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Home My WebLink About0393 _ +r + - ~ E ' i Uxt~oiu?t Covex~rrrs. BoR+ower aotl L,eode~ cov~ant aad asree ~ follows: ~ ~ 1. ~ at lel~etM1 a~i l~hna. Bo~row~ shall P~PUY WY wben due tbe prtacipal of aad iaterat oa the } iadebtedoea evideuoed 6y tbe Note. ~t and late ch~~ as pw~vided in the Noce. aod ths pr.ncigal of aad incarw ; oa any P~urs Advaoas secuted by thi: Mat=ya 1. Fri tor Yta~s a~i law~a~. Subject W applkabk law or to a writtea waiver by Leader. Boirowrer shaU WY ~ to I.endec on tbe day awathb? iastalimaats ot ptincipal aad interost are paysbk unde~ ihe Nota uatil the NWe is paid in luU. a ~wn (t~ereia "Funds'~ e9ua1 to ona~twelfth of the yearly wces and as'asa~a~u which msy attaia priority ovar t6is • M~, aad ~c+ound ra~b a4 tbe Prnperty. if uey. plus ooe-tw~elfth of yearly premium ia~Wla~b for hazard insuraooe. ~ ph~s oae-tvvelfth ot yesrly pranium i~stalloaeaq for ~noctpfa inwnnoe. if aoy. s11 u rasonably estimated initially and imm ~ dme to tlme by L.eoder oa the basit af a~uneats and bilb and ra~sonabk atimata thereo~f. The Fwndi ~11 be beld in sa iastitWloa tha dep~o:its or sooounb of ~ehich are imurod or tuaraateed by a Fed~ral or ttate a~eocy (inclodinj I.eader if Leader is such an iostitution). l.eader shsQ apply the P+ua~ to pay uid ta~ces. assaur~b. in:ura~e psemiums atd Srowed reats. La~der may not cl~ar~e for so holding aad aPP~Y~IIt the Funds, analysin~ aaid acoouat~ oc ve~ifyiaj and oartpilina aaid auasa~enb and bilb. uakss I.a~der pays Bomower iatereat on the Fw~ds aad applicaWe law pemub I.tnder to make auch a chuse. Borrawer aad Leader may agroe in writ:ns at the time of axecutioa of thi: Mort~a~e tbat iate.rest oa the Ft~nds s6all be paid to Bomower. aad unle~ wch sgramant i~ made os spplicaWe Lwr _ requira wch intaest to be paid. Leo~br:hall ~ot be roquired to Q~y Borrower any interat or earnia~ on the Funds. I.ender dfaU ~iva w Bonower, witLont chu~e. an annual acoounting of the Funds showing credib aad debits W tln Funds and the purpose for which ea~6 debit to tl~e Fuads wu made. 'TLe Fw~ds are pledged as :dditional :ecurity for thc swra ~c:ured thi: M If ~t of tbe Fuads beW by Lender, together with the futuro moathly instalimenb of Funds payabk prior to the due dates of wca. ssseaments. insuranoe pnminms and grouad nats. shall exoeed the amount requirod to pay aaid taxes. su~eats, inwr+~ooe preatiunu and ground rents as tbey fall due. such exoe~ shaU b~ at Horrowe~'s option.• eitl~ ~ proaiptlY npaid to Borrow~er or credited to Bomower on monthly insullmeats d Funds. If the anwunt of tNe Fuad~ heM by I~ender sbaU not be st~t to pay tua, saxssa?ents. insuranoe premiums aad ground nnb as they. fal! due, Borro~ver shall pay to Leader any amouat neoeaary to make up tbe deticiency within 30 days from tbe date notioe is maikd by I.tader W Borrower rs9~D8 P~Y~nt tbereof. UP~ WY~ in full of alt au~ axured by this Mortgage, Lender sball promptiy refund to Bormwer any Fund~ beid by I,ender. If undec paragtaph 18 l~ereof the ProQerty is sold or the Property is otherwise avquired by Lender. L.ender =haU apply, no lata thaa immediately pri~ to the sak of the Property or its aoquisition by Leader. any Fuads held by I.ei~der at-the time of applicatbn as a cccdit agaioat the sums aecured by~this Mortsaat. 3~. A~licatio~ ot i~qae~b. Unless applicabk law provida Whecwise, all paya~enb receivod by I.tnder uader tha Note and para~raphs i and 2 bereof ahaU be applied by Leader Rist in paymeat of amounts payabk W Lenda by Borrower under paragraph 2 t~ereof, ~bea a in~ereac payabk oa the Naa; ~hen to cl~ princtpal-6t ~he Nae, wd ci,eo w incerat anei Priac?P~ on any Futun Advancas. - 1. C~ Lita~. Botrower ahall pay all ta~ces, s~na~a aad other charges, 8nes aud impositions dtribucable to the Propaty which may auain a priority over this Mortgage, aod kasehold paya~enb ot ground rt,a~s. if any. in the manner provided under puagcapb 2 bereof or, if not piid ia wch mannet. by Horrowa malcing psyaoe~?t, a?heo due. directly to the P~Y~ thec~eof. Borrowet ahaU promptly furniah to Lender dl notioa of amo~mb due under this paragtaph, aad in t6e ~raat Borrovrer shall make payment direcdy. Borrower shall P~P~Y fumis6 to Lender reoeipts evidencing such payments. ; Bomower shall pranptly diacharge any liea which hss priority over this M~; provided. that Bornow~er shall not be i reqaired co diacharge aay such lien so bng as Borrower shall agree in writing a t6e paymanc of ti,e obL'guion axured by ~ such liea in a aaanner aooepiab~e to I.eader. or shall in good faith oontest such lien by. or defend eaforcement of wch liw in, . lagal prooeedings which operate W prevent the enforoement of the lien or forfeiture of tUe Prop~xty oc aoy part thereof• S. Haza~ l~aua~ce. Borrower shall kaep the impmvements now existing or hereafter erxted on the Property inwred = ~gainst loss by Sre, ha~tds iacluded within the term "extend~d coverage„~ and such other hazards as Leoder may roquire and in wch amouats aad for such periods as I.ender may roquicc; Provided, that L.ender shall not rcquire that the amamt of suc6 oQVersge exoad th~t unount of coverage required to pay the suma securod by this Mortgage. T6e imuraaoe carrier providina tbe i.~wuanoa s6all be choxn by Borrower subject W approval by Lender, prm?ided, t6at such appc+oval shall not be unre~onabfy withheld. -All premiums on ia~u'anae policies sball be-paid in ihe manner provided under p~ra~aph 2 hereof or, if not paid in auch manner. by Borrowa makia8 PlYmeat, N?hen due. directly to tba insuranoe carrier. i All insuranoe policies and c+eoewals theroof ahall be ia fo~m aooeptabk to Lender and shall include a standard mortgage i clause in favor of and in form aooeptabla to I.eader. Lender shall have the rigbt to hold the policia and renewals thereof. ~ and Bornower shall promptly furni:h to I.ender all renewai aotices and all reoeipu of paid pruniums. In tbe event of 1oss, ~ Borrnwer shall give prompt notioe to the insuranoe carrier and Lender. I.ender may make proof of loss if not made promptly ~ by Bomower. Unks~ I.ender and Borrowu otherwise agra in variting, insuranoe procoeds shaU be applied to nstoration or repair of ~ the PropertY damaged, Providod such restoration or repair i~ economically feas~bk aad the seWrity of this Mortgage is oot thereby impaired. If wch restoration or repair is not economically feasibk or if the sxurity of this lNortsaBa would be impairod, t~e iasuranoe prooeeds ahall be applied t~ the wms securod by t6it Mortgag~a, with the eatoes~. if anY, P~ r w Borr~vver. If tbe Pr~paty ia abandoned by Borrawer. or if Bomawei fails to respond to Leader within 30 days from the date notioe is m~ikd by I~wda W Borrower tlwt tbe inwranoe carrier offers to satk a claim for insurance beoe5ts, Len~er is autborized to collect and apply the iasuranoe proooeds at Lender's option atber W restoration or repair of the Property ! or w tbe wa~s secured try this Mort~a~e. - - Unkss Lender and Barower otherwi~ agroe in writing, any such applicatioa of prooads to principal shaU not exteud or po~tpone t6,e due date oE tl~e aanthly ~~allmenta nferrcd to in puagrap6s 1 aad 2 hereof or change the amount of wch iastallmeob. If onda parograp6 18 hereof the Property is acquirod by l.eader, all rig6t, titk and interat of Borrawu in and to any inauranoe policia aad in and to the proceeds thereoi raulting hom dama~e to tbe Property prior w the ~le or aequisition s6a11 pass W Lend~ W tLe extent of t}~e wms iccured by this Mortga~e immedistdY Prior w such sak or - f. 1'raavado~ aii Mai¦teoa~ce ot Propeit~ LeaK6dd~ Coado~id~ tlaaoed U~ Derdopve~ts. Bornower i ~ shall k~eep tbe Prnperty in ~ood lrepair and ~sll itot.commit wsate or permit impairoaent or detaioration of the Property ~ aod ;hall oomply with ibe provisions of any lease if this Mortg~e is on a kase6old. IE t6is Mortgage is on a unit in a i` ooodominium- or a planQed unit dsvelopment; Bonowa s6x1( pedorm all of Borrowet's obligations uadu the declaration or oovenants en~ating ot Soveming tln condominium -or planoo~ -unit develapment, the by-lawa a~ regulatioas of tl~e condominium or planned unit devdopment, and coastitueat documents. If a condominium or plannod unit devdoprt~ent rider is exocuted by Borrower ~and revorded together with this Mortgage. the ooveoants aod agreements of such rider shall be iacorporsted i~o and aball amend sod wppkment t6e_ oovenants and agreemants of this Mortgage as if the rider - were a pact hereof. 9. trotec8o~ d Letler'a Seawriq. 1f Borrower fails to perform tbe oovenants and agreea~ents coatained in this Mortgage, or if any adioa or prooading is commenad which mAterially affects Lender's intereat in t6e Property. including, but not limited to. emineat domain. iosolv~ocy, eode enfora~nent, or arrangements ~ proooedings imolving a bankrupt or daedent, tben I.ender at I.ender's option~ upon notioe to Borrower, may malce such appearances. disburse wch s~ aad tate wcb aMion ss a necesaary to prota:t L.ender's interest, including, but oat limited w, disburaement of na~onabk atwcney's fea ud wtry upon tbe Property to make repairs. If Lenda required m~tga~e inwranoe as a oondition of mal~ing tha loan secueod bY this Mortaage, Borrower shall pay the premiums required to maintain wch i~wanoe in ~ect uoW wch time as the requirement for such insurance terminata 'ru a~ocar~anoe with Bornower's aad . . _ ! l ' ~ ~ . ~i •i , ' ~ ~ ' ~ 5~~73 ~E 391 -