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Home My WebLink About0321 ' ~ Borrower and Lender coveaaat and a~res aa (olbwr. ~ ~ 1. Paymoat of~Principal ~?ud Iaterea~. Borrower shsll promptly pay when due the prindpal ot and inte~at oa the it~debtedi?ew evidenod by the Nols~ prepeyment and late char~e~ a~ pevvided in the Note. e~nd the prii?cip~l ot eu~d interat on any I~ture Advenes~ ~ecured by thi,s blort~a~e. . 2 F~nd~ tor Tase~ and Ia~ur~noa 3ubject b applicable law o~ to ~~rritte~ waiver by L.ender. Borrower ~he11 pay to I~end~ on the dqy awnthly instellment~ oiprincipal and i~taest are payable under the Note. unW ths Note u paid in tull. a~um (hese;n "Ftind~'~ equel to oa~ ~ twellth oithe yearly tauer and auessments which may attain priority ovsr thu Mort~a~e, and ~round rents oa the Property. if any, plu~ oas ` twelRh of yeul y ptemium indaliment~ for hesard iruurance. Plus onstwelRh otya~arly premium installmenb for mo~a~e insurauoe. if any. f all a~ na~onaWy ostimatod initiaUy and tloan time to time by Lender on the basis of e~ses~meata and bilb and reaionable estimates the;eof. ~ '!U~ Phnd~ shall be held in an in~titution ehe deporita a aooounfa oi rvbich are inaured or snarenteed by ~ Reder~l or State a~ency # (u?cludin~ Lende~ if Latder ia such aa iTUtitution). Lender ahaU apply the Fund~ b pay add taxe~. awe~aments. inawru~es premiiuns snd ~ ~round rea4. Leader me~y not char~s for w holdin~ aad applyin~ the F~nd~. aaalysin~ wid aooount, or verityins and oompilin~ .aid a~smeats dad biW. unlea L~der pay~ Borrower interat on the F~unds and applicabk law permita Lender to make ~uch a char~e. Borrower and I.eader may etres in ~rritinQ at We time of e:ecutioa oi this MotiguQe that interat oa ths PLads shall be paid to Borro~rsr, aud nnle~s anch a~aaa?t u made o~ applicable law requice~ wch int~rat b be paid. I.eAder shall not be required to psy Borrowar any intere~t or earnings on !he Pbnd~. I.eade: ~hall ~ive to Borrower. ~vithont char~e. an snnual aoooanting of the F~ads showinQ credit~ and debit~ b the j Ptind~ aad ths purpwe for which each debit to the Ptinds ~reu made.'!Ue ~ad~ are pledQed a~ additfoas: ~ecwity for the aums ~ecured by thi~ ; Nlort~s~e. I! We amount of the bLnd~ held by Lender, together with the future monthiy in~tallmenb of Funds payable prior to the due date~ of t~e~, J aNeesment~. in~uraaoe pnmium~ aad ~round r~ta. shedl exa~aed the amount required to pay said ta:es. a~aes~n~ents„ in~uranoe premiuau i and ~row~d reAb s~ thay feli dne. ~uch asosw shall be. at Borrower's option, aWer prompNy repaid b Bocrowror or credited to Borrowe~ on ~ monthly uutellments of FLnds. Ii the amount of We P~nds held by Lead~ s~sU not be ~uf'lcient b pey taxes. as~asments, inauranca premiuau and gronnd nais as they fall due. Bore~ower shall pay to Ldaddr eny amount neoe~sary to make up the debciency ~rithin 30 days i from the date notioe iu mailed by Lender to Borrower requestid~ Payraa~t thereof. : UPoA P+~r~~nc in full oi all .um..ecured by ~hi. Mortge~g~. I~,der aball pcompcl~? =?fund so Borrower any tand, held by Lender. tf under ` psragraph 18 hereof the Pcoperty i~ wW ~ the Property iu othenvi~e acquired by Leader. I~der ~hall aPP~Y. no lat~ than immediately prior ~ to the sak of the Property ~ ib aoquieition by Leader, aqy Pbnds held by Lsnder at the time of application as a credit agauui the sums secnred ~ by this Mo~a~e. _ ' + 3. Applicatlon o! Paymenta. Unle~s applicabk law providee othenvise, all payments rccaeived by Lender under the Note and paragtaphe 1 nnd 2 hereof shall be applied by Lender 5rat in psyment of amounts payable to Lender by Borrowar under paragraph 2 hereof. ~ thea to inter~at payable on We Note. thea to the princ~pal oi the NMe, and theq to intere~t end principsl oa any I~tura Advanoea. ' 4. C6ar~e~; I.ieas. Borrower ahall pay all taxea, assessmenta and other rhargea. Rnea end impositione attributeble to the Prop~ty which ; may attaia a priority over this Mortgage, and leasehold payments or ground rents. if any. in the manner pmvided uader paragcaph 2 hereof or. if not paid in such manner. by Bormwer making payment, when due, directly to the payee thereo£ Bormwer shall pmmptly turnieh to Lender all r~tices of amounts due under this paragraph, and i~ the event Borrower ahall make payment dir~ectly. Borrawer ahall promptly fumiah to < Lender reoeipta rvidencing such paymenta. Borrower ahall promptly discharge any lien which has priority over thia Mortgag~ pmvided. that ~ Botrower shall not be requ'ued to discherge any auch lien so long as Borrower shall agree in writing to the payment o[the obligation eecured by ~ such lien in a manner aoceptable to i.ender, or shall in good faith canteat such lien by; or defend enforcement of auch lien in, legal proc~eedinga which operate to prevent the enforcemen! of the lien or forteiture of the Property o~ any pert thereof. ~ ~ b. Hasard Inauranoe. Borrower shall lceep the improvanenta now e:isting or hereaft~r srected on the Property insured againat loss by fin. hazards included writhin the term "e~cctended ooverege,^ and such other hazarde as I.ender may require and in snch amonnts and for sach ± paiods as Lender may require; provided. that I.ender shall not require such ooverage amount e:ceeding the minimum, as may be required by state or federal regulations govemiag activitiea of Lender. or that amount of coverage required to pay the sume secured by thia Mortgage. whichever is the greater. The inaurance carrier providing the insurance ahall be choaen by Borrower aubject to approval by Lender, provided, that such approval ehail not be unreaeonably withheld. All premiume on inaurance policiea shall be paid in the manner provided under paragraph 2 hereotor. if not paid in auch manner. by Borrower making payment, when due. directly to the insurance carrier. ~ All ineuranoe policies and renewala thereof ahall be in form aoceptable to Lender and ehall include a standard mortgage clause in favor of f and in form aooeptable to I.e~der. Lender shall have the right to hoW the policiee and renewals thereof. and Borrower shall promptly furnish to ~ i.ende~ all renawal notiaes and all receipts of paid premiuma. In the event of loss, Borrower shaU give prompt notioe to the insurance carrier . ` aad Lender. Lender may make proof of loes if not made promptly by Bormwer: . ~ Unless I.enda and Rorrower othtrwise agree in writing, ituurance prooeeds shal! be applied b rebtoration or tepair of the Property damaged. provided such natoration or repair ia economically [eaaible and the security of this Mortgage is not thereby impaired: If snch ~ f r~bration or ~epair is not eoonomically feasible or it the security of thi~ Mortgage would be impaired, the inanrance prooeeds shaU be applied E to the sums ~ecut~ed by this Mo*t8age. arith We e:oess. if anY. Paid to Borrower. If the Propedy is abandoned by Borrow+er. or.if Borrower fails to reapond to Lender within 30 days from the date notice is mailed by Lender to Borr~ower that the insnrance carrier otrers to setde a claim [or inanranoe ba~dib. Lender is suthorized to collect and apply the inaurance prooeeda at Lende~s option eithu to reatoration or repair of the Prope:ty or We sums secnred by thia Mortga~a Unleea I.ender and Borrower othawiee agree in writing, any euch application of pmoeed~ to principal shaU not eutend ot poatpone tlie due date of We moathly inatallments rettrred to in paragraphe 1 and 2 hsreof or change the amonnt of snch installmenta. If tu~der paragraph 18 ~ hersof the Property is aoquired by I.ender. all right, title aad intereat of Borrower in and to any insnranoe policiea and in and to the prooeeds : thereof re~ulting 6roan damage to Pmparty prior to t6e sa3e or aoq~isitioa shall peas to I.ender to the eutent af the sums secured by this Mortgage immediately prior to wch sale or aoquisition. ; 6. Preaervation and Maintenanoe of Property; Leaseholds; Condominuma; Planned Uait Developmenb. Borrower shall keep ' the Property in good repeir and shall nat commit waste ar permit impairment or deterioration of the Hroperty and shall u~mply with We provisions of any lease if thia Mortgage is on a leasehold. [f this Morigage is on a nnit in a aondominium or a planned unit developmen~ ; Borrower ahall per[orm all of Borrowa's obligations under the declaration or oovenanta creatingor governing the oondominium or planned = anit development, the by-larvs and regnlations ot the condominium or planned anit development, and oonstituent documents. If a ~ oondominiam or planned wut development rider is ~ecnted by Borrower and reoosded togeLher witb this Morlgage. the aov~ants aad ~ agreements of such rider shall be incorporated into and ahall amend and supplement the vovenanta snd egreements of thia Mortgage as itthe rider were a part hereof. ~ 7. Protection oi Lend~er'~ Securit~. U Barrower fails to pedorm the oovwant~ and a~reement~ o~ntained in t2w Mortsa~e, or if aqy ~ ection or proceedin~ is oommenoed which mat~rially agecta I.ende~~ intered in We Property. including. but aot limited to. eminmt domain, ~ insolveacy, oode eaforoemea~ or arran~emenb or Prooeedings involvin~ a banl~rnpt or deoeden~ tbea I.endsr at I.ender'~ option,npon ~ ~ notioe to Bormwer may make such appearapoe~. disbu»e soch sums and take ~ch e?ction a~ ir neceMary to proted I.endar'~ interesR ? ~ inclnding, but not limited to, di~banement of reawnabk attorney'~ feea and eatry npon We Pr~erty to malce repair~. U I.mds required mo~t~a~e iaauranoe a~ a oondition ot msking the loan ~ecnred by thu MortBaBe. Borrower ~hall pay the preminm~ reqaired to maintain wch ininranoe in elfect nntil rnc~ time a~ the requirement for ~nch uuorenoe terminate~ in aaoordanas witb Barro~?er'~ and Laidds Mrrittea a~reemar~t or applicabk Iaw. Borrower shaU pay the amount ot all mortgage in~urance pre~ninm~ in We manner peovided nnd~ . s paragraph 2 haeof. ~ Any amounb di~bnTSed by Lender persnant to thu P+~S~Ph 7, wiW intRrest thereon, ~hall beoome additionel indeMedae~s ot ~ Bormwer ~ecvred by this Mor~gage. UnleM Borrower and Lend~ agree to other t~erm~ of PaYment~ sach amoants shall be payabk npon - ~ notic~ trom Laider to Bore+ower requesting payment thereot, and ~hall bear interert trom the date oi di~bnraem~t at the rate payable ~ ' time to time oa oubtanding principal unde~ the Note nnless payment of intere~t at snch rate would be oontrary to~applicable law, in which ; event snch smounts ~haU bear intrrest at the highest rat. permissible ander applicable law. Nothing oontained ia thu pera~raph ~6all ~ reqnire La~der to incar any apetue or take any acbion he:eunder. ~ ~ t sL,,x i ~ ° ~ 2~~9 321 . . i ~ -z : ~ - ~ ~ . ~ _ ~ . _ . ~ _ . . ~ - - _ _ r_ _ ~y . ~ ~ -