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Home My WebLink About0807 kiurruwer nnd l.ende~ ~~vennnt and agrer :ia fulluwa: l. Payment of Principal and Intercet. Borrower ~~uill pn~mptly pay whrn due the principal of nnd intercret on thr indebtecinee~e evidenced by the Note, prepnymeot and Inte charges xe pm~•id~~f in the Nute, and the principi~l ~~f and interest on any F uture Advnnree aecurcd by thie [1lortgage. 'l. Munda for Tsxee e~d Ineuranre. Sub)e~t k? applicnblr luv?• or u? a wnttrn wniver by IA•nder, li~~rruw~er KhaU puy tu l.~•nder un theday munthly inetallmrntx o[ principul aud intercat ure puyuble under the Nute, until the Nutr ia pi?id ~n futl, aum lhrrein "Fundei '1 equul to onP tN•elfth of the yearly tiucex and :isxeasmrntx which muy attuin pnurity uver lhiR MurtKi?ke, and Kruw?d rentx un the Nroprrty, ituny, pluaunP twrlCth of yenrly premium instnllmenta for hnzard inxurunce, plux unPtw•elfth of ye.?rly premium inati~llmentu for murtK,~gr insurF~nce, ilany, all nc+ rraaonably extimeted initiz~lly end from time to tin~e by 1 A ndrr on the biu+is u[ a~xs~~xamen~v and bills und rNUyun.ible estimatrx therm[. The FLnda ahnll be held in an inatitution the deposita or acc~unle of which are inPUreci or guHranleed by a Federal or State agency lincluding I.ender if l.ender ie auch an inetitution). lender ahnll apply the Funda to pay said tuxea, i?xarsamenta, ineurxnce premiume und ground renta. t.ender may not charge for so holding and epplying the N unda, analyiing aaid account, or ~~erifying and compiling aaid axsee~smente and biile, unleea I.ender paye Borrower intereat on the M und~ nnd applicable law permite I.ender to muke xuch x charge. Borruwer and l.ende~ may ngree in writinR at the time of execution uf thie MortK~ige that inter~xt un the F unde ahall be paid to I~rn~wer, und unlesa such agreement ia made or applicabie law requirex such intereat tu be paid, l.ender sht~ll not be required k? pay }3orruwer any interest or earninga on the Funde. I.ender ahall give to Borruwer, without charKe, an a~nual accuunting of the Munds showing credits and debits to the Funde and the purpoae for which each debit tu the Funda waa mt~de.1'he ~ unda am p1eclRed as tidditional c+~curity for the euma aecured by thie tilortgiyce. If the amount.of the Funds held by l.rnder, tugether with the future munthly installments of N unds pu}•abie prior to the due data~ of taxea, <?saessmenta, insurance premiums and gmund mnta, ahall excred the amount required to pxy said texes, aasrruiments, inaurunce premiums and ground rentn as they fall due, such exceas ahull be, at Ho~TOVrer's optiun, either pmmptly repaid to i3orruwer or crc~cfited to Borrower on monthly installments of Funds. If the amount ef the Funds held by Ixnder ahall not be sufficient w pay taxra, uex~eeuiments, inaurance pre~niuma and ~[round rente aa they fall due, t3orrower shnll pnv t~ I.ender any amount n~Y~exxary to make up the deficirncy within 30 du~•a frum thr datr notirn ia mailed bv I.ender tn Horrower ri~c~uestinK puyment thereof. Upon payment in fuli of all suma secured by thia Mortgi?ge, l.ender shall prc~mptly refund to I3urruw•er xny funds hrld by I.ender. lf under pAragraph lK herrof the ['roperty ia sold or the Property is othervvixe iicyuired by I.ender, lxnder ahall z~pply, no luter thxn immeciiately prior t~~ the sale of the Pmperty or its a~quiaition by I.ender, any Funds held by l.ender at the time uf application as:~ credit against the aums secured by thiP Alortgage. 3. Application o! Paymenle. Unless applici~bie law provides otherwise, all puyments received by I.ender under the Note and part~graphs 1 and 2 hereof ahall be applicd by I.ender firxt in payment pf amounta payable to [,ender b~• l3orruwer under paragraph hereof, then to intereat puyuble on the 1Vofe, then to the principnl of the Nole, and then to intereat and principal on any Euture Advances. -f Charges; Liens. I~rmwershall puc all taxeK, a.sessmen~s and ulhercharKes, fines xnd impnsitions attribut:~ble to the I'ruperty w•hich m.iy ~ttuin a priority over thia Mor1Ka~;e, and leus~•huld µayments nr Kround rent2;, if ~tny. in the manner providecl under paraRraph 2 hereof or, ii not paid in such manner, by tiurmwer makinK papment, w•hen due, directly tu the payre thereof. Rnrn~w•ershull promptly fumish tu Ixnder :+Il n~~ticrr uf :~muun~s duP wider this paraKraph, and in the e~•ent IturruH•er sh.?11 makr paymrnt dirertl~, Born~N•er sh:ill prumptly furnish to I.rnrirr rctiY•ipt. ~~ridencinK such payments. 13~~m~w•er shall prumptly~ di.charKi• .~n~~ lien which has priunty u~~er this D1ortKaKe; providecl, that }t~.rruwer ahall not br requircYl to dischurKr any ~uch li~•n su IunK liorruwer sh:~ll aKree in N•ritinK to thr puyment of the ub1iK:~tion atrured hy >u~•h h~•n in m:~nnrr acceptable a~ 1 a•nder, nr.hall in K~N~ f.?ith cnn!ewt such lie~n by. urde[e•nd t~nfur~•rment ~~f suc~h I~i•n in, I~~~;al pr~x~ttivlinKs hirh uprr.ite u? prr~~ent the enfurcemrnt c~f the lirn or furfc•iture of the YruEx•rh• ur :+m• part ther~~~f. Hazarcl Insurance. Rorrower ahall keep thr improvemrntx noK• existing or hereafter erected on the f'ruperty insurtd aKainst loss by fire, hazanls included within the term "extended covernge," and Nuch other hazards ~is I.ender may reyuire and in such amountx and forsuch pi~riod~ as [.ender may n~yuim; pm~~idecl, that I.ender 4ha11 not rc~quire such coverage amuunt exceecling the minimum, ~s may be reyuirrd b~~ <t:~te ur frder:il mKulations Ko~•erninK activitiea of I.rnder, or that amouni of cover~ge tequired to p.~y the :~ums secured by this AturtkaKe, ~.•hichever is the Kreater. 'Che in~urance ~~:~rrier pru~~idin~; thf~ insuranc~• ~h:?ll iK~ ch~~.rn b~• K~~rruw~rr subje~•t tn appru~•al b~• {w~ndrr, prv~~•id~r1. that su~~h appru~:~l ~hail not t~r unrea:~~nably w~ithhrld. All pmmiums „n inturcinc~• {~~liei~w ,hal) tx pai<i in Iht~ m:~nnt~~ u~~~.~;~i~Yi U~~i.•r p:ir:i~;r.iph her.ti~f or, if n~~t paid in surh manner, by 1i~~rruK•er mukinK p:~ymt~nt, w•hen dui~. directly t~ the~ insur.in~Y• carrier. All insurance poiicies and renewals thereof shall he in form acceptable to I.ender and shall include a Rtandard mortKageclause in fa~•or of :ind ir, form acceptable tu l.ender. l.ender shall h:~ve the right to huld the policiex.~nd renewala thereof, and Borrower shall promptly furniah to i.ende~ all renewal notices and al) receipts ~~f paid premiums. in the e~•ent of loss, liurrower shall Ki~~e prompt nutice to the insurance c:+rrier i ~?nd I.ender. l.c~nder may make prcK~f of lou: if not mnde promptlc by RormK•er. j Unleas L.ender and t3orrower uthervrise a};ree in writinK, insurance procerds shall be appliPd G~ ree:turation or repnir of the 1'roperty damaged, pro~~ded sueh reatoration ~~r repair i4 rcunomically feasiblr and the sec•urity uf this Mortgage is not thereby impain•d. If such ~ reatoration oT repair ie not economicall> feasible or if the security of this Mortgage would be impaired, the inaurance procecds shall i?e applied ~ t~~ the eums secured by this MortKage, w~th the exm:ss, ~f any, paid to &~rrower. lf the E'roperty is abandoned by Korrower, ur if Fk~rrnwer fails to respond to I.ender within :i0 days from the date nntice i:~ mailed by I,ender u~ 13orrower that the insurance carrit~r of[ers tu settle a claim for ~ inaurance benefiGg, (.ender is authorizecl to cnllect and apply the insurancr pra•cr•ds at Ixnder's option either tn restoration or repair of che ~ Ymperty or the suma gecured by thie MurtKaKe. ~ lJnless I.ender and ~rruw•er othervvisr agree in ~+riting, any~:~uch applicatiun nf proceeds to principal ahall not extend or postpone thedue ~ date of the monthly installmenta referred u~ in paraKraphs 1 and'L here+~f or chanQe the <~mount of such inat~311mentx. if under parngraph ]ri ~ hereof the Pmperty is acquired by I.ender, all riKht, title and interest of F3orrower in and to any insurance policies and in and to the proceedR ' thereof tesultinQ from dampge to Pmperty prior to the sale or acyu~sition shall paRS ta [ender to the extent of the sums aecured by this ~ ~1ort~age immediately pnor to auch xale or acquisition. ~ 6. E'rrxervation and Maintenanceof Property: I.eaKeholdg; Condominums; Planned Unit Uevelopmenta. ~rrowerahall keep the Property in K~d repair and ahall not commit w:iyte or permit impairmt•nt ~~r deterioration of the F'roperty and ehall rnmply w~th the ~ provisions of ~ny lease if this ;11ortRage is on a Icasehold. !f this MurtKaKe is on a unit in a n~ndominium or a p:anned unit development. ~ 13orrower shall perform all of BorroKer's obliKations under the declaration or co~~rnanta cre:itinKor Koverning the condominium or p~anned ~ unit development, the bv-laws and regulations of the condominium or planned unit de~elupment, and conatituent documents. If a condominium or planned unit development rider ix executed by [3orrower and recorded toKether with this Mortgage, the covenants and Q- aKreemenL~ of such rider sh.ill t~e in<~orpur.~tec1 int~~ and tih.~ll s?mNn~l:~nd supplement thec•~~~•enan~c and akreementse~fthis MortgaKeasifthe ~ nder wem a part hereof. 7. Protection ot Lender'e Security. [f Borrower [ails to per[orm the covenanta and agreemente contained in this biortgage, or if any - action or proceeding ie commenced which materiapy affecte Lender's intereet in the Property, including, but not {imited to, eminent domain, ineolvency, oode enforcement, or arrangementa or proceedings involving a bankrupt or decedent, then [.ender at [.endPr'e option,upon notice to Aorrower may make auch appearancee, dieburee euch sume and take auch action ae ie neceaeary to protect t.endei a interest, ~ including, but not limited to, diebursement of reasoneble attomey'e fet~ and entry upon the Property to make repaire. If Lender required mortgage inearance as a condition of making the toan aecured by thie Mortgage, Borrower ahall pay the premiuma required to maintain - such ineurance in effect until euch time as the requirement for such ineurance terminales in accordance with Borrower's and Lender'e written agreement or applicable Law. I3orrower ahall pay the amount of all mortqage ineurance premiume in the manner provided under ~ paraqraph 2 hermt. Any amounta diabuisecl by I.ender persuant to this pnragraph 7, w~th interrst thereon, ahall become additional indebtedneae of ~ Rorrower eecured by thie MortKage. Unlesx &~rrower and I.ender agree to other terma of payment, auch amounts ehall be payable upon notice from I.ender to Fiorrower requesting payment thereof, and ehall bear intereet from the date of dieburgement at the rate payable from time to time on outetandir.K principal under the Note unleae payment of intereat at such rate would be contrary to applicable law, in which event auch amounts shall bear intesest at the higheat rate perm~se~ible under applicable law. tiothinQ contained in this paragra~+h 7, ehall require I.ender to incur any expenee or take nny action hereunder. ' ~ I ~ ~x ~ ~ ' SGOr ~~4 vACE $O ~ ~ ~ _ - - - . _ _