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Home My WebLink About0964 ~ UNifoa~t GovFYA~TS. Borrowcr an~ l.c~drr c~~vcnanl anJ :~grte as follows: l. P~ymeM of Pdnclpal aad Inlere~t. liorrower shall prumpil}~ pay Nhcn duc the principal ui a~d inte~est un thc indebtedncu c~•idrnccd by the Nute, prcpaym~nt and late charbrs a~ pruviJed ~n th~ tiote, and the principal ut and interrst on any Future Advancc~ secured by thic Mortgage. 2. Fnnds fo~ Tues snd lnsuraace. Subject to applicable lavv or to a written waiver by [.ender, Borrow~er shall pay to Lcndcr an thc day mo~thly inttallmcnts of principal and in~crest arc pa~~able undc~ thc Nate, until the Notc ic p•rid in full. a sum (hercin "Funds") equal to one-twclfth of the yearly taxes an~l assescments which muf~ attain pn~~rity aver this Vorigagc, and ground re~ts on thc Properry, i! any, plus one-twclf~h M)~carly prcmium inslallmcnts for hazard insurance. rlus onc-twelfth of ycarly prcmium installmcnts f~~r mortgagc insuranc~, if any, all as rcas~nably cctimatcJ initirll}~ and from ~imc to time h~~ 1_ender a~ thc basis of asses+mcnts ~nd hills and rea~anabte es~imatcs thercaf. The Funds shall be held in an inslitution the de~yits ur accuunts ot which a~e insured or guaranteeJ hy a Federal or state agency (inciuJing Lendcr if Lendcr is such an i~stilutionl. 1_cnder shall apply ~he Funds to pay said taxes, asscssments, insurance pnmiums and ground rrnts. I.ender ma~• nc~t cha~ge for s~ hoWing and appl)~ing the Funds, anal~~ri~g said account, or ~~erifying and cumpiling said a..c~.~ments and bills, unless I.ender p:~~•s Borrow•er interest on the Funds and applicable law permits Lender to make such a chargc. Borrower and I.rnder may agrrc in wri~i~ig a~ inc i~~~~~ ~f cxc~ution of this ~tortgage tha~ interest on the Funds shall he paid to Borrower, and unless such agrcement is madc or applicable law r~•yuires such interest to be paid, l.ender shall not be requireJ to E+ay Borrowcr any interest or earning~ on thc Funds. l.ender ~hall gi~e to Borrowe~, without charge, an annual accounting c~( the f=unds showing credits and Jebits ta the Funds and the purpo~c for whith ea~h debit to thc Funds wa, maJc. The Funds ar~ pledgcd as adJitiunal security for ~hc sums sccured b~• this titortgage. If the amount o[ the Funds held 6y I.enJcr, t~~gcthcr w~ith the future monthly instaUmrnts of FunJs payable prior ta the due dates of tares, assessments, insura~ce pnniiums and ground rcnts, shall exceed the amount reyuired to pay said taxes, ~ assessments, insurance premiums and ground rentc as they (all due, such excess shall he, at Borrow~er's op~ion, either promptly repaid to Borrower or credited to Borrower un momhly installmcnts of Funds. If the amount of thc Funds 5rld hy Lender shall not be sufTicient to pay taxes, assessments, insurance prar.~iiims und ground rents as they fall due. Korrower ~hall pay to Lende~ am• amount necessan• to make up the deficicncy within 30 day~s from the Jate natice ic mailed by Lendcr to Borrower reyucsting ~+apment ~hereof. Upon pa)~meni in full of al) sums securecl by this N1.irtg.!ge. I.endcr shal! promptly rcfund to Burro~ver any.Funds ~ held hy Lcn~er. If .~nder paragraph 12+ hereof ~he Pra~rt~~ is ,~~W or the Propert~• is othcnvix acquired by l.ender, t_cnJer shall apply, no later than immcdiatcl~• prior to the +ale uf the Prop.rty or its acqtusition h}~ i_enJer, any Fund~ held by I.endcr at thc tinir of appli~ation as a cr~dit against thc sumti cecured by this Mortgage. - 3. Applicatian uf Payments. Unlecs applicahle law providc~ otherwi~. all p:+yments received by t.ender under the Vate :ind paragraph. I and 2 hereot shall hc applied b~~ 1_cnder first in payment of amounts payable to Lender hy Borm~•er ~ undcr paraQraph 2 hcrcot, thcn to in~crest payablc on thc Notc, thcn t~ thc principal of the Ihotc, and thcn to int~rest and ; prin.:ipal un an)~ Futarc Advances. 4. Chatges: I.iens. Bor~o~tier shall pay all taxet, aaxssmcnts and other chztgrs, fine~ :ind impositi~~ns attribu~ahle tu the Yropcri~~ which mav attain a priority aver this 1?lortgagc, and lcas~;huld paymcnts or gmund rrnts, i[ an~~, in the manner = ~+ruti°id~J under paragraph 2 hereof or, if not paid in such m:+nner. b}~ Borrow~er making payrocnt, whcn d:~~, din-cd~~ to the payee thercof. Dorrower shall promptl} furnish to Lender all notic~s o[ amounts Juc undcr thic paragra~h, and in the e~ent Barrower shall male pa}~ment dire~d}~. Borrower shall promptl~• furnish to Lender r~cripts evid~nring such pa)•m~nts. Borrow~er sliail prompth' dis~harge an}~ licn w•hich has priorit~• o~-er this ~lortgaqe; pr.~~•~.Ird, that Bnrrow•er ~hall not bc: reywred to discharge an~~ such lien w long as Borrowcr shall agree in utiting to the pa~~me:i ~~1 the ohliga~ion .ecured b}• w.h lien in a manner xcept:~bl~ to Lender, or shall in go~xi faith contest such iien bp, or .lefend ~nforcement of such lien in. legal pr.~.eedin~~ ~hich opcratc tu ptevent thc enfurccment of thc hrn or forfcitur~ of tht Propcrt~• or any part thereof_ 5. Ha7ard Insar.~nce. Hor~o~~cr,hall kcep the impr.nements nu~. r~isting or hercaftcr circtcd on the Prr~rty insured .~ga~nst to~s hv fire. hazards included within the term "c~tended c~~~~crage", anJ suih ~the~ hazards a~ Lcnd~r ma~~ rcquire ~n~i ~r: such .~nu•i~nts and for su:h ~~eriodc as Lertder rtta}~ r~yuirt~; pr~~~•iJed, that LenJer shall not reyuire th~t the amount of ~u~h rover:,gr excecd that amz~unt ui reverage•required ~r ~ay the cumc secured by this ~lortga~;e. The insuranre c.irrier providing thr insurance shall t~e chos~n by Borro~ver subject to appro~•al h~~ Lender, pro~•ided, ~hat such aFpro~at chafl nol b~: unrea~•mahh• withheld. All pmn~iums on ineurance policies ~hall paid in the manner or.?: ide.l uud~•r p:~r•~~ra}~h 2:~ereo: or, if not paid in s:~ci~ manner, by Borrower making payment, when du~, directl}• to the ~nsurancc carrier_ Al! insuranre po6rie; a~zd ren~~~als there. ( shall tx m iomi acce~~trbl~ to Len,lcr an~ sizail in~ludc a.!.+nJ~rd mortgage ~lause ir. favor of and in furm a•~cept:?ble tu Lend~r. Lender .hail ha~•c thc right to hold ~he policies and rene~~~als the~e~~f. ; .~nd BorroH~cr chall prompth• furn sh to Lender all :enewal notices an~ all receipts of paid premium;. ln the event of lo~s. ' I~ t3~•}~r.~wer shall ~i~~c prumpt notic~ to tne insurar.ce carrier and Lender. l.ender ma) make proof of loss if not made promptty ~ r}~ Borrow~er. { Unleas I.endcr and Borrou•rr o:hen~ise agrec in N~ritin~, insurance pra:ecus sh:~ll bc applicd to restoration or repair of ~ thc Propem~ uama,~ed, prov~deJ such resturation or repair is econumically feasible and the security of th~s Mortgage is ~ nut thereb} impaircd. Jf such resror~tiun ur rcpair is nut economi~all~• C~asiMe or if the securit)• of this '~tortgage would he impaired. the insuranee proceel slyalt be applieJ to thc sums secured b~~ this Mortga~e. w~ith the excecs, if an}~, paid to Iturrowcr. lf the Pr.•pen: is ~~:~r.~lo~?ed b~ Bormwcr. or if 8orrc+~vcr [aets to respund to Lcnder within 30 days from the ~iate notice is mailed by Lender ~o Bnrruwer that the ins~:ance carrier otTers to settle a claim for insurance benefits. l.ender ...rl~nr;i~•`1 ~r,^llo_t «^_I 3~~' !hi !^c.~ran~r nnv_~{~Lc at ~ eni~~•i'c nntinn ei~hcr to restaration or repair of lhe Property ~ ~~rYto the sums ~ccurcd hy th:s Alortgagr. ~ Unles.c Lender and B.~rruwcr other~ i.e a,ree in wnting, any such a{~plication ~~f pn~eeds to prine~pal shall not extend ~ ~r postpone thc du~ date of ti;e m~nthh• installment~ rcCerred Iu in paragraph~ I anJ 2 herci.f or change the amount ot such imtallments. If under paragraph 18 hereoi the ProF•ert}~ is acq: ~red b~• Lendcr. aii rigni. tide and interest of Borrower in and to am insur.?nce policies and in and to thc pmcceds ther~ot r~~sult~ng from da:nage to ~he Propeny prior to the sale or acyuisiuc:~ shall pass to Lender to the e~tent of the sunu securr~f b~~ this ~11.~rtgage ~mmediately prior to such sale or • ~ acyuisition. . 6. Presenalion aod !~laintenance of Propert'y: Lesiseholds; fondominiums; Planncd l;nit ikvelopments. Borrow•cr ~ ,hall k~ep thc Property in good repair and shall not commit ~aste ~~r p~rmi; impairmr~~t or ucterioration oE the Property ~ and shall comply with the provisions of sny lease ~f this Mortgage i. un a Ir:,schold_ If thiti Mortgage is on a unit in a ~ondomii~;.un ur a p?dnncd unit Jeticlupment. Borrower shall pcrtorm ali of !3orro~~er s ubhgations under the dcclaratiun ~ uc cuven,~~t, creat~ng or Soverning the condominium or planned i:nit devei~~pmcnt. the by-law•s and regulations of the ~ ~onJ.~m~~~~um or pl:+nned unit deveiopment, and constitucnt da:um~ntc. If a cenJominium or ~lanned unit de~~elopment rider is e+ecuted b~~ 13orrower and rccordCd Iogether wilh Ihis Mortgage, thr rnr•eia.~nts and agrecments of sueh nder ~ ,hall Lw ?ncorEwrated into and shall :un~nd and supptcment the rn~r?~ant, and agrocm~nts uf thiti Mortgage as if the rider ~ H~r~ a part hcrcof. ~ 7. ~'rotection oi I.en~ler's Securit~+. I( Borrower fails to {krfnrm the covenants anJ atreemcnts contained in this ~lo~tgagr. ~~r if an)• action ur p?~rec:EnF ~a :ommrnce~ which materially afiects Lend~r's interest in the Property, incl~idink, but n~t Gmi,e.l tu. emine~~t domain. in.oh•enc~•, ccxie rnforcrmcnt, o~ arr:cn¢ements or pnkecdings im~ol~ing a nank~+ipt or decrdcnt. the~i 1_ende~ at I_ender's option, upon notice la Borrower, ma} make such appearances. disbursc such wms anc! takc such ac~i:m as is nccc;;ar~ t~~ protc~t Lcndcrs imrres;. incl~~~iing. but not limited to, disburscmcnt uf reasonable attome}~'s (ec, and ertry upon the Propcrt~~ to m:~ke re{ ain. 16 Lrnder reyuired mortgage iowrance ac a ~unJiti.•n ef n~aking th~ ioan scwrcd by this ~turtgagc. BormH~r ihall pay thc premium~ required to maintain such ~nsurar.~e in efiect i:ntil .ueh time as the reyuirem~nt (or such insutanCC I~rminates ~n accoraane~ w~ih Bormwers and . . , ~ BG~K ~~V F'11Gf JS;~! "