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Home My WebLink About1132Borrower a~d l.ende~ rnvenant and agree as fotlows: 1. Payment of Principal aad tAterest. Borrower shall promptly pay when due the p~ncipal of and interea! on the indebtecinesa evidenced by the Note, prepayment and late charges as provided in the Note, and the principai of and interest on any N uture Advunces secu~ed by this Mortgage. 2. Runda for Taxea aad lneurance. Subject to npplicable law o~ to a written waive~ by l.ender, tiorrower shall pay to IAnder on the duy monthly installme~ts otprincipal and intereat are payable under the Note, until the Note is paid in full, ai xum Iherein "Funda") eyual tu one twelRh of the yearly taxea and assesamenta which may attain priority over this Murtgage, nnd ground rentx on the ['ropeirty, if any, plua une twelfth of yeurly premium installments for hazard insu~uncr, plus unrtwelfth of yea~ly prrmium instullmenlx for mortgt~Kr insurnnce, if uny, aU t~s musonably eatimated initially and from time to time by l.rnder on the twbis ot a.4sessmentx and billx and reasonablr extimutea thereof. The Ftinds ahall be held in a~ ioatitution the depoaits or accountx of which are inaured or gusirantred by a Federal or State agency (including l.ender if l.ende~ is auch a~ institution). l.ender sh:ill apply the F unde tu p:-y suid taxeu, ~asese:ments, insurnncr prrmiuma and ftround renta. l.ender may not charge for eo holding and applying the Funda, nnalyzing at~id nccount, or verifying and cnmpiling said aeaesaments and billa, unlesa I.ender paye Borrower inlereet on the Runds and applicable luw permits I.ender to muke such H charge. liurrower and I.e~der may agree in writing at the time ot execution ot this MortgAge thut intereat on the F unds e~ht~ll be paid to Rorn,wer, nnd u~leae euch agreement ia made or applicable law requires auch interest to be paid, l.ender shnll out be reyuired to pay E3orrower any inlereat or earnings on the Nunde. l.ender ehall give to Borrower, without charge, an nnnunl acn,unting af the Funda showing credits c~nd debita to the Funds and the purpoae for which each debit k- the Fundx was made.'R~e F'unds are pledgecl as additiona! yecurity for the sums srcumd by thia Mortgage. • !f ihe amount of the F~nda held by t.ender, together with the futurr munthly insG~llments of F~unds paynble prior to the duedates of taxes, asaeasments, inaurance premiuma and ground rents, sh~ll exc rc! the :-muunt required to pay asiid taxes, asxessmenta, :nsurance pmmiume nnd ground renta as they fall due, auch excesa shall be, a! BoiTOwer's optiqn, either promptly repaid u~ l3s,rrower or crediteci to Eiorrower on monthly inatallmenfs of Funds. If lhe amount of the N unda held by I.ender shall not be sufficient to pay taxes, axses,ments, insurance premiuma and ground renta as they tall due, f;orn~wer sHall pay to l.rnder any amuunt nr~r~Qary to make up the deficiency within :i0 days from !he date notice is mailed bv I.ender to t;orrower mquesting payment thenr,f. ~ Upon payment in full of all aums secured by this MortRage, l.ender shall prumptly refund to iiorrower nny fundx held by I.ender. lf under paragraph 18 hereof the Property is suld or the Properly is utherwise ucyuired b~• I.ender, I t•nder sh:dl apply, no latrr than immediately prior to the s~le ef the Property or its acquisition by I.ender. any F unds held by I.ender at thP time of application as a credit againxi lhe sums xe~ ured by thia Mortgage. 3. Application o[ Paymenta. Unless applicable law pn-vides otherwise, all p:~ymen~s received by I.ender under the Note and paragraphe 1 and 2 hereof shall be applied by I.ender first in payment of amounts payable to l~ender by t3orruwer under paragraph `l hereof, then to interest payable on the Note, then to the principal of the Note, :~nd then to interest and principal on any F uture Advancrx. 4. Charges; I.iens. RorrowcrshnU p:iy ~ll taxes, ass~:csmcnts:~nd uthrr.•harK~~, fine~ and imW~sitiuns atlribu!able to lhe Property which may attain ~ priority over this MortK:~Ke, and Irasehuld p:~yments ur Knwnd rents, if any, in th~• manner pru~•ided under paragraph 2 here~,f or, ~f nut paid in such manner, by Rorrow~er makin~; p.iyment, when due, dirrc•tly to the p:~y~r• thercr,f. Rormwer chall promptly fumish to I.ender all notices of ~moun~s due under this paraKraph, :-n~1 in thc r~•ent Korrow•er shul) m:~k~• p:~>•m~~M dirc~-tly, liurru~ver sh:~ll proinpdy furnish t~~ I.rnder receipts evidencing such paymenLti. li~,rruwrr shal) promptly di.charKe• :+m• lien w~hich has prii.rity u~•~•r this ~1urtK:~Ke; provid~d, th~t lia~rruwer sh~ll nut be reyuired to discharge an~• tiuch li~•n su lun~ :~~ fiurr~~w•er.hall a~,~rt~• in writink tu th~~ paym~•nt uf th~• ~~hliKation scrured by surh lien in a manner :icceptable to Ixnder, or shall in ;;~~xl f:~ith r~~nt~•st such li~•~ by, ~~rd~d~~nd i•nG~n•~•m~•nt of ~u~•h li~•n in, ir~;al pr~x•r~rlings ~•hich operate to pre~~ent the enfurn•mrnt of the lien or G~rG~rtum ~~f th~• I'ruEK•rt}- ur :in~• part th~•n~~f_ S. Nazard Insurance. Rorrower sh:-lt k~rplt-e impro~•~•m~•n1. nu:r ~•xi,tinK ur hrre:~ft~•r ~•rr~Ker1 un thi• Property insure~l aK.unst lose by fire, hazards included within the term "extendec! co~•i•raKt~," :~nd ~uch uth~•r har.ard~ .~s IA•nd~•r m.i~ n~c~uir~~ and in such .imounts and forsuch periods as Ixnder may require; pru~•idecl, that Ixnder shall nut r~•yu~re that the amuunl uf such cti~veraKe exc~Yd that .+muunt of cu~er.~yce rrquired to pa>• the sums scrund b}~ this MnrtK.i~;~~. The insur.incr t:vrif•r pru~•idinK th~~ in~ur:~n~~~• shall la• ~•h~~.~•n !ry 1{~~rn~w•~~r suty~•~~t t~~ :~pprucal h~• L~•nd~•r. prn~~id~Y1. th:~l such :~ppru~•al shall not t-e unreilM/Il:lf)I~' WI~IlI11•ld. r111 pn•miu~n~ un invur:in~-~• puh~•~~~. ,hall tK~ ~e:ud in th~• ~n:~nn~•r pr~.~•id~rl und~~r p:~raKr.~ph'.! herw~f ~~r. if not paid in such m:~nner, be li~~rruwer m:~kinK p:+> ui~•nt. a~h~•n du~•. ~iir~•cth~ t~~ th~• ~n.uran~•i~ c:+rri~•r. All insurance pc-licies and'mneveals th~•rrof -h.dl tx~ in furm acceptabl~• to I,~~nder an~l shall includt• a standard mortgaKecl.~use in fa~orof and in form acceptable tu I~rnder. l.endershall have tht• riKht u~ h~~ld the E«~liru~ti:~nd rent~wals thfre~~f, and Rorrowershall promptly furnish t~~ ~.ender all renewal noticrs and all rtK•ript~ uf pxid pn•miums. I~ tht~ t~~~ent uf Intis, fiurruw~•r,halt Ki~•e pron:{~t nuticr U~ the insurance carrier and l~ender. I.ender may make pnK-f ut loss if nnt made pmmpth• b~~ li~~rrow~•r. Unless [.ender and f3orruwE~r otherwise aKrre tn K•ritinK, insuranm pnx•reds ,h.+ll M• applird t~~ r.•st~~ratiun or repair of the ['ruperty damaged, provided such rrsG~ration ~ir repair is <ti•unumi~:+lly fca~~ble and the ~~evnty uf thiti 41ort~;aKe is not thereby impaired. If such rrstoration or repair is not ecunumicallv f~•:i~ih)e• or if thr ururity of this MortKaKe w•~~uld be i:npairpd, the insur:~nce proceecls shall beapplied to the suma secund bv this M~~rtKaKe, with lhr~~xri~s., if am•, ~):11(I ~I) I{/~RIINPr. If the Pro~•rty is:~bandonecl t-y K~~rrower, ur if li~-rrov~rr faila G~ reapond to I.ender within :i0 days frum thF• datc• r.otic~~ is mc~~l~d by I.end~~r tu Iinrn~w•er that thr in~ur~nce camer offers to settle a claim for inaurance benefits, I,ender is authonz~~i to coUc~•t :uid :~pph the inwr:~nc•t• pr~~~tr•d~ at t.rnder's uptiun either to restoration nr repair uf the Property or the sums secured b~ this ~1oriK~~KF linleas [.ender and E3orruwer otherwise :+KrtK• in writinK.:~n~• such :~ppl~cation of pr~K•~~eds tu principal ah~ll not extrnd ur pustpune thedue date uf the monlhly insi:~llment~~c refrrred tu in paraKraph~ 1 a~nd 'l hrrtti~f ~~r ch:~nKe the .~muunt uf such inst~~llmentx. If under garagraph IR herenf the Property is acquired by I.ender, all riKht, title :md iMi•rest of Rurn,wrr in and tu am• in~urance policies and in and lo the proceeds thereof reau{tinQ from damaKe to Property pnur tu the s:~le nr acqu~sition ~hall pass to I,c•nder to the extent of thP sums secured by this Nortgage immediately prior to such sale or acyuisition. 6. F'reeervation and Maiptenanceof Property; l.~•ayehulda; ('ondominums: Planned l.'nit Developmenta. Sorrowerahall keep the I'roperty in good repair and shall not cummit ~a.tr ur {x•rmit impairment or di~teriuratiun of the Pruprrty and shall comply w~th the provisions uf any lease if this MortKaKe i~c on a Ieas~~hold. If this ~1urtK.iKt• i. un a unit in .~ condominium or a planned unit development, }iorrower ahal) perform all of I~rrower's obliKati~~ns undi•r the df~•I:~rali~~n ur co~•enanls ~~r~•.~tin~;or Kucern~nK thecondominium or plannecl unit development, the by-lavcs and reRul:~tions of thi~ cundu~ninium or plann~d unit development, and constituent documentx. If a c~ondominium or planned unit de~elnpmrnl ndc•f t3 P%W'U~IYI f)y' I{~~ROW'Pr :+nd rtY•orded toKether with this Mo~igage, the a~~enanttc and :+Krrements uf such rider ~haU be inc•ur~~ur.~te~ci int~~ and ~hall .uiu•nd :~nd .uppl~•m~•nt thecorenants and aKn~•mentsof lhis ~1ort;caKeasillhe rider were a part herro[. ~ 7. Protection ot Lender'e Security. If Rorrr~wer faila to perform the rnvenanta and agreementa contained in this Mortgage, or if any action or proceeding ie commenced which materially aftecte I,ender'e intereet in the Property, including, but not limited to, eminent domain, ineolvency, oode enforcement, or arrangementa or proceedinRs inrolving a bankrupt or decedent, then I.ender at [.ender'e option,upon notice W Borrower may make auch appearancee, diaburee auch sums and take euch action ae ie necessary to protect I.ender's interest, including, but not limited to, disbureement of reasonable atturney'e fees and entry upon the F'ropeKy to make repaire. If Lender required mortgage ineurance ae a condition of making the lonn aecured by this Mortgage, Ei~-rrower ahall pay the premiume required to maintain euch ineurance in effect until euch time as the requirement for auch inaurance terminatee ~n accordance with Eiorrower'e and Lender's written agreement or applicaFle [aw. Borrower Phal) pay the amuunt of all morigage ineurance premiums in the manner provided under paragraph 2 hereof. Any amounte dieburaed hy I.ender perauar-t to thia paragraph 7, with interest thereon, ahall txrome additional indebtedneae of Korrower eecured by thie MoKgage. Unlesa E3orrower and I.ender agree to other terme of payment, auch amounte ehall be payable upon notice from I.ender to Korrower requeating payment thereof, and ahall bear intereat from the date of dieburaement at the rate payable from time to time un outetanding principal under the Note unlexss payment of interest at Auch rate would be contrary to applicable law, in which event euch amounte ehall bear intereet at the higheet rate permieieible under applicable law. Nothinq contained in thie paraqraph 7, eha11 require l.ender b incur any expenae or take any action hereunder. g~~~K 349 P~~~ i1:3~ ~ i ~ ~ ~ ~~y _ ~C .. . . ._.. .2 -- ...~-~~. ~~~ _ _ , . . ". -.. . ... -. _ . ..'. _.?•,`,~. „