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Home My WebLink About0952 ~ _ Borrower and [.ender covenant and aQree ae follows: 1. Payment o! Principel snd Interes~ Borrower ahall promptly pey when ~ue the principal of and interest on the indebtedneas evidenced by the Note, prepayment and late charges as provided in the Note, end the principa! ot and intereat on any Future Advances secured by thia Mort~age. 2. I~nd~ tor Taxes and Insurence. Subject to applicable law or to a written waiver by Lender, Borrower ahall pay to Lender on the day monihly instsllmente of principal and iniereai are payable under the Note, until the Note is paid in full, a sum (herein "~nds") equs! to one twelfth of the yearly taxee and assesamenta which may attain pciority over this Moeigage, and ground renta on the Properiy, if any, plua onc twelRh of yearly pmmium installmenta for haxerd ineurance, plus one~twelith oCyeariy premium instapmente for mortgage ineurance, if any, all aa reaeonably eetunated initially and from time to tin?e by I.ender on the baais of asaesaments and bills and reaaonable estimates ihereof. The Funde ehall be held in an institution the deposits or accounte of which are inaured or guaranteed by a Federal or State agency (including Lendrr it Lender ia euch an institution). Lender ehaU apply the Funda ta pay eaid taxes, asaeaumenta, insurance premiuma and ground rents. Lender may not charge for so holding and applying the ~nde, analyzing said account, or verifying and compiling said ase~esaments and bilfa, unless Gender pays Borrower interest on the F~nde and applicable law permita l.ender to make auch a charge. Bonower and Lender may agree in writing at the time of e:ecution of this Morigage that intereat on the Funds ahall be pai~ to $orrower, end unlesa such egreement ia made or applicable law requires such intereet to be paid, I.ender aha11 not bz required W pay Bo~owe~ any inten~t or earninge on the ~nds. Lender ahall give to Borrower, without charge, an annual accounting of the Funde showing credita and debita to the Funds and the purpose fo: which each debii W the F~nde wae made. The Funda are pledged aa additional aecurity for the sumr secured by this Mortgage. If the amount of the ~nde held by I.ender, together with the future monthly inetallmenis of Funda payable prior to the due datea of taxes, asaeeamente, inaurance premiuma and ground rents, shall excred the amount required to pay seid taxee, aaeesamente, inaurance premiums and ground rente aa they fali due, auch excess ahai? be, at Borrower's oplion, either promptty repaid to Borrower or credited to Borrower on monthly inetallments of ~nda. If the amount of the Funda held by I.ender ahall not be au[ficient to pay taxea, assesamenie, inaurance premiume and ground renta ae they fall due, Borrowe~ ahall pay to Lender any amount necesaary to make up the deficiency within 30 daya from the date notice ia maiied ~y I.ender to Borrower requeeting payment thereof. Upon payment in full of all auma secured by this Mortgage, Les~der shali promptly refund to Borwwer any funde held by l.ender. If under paragraph 18 hereof the Property ia sold or the Property ie otherwise acquired by Lender, I.ender ahaU apply, no later than immediately prior to the eale of the Property or ita acquiaition by Lender, any Funds held 5y I.ender at the time of application ae a credit againat the sums secured by this Mortgage. 3. Application of Payments. Unlesa applicable law providea otherwise, all payments received by I.ender under the Note and paragrapha 1 and 2 hereof ahall be applied by l.ender first in payment of amounta payable to Lender by Borrower under paragcaph 2 heroof, then to intereat payable on the Note, then to the principa) of the Note, and then to interest and principal on any Future AdvanceH. 4_ Chargea; Liens. Borrower ahall pay all taxes, assessments and other rharges, fines and impositions atlributable to the Ptoperty which may attain a priority over this Mortgage, and leasehold payments or gmund rents, if any, in the manner pror•ided under paragragh 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereoE Rorrowershall promptly furnish to Lendet al{ notices of amounts due under this paragraph, and in the event Borrower shail make payment direcdy, Borrower shall promptly furnish to [,ender receipts evidencing such paymenta. Rorrower shall prompily discharRe any {ien which h~s priority over this Mortgage; provided,that Borrower shall not be required to discharge any such lien so IonK .is &irrower shal! aRree in writing to the payment of Lhe obligation secured by such lien in a manner acceptable to Ixnder, or shali in ~ood faith contest such lien by, or defend entorc~ment of such lien in, legAl proceedings which operate to prevent the enforcement of the iien or furfeeture of the f'roperty ur ~iny part thereof. 5. Hazard Inaurance. Borruwer shull keep the improvement~R now existinK or hereafter erected on the Property inaured against loas by fire, hazards included within the term "extended co~•erage," and xurh other hazards as I.ender may require and in such amounts and forsuch periods as Lender may require; provided, that I.ender shall not require that the amaunt of such coverage exceed that amount of coverage required to pay the sums ~cured by this MortRa~e. The insurance carrier providinK the insurance shall t~c~ ch~~sen by Itorraw~er subject t~~ approval by Ixnder, pruvided, that such approval ahali not be unreasc~nably withheld. A11 premiums on in~urance p~~lic-ies sh.ill t?e paid in the m.~nner pruvideci under par.?Kraph 2 hereofor, if not paid in such manner, by Rorrower makinK pat•ment. vch~~n due, dirtY•tt~ to the in~urance carrier. ~II All inaurance policies and renew•als thereof shall be in farm acceptable tn l.ender and ahall include a standard m~rtgageclause in favorof and in form acceptable to Lender. I.endershail have the riKht u~ hold the p~~licies and renewais thereof, and Bonowerahall prompdy turnish to i,ender all rnnewal notices and aif receipts of paid premiums. In the e~•ent of loss, fiorruwer shall Kive prompt notice to the insurance carrier ~ and I.ender. Lender may make proof of loss if nat made promptiy by Burrow•er. ~j Unlesa Lender and f3orruwer otherKise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property l damaged, provided s~ch restoration or repair is economically feasible and the security of this Mortgage ia not thereby impaired. If such ~ restaration or repait is not economically feasible or if the sFrurity of this Mortqage would tre impaired, the insurance proceeds ahall be applied ! to the aums eecured by this Mortgage, with the excesg, if any, paid to E3orrower. If the Property is abandoned by Borrower, or if Borrower faiie to rer~pond to L.ender within 30 days from the date notice is mailPd by I.ender G~ fiorrower that the insurance carrier offera to setde a claim for ineurance benefite, Lender is uuthorizeci to collect and apply the insurance pn,ceeds at I.ender's option either to reatoration or repair of the Property or the sums secured by this MorigaKe. Unteas Lender and Borrower othen~-ise agree in writinK, a~y such application of proceeds to principal ahall net extend or postpone the due date of the monthly instalfinents referred tv in paragraphs 1 and `l tiereu(or change the amount of auch inatallmenta. If under paragraph 18 hereof the Property is acquired by i.ender, a11 right, title and interest of Rurrow•er in and to any insurance policies and in and to the proceeda thereof resulting from damage to Property prior to the sale or acqu?sition shalt pass tu Ixnder to the extent of the suma secured by this Mortgage immediately prior to auch sale or acquisition. ' . 6. Preeervation and Maintenance of Property: l.easeholds; Condominums: Planned Unit Developments. Borrowerahall keep the Property in good mpair and shali nat commit waste or permit impairment or deterioration of the Praperty and shall comply with the proviaiona o! any lease if Lhis Mortgage ie on a leasehold. If thix Mnrtgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of f3orrower's obligations under the declaration ar covenants creatinKor governing the condoininium or planned unit development, the by-lawa and regulationa of the condominium or pianned unit development, and constituent dceumenta. If a condominium or pianned unit developme~t rider is executed by Borr~vicer and recorded togelher with thia Mortgage, the covenante and agreementa of such rider shall be incorporated into :~nd ,hail amend and aupplement the covenantrs and agreement$ of this Mortgage asif the rider were a part hereof. , 7. Protection of Lender'e 3ecurity. If Borrower fails to perform the covenanie and agreemente contained in thie ~Iortgage, or if any action or proceeding ie commenced which materially affecte [xnder'e interest in the Property, including, but not limited to, eminent d~main, inaolvency, oode enforcement, ar arrangementa or proceedinqs involving a bankrupt or decedent, then Lender at Lendei s option,upon notice to Borrower may make auch appearancee, diaburee auch aume and take euch action ae is necessary to protect Lendei e interest. ~ including, but not limited to, dieburaement of resaonable attomey's fees and entry upon the Ptoperty to make repaire. If Lendet required ~ martgage ineurance as a condition of making the loan secured by thie Mortgage, F3orrower ahall pay the premiums required to maintain euch insurance in effect until euch time ae the requirement for auch ineurance terminates in accordance with t3orrower'a and Lendei e g written agreement or applicable Law. Bonower eha11 pay the amount of all mortRage ineurance premiume in the manner provided under g paragraph 2 hereof. ; Any amounte diabursed by I.ender perauant to this paragraph i, with intereat thereon, ehall become additional indebtednesa of Plorrower eecured by this Mortgage. Uniees Bonower and [.ender aqree to other terma of payment, euch amounte ehall be payable upon notice from Lender to Sorrower requeating payment thereof, and ahali bear intereet from the date of diAbursement at the rate payable from time to time on outstanding principal under the Note unleae payment of interest at such rate would be contrary to applicable iaw, in which event euch amounts ehall bear intereat at the higheat rate pernniseible under applicable 1aw. Nothing contained in this paragraph shall require Lender to incur any expense ur take any action hereunder. BO~K PAuf ~1 k #