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Home My WebLink About0304 Borcower aad [.e~du covenaat end a~res a~ folbrw: 1. Pqraeet o~ Prlaclpal and latere~t, Eiorrow~ ~hall'pmaaptly pay rvhen due the principal o! and interMt oa the indebtednew wideaod by the Not~. prpayme~t snd late chu~es u provided in 1h~ Noee, and the p~cipal ot and intee~e~t oo any Phturo Advanoe~ ~scured by thi~ Mort~a~e. ' 2 F~nd~ tor T~os rutd Inwraaoe. Subject b applicabk law or b a written waives by I.mder, Aorrower shall pay to l.a?der on the day moathly irutallmeat~ of printipal and ineere~t ere psyAble ueder the Note. unW the Nota i~ paid in full. a~um (herein "Funa~'7 aqus! to ons twelflh of the yea~ly tases and a~ae~smeala which aaay attain priority over thiu Moct~a~e. end Rround rents on the E'roperty, itany, plw on~ twelfth of y~rly premium itutallase~ts !or hezard iruuranoe. plw onstwelRh of yaarly premiu~m indaUment~ tw mort~a~e uuurenc~e. if any. all ar rea~onably e~tirne~ted initially and Grom tims to tims by Lender on the b~si~ of aMasmer~ta and bilb a~d reaaonabk atimaks thereof. 77~ Fbnd~ shall b~ beld ip aa ia~ti?utioa th~ d~porib o~ aooouab oi which ~er inaiued o~ ~urentesd by a Fde~al or Stat~ +~eacY (includins Lender it I.et~d~ u such an inatitution~ Lead~r ~hdl apply the I~nda to pwy ~aid tases. awe~ameat~. uuuranoe premium~ and ~ound eenta. Lendu mey iwt char~s for w holdin~ Rnd aPPlyint tM Fbnd~. Rnalyzin~ ~aid ~ocaunt, or vsr~fyins and oompilins wd awewaaeah aud biW. udew [wader p~y~ Bo~ro~rer inte~e~t on the Ftinda and applicable law pennita Lender b make such ~ char~e. Borrower and Leader may e~res in ~rritin~ at We titn~ of esecution ot thi~ blort~a~e tliat intere~t oa the I~nda ~hal! be paid b Eiorrower. and unlw such a~nement i~ anad~ or epplicabk law reqnire~ wch inea~t b be paid. I~ ~haU not be required to pay Borrower any intere~t or earnin~ oe the FLnda. Lsnder shaU ~ive eo Borrower. ~ehont chu~e. en annnal aooonntin` of tbe Fund~ show-iu~ credit~ u~d debits b the Fund~ and the pnrpwe for w+hich eech debit to the Ptind~ wa~ made. The Funds en pled~ed ai additionsl security for the ~um~ ~ecured by thi~ Mo~a~e. Itt}re amonat of the P1~ad~ held by Lender, to~ether witii tbe luture monthly instaUmenes of Fun~ ~,~ya~:e M.ia* b the due d'ate~ of tase~, aa~es~menta. itunreu?oe pretaiuma end ~row~d cerit~. ~hah e:oaed the amonnt required to pay said t~a. awewmeat~, insuranoe preauuau and ~round eeats eu they fell dne. such asoea shel! be. at HKttow~'s optioa. eitl~er P~PvY ~d to Borrowar or cradited b Borrower on monthly inatallments of I~nds. It the emawt of ths Fuwds ~dd hy Lend~ ~haU aot be ~utRcient to pay ta:e~. awarmenta. uuuraace preminms aad ~ronnd reab eu they faU du~ $or~Na slull MY b I.eAdet any amount aeaasary to make up the deBciency within 30 da~n - trom We date notioe u mailed by Lender ~o Borrowar requestin~ PaYment thereot. Upo~ payo,enc in tnU d aU sn~n..scured by u,i. Mor~aase. Lender ahaU PmmPtly refnnd to Bormw~er any fund~ heW by [ender.lf under para~rsph 18 hereof the Prope~ty ia wld or the Property is otherwi~e acquired by I.ender, Lender shall apply, ao later Wan immediately prior to the ~1e of the Property or i0 aoquiaition by La~der, any Funds hetd by Leader et the time otapplication ea a credit againal the siuw ~ecured by thu Mort~s~ce. • - - 3. Applicadon ot Payments. Unless applicable law provide~ otherwiae, all paymente rcceived by I.ender under the Note and para~raphs 1 and 2 hereof ~haq be applied by Lender fust i~ paya~et~i of amounU payeble to l.ender by Borrower under peragraph 2 hereof. then to interert p~yable o~ the Note. then to the principal of the Note, and thet~ to intee+ut and principal on any I~ture Advanon. 4. Char~ea; Lien~. Ba~mwer ehall pey aU ta:ea. at~casments and other charges. fine~ and impoeitions attributable to the Property which may attain a priority over this MartgaRe, and lea~ehold peyments or giound rents. if any, in the manner provided under paragreph 2 hereo[or, if not paid in such manner, by Borrower m4lcin~ payment, when due. directly to the payee thereoL [iorrowershall promptly furniah ta Lender all notices of amou~ts due under this paragraph, and in the event $orrowa shall maice payment directly, Bormwer shal! prompdylurnish to Lender receipte evidencing such payments. Bo~ower ahall pranptiy discharge any lien which has priority over this Morigagr, pmvided. that Borrower ~haU not be required to diich arge any such lien w long as Borrower ~hall agree in writing to the peyment otthe obligation secured by such lien in a manna acoeptable to L• ender, or shall in good faith conttst auch lien by, or defend enforcementof such lien in, legal proceedings which operate fo prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Ha~ard Insurance. Borrower shall keep the improvement~ novv e:iating or heresft,a erected on the Property insured agaiiut los~ by fin, hazard~ included ~vithi~ the term "extended rnverage," and ruch other hazard~ a~ I.ender may require and in ruch amount~ and tor such period~ ai Lender way require; provided, that I.ender ~hall r~t requin ~uch ooverage amount exceeding the minimum, aa may be required by atate or federal regnlations goveming activities ot Lender, or that amount of ooverage required to pey the sums se~ured by thia Mortgege, whichever u We greater. The ineurance carrier providing the inaurance ahall be choeen by [3orrower subject w approval by I.ender, provided, that such approval shall not be unreaeonabiy withheld. A11 premiums on ineurance policiea shall be paid in the manner provided under paragraph'l hereof or, if " not paid in such manner, by Eiorrower making pnyment, when due, directly to the ineurance carrier. • All insurance policies and renewab thrreof shall be in [orm acceptable to Lender end shall include a standard mortgage clause in favor of - and in form acceptable to Leader. Lender ~hall heve the right to hoW the policies and renewals th~reol, and Borrower shaU promptly turnish to i,ender aU nuew~al notica and all reoeipta ot paid premiuras. [r_ !~•~ent of loe~, Borrower shall give prompt noticx to the insurance carrier and Lender. Lender may make praot of loea if not made prompdy by Bosrovrer. Unle~a I.ender and Horrnwer otherwise a~ree in writing. inaurance pmceed~ shall be applied to restorauon or repair ot the Property dama~ed, pwvided such re~toration or e~epair u eco~omically [eaaible and the eecurity of Lhis lVlortgaQe is not thereby impaircd. It such ~ eestoration or repair ii not econom:c~.~:~ fessibk or if the aec~rity of thii 1liortgage would be impaired, the inaurance praceeds shall be aDDlied ~ to the ~ums ~ec~ued by thu Mortgage, with ehe acce~s. Jany. paid to Borrower. If the Property is abeadoned by Borrower, or if Borrower faiL to ~ f respond to I.ender wit6ia 30 dsy~ from the date notiee is mailed by Lender to Borrower that the insarance carrier oflen b~ettle a claim !or ~ insurance benefib, Lender is authorized to rnllect and apply the insurance praxeds at I.ender'~ option rit2~z to restoration or repair of the ~ ~P~Y or the ~wns ~ecured by thi~ Mortge~e. " Ualese Lender and Borrowrer othtrwise agree in vvriting, any anch application of Dmoeeda to principel shall not euf~?d or postpone the due ~ date of the monthly inatallments referred to in paragraptu 1 end 2 hereof or change the amount of snch in~taUments. U under paragraph IS ~ henof the Property is aoquirod by Lender, atl right, titk end intere~t ot Borrower in end to any insuranoe policiea and in and to the proceeds thereo! resultin~ from damege to Pmperty prior b We sale or aoquiiition sha11 pess fo Lender b the euten! of the ~ums se~vred by thia Mortgage immediately prior to ~uch ~ak or aoquisition. 6. Pre~ervation and Mdntenanoe oiProperty; I.eaaehoW r. Condomiuuau; Plsaned Unit Developmenta: Borrower ahall keep the Property in good npair and ahall nd saommit waate or permit impeirment or deterioration ot the Propedy and shall oomply with the pmvisions at any lease it this Mortgage ia on a leasehold. If thu Mortge~e is on a unit in a oondominium or a planned unit development, Borrower ~hall per[orm all of Borrower'a obligationa under tbe declaradon or rnvenants creatinqor governing the oondominium or planned unit development~ the by-law~ and ngulations ot the condominium or plenned nnit devdopment, and constituent documenta. It a ~ oondominium or planned unit development rider is ~ecuted by Bormwer and recorded together with thu Mortga~e. the aovenants and ~ agreemenb uf such rider sha11 be incosporated into and shall amend snd supplement thGrnvenant~ and agreemenb of this Mortgage as if the ~ rider were a part hrrrof. - ~ - ~ 7. Protedioa oi Lender'~ Secoritp. If Borrower faiL to paform the oovenaaU and a~reeiaent~ oontained in thi~ Mort;a~e. or if aqY ~ action or prooeedin~ i~ oommenoed ~rhidi mataially effecb L~ende~a intere~t in the Prope:ty. inclndin~. bnt not limited to, emineat domsin~ ~ inrolveacy. oode enforamenR or urran~emeab or prooeedin~t involvin~ a bankrupt or deoedenR tben Lendar at Lender'~ o~tion.aPon ~ notioe to Boreawer may make ~uch eppearanoe~. aLb11t/Q ~YCL /YIII~ a11d WC~1 ~IOD 0a l~ OEO~/it~? LO Q~OLEC~ LlI~l~~ ltlLl~1. inclndin~. bat nM Umited to. di~bur~ment of rea~o~nabk attarney'~ fees ond eatry npon Ehe Property to mal~e repain. If Lendar rsqaired ~ mort~+~e inanrance o~a condition ot makins the Iwn aecared by this Mort~a~e. Boirower ~hall pay tbe praniumr reqnieed to maintain ~ wcL in~nnnoe in dfect natil snch time as the requirement tor ~nch uuurancs tesminate~ in sooordanoe with Borrawe~"~ snd I.endds ~ writtea a~roemeat ar applicable Law. Bore~ower ~hall pay the amount ot all mortga~e insuranca premiuuL in the manna provided under ~ ~ para~rapb 2 haeoL . x My amounts disbuned by I.endrr penwnt to thi~ pa~Qraph 7, with intere~t thereon, ahall beoome additioad indebtedne~s of ; Borro~?er ~ecvred by thi~ Mort~age. Unlw Borrower and Lendez a~ree to other terma o! peymeat, ~nch amount~ ~hall be payabk npon . ~ notiae fmm Leader to Borrower reque~ting payment thereof, and shaJl bear intered from the date of di~bursemeat at the raLe paysbk 6bm ~ time to time on ou4tanding principal under the Note anlesr payment ot interest at such rate would be oontrery to applicable law. in which ~ ~vent such amonnb shall bear intRrat at the hi~hed rste permu~fiDle under applicabk law. Nothing oontained in thii para~raph 7, shall ~ require i.ender to incar any esperue or take any action hersunder. ~ ` 299 ~ ~ ~ ,x ~a~ 304 ~ # . r_ ~ . . _ ~ ~ ~ , - - ~ ~ ~ ~ ° - ->..~`~'~.~~~-~a _ _ ~ ~ . ~ " '