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Home My WebLink About0969 . ~ . . Borrowe~ end Lender oove~ant and a~ne u folbwa: 1. Pa~raaent oi Ptriacipal aad Intere~~ Borrower shall pmmptty pay when due the principal of and intenat on the indebtcdnes~ evidenced by the Note. prepayment and late chu~es a~ provided in the Not~e, and the principa! ot and intcrat on any ~ture Advances eccured by lhu Most~age. 2. I+1ind~ for Tue~ end Iasurance. Subject eo applicable law or to a written waiver by Le~der, Borrower shall pay to Lender on the day monthly inatallanenes ot principal snd intereat ace payable under the Note, until the No1e is paid in tull. a sum (henin "Funds") equal W one~ twelRh of the yearly taxee and assessme~ts which may attain priority over thia Mortgage, and ground rente on the Property. if any, plw one~ twelRh olyearly preraium inatalime~ts for hszard insurance, plus onetwelRh of yearly premium installments Ior mortgage insurance, if any. all as rnasonably ~atimated initialiy and from time to time by I.ender on the basia o[ asseaaments snd bills and reasonable estimatea thereoi The PLnds shall be held in an inatitution lhe deposib or accounts of which an insured or guaranteed by a Federal or State agen+cy .(including Lender if I.ender is such en institutio~). I.ender ehall apply the Funds to pay said taxes, asaessmenta, inaurance premiums end ground nnts. L,ender may not charge for so holdin,g and applying the Funda. analyzing said secount, or verifying and compiling said assessmeata and bilb, unless Lender pays Bo~rmwer inlerest on tha F~nds and appticable law permita Lender b make auch a charge. Borrower and Leader may agroe in writing at the tiane ot execution of this Moctgage that inLereat on the PLnds ahall be paid to Borrower, and unlesa such agreement is made or applicab[e law requires such ir?tereat to be paid, Lender shall not be requind to pay Borrower any interest or earnings on the F1~nds. Lender shall give to Borrower. without charge. an annual acoounti~g of the Funds ahowing creclits and debits to the Funda and the purpose for which each debit to the flinda wea made. The Funda are pledged as additional eecurity for the aums aecured by this Mortgsge. If the amaunt of the I~Lnds held by Lender. together with the future monthly installments olFunds payable prior to the due dates of tauea. asaesaments, insurance premiums and ground nnts, shall Pacaed the amount tequited W pay said te:ea, aseeasments. inaurance premiuma and ground rente as they fall due. such excesa ahall be. at Borrower'a option, either prompdy repaid tfl Borrower or rredited to Borrower on monthly installmet?ts of P1~nds. If the amount of the Funds held by Lender ahall not be aufficient to pay taxea, asseasments, insurance psemiums and ground rents ae they fall due, Borrower ahall pey to Lender any amount neceseary to make up the deficiency within 30 days from the date notice is mailed by I.e~der to Borrower requesting payment thereoi. Upon payment in full of all eums secured by this Mortgage, Lender shall prompdy refund b BorrQwpr essy funds held by I~nder. If ~ndei paragraph 1$ hereof the Property ia eold or the Property ie otherwise acquired by Lender, Lender ahall apply, no later than immediately prior to the sale of the Property or ite acquiaition by Lender, any fl~nds held by Lender at the time of application as a credit against the sums eecured by this Mortgage. 3. Application of Paymeats. Unless applicable law provides otherwis~. su paymenta received by I.ender undec the Note and paragraphs 1 and 2 herrof ahall be applied by Lender first in payment ot amounta payable to Lender by Borrower under paragraph 2 hereof. then to interest payable on the Note, then to the principal of the Note, and then to intereat and principal on any Future Advanoes. 4. Charges; Liens. Borrower ahall pay all taxes, assesaments and other rharges, finea and impositsons attribuiuble ta the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragiraph 2 hereofor, if not paid in such manner, by $orrower making payment, when due, directly to the payee thereof. Borrower shall promptly furniah to Gender all notices of amounts due under this paragraph, and in the event Borrower sha{I make payment directly, Sorrower shali promptly furnish to Lender reoeipts evidencing such payments. E3orrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shali agree in writing to the payment of the obligation secured by such lien in a manner acceptabie to Lender, or sha{I in good faith contest such lien by, ordefend enforcementofsuch lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the P~operty or any part thereot. 5. Hazard Inaurance. Borrawer shall keep the improvementa now existing or hereafter erected on the Property insured againat loss by fire, hazards included within the term "extended coverage," and such other hstzards ae [.ender tnay require and in such amounta and forsuch periods as l~ender may require: provided, thaR Lender sha{{ not require that the amount of such rnverage exceed lhat amount otcoverage required to pay the aums secured by this Mortgage. I The insurance carrier providing the insurance shall be chosen by ~rrower subject W approval by l.ender; provided, lhat such approval ~ ahall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if ' not paid in such manner, by E3orrower making payment, when due, directly tu the insurance carrier. ~ A11 inaurance policies and renewals thereof shaU be in form acceptable to Lender and ahall include a standard mortgageclause in favorof ~i and in form acceQtable to Lender. Lender a~a11 have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to I ~ iender all renewal notices and all receipts of paid premiume. In the event of losa, Born?wer shall give prampt nolice to the insurance earrier ; i and Lender. Lender may make proof of loas if not made promptly by Borrower. ' ~ Unlesa Lender and Borrower otherwise aqree in writing, insurance proceeds shall be applied to reatoration or repair of the Property ~ damaged~ provided such restoration or repair is economically feasible and the security of this Mortgage ia not thereby impaired. It auch _ reetoration or repair is not economically feasibie or if the aecurily of this Mortgage would be impaired, the insurance proceeda ahall be applied to the eums secured by this Mortqage, with the excess, if any, paid to Borrower. If the Property ia abandoned by Borrower, or it Borrower faila to ~ i rexpond ta Lender within 30 daya frorn tfie dale notice is mailed by Ixnder to Borrower that the inautance carrier o~ers to aettle a claim for } ~ ineurance benefita, I.ender is authorized to collect and apply the insurance proceeds at [.ender a option either to restoration or repair of the ~ Property or the sums eecured by this Mortgage. ; Unleas Lender and Borrower otherwise aqree in writing, any auch application of proceeda to principa) ahal) not e~[tered ~r pc~atgone Lhe due , ~ date of the monthly inatallments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 18 ? E hereo[ the Property ia acquired by l.ender, al) right, title and interest of Borrower in and to any insurance policiea and in and to the pro~.~eeds ~ thereof reaulting from dam~ge to Property prior to the sale or acquiaition ahall pass to I.ender to the e:tent of the aums aecured by this ~ Mortgage immediately prior to auch sale or acquieition. ~ 6. Preaervation and Maintenance of Property; Leaseholds; Condominums; Planned Unit Developments. Borrowerehali keep ~ the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shaU rnmply with the ~ proviaione of any lease i[ this Mortqage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, F Borrowet ehal! perform all of Borrower's obligationa under the declaration or covenants creatingor governing the rondominium or planned ~ unit development, the by-laws and regulationa of the condominium or planned unit development, and conatitoent documents. If a ? condominium or planned unit development rider is executed by Borrower and recorded together with thia Mortgage, the oovenants and ; ¢ aqreements of anch rider ahali be incorporated into and shali amend and supptement the covenants and agreementa of this Mortgageas ilthe r rider were a part hereof. 7. Protection of Lender'~ Security. If Borrower tails to perform the oovenanta and agreements contained in this Moetgage, or if aay ' ection or proceeding is commenoed which meterially affects Lender s interest in the Propaty, including, but not limited to, eminent domain, ' ; insoivency, oods enforcement, or arrangementa or proceedings involving a bankrupt or decedent, then Lender at Lender's option,upon ~ notice to Borrower may mete such appearances. disburee such sums and take such action as ia necessary to proteM Lendet'~ int~ere~t, ' j including, but not limited to, diebursement of reasonable attomey's fees and entry upon the Property to malce repain. Ii I.ender required , morigage insurance ss a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums reqaired to maintain euch insurance in eHect until such time as the requirement for auch insurance terminates in accordance with Borrower's and Lendds F written agreement or epplicable Law. Borrower shall pay the amount of ell mortgage inauranoe premiums in the msnner provided under - ~ paragraph 2 hereoL ~ My amounts disbursed by Lender persuant to this paragraph 7, with interest thereon, shall become additional indebtedness of ~ Borrower secured by this Mortgage. Unlese Borrower and Lender agree to otha terms of psyment, wch amounts shail be payable upon ; notice from [.endrr to Borrower requeating payment thereof, and shall bear interest from the date o! disbursement at the ra4e payable from ~ time to time on outstanding principal under the Note unless payment of intereat at such rate would be oontrary to applicablt law, in which event sucfi smounta shall bear interest at the highest rate permissible under epplicable law. Nothins sontah~ed in thu paragraph 7. shall ~ require I.ender to incur any acpense or take any action hereundec. • . g00K chJ~ PdGE JUO i . • ~ ~ ~