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Home My WebLink About0973 ! - Bo~e~o~aa and Lendet ooven~nt ~nd etree as folbws: 1. Paymeat of Peincipal uid Iateres~ Borrower shaU promptly psy when due the principal ot end iatere~t on the indebtednes~ evidenoed by the Note. prepaymeAt snd late chu~ a~ proeided in the Note. and the principal of and interat on any ~ture Advanca ~ecu~ed by thii Morl~a~e. 2. FLnd~ tor Tw~ce~ ~ad Iniurance. SubjeN to applicable law oc to a writtea waivet by I.ender. Borrower aha11 pay w Lender on the day monthly installments of princip~l and inte~reat are payable under the NMa. unW the NoLe is paid in futl. a sum (herein "~nds'1 equal to ono- twelfth of the yearly ta~ces and asscismenta whieh may attain priority over this Mortgage, and ground nnts on the Property, if any. plw one- , twelfth oi yearly premium i~stallmente for hasard insurance, plus onetwelRh of year~y premium installmenis for mortgege ineurance. if eny, all as reasonably estimated initially and irom time to time by Lender on the basie of assesamenta and billa and reasonable est~mates thereoi The ~nda ahaU be hcld in an institution the deposits or accounts oi which are iaaured or guaranteed by a Federal or Stste agency (including Ler?der if Lender ia auch an i~utitutioa). Lender shall apply the Funds to pay said tases. asseasments, insurance premiums and ground nnb. I.ender ms~y not charge far w holding and applyinH the F1~nds, anatysing said account, or verifying and compiling said . assessment+e and biUs. ualess Lender pay~ Borrower interest on the ~nds and applicsble law permits I.ender to make such a charge. Borrower and Lender may agree in writiag at the time of execution of this Moirtgage that inte?eat on the Ftinds ahall be paid to Borrower, and unlees such agreement is made oT applicable law requires such interest to be paid. Lender shall not be required to pay Borrower any int~erest o~ earnings on the fl~nds. I.ender shali give to Borrower, without charge, an annual acoounting of the F~nds showing credits and debiL to the Funde and the purpose for which each debit to the FLnds was made. The Funda an pledged as additional security for the sums aecured by this Mortgage. If the amount of the I~nds held by Lender. together with the future monthly installments of Funds payable prior w the due datea of taues. asaeasments. insurance premiuma and ground rents, shall e~cazed the amount required W pay eaid taaes. asseasments, inaurance premi~sms and ground rente as they fall due. such exceas shall be, at Borrower e option, either pmmpdy repaid W Borrower or credited b Borrower on monthly inatallments of fi~nds. If We amount of the Funds held by l.ender ahall not be sufficient to pay taxes. aseeesments. inauranc~e pnmiuma end ground rents aa they fall due. Borrower shall pay to Lender sny emount neceasary to make np the deficiency within 30 days from the date notice is mailed by Lender to Horrower requeating payment thereof. Upon payment in fuU of all sums secured by thia Mortgege. Lender shaU promptly nfund to Borrawer any funda held by I.ender. If under patagtaph 18 hereof the Property ia sold ~ tha PrapPtiy is otfierwise acquitt~d by Ltnder, Lender ahail appiy, no later than immediately prior to the sak of the Property or ite aoquisition by Lender. any ~nda held by Lender at the time ot application as a credit against the sums aecured by this Mortgage. 3. Applieation of Paymeats. Unleas applicable law pmvidea otherwise. all pay~nents received by I.ender under the Note and paragraphs 1 and 2 hereof ahall be applied by Lender firstin payment of amounta payabie W Lender by Borrvwer under paragraph 2 hereof, then to interest payable on the Note, then to the prinripal of the Note, and then to interest and principal on any Future Advancea. 4. Charges; Liens. Borrower shall pay all taxes, asaessments and otherrhargea, finea and impositions attributable to the Property which may attain a priority over thia Mortgage, and ieaaehoid payments or ground rents, if a~ny, in the manner provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due, directly to the payee thenwt. Borrower sha?1 promptly fumish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly tumiah to Lender receipts evidencing such paymenta. Borrower shall promptly ~iischarge any lien which has priority over this Mortgage; provided, that Bormwer shall not be required todischarge any such {ien so long as Borrower ahali agree in writing to the payment of theobligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or [or[eiture of the Property or any part thereof. 5. Hazard Inaurance. Borroaer ahail keep the impmvementa now exiating or hereafter erected on the Property inaured againat loss by fire, hazards included within the term "eztended coverage," and such other hazards aa Lender may require and in such amounta and for such periods as Lender may require: provided, that Lender ahall not require that the amount of auch ooverage exceed that amount of coverage required to pay the sums secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by E3orrowe~ subject to approval by I.ender, provided, that such approval i shall not be unreasonably withheld. All premiums on insurance pulicies shall be Raid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by ~3orrower making payriient, when due, directly to the insurance carrier. All inaurance policies and cenewala thereof shall be in form acceptable to l.ender and shail include a standard mortgage clauae in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall p~omptly furnieh to II iender aU renewal notices and all receipts of paid premiums. In the event of losa, Borruwer ahall give prompt notiee to the inaurance carrier ancf Cxnder. L4nd'er may make groof of l~ss iE nat madF p:a:npi:y dy Bori~~%er- Unlesa Lender and Botrower otherwiae agree in writing, insurance proceeds shall be applied to restoration or repair of the Property ~ damaged, provided such restoration or repair is economically [easible and the security of thie Mortgage ia not thereby impaired_ If auch restoration or repair is not economically leasible or itthe security of this Mortgage would be impaired, the inaurance pro~eeda shall beapplied to the auma eecured by this Mortgage, with the excess, if any, paid W Borrower. If the Property is abandoned by Borrower. or if Borrower fails to ` res;pond to Lender within 30 daya from the date notice ia mailed by I.ender to Borrower that the inaurance carriec of[ers to settle a claim for ~ inaurance benefits, Lender is authorized to collect and apply the insurance proceeda at Lender'a option either W reatoratiun or repair of the Property or the sums eecured by this Mortgage. ~ Unless L.ender and Borrower otherwise agree in writing, any auch application of proceeds to principal ahafl not extend or poatpone the due ~ date of the monthly inatallmenta referred to in paragrapha 1 and 2 hereof or change the amount af auch instalimente. If under paragraph 18 ~ hereof the Property ia acquired by Lender, all right, title and interest of Borrower in and to any ineurance policiea and in and to the proceeda thereof resulting from damage to Property prior to the safe or acqu~sition ahall pass to Lender to the extent of the auma secured by this Mortgage immediately prior w such sale or acquisition. 6. Preservation and Maintenance ofProperty; Leaeeholda; Condominums; Planned Unit Developments. Borrowerahall keep the Property in good repair and ahall not rnmmit waste or permit impairment or deterioration ot the Property and ahall comply with the provieiona of any lease if this Mortgage ia on a leasehold. It this Mortgage ia on a unit in a condominium or a planned unit deveiopment. ~ Borrower aha11 per[orm all of Borrower a obligationa under the declaration or covenanta creatingor governing the rnndominium or planned ~ unit development, the by-lawa and regulations of the condominium or planned unit development, and constituent documenfa. If a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the o~venanta and ~ ~ agreementa of auch rider shal) be incorporated into and shalt amend and supptement the covenanta and agreementa of thia Mortgage as if the ~ rider were a part hereof. 7. Protection of I.ender'~ Security. If Borro~ver tails w perform the oovenents nnd agreements contained in this Mortgege, or itany ~ a~wn aj proceed~ng ia commenced which matetially aftecte Lender'a interest in the Property. including, but not limited to, eminent domain. ~ insolvency. oode enforcement, or arrangements or proceedinBs involviag a bankrupt or deeeden~ then Lender at Lender i aption.npon ` notice to Bornowet may me1~e such appearanoe~, diebur~e such sume and talce such action aa is necasery to protect Lender i intuest, ~ including, but not limited to, disbursement of reasoneble attorney's fees and entry upon tht Property to malce repairs. If Lenda required ~ mortgage insurence es a condition of making the loan aecured by this Mortgsge. Borrower sha11 pay the premiums reqnired to maintain : euch insnrence in eftect until snch time as the requirement for auch insurance tenninates in accordence witl~ Borrower'~ and Lendd~ j written agrcement or applicable I.aw. Borrower shaU pay the amount of sll mortgage insurance premiums in the mannrr provided under j 3 paragraph 2 htreof. : € My amounts disbursed by Lendet perauant ta this paragraph 7, with interest thereon, shall become additional indeMsdneW of : ~ Borrower secured by this Mortgage. Ualess Borrower and Lender agne to other terrns of payment, such amounta shell be payabie npon ~ ~ notice firom Lender to Borrower requeating payment thereof. and shall bear interest trom the date of disbur~ement at the rate payabk trom ~ time to time on outatanding principsl under the Note unless payment of intsreat at snch rate would be oontrary to applicable law, in which event such amounts shall bear intenst at the highed rate perm~ssible unda applicable law. Nothing eont4ined ia thu para~raph 7. shall ~ require Lender to incur any e:pense or take any artion herennder. ' ~ ~ ~ °R352 ~~f 972 ~ aoox i . . . . _ - u ~ . 1. ~