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Home My WebLink About0394 Ut+t~on~t Covart~t+~s. Botrower aad Lende~ coveaant and s~rroe u follows: ~ l. ~twt o[ l~i~e~l ari 1~lsraf. Borrowcr ahsll promptiY paY v~1he~ due /he priacipal ot aad interest on tha iudebtedoert evidenoed by tbe No1e, prePsyroe~~t ~nd late chanes ss provlded in the Note. aod the Principal ot and interest a? any Futun Advuroes ~ecured by tbis Moctaaae. l1~i~ hr 11~ awi I~. Subjxl to applicabk law or to • writtea waiver by l.ender. Borrowd' shaU paY to I~eodsr o~ the day tt~oathlp instdl~aentt of principal and inlerest are payabb under the Note. uatil the Note is paid in lull. . a wm (l~erein "Fuadt'~ eqwl to onatwelfth of the yearly taxas and sssauna~ts which may attaia priority over this . Mort~~e. and ~round c~eats on tbe Ptape~ty. if aay. plus oae-tweltth ot year~Y Preraium installme~ts for hazard inwranoe, ~ plus oue-t~relhh of yearly premium instatimenb to~ nwrt~a=e insunr~ce. it aay. as nssonably estimated initially and frap time to tkae by I.eader on tLe b~sis oI anaaments and biils and rcasonabk atim~tes theroof. 'Ibe Funds s6aU be 6eld ia an institutioe~ the deposits or accounb of which are insured or gusrantoai by a Federal or state a~eticy (includins I.eader if Lende~ it such an i~titution). I~ader shati appty tbe fi~nds to pay said tues, ss:esurrents, iASUtanoe premiums and p~atad t+eats. L,asder may not charae for so holding and applying the Fu~s, analytin~ said aaoun~ or vetifyinj snd campilin~ said s~ts and bills, unte,ss i:e~der psys Borcowe~ interest oa the Funds aad applicabk law permies L~ender to make weh a chu~e. Borrower and Leacfer may agree i~ writing at ehe time of exocution of ihia ; Mort~are tbat ioterest on tLe Funds shall be paid to Borrower. and unless se~cd aareement is made or :pplicabk law ~ roquiras wch interat to be paid. Lender sball ao1 be required to pay Borrowe~ any interat or wraings on the Funds. Lender ~ ahtU pve to Bon~oMrer. without charges. an annual acoounting of the Fundt ahowing crodits aad debits to the Funds aad the pupae for whic6 eacb debit to t6e Fuads w~ made. 'Ibe Funds are pledged aa additionai security for the su~ra secured ~ bY t6is Mortsa~s. ~ IE tl~e aawunt of tbe Fuud: heW by Lender. together with the future monthly installmeats of Funds payabk prior to tbe dua dates of wtes. ass~meats, insuranoe premiums and ground rents. shall excoed thc amount royuired to pay said taxa. aapanoats. inturanoe premiums aad around ren~.t as they [all due. suc6 eaccess shall be. at Borrower's option. either p~+omptiyr repaid to Bornow~er or credited w Bornower ~ monthiy installm~nts of Funds. It the amount of tbe Funds beld b~? i.ender shall not be w~t to pay taxes, spessanenu. iraurance pi+emiums and ground rents as thcy fall due. Bano~re~ s6a11 pary to Leadw aay amount aeoesury to nuike up the deficiency within 30 daya trom t~e date notioe is maikd . bp Leada to Bonower te9~n8 lxYmeat thereof. UPoa Wymeot ia full of all aums secvred by thia Mortgage, l.ender shall promptty refund to Bwrower any Func4 ~ held by I.ender. If unda patasraph 18 tKreof the Property is sold or the Property ia otherwise uquircd by [.ernier. t.ender ! ~hall apply. no luer than immediately priar to tbe sak of the Property or its aoquisition by Lender, wy-Funds held by s Leakr at t6e time of applicatioa as s credit saaiast the suau secund by this Matgsge. 3. A~ticatioi of l~r. Ualess applit,sbk !sw provida otherwise. all paymeats raxived by Len~kr unde~ the ; NWe aatl par+ytap6s 1 and 2 hcreof ahall be appli~d by I.Gndet 8ist in payaAent of amounts payabk to Le~dcr by Borrower ~ w~de~ paragaph 2 heroof. ~hen a incerese payabk oa che Nae, ~ch«~ co ~he principal of che Nae, u,d ehen co interas u,d pcincipal on aay F~ Advaooes. . 4. C~r~er, Iiea~. Borcw~rer sdall pay all tues. assessments and other cfiarges, 6nes aad impositions attribotabk. to tLa P~r~opaty vrhicb may auaia a priority ova this Mortasge,-+~nd lessehold payments or gronnd ranb. if any, in the manner ~ pravidod arder pua~ap6 2 bereof or, if not paid in such manner. by Borrower matin8 WY~~. when due. directly to the P~Y'~ the~of. Ba~~ s6ap P~P~1 furnish w Lerider ali notices of amonats due under this par~agrspb. aod in tbe eveat Bonew~er s6a11 make paymeat dinctly, Bormwer sbaU prwnptly furnish to Lender _ncxjpts evidencing such payments.. ~ Bori~w~err shall promptlp ditcbargt sny liea wbich hat priority over tlus Mortaage: pmvided, that Bortower shap not be ~ t~equit+ed to di~chat~ees aar such lien so bng as Borrower shall aaree in writiaa to the psymeat of tht obGgation secured by ~ wch lia~ in a manoer aooeptabk to Leader. or shali in good faith contest such liea by, or defead enfonoement of such liea in. le~ prooadings which operata to pnvent the enforament of the lien or forfeitiue of t6e Prope~ty or any put thereof• S. Hs~ I~rrca Botravrer shall keep the impruvements now existing or hereafter erocted on t6e Property inwred s~ai~ loas bY 5n, hazards included within the term "extended coverage•,, aod we6 ot6er haz~~+ds as Ltnder may requi~+e aad in such anwunb and for wch periods as l.ender may requi~z; Providod, thu Leader s~al! not nquin tbat tbe amount of - wcbi oovrraae exoeed th~t amount of ooverage roquired to pay the wms socured by this M(?rtgate. ~ 1Le inwranae carrier providing tbe insuranoe shall be chosen by Bomower subject to approval by Lender, pravided: t6at wch approvd aLall not be un~r.ssonably withheld. AII premiums on inwranoe poticia aball be paid in the manner pro~viaea naaer paraarapb 2 6er~oc or, if ooc paia in such manner,. by aocrowex ,nakins parma~t. whea aue. direc~ly to i6e inwnnoa cartier. - - All iasunnoe policies and reaewak thereof ahall be in form aooeptabk to Lender and shaU iaclude a standard mortgage cLuse iu favor of and in fam acceptabk to Lender. Lender sball have t6e rig6t w hold the policia and ~enewals thereof, aad Bormwer shafl promptiy furni:h to Lendcr all renewal notioes and all receipts of paid praaiuros. In the event of loss, Hor~owa sball give prompt notioe to the iasurance carrier and t~end~r. i~ender may maice proof of loss if not made promptly by Sorro~?~r- Unlas Leoder and Borrawer otherwise agree in writiqg. insur~nce proceeds t6a11 be applied to restoration or r~pair of tln Propertyr damaged, pravided such restorat+on or rep~ir ia economically feaar'bk aod tbe security of this Mortgage is - - not tber~ebr i~npained. If strch ratoration or rcpait ia ~wt oconomically feasibk or if the security of thi~ Mortga~ would be impairod, t6e insucanoe prooeals sl~all be spplied W the swm socured by t6is Moctga~,e, with the exoess. if any. Pa+d w Borrawer. If the Property i~ abandooed by Borrower. or i[ Borrower fails to rapond to I,eader wit6in 30 days from We date nwioe is mailed by I.lader w Borrower that the insuranoe carrier offers to settk a daim for i~urana benefits, La~der is awborized to colkd and apply tbe iasurance prooeeds at Lender s option atl~er w ratontion or repair ot tbe Propaty or t~ the wms ~cured by this Mort~e. ~ - - Unkss Leoder and Borrower ot6erwise a~ree in writiag, any such application of praxeds w principal sl~ari not eactend or po~tpaie t6e due date of the moaihty installments referrod to in paragnphs 1 and 2 hereof or change the amount of s~ i~taUments. If under patag~raph l8 hereof tbe Property is soquired by I.eader. all right, titk aod iaterat of Borirower in and to any inwraace policia and in aod to t6e proceeds thercof resulting from damage w the Pmperty prior W tbe sak or acqu~ition sh~ll p~s W I~ender w t6e eacteat of t6e swns sx.urod by this Mwtgpge immodistely prior to such sale or - i~. inaa~?atioi a~i lblai~eoa~oe ot lrope~t~r, I,apeYolBr Coadoiei~iaw~ tlao~ U~it De?eioP~eNs. Borrower shaU l~a;p the pmperty in ~ood npair and :haU not com~oit waste or permit impairment or deteriotation of the Property aud ~ba!! cqnply with the ~ovisioot of aoy k.aae if this Mortgage- is on a ka:e6old. lf t6is Mortgage is on a unit in a eoodominiym or a plannod nait develop~n~nt, Borrower shall pedarm all of Borrower's obligatioos udda the doclaratian or eo~vaaants creatin~ ot governing t6e condominium or plannod' unit development, the by-laws and regulations of the oo~OSninium or p~auned unit developt~ent, and coostituent documents. If a condominium or plarmod unit devebpment rida is e~cecu~ by Borrower and rooordod together with this Mortgage, the covs.aants aad agneements of wch rider ~lWI ba inoorpor~ted into aod a6all amead and suppkment tbe oovenants and agr~ts •of t6is Mortaage as if the rider wex~a s put bereaf. 7. Te~o~etKor ~E I.eaie~s SecuM~. If Borrower fails to perform the oovenants and agreemenb containtd in this l~ortp~e, or if any action or pro~a.~ling is commenoed which materialty affocts Lender's interest in the Property, ipcludinj, but not timitod to. emineM doawin. insolvtncy, code eeforcement. or urangements or pruceedings involving a b~aiuupt or deoedent, t~ien Leader at I~ender's option, upon notive to Borrower, may make snch appearanoes. disburse such st~mt and talce wcb action as is neoGSwy w protect Leoder'a interrest. including, but not limited to. dis6utsetneM of catooable attom~Ps fea aod a~try upon the Property to make repairs._ If.Lender roquirod mortgage insuraaoe u a oondition of malcinj tbe ioan ucurod by this Mortgage, Borrower shall pay the premiums roquirod to maintain wch i~raooe in eHeet unti! wch time ss the requircment for such insunnce terminates in accacdanoe vijRh Boroower's and ' soex2f ~ F~~ 393 ~ - - _ - _ _ -