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Home My WebLink About0418 ~ ! • ; . ~ ) Ut+t*an~t Oovsnerns. Hormwet aad l,eade~ oover~aM sod a~ree as foilows: ~ l. ~we~t at ~ef~ciNl aN Wecs~l. Bonovrer shall pranptlY WY When due the priacipal o[ and interest oo the i~Webeedoa~ evide~oed b~r tbe Naa p~eW?Ya~~ .ad ~+ce char~es as providod in ~he Nae. and the principai ot and interest aa a~q? Future Adv~ ~e~uted by tha Matsa~. . ' , - ll~i h~ 71~z~ ani I~wrMCw Stibject to applicabb law or to a written waivEr by Lende~, Botro~wet shall pay ~ to Lender oa the day daathly iastdbaeots ot principal and interest are psyable under the Note. until the Note is paid in tull. a am (hercia "Fuod~'~ eqwl to ono-twettth of the yearly uxa and assasments which may attain prio~ity ove~ this ~ ~ Mortia,~e. aad ~round reab oa tbe Peepetty. if aay. plua oao-tweltth of yearly ptemiwn installmenb for hazard inwrance. plut oue-trvelfth of yearty praalum iastallaaents for moct~aje inw~ance. if ~ny, dl as reawnably estimated initially and from time to time by Iwoder oa tbe basis of au~sments and bilis and rcasonabk atimata thetcof. ~ The P~ sball be beld ia aa institutan the deposits or accounts ot which are insurod or ~uaranteod by a Fedenl or sta~e sseiw~? (inctudina I~ender if l.ender a such an institution). l.ender shall spply the Funds to pay said taxes, assasments. iututanos pe+emiums aad ~rouad rents. i.ender may not charse for so hddins and applyin= the Funds. a~alyzin~ uid accoun~ ~ or verifyin= and campilia~ said w~asments and bilb. ualas l.eader pan Bon~ower inte~st on the Funds and applicabk law # permib I~eader to malce wc1~ a charse. Borrower and Lec~der may agroe in writin~ at the dme of executio~ of this Mortpje tl~at taterost on tbe Ft~nds shall be paid to Bomower. a~ uakss sucb agreement is made or applicabk law ~ req~tira wch iate.rest to be paid. Leader shall not be required to pay Borrower any iMercst or earningi on the Fuads. I.ender i sbaU pve to Borrovi?er. wittwut"charae. an annual accounting of tbe Funds showi~g credits and debits to the Funds aad the i putpo~e for which each debit to the Funds waa made. The Funds are pledged as additional security [or the sums secured ? M~~ M~• ; If tbe amouat oE tbe Fuad~ heRt by Leodu. togct6er with the future monthly installmeats of Funds payabk pcior to # the due data of tuas. assasmeats. ins~uance premiums and ground rents. ahall eacoad the ataonnt requircd to PaY said taxa. . ~ as~ments„ in=~ premiunn and gmund reats as they fall due. such eaoess shall be. at Borrower's option. either pnomptly repaid to Borrower or creditod to Borrower on nwnthly installmenu of Funds. If the amount o( the Funds 6eid b~r I.ender shall not be ~t W pay taxa, an~sments. insurana premiums and ground rents as they fall due. BoR+aver sball pay to I.eader aay amouat aecx~ary to malce up tbe deficiency witUin 30 days (rom the date notice is mailod by Leader to Borrawet ro9u~tin,~ PaYment thereof. ~ . UPon PayaneM in full of aU auns ~ecu~+ed by this Mortgage. Lender ahall promPtlY refund "to Borrower any Funds - bdd b~r i,eoder. If nader paraaraph 18 haeof the Property is sold or the Propeny is otherwise auquired by Lender. Lender shaU apply, no later than immediately prior to the sak of the Ptepetty or its aoqui:ition by I.ender. any Funds held by Leadet at t6e time of apglicatio~ as a credit against ihe wans secured by this Mortasge. 3. A~iicatlo~ ~f~~e~b. Unless applicabk law provida otherwise. alt paymeab reoeived by Lender under the Note and paiaaraphs 1 and 2 bereof sball be sppliod by Lender Aru in payaaent of smounts payabk to Leoder by Borrower under parasraph 2 hereof. then to iateKst psyabk on the Note, thcn to the priacipal of the Note, and tl~en to intenxt and # prindpal on aay F~ure Advaooes. ~ 4. C~ Ije~s. Borrower shall pay all Wces. aa~sma~ts and other charges, flnes and impositioas attributabk to d~e Propaty w6ich may attain a paiority mra this Mortgaae, a~d kasdwld paymenta or grouad renb. if any, in the m~antr qnvided ~mder puasrsph 2 bereof or. if not paid ie s~ch manner, by Horrower makiag payment, wha~ due, directly to 'tbe Wl~ t6aeof. Borio~wer shaU p~+cmptty furnish to l~eader all ndioes of amounts due uader thia paragraph, and in tha ev~eat Borrower shali make paymeat~ directly. Bomower shall promptly fumish to Lender nceipts ~videocin: wch payments. Borro~rer slaU prompdq disc6srae aay lica which has priority over this Muttgage:~rovided, that Borm~ver shall not be required to dix~ar~ any wch licn so bng as Borrower ahall agra in writiag to tl~e payment of the obligation socured by - wch liea ia a manner sooeptabk to I.ender. or sball ia good faith contest such lieo by, or defend enfoc~ee~nent of auch liea in. kgal ~ w6ich ope~ate to preveat the enforoenKnt of the lien or fodeiture of the Prope~ty or any put tbcreof. S. Hazari I~s~ee. Borrower shall keep the improvements now exisiin~ or hereafter erectod on the Property inwrod aaainst lass by 5re, bazards includai within the term "extended coverage", ind such other 6aurds as Lender may require and in suc6 atnounts and for sucl~ periods as Lender may roquue; provided, ihat Lender shall not require that t6e amount of wch c,oversge exceed that amount of coverage required to pay the sums socured by this Mortgage. . 'Ibe inwraooe carrier providing the insuranoe shall be chosen by Borrower wbject to approval by Lender, provided, that such approval sbal! not be unreasonably with6eld: All premiwns on inwrance policia s6all be paid in the manoer provided under parsgnp6 2 hereof or. if not paid in such manner, by Borrower makin8 paymeat, when due, ditectiy to the i~uraax c~rrier. All iawrance policies and rttKwala thereof shall be in form acceptable to L.ender and shall include a standard mortgage ~ clause in favor of and in fortn acceptabk to Lender. Lender shall have the rig6t to hold the policiea and rcnewals thereof, f wd Borrower shall protnpUy furni:h to Lender all renewal ewticas and all roceipta of paid premiums. In the event of loss. Borrovrer shall give prompt notice to the iasurance curier and Lender. Lender may make proof of loss if not made promptly by Bonower. - Unkss Leoder aud Borrower otherwise agree in writing, insurance procoeds shall be appliod to restotation or repair of the Prnperty damagod, provided such restoration or repair is oconomically feasibk and the security of this Mortgage is not thereby unpaired. If such restoration or repair a not economica0y feasible or. if the security of this Mortgage would be impaircd, the i~surance Qrooads shall be applied to the sums secured by thia Mortgage, with the eacc.ess, if any, paid to Borrower. If the Property is abandoned by Borrower. or if Borrower faih to respand to Leoder withia 30 days from the date notice is maited by Lendor to Borrowec ihat the insurance carrier ofters to settle a claim for insurarnx benefits. Lender is aut~oriud So oopect and apply t6e insurance prooads at Lender's optioo either to restoration or repair of the Pmperty or W the wuo~ secured tiy this Mortgage. Unkts Leoder and Borrower othawise agree in writing. any such application of proceeds to principal shall aot eactend _ or poqpone t6e due data of the ma~thly inuallmeau refer~+ed to in parigraphs 1 and 2 hereof or c6ange the amount of sucb installmenta. It ondet paragraph 18 6et+eof t6e Property is acquired by I.w~er. all right, titk and interat of Borrawer in and to say in:uraoce policia snd in aad to-~he proceeds theroof resulting from damage to t6e Property prior to tbe sak or aoq~idon sbaU pa~ss to i~ader to the eactent of d~e wms sec~red by tWs Mortgage imroediately prior to such sak or - ' f. It~aenatio~ a~i MaiNe~asce of lrope+ry"+ I.e~me6o1~ Co~doai~i~; ~ Uait DerdoNe~b. Borrower st~11 l~eep the property in aooci rep~ir aud :hsll not com~oit wsau or permit impairment ~ deterioration of the Property ~ aod s6a11 eomp~y with the pcovisioos of aay kaae if tbis Mortgage is on a kaschold. If thh Mortgage is oa a unit in a ~ eondominium or a planned unit deveiopmeat, Bonower shall perform all of Borrow~tr's obligations under the doclarstion or oo~ranants cratinE or goManing ibe condomiuium or planned unit development, the by-laws and reaulations of the ~ oondoo~ini~m or planned unit deve{opp~ent, and comiituent documents. If a coadominium or plauned unit development rider is exec~ted bryr Bornowe.r and tn~ordod together wiW this Mortgage. the ooveoants and aareements of sucfi rider a6all be inootporated into aad :6all ameod and suppkmeot the covenants and ag~eements of this Mor~taage as if the rider w~a~e a put herooE. 7. rni~clio~ of I.eaie~a S~ecrril,r. If Borrow~er fails to periorm ibe cova~aats and agrcanents contained in this I~[ortp~, or if aoy action ot prooeodirt6 is cmna~eeoced which materislly aHects Lender's iaterest in the Property, mcludios. but not limited to. emineM domain, insolvency, code enforcement. or urangements or pruceedings invdving a b~Crupt or decodent, then I,eader at l.eader's option, upon notioe to Borrower, may malce such appearanoes, disburse snch w~ aad hlce sueh actioa as is neoessary to protect Lende~s interest, including, but not limited . W, disbursement of rwooabie aitoinry's tea and entry upoo t6e Property to make rePairs. If Lender cequired mortga~e iosuranoe as a oondition af matins tbe ban socwod by this MoRgage. Borrower shall pay the premiums required to maintain such iopuaoa in eHect ~mW sucb time as the roquinxneot for such insuruxx terminates in aa:ocdanoe with Borrower's and - , .t: • . ~ ~ ~ ~~62 P~~E 4~.7