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Home My WebLink About0998 Burrower and Lender covenant and agree as follows: • 1. Payment of Principal and Interest. Burrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, prepayment and late charges as pmvidtd in the Note, and the princip:+loft+nd interest on any F uturc Advances secured by this Mortgage. 2. Funds for Taxes and Insurance. Subject W applicable law or to a written waiver by Ixnder, Itorruwershall pay to Ixnderon theday monthly installments of principal and interest are payable under the Note, until the Note is paid in full,:+ sum Iherejn "Funds"1+•qual to one twelfth of the yearly taxes and assessments which may attain priority over this Mortgage, and ground rents on the 1'n,perty, if any, plus one, twelfth of yearly premium installments for hazard insurance, plusune-twelfth of yearly premium installments fur mortgage insurance, if any, all as reasonably estimated initially and from time to time t?y Ixnder un the 1?:+sis of assessments and bills and reasonable estimates thereof. The I•l+nds shall be held in an institution the deposits or amounts o[ which are insured or guaranteed by a Federal or titate agency {including Lender if Lender is such an institution). (.ender she+11 apply the Funds to pay said taxes, :lssessments,{nsurance premiums and ground rents. Lender may not charge for t+o holding and applying the Funds, analyzing said account, or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits I xnder to make such a charge. l;orrower ;+nd Lender may ague in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest t+? be paid, Lender shall not be required to pay Harrower any interest or earnings un the Fti+nde. Fender shall give to Borrower, without charge, an annual acn?unting of the Funds showing credits and debits to the Funds and the purpose for which each debit b the Funds was made. The Funds :+re pledged as additional security for the sums secured by this Rortgage. Ii the amount of the Funds held by Lender, together with the future monthly ins4+llments of Funds payable prior l+i the due dates of taxes, assessments, insurance premiums and ground rents, shall exc •ed the :tmount required to pay said taxes, assessments, insurance premiums and gmund rents as they fall due, such excess shall 1?e, at Bo+mwer's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of 1•'unds. If the amount of the Funds held by Lender shall nut be sufficient to pay taxes, assessments, insurance premiums and gmund rents as they fall due, Horrower shall pay 4? Ixnder any amount ntressary to make up the deficiency within 30 days from the date notice is mailed by Lender t+? Borrower requesting payment thereof. Upon payment in full of all sums see:ured by this lllortgage, Lender shall promptly refund to Burrower any funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired I?y 1 xnder, I xnder shall apply, no later than immediately prior to the sale cf the Property or its acquisition by Lender, any Funds held by Lender al the time of application as a credit against the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, :ell payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the N+,te, :+nd then to interest and principal on any Future Advances. -t. Charges; Liens. Kormwershall pay alt taxes, assessments:+nd othercharges, fines and imp+sitions attributable to the Property which may attain a priority over this Mortgage, and Irisehold payments or ground rents, if any, in the manner pnn•idcel under paragraph `L hereofor, if rut paid in such manner, by liorn?wer making payment, when due, din•e•tln to the pay+r• the rc+,f. Born,wer shall promptly furnish to Ixnder all notices of amounts due under this paragraph, and in the event Borrower shall make p:+nment dine•th, liurrv,wer sh:?11 promptly furnish W !.+•nder receipts evidencing such payments. It+,m,wer shall promptly dis+•harge any lien which has priority over this Mortgage; provided, that Burrower shall nut be required tudischarge am• such iien .u long :?s l;.?rn.wer shall ay,~ree• in writing to the p:q•ment of theobligation secured by such lien in a manner acceptable to Ixnder, or shall in g+,+»I G+ith cunt+•st such lien try, or d+•fend enforcement of such lien in, legal pr+x•etdings which operate to prevent the enfun-+•ment of the lien or furG•itur+• of tl?e Prot?+•rh• or an}• part ther+~d. 5. Hazard Insurance. li+?rrua•er shall keep the improvements now exiting or here:+fter ere+•ted on the Property insured against loss by !"ire, hazards included within the term "extend+•+1 coverage," anri such other hazards as Ixnder may require and in such amounts and forsuch periods as Ixnder may require; provided, that Ixnd+•r shall nut ntituire that the amount of such +•+?verage exc•e+d that :+muunt of coverage r?•r{aired to pay the sums secured ten this MortgagE•. The insurance c:+mrr providing the inwr,+nce shall t?+• chosen by Burn,w•er subj+•+•t to appruv:+1 by Ixnder, pn,vid+vl, that such approval shall not be unrc:~u,nabh withheld. All pn•miums on insuru+ce tN~licies shall 1?+• paid in the manner pruvid+yi under pargraph hen•+?f or, if nut paid in such manner. by li„rn,wer making payment, when due, din•ctl>• tc, the in~ur.+nce carrier. All insurance policies and renewals there•c,f shall Fx• in firm aceeptabl+• to I xndc•r:+nd shall include a standard mortgageclause in favorof and in form acceptable to Lender. Ixndersh:dl hav+• the right to hold the policies and n•newals thenti,f, and Borrower shall promptly furnish to ,.+•nder all renewal notices and all receipts of paid pn•miums. In the eyeot of loss, Born~wer shall give prompt notice t<, the insurance carrier and Lender. Lender man make rr,of of loss if not made ,rum tln by Itorn,wer P t P j CTrlesa Lender and Be?m,wer otherwise agree in writing, insurance pn,e•erds shall tx• :?ppl+e•d to restur.+tiun ur repair of the I'ruperty damaged, provided such restoration or repair i. +runomically fe:+sihle• and the s+-+•urih• of this llurlgage is not thereby impaired. !f such restoration or repair is not economically feasihl+• or if the u•+•uritn of this Mortgage would t?e impaired, the insurance pruceredsshall beapplied t., the sums secured by this Mortgage, with the excess, if :+nn, paid to li+,rn,wer. if the Property is abandoned by Borrower, or if Ite,rrower fails to ~ re::pond to Lender within :qt days from the date notice is maihd hn l:end+•r G• Ite,rruwer that the insurance carrier offers to settle a claim for + insurance benefits, Lender is authorizert to colle•e•t and apply the insurance, proeeeds at 1.,•nder's option either to restoration or repair of the 1'ruperty or the sums secured by this Mortgage,. Unless Lender and Burrower otherwise, agrex• in writing. any such application of pnK•+•+ti1s to principal shall nut extend or postpone the due date of the monthly installments referred to in paragraphs 1 and Y hen•+,(ur change the amount of such ina:illments. If under paragraph 1K hereof the Property is acquireel by {.ender, all right, title and interest of Burrower in and M any insurance !x?licies and in and to the proceeds thereof resulting from damage to Property prior to the s:+le or acywsitiun shall pass to Lender to the extent of the sums secured by thin 1lnrtgage immediately prior to such sale or acquisition. fi. Preservation and Maintenance of Property; Ixaseholds; ('onduminums; Planned Unit Developments. I3urn?werahall keep the Properly in good repair and shall not commit watite nr permit impairment ur de•terioratiun of the 1'mperty and shall ce,mply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is un a unit in a rnndaminium or a planned unit development, Kurrower shall perform all of &,rnmer's obligations under th+• dcrlar.+tiun ureovenants creatingor guvermng the condominium or planned unit development, the by-laws and regulations of th+• condominium ur planned unit development, and constituent dceuments. If a ~~unduminium or planned unit development nder is executed by licrrrow•er and ncunled together with this Mortgage, the covenants and at; rrements of such rider shall t,e incorpor.+teel into and sh:dl arnend and supplement the covenants and agn•e•ments of this Mortgage as if the rider were a part hereof. 7. Protection of Lender's Security. If Horrower fails to perform the covenants and agreements contained in this Mortgage, or if any ~ ac•tio++ or proceeding ie commenced which materially affects Lender's interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option,upon notice to Borrower may make such appearances, disburse such sums and take such action as is necessary to protect Lendei s interest, including, but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Burrower shall pay the premiums required to maintain such insurance in effeM until such time as the requirement for such insurance terminates in accordance with Borrower a and Lender's written agreement or applicable law. Burrower shall pay the amount of all mortg:+ge insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender perauant t<? this par:graph 7, w•rth interest thereon, shall become additional indebtedness of ~ Korrower secured by this Mortgage. Unless Horrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from t+me to time on outstanding principal under the Note unless payment of interest at such rate would t?e contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph T, shall require {.ender to incur any expense or take any action hereunder. 3~3 ~s~E 9l97 _ ~