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Home My WebLink About0797Borrower a~d l.ender covenant and aQree a~ folbwa: 1. P~yment ot Princip~l wnd Intered. Borrower shall prompUy pey when due the principal of and intereet on the indebtedneas evidenced by the Note, prepsyment and Iatechargea as provided in the Note, and the principal of and intereston any Future Advancea secured by this Mortgage. 2. FLnds for Ta:ea snd In~ursece. Subject to applicable !aw or to a written waive~ by l.ender, Esorrowe~ ahall pay to l.enderon the day monthly ineta{lmente of principal and inte~est are payable under the Note, until the Note is paid in full, a aum fherein "Ftinds") equal to oae twelfth of the yearly taxea and aasesamenta which may atta+n p~iority over thia Mortgage, and gn-und renis on the Property, if a~y, plua one twelRh nf yearly premium inatallmenta for huzard inaurance, plua one~twelfth of yearly premium inatallme~ta fo~ moctgage inaurance, if any. all as reasonably eatimated initially and fwm time to tirr~e by I.ender on the basia of assessmeote and bille and reasunable estimates thereof. '[~e Funda shal{ be held in an inatitution the deposita or eccounte ot which are insured or guaranteed by a Federel or State agency Iincluding I.ender if Lender is such an institution-. I.ende~ shall apply the Funds to pay said taxes, asaesements, inaurance premiums and ground rents. Lender tnay not charge for so holding and applying the Funds, analyzing said account, or veri[ying artd compiling said ~saeasments and bitle, unlese l.ender peys Borrower intere~at on the Fu~da a~d applicable law permita I.ende~ w make euch a charge. Borrower and [.ender may agree in wiiting at the time of esecution oi this Mortgage tfiat inten~at on the Funds shall be paid to E3orrower, a~d unleas ~ euch agreement ie made or applicable Iaw tequires auch interest b be paid, I.ender ehall not be required to pay Borrower any intrreat or eaminga on the ~nds. l.ender shall give to Borrowe~, without charge, an annual aceounting of the Funde ehowing credita and debita to the Fuqds and the purpose for whicfi each debit to the Funde was made. The Funda are pledged as additional security tor the eume secured by thie Morigage. - . ' If the amount of the ~nda held by l.ender. together with the future monthly inatallmenta of Funda payable priu~ to the duedatea of taxes, aeseeements, inaurance premiums and ground oenta, shall e:cred the amount required to pay seid ta:es, aeseasmente, i~aurance premiume and ground cents as they fall due, auch excesa shall be, at Bo~rower a option, either promptly repaid to Borrower or credited W Borrower on monthly installmenta of Fupde. If the amount ot the Funds held by Lende~ ahalt not be eutfcient to pay taxea, assesamenta, insurence premiuma and ground rents aa they fall due, Borrower shall pay to I.ender any amount neceasary to make up the deficiency within 30daya from the date notice ie mailed by l.ender to E3orrower requesting payment thereot. Upon payment i~ tuU of all aume aecured by this Mortgage, l.ender ahall promptly refund to Borrower eny funda held by l.ender. If under paragraph 18 hereolthe Property ia sold or the Property is otherwise acquired by l.ender, I.ender ahall apply, no later than immediately prior to the sale of the Property or ita acquisition by Lender, any Funda held by I.ender at the time otapplication aa a credit againat the aums secured by thie Mortgage. 3. Application of Payments. Unless applicable law p~ovides otherwiae, all payments receired by l.ender under the Note and paragraphs 1 and 2 hereof ehall be applied by l.ender fimt in payment of amounte payable to I.ender by Borrower under pa~agraph 2 hereof, lhen Lo interest payable on the Note, then to the principa) ot the Note, and then to intereat and principa) on any Future Advar~cee. 4. Chargea; Lie~a, fbrrower shall pay al! taxes, .~ssess~pents and other rfiarges, fines andimpusitiuns attributable to the Property which . may attain a priority o~ er ihis MortKaKe, and le:isehold paymenls ur Kround rents, if any, in the manner provided under paragraph 2 hereof or, i[not paid in such manner, by Rorrow•er making payment, when due, dirertly to the payre thereof. Borrowershali prumptly furniah to [.ender all noticea of amounts due under this p:~raKraph, and in the e~•ent I3orrower shall make payment directly, Botrnwer!+hall prompUy furnish to I,ender receipts evidrncing such pa~ ments. tiorrowe~ shall promplly dischazgr any lien which has priority over this vlorlgage; provided, that Borrower shall not be required to d~schargr any such liensu lonK as Ftorrov-•rr shall agree in writing to the paymrnt of the obligxtec-n secured by such lien in p manner accept:~blr to I.ender, or sh.+11 in a«~c! [:~ith cuntrxt wch lirn by, ordefend enfurmmentofsuch lien in, legal proceedings which operate tc~ prevent the rnforcrmrnt of the lien or furfriturr uf thr Pruperh• or any part thereuf. 5. Hazard 1 nxurnnce. l3orrowrer shall keep the impn,vemrn~ nuw existinK or hereafter erected on the i'roperty inaured aQainat losa by fire, hazards included within the trrm "extended coa•eraKe," and such other hazards as Ixnder may require and in such amounts and forauch periods as l.ender may reyu~rr: provided, that Ixndrr shall not require that the amuunt of such rnveraKe excerd that amount of coverage required to pay the sums ~currci by this MortKaKe. The insuranrn camer pr~~~•idinK lhe msuran~e sh.~ll tx• chusen by Hnrr~~wer subje~•t tu appro~~al be Ixnder, providt~cl, that such approval shall not be unn•a~~nahh vrithheld. A{I premwms un ~nsur:+n~~~• {«~h~•i~•s shal) br paid in thr m:mnrr pru~•~drei undrr paraKraph L hereof ur, if not paid in such mannrr, b~• Ii~~rruvrNr m:+kinK paymrnt. when due, dir.ti•tlr to thr -nsuranre s•arr~er All ineurance policies and renewals thereof shall bt~ in ~ortn acceptable G~ I.rnder and shall include a standard mort}Cage clause in [avorof and in form acceptabie to l.ender. l.endPr shall have thP riKht G~ hold the {Hrli~~~es and renrwals there~~f, and Fiotruwershal) promptly furnish to i.ender all renewal ~oticer> and all receipts o! pa~d premiums. In thr evrr~t of loss, Rorn~wer shall g~vr prompt notice to the insurance carrier and l.ender. l.ender may make pruof of los.g if not made promptl~ by F3orruwer. . Unless l.ender and &~rruwrr otherwise :~grre in wntinK. ~nsurance pmceeds shall be applied to restoration or repair of the P'roperty damAged, pro~ided Huch resu~ratiun ur repair is ecunumirally fra,ible and the security of this Mortgage is not thereby impaired_ If such rrstoration or rnpair is not ecunomically fe•a~ible or ~f the security o[ this Mortgage would be impaired, theinsurance proceeds shal) beapplied to the aums secured by thia MortKage. w~th thr rx~e•s!~, ~f any, p.+id to F3orruwer. lf the !'roperty ie abaodoned by Borrower.or if Eiorrower foits to respond to [.ender within :ill days fn,m the datr noticr is mailyd by I.ender tu Ii~~rrower that the insurance carrier uffers to aetUe a claim for inaurance benefitx, l,ender is auth~nzrci tu rollrct ar.d appty thi• msur:inc~ pn,cerds at I~ender's option either to rnstoratiun or repair of the Yroperty or the suma secured b~• this MortKaKe. Unleas l.ender and Borrower ~-therw~sr aKree in wnting, any such application uf procerds to principal ahall not extend or pustpone thedue date of the monthly installmenLg referred tu in paraKraphs 1 and'l hereof or change the amuunt Qf such insl:illments. If under paf~Braph 18 hereot the Pmperty is acquired by l.ender, all right, titte and interest of tiurrower in and to any inaurance policiea and in and to the proceeda thereof reaulting from damage to Pmperty prior to the sale or acqwsition shall pass to [.ender to the extent of the aums eecured by this Mortgage immediately prior tu such sale or acquieition. 6_ Preaervetion and Maintenance olProperty: ixeraehalda; ('ondominume: Planned Unit Developments. E3orrowerahall keep the Yroperty in guud repair and shall not commit w•at~te ur pennit tmpairmenl er deteriorat+on of the {'roperty and ahali comply with the proviaiona of any leaxe if this AlnrtgaKe is on a Ieaw~hold. If thiw MorlKaKe ix on a unit in a condominium or a planned unit develapment, fiorrower ehail perform ail of I~,rrower's obligations under the declaratinn or covenantx ~•reat~nKur govern~ng the condominium or planned unit development, the by lawx and regulationa of the condominium or planned unit devetopment, and ronatituent documents. If a condum~nium or planned unit devel~~pmrnt rider is executed by F3nrmwer and recorded tugether with this Moctgage, the covenanta and aqreements of such ridrr shall be mcorp~xated int~r and shall amend and supplrment thero~•enantx und agrerments of this Mort~ageas if the nder were a part hereof. ?. Protection ot Lender's 3ecurity. [i Borrower taita to pertorm the covenante and agrermente contained in this Mortgage, or if any action or proceeding is commenced which materially affecte l.ender's interest in the Property, including, but not limited to, eminent domain, insolvency, oode enforcement, or arrangemente or proceedinge involving a bankrupt or decedent, then Gender at Lender's option,upon notice to Borrower may make such appearances, dieburoe such eums and take auch action as is neceesary to protect [.ender's interest, including, but not limited to, diebursement of reasoneble attorney`e [eee and entry upon tht Property to make repairs. If L.tnder required mortgage ineurance as e condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain euch ineuranct in effect unti) such time as the requirement [or such ineurance terminetes in accordahce with Bonower's and Lender's written agreement or applicable Law. Borrower ahall pay the amount of all mortgage ineurance premiums in the menner provided under paragraph 2 hereoL Any amounts disbureed by Lender persuant to thie paragraph 7, witl- interest thereon, shall become additional indebtedne~s of Borrower secured by this Mortgage_ Unless F3orrower end Lender agree W other terms o[ payment, such amounte sha11 be payable upon notice from Lepder to Borrower requesting payment thereof, and ehall bear interest from the date of disbursement at the rate payable from time to time on outatanding principal under the Note unleae payment of interest at such rate would be conlrary to applicable law, in which event such amounte ahall bear intereet at the highest rate permiesible under applicable law. Nothins aontained in this peragraph 7, shall require [.ender to incur any expenee or take any aMion hereunder. 6~~K J~S F~GE ~~ ~ . ~ ~ - ~€~~~.~..~ .~ - _ _ - _ ~ ~