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Home My WebLink About0945 ~ • ` ~ ` ~ ~ l/~ ~ Borro~ a~d Lendes ccvenant and ssree a~ folbws: 1. P~pmeat ot Priacipal and Intere~t. Basrower ~1?all peomptly pey when due the principa! ot and intere~t on the indebtednea~ evic~eaced by the Note. prep~yment and late char~e~ aa provided in the Note, and the pdncipal of and intereat on any ~ture Advance~ ~e~,ured by thii Mort~a~e. 2. Ftitnds tor Taues wnd In~uraaoe. Subject to epplicable law or to a written waiver by Lender, Bor.°ower shall pay to l.ender on the day monthly instaliments of principal and intereat an puyable ander the Note, entil the Note ia paid in full, a eum (herein "Funds") equal to ons twelRh of the yearly ta~ces and asaes~ments which may sttain priority over tl:is Mortgage, and ground renta on the Pirope~ty, ifany, plus one- twelM of yearly pretnium installmenls for hazard insurance, plus on~tweltih of yearly premium installmente for mortgage inaurance, if any, all as rsa~onably e~timated initially and from time to time by I,ender on the basis of aaseesmenta and b:lla and reasonable estimatea thereof. 'Ibe P~ndi shaU be held in an institution the deposits or accounts ot which are insured or guaranteed by a Federal o-r State agency (includins Landes if Lender u~uch an inatiwtion). Lender shall apply ?he Funds to pay said taxw, aasessment~, insurance premiums end ground nnfa. Lend~ may aot char~e for ~o holdinQ and appiying the ~nda, analyzing said account, or verifying and compiling said aa~e~s.-nenti and hills, unlea L~ender pay~ Borrower intetest on the ~ds and applicable law permit~ l.ender So make such a charge. Borrower and I.ender a~ay a~ree in writin~ at the time of e:ecution of Ihia Mortgage that intere~t on the Funds ahall be paid to Borrower, and unle~s such asre~ement ia made or applict3bk taw requirea ~uch int~ereat to be paid, Lender ~hal! not be requirtd to pay Borrower any intered or earning~ on the Fl~nda. Lend~ shall give to Borrower, without charge, an annual acoounting of the Funda showing credita and debits to the ~nd~ and fhs purpose for which each debit to 4he Fl?nds was made. The Funda are ple~ged aa additional aecurity for the sume aecured by this Mortgage. If the amount of the I~luidi held by Lender, toged~er wilh the future monthly installments of Funda payable prio: to the due datea of ta:es, aaseesments, inaursnce premiums and ground rents, ehaU e:c~ed the amount required to pay said taxes, aaseasments, inaurance premiuma and ground rents as they fall due, such exceas shall be, at Borrower'a option, either pzompdy repaid to Borrower or credited to Borrower on • monthly installmen4 of ~nds. lf the amount of the Funds held by Lender sha11 not be sufficient to pay taxea, aaseasments, insurance premiums and ground reats as they faU due, Borrewer ahaq pay to Lender any amount neceasary to make up the deficienrv within :i0 days from the date notice is mailed by Ler,der eo Borrower requeating payment thereof. • Upon peyment in full of all sume secured by this Mortgage, Lender shall promptly refund to Borrower any funda held by I.ender. If under paragraph 18 hereof the Property ia sold or the Property ia otherwiee acquired by I.ende~, Lender ahall apply, no tater than immediately prior to the aale af the Property or its aoquisition by Lender, sny Fuads held by Lender at the time of application as a credit against the aums aecured by this Mortgage. 3. Application o[ Paymeats. Unlesa applicable law provides otherwiae. all payments received by [ender unde~ the Note and paragraphs 1 and 2 hereof shall be applied by Lender firot in payment of amounta payable to Lender by Borrower under paragraph 2 hereof, then to inttrest payable on the Note, thcn to the principal of the Note, and then to intereat and principal on any Future AdvancES. 4. Chargea; Liens. Borrower ahall pay all taxes, aseessments and other rhargea, 6nes and impositions attributable W the Property which may attain a priority over thia Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, ~ if not paid in auch manner, by Borrower making payment, when due, directiy to the payee thereof. E3orrower shall promptly furniah to L.ender all noticea of emounte due under thie paragraph, and in the event Barrower ahali make payment directly, Borrower ahall promptly furniah to L.ender receipta evidencing such pt+ymenta. Borrower ehall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shalf nct be required to discharge any such tien so long as Borrower shall agtree in writing to the payment of the obligation secured by auch lien in a manner acceptable to I.ender, or shall in qood faith contest such lien by, or defend enforcement of such lien in, legal proceedings ~ which ope~rate to prevent the enforcement o[ the lien or forfeiture of the 4'roperty or any part thereof_ 5. Hasard Insuraace. Borrow~er ahall keep the improvementa now existing or hereafter erected on the Properly inaured againet loea by fire, hazarda included within the term "extended coveraf-~ and euch other hazards as Lender may require and in euch amounta and for such ~ periods as Lender may rnquire; provided, tha~ ~xnder si~all not reauire that the amounl of such coverage exceed that amount of coverage required te pay the eums secured by this Mort~;~e. ~ The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by l.ender: pm~•ided, that such approval ahall not be unreasonably withheld. All premium~ c.n ~ncurance pulicies shall be paid in the manner provide~ under paragraph 2 hereof or, if not paid in such menner, by Bonuwer mak~ng payment, when due, directl~• to the incurance camer. All ineuranee policiea and re~ewala thereof shall be in form acceptable to Lender and shail include a standard mortgage clause in favor of and in form ameptable to Lender_ Lender shall have the right to hold the pol~cies and renewals thereof, and Borrower ahall promptly furniah to ~ i.ender all nnewal noticea and all recPipts of paid premiums. In the event of loss, Borruwer shalt give prompt notice to the inaurance carrier and Lender. Lender may make proof of loas if not made promptly by Borrower. Unlese Lender and Bortower otherwiae agree in writing, inaurance proceeds ahall be applied to reatoration or repair of the Property ~ damaged, provided euch restoratioa or repair is economically feasible and the sccarity of thie Mortgage is not thereby impaired. If auch restoration or repair ie not economically feasible or if the security of this Mortgage would he impaired, the insurance proceeda ehail be applied ( to the ei;me secnred by thia Mortgage, with the excess. if any, paid to Borrower. If the Property ie abandoned by Borrower, or if Borrowea faila to seapond to Lender within 30 deya from ?he dal.e notice is mailed by Lender co Borrower that the inaurance carrier of~era to aetUe a claim for ineurance benefita, I.ender is suthorized to collert and apply the insurance p:roceeds at Lender'a option either to restoration or rnpair of the Yroperty or the sume eecund by thih Mortgaqe. Lnlese I~nder and Borrower oiherwiae agree in :=•-~ting, any auch applecation of preceeds to pr;ncipal ahall not extend or poatpone thedue daLe of the monthly inatallmente referred tq in paragraNns 1 and 2 hereof or change the amoun: of such inatallmenta. If under paragraph 18 hereof the °roperty ie aoquired by Lender, al{ right, title and interest of Borrower in and to any insurance policiea and in and to the proceeda thereof reaulting from damage to Property prior to the s.~le or acqu~sition aha11 pasa to Lender to the extent of the aums aecured by thie i Mortgage immediately prior to auch sale or acquisition. ; 6. Preservation and blaintenance of Property; Leaseholde; Condominuma; Planned Unit Develop•nents. Borrower shall keep the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and shall comply with the proviaiona of any lease if thie Mortgage ia on a leasehold. If this Mortgage is on a unit in a condorr.inium or a planned unit development, ~I Borrower ehall perform all of Borrower's ohligations undesr the declaration or covenanta ~-reatinKor goveming t}~e condominium or planned ! unit development, tt:e by-laws and regulatione of the condominium or pianned unit development, and coi~atituent documenta. If a condnminium or planned unit development rider ia execucea by Borrower and recorded together with this Mortgage, the oovenant8 and agreementa of such rider shall be incorporated into and shall amend and supplement thecovenants and agreementaof this hiortgEge as ifthe rider wete a part hereof. 7. Protection of Leader's Security. If Eiorrower fa~la to perfor.n the oovensnte and agrermer,ts rnntained in this Mortgage, or if any ~ action or procerding is commenced which msterially r.ffecte Lender'e intereat in the Property, including, bet not limited to, emiaent domaia, ~ insolvency, oode enforctment, or atrangementa or proceedings involving a bankrugt or decedent, then Lender et Lender's option,apon I :•-':cx to Borrower may make euch appearanoes, disburse anch snms ar?d take euch a.,~iion as ia neoesaary to protec~ Lender's intesest, ~ including, but not limitad to, dinhureement of masonabk aticmey's feee and entry upon the Property to make repain. it Lenda required mortgage insr,rance ae a condition of making t}:e ioan eecured by thea Ma•tgage, Borrower shall pay the premiums required to maintain such insntancx ::Hxt. until such tune as the requirement for euch inaurance terr.~inates in accordance vrith Borrower'e and I.ender ~ vvritten agreement or applicable Lew. Borrower aha:) pay the amount of all mortgsge inaurance premiuma in the manner provided under paragraph 2 hzteof. ~ My amounts disbureed by Lender pereuant to this paragraph 7, with intereet lhereon, shall become additional indebtedness uf ~ Borrower secured by this M~rtgege_ Unleas Borroever and L,ender agr~e to other terme of payment, euch amounte shall be payable upon ~ notice from Lender to Barmwer requeeting payment thereof, and shell bear intereat from the date of diebursernent at the rate payabie fiom time to time on ontatanding principal under the Note unlEas payment of intereet at such rate would be rnntrary to applicable law, in which ( even: auch amounte shaU bear interest at !he higheat rate permissible under a~Qlicable law. Nothing alntained in thia peragrapi. 7, shall require Lender ta incur any expense or tate any action heseunder. OR . a~~62 94~ ~ ~ ~ f- s ~ _ ~