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Home My WebLink About0934 ~orirower and I.ender coveasat end a~ree u folbw~: l. P~yment ot PrlacIpal ~?ud latece~~ Bc~?~ower shall pmmptly pay when due the priacipal of snd intere~t on the indebtedneaa ' evidenoed by th~ Nob. PrepayQaeat and late charQes as pmvided ia the Note. and the pri~cipal ot and inte~+est o~ any ~tun Advance~ ~ecured i by thu Mort~a~e. . t 2 F~ada for Trute~ sed Inwranoe. 3ubject to applicable law or b a writtea waiver by l.ender. Borrower ahall pay lo Lend~ on the dqy monthly inrtallments of principal and intercat are pqyabk uader the Note. until the Note iu paid in full. e~um (herein "I~ncb'7 equal to ona twelRh of the yearly taxes and asacs~menta which may attain priwity ove~ thia Mort~a~e. and Qround rents oa the Property. Uany. plw ons twelRh of yearly p~emium installmeats for hasaed insurancs. plus onstwreltth ofyear~y premium installmen4 for mort;ege ineurance. if any. all as rea~onably e~tiraated initially and Irom time b tiane by Lender oa the bwiu of ~~ments end bilb end rea~onable estimate~ thereot ! The PLnd~ sh~ll be heid in ~n ta~titution tbe deporit~ or aooounb ot wrhich ue ins~ued ~~uannteed by a Federa! or &ate aQency } (includit~ I.~der if Lender ia ~uch aa itutitution~ Leader ~haU apply the F~nds b pay ~e~id tua. a~ueats. inaurance premiums and t Qround reats. Lender ma,y not char~e fot w ho{din~ aad applyins the PY~nd~. analyzins ~aid aooount, or verifyin~ aad eanpilina said ~ we~neat+~ and biW. uales~ I.ender pays Borrower interest on the I~nda uid applicable 4w pernnib Lender b make such a charge. Borrower = and LeAder maJ? e~ree ia writiaa st the time of ezecution o! thi~ ldort~a~e lhat iaterert oa ehe P1~ndi shall be paid ~o Borro~rer. and anleea r sncA aQreement is made oe epplicabk laa reqnirea ~nch intersst to be paid. Lender ~haU not bs required b pay Borrower any inte~est or ~rnings oA the Phnd~. Lender ~hall ~ive b Borrower. ~riebont charge. aa annual aoo~un4a~ o! the F~nds ehowing credits and debit~ to tha i Ftinda and the purpws for wluch each debit to the Phad~ waa made. The Fbnds are pled~ed ea ~dditional ~ecurity for the ~ums ~ecured by ttw Mort~ege. ~ . Ii We amouat of the Fl~nds heW by l.endu. togethet wieb the fnture monthty uuWlment~ olFunds payable prior to the due date~ oit~es, a~sment~. insnranoe premiume and ~round r~ta. ~haU ~oaed tbe amouat required to pay aaid tase~, assessments, insuranoe premiums and ~rronad renta a~ they fall d~. ~uch sxoas sheU be. at Bon~ower'~ option. either PmmPtl,y? rePa~d to Borrower or credited ~o Borrower on monehly uutaUmenta of Phnd~. Ii the amonnt oi tbe Fnnd~ 6eld by Lende~ shall not be ~nfficient to psy tases. aaseaments. ineurance pnmiums and ground rent~ as they fsll dne. Honrowr~ shaU psy b Lender any amo~nt neasaary to make up the de6ciency within 30 deya firom the date notice u mailed by Lender eo Borrowar requesiing p~?yrment the~eof. . . Upon payment in foll of all sums secured by this Mort~aa~ee. I.a~der shaU promptly retnnd to Borrowa any fund~ heW by Ixnder. V ander Pa*aeraPh 18 hereof the Property is sdd ~ the Property u oWenvire acquired by I.eader. La~de~ shsll aPdY. ao lat~ than immediately prior to the sek of the Property or ib aoquirition by Lender, any pLnds held by I.ender at tbe time of application as a c~edii against the aums secnred by thu Mort~age. 3. AppUcadon of Pwymenta. tlnleas epplicable law pronidcs otherwi~e. aU payments e~eoeived by Lender under the Note and paragrapha 1 and 2 heeeoi shall be applied by I.ender fust in payment o[amouats payabk to I.ender by Borrower under parngraph 2 hereof. ` then to intend payable on the Note. then to the principal o! the NM~e. aad then to inLerat and principal oa any Future Advances. Chur~er, I3ens. Borrower ahall pay aU taxes, assessments and other chargea. fince and impoaitioas attributable to the Property which may attain a priority over this Mortgeg~ and leasehoW paymenta or ground renta, if any, in the manner pmvided under paragraph 2 hereof or, • if not paid in euch manner, by Borrower making payment, when due, dinrtly to the payee thereof. Borrower shall prornpUy turniah to I.ender al,l notices of amounts due undrr this paragraph, and in the rvent Ho~ower ahall make payment directly. Borrower shall pmmpdy turnish to Lender receipta evidencing such payments. Borrower ahall promptly diacharge. any lien which has priority aver this Mortgag~ provided, that Borrower shall not be reqnired to discharge any such lien w long as Borrower ehall agree in writing to the payment of the obligation secured by ~ such lien in a manner aoceptable to Lender, or shall ia good faith rnntest snch lien by, or defend enforcPment oteuch lien in, legal pra.~eedings which operate to prevent the enforcement of the lien or torfeiture of the Property or any part thereof. 5. Hasard Insur~noe. Borrower shall keep the improvemenh now e:isting.or hereafter e:ected on the Property insnred againat loea by fin, hazards included writhin the term "atended oovezage," and snch other hezards as [.ender may rcq~ire and in auch amounts and for such periods as Lender may require; provided. that Lender ahall not reqnire sad~ ooverage amount ezceeding the minia?um, aa may be required by atate or federai ngulations governing activities ot I~nder, or that amount of eoverage reqnired to pay the sums secnred by thia Mortgage, ~ whichever is the greater. The inaurance carrier providing the inaurance ahail be choaen by Borrower subject to approval by Lender, provided, that auch approval shall not be unreasonably withheld. All premiuma on inxurance policies ahall be paid in the manner provided under paragraph 2 hereof or, if i not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. All insurance policiee and r~eaewals thereo; sheli be in form acceptabk to La~drr and shall include a standard mortgage clause in favor of and in form aooeptable to Lender. [.ender shall have the right to hold the policies and renewals thrreof, and Borrower shall promptly famish to i.ender all renewal n~ioes and aU receipts of paid pmniums. In t}ie eveni of loss, Borrower shall give prompt notice to the inaurance cerrier and I.endtr. Lender may make proof ot loss it not made promptly by Borrower. ~ ~ ~ Unlea~ Lender and Borrower otherwiee agree in v?riting, insurancr praeeed~ s6a1! be applied to reatoration or repair of the Property ~ dameged, pcovided suc6 reatoration or repair is economicaUy feauble a~ the security of this Mortgage is not thereby impaired. If auch ~ ; restoration a~ tepair is not economicelly feasibk or if the secnrity ~ this Mortgage wonld be impaired, the insurance prooeeds shall be applied ' i to the snms secured by this Mortgage, with the aoesa, if anY, Paid to BorrowQ. If the Pmperty is abandoned by Borrower, or if Borrower fails to ` ' respond to Lender within 30 days from the ~date notioe is mailed by Lender to Borro~?es that the insurance carrier oi'[ers to eeWe a claim for ~ ~ inauranoe bene5ts, Lender is anthorized to collect aad apply the insnranee proceeds at Lender's option eitbez to restoration or repair of the ~ ~ Property or !he suma secured by thia Mortgage. - ; { Unlees Lender and Borrower othervvise agi+ee in writing, any such appGcation of proceeds to principal ahall not atead a~ poatpone the due j I date of tbe moathly inatallmenta refetred to in paragraphs 1 and 2 hereof or change tl:e amount of such inatallments. If nnder paragraph 18 ~ ~ haeof the Pnopaty i~ aoqaired by Lender. all right, title and intrre~t of Borrower in and to any insarance policies and in and to the prooeeds s ~ thereof resnlting from damage to Proparty prior to the sale or aoquirition shall pasa to lendrr to the ~tent of the sums aecured by thia ~ Mortga~e immediately prior to aacb ~ak or acquisition. 6. Pre~rvation and ~aintenance of Property; I.easeholds; Condominums; Ptanned Unit Developments. Borrower ahall keep the Property ia good npair and ahaU not oommit wasf~e or permit impeirment or deterioratioa of We Ptoperty aad shall oomply with the proviaions of any lease if this Mortgage is on a leasehold• If thii Mortgage ia on a nnit in a oondominium or a plenned unit development, ~ Borrower ahall perform all of Borrowrer's obligatione under tbe declaration or covenants creatingor gorerning the oondominiwn or planned unit developmeat, the by-laws aad regulations of the oondominium or planned aait development, and oonatitnent documents. If a # oondominium or planned unit development rider ia e:ecnted by Borrowrer and re~orded tagether with thia Mortgage. We oovenants and ~ ~ egreements of such rider ahall be incorporated into and eha11 amcnd and suppleinent the oovenanta and agn~nents of thia Mortgage aa if the ~ rider were a part hereoL - 7. Pcotection ot Lender'~ Seia~rit~. V Bormwe: failr to perfarm the wyeasnt~ and agreemmh oontained in thi~ Mortguge, or ii any ~ action or prooeeding u oonnmeaaed which mat~eriaUy a![ecfs I~eudel~ intere~t ia the Proparty. incinding, bnt not limited to. eminent domain, ~ ~ in~olveacy. oode eafosoemeat, or arrangements or procseding~ involvin~ a benkrupt or deoedent~ tl~ea L~der at Leader'~ option,npon ~ y notiae to Bore+ower may make ~uch appearanoe~. disbar~e snc6 snm~ aod W~e wch actioa a~ i~ neoa~ary to psoteet Leader's interest, inclndina. but not limited to. di~bursement of na~onabk attorney'~ feer snd eatrp upon tbe Pe~oQerty to make repaic~. If I.eadar reqnired ma~t;age insuraaoe a~ a wndition of making the loan sed~red by tbi~ Mo:tgag~ Borrowa ~hall pay tbe pr:miam~ e+eqnired to maintain ~ X ~nch in~nranoe in e~fect nntil roch time as the reqairem~t for sudi insnranoe terminat~ in aocordanca wieh Borrower'~ and I.ende~s ~ - written a~preemmt ar appficable Lew. Borrower shall psy the emoant d all mortgage inwrsnce pnmiwns in the msnner provided under Par+~graPh 2 hereof. r ~ Any amonnts di~buned by Lenda persuant to this paragraph 7, ~rith iaterest tbaeon. shaU beoome additional indeM~dnew of ~ ~ Borrower ~ecured by this Mortgage. Unle~s Borrowa and Leadu agree to ~ terms of PaYmen~ snch amounta ~hall be payable upon ~ notioe firom Gender b Borrower requesting payma~t thereof, and shall bear from tbe date oi diabunement at We rate payable from time to time on out~tanding principal under the Note anleM paymeat of interest at snch rate would be oontrary to applicable law, in wrhich ~ event snch amounts shal! bear ineere~t at the highdt raee prrmi~sibk anda applicabk IaMr. Nothing oontained in Wis patagraph T. ahall = require Leader to incur any e:penae or take any actioa 6aeander. ~ ~ ~ ~ ~ . a~k~ 299 934 - _ . ~ . ~ ~ , _ ~ r . ~ - - _ _ ~ ` ; ~ tl- - ~