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Home My WebLink About0789! .'. . ~ ~ ~ j~ • -~~ - ~ -~ eorcow~r and Lnder oowaant and a~res a~ folbws: l. Pyrmeat ot Principal and Iateced. Bor~ower shaU promptly p~y when due the prindpsl of and intere~t o~ the indebtednaa evidencyd by tl~e NM~. prepayment aad Iste char~e~ ai provided in the Note, ~nd the principal of and interat on a~y I~lture Advan~ ~ecnred bY this Mat~a~e. Z. FLnds [or Tases aad I~uurrwoe. 3ubject to applicable law or to e written waiver by Lende~. Borrowes shall pay to i.ender on the day monthly installaaents of principel and inte~t are payable under the Note, until the Note ia paid i~ tull, a sum (herein "Fl~nds'h equal to ons twelRh of We yearly taxes and e~saamenb which may attain priority over this Mortgage, and ground nnts on the Property. i[any, plw ona twelith of yeatly prett-ium in~tallmentt tor hasard'uuurance~ plus onatwelRh of yearly premium installmenLa tor mortga~e insurance. if any. all u reawnably estimated init'sally and fmm time to time by Lender on the basia o[ aasesaments and bills and reasonabie eatimates theteof. Tl~e Phad~ ahell be heM iA an inatitntioa the depwita or_aooouata oi which are insured or ~uaranteed by a Federal or State ageacy (includia~ Lende~ if Leader iu such an uutitution). Leader ahall apply the Fhnda to pqy eaid tases, awe~aaaents. iasursnce pnmiuma and gronnd reafs. L~de~ m,y not durse for ~o holdin~ and applying the FWtid~. analysing ~aid aocount, or verifying and compilin~ ~aid aa~e~uneab aad biW. unlew I.e~de~ pay~ Borrower iaterest on the I~ads and applicable law permita i,endes to make such a charge. Borro~rer and Leader m~y a~ree in writia~ et t6e tia~e of execntion ot thii Mort~isge tbat interest on the P~nds shall be paid to Borrower, and ~le~a such a~n~t u made or applicable law reqnire~ such intezat to be paid, Lender shall not be reqnired to pay Borrower eny intered or earniap ot~ the F1~ad~. Lendar shall ~ive b Borrower. ~riehout charge. an annual acaounting of the fl~nd~ ahowing credits and debib to the ~ ~nds and the purpo~e for which esch debit to tbe F1u~d~ vyss made.'I1~e F1~Ad~ an pledged aa additional ~ecnrity tor ehe s~una eecured by thia Mort~a~e. If the amount of the P1~nds hsld by I.ender, fogether with the future monthly inatallmenfs of Pbnda payable prior to the due dstes of tases. as~asmeata. insmance premiums and grouad renta. shall eicoted the amount required b pay said taxes. asseasments. inauranoe premiums and ground r~ts aa Wey fsU d+ie. such euoas ahall be. at Bo~rowrr'a option, either promptly e~epaid b Borrower or credited to Borrower on moatWy itutaliments of P1~nds. U We amount of the Funds held by I.ender shall not be snfficient b pay tauea. esseasments. uuuranoe preminau and ~rouad tet-t~ as they faU due; Borrower shall pay b I.ender any amount necessary to make up the deficiency within 30 day~ from the date aotioe i~ mailed by LendQ b Borrower requesting payment thereof. Upon paymeat in inll oE aU snrn~ ~ecured by this Mortgage. Lender shall promptly refund to Bormwer any funds held by Lender. If nnd~ paregnph 18 heteof the Property is wld or the Property is othe:wise acquired by Leader. Lenda ahall apply. ao later than immediately prior to the ~ak of We Propeety or i4 aoqnisitioa by Lender, any Funds held by Lender at the time of appiicatioa aa a credit against the sums ~ecured bY Wi~ Mort6+~e. 3. Applit~tlon of Pa~rmenta. Unlesa applicable law provida otherwise. all paymenta reaeived by Lender under the Note and para~raptu 1 and 2 hereof shall be applied by Lender firat in payment of amounts payable to Lcnder by Borrower under para~raph 2 hereof. then to intere~t psyable on the Note. then to the principal of the Note, and then to intereat and principal on any Future Advano~. 4. Cbar~es; Liens. Borrower shall pay all taaes. aseeasmenta and other charges, finea and impositioaa attributable b the Property which may attnin a priority over this Mortgage. and leasehold paymenta or ground rents, if any, in the manner provided under paragraph 2 hereof or. if not paid in snch manner. by Borrower making payment, when due, directly to the payee thereof. Borrower ahall pmmptly furnish to Lender all notices of amounts due under this paragraph. and in the event Borrower shall make payment directly. Borrower ahall pmmptly tumish to Lender r~oapts rvidencing such payments. Borrower shall promptly diacharge any lien which haa priority over this Mortgag~ pmvided, that Borrower shall not be required to diacharge any auch lien so long aa Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or ahall in good faith conteat such lien by, or defend enforcement of such lien in, legal proceedinge which operate to prevent the enforcement of the lien or torteiture ot the Property or any part thereof. 5. Hasard lnsurance. Borrow+er ehall keep the improvements now e~cisting or hereaRar ere~.~t~ed on the Propcrty insnred agailut loaa by fire, hasards included within the term "~tended coverage," and auch other haxards as Lender may reqnire and in such amounts and for such perioda sa I.ender may require; pmvided, that I.ender ahall not requin that the amount of such ooverage pcceed that amount of eoverage required to pay the auma secured by this Mortgege_ The inswance carrier providing the inaura~ce shall be choaen by Eiorrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiuma on insurance policies shall be paid in the manner provided und~ paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. All inaurance policies and renewala thereof ahall be in form acceptable to Lender and shall include a standerd mortgageclawe ia favorof and in form acoeptable to Lender. Lender ehall have the right to hold the policies and renewals thereof. and Borrower shall pmmptly fnmiah to i.ender all rmewal notioes and all receipta ot paid premiums. In the event of loss, Borruwer ahall give prompt noticx to the irunranoe carrier and I.ender. Lender may make proof of loes if not made promptly by Borrower. Unles~ Lender and Borrower otherwiae agree in writing, inaurence proc~w ahall be applied to restoration or npair of We Property damaged, provided ~uch restoration or repair is economically feraible and the~security of this Mortgage is not thrreby impaired. If such restoration ot npair ia not eoonomieally feasible or if the aecurity of thia Mortgage would be impaired, the inaurance proc~eeds sha11 beapplied to the suau secured by this Mortgage, with the exceas, if any, paid to Borrower. If the Property ie abandoned by Borrower. or if Borruwer faib to respond to Lender within 30 daye [rom the date notice is mailed by I.ender to Borrower that the inaurance carrier of~ers to setde a claim fot inanrenoe benefita, Lender is authorized to collect and apply the inaurance proceeda at I.ender s option eitl~er to restoration or repair of the Property or the suma secured by thia Mortgage. tJnles~ Lender and Borrower otherwise agree in writing, any such application of proceeda to principal ehaU ~otextend or poatpone thedue daf~e of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such inatallmen4. It under paragraph 18 henof the Property is aequired by Lender, all right, title and intereat of Borrower in and to any inaurance policiea and in and to the proceedi thereof reaulting from damage to Property prior to the sale or acquiaition ahali paes to Gender to the e:tent of the sums eecured by this Mortgage immediately prior to such sale or aaquiaition. ' 6. Preservadon and ldaintenance of Property; Leaseholds; Condominums; Planned Unit Developraents. Borrower shall keep the Property in good npair and ahaU not rnmmit waete or permit impairment oT deterioration of the Property and shall oomply with the provisiona of any leaae if this Mortgage is on a leasehold. If this Mortgage is on a unit in a oondominium or a planned unit developmen~ Borrower shall perform all of Borrower's obligations under the declaration or rnvenants creatingor governing the oondominium or planned unit development, the bylaws and regnlations of the rnndominium or planned unit development, and oonatituent documents. If a rnndominium or planned unit development rider ia executed by Borrower and recorded together with this Mortgage, the oovenanb and agreemente of such rider ahall be incorporated into and ahall amend and supplement thernvenanta and egreements of this Mortgageas ifthe rider were a part hereof. 7. Protection of Lender'~ 3ecurity. If Borrower fails to per[orm the oovenant~ and agreements contained in thia Mortgage, or if any action or prooeed'eng ia oanme~oed ~rhich materially affects I.ender s intenat ia the Property. including. but not limited to. emia~t domaia, inwlvency, oode enforoement, or arran~emeats or prooeedings involving s bankrnpt or deoedent, then I.ender at I.ender'~ oDtion,upon notioe to Borrower may make ~uch appearanee~. disbune such ~um~ and take ~nch action iu is neoe~sary to protect Lender'~ intere~R inclndin~, but not l~mited t~o, dirbursement of reasoneble attorney's tee~ and entry npon the Property to malce repai». if Lender required mo~e~e iruaranae as a oondition of making the loen secured by thu Mortgage. Borrower ahall pay the premium~ required to m~intaia ~uch uuurenoe in effect nntil ~nch time as the requirement for such uuurance terminatea in aacordance arith Bormwer ~ and La~de~~ written a~reement or spplicable Iaw. Borrower shall pey the amount of all rnortgage insurance premiums in the manner provided nnda paraarsph 2 haeof. My amonnb disbuned by Lender persuant to this paragraph 7, with intereat.ehereo~, shap become additional indebtednew of Borrowa ~ecvred by thi~ Mortgage. Unless Borrower and Lender agree to other term~ of payment, such amounta ~hall be pay~bk upon noticr trom I.ende~ to Borrower requesting payment thereof. and ~hali bear intereat from the date of diebunement at the rate paysbk ~om time to time on outatanding principel under the Note unleas payment o[ interest et iuch rate would be oontrary to applicabk law. in wti¢b event snch amounb shal! bear interest at !he highest rate pennissible undes applicabk law. Nothing contained in thia para~raph 7. ~hall reqnin Lender to incur any pcpenae or take any sction here~nder. ,, ~: ~ ~3~5 P~ 787