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Home My WebLink About0985 . ~ ~ , ~ ; li UNIFOR\1 COVEt~ANTS. BOffuWC~ :1I1~I I.CIIJC~ ~~nennnt anJ aKr~c folluws: 1. Payment ot Principal and Interrst. B~~rruHCr ~hall promptlp pay Nhrn due the princip~l ~~t and intcrest ~~n the in~lebtedncss .videnccd bp thc Natc, prrpaymcn~ anJ late chargc~ a. pruviJed in the Note, and the principaf of and ~nterest on any Futur.: Adva~c~~ .~ured b~• thi. Mor~gage. 2. Runds for Taaa and Insurance. Subjeet to applicable !aw• or to a written'waiver by l.ender, Borrowcr shall pay to I.cndcr on the day monthly inctallnlents of principal and intrrrct are payable under the Note, until the Note ic paid in full, a sum (herein "Funds"1 equa) to ~~ne-t~velfth of Ihe yearly tates and assessments which may att~in pr~urity ove~ this Mortgagr, and ground rents on the Property, if any, plus one-twclfth c~t ~carly premium inslallmcnts for hatard insurance, plus one-twelfth of yearly prcmium installmcnts tor mortgage insuranrc, if~ any, all as rcasonably c+timateJ initially anJ from time ta time by Lender on thc b~sis of a~u:scments and hills and reasonablc estimates thereof. The Funds shall be held in an institution the deposits ar accuunls of which are insured or guaranteed b}• a Federal or state agenc:y (including Lender if l.ender is such an instiwtionl. LenJer shaU apply the Funds to p~y said taxes, assessments, insurance premiums and ground rcnts. Lender ma~ nut charge for s~? h~Wing •rnd applying the FunJs, analyzing said account, or ~•erif}~ing and compiling said assesxments anJ hills, unlr~c Lender pa~s Bormwer inserest on the Funds and applicable law permits Lender tr make such a ch:irge. Borrov?•er and l.ender may agrcc in writing at thc time af execu~ion of this Mortgage that interest un the Funds sh:~ll be paid to Bormwer, and unle~s such agreement is made or applicable law requires such interest to be paid, !_cnder shall not bc « yuirc~l to {?ay Burrowcr :~hy interest or ~arnings on the T'unds. LcnJer shall gi~~e to BorroHer, ~•ithout charge, an annual arcounting of the Funds ~howing creclits and debits to the Funds and the purpose for which cach debit to the Funds w•as madr. The Funds are pledg~d as additiunal securitp for the sums secured - by this Mortgagc. If the amount of the Funds hcld b~~ Lcndcr. togclhrr with thc fu~ure monthl~~ installmcnts af Funds payablc prior to the due dates of taxes, assessments, insur,mc~ pr~~nium: and gmund rents, shall exceed thc amount rcyuireJ to pa)~ saiJ taxes, assessments, insurance premiums and gmund rentx as thcy L~II due, such excess shall be, at Borrow•er's option, either ' prompdy repaid to Borrow•er or credited to Bc•rrower on monthly installmcnts of Pund~. If the amount af the Funds held by Ixnder +hall not be sufficient to pay ta~es, as~essments, insurance prcr.~iums and ground rents as the~• fall due, Borrower shall pay to I_ender an~• amuunt necessary to make up the dnc~ienc~: w•ithin ~O.da~ f[nm the date notice is mailed by Lender to Borrovrer rcyuesting pa~~mcnt thereul. _ ~ Upon paymcnt in full of all sums sccurcd by this ~t~~r~gag~. I.cndcr shall prompd~r tcfund to B~~rrotier any Funds held hy I.enJcr. tf under paragraph 15 hereof thc Pro~xrt~~ ~s srld or ~hc Propcrty i, citherwiee acquired by Lrnder, !_cnJcr shall~ apply. no latcr than immcdiatrl~ prior to the tialc of ~he ProFxrt~~ o~ its acquisilion h~~ l~ndec, any Funds held by Lender rt the timr ot appliration as a crcdit against the sum~ secured by t~s Afortgage. . , - 3. Applic•rtion ui Paymenls. Unle+s appli~ahle law• prrn i~lcs athen~ isc. all payments rerei~~ed b~• 1_cnder undrr the . ~ute and para~rapha 1 and 2 hcreu( shall be appli~d by 1_cnd~r fint in pa~m~nt .~t :~muunts pa~~able to Len~ler hy Borrawer - undcr par~gra~h ~ hereol. thcn to intrrc.t pa~ahlc rn th~ \otc. Ihcn tu ;hc principal i~f thc I~c~t~. and thcn t~~ int~rest and ~rinc~pal .>n ;~n}~ Future Adcancc,. ~1. CharKes; Liens. Bi~rro+~cr .hall pa}' all ta~~~, atiscstm~nts :uid ~~ther ch:~r~r,. fine. an.l im~~„itium attnbut.~hle to the Yropert~• ~~•hich ma~~ attain a priarity over tk~is ?lfongagc, and teacchold paymcnts nr ground rents, if aiiy, in thc manner pro~•iJed under paragraph 2 hereof or, if nut paid in such manner, by 8orraw~er making payment. when due. ~irectly to the payec thereof. Borrower shall promptl~• furnish to LenJer all nutices of amounts due under this paragraph, and in the e~•ent , Borrnwer shall makc pa~mem d~re~tl~•, Borrow~r shali pmmptl~~ furnish to Lender rcreiptti c~idencing surh pa~•ments. Borro~~~er shall promptl~~ dischargr :?np licn ~shich has prwrity over this ~lurtgage; pmvided. that Borrow~cr ~hall not be rcquired t.~ discharge any ~uch lirn so long as Borro~rer shall agrce in writing to the pa~~ment ut Ihe obligati.?n secured bi~ .uch lien in a mannc;r acccptabl~ to Lendcr, or shall in gaxl faith ronte~t such lien hy, or ~lefen~ enforcement of such iien in, legal prcxeedingc which operate to prerent the ~nforcement of thr li~n or forieiture uf the Property or any part thereof_ S. Ha~ard Insurance. Borrov~~er chall kcep the impm~•ements now e~istinF ~~r hereaftcr crrcted on the Pm~rt}• insured against fotiti M• firc, haz~rds ineludcet w~ithin the term "e~tcnded cu~•erage", an~ such other hazards ac 1 endrr rna~~ reyuire .~nd ~n such amounta :m~! for such perioJ~ as Lcnder may reyuirc: pr.~vided, that Lcn~l~r ~hall not reyuirc that thc am~~unt of ,ic~h c.ncragr cxcccd that amuunt o( co~crage rayuircd to pa~ chr ,i~ms ~ccurcd b)~ thi~ ~lortgagc. The ins~~ran~r ~:,rricr pruviding th~ in~urancc shall tx; cho+rn b~• Burru~~cr suhjcct to appro~al h~• Lcndcr: pro~~~ded, ~ +hat surh a~pruval :hall n.~t b~ unrcasonahi~• withh~id. AI! prcmiumc on insurance policies shait lx paid :n the manner E ~r~~vidcd undcr paraeraph 2 hereo! ur. if not paid in surh manner, b~~ Borrower making payment. ~+hen due, d~recUy to the : : insurance carner. , ~ All insura:ur policies and renc«ais therrof shai{ txxin form acceptablc to Len~ler anJ sh;ill ~n~iudr a ~tan:fard martgage ~ clausc in fa~~or of and in furm ~.~eptable tu Lender. Lcnder ~hall ha~c the right tu huld thc pulicic~ and r~ne~~als therc~t. ; and Borrr~~cr .hall promptlc f~~rn;sh to Lcnder ati r~n~wal notices and all receipts of paid premium,. In the c~ent of los~. - Burrua•er shatf g~ve prompi notice to ~he insurancr carrier and Lender. 1_ender map make pm~~f of loss if not made pramptl}~ h}' Bormwer. . ~ L;nless [.ender and Borru.+er otherw~u; agree in writing, inwrance pruceedc shall be applied to re~turation or rep:+ir of ~ the Proprrty damaged, prrw:led such -re~toration or repair is economically feasiblc and the se~urit~~ uf thii Mortg:?gc is ~ not thereb)' impaired. 1( Surh re~tor:~hon or repair is not rcun~~micalh• f~usihle or il the securit}' of thic ~1~~rtgage w'ould ~ be impaireJ, the insurance proceed~. shal! be applie~l to the sums secure~ b~ this Mortgage. ~iith the excess, if any, paid ~ ,o B~~rmw~r. !f the Propertc is :~-~andoncd h~ Burr:.~~cr, or i( Borrc.w•er fails to res~nd to Lendcr within 30 da)'s from the ~i:,te notice i, mailed by Lender tu B.~rmwer that the inaurance carrier ofTers to setUe a claim for insurance benefits, [.ender 4 authorized to collect a~id appl~~ ttn; i+e~uran~e proceeds at Lcnder's option either to restoration or repair of the Property ~ or to thc suro. sccurc*cl h~~ ±his ~fo:tgag~. ~ l;nles~ l.ender :ind Barruwer uthesW ix agree in uritmg. an~ surh application of pme-eedti to principal shall not e~tend ~ ur postpone the due J~IL uf lhc tnanthly in~tallments rcfcrr~d t~~ in par:,graphs I and 2 hcreof or ~han~e the amount of ~ such installments. If un~er paragraph 18 hereuf the Propert~• is acyuired b~• Lender, all right, title anei interest of Borrower ~ in and io am~ insurance policies and ih and to the proceeds thereo[ resultin~ (ro~n Jamage to the Propertt~ prior to the sale a or acyui~ition ~h~ll pass tv Lender to the e~ter~t of thc sums u:curcd by this 1+.ortgage ~mmediately~ prior to ~uch sale or ~ acyuisiUon. 6. Presenation and ~taiotenance of Propert~: I.easeholds; Condominiums; Planned t:nit De~elopments. E3o~rower ~ shall keep the Property in gooci repair and shal! not commit waste or permit impairment or drteriorauon of the Property and shall cc~mply ~~ith the provisi~ns of any lease if this Morlgage is on a leasehold. If thi. Mortgagc is on. a unit in a cundominium .~r a pl:~nned unit Je~clupm~nt. BorroMCr shall pe:rform all uf BormHCr's oblig:,ti~~ns under the declaration ~ or covenants creating or ~overning thc c~mdominiun~ or planned unit devel~pmrnt, the by-law~s and regulations of the con~~minium ~~r pl:~nned unit de~~elupment, and constituent doc:uments. }f a con~lominium or planned unit development nder is executed b}• Borrov?~er and recorded togcther with thi~ Mortgage, the covenants and agreements of such nJer ~hall be incor~rateJ ~nto and shall amend anJ ~uppl~ment the covenants and agreemcnts of this Mortgage as if the rider ;F Kere a part hereof. _ - 7. Proleclion of Lender's Srcurity. If Borro~.er fails to ~rfurm the covenants and a~reements contained in this ~ Mortgage. or if any action ~~r prcxred~ng i~ cammenced wh!ch material{y aftects Lender's intereu in the Property. - in~luding, but n.u limited to, emincnt doma~n. inu~lvenc~•, coJe enforcement, or a~sangements or pmceedings involving a bankcupt or dccedent, then Lender at (.ender's uption, upon notice t<~ Borrower, m~~ male wch appearances, dishurse such - sums and take such action st is nece5sar}• to prutert Lender'c ~nterest. inclu~~ng. but not limited to. di~bursement ~~f - reasonable attorne~~'s (~e; and entry u~x~n the Propert}' to make rcpairs. If Lender required mc?rtgage inwrance as a - ~undition of making thr loan sc~urcd by this Mongagc. Borrv~.cr shall pay thc premiums rcquired t~~ maintain such insurance in efIe~t untd ~nch time as the reyuiremert for such insurance terminates in accordancc with Borruwer's and • ~ . 294 9e~ ~ ~ .1 z~-~ ;r~ ~i-~ s ~ s ~ ~ " a}~ ~ r.> . ~,z i ~ ? n - C T 'v _ ~_A >.-4 ~ ~ ~~.a~.w.~~-a-~-,~'`}s "t~~' c' 3 ~ ~ ."~`'~~,..~~~"~~r€~~xi:~"`a~ ~ }~~T:.,~~~"