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Home My WebLink About2999--. UN~FORt~t CovttvnH-rs. Borrowcr and l.enJcr cuvenant and agrce a~ tollows: 1. P~ymeal of Pdnclpal aad lale~est. B~~rrower shall promp~ly pay when due ihe principal of and interest on the indebtedness evidenccd by the Note, prcpayment and latc chargcc as provided in the Notc, and the prinripa) of and interesl on any Futurc Adva~ccs secureci by Ihis Mortgage. 2. Funds tor Taxes and Insunnce. Subject t~ applicable law or to a writlen waiver~ by I.ender. Borrower shall pay to l.enckr an Ihc Jay mon~hly installmcn~s of principal and intcre~t arc payablc undcr the Note, until the NMC is paid in full, a sum (hercin "Fu~ds"- cqua) to one-twel(th o( thc ycarly tarex and assessmc~tc which may aUain priority over this Mortgage: and ground renls on the Propcrty, if any, plus onc-twcl(Ih of ycarly prcmium installments for hazard insurance. plus onc-twclfth of yearly prcmium iostallments for mortgagc insurancc, if any, all as reasanably ettimateJ initially and from time to time hy l.ender an thc basic af a~ses.mems and hills anJ rea~onable es~ima~es thereof. The Funds shall be held in an instiluli~n Ihe deEx~sits or accounts of which are insurecl or guaranleeJ by a Federal or statc agency (including Lender if Lender is such an institution). I.ender shall apply the Funds to ~-a~• ~aid taxes, asxssments. insuran~c prcmiums and ground rcnls. Lcndcr may not cha~gc far ao holJing anJ applying thc Funds, ;~nalyting said account, or verifying anJ compiling said asse~~ments and hills, unless l.ender p:-ps Borrower imer~~+~ on the Funds and applicable law permits Lendcr to make such a charge. &.rrowcr and LrnJcr may~ agrcc in writing at itx: timc of cxccution ot this Martgage that interest on the Funds sh:~ll be paid to I;Off~~K'Cf, anJ anlcss such agn-cmcnt is made or applicable law rcyuires such interest to be paid, l.ender shall not tx; rcyuired to pa?~ Rurrower am~ interest or errning~ on the Funds. Lender ahall gi~•e to Borrower, without charge, an annual accounting o( the Funds ,howing creJits and Jebits to the Funds a~d the purpc~se for which eaeh Jebit to the I~unJs was maJe. The FonJs are pl~Ylged as addi~ional se~urit~• tvr the sums secured by this \lortgage_ If the amount of thc Funds hcld b}~ l.cndcr, tugcthcr with ~hc futurc monthl~~ in~tallmcnts <~[ Funds pay~ablc prior to ~he due dates c~f taxes, assrs~men~s, insurance prcmiums and grounJ rents, shall exceed the amount reyuireJ to pap said taxes. assessments, insurance prrmiums and ground rent~ ac ~hry tall duc, ~uch excess sh~ll be, at Bnrrower's option, either prompdy repaid to Qorrower or crediteJ tu Burrower on monthly inct•rllmcnts of Funds. If the amount of tM; Funds held by l.ender ~hall not be sufticient to pay taxes, assr.ctiments, in,urancc prcmiums and ground rents as they fall due, Borrowrr shall ~~~ to 1_ender an~• amount nece»ar~• tc~ make up ~he drficiency wilhin 30 Jay~ from the date no~ice is mailecl by Lendcr to Borrower rcyucsting paymcnt thcrcof. Upon paymcnt in full of all sums sccurcd by thic Mor~gagc, Lcndrr sha~l prompQy rcf~md to Borrower •rny Funcls held by l.coJer. If under paragraph IR hercof thc ProEx:ny iti udd or ~he Propcrty ~s otherwi~c acywrcd by l.ender, 1_enJer shall apply, no latcr than immcdiatcl~• prior to thc talc of ~hc Pro~xrty or its acyuisition b~• I.cndcr, any Funds held by 1_enJcr at thc timc uf application as a crcJit aga~nst Ihc sum. ~cc:ured b~• th~ti Alortgag~. 3. Application oi Payments. Unlecs applicablc law~ prrn•i~cs othcrwisc, ail payments rcrcivcd by I.cndcr unJcr the Nutc and paragraph~ l and 2 hcrcuf ~hall bc applicJ b~• I.rndrr fint in pa~•mcnt uf amuunts pa~~ablc to Lrndcr by 13ormw•er undcr paragr~ph 2 hcrcof, thcn to intcrcti~ payablc on thc Nwr. ~hcn to thc principal of thc Notr. :md thcn 1~- imerest and principal an aii}• FWurc Advanccs. 4. Char~es; Liens. Borro~~cr .hall pay all ta~r~, a~tir~~ments and ~thrr chargcs. fincs anJ imEx»itiuns attnbutable to thc Propertp w•hich may attain a priority over ~his Mortbage, and Icasehald payments or ground rents, if any, in the manner provided under paragraph 2 hereof or. if nut paid in such manner, by Borrow•cr making pa~~ment, when due. JirecQy to ihe payec thcrcof. Borrowcr shall promptly furn~sh to Lcndcr all noticcs of amounts duc undcr this paragraph, and in thc event Borrower shall mahe pa~•mcnt dirccth~. Burrowrr .hall prompUp furnish tu I.cnd~:r rcrriptti c~~idcncing surh pa~•mcnts. BorroNCr tihall promptly Jisrharge any lien uhich has priontp ovrr this Mortg~ge; pruvi~ed. that 13~~rruwer ~hall not be rcquired tu d~schargc an~~ ~urh licn tiu long :~s BOffl)N'~f JF17II :~grec in wriung to th~ pa~mcnt ut thr oblig:~ti~-n scci~red h~• ,uch lien in a manner acceptable to Lender, or ~hall in g~wxl fai~h cuntr.t ~u~h li~n h~~, or ~efenJ enforc.ment of ~uch lien in, legal pnxcedingc ahich operate to prevcnt thr cntorccmem of thr I~cn or forfeiturc of the Property ~~r ~ny part thcreof. 5. Hazard Insurance. Borrow•er shall kcep the imprc-vemcnt, nu~~ rri~ting ar h:rraftcr er~ctrd on the Pr~~~x:rt~• insured ' against lo« hy fir~. hazards includcd withm Ihc term "~~tcndrJ covcragr". anJ surh ~ither hatard~ ati 1 rndcr m~?~ reyuire ;~ and m such amuunts and for wrh periudc ati Lendcr ma~• reyuirc: pru~iJrJ. that Lcn~lcr ~hall nut rcyuirc tha~ the amount of ' +uch co~•cragr c~cccd that ami,unt of crncragc rryt~ired tu pa~ thc tium, .ccurcd M• thi, Morlgagc. i Thc insuranrc ~arricr providing thr in~uranre ~h:~ll tx~ ~ho.cn by Burruurr tiubject t~~ ~ppro~:~l by 1_enJcr; pro~ided, ~ Ihat surh appru~al ~hall no~ bc unrcatiunabh• withhcld. All prrm~um. on insuranrc pulic~~s ~hall In paid ~n thc manner ' prov~ded unJcr p.+r-:~gr:-ph 2 hercof ur, if not p•riJ in surh manncr, by BorroKer making paymcnt, when due, d~rcctl~• to ihe insurancc carricr. ~ All insurancr pohcie, and renrNak there~•t sh:ill ix in f~~rm accrptablr t~~ LenJrr and sh:ill inrlude a titan~larJ mortgage ~iause in f:t~•~~r ~+f and m farm acrcptahle !~- I.cndcr. Lcndrr .h:~ll ha~r thc right t~~ hold thc p~~leric~ anJ r~ncwah there~•f. ! ~nd Borru~~cr ,hall promptl}- furnish to I.endcr ~II rcnc~al nus~ces anJ all rereipts of paid ~remium.. In the e~•ent of losc. BorruN•cr ~hall gi~~c pr~,mpt notic~ tu thc in~ur.in~c carncr :uid I.endcr. Lcndrr m~y makc pnx,t o( loss if n~,t maJc prompU) ` b~• Burmwer. ~ Unlcss l.cndcr and Borrowcr othrr~i.c agrec in wnting, imur.~ncc pn-ccrdc shall bc applicd to rc~taration ~.r repair of ~ thc Propcrtp ~amagcJ, provi~cd tiuch rc~turatiun or rcp:ur ~s rconomicall}' fcasihlr and the ticcurily o( this A1~rtgagc is not thereb)• impaired. I( wrb rrtitoraU~~n or rcpair is nrt ram~~mi~ally fca~ihle or il the se~urit~~ of this ~1ortgagc w•ould ~ be impaired, the insurance pnxeeds 1h:~tl be applicd t~~ the ~ums ~ecure~l by this Mortgage. ~~~i~h the exce~s, if anp, paid ~ to Borruwrr. lt the Prnpert~ i~ aband~med h~ Bcar..wer, ~~r it BormK•er (ail+ tc~ res~nd to 1_ender within 3U da~~s from the ~ datc notice i. mailcd b~• Lender to Burruwer th:~t ~he imurancr ~arricr otTers Io settlc a claim for insurance benefils, l.ender ~ i. .wthorited to c~~llect and appl) the imur~nrc ~rocreJ~ at Lendcr"~ uptiun either to restoration or repair of the Property ~ or to thr sum. u~urcJ b}~ thi~ ~lortgag~. Unlcsc Lcndcr and Borruwcr othcr~itic ~grec ~n Hnting. am tiu~!- applira~ion ~~f pnwceds to principal shall nut c~tend ~ or pustponc thc duc datc uf thc munthlc int~allmcnt~ rcfcrred tu in paraeraph~ ! an~! 2 hcre~~f or changc 1hc amount o( ~ such imtallmenb. If under paragraph l8 hereof the 1'ropert~~ iti acyuired b~ Lender, alt nght, tide and interest of BorroNCr in and lo am nnurance policies anJ in an~ tu thc procceds thereot resulting tn~m damage to the Pruperty priar to the sale or acyuiaition ~h:~ll pass to Lcnder to the e~~cnt of the ~ums ~ecured b}' this ~lortgag~ immediately prior t~. tiuch sale or acyuisition. ~ 6. Presenaliun and ~laintcnance of Proprrl~; I.eaceholds; ('ondominiums; Planned Unit [k~~elopmenls. f3orrowcr ~ tihall kccp thc Property in gucxl repair and shall not commi~ waste nr permit impairment or Jeterioration of the Property a and Sh.,ll rompl~~ with thc provisions of any lease i( ~his Mortgage i~ un a Icaschuld. If thic ~lartgag~ is un a unit in ~ r cun~ominwm or a pl:~nncd umt devclupm~nt. Borrow•er tihall pcr(orm all of Borr~~uer"s ubligations under the declarahon ` ur rovcnanh crrahng or govcrmng thc c~~nJuminium or planncd unit dcvcl„pmcnt. Ihc by-lawti and regulation~ of the ? cun~umin~um ur ~IannrJ unit develupment. :~nd constitucnt Jocuments. If a ~ondominium or planned t~n~t Je~el~~pinent r~ler n e~ecwrd hy Borruwer snd recordeJ t~~gether with thiti Mortgage, thr co~•enants and agreements o( ~~~ch n~i~r j ~hall be inrorEwrate<I into and shall amcnd and wpplcntent Ihe co~~cnants and agreemrnts of thic Mortg~ge as if Ihc riJer : ~.crc a p.~rt hercof. ~ 7. Proteclion of Lenders Securiry. 1f K~~rro~er fad~ t~ ~xtf~~rm the coven:~ms an.l agreements rontained in this ~tortgag~. ur if any~ acU~m ~~r proc~eding i~ ci~mmen~e~) which matrriall~• alT~ct~ LenJer'- imerest in the Proper~y, ~ mcludmg. hut n~~~ I~nutcd tu, cmincnt domain. ~n~~.lvrncy. axlc rnf~~r~cmcnt, i-r arranRcmcnts ~r pmcccdings inval~•ing a ~ bankrupt ur JrcrJent. ~hen 1_ender at Lender'~ option, upon nolice to Rorrow~cr, m~~ m:~ke such ap~arances. duburu such sumc and takr surh ac~i~m as ~s nccctitian• ~a pratrct 1_endcr's mtcrest, including_ but n~t limucd to, J~sburscmrnt ~~( reasonaMc attomc)~'ti tccs anJ cn~ry upon thc Propcr~}~ to makc rrp:+ir.. If I rndcr rryuired murtga8e' irRur~nce at a ~ condi~~~~n of m:~kmg thr loan kcured b~ thn ~i~~rtgagc. Borr~iHCr sh:+il pay thc premiums rcqu~rcd ta maint.,in wch insurancc in cticct until wch timc a~ thc rcyuircmcnl (~r ~uch. ~nsul~cc tcrminates ~n accordancc w,th Borruwcr's anJ 'r . . t _ _. _..~ f . . . Ws~(i~~. ~• ~ BG~X~`t~ PdGt~,~770 ~;.i _