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Home My WebLink About1508~ ~ . ~ ~ : ~ ~~~~ Boero~ra u~d Iwad~ ooveaant and a~ra a~ folb.w: 1. PrU-ment o[ Prlncipal and Interest. Bore~ower shsU prompW- WY when dw the priaci'al of aad iatered on We ind~btedner evid~noed by th~ Not~ pr~psym~t and late chufe~ a~ provided in the Note, and tbe prindpal otaad iateTe~t on any PLturs Advanoe~ ~e~wred OY tbi~ Yact~ose• . 4. P~nd~ tor Ta~ce~ utd In~urwce. 3abjeet to applicable law or to a written wsiver by I.ender. Borrower ~hall pa,y to Ler~der on the day monthly uutsllments of piindpal and iat~ast are pqyable under the Note, undl the Note is psid in tWl. e sum (hereie "F1~nd~") equal to on~ tMrdflh oitM yeerU-. ts~ses and as~saienta which may attein priority over thi~ Mo~a~e. and ground renta on the Property. if any, plw ons Ma1Rh af yee~rly pre~nium in~taUmeafe fa hesard iiuurance. plus onetwelRh otyearly premium installm~q fot uact~age insurance. Uany. aU a~ rwonably estimat~ed initially sad koaa time to time by l,end~ on the baau of assaamen4 and bill~ and reauonable estimata thereoL Th~ F1~nds ~haU be held in an iastitntioa the depo~it~ or acoounts ot which ue iiuured or ~aranteed by a Fbderal or 3tate e~eacy (includia~ I.ead~ it Lez~der i~ s~uh en institntioa~ Ler-der shali apply the Rnnds b pay ~id tue~. aases~ments. insw~noe.preauua~ and ~ouad renb. L~dat rnay not charge fae ~o holdins and applyin~ the F+~nd~. analyrin~ said aooouat, or verityins and eompilic~ ~aid u~b and billa. aaleM I.eader pay~ 8orrowe~ inta:est on the F1u~ds and applicabk laa permita Lender to make such s char~e. ~oerorwt aad Lendes may ajree in writix~ at the time oi e:ecution oi this Mort~age that interest on the I~nds shaU be paid to Borro~rer. aad anlep ~och a~reem~-t is made or appHc~bk law reqnire~ wch int~erat to be paid. Lende~ ~hall not be reqnired to pay Borrower aay int~rat a: earninp on tbe ~ada. Iende~ ~hall sive to Borrowes. withont charge. an ennual aooounbing of the F'~nd~ showing credits and deMh to tl~ Ftiads aad the puipws for which each debit to the I1ads v~ras made. The Fuads are pledged as additioaal ~ecurity for the ~um~ ~ecnred by tbi~ 1KOrtt~ Iitl~e amonnt of tl~e Phnds held by I.ender. togethet with the future monthly instsllmenta of fl~nds payable prior to the dne datas of tauer. aaa~enb. uuuranoe praniums aad ge~und ranb. shall e~caed the amount required to pay ~aid t~es. aa~aameab. inwranoe preminm~ and gronnd reats aa they faU due. such ~oees shall be, at Bon~ower'a option. either prowpdy repaid to Borrower or credited b Borro~ on moathly inaWlment~ af Pbt-ds. If the amount of the Ifinds held by Lender shalt not be euificient b pay ta~cea, asse~smeata, inannace ~eminm~ ~nd sronad reob ea they fall due. Borrower shall pay to L,ender any amount neoessary to make np We deficieacy ~thin 30 day~ irom the date notioe u mailed by I.ender to Borrower rcquesting payment thereof. Upon payment in t~ill o! all ~nm~ secared by this Mortgage. Lender shall promptly refund to Borrower any tunds held by I.ender. If nnder parasraph 18 hareof tbe Prope:ty ia sold o: the PropertY is othe~wise acqnired by I.ender. Lender ahall applY. no latar than iminediately p~rior to the aae at the Praperty oc i4 soqaidtion by Le~der. aqy F1~nda held by I.ender at the time of application aa a ccedit a~airut the auma iecared by tbi~ Mortta~e. 3. Applicadon of Pqraaenta. Ualea applicable law providea otherwise, aU payments reoeived by. Lender unda tbe Note u-d para~raplu 1 and 2 henof shaU be applied by Lender first in payment ot amounts payable to Lender by Borrowa uadet paraQnph 2 hereof. the~ to inLered payable oa the Nate, then to the principal of the Note. and then to interest and principal on any F~ture Advanoa. 4. Char~es; I3ens. Bormwer ahall pay all ta:ea. essessments and other charges. fines and impo~sitions attributable to the Property whidi mqY attsia a priority ov~ this Mortgag~ and leaeehold payments or ground renta. if any. in the manner provided under paragraph 2 hereof or. if not paid in such mann~. by Borrower making payment, vrhen due, directly W the payee thereof. Borrower ahall promptly fnmish to La~der all notioes of atmounts due nnder this paragraph, and in the event Borrower shall make payment directly, Borrower shall pmmptly fnruuh to Lendez reoeipts evideacing auch payments. Borrower shall promptly diacharge any lien which haa priority over thia Mortgag~ provided. thid Bormw~ shaU not be required to diacharge any auch lien ao long as Borrower shaU agree in writing to the pavment of the obligation seeured by snch lien in a manner acoeptable to Lender. or ahap in good faitl~ contest such lien by. or defend enforcement of such lien in. legal prooeeding~ which operate b prevent the enforcement Qf the lien or forfeiture of the Propecty or any part thereof. b. Hasard Insurance. Borro~vu ahall keep the improvementa now euisting or b~'eaRer erected on ehe Properly insured againstlaa by Sre, hasards induded within the term "extended coverage." and auch other hazards as Lender may require and in auch amounts and fotsnch peziods as I.end~ msy require: pmvided. that Lender shall not requin that the amount of auch rnvrrage aceed that amount of ooverey~e required to pay the sums aecured by this Mortgage. T~e insurance carrier providing the inauranee ahall be chosen by E3orrower aubject W appmval by I.ender, provided, that auch approval shall not be unnasonably withheld. All premiums on inaurance policies shell be paid in the manner provided under paregraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. AU insurance policies and renewals thereof shall be in fortn acceptable to Lender and shall include a~tandard mortgage clawe in tavor d and in form aoceptable to Lend~. L.enderahalll~ave the right to hold the policies and renewals thereof, and Borroaer shsll promptly (urniah to i.aider aU reue*ral notices and all receipts of paid premiums. Tn the ever~t of loas, Born~wer ahall give pmmpt notice to the ituurance carritr and I.ender. Lender may make proof of loss if not made promptly by Borrower. Unlas Lender and Borrower otherwiee agree•in writing. inaurance procee~w shall be appl'eed to reatoration or repatr of the Property damay~ed, provided snch restoration or repair ia economically feteible and the~eecurity of this Mortgage ie not thereby impaired. If snch ezatoration or npeir is not economically teaaible or if the aecurity of thia Mortgage would be impaired, the inaurance prooeed~ shall be applied to the snms secured by this Mortgage. with the e~ccess. if any, paid to Borrower. Ilthe Property ie abandoned by Borrower. or if Botro~ver faila to rapond b Lender vrithin 30 daya trom the date notice ia mailed by Lender to Borrower that the insurance carritr ot~ers to settle a claim for insnrance benefits. Iender is authorized to collect and apply the insurance proceeds at E.ender's option either to resbration or repsir d the Property or the s~s eecnred by this Mortgage. ~ Unlesa Lender and Borrower otherwise agree in writing, any auch application of proceeds to principal shell not dctend or poatpone tbe d~u date of the monthly inatallmenta referred to in paragraphs 1 and 2 hereof or change the amount of such inatallments. It under paragraph 18 haeof the Property is aoquired by Lendrr, all right. title and interest of Borcower in and to any insurance policiea and in artd to the p~oceed~ thereof naulting from damage to Property prior to the eale or acquiaition shall paas to Lender to the extent of the suau sec~red by this Mortgage immediately prior to such sale or aoquisition. 6. Preservation and blainteaanceotProperty; Leaseholds; Condominums; Planned Unit Developmenta. Borrowrtrd~all keep the Property in good repair and shall not rnmmit waste or permit impairment or deterioration ot the Propedy and ahall oomply with the provisions of any kase if this Mortgage is on a leaaehold. If thia Mortgage ia on a unit in a condominium or a planned unit developmeat~ Borrower shall patorm all of Borrower s obligations under the declaration or rnvenants creatingor governing the oondominium or planned nnit developmen~ the by-laws and regulations of the condominium or planned unit development, and oonstituent documents. If a oondominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the oovenenta end agreemenfa otsuch rider ahall be incorporated into and ahall amend and aupplement the covenants and agreements of this Mortgage as if the rider were a part hereof 7. Protection of Lender'~ Security. If Borrower faila to per[orm the oovenant~ and agreemenb contained in thi~ Mort~age, or if aq~- action or prooeeding u cmnmenoed which mate:ially aflects Lendei s intereat in the Property. includin~. but not limited to. emineat domain, ia~olvency. eode eaforaemmk or arranBemeats or pmceedings envolving a bankrupt or deoeden~, then I.endrr at LRnda~'~ option,npon notice to Barrower may make tnrh appearanoe~. di~bnrse such sum~ and take snch action as ia neoa~ary to protect Lender'~ int~ewt, indudir~~, bat not 1lmited to. di~bunement of reasonable attorney's fees and entry npon the Nroperty to malce repair~. If Lend~ rsquir~d mortsa~e uuuranoe as a oondition of making the loan secured by this Mortgage. Borrower ~hall pay the pmninm~ reqnired to maietain ~ach iiunranee in efEeet nnW ~nch time eu the requirement for such insurance ttrminates in aocordance with Borrowa'~ and Lead~s writteA agreemeat or applicabk Law. $orror-er ~haU pay the amount ot all mortgage insuranoe pnrniuau in the meaaer provided nnda p~re~rraph 2 haeo! My awounts diabuned by Lenda penuant to this paragraph 7, with interest thereon. ihall beoome additiond indebtedaeN ot Bormwa secured by this Mortgage. Unlas Borrower and Lender agree to other terms of payment, wch amounta ~hall be payable npon notice trom La-da to Borrower requating psyment thereof. and ahall bear intenst from the date of diabur~emeat at the rste payabk 6+om time to time on out~tanding principal nnda the Note nnlees pay~aent of interest at ~uch rate would be oontrary b applicable law, in w6ich tvent wch amounb shall bear intenat at the highest rate permissible under applicable law. Nothing can#ai~ed in`thi~ paraSnph 7. ahall require Lender to incur any acpense or tske atfy action hereunder. a~3~~ t,~1~06 -