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Home My WebLink About0993 ~ . . Borrower and [.ender rnvennnt and a~ree as folbMn: 1. Paymeat ot Prineipal ~nd Iateres~ Borrower shall promptly pay when due the principal o[ and ineerest on the indebeedr?eas evidenced by the Note. prepayment and latechuges a~ provided in the Note. end the principal of and intereat oa eny F~ture Advances secured ~ by thia Mort~e~e. ~ 2. P1~nda [or Tue~ ~nd lasuranoe. Subject to applicable law or to a written waiver by [.e~der. Borrower shall pay to L.ender on the day mo~thly installments oiprincipal and intereat are payable unda the Note. until the Note is paid in tull, a aum (herein "FLnds") equal to one twelRh of the yearly taxes and aasesame~ts which may attain priority over thia Mortgage, and ground re~ts on the PropeKy. i[any, plus one- . ' twelRh of yearly premium inatallmenta for hasard inaurance, plus onetweltth olyearly premium i~stallme~ts fo~ mortgage irtaurance. if any, ! all as reasonably estimated initially and itom time to time by L.ender on the basia of assesamenta and biUa and reasonable eetimatee the~eof. y The ~Lnds shall be held in an institution the depo~its or aocounts oi which an inaured or guaranteed by a Federal or State agency (including Lender if Lender is such aa institution). Lender ahall apply the Funds to pay said taxes. asseeaments. inaurartce prerniums and ground rents. I.ender may not charge fo~ w hoWing and applying the Fu~ds. analyzing said account, or verifying and compiling said seeeeamenta and bilb. ualess Lender pays Borrower interest oa the F1~nds and applicable law permits I.ender w make euch a charQe. Borrower and Leader may agree ia ~vritiug at the time of execution of this Mortgage that interest on the ~nda shall be paid to Borrower. and unle~a ,r euch agreement is made or applicable law requires such interest to be paid, Lender ahall not be required to pay Borrower any intereat or earnings on the fl~nds. Lender shall give to Borrower, without charge, an annual accounting of the Funda ehowing credite and debits to the . Funds and the purpoee for which each debit to the Funds wae made.'l~e Funds are pledged as additional security for the aume aecu[ed by thi~ Mortgage. ~ If the amount of the Funda hdd by Lender, together with the future monthly instal lments of Fu~ds payable prior to the due datea of taxea. ~ ~anaeeaments, ineurance premiums and ground re~ts, ahall e:~ed the amount required to pay said taxee, asseasmenta, inaurance premiums - and ground eente aa they fall due, auch e:ceas ahall be, at Bo~TOwe~ a option, either pmmptiy repaid to Borrower or credited to Borrower on monthly ittstellmenta of F1nds. If the amount of the Funds held by I.ender ahall not be eutficient to pay ta:ea, assessmenta, inaurance premiuins and ground rents as they fall due, Borrower ahall pay to Lender any amount neceseary to make up the deficiency within 30 days ' from the date notice is mailed by Lender to Borrower requeating payment thereof. Upon payment in full of all aums aecured by this Mortgage, Le~der shall promptly retund to Borrower any funds held by I.ender. If under paragraph 18 hereotthe Property is sold or the Properiy is otherwiae acquired by l.ender, I.ender shall apply, no later than immediately prior to the sale af the Property or its aequisition by Lender, any ~nds held by l.ender at the time oiapplication as a credit againat the suma secured by this Mortgage. - ; 3. Application of Peyments. Unleas applicable law provides otherv~~se, all paymenta received by Lender under the Note and ~'I paragraphs 1 and 2 hereof ahall be applied by l.ender firnt in paymrnt of amounts payable to Lender by Borrower under paragraph 2 hereof. then to intrreat payable on the Note, then to the principal of the Note, and then to intereat and principal on any Future Advancea. ' 4. Chargee; Liena. Borrower shall pay all taxes, assessments and other rharges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, 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 thereof. Korrower shall promptly furniah to l.ender j all noticea of amounts due under this paragraph, and in the event Borrower shall muke p:iyment directly, E3oimwer shall promptly fumish to [.ender receipts evidencing such payments. Borruwer shall promptly discharge any lien which has priority o~ er this Mortgage; provided, that } Borrower shali not be required to discharge any such lien so long as Borrower shaU a~ree in writinK to thr payment of theobligation secured by ? such lien in a manner acceptable to l.ender, or shall in Rood faith contrst such lien by, ur defend en[orc~ment ofsuch lien in, legal proceedings ~ which operate to prevent the enforcement of the lien or forfeiture of thr I'roperty or any part thereoL S. Hazard [naurance. Borrow~er shall keep the impn~vements now existing or hrreaRer erected on the Property inaured against loea by fire, hazards included within the tertn "extended coverage," artd such other hazards as Lender may require and in auch amounts and for such periods as [.ender may require; pro~ ided, thnt l.ender shtil) not require that the nmount of such rnverage exceed that amount of coverage required to pay the sums secured by thi~ MoriKaKe. The insurance carrier providing the~insuranri~ sh:~il br chusen by li~rrruwer subj~rt tu appnn•:+! t~~• I.ender, pru~~idecl, that such approval shall not be unreasonably withheld. All premiums un insuran~r p~~licic~ shall be paid in the mannPr pm~•idt~cl undrr paragraph hercr~f or, if not paid in such manner, by Korrower makinK paymi•nt, WFIf'n due, directh• to the in~urance carrirr. All insurance policies and renewals thereof shall be in form acceptable u? l.ender and shall include a standard mortga~e clause in favorof and in form acceptable to [.ender. I.endcr shall ha~•e thr nght to hold the pulicies and renewals thrrcr~f, and Borrowershall promptiy fumish to i.ender all renewal notices and aU receipts of paid premiums. In the event of I~tiss, Iiorn,wer shall give prompt notice to the insurance carrier ~ ; and I.ender. Lender may make proof of (oss if not made promptly b_r• E3orrower. . I Uniesa Lender and E3orrower olherv~•ise aKree in writinq, insurance proceeds ahall t~e applied to restoration or repair of the Property i { damaged, provided such restoration or repair is ecom~mically feasible and the sr~ urity of this Mortgage is not thereby impaired. If such ~ F reatoration or repair is not economically feasible or if the security of this Mortgage would t,e impaired, the insurance proceeda shall beapplied to the sums secured by this dtortgage, v?~th the exc•rss, if anv. paid to Borrower. lf the I'roperty is nbandoned by E3orrower, or if Borrower fails to g F reapond to Lender within':i0 days from the date n~~tice is mailPd by I,ender to F3orrower that the insurance carrieroKers to settle a claim for insurance benefits, I.ender is authorized to collect and apply the insurance proceecis at I.ender s option either to restoration or repair of the - Pmperty or the sums secured by this MurtKaKe_ ~ ! (Jnlese Lender and Borrower otherwise agree in writing, any auch application of proceeds W principal ahall not eatend or postpone thedue i date of the monthly inetallmenta referred to in paragraphs 1 and 2 hereof or change the amount of such inatallments. If under paragraph 18 ' hereof the Property ia acquired by Lender, all right, title and interest uf E3orrower in and to any insurance policiea and in and to the proceeda j thereof resulting from damage to Property prior to the sale or acyu~sition shall pass to I~ender to the extent of the sums secured by this ~ Mortgage immediately prior to auch sele or s~cquisition_ ~ ~ 6. Preservation and Maintenanceof Propertv: I.easeholds; Condominuma: Planned Unit Developmenta. Borrowershall keep ' the Property in good repair and ehall not commit v?atite or permit impairment or deterioration of lhe Property and ahall comply with the proviaiona of any leaee if thia Mortgage ia on a leasehold. [f thia Mortgage is on a unit in a conduminium or a planned unit development, Borrower ahall perform all of Borrower's obligations under the declaration or covpnants creatinKor govern~ng the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider is rxecuted by Borrower and recorded together with thia Mortgage, the rnvenante and aKreementa of such rider ahall be incorporated into and ~hall amend and supplement thecovenants and agreements o[this Mortgageaa ifthe rider wern a part hereoL " ~ 7. Protection of Lender'e 3ecurity. If Borrower faila to perform the mvenante and agreements contained in this Mortgege, or if any ~ action or proceeding is commenced which materially affecte Lender's interest in the Property, including, but not limited to, eminent domain. ~ ineolvency, oode enforcement, or arrangemente or proceedinga involving a bankrupt or dec~edent, then Lender at Lender's option.upon ~ notice to Borrower may make auch appearances, dieburse such euma and take such action as is necessary to protect Lender's intere~t. including, but not limited to, disbursement of reaeonable attorney's fces and entry upon the Property to make repairs. If Lenda required ~ mortgage insurance as a rnndition of making the loan eecured by this Mortgage, Borrower ahall pay the premiume required to maintaiw r such ineurance in eftect until such time as the requirement [or such insurance terminatee in eccordance with Borrower'a and [.endtr's ~ written agreement or epplicable Law. Borrower ahall pay the amount of all mortqage insurance premiuma in the manner provided under ~ paragraph 2 hereof. ~ Any emounts disbursed by Lender pereuant to thie paragraph T, with intereet thereon, ahall become additional indebtednees of I3orrower secured by thie Mortgage_ Unless Borrower and Lender agree to other terma of payment, such amounts shall be payable upon notice from Lender to Borrower requeeting payment thereof, and shall bear interest from the date of diebursement at the rate payable from time to time on outatanding principal under the Note unlees payment ot interest at auch rate would be rnntrary to appliceble law, in which ~ event auch amounte shall bear intereet at the higheet rate permiseible under spplicable law. Nothing contained in this peragraph 7, shall require Lender to incur any expense or take any action hereunder. . ~ ~ ~ g~ c~ P~ ~U ~ , ~ * ~ ~ -