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Home My WebLink About2634Borrow~ ~nd Lender covenant s~d aQree aa tolMw~: ~ 1. Paymeat of Priruipwl and latere~~ Borrower ~heU pmmplly pay when due the principal of and intarat o~ the i~debt~edaw tvidenoed by the Note. prepayment and late char~er as pmvided in the Nute, and the principal of and inter~t on any PLture Advanoa ~ecured by thi~ Moct~u~e. . 2 Fhada toe T~utea u~d In~urance. 3ubject b applicable luw or to a written waive~ by Lender, BoROwer ahall pay ta l.ender on the day monthly uutallments uf principa) and interest are payable under thc Note. until the Note is paid in full. a sum (herein "~nda") equal to oaa twelfth of the yearly taxes and assessmenta which may attain priority over this Mortgage, and ground renta on the Property, if any. plw ot~ twdfth otyearly premium inatallmenta fo~ hazard ir-eurance, ptus onetwelflh o[yearly premium inatapments for morigageineurance, ifany. aU a~ reasonably eatimated initialiy and trom time to time by l.ender on the basia of aaseasments and billa and reasonable eatimates thereot 'tUe F~nds ~hsl) be held in sa institution the depoeits or accounta ot w6ich are insured or guaranteed by a Federal or State a~eacy (including Lender if I.enda u such an institution). Lender shal! apply the Fnnds to pay said ta:es, aiaeasmenb, insuranee premiuma and ~eound renta. Lender msy not char~e for w holding and applying the I~~nds, analyzing said account, or vecifying and compilin~ ~aid ~enb and bills. unlesa Lender psys Bor~ower lnterest on the Funda end applicable law permib Lender to make such s charge. Borro~rer and I.ender may agree in writing Rt the time of execution of this Morigege that intereat on the Ftinds shall be paid to Borrower. and ualew su~h a~seemeat is made or epplicable law requir~ auch interesl to be paid, l.ender sliall not be requind to pay $orrower any interaR oz osmings oa the Pt~nds. Lender ~hall give b Borrower, ~rithout charge, an annual accounting of the Funda showing credits and debits to the fl~nda and the purpoie for w+hich each debit to the ~nda vyas made. The Funde are pledged as additional eecurity for the sums ~ecured by tlu~ Mortga~e. . If the amount of the F~nds held by Lender, together with the future monthly installroente of Funde payable prior to the due data of tuea, awessme~ta, insurance premiums and ground rente, shail excred the amount requind to pay said taxes, asseasments. inaurance preminn~ and ground rents as they fall due, auch excess shall be, at E3o~TOwer'a option, either promptly repaid to Borrower or credited b Borro~ver on monthiy instsUments of FLnds. If the amount of the Funda held by I.ender ahal! not be aufficient to pay taxes, assessments. insuranoe premiums and ground renta as they faU due, Borrower shall pey to I.ender any amount neceseary to make up the deficiency within 30 day~ trom the date notice is mailed by Lender to Borwwer requesting payment thereoL Upon payment in full of all sume eecured by this Mortgage, l.ender ahaU promptly retund to Borrower any funda held by I,ender. If uadtr paragrsph 18 hereoithe Property is sold or the Property ie otherwise acquired by Lender. Lender ahaD appiy. no later than immediately prior to the ~sle of the Property or ita aequisition by Lender. any F~nds held by Lende~ at the time of application aa a credit against the sums secured by ehis Mortgage. 3. Applkation o! Paymenb. Unleas applicable •law provides otherwise, all paymenta rsceived by Lender under the Note and paragraphs 1 and 2 hereof ahall be applied by Lender first in payment of nmounta payable to I.ender by Borrower under paragraph 2 hereof. then to intenst payable on the Note. then to the principai of the Note, and then to intereat and principal on ~ny Futwre Advanoes. ~ ~. Charges; I.iens. Bortower ahall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which m$y attain a priority ovu this Mortgage, and leasehold payments or gmund rents, if any, in the manner pruvided under paragraph 2 hereof or, if not paid in auch manner, by Borrower maki~g payment, when due, directfy to the payee thereof Eiorrowershall promptly lurniah to Lenda all notices of amounts due under this paragiraph, and in the event f~orrower shall make payment dicectly, Borrnwer shall promptlylurniahb Lend~ reoeipts evidencing such payments. I3orrower shail promptly dischargr any lien which has priority over this Mortgage; provided. that Borrowez ahall not be required to discharge any such lien so lon~as Borrowet shpll agree in writing to the payment of the obligation secured by auch lien in a manner acceptable to i.ender, or shall in good [aith contest such lien by, ordefend enforcement of such lien in, legarproceedings which operate to prevent the enforcement of lhe lien or forfeiture of the Property or any part thereoL 5. Hazard Insurance. Borro.ver shall keep the impmvementa now exiating or bereafter erected on the Property inaured againat Iws by fiM hazarda included within the term "extended rnverage; ' and such olher hazards as l.ender may require and in auch amounts and forsuch periode aa L.ender may require; provided, that Lender shall not require that the amount of auch rnverage e:ceed thet amount of coversige required to pay the sums secured by this Mortqage. 'I7~e inaurance carrier providing the insurance shall be ch~-sen hy 13orrower subject to approval by [.ender; provided, that such approval ehel) not be unreasonably withheld. Al) premiwns on insurance pulicies ~hall be paid in the manner pmvided under paragraph 2 hereof or, if not paid in such manner, by E3orrower making payment, r~hen due, directly tn the insurance carrier. All insurance policies and renewals thereof shal) be in form acceptable tu l.pnder and ahall include a standard mortgageclausein favorot and in form acceptable to Lender. l.enderahall have the right to hold the policies and renewala thereof, and Borrower shall pmmptly fumish to i.ender all renewal noticea and all receipts of paid premiums. ln the event of loss, i3c~rruwer shall give prompt notice to the insuranee carrier and Lender. Lender may make proot of losa if not made prumptly by 13ortower. ' Unless L.ender and Borrower otherwiae agree-in writing, insuranoe procec~ic ahall be applied to reatoration ot repair of the Property damaged, provided auch reetoration or repair is economically fefsible and the~srcurity of this Morlgage is not thereby impairsd. If snch restoration or repair is not economically feasible o~ if the security of this Mortgage would be impaired, the insurance proceeds ahall be applied to the aume secured by lhis biortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by Aorrower, or if Borro~rer faila to reapond to Lender within 30 days from the date netice is mailyd by I.ender tn E3orrower that the insurance carrier ofTera to settle a claim for inaurance benefits. l.ender ie authorized to collect and apply the insurance proceeds at I.ender s option either to resWration or repair of the Pe+operty or the sums aecured by this Mortgage. Unleas Lender arid Borrower otherwise agree in writinK, any such application of procecds to principal shall not extend or postponethedne date of the monthly inatallments referred to in paragraphs i and -2 hereof or change the amount of such inatallmenta_ Itunder paragraph 18 het+eof the Property is aequired by [.ender, all right, title and interest of &-rrower in and to any insurance policiea and in and to the proceed~ the[eof resulting from damage to Property prior to the sale or acqwAition shall pasa to l.ender to the eutent of the eume aecured by t}tia Mortgage immediateiy prior to such sale or acquisition. 6. Preaervation and MaintenanceotProperty; Leaseholds; C'ondominums; Planned Unit Devetopmeota. Borrowerahall keep the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and ehall comply with the provieione of any 1eaBe if this Mortgage ia on a leasehold. I[ this Mortgage is on a unit in a rnndominium or a planned unit develop:nent~ Borrower ahall perform all ot Borrower a obligations under the declaratic,n or covenants creati~Kor governing the rnndominium or planned unit development, the by-lawa and regulatiot~s of the condominium or planned unit development, and conatituent documente. I[ a condominium or planned unit development rider is executed by Horrow•er and reccrded tugether with thia Mortgage, the oovenants and agreementa of such rider shall be incorporated into and shall amrnd and supplement thecovenants and agreementaof this Mortgageasif the rider wern a part hereof. 7. Protection of Lender's 3ecurity. It Borrower faile bi perform the rnvenante and agreemente contained in this Mortgage, or if at~y action or pro~~eeding is commenoed which materially af[ecte l.ender'e intereat in the Property, including, but not limited to, eminmt domain. inwlvency, eode enforcement, or arrangements or proceedinge involving a bankru~ or decedent, then Lender st Lender ~ optioa,apon notioe to Borrower may make such appearanoes, diaburse such aums and take auch aMion ae is necessary to protert Lender's intere~t, including, but not l~mited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If I.ender reqmred mortgage insura~ce as a condition of malring the loan secored by this Mortgaqe, Borrower ahall pay the premiums reqaired to maintain ~uch in~urance in effect until snch time as the rcquirement for auch insurance terminatee in accordance with Borrow~er's and Leadd~ written agreement or applicable Law. Borrower shall pay the amount of all mortgege ineurance premiums in the mannet provided und~ peragraph 2 hereoL My amounts disbursed by Lender pereuant to thia paragraph ?, with interest thereon, shall beoome additional indebtednew ot Borrower secured by thie Mortgage. Unleae Borrower and l.ender agree to other terma of payment, such amount~ shall be payabk apon notice from Lender to Borrower requeating payment thereof, and ahall bear intereat from the date of d'ubursement at the rate payabk ~om time to time on outatanding principal under the Note unlese payment of interest at euch rate would be rnntrary to spplicabk law. in wbicl~ event such emounts shall bear intereat et the higheat rate prrmiaeible under appiicable law. Nothing rnntained in thu paragraph 7, shall reqnire Lender to incur eny expense or take any action hereunder. $'~~ J~7 PdGE~~ ~ = ~ ~.~:~~ ~ ~~; _ _ _= __ ~ _ ~~~~.~s Y~.~~ __ -z ~` -~~~~- . . _