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Home My WebLink About26010 UN~tuai-t CovFN ~NTS. Born~we~ anJ Lendcr covei~a~~ and ugrre as foUows: 1. Payment of P~cipal and lnterest. &~rmwcr ~hall pr~-mplly pay whc~ due thc principal o( and interest on the indebtedneu evidenceJ by the Note, prepayment and late chargrs as provided in the Note, and the principal of and interes~ on ahy Future Adva~ces sccund by this Mor~gage. . ~ 2. Funds for Taxp ~nd Iasurance. Subject to applicable law ar ta a written waiver by I.ender. Borrower shall pay to I.cndcr an the day monthly installments ot principal and interc~l ar~ payahlc unde~ thc Note, until the Note is paid in full, a sum (herein "Funds"1 cqual to onc-~welfth at ~hc ycarly taxes anJ aaessments which may attaio priority over this Mortgagc, anJ ground rents on thc Prvpcrty, if any, plus one-twcl(th ~~t ycarly prcmium installments for hazard insurance, plus one-twelf~h of yearly premium in.tallmcots tor morlgage insurancc, if any, all as rcasonably cstim:+teJ initially and from time to timc by ~endcr on thc basis of a~essmrnts and hills and reasanable estimates thereof. The Funds shall bc held in an institution thc deEwsits or accounts of which arc insured ar guarantced by a Fcderal or state agency (inrluding L.ender if I.ender is such un ins~itution-. I.ender sh~ll apply the Funds to ~+a~~ said taxes, asseuments, insurancc premiums and ground re~ts. l.endcr may not chargc fo~ s~~ hc~lding and applying thc Funds, analyzing said account, or veri[ying and ~ompiling said assc~sments anJ hills, imless Lendcr pays Borrowcr intcrest on thc Funds and applicable law permits l.ender to make such a charge. Born~wer and LenJer may agree in writing at ~he time ot executian of this Murtgage that interest on ~he Fun~s shall be ~id to Borrower, and unless such agrecment is made or applicable law rcquires such inte~est to be paid. l.ender shall not Ix reyuirrd to pay liorrower any interest or earnin~ on the runds. l.ender shall giv~ to Borrow~er, aithout charge. :~n annual arcuunting of Ihe 1=unJs show~ing creciits aod dehits to thr Funds and the purpose for which rach debit to the Funds was made. The i=und~ are pledged as adJitional s~urity for the sums secured by this ~~lortgagc. . If the amount of the Funds hcld by LenJer, lagcthcr with thc futurc monthly installmems of Funds payable prior to the due Jates of taxes, assc:ssments, insurance prcmiums and gruund rent~, shall exceeJ the amaunt rey~ired to pay said taxes. assessments; insurance prcmiums and ground rent~ as thcy fall due, such ercess shall be, at Borrower s option, either promptly repaid to Borrower or crcdited to Borrower un monthly installmcnts of Funds. If the amount of thc Funds held by Lender shall not be sufticient to pay taxes, assessments, im~uance premium~ anJ ground rents as they fall due, 8orrawer shall ~y to Lender an~~ amount neces~+an~ to make up ~he Jefirirncy within 30 da~~ti irom the date notice is mailed by l.eader to Borrower rcyucsting paymcnt thercot. • Upon paymcnt in full of all sums sccurcJ ba• Ihis Mortgagc, Lcndcr shall promptly rcfunJ to Borrow•er any Funds held hy 1.enJer. If under paragraph 18 hercof Ihr Property it sold ar thc Pro{+crl~~ is otherWitic acqu~rcd by Lender, I.cnder shall apply, no latcr than immediatcly prior ta thc .ale ~if thc Propcrty or its acquisition by t_ender, any Funds held by LenJcr a~ thc timc o( appliration as a crcJit against thc sums sccurcd h~• this Ltartgagc. 3. Applicalion of Payments. Unless applicable law• proriJes otherw•ise, all payments recei~•ed by l.ender un~er the Nate and paragraph~ I and 2 hereof shall be applied by Lcnder 6nt in pa~~ment o( am~~unts payahlc to 1_ender by Borrawer under paragraph 2 hcrcof, then tu interest payahle on the ;\ote, then ~o the principal o( the Note, and then to intcrest and principal on :~n~• Futurc Advanccs. 4. CharRes; Liens. Bc•rruwer tihall pay~ -all tarec, a~~es~ments and other chargec, fineti and impu~itions aunbu~able to the Propert~~ which may attain a prioriry over this A1ortgage, and Ieasehold p;~yments or ground rents, if any, in the manner provided undcr par.igr~ph 2 hcreof or, if not paid in such manncr. h}• Borrow~cr making paymcnt, when due, directly to the payee thercof. Borrower shall promptly furnich to I_enJer all notices of amountc Juc undcr this paragraph, and in the event Borruwer shalt makc payment directl~•, Borru~~r thrll prompNy (urnish to LenJer recciptti ~videnrmg such payments. Borrower shall promptly Jiuharge any lien ~hich has priority over Ihi~ Mortgage: pro.•~deJ. ~hat Borrower tihsll not be required to diuh•rrge any such licn u~-long as Borrower shall •rgr~c in ~riting t~. the pa~ment ol thc oblig:~tiun secureci by such lien in a manner acceptable to LenJer, or tihall in ga~ f;~ith contr~t ~uch lien by, or ~efend enforcement of such lien in, legal proceeding~ which operate to prevent the enfi~rcemcnt of the I~en or torfeiturr o[ the Propertp or an~• pan thereof_ 5. Hazard Insurance. Borrowcr ~hall kccp thr improverrirnt. now• r~i~ting ~-n c~rcaftcr crected on thc Propcrly incured against loss h~• fir~, h~zardc included w•i~hin the term "r~tcnde~l c~~vcrage", anJ .uch other hatardc a~ I endrr ma~~ reyuire an~ in surh amuunts and for surh ~xri~lti a. I.cnder may rryuirc: pru~idcJ, that I cn~cr ,hall not rcyuirc th:~! Ihc amount of such cu~~~ragr cxcccd that am~~unt af co.cragc reyuircd a, ~:~y thc wmti ,r~ur~J h~• th~~ ~tortgagc. The ~nsurance carrier providing the inwranre .hall he chu.rn hy BurroNrr wbject ta appro~•al b~~ Lender; provided. that surh appro~al .hall not M: unreawnahly withhcld. :~il prrmium. ~m insuranrc pulicies ~hal3 bc paid in thc manner providcd undcr paragraph 2 hcrcof ur. if not paid in ,urh menncr, bti• B~~rroHCr making paymcnt, w•hcn duc, direcUy to thc i~isurance carrier. All insuranre policies and renetials ther~ol shall tx in forni acceptabk to I.enJ~r rnd shall includr a ctandard mortgage clausc in [av~~r ~~f and in form acccptahlc tu Lcndcr. Lcndcr ,hall hav~ lhc right to holJ th~ polirics and rcnewals thcrcof. and Borruwcr ~h:ill promptl~~ furnish to Lrndcr al( rrncw•al noticcs and all rcccipts of paid premiumc. In thc e~•cnt o[ loss, Borrower ~hall g~~•e prompt notice to the imur.,ncc carrirr a~d LenJer. Len~ler mry make pnx~t ot loss if not made prampdy~ b)' Burrawcr. Unless Lendcr and Borrow~cr otherw~,r agrce in Hnling. imurance pnk-ccJt shall be applied to restorati~n or repair of tFx: Propert}° ~lamaged, proviJeJ such rcuorauon or reprir is ccunomicallp fea~ihle and the security of this 1~lortgage is not ihereby impaired. 1( wrh re~toration or repa~r is n~~t ccun~~mirall~~ (cacible or i( the securily of thic ~1o~tgage would .bP impaired. the insurance pr~xeedt shall be applic.l tn thr .ums .ecurcd hp this Mortgage. with ~he exee~s, if any, paid to Harrowcr. If thr Property is ahanJ~~ncd h~ B~urower. or it Borruwer fails t~ res~nd to 1 endcr within 3U days trom the .late notice is maded by Lender to Borrower that ~he •insur:ince carner ofTen to se~tle a claim for inwrance benefits, LenJer is authorized to collect anJ apph• the inauranre proceeJ~ ~t Lender's option either to restoration or repair ot the Propertp ur to the sums ~ccurcd b~• this ~fortgagc. Unlcsc I_cndrr and Borr~~wcr uthen+ix agrec m wnting, an~ such application of pn~ccds to prmcipal shall not c~tend or postpene the du~ date of th~ m~~nthl~• imtallmentc referred~~~• in paragraph5 I and 2 hercof or change the amount ot such :n~tallment~. ll under paragraGh l8 hereof the Properly is acyuued b~ I~nder, aU right, ~ide anJ interest of Rurrower in and to anti imuranrc policics and in and u~ thr pnxeeds thrreof res~dhng trum damage to the Propcrty prior to ~hc sale or acyui~ition shall pa~s to LenJer to the e~tent ot the tiums securcJ by this ~fortgage immediately prior to such sale or acquisition. 6. Presenalion and ~taintenance of Propert~: I.eaceholds; ('ondominiums; Planned Unit De~•elopments. Borrowcr ~hall krep thr Property in good repair and shall not commi~ w•aste or permh imp:~irmcnt or deteriotation of the Property and shall cumpl~• with ~he provisions of any lease if this Mur~gage i~ on a i~aschuld. If thic ;-fortgage is on a unit in a ronJominium ~~r a planncd unit devel~~pment, Borruwcr .hall ~xrform all of Borruwer's obligadons under the decl:~ratu~n ur covenanls creating or governing thc condominium or planned unit development, the by-laws and regulations of the conJomin~um ur planned unit Jevclopmen~. :~nJ constitucnt documents. If a condominium or planned unit Jevelopment n.ler „ r~eruted by Borrower and recordeJ ~ugether w~th this Mortgage, the covenants and agreements of such rider ~hall be ~ncorporated ~nto and shall amend and supplement the co~enants and agreements of this Mortgase as if the ri~er ~ere a part hereof. 7. Proteclion of I_enders Security. If Bi.rrow~er fads to ~rf~~rm the coven~ntc and agreements cuntained in this Mortgagr. ur if an~~ :~ct~on or proceeding ic commenccd wh~ch materiall~• :~fT~cts LenJcr's interest in ene Propert~•. including. hut n~~t limucd ta, rmuicnt domam, in~oh•cnry~. .~xlc cnfor~cmcnt. or arrangcmcnts or proccedings invol~~ing a bankrupt ur deccdent. then Lender at Lender's option, upon notice t~ Borrower, ma~ make such appearance+. Jisbur~e such sums :mJ takc such aciion ac ~s nece~.ar~• t~~ prrneet 1_ender's ~ntcrest. mcluding, but not IimrteJ ro, disbursement o( rcasonrhle auornc)~'s tccs and cntry uFxm thc Pri-pcr~~ Io makc rcpair~. I( I.cndrr rcyuircd mortgagr imuranre as a conditi~~n af making the loan ~ecurcd b~ th~• lfortga~e, Bi~rruw•rr shall pay the premiums requireJ tn maintain such insur:~nce in efTect i~ntil tiuch time as ~he reyuiremenl for such msurance terminatcs in accordance with Borrower's and ~ ~~. - ~~-~2;~x ~ ~~:.. _ . . __ _ _ ~ s~~x346 pa~E 35 - - 800K347 Pa~E25g4 t :--._t , _. . ~~ . .~~:~:~~