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Home My WebLink About0957 ~ ~ . y ' . ! , . . ~ ~ ~ .i { , Botrawer and L,ender covenant and agree ae foilowa: ~ ~ l. Aaynient of Priricipal and Intere~t. Borrower eha!! promptly pay when due the principal of and interest on the indebted~esa ~ evidenced by the Note, prepaymtnt pnd lAte chx~gee us pmvided in the Neta, and lhe principal of artd intereat on any Futur~ Advancee.ecured ~ by thia Mortgage, ~ ' . 2. Funde for Taxe$ and Ineurance. Subject to applicttble law or to a written waiver by I,ende~, Borrower et~nil pay to t.enderon the day _ monthly inetalime~ta of principat and interest are pnynble under the Nute, until the Note ia paid in full, s~ sum (herein "Funda") equal to on~ twelRh of t;:e yearlv ttuces nnd aases8menta which mny nttain priority ove~ this htortg~ge, and graund renis on the Property, i4~uny, plus ane- twelfth of yearly premium installment8 for hezt~rd ineurance; piue onetwelfth of yearly premium installmente for mortgngeinsurance, if any, , all as reaeonably estimated initially and from time to time by I,ender on the basis of assessmenta and bills anJ reaaonable estimates thereof. The F~nda ahall be held in an institution the depoeita or accounts of which are insureci or guAranteed by a Feclera! or State agency (including l.er~dzr if Lender ie auch an institution). I.ender ehall apply the Funds to pay eaid taxee, asse~asmenta, ineurance premiume and qround renta. I.ender may not charge for eo halding and applying the Funds, analyzing eaid account, or veti[yirg and compiling said asaesamen~ nnd bille, unlesa [.ender paya Borrower intereet on the Funds and applicabte law permita I.ender to make euch a rharge. Bonower and Lender may agree in writing at the time of execution of this Mortgage th~t interast on the H unde ahal) be paid to f3onower, and unleae ~ euch agreement ie msde or applicable law requiree euch interebt to be paid, I.ender ahall not be required to pay Borrower any intereat or ~ earninRe on the ~nde. Lender ehall give to Borrower, with~ut charge, un annuAl ~cco~~nting of the Funds ah~wing credits and debite to the Funda and ihe purpose for which each debit to the F unds was made. The Funds ere pledged as additional se; uriiy fer the surtte secureci by this 3 MorEgage. € IftheamountoftheI~tindeheldbyLender,togeiherwiththefuturemonthlyir.stpllmentsolFundspayablepriortolheduedatesoftaxee, ~ aseegaments, insurance premiume and ~round renta, ehall exczed the amount required to pay said taxes, aeee~smente, insurance premiume and ground renls as they fall due, auch excesa ahali be, at Ii~~TOwer's option, eilher promptly repaid to Borrower or credited to Borrower on monthly i4sta{iments of Funds. If the amount of the ~unds held by [,ender shali not be aufficient to pay taxes, asseasments, insurance premiuma and graund rents ae they fall due, Borrower shal! pay to I,ender any amount necesa~ry to m~ke up the deficiency within 30 daya from the dnte notice is :nailed by Lender lo Aortower tequesting payment thereof. Upon payment in full of all aums secured by this 11'Iortgage, I.ender ahail promptly refund to Borrower gny funds helc! by I.ender. If under _ paragraph 18 hereof the P'roperty ia sold or the Propetty is otherwise acquired by Lender, I.ender shail apply, no lnter than immediulely priot to Rhe sate of the Ptoperty orit~ acquisition by Lender, any Funds held by Lenderat the time of applic~tion as a credit agt~inat thesums secured . by this Mortgage. • 3. Appllcatioh of Paymente. Unlesa applicable law provicies c'hecwi~e, al) payments received by Lender under the Note and paragrapha : and 2 hereof ehall be applied by I.ender first in payment of i~mounts pnyt~ble to I.ender by E3orrow er under paragraph 2 hereof, ~ ~ then to interest payable on the Note, then to the principai of the Iti'ote, ~nd then to inierest and principal on any Future Advancea. ~ 9. Chargea; I.iena. Borrower shall pay all taxes, F~ssessments nnd othcr rharges, fines and impositions ~tt~ibutable ta the Property which may attain a priority o~•er this btortgage, nndlensehold payments or kraund rents, if nny, in the manner provided under paragraph 2 herec~f ur, if not paid in such manner, by Borrow er mnring p~y~nent, when due, directty to the plyee thereof. [3orrower shall promptly furnish to I.ender all notices of amounts due under this paragr~ph, and in the e~•ent BorroKer shali make payment dirertly, $orrower shal) promptly furnish to Lender receipts evidencing such payments. tivrro«~er shall promptl~• disch~rge any lien which has priority o~•er this htortgr~ge; provided, that - Borra~:~~er shall not be required todischarqe any s:.~ch lien so long as Borruw•er shall agree in writinR to the payment of theobligation secured by such lien in a manner acceptable to I.ender, or shall in good faith contrst such lien b}, ordrfend enforcement of such lien .n, leg~l proceedings ~ which operute to pre~~ent the enforcement of the lien or forfeiture ~f the I'roperty or any part thereof. 5. Hazard lnsurunce. Borron~er shall keep the improvements now existing or hPreafter erected on the Property insured ugainst tcsa by ~ fire, hainrds included within the term "extendeci coverage," .ind such ather hnzards as :.en~er may require r~nd in such amour.ts and for such ~ periods as I,ender may require; provided, that I.,ender shall not.reyuire that the amount of such co~~er~ge exceed th~t amount of coverage ~ required to pay the sums serured b}• this 11'IorlkaKe. - The insurance carrier Nro~~itling the insurance sha11 be chosen bt• Rorruw•er subjeM to approval by I,ender; provided, lhat such approval shall not be unreasonabl}• ~~•ithheld. All premiu~tis un insura~tice pulicies shall be paid in the m.i~lner pro~•idect under paragr,~ph 2 hereof or, if - not paid in such manner, b~• Barro~ser making pa}•ment, ~~•hen due, directly to the insurance carrier. • Allinsurancepoliciesandrenew•alsthereofshailbeinformacceptabletol.enderandshallincludeast~ndardmortgngeclnuseinfavorof and in form acceptable to I,ender. Lendersh:~li ha?•e the right to hold the policies and renewals thereof, and E3or7ow•er shalt promptly furnisl~ to ~ ien~ier all renewal notices and all receipts of p3id premiums. In the ever~t of loss, E;orruw er shail give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made pramptly by Borrow•er. ~ ~ Unless Lender and f3orrow~er otherw•ise agree in writing, insurance proceeds shaU be applird to resioration ~r repair of the Property damaged, providtd sucJ~ re9tor::tion or repair is economically feasible und the security of this ~tortgage is not thereby impaired. If such ' restoration or repair is not economically feasibie or if the security of this biortgage ~~•ould beimpaired, the insurance proceeds shal! be applied to the suma secured by this Dlortgage, with the excess, if any, paid to Borrower. If the Yroperty is abandoned by Borr~wer, pr if E3orrower taita to respond to Lender withen 3~1 da~s from the date notice is mai:cd by [s~nder to I3orrow•er that the insurance carrirr oNers tosettle a claim for inaursnce benefits, I.ender is authorized to collect ani~ app! ? the insurance proceeds at i.ender's option eith~r to restoration or repair of the Property or the sums secured by this hiortgage. . Unleas Lender and Aonower otherwise agree in writinK, any such applica:ion of proceeds to principal shall notextend or postpone thedue ~ date of the monthly installments refened to in paragraphs 1 and 2 l~ereof or change the amount o[sach :nstallments. If ander paragraQh 18 hereof the Property is acquired by Lender, all right, tiile and interest of I3orroxer in and to ar_y insurance policies and in and to ti?e proceeds t'~ereof resulting hom damage to i'roperty. prior to the sale or acquisition shall pass to I.c:nder to the extent of the eums secured by this Mortgage immediately prior to such sale or acquisition. 6_ Yreservation and MainGenance of Property: I,easehotds; Condominums; Ptani~ed Unit Developmente. 8orrowershall keep the Property in goad repair and shalt not commit K•aste ~r per~nit impa~rment- or deierioration of the Prnperty and shaU com~ly w~th the proviseons of any lease if this Mortgage is on a leasrhold. If this Iltortgage is on a unit in a condominium or ~ planned unit development, Borrower ahall perform all of E3onower's obligatiuns undrr the declarution orcavenants creatingor g~verning the cond~minium or planned J unit development, the bylaws and regulations of the condominium or planned unit development, and constituent documenta. If a condominium or planned unit de~•elopment ricier is executed by Borrower and recurded together with this Mortgage, the rnvenants and agreements of such rder shal! be incorp~rated into and ~hall amend and supplesnent the covenants and agreements of this 6lortgage as if the - rider were a part hereof. . - - '1. Frotection of Lender'a Se~rity. If Borrower fai1= to perform the covenanGs and agreements contained in thie ~iortgaqe, or if any actiun ar proceeding ia commenced which materiaity affects Lender's interest in Lhe Ptoperty, including, but not limited to, eaninent domain, insolvency, cade enforcement, or arrengements or proceedinga involving a banknapt or decedent, then Lender aE Lendei a option,upon notire to Borrower msy make euch appearancea, dieburse auch auma and take auch action ae ia necea~ary to protect Lender'a intereet; including, but not limited „o, dieburaement of reasonable attorney'a fees and entry upon the Property to make repairs. If Lender required morEgage inaurance as a condition of making iha loan aecured by thia biortgage. Bonuwer ahatl pay the prpmiume required tfl maintain euch ineuiance in effect ~untit euch time ae the requirement for auch inaurance termi:~atea in accordance with Borrower'e and Lender s i written agreement or applicable Law_ Borrower ehall pay the amount of all mortgage insurance premiur.ie in the manner provided under parag-raph 2 hereof. . - Any amounte diebursed by Lender perauant to this paragraph 7; with intereat thereon, ahuil become additional indebtedness of Borrower aecured by thie Mortgage. Unless Borrower and Lender ag:ee to other terma of payment, auch amounts ehall be payable upon notice ;rom Lender to Borrower requeating payment thermf, an3 shall bear intereet from the date of dipbursement at the rate payable fram - time to time on. outatanding principal under the Not.e enleae payment of intereat at such rate would be contrary to applicable law, in which event such amounts ahall bear intereat at the highest rat~ permissible under ap~licable law. IVothi~g contained in thia paragraph 7, ahall require Lender to incur any expenae or take any action hereunder. t ' • _ _ • ~ ~ ~ ; 800~ ~30~ ~~GE t " . L~ ~ ~