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Home My WebLink About1883F3orrower and l.ender covenant and agree as follows: 1. Payment of Priacipal and Interest. BoROwer shall pn~mpUy pay when due the principal of and intereat un the indebtednesa evide~ced by the Note, prepeyment and late chargea as provided in the Note, and 1he principai of and interest on any Future Advnnces aecured by this Mortgage. ~ 2. F`unde for Taxee and Ineurance. Subject to applicnble li+w or lo a written wa~iver by I.ender, Butrowe~ shall p:iy lo l.ender on the day monthly installmenta of principal aod interest are payable undrr the Note, until the Note ix puid in full, a sum Ihrrein "F unda"1 equal to onr twelfth ot the yearly iaxea and asacsaments which may attain priority uver thia Mortgage, iind ~ruund rnnts on the Properly, if any, plua onr twelflh of yearly premium installmenla for hxzard insuranrn, plusonPtwelfth ofyearly premium installmcnts for mortK:~Ke inaur:~nce, iluny, xll aa reasonably eatimated initially and from time to ti~r~e by Ixndrr on the basis of assessments a~d bills :+nd ~e:-son:~ble estimutrx thereof. The Flinds ehail be held in an institutiun the depusita or accounts of which s~re insured or gunr:-nteed by a Mederal or State aKency (including Lender if I.ender ie auch an inetitution). l~ender shall apply the Funds to pt~y said tUxes, a~vessments, insurance premiums nnd grou~d rents. l.ender may not charge for eo holding a~d applying the Munds, analyzing sa~id account, nr verifying und compiling aaid aseesaments and billa, unleae I.ender paya Borrower inte~est on the F unds and applicable law pemnits I.ender to mE~ke such a charge. E3orrower and I.ender may agree i~ writing at lhe time of execution of this Mortgiige that interext un the Funds ahall be paid to liorn~wer, and uniexs such agreement is made or applicable law requirea auch intereat to be paid, i.ender ahall not be requimd to pay E3orrovrer any internat or eaminga on the Flinda. [.ende~ ahall give to l3orrower, without charge, an tinnual nm,unting of the N unds shuwing crcdita and debite to the Funda and the purpose for which each debit to the F unde was inude. The Fundx are pledged as additional security [orthe suma xecured by thie Mortgage. If the amount of the Funds held by I.ender, together with the future monthly inst:~llments uf Funds payable prior t~~ the due dates of taxes, assessments, inaurance premiums and ground rnnts, shall excred the t~muunt requirctii to pay said taxes, axsessmrnts, insurance premiuma and ground rents as they fall due, auch exceas shall be, at E3oiTCwer's option, either promptly repaid to Borrower or credited to liorrower on monthly inatallments of Funda. If the amuunt of the Munds held by I~ender shuU not be sufficient io pay t~xes, asseavments, insurance premiuma and ground rente as they fxll due, &-rruwer shnll pny to I.ender any :+muunt neccxsary to make up the deficiency withi~ :i0 days from the date notice is maifed by (.ender lo EbROwer requestinK pnyment thercr~f. Upon payment in full of aU sums aecured by this MurtguKe, l.enclec shaU pmmptl~ refund to Fi~rruwer any funds held by l.ender. lf under paragraph 18 hereof the Fnrperty is sold or the i'roperty is otherwise acyuired by I.ender, I~ender shall apply, no Inter than immediately prior to the sale of the Property or its acquisilion by l.ender, any F unds held by 1~ender a~t the lime of application as n credit against the sums secured by this Mortgage. 3. Applieation of Peymenta. Unless applic:ible law provides othervvir,e, all payments received by I.ender under the Note and paragraphs 1 and 2 hereof shall be applied by l.ender f rxt in paymeM of amountx payablr to l~ender by Borruw~er under parag~aph 2 hereof, then to intereat payable on the Note, then to the prinripal of the Note, and then to intemst ~nd principal on any Futurn Advances. 4. Charges; Liens. F3orn~wershall pay all t:-xr+, asse.sments and uth~•rchar~;~, fin~~:~nd imFH~sitiuns attributable tri the Property which may attain a priority a~•er this Mort~;.i-;e, and I~~asehuld paymrnts ~~r tiruund rents, if any, in the manni•r providecl under paragraph `l hereof or, ~f not paid in such manner, by 13orruw~er makinK p:rvment, w•hcn duc. dira•tlp to the pay~r tht•f('11(. "Uff1~N'Prshall prumptly furnish to [.ender ~~11 notices of amoun~s due under this par:~~;raph, and in th~ e~•ent ITorrua~~er shall make pa~•mc•nt dinr•th•, liurruN•i•r shall promptly furnish to I.ender receipts evidencinK such paymentx. li~~rrowrr shall prompth• di~ch.~rK~• :~n~• I~en which h:~s prinrit~• ~~~•~r Ihis ~tort~;:~ke; pn-vided, that Korruwer shall not bi~reyuired todischar~;t~:~ny such lien s~~ 1un~; as Kuhn~N•~r ~h:~ll aKrtY• in writin~ to th~~ pa~~mrnt uf th~• ubli~;:itiun securtvl by .uch lien in a mannrr accrptable tu Iw~nder, or shall in k~NHI taith r~mt~•st .uch !it•n by, ur di•frnd enfun•~~m~~nt:~f wch li~•n in, le~;al pr~x~ri~inKs ~•hich operate to prevent the enformment u[ th~• lien ~~r furf~•itun• ~~f th~• Pn~pf•rty ~~r am• part thertr~f. 5. Hazard Insurance. Rorrower shall krep thi• imNn~~~~~nt•ntc nuvic e•x~stinK ur he•ri•afti~r enY•tetl nn the 1'ruperty inwured:~Kainst loss by tire, hazards included within th~• term "extende~cl iY~s•era~r," anJ ~uch other hazard. cis Ixnder may rrc~uim and in such amuunLs and forsuch prriods as Ixnder ma~ rrquire; pruridtKl, that Ixnd~~r .h:J{ ~iut n•yuirt~ that the :~muunt uf cu~•h ~ti~veraKe exc~~d that amuunt of coverage required to pay the sum~ securcd h~• thi: \1~~rtK:+K~~. The insuranm carrier pro~•idinK th~• ~nsur.in~•~• shull br ~~hi~.~•n h~• liurrnw~•r ~uhj~~•t t~~ :~ppn~~•:~I b~• Li•nd~•r. pr~~~•i~1iti1. th:it su~•h apprua•al shall not t-e unrea~~nabh• withh~dd. rVl prrmiums ~m in.uran~~~• FN~h~~u~~ •hall iN• p:ud in th~• manm•r pr~~vid~~! undrr para~;r:~ph 'l hrnr~f ur. if not paid in such manner, b~~ fk~rr~~H•c•r mak~n~: p:~~•~n~•nt, ~ch~•n du~•. ~finr~tlc tu Uu• in.uranc-r i•arnrr. All insurance policies and mnrwals thereti~f shall t-e in form a~•i•~•ptablt~ tu 1 ~•nder and shali includr:i stand.~rd murtiCnKeclause in fa~•orof and in form acceptable to I.ender. (.rndPr sh:+ll ha~•e tht• ri~ ht u~ huld thr ~n~ii~•irc and n•m•wals thenti~f. and li~~rruw•er shall pmmptly fumish to ~xnder all renewal noticrs and :ill rert~iptti of p:ud pn•miums. (n th~• i•v~•nt uf lu.s, liurruwer ~hall Ki~•~• pr~~mpt nutice U~ the insurance ~~arrier .~nd [.ender. l,ender may make pr~H~f uf losti if nut m:id~• prumplh• b~~ Iturrow•er. Unless I,ender and liorrower othPrwiu• .~Krer in w~nlin~;, insur:~nc.• F)fIN'l4~ds shall M• applird to rrsturatiun ~ir repair of the f'roperty damaged, pro~~ded such re~toraliun ur repa~r is M•~~numii:~lly fe:+~ihle and the uyunt~• of th~s ~1ortK.iKe is nut thereby impaired. If such rrstoratiun or repair is not economically fe•asibl~• ~~r if the st~•urit~ uf this ~1urtKaKe wuuld t~r impaired, the insurance procecds shall beapplied to the aumssecured by this A1ortKaKe, w~th th~•erc~•.., if am•, p:iid to R~~rruw•er. lfthe 1'ruperty is:~bandnned by Rorruw•er,or if 13orrow•er fails G~ reYpond to [.ender within :ill da~•s frum thc~ dat~~ nuti~•r is mai1M1 hy (.rnder !u t~orruwer that the in4ur~nce carrier offers to settie a claim for _nsurance benefitx, I.ender is :~uthunzrcl a~ ~•~~iir~•t .~nd appl~ th~• ~nsuran~•r pr~K~w~d• at 1.rnder's option either to recturatiun or repair of the Property or the sums secured hy this ~1ortK~~K~' ' Unless I.ender and E3orrower otherw•is~• aKrt~• in w•nhnK. any surh appli~~crt~un uf pnK•cYKls to principal shall not extend or p~stpone thedue date o[ the monthly installme~~ti rrferrc~ tu in p:vaKraphs I and'~ !~ert•of ~~r ch:Uly,E• ~Ilk' :-mount of such installmrnts. If under paraKr.iph 1!~ hereof the Property is acquircd by I.ender. all riKht, title and int~•rf•st uf RurroN•er in and tu .my ~ntiurance policies and in and to the proceeds thereof resulting from damage tu 1'roperty prior tu thc• ~:~le or a~•qu~.itiun .h:~ll pa.s t~~ IA~nder to the extent u! the sums secured by this 41ortKaRe immtdiately prior to such salP ur ~cquisition. 6. Preaervation and Meintenanceof f'roprrty: IxaKeholdr;('ondominums; l'lanned I'nit Uevelopmente. Borrowershallkeep the f'roperty in good repair and shall not cummit wa~t~• ur p~•rm~t ~mpa~rme•M or d~•terioratiun uf the Pruprrty and shall cumply w-ith the pro~•isions of any lease if this AtnrtKaKe is on a le.~srhnld. If thi:: ~turtKa~;r i~ nn a unit in a cundominium ur a planned unet development. Ik,rrow•er ahall perform aU uf i~rr~~w•rr's obligatinns undt•r thr dFrlarati~~n ur ~•u~•enants ~•n•:itui~;or Kocern~nK thecondominium <~r planned unit development, the by-law~s and reKulatiuns of the c~~ndominium ur p1:+nn~Y1 unit de~•rl~~pment, and cunstit~ent documentx. If a ~•ondominium or pl:~nned anit de~•elopmc~nt nder i~ ex~~•uttd hy I~l/R11M'er :~nd rerorded to{;i~ther w:th this MortKaKe, the covenants and :~Kreement~ of ~uch rider sh:~ll tx~ in!•~~riH~ratt~l int~~ and .h:~ll amend and .uppl••m~•nt th~•cn~•f•nants and aKrcrmentsuf this;llortKaKe:isifthe rider were a part heren(. 7. Protection of Lender'e Security. If E3orrower fails tn perform the cYn•enante and agreements contained in thie Mortgage, or if any action or proceeding ie commenced which materially affecte~ I.ender'a intereat in thr !'roperty, including, but not limited to, eminent domain, ineulvency, code enforcement, or arrangemente or proceedinQs involving a bankrupt or decedent, then I.ender at I.ender'e option,upon nctice to Borrower may make euch appearancee, disburee auch aume and take such action ae is neceesary to protect I.ender'a interest, ~ncluding, but not limited to, disbureement of reaeonable attorney's fees and entry upon the Nroperty to make repaire. If Lender required mortgage ifieurance as a condition of making the loan sxured by thia btortgt~Ke, liorrower ahall pay the premiume required to maintain euch ineurance in effect until euch time as lhe requirement for Auch ineurance terminatPa in accordance with Borrowei s and [.ender e written agreement or applicable law. Rorrower ehall ~y thc~ amounl of all mortKaKe inaurance premiume in the manner provided under paragraph 2 hereof. Any amuunti+ diaburaed by I.ender perauant tn thiR paragraph 7, with intereat thereon, shall bea~me additional indebtedneee of F~orrower eecured by thie Mortgage. Unlesa Fiorrower and I.ender agree to other terma of payment, auch amounte ehall be payabie upon notice from [.ender to E3ormwer requeating payment thereof, and ahall bear intereat fn,m the date of dieburaement at the rate payable from time to time on outetandir.g priqcipal under the Note unleas payment of interest at yuch rate would be contrary ta applicable law, in which event auch amounta ahaU bear intereat at the highest rate pertniasible under applicable law. Nothing contained in thie paragraph 7, ehall require I.ender to incur any expenee or take any action hereunder. ' h~7K349 F~GE~~g2 ~ ~ ~ • ~ ~ ~~_... ~ . .u _ _ ._ , 1 _ =~ ~ .t~~