas. asscssrnentr, irrs~uanoe premiums acct ground rents a• Wry fall due, arch excess shall be. at Borrower's option, either promptly repaid to Borrower or credited to Borrower oa moo*.hly instellmenb of Fltnds. If We amount of the PLnda held by Lender ahaU not be sufficient to pay taxes. assaaments, insurance przntiums and ground rents as they faU due, Borrower shall pay b Lender any amount necessary to make up the deficiency within 30 days from We date notice is mailed by Lender to Borrower requesting patyrnent Wereof. - Upoa paytnart infall a[ellsums secured by this Mortgage. Lender shall promptly refund to Borrower any funds held by Lends. If ands paragraph 18 hereof the Property is soW or the Property is oWerwise acquired by Lender, Lender shall apply. no Later than immediately prior to the sale of the Property ar its aogniaition by Larder. any F under held by Lender st the time of application ere a credit against thesuma secured by this Mortgage. . ~.~Applieation of Payments. Unless applicable law provides otherwise, al! payments received by Lender under the Note acct paragraphE 1 and 2 hereof shall be applied by Lender first in payment of amonnta payable to bender by Borrower under paragraph 2 hereof, then b interact pgyabk on the Note. then to We pci~eapal of the Note,' and then to interest and prindpeJ on rrrr:y Pyrtme Advances. d. Charges; Lieaa. BorrowershaU pay all taxes, assessmeartsandother e-harges, 5nea and impositions attributable to the Property which may attain a priority oust this Mortgage, and leasehold payments or ground rents, if any, 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. Borrowezshsli promptly furnish to Lender all noticed of amounts due ands this paragraph, and in the event Borrow e• shall make payment directly, Borrower shall promptly furnish to Leader reexipta evidQnetirrg such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Harrower shall nolbe required to disedrarge any such lien so long as Borrower shall agree in vrriting .o tl?e payment of the obligation securedby such list in a meaner aeaceptabk to Lender. orshall in good faith corrtesf such lien by, ordefendenfor-~ement ofsuch flan in, legal pmoeedings which Gperale Oo prevent the enforcement of the lien or forfeiture of the property or any part therraf. . 6~.Hat:ard trtwrancer Bors,owrrehal? Tterp the improvements now eritating othettedter erected on the Prop~cty insured agamstloasby fire, hrzanli inrlsded w+i*.hin the tarot "attended court age." and wch other hazards ea mender may require and in such amounts and for such periods as Lender may regain; provided, that Lender shall not require-that the amount of such coverage exceed that amount of coverage required to pay_ the sums secured by this Mortgage. The insurance carrier providing the insurance shall bz chosen by Borrower subject approval by Lender, provided, that such approval shall not be unreasonably withheld. Ali Nremiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier_ All insuranos policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in for m acceptable to Lender. Lender shall have the right to hoW the policies and nnewats thereof, and Borrower shall promptly furnish to i,eader all renewal notices and all receipts of paid premiums: In the event erf loss, Borrower shall give prompt notice to the insurance carrier and Larder_ Lender may make proof of loss if not made promptly by Borrower. . Unless Lender and Borrower 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 thrs Mortgage is not thereby impaired. If such natoratioa ar repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to We soma secured by this Mortgage,with the excess, itany, paid to Borrower, If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender wiWin 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance bene5ts, Lender is authorized to collets and e.pply the insurance proeeecis at Lender a option either to restoration or repair of the - Property or the lama secnrsd by this Mortgage. - Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone thedue date of the monWly inatallmenta referred to in paragraphs t and 2 hereof or change the amount of arch installments. If under paragraph 18 hereof We Property is acquired by Lender, all right, title and interest of Borrower in aril to any insurance policies and in and to the proceeds thereof resulting from damage !o Property prior to the sale or acquisition shall pass vi Lender to the extent of the sums secured by Win Mortgage immediately prior to arch sale or aegaisition_ 6. Preservation and ldaintenance of Property: Leaseholds; Condominuma; Planned Unit Developments. Borrowerahall keep the Property in good repair and -shall not commit waste or permit impairment or deterioration of the Property and shall Damply wiW We provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, - Borrower shall perform all of Bar:awer's obligations under the declaration or covenants creatingor governing the condominium ar planned unit development, the by-taws and regulations of the condominium or planned omit development, and oonstiluent documeata. If a condominium or planned unit devebpaeen! rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider ~shsll be incorporated into and shall amend and supplement the rnvenanta and agreements of this Mortgagt as if the rieier vnrre a part hereof. 7: Protection of Lender's f~rrrity. if Borrower fails to perform the covenants sad agreements contained in this Mortgage, or if any scGioa or proc6eding is ewmmenexd which matErially affects Lender's inieres! in the Proprrty, including, bat not limited to, eminent domain, insolcency, node enforcement, or arrangements or proeeedinga involving a bankrupt ac decedent. Wen Lender at Leader's optioA,npon notice to Borrarrer may make such appearances. disburse such Bums and take such action as is necessary to protect Lenda'o interest, - induding. but not limited to, disbursement of reasonable attt?rney's fees and entry npvo the Property to make repairs. If Lender r'egdrrd mot~gage insurancs sa a condition of making the last. secured by ti»a Mortgage, Borrower shall pay the premiums required to maintain r*;dr insurance in effect aatil snd~ time as We requirement for such insurance terminates in aexordence with Borrower's and Lend~rr's written agreement err applicable Lew.:riorrower shall pay the amount of all mortgage insurance premiums in the meaner provided under paragraph Z hereof. ` ' Any amounts disbursed by Lender persuant to WiB paragraph with interest thereon, shall become additional indebtedness erf Bomnrer earned by this Mortgage. Unless Borrower and Lender agree to other teens of payment, such amounts aha[i be payable upon notice fi+om Lender to Borrower requesting payment Wrreof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding prinapal ands the Note unkBe payment o! interest at such rate would be contrary to applicable law. in which evert such amounts shall bear interest at the highest rate prrraiasible under apphcable law. Nothing contained in this paragraph 7, shall regain Lender to lacer any espenae ar take any action hersaader. d00 tdti~ (.U~