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Home My WebLink About0999 . , f~orrower and Lender rnvenant a~d agrce as :ollows: ~ 1. Payment of Peincipal and Interest. Borrower shal! promptly pay whcn due the prinripal of and interest on the indebtrd~ess evidenced by the Note, prepayment and Iate charges aa provided in the Note, and the principal o[and intereat on any Future Advancea secured by thu Mortgage. s;::,:.e ;a,~ 'fna~ aiiu sn~uiuni~r. 3uojeci iu appiicaoie iaw or io s wntten waiver Dy Lender, t3oROwer ahall pay to l.ender on the day monthly installments of principal and intereat are payable unde~ the Note, unti! the Note ia paid in full, a sum (herein "t nnds"> equal to ona twelfth otthe yearly taxee and aasesamenta which may attain priority over this Mortgage, and ground rents on the Property, if any, plua one twelRh otyearly premium inaiaiiments for hazard inaurance, plus one-twelflh o[yearty premium instaUments for mortgage insurance, if ttny, all aa reaeonably eatimatecl initially and from time to tirne by l.ender on the btisis of asaessmenta and bills and reasonable estimates thereof. The F`unde shall be held in an inetiWtion the depoaita or accounts of which are inaured or guaranteed by a~ederal or Sta1e agency iincluding Lender if l.ender is auch an ineLitution). l.ender shall apply the Funds to pay suid tuxes, assessmente, inauranre premiume and gruund renta. I.ender may not charge for eo holding and applying the Funda, analyzing said account, or verifying and compiling said asaessmenta and bills, unlesa Lender pays Bortower intereat on the Funds and appiicable law permits I.ender to make such a charge. Borrower and I.ender may agree in writing at the time of execution of thia Mortgage that intereet on the Funde ahal! be paid to Borrower, and unlese such agreement is made or applicable law requirea auch intereet to be paid, l.ender shall not be required to pay Borrower any interest or earninga on the Funds. Lender ehall give to E3orrower, without charge, an annual accounting of the Funds ahowing credita and debite to the F~nds and the purpose for which each debit to the Funda was made. The Funds are pledged as additional security fortfieaume secured by this Mortgage. lf the emount oithe Funde held by Lender, together with the futum monthly installments of Funds payable prior to the due datea of taxes, asaessmenta, ins~srance premiums and ground mnts, shall excaed tfie amount required to pay said taxea, asseasmenta, insurance premiuma end ground renta as they fall due, euch exceas shall be, at BoiTOwer's optio~, eitheT promptly repaid to Borrower or cre~iited to Borroweron monthly inatallmenta of Funda• If the amount of the Funds held by l.ender shall not be au[ticient to pay taxes, asseesmenta, insurance premiums and ground tenta ae they fall due, Borrower shal) pay to l.ender any amnunt necessary to make up the deficiency within 30 days from the date notice ia mailed by [.ender to Fiorrower requesting pa~ment thereof. Upon payment in tull of aU auma secured by this MortguRe, l.ender ahall promptly refund to E3o~rower any funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherw~ise acquircd by [.ender, I.ender shall apply, no latrr than immedietely prior to the eale of the Property or ita acquisition by l.ender, any Funds held by I.ender at the time of application as a credit against the sums secured by thia Mortgage. 3. Applieation ot Paymente. Unless applicable law provides otherwise, ali payments rrceived by Lender under the Note and paragrapha 1 and 2 hereof ahall be applied by l.ender first in payment of amounts payable to I.ender by Eiorrower under paragraph 2 hereof, then to inteceat payabje on the Note, then to the principal of the Note, and then to interest and principal on any Futurn Advancea. 4. Chergee; Liens. Bortower shal) pay aU laxes, assessments and othrr charKes, fines :ind impos~tions attributable to the Property which may attain a priority over this Mortgage, and leasehold puyments or Kround mnts, if any. ~n the manner provided under paragraph 2 hereofor, i( not paid in such manner, by Borrower making payment, when due, direcUy to the p.+~•re thrrer~f. Korrowershall promptly furnish tol.ender al! notices of amounts due under this paragraph, .~nd in the e~•ent liorruwer sha11 make payment directl~ , Rorrower shall promptly furnish to [,ender receipts evidencing such payments. Fiurrovrer shall prom pth• discharar any (ien which has priorit~ oeer this Morlgage; provided, that iiurrower shall not be required todischarge an>• such lien su IonK as Rurruwer shall aKree in writinR to the p.~yment of theobligalion secured by such lien in a manner acceplable to I.ender, or sh.ill in ~;cHKi faith contest ~uch lien M•, urdefend enlomement of such lien in, legal proceedings w~h~ch operate to prevent the enforcemeot of thr lien or forfciturr uf th~• {'ruperty ~~r uny part thereof. Hazard Inaurance. Rorrower shall keep the improvements nuw existing or hereafter erected on the Property insuredagainst loas by ~ fire, hazards included within the term "extended coveraKe," and such uthrr haz:~rds as Ixnder may require and in such amounts and forsuch ~ perioda as Lender may require; pmvided, that Ixnder shall nut rrquire that the amount of such coveraRe exceed that amount of coverage ! required to pay the sums secured by thiti MortKaKr. S F ~ The insurance carrier providinK the inwranrr ~h.ill hi• chu.e•n h~• Ii~~rru.cer suhject tu .?pproval h}• I.ender: pro~~idcd, that such approval f shall not be unreasonably withheld. All premium~ ~~n ~n.urance p~~licir~ sh~ill be p.iid in the manner pro~•ided under paragraph 2 hereof or, if ~ not paid in such manner, by &~rrower makinK pa~'m~•nt. wht•n due. di~i•~~th• t~~ the insur,~nce carrier. ~ All insuranee policies and renewals thrreof ~hall be in furm acceptable tu I.ender and shall include a standard mortgageciause in favorof ~ and in form acceptable to l.ender. I.ender shall ha~-c~ thr nKht to huld the ~~licies and rrnrw•als thereo[, and Burrowershall promptty furnish to ~ ~.ender all renewal notices and all receipts of paid premiums. In the eveut uf 1oss. Borruwer shall give prompt nutice to the insurance carrier f and Lender. Lender may make provf of loss if not made promptly by f~~rrower. ~ Unlesa Lender and Borrower othervvise aKrre in w'nting, insurance prcxeeds sh.~ll be applied to restoratiun or repair of the Property ` damaged, provided such restoration or repair is ee-onumically feasible and the srcunty of this Mortqage is not thereby impaired. If such . ~ restoration or repair is not economically feasihle or if the security of this Mortgage would be i:npaired, the insurance proceeda shall be applied ; to the aums secured hy this Mortgage, v?~th the excesc. if any, paid to Borrower. If the F'roperty is abandoned by E3orrower, or if Borrower faile to ~ re:;pond to L.ender within :i0 days from the dat~ notic~~ i. mailyd by I.ender tu Rorrow•er that the insurance carrier offers to setde a claim for insurance benefits, Lender is authoriaed to colirct and appl~~ the insurancr proceeds at I.ender's option either to restoration or repair of the ~ Yroperty or the sums secured by this MortgaQe. Y Unlese Lender and Borrower otherwise agree in wntinK, any such application of proceeds to principal shali not extend or postpone thedue ~ date of the monthly inatallmenta referred to in paraKraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Propeny is acquired by l.ender, al{ right. title and interest of f3orrower in and to any insurance policiea and in and to the proceede ~ thereof rea+ulting from damage to Property prior to the sale or acqu~sition shalt pass to Lender to the extent of the sums secured by this a Mnrtgage immediately prior to such sale or acquisition. ' 6. Preeervation and Maintenance of Properly: l.easeholds; Condominuma; Planned Unit Developmente. E3orrowerahall keep F the Property in good repair and Shall not commit wa:.te or permit impairment or deterioralion of the Property and shall comply with the proviaions of any lease if this Mortgage ia on a le:~sehold. If this Mortgage is on a unit in a condominium or a planned unit development, ' ~ R~rrower ahall perform all of Borrower's obligatiuns under the declaration or covenants rreatinKor govern~ng the condominium or planned unit development, the by-laws and reRuiations of the condominium or planned unit development, and conatituent documents. [f a condominium or planned unit development rider ic ~~xecuted by E;orrower and recorded to~eether with this Mortgage, the covenanta and :i~reements of such rider shall be incorporated intn and shall :~mend and supplement the cuvenants and agreements of thia Morlgageae ifthe r~der were a part hereof. 7. Protection ot Lender'e 3ecurity. If 8orrower faila to perform the covenants and agreements conteined in this Mortga¢e, or if any action or proceeding ie commenced which materiaUy af[ecte I.ender'e interest in the Property, including, but not limited W, eminent domain, ineolvency, oode enforcement, or arrangemente or proceedinga involving a bankrupt or decedent, then Lender at l.ender'e option,upon notice to Borrower may make such appearances, diaburee auch aume and take euch action as is neceseary to protect Lender's interest, including, bnt not {imited to, diebursement of reaaonable attorney'a fees and entry uQon the Property to make repaire_ If Lenda required mortgage insurance ae a condition of making the loan secured by this Mortgage, Borrower ahal! pay the premiume requiced to maintain ~ euch ineurance in effect untii euch time ae the requirement for euch ineurance terminates in accordance with Borrower'e and Lender's ~ w~ritten agreement or applicable Law. Borrower ehaU pay the amount of all mortgage ineurance pmmiuma in the manner provided under paragraph 2 hereof. Any amounte diebureed by Lender pereuant to thie paragraph 7, with intereat thereon, ahall become additional indebtednese oi ~ Korrower eecured by thie Mortgage. Unleae Borrower and I.ender agree to other terms of payment, auch amounte ehall be payable upon - notice from L,ender to Borrower requeeting payment thereof, and ehall bear intereet from the date of diebureement at the rate payable from time to time on outetanding principal under the Note unleas payment of interest at such rate would be conlrary to applicable Iaw, in which event euch amounta ahaU bear intereat at the higheat rate permiaeible under epplicable law. Nothing contained in this paragraph 7, shall require Lender to incur any expenae or take any action herhtndet.• ~ ~ r,R~'1 ! ~~GE ~~O ' .a.~.~ ~r-- - a _ _ _ ~ . _ r,. ~ _