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Home My WebLink About0316~. .~t ~ Borrower and Letrder oovenant aad a~ee aa folbw~: 1. Pa,Ymeat of Ptiacipal ~nd Intereat. Borrower shall pcomptly pay when due the pri~cipal ot and intereat on the indebtedoeaa evidenoed by the Note, pnpayment and late char~e~ ea provided i~ thE Note, and the principal of and intereet on any Fbture Advences secured Dy thu Mort~a~e. 2. Ftind~ for Tase~ wnd Iasurance. 3ubjcct to appticable law or b a written waiver by l.ender, BoROwet shall pay to I.ender on Ihe day monthly inatallmenb olptincipal and intenst are payable under the Note, u~til the Note ie paid in tull. a sum (herein "~nda") equal to one- iwelEth otthe yearly taxes and aeseeamenta which may attain priority over this Mortgage. and ground renta on the Pmpedy. i[any. plus ont tweltth of yearly p~emium inatallmente for hazard insu~a~ce, plus onetwelRh of yearly premium instalimenta for mortgage i~au~ance, if any, all ae reasonably estimeted i~itially and fmm time to time by l.ender on the basis o[assesameota and biltu and rnasonable ealimates thereo.`. The PLnd~ shall be held in a~ inatitutioa the deposits or occounts of which are insured or guaranteed by a Federal or State agency (including Lenda i[ l.ender is such an institution). L.ender shall epply the Funda to pay eaid texes, asaesaments, insurance premiums and ground renta. I.ender may not charge foT ao holding and applying the Funds, analyzing eaid account, or verifying a~d compiling eaid asaessmeata and biW. unless Lender pay~ Borrower intereat on the Runda and applicable law permita I.ynder to make auch a charge. Borrower and Lender may agree in writing at the timc otexecution ot thia Mortgage that interest on the Flinda shall be paid to Borrower, and unless such agrament is mede or applicable law requires such intereet to be paid, I.ender shall not be required to pay Borrower any intereat or earnings on the E1nds. Lender ehall give to Borrower, without charge, an annual acoountinq otthe Funda ahowing credits and debita b the Funds at~d the purpose for which each debit to the Funda was made. The Fund~ are pledged ae additionat aecurity for the suma eecured by this Mortgage. I[!he amount of the ~nda held by Lender, together with the future monthly inatallmenta of Funde payable prior to the due datea ottaxes. asaeesments. insurance premiums and ground rents, ahaU excred the amount required ta pay said taxea, asseesmeMa, insurance premiwns and gmund renta as they tall due, such exceas ahaU be, at Bo~rower's option, either pmmpdy repaid to Borrower or credited to Borrower on monthly installments of Fl~~ds. If the amount ot the FWnda held by Lender ahall not be sutfcient to pay taxea, assesaments, inaurance premiwns and grouttd rents as they fall due, Bormwer ahall pay to l.ender any amount neceasary to make up the deficiency within 30 days irom the date notice ia mailed by L.ender to Borrower requeatinR payment thereof. Upon payment in full of all sums secured by thie Mortgage, I.ender ahatl promptly refund to Eiorrowcr any tunds held by I,ender. lf under paragraph 18 hereotthe Propert~r ia sold or the Property is otherwiee acquired by l.ender, I.ender ahall appty, no later than imracdiately prior to the aak af the Pmperty or ita aoquisition by [.ender, any Funda held by I.ender at the time of applieation as a credit againat the suma eecured by this Mortgege. , . ' 3. Applieation of Payments. Unleas applicable law provides otherwiae, all paymenta received by l~ende~ under the Note and paragraphs 1 and 2 hereof shall be applied by l.ender first in payment of amounta payable to I.cnder by Borrower under paragraph 2 hereof, then to intereat payable on the Note. then to the principal of the Note, und then to interest and principal on any Future Advancea. 4. Charges; Liens. Borrower shall pay all taxes, nsaessmenls nnd othe~ rhargrs, fines and imposilions attributable to the F'roperty which may attain a priority over thia Mortgage, and leusehold payments or ground ren~g, if any, in !he manner provided under paragraph 2 hereof or, if not pa'id in such manner, by E3orrower making payment, vrhen due, dirnctly to ihe payee thereuf. Borrower shall promptly turnish to Ixnder all noticea of amounta due under this paragraph. ~nd in the event Rorruwer shnl) make payment directly, I3urn,wer shnll promptly furnish to l.ender receipL~ evidencing such paymenta. Borrower ehatl promp/ly disch~rKe any lien which has priority over this Mortgage; provided, that Borrower ahall not berequired todischarge any such iien so IonK a~.e 13c-rrower shail agree in writing to the paymrnt of theobiigation serured by such lien in a manner acceptable to Ixnder, or shnll in g~wc1 f.~ith c~mt~wt such lien by, or defend enfc-nrment ofsuch lien in, legal proceedings which operate to prevenl the enforcement of the lien or furfeiture of the Property or any part thern,f. 5. Hazard Insurance. I3orrower ahall keer Ihe impmvemrnts nuw existing or hereaRer erected un the Property insured against loss by fire, hazards i~cluded within the term "extended rnveraQe." and xuch other h:~zF~rds as I.ender may require ~nd in such amounts and toreuch periods as l.ender may requirn; provided; that I,ender shall not mquire that the amount of such coveraQr exceed that nmount uf cc,verage required to pay the suma secured by this MortR:+g~. The insuranrn carrier providinK the insuran~r shali tx~ chuxen by It~~rruwe~r subjcrt to uppro~•:~1 h~ I.c•nder, provided, that xuch approva) ahall not be unreaxnnably withheld. All premiums un insuran~~~• Ew~licii~+.haU l~r paid in thi~ m:mn~r pruvid~d under p.iruKraph 2 hermf or, if not paid in such manner, by fic-rrowcr m.ikinK paymrnt, wht~n dui~, ~IirtY•th• tu thi• in~urancr carrirr. All insurance policies and renewals thereof shall be in torm acc~pt:~ble u- Iknder:~nd shall i~clude a standard mortgageclause in favor of end in form acceptable to Lender. l.ender sha11 have the riKht to hold the ~wlicies and renewals thereof, and Korrower shall promptly furnieh to i.ender all renewal noticea and all receipts of paid premiums. In thr e~•ent of loss, Rorn,wer shall Qive prompt notice to the insurance carrier and [.ender_ [.ender may make proof of loss if not mnde promptly by {iorrower_ Unlesa I.ender and I3orrower otherwise agree ~n writinK, insur:~nce prncc~rcin +hall ~ applied to reaturation or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of thia Mortgage ia not thereby impaired. If such reatoration or repair is not economically feasitrle or if the aecurity uf this MortKage wnuld be impaired, the insurance proceeda shall be applied to the aume aecured by this MoRgage, with the exmi:.4, if any, paid to &~rrower. l f the i'roperty is abandoned by Borrower, or it Borrower faila to respond to Lender within 30 daya from the date noticr is mailwi by I.ender u~ Borruwer that the insurance carrier offera to aettle a claim for insurance benefits, I.ender is authorized to collect and apply the insurance pmccrds at I.ender'a option eilher ta reatoration or repair of the Property or the aums aecured by this Mortga~c. . Unleas Lender and Horrower otherwise aKre~• in writing, any such application of proreeds to prineipal ahall not extend or poatpone thedue date of the monthly inatallmenta refernd to in paraKraphs 1 and 'L here~,f or chanRe the amount of such installmenta. lf under paragraph 18 hereot the Property is acquired by [.ender, all right, title nnd interent uf F3orrower in and to nny inaurance policirs and in and to the proceeds thereof resulting from damage to !'roperty prior to the xale or acqu~sitiun shall paxs to I.ender to the extent of the auma secured by this Mortgage immediately prior to such sale or acquisition. 6. Preeervation and MaintenanrnotProperty: l.raxeholds; ('ondominums; Planned Unit Developmente. Borrowerahall keep the Property in good repair and shal) not commit wa~te or permit imp:~irment or deterioration of the Property and shall comply with the proviaione ot any lease if this Morigage i~ on a leasehold. If this MorigaKe is on a unit in a condominium or a planned unit development, Fiorrower ahall perfortn all of Fiorrower R obligatic-ns under the declaration or rnvenunts iTr:~tinkor govem~ng thecondominium or planned unit development, the by-lawa and regulatione of the cundominium or planned unit development, and rnnetituent dceumente. If a condominium or planned unit development rider ia executed by 13orruwer and recbrded together with thia Mortgage, the oovenanta and agreementa of such rider ahall be incc,r~wrated intu and tihaU amend and supplemrnt the covenantas and agreementa of lhis 111ortgage as if the rider were a part hereof. 7. Pr+otection ot Lender'~ Security. if Borrower fails to perform the eovenanta and agreements wntained in thia Mortgage, or if any ection or proceeding is commenoed which materiaUy affecte I.endei s intereet in the Property, including, but not limited to, eminent domein, insolvency, oode enforeement, or arrangementa or proceedinga involving a bankrupt or decedent, then Lender et I.ender's opiion,upon notice to Borrower may make auch appeara~oes, dieburoe such aume and take auch action as ia neceasary to protect Lendei ~ intere~t, including. but not limited to, disbursement o[ reaeonable attorney'a fees and entry upon the Property to make repairs. If I.ender required morlgage insurance as a condition of making the loan eecured by thie Mortgage, Borrower shall pay the premiums required to meintain snch insurance in eftect until such time ae the requirement for such ineurance terminatee in accordance with Borrower's and Lendet's written agreement or applicable Law. ~3orrower shall pay the amount of all mortgaK~ ineurance premiums in the manner pmvided under peragreph 2 hereof. My amounts diebureed by Lender pereuant to this paragraph 7, with intereat thereon, ahall b~rome edditional indebtedness of Borrower secured by this Mortgage. Linlese E3orrower and I,ender agre~ to other terme of payment, euch amounte shall be payable upon notice from I.ender to Borrower requesting payment thereof, and shall bear interest from the date of diabursement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be rnntrary to applicable law, in which event such amounte ahall bear interest at the highest rate permisaible under applicable law. Nothing .bntained in this paragraph 7, ~hall require Lender to incur any expenae or take eny aMion herennder. B~K348 PA~F 316 E - ~`~ ~ ; _ ~ ,;~~~ ~ _ ~:~ .. ~ .~ _ _