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Home My WebLink About0225 i ~ t . ~ ! ~ Ur+~oex Covsi+~?rris. Borrower and I.eader covenant and agree a~ folbwa: . ~ 1. ~Pa~ment d hinclpal aod Ienerew. Botrowet sdall pmmpdy Wy whea duo the prindpal oE aud interat on the ~ indebtednea evideaaed by tht Note. prepapment and 4te charga at provided in the Note. and tbe principal oE and inter- at oa ~ay FLture Advanas savrcd by ~hL Mo~tgage. . , L lhnd~ [or Tau~ aad IowtranoG Subjett to applicsble hw or to a~rrittea ~ralver by Lender, Bormwer sliall pa~ to Lsnda on the dar montbly inuallme~u of principal and i~terat are papable under the Note. until the Note is paid in ~ full. a wm (hrnin "Funds") equal to one-t~rel[th o[ th~ ~tarlr wca and assasmena which may attain prioritp over this Morcgage. aAd ~ronnd rena on ehe Propeny.~iE aay. pl~ oa~tw~etich of Jrcarly premium inscallmenu Eor hs~ard ins~uana, ~ pitu onaarelith ot rearty praaium instalLmenu tor mongage insuranee. If anr. all as reasonably acimaced inicially and irom ~ time to cime b~ Leadcr oa the basis oE usessmena and bi1L and reaaonable acianaca t1?rreoE. Tl~e Fuads shall be held ia u~ i~u[icucan the drpaia or aooouaa oE which are insured or guaranceed br a Fcdaal ar scate ageacp (i~cl~din6 LeAder if I.ender b wch aa irucitntianj, Lerder ~shall aPPlp thc-FLrids to pay said taxa, asxunneats, ~ inwranoe premiuna and grouad reau. Lender may not chuae tor ~o hoWing and applying the Funds, analyzina said aa ~ count, or veriirina and aomp~iag :aid aaasmepts and bi11s. nnles~ Lenda pap Borro~?er interat on the Funds snd ap- plinble ]a~r permics Lenda w make wch a charge. Borro~ra aad Lenda may agree ia Mriting ac che cime of acecution of this MQrtgage that intecat on the Fun~4 shatl be paid w Botro~rer. and unlm such agreement i~ made or appliubk lirr re~quires wch intemt w be paid. Lendar shaU not be required to pay Botro~ver an~ interest or earnings on the Funds. Lendet s1raA give w Borm~?er, without d~arge, aa annual aomantios oE the Fund~ showina credits and debits to the Funds and the - purpose [or ~rhich eadi debic to the fl~nds.n~ made, The Funds are ptedged u addiciona! securitr for the wa~s secured by this Most~a~e. If tbe amount o[ the Fuads hdd bp Lender. together ~rith the future monthly instaWnents o4 Funds papabk prior to , the due data of tues. a:seameaa, insuranoe pnmiums and ground renu, shall. acceed tht amount required to par said wca. s~smenb. inwranoe pmni~ms aad grouad rena as ther fatt due. wch acass sball be. ae Bo,ro~?er's opaon, eicher prompd~ repaid w Borrower or aeditcd to Bormxer on awnt6l~r inuzUmenu oE Funds. lE the amount of ~he Fnads held bT Lender shall twt be wfficient w gay iaxes. as~wments. inturana premiums and ground rents u the~ fall due. Bormara - sbaU pa~ to Lender any amount neassarp to make up the defiaeac7r ~vithin 30 da~s fmm the date notice is mailcd bf I.enda ~ to Borrmrts reque:tiag papmeat the:eot. - UPou W~ent ia full oE all wma secured by thi: Mortgage. I.ender shall prompdy rrEund to Borrorrer any Fnads held b~ I.ender. If nndtr pangraph 18 her~w[ the Propaq i: ~ld or tbe Property is othrrwise acquired bga.ender. Lender =PPh• ~~~~1 p~ ~~~~~e Property or iu acqu;sitioa br Lender. an~ Funda held b~ I.ender at the tim~ oE application as a credit againsc the a~ms secund br tbis Mostgage. 3. Application oE ti~menn. Untas applicabk laa provida othrr~vise, aU payments ztceived by I.endtr under the _ Nou ared patsaraphs 1 and Y hete~ shall be applied by Lender [irst in parnent oE amaunts payable to Lendet by Borro~rer nndet parasraph Y htreoE, then w iaterat papable on the Nott. then to the principal oE c6e Noce. and t6en to interat aad principil on an~ Fnmre AdvancYa - Cbar~er. I3ea~. Borro~rer. :hall pay all wca. assasments and other cbarges. ~nea and iinpaitions attributabk to tbe Propat~ whidi ma~ attaia a prioriq ovtr tLis Mortgage. and leasehold payments or gtound tents, if any. in the man- ner.prorided undtt patagraph 4 hereoE or..if aot paid in snch manuer. b~ Borrower making papment, ~rhen due. directlr to the payee thereof. Borrorver shall pro~ptlr Euraish to I.ender all notica oE amounta due under this paragraph, and ia the evtnt Borrorrer s6a11 make piyment directtp. Bozrorrer shall promptly furnish w Lender teceipu evidendng wch paynsents. Borro~rer st~all pro~pdr di:cha.rge anr lien ~rhich has priariq otiv this Mortgage: pmvided. that Borrower :hall not be n? quired w discharge any such lien s~ bng u Borrower stuU a6rce in ~rriting to the payment oi the obligation ucured by wch lien in a manner aoaptable to Lender. or shall in good faith contest such lien by. or defend enforcement oi suci? lien in. la gal proaedings r?hich operace to prevenc ~he enforoe~nt of the lien or torEtiturr of the Property or any part there~f. - 5. Haard Imiuanoe. Borra~rer siull Reep [he improrements no~r ezisting ar hereafter erected on the Propert~ in- - wred against la~ b~ fur. haards iexluded writhin the tam "excended ooverage°. and such ot!?er hazards u Lender may re- quire and in wcb amounts and tor wch periods as Lender may requir~: provided. that Lender shall not require chac the amount of anch o~vaage extead that amount of ooverage requitod w pay the sums secured by this Mottgage. The inwnnoe carrier pmviding tLe inwraaoe shall be chosen b~ Borrower wbjecc to approvzl b~ Lender, provided, that wch approval s6all not be narawnabl> >rithheld. All premiums on inwnnce poliaa ahall be piid in tht manner grovided under paragraph Y hereoE or, if not pzid in wch mannet, by Bortower making parnent, when due, di,-ectly to the inwrana carriar. All inwrane~ poticia and reneWals theteof shall be in form saepubk to Lender and shall indude a standard mott- gag~e clause ia tavor of and in form acaptable to Lendar. Lenda shall have tht right to hold the polides and rentMa4 tl~ereof, and Borrrnrer ahall pr~ptlY Eurnish to Lender all renrwal notias aad all receipu oE paid premiums. In the event of loas. Borrower shaL give prompt notice w che inauranae carrier and Lender. Lendrr may make prooE ot lo~ if not made F~P~' Borrower• - Uales~ Lender aud BormNer otha~?ise a~ree in wricing. insunnoe procced~-shall b~ appli~d co restoncion or repair of the ProPezqr damaged• Prorided such raconcion or tepau~ is econo~aically feas~bk and the securiq of this Morcgage is not thereby impaired- IE snch ratoration or repair is not eoonomic~il~ iea.u'ble or if the securiry oE this Mortgage ~vvould be im- paircd, the insuru~ae procee~ds ~ull be applied to t~e ~ums xared by t6is Mortgage. ~ri[h che ezas~. H anr. paid w Bor- roxer. If tht Properq is abandoned b~ Borro~rer. or if Borra~ca fail: to respoad co Lenda ~rithin 30 days from the date notiae is maikd by Lender w Botro~er that the insuranoe arria offets w seiJe a claim for inwrance bene[its, Lenda is , authorized w o~llect and apply che in~uanae proceeds .t I.euder': option either to restontion oz npair of the Propaty ~ to the wms saared b~ this Moctdxg~a Ualas I.ender and Botmo~rct othtnrise ~gree in ~rriting, anr wch.appliution of procceds to prindpat shall not actend or po~tpone the due date oE thc monthl~ imtallments refetred to in pangraP6a ! ar~d Y hereof or change the amount oE snch iastallments. If rmda" pangrap6 t8 htreo[ the Properq is uquired br Lender, all right, tidt and interest oi Barro~ra in and to aa~ insnranoe poGaes and in aad w the proceeds thereoE rnulting from damage w the Propetty priot w che s~le or - acqui:ition sball pa:s w Lender co che aceene of t6e aams secured bq thi: Mortgage immediacel~ prior w snch aale or ao9nit~twn- ~ i. ?ne~er~ation aad Maintenanoe oE lroperq: I.es~ehold~ Condominium~ Pianned Unit lk~dopa~ent~. Borro~rer stull i~eep the Property in good np:ir and.sfull aot o~mit wute or permit imp~irment or deteriontion of the Property and :hall oomptr with the pmvisions oI anr lase iE tbis Mortgage is on a Itasehold. Ii this Mongage is on a unit in a aondominium or a planned nnit development, $orro~?er shall perform all of Borro~?er's obligations. under the declantion t or ooveaants crating ar govuning the oondaminium or plumed nait developmeat. the br la~ and regulat'ans of the awido- ' aniniam or planned unit devtbpment, and oonuituent docoments. !f a tondominium or planned unic devebpment ridet is ~ exc~wted br Borro+rer and raordcd together with this Mortgage. the oovenants a~ui agreements of such rider shall be in- ~ ~ ted into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part ~ 7. lrotecdon oE I.eadee's Secariq. If Borroner fai4 to puform the covenants and agretments o~ntained in thu # Mottga~e. or if anr ~ction or pruaee+ding is oommenced whith mauriallr aii~cts Lendd: intrrat in the Proptrty. including. E but tat limited to, eminent domain. insulvencJr. aode en[oroement, or atraagemenu or proceedings involving a banlcrupt or deoodent, then Lender ac Lender's opeion. npon iatiae to Botm~rer. mar make wch appear+nca. disbur:e such wms and takt wch action as is neces~arr w protect Lender's intetat. ind~~ding. bnt not limited to. di~burscweat oE reasonabk : attomep's tta and eatry npoa the Ptoperty w makt rtpairs. 1f Lender requitrd mortgage inwnnce as a condition of making tbe lo~an secured by thi: Mort~e. Bon~o~rar shall pay che premiums requind co maintain stuh inwrana ia ef- fea nnW wc6 time as the requiremene far such insurana terminata in accordance vvith Borro~rds and Lendds wricten BOOK 274 PACf zz+4 ~ '