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Home My WebLink About0403E3orrower and l.ender covena~t and agree as [ollowa: 1. Pwyment ot Prir~cipal and Interest. Borrower shaU promptly pay when due the principal of a~d intereat u~ the indebted~ese evidenced by the Note, prepeyment and latechargea as p-ovided in the Note, and Ihe principal of end interest on any Future AdvAncea secu~ed by this Mortgage. 2. F~tnde for Taxes and Ineurance. Subjecl to applicable la-w or to a written waiver by l.ender, liorruwer shall pay to I.ender un the day mo~thly inatallmenta o[ principa) a~d intereat are payable under the Nute, until lhe Note is paid in full, a sum (herein "Funds"1 cyual to onP twelfth of the yea~ly taxea nnd assessments which may attain priority over this Mortgnge, and ground rentx on the f'roperty, if aoy, plua one- tweltth of yearly premium installmenta for hazard inaurance, plus onrtwelfth of yearly premium i~Ftalimcntx for mortKuge i~surnnce, i[any, all aH reaaonably ealimated initiaUy and from lime to time by I.ender on the bnsis ot ut~esKments e~nd bills and ~easuni~ble estimatcw thereof. Ii~s F'unda ahall be held in an inatitution the deposils or accounts of which are insured or guaranteed by a Federal or State i~gency ~includiog l.ender if l.ende~ ia such an institution). l.ender shall apply the Fu~da to pay said taxea, assesxments, insurance prrmiume and Rround renta. l.ender may not charge [o~ eo holding and applying the Funds, analyzing suid account, or verifying ~nd campiling said asaesamenla and bills, unlesa I.ender pays Borrower interest on the F unda nnd npplicable law permitx Iknder tu make auch n charge. E3orruwer and I.ender may agree in writing at the time otexecution of this Morlgage that intereat on thr Funds ahall be paid to t;orruwer, and unleae such ag~eement ia made or applicable law requin.~a such interest to be paid, I.endeT ahall not be required tu pay Borrower any intereat or eamings on the Flinds. l.ender ehal) give to Borrower, without charge, an annual accounting of the M unds xhowing credilx and debita to the Funds and the purpose for which each debit to lhe F'unds was made. The Funds are pledKed as additional security for the auma secured by this Mortgage_ If the amount of the ~nda held by l.ender, together with the future monthly installments otF unds payable prior to the due dates of taxes, asaesaments, inaurance premiums and ground mnts, shall exc •eef the amount reyui~ed to pay said taxes, assrssments, insurance premiume and ground renta as they fall due, auch excess shall be, at E3o~rower's option, either promptly repaid to E3orrower ur credited to Borrower on monthly installmenta of Ftinds. If the amuunt of the Funda held by l.ender shall not be sumcient to pay taxes, asser:xments, insurance prnmiums and ground renfa ae they fall due, Rorrower shall pay ta I.ender any amuunt necessary to make up the deficiency w•ithin :i0 days from the date notice is mailed by Ixnder to Borrower mquestinK payment thereof. Upon payment in full of all auma secured by this Mortgage, l.ender shall promptly mfund to E3orrower any funds held by I~ender. !f under pa~agraph 18 hereof the Property is sold or the ('roperty is otherwise nryuired by I.ender, I.ender shall apply, no later than immediately prior to the sale of lhe Property or ita acquisition by l.ender, any M unds held by I.c~nder at the time of application ax a cre~cfit aKainst 1he sums secured by thie Mortgage. 3. Application of Paymenta. Unless applic~ble law pn~vides otherwise, all payments received by l.ender under the Note and paragrapha 1 and 2 hereof shall be applied by l.ender f rst in paymrnt of amounts payable to I.ender by I3orrov-er under paragraph'l hereof, then to intereat payable on the Note, then to the principal o[ lhe Notr, and then to interest and principal on any Future Advances. 4. Charges; Liens. F3orrower shal) pay all taxes, eis.aKsmrnLti and uther ~•harKe~, fine~ :~n~i im{H~sitions aUrihulable fu the Property which may attt+in a priority over this lllortK.iKe, and I~•.ISeholJ p,~ymrnts:~r Xmund rent~, if any, in the manner pru~•id~d under paraRr.iph 2 henwf or, if not paid in such manner, by fiorruwer makin~; pnyment, when dur, directh• t~- thc• p.i~~r therc~~f. Kurn~wer shall promptly furnish to I.ender aU notices of amounts due under this par.iKraph. and in th~• event li~~rrower shall m:~ke p.iyment direc•tl~•, {iorro~vi~r shall pr~,mptly fumish u~ I.ender receipts evidencinK such payment,c. li~~rruwer shal! prumpth• di~char{;r any lien whi~•h has priurit~• u~•i~r this 11urtKaKe; pttivided, that Rorrower shall not berequirecl tudischarKe any such lit~n su IunK as fi~~rn~wer shall aKr~~• in w•ritin~; tu th~~ p:~~•ment i~Cth~•ubliKatiun secured by such lien in a manner accept.~ble to I.ender, or ~hall in k~wK1 f:~ith ~•unt~•+t wch lit•n b~•. „r d~•fi•nd i~nfnnY•~nent ~~f wch lirn in, le~;al procc~dings which operate lo prevent the enforcrcemen! uf the i~en ~~r furf~•iturr ~~f th~• Pr~~EN~rey ~~r an~• part thenr~f. 5. Hazard Insurance. Korruwer shall keep the improvements nuw• existin~; or here:+fter ercrtt~ un the Prnprrty insur~d ~Kainst lo.gs by tire, hazards includecl withi~. the trrm "rxtende~d cuver:~Ke." and su~•h uthrr ha•r.ards ,is I.ender may reyuire and in tiuch amount,4 and forsuch periods as I.ender ma~• myuire; pro~•ided, th:i~ IRndt•r shull nut rryuire thut th~• :~muunt uf ~uch cY~~•eraKr ~•xcE~~d that .+muunt of cmeraRe required to pay the sums scrure~l M• thi~ MurtK:iKi•. The insurance carrier pru~•idinK th~~ in~uran~-~• ~h:III IN' CIIIISYII ~/~' ISII((~~K'Pf tiUI/~lY'I ~I~ appru~•:d h~• I.~~nd~~r. pr~~~•id~~i. th:-t sui•h appro~•al shall not be unre.-w~nabh• w•ithh~•Id. All pr~•mium. nn inwr:~rn•~• {N~lu•ii•..h:~ll iK• p:~id in th~• tnaon~•~,~~,~.~~~i~~i U~~~i~•r p:-ra~r.-ph Y, hert~~f ur, if not paid in such manne•r, b~• li~~rrnwer mak~n~; p:~ymrnt. Kh~•n dur. dinY•tl~ t~~ thr imur.~nc~~ i•arnt•r. All insurance policies and renewals thereu(sh.ill t-e in form acc~~pt:~blr tn 1 ~~ndi~r:~nd shall includr a st:ind:ird mortgaKeclauQe in favorof and ~n form acceptable to I.ender. I pnder shall h:ive tht• riKht to huld th~• {N~lii•if•~ and rent~w:~lti there~~f, xnd R+~rrow•er shal~ promptly furnish to ~.ender all renewal notices and all recripts nf p:~id prrmiums. In th~•.•~•rnt nf luss, li~~rn~wrr ~hall Ki~•e prumpt notice tn the insurnnce carrier and [.ender. I.ender may make pr~~f of loss if not madi• promptly b>• Kurr~~w•er. Unless I.ender :~nd 13orruw~er utherw•ist• :+Knr in w•ritin~, insuranct• prrx~~•rd. .hall -x• applie~l to rewturatinn or repair of the !'roperty damaged, provided such restoration ur rep:~ir i~ e~-~~nurnicall~• fea.iblr and thc• s~yunt~• uf Ihis MurtK.~K~ is nut thrreby~ imp:~ired_ If such rrstoratiun or mpair is not ecnnomic:ill~• feasihl~~ ~~r if thr ~f~•urity of this MurtK:1KP K'UUId IN• irnpairecl, theinsur.ince procc~ds shall t-e applied to the sums secured by this MortKaKr, with thr excrsc, if any, p.+id to li~~rruwc•r. If the !'roEx•rtp is abanduned by F3urrou•er, or if li~~rrow•er f~ila to reapond to l.ender within :itl days from th~ date nuti~r is m.iii~~r1 M~• I.endrr ui I;~~rn~wi•r that the ~nsurancr camer offers to setUe a claim for insurance benefits, I.ender is authuriz~rl t~~ cull~~c•t :+nd ;~pph• thr insur.~n~•~~ pr«•e~Y1s at I.c•nder's optiun rither to restoration or repair of the Property or the suma secured by this :11urtKaKe. Unless I.ender and F3orroNer otheru ise aKre~• in wntinK, any tiuch application uf pnK•eecls tu principal shall not extend or postpone thedue date of the monthly installments referred !o in paraKraphs 1 and'L herrof or chanKe th~ .imuunt of such installments. If under paraRraph 1K hereof the Property is acquired b~• 1.~•nder, :ill riKht, title and interrvt of Borrower in and tu .~n~ insurance p,licies and in and to the pr~x-eeds thereof reaulting from damaKe to 1'roperty priur to the s;~le nr a~•yuisitiun shall p:iss to I.~•nder to the extent uf the cums secured by this Mortgage immediately prior to such sale ur acquisition. ~ 6. Preeervation and :Naintenanceof Property: I,easehold~; ('c~ndominum~; Planned Unit Uevelopmenta. Borrow•ershall keep the Properly in R~wd repair and sh:ili not cummit w•aste or pe•rrnit imp:~irmF•~t ~~r d~•tt•riurat~~~n of the I'ropeRy and shall comply w~th the provisions of any lease if this D1ortK.iKe is un a leaceh~dd. If this llturt~;aKc is un :~ un~t in :+ nmduminium or a planned unit de~elupment, -ionower shall perform all of K„rrower's obliKati~~nc under the der•laratiun nr c~~~•~•nant. ~•re:~t~n~;or KuvernmK thecondominium or planned ~nit development, the by-laws and reKulatiuns of thF cnnduminium ~.r pl.~nnf~cl unit de~•elopment, and constituent documentx. if a rondominium or planned unit development rider is exe~c•utecl by F~~rrow•er :~nd n~•~~rdEti1 toKf•ther w•ith this MortKaQe, the covenantr, and :.~Kreements of such rider shai! f~ incurpurated intu and sh:~ll amrnd :ind suppl~•~m•nt the~ c•u~•~•nanL~ and aKn~rments uf this MnrtKaKe as if the rider w•ere a part hereuf. ?. Proteetion ot Lender'a Security. If Borrower failz~ to perform the covenante and agreemente contained in thie Mortgage, or if eny action or proceeding ie commenced which materially affectt~ I.ender's intereat in the E'roperty, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangemente or pmceedinga in~~olving a bankrupt or decedent, then [.ender at t.ender'e option,upon notice to Borrower may make euch appearances, disburse auch suma and take auch action as ie necessary to protect l.ender e intereet, including, but not limited to, diebureement of reasonable attorney's feee and entry upon the Property to make repaire. If I.ender required mortgage inaurance as a condition of making the loan aecured by this Mortgage, [3orrower ahall pay the premiuma required to maintain such ineurance in ef[ect until auch time as the requirement for eurh ineurance terminates in accordance with Borrower'a and Lender s written agreement or applicable [avr. Borrower ahall pay the amuunt of all mortgaQe ineurance premiume in the manner provided under paraqraph 2 hereof. - Any amounte dieburaed by I.ender pereuant to this par~graph ?. +vith intereat thereon, shall hecome additional indebiedneas of Borrower secured by thie Mortgage. Unlesa Borrower and I.ender aECree tn other terma of payment, euch amounte ehall be payable upon notice from [.ender to Rormwer requeetinq payment thereof, and ahall bear interest from the date of diebureement at the rate payable from t;me to time on outetanding principal under the Note unless payment of intereat at such rate would be cuntrary to applicable law, in which event euch amounts ehall bear intereat at the highest rate pertniseible under applicai~le law. Nolhing contained in thie paragraph 7, ahall require I.ender to incur any expense or take any action hereunder. ~ ~~;~K348 e~cE~~19 ~~;~K 349 ~~~E 404 Re-Eecor~ ~` ~~--~- ~ ~r~~~ t~2L"~..~i-s. ~~~-. .,,,~.,~,-,.t5~...~.,,r~=- . - ~- - ~ _ ~ ~ ~~~.~ ~~.~