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Home My WebLink About0179E3orrower snd I.ender covenat-t and s~ee a~ folbw~: 1. Payment of Principal snd Intere~t. E3ormwer ehall promptly pay when due the principal of and intereat on the indebtednesa evidenced by the Note, prepeyment and lete charges as provided i~ the Note, and the principal otand inte~eston any Future Adva~cea secured by this Mortgage. 2. F1u~ds tor Taxes and Inturar~ce. Subject to applicable law or to a written waiver by I.ender, Bo~rower shall pay to I.e~de~ un the day monthly inatallmente of principal and interest are payable under the Note, until the Note ia paid in tull, a aum Ihe~ein "Funds"! equal to one twelfth of the yearly tauea and aseeaeme~ts which may attain priority over thie Mortgage, and ~ound rents on the Piroperty, if any, plus one twelfth o[yearly premium inatallmenta for hazard inaurance, plus ooetwelfth of yearly premium installments for mortgage inaurance, i[any, all as reasooably eatimaled initially and firom time to tirne by l.e~der on the baaia of aeseasmenle and billa and reasonable ee~t~matea thereof. The Funds ehall be held in an inetitution the deposite or accounte ot which are iosured or guaranteed by a Federal o~ State agency (including I.ender it l.ender is such an institution). Lender ahall apply the Funds to pay eaid taxes, asaesaments, inaurance premiume and ground rents. Le~der may not charge [or w holding end applying the Funds, analyzing said account, or veritying and compiling eaid aesessmenfa and bills, unlesa Lenderpays Borrower interest on the Fu~dsand applicabie law permits Lender to makesuch a charge. t3orrowe~ and I.ender may agree in writing at the time of execution of this Mortgage that intereat on the E unda ahall be paid b Borrowe~, and unleas auch agreement ia made or applicable law requires such inte~eet to be paid, Lender shall not be required to pay Borrowe~ any intereat or earnings on the ~Lnds. Lende~ ehall give to Borrower, without charge, an annual accounting of the Funda showing credita and debite to the Funda and the purpoae !or which each debit to the Funda was made. The Funds a~e pledged as additional aecurity for the sume secured by thia Mortgage. If the amount of the Funds held by I.ender, together with the future monthly inatalimenta of Funda payable prior to the duedates of taxes, aesessmente, insurance premiuma and ground rente, shall e:cxd lhe amount required to pay eaid taxea, asaesamenta, inaurance premiume and ground renta ae they fall due, auch excese ahall be~ af Bo~TOwer'a option, either promptly repaid to Borrower or credited to Bnrrower on mon~niy ineiatlmente of ~nds. If the amount of the l~unds held by Lender shall not be sufficient to pay taxea, asaeasmenta, insurance premiuma and ground rente ae they fall due, Borrower ahall pay to Lender any amount neceesary to make up the deficiency within 30 daya from the date notice ia mailed by Lender to Borrower requesting payment thereof. Upon payment in tull of all aumB eecured by this Mortgage, Lender ahaU promptly refund to Borrower any funds held by l.ender. If under paragraph 18 hereof the Property ia sold or the P~operty is otherwiae acyui~ed by l.ender. [.ender ahall apply, no later than immediately prior to the sale of the Property or ita acquiaitio~ by l,ender, any Funda held by I.ender at the time of application as a credit againat the aums secured by this Mortgage. 3. Application of Payments. Unlese applicable law providea otherwise, all payments received by [,ender under the Note and paragraphe 1 and 2 hereof ehall be applied by I.eader f rxt in payment of amounta payable to I.ender by Borrower under paragraph 2 hereof, then to intereat payable on the Note, then to the principal ot the Note, and then to interest and principal on any Future Advancea. 4. Chargee; Liene. Bormwer shall pay all taxes, asses.4ments and other cha~ges, fines and impositiuns attributable tu the Property which may attain a priority over this Mortgage, and leasehold payments or Kround rents, itany, in the manner provided under paragraph 2 hereofor. i[ not paid in such mnnner, by Borrower making payment, when due, direcUy to the payee therrof. ~~rmwer shall orumgtlv furnish io ! rndPr ~ill notices of amounts due undrr this paragraph, and in the event Borrower shall make payment directly, Borma~er shall promptly furnish to (.ender receipts evidencing such payments. Ki-rrower shall promptly dischargr any lien which has priority over this Morigage; provided, that E3orrower shall not he reyuired to discharge any such Gen so long as F3ortuwer shall agree in writing to the paymeM of theubligation secured by such lien in a manner accept~ible to I.ender, or shall in good faith cunte~t such lien by, or defend enf~rcrment ofxuch lirn in, lrgal proceedings ~+hich oprrate to prevent the enforcement of the lien or forfeiture uf lhe Pruperty or any part thereuf. 5. Hazard lnaurance. Borrower shall keep the improveme~ts n~~w existing or hereafter erected on the Property insured againet loas by fire, hazards included within the term "extended coveraRe," and such other hazards as l.ender may require and in such amounts and foreuch periods as Ixnder may reyuire; provided, that l.endrr shall not reyuire that the amount of such coveraKe exceed that amount of coverage reyuired to pay the sums srcured by this MortKaKe. The insurance carrier prm•idinQ the insurancr shall t-e chusen hy Hnrruwer subject to appruval hy Ixnder; pro~~ided, that such appmval shall not be unreasunably w•ithheld. All premiums un insurance p~~li~-~c~ shaU t-e pa~d ~n the mannrr pro~ ~dre1 undrr paraKraph Y hereof or, if not paid in such manner, by liorrower makinK payment, v~•hen due, dirrctl~• to the insurance carr~er. All insurance policies and renewals thereof shall be in form acceptahle G~ 1,enderTnd shall include a standard mortgaKeclause in favorof and in form acceptable tu I,ender. I.ender shall have the riKht u~ hold thP puGcies and renewals thereof, and Borrow~er sh~ll prompdy fumish to i.ender all renewal notices and al) recripts of paid premiums. In the e~•eut otloss, fi~rrn~wer shall gi~e prompt notice to the insurance carrier and l.ender. l.ender may make pra-f of loss if not made promptly b} Burruwer. Untesa l.ender and Borrower otherwise aqree in writing, insurance proceeds ahall be applied to reatoration or repair of the Property damaqed, provided such reswratiun ur repair is econumically feasible and the arrurity of this Mortgage is not thereby impaired_ If such reatnration or repai~ is not ecunomically feasible or if the security of this Mortgage would be impaired, lhe insurance procecds shall beapplied to the aums arcurrd I~y tt-iy A1orlKt+Kr, with ihe excess, if any, paid to Rorrower. If the Property is abandoned by Borrower, or if t3orrower faila to re~pond to Lender within :iU da~~s from the date notice is mailyd by I.ender to E3urrower that the insurance carrier offers to settle a claim for inaurance benefits, (~ender is authurized to collect and apply the insu~ance procerds at I.ender's uption either to resturation or repair of the Yroperty or the sums secured by lhis MorlKaKe. Unless l.ender and Borrower otherw•ise agree in writinR, any such application ef pmceeds to principal shall not extend or poatpone thedue date of the monthly installments referred u- in paraRraphs 1 and'L hereof or change the amount of such installments. If under paragraph.l8 hereof the Property is acquired by I.ender, all right, title and interest of Borrower in and to any insurance poticies and in and to the proceeda therer~f reaulting from damage to Yroperty prior to the sale or acqu~sition shall pass to Lender to the exlent of the aums secured by this Mortgage immediately prior to such sale or acquiaition. 6. Preservation and Naintenanceof Property; lxaseholda; Condominume: Plenned Unit npvplopmpnt9. l;nrr~we~ Qh~*!! 4_~g the Property in g~wd repair and shall not commit waste or permit impairmrnt or deterioration o( the Property and ahall comply with the proviaionx of any lease if thie Mortgage is on a leasehold. If this MortgaRe is ~ln a unit in a condominium or a planned unit development. Fiorrower ahall perform all of I3orrower's ubligationq under the declaration or covenants crratinRor govern~ng the condominium or planned unit development, the by-lawa and regulations of the condominium or planned unit development, and conetituent documenta. If a condominium or planned unit development rider is executed by Iiorrower and recorded together with thia Mortgage, the eovenants and :~Kreements of such rider shaU t~e incorpr~rated into and shall amend and supplement thr covenants and agreemenGsof this MortgaKeas if the nder were a part hereof. , 7. Protection of Lender's 3ecurity. lf ~rrower faile to perform the rnvenants and egreemente rnntained in this Mortgege, or if any aMion or pmceeding ie commenced which materially affccte I.ender'e interest in the Property, including, but not limiled to, eminent domain, ineolvency, oode enforcement, or arrangementa or proceedinga involving a bankrupt or decedent, then L.ender at Lender's option,upon notice to Borrower may make such appearances, disburse such sums and take auch aMion as u neceasary to protect Lender'~ inttra~ including, but not limited to, disbursement of reasonable attorney'e fees and entry upon the Property to makt repairs. If Lender required mortgage inaurance aa a condition of making the loan secured by thia Mortgage, Borrower shall pay the premiums required to maintain euch ineurance in eftect until auch time ae the requirement [or such insurance terminates in accordance with Borrower's and Lender • written agreement or applicable Law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided unde~ paragraph 2 hereot. Any amounts diaburoed by Lender pe:suent to this paragraph ?, with intcrest thereon, shall become additional indebtedne~s of Horrower eecured by thie Mortgage. Unless i3orrower and I.ender agree to other terms of payment, euch amounte shall be payable upon notice from I.ender to Borrower requesting payment thereot, and shal) bear interest from the date of disbursement at the rate payabk from time to time on outetanding principal under the Note unleee payment ot intereet at such rate would be contrary W applicable law, in which event such amounte ehaU bear interest at the highest rate permissible under applicable law. Nothing oontained in this paragreph 7, sha11 require l.ender to incur any expense or take any aMion hereunder. ~ ~ ~ ~ . ~ ~. ~Y~~ e_. ,. . ..._ .- .. 8~~1K •J~ P~iiE 1~•J ~ i ~