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Home My WebLink About2053Horrower artd l.ender covenant and agree as [ollows: 1. Payment ot Pirincipal a~d Interest. Eiorrower ahall promptly pay when due the principal of and intereat on the i~debledness evidenced by the Note, prepeyment and late charges as provided in the Note, and the principal otand intereat on any F uture Advuncea secured by this Mortgage. 2. I~lulds tor Taxea artd Ineuranee. Subject to upplictible law ur to A v- nUen waiver bp I.ender, l3urn~wer sha11 p~+y to l.ender on ihe day monthly installmenta of principal and interest are puyable under lhe Note, until the Note ia pnid in full, a sum Iherein "F unds") equal to one~ twelRh of the yearly taxea and assexsmenta which may s~ttain priority over this I-lortgagc, and Kround rents un the I'roperly, if a+ny, plus one twelhh of yearly premium instaliments for hazard inaurAnce, plus unrtwrifth of yes~rly premium installments for muetgaKe inxurnnce, if nny, ~t'i as reasonably estimated initially and from time to tin~e 6y I.rnder on lhe busis of assessments and bills ,~nd reuso~ublr cKstimatc~ thereot. The F~nds shal) be held i~ an institution ihe depoaits or accounts ot which are inaurcd or gu~~runteed by a hederal or State agency IincludinR l.ender i[ I.ender ia s~ch an inetitution). I.ender st~all apply the F unds to pay euid taxes, asaexsmrnta, insurance oremiuma and ground re~fe. Lender may not charge for so holding and appiying the Funds, analyzing said ticcount, or verifying nnd compiling said esaeasmenis and bills, unleae Lender pays Borrowe~ intereat on the Funds and applicable law permits t.rnde~ to make e-uch a charge. liorrower and l.ender may agree in writing at the time otexecution ~~f this Morige~ge thAt interest on the Funds shall be paid to Borrower, and unless euch agreement is made or applicable law requires auch interest to be paid, l.ender shall not be mquired to pay Iiorrower any interest or earninga on the Ftinda. l.ender ahall give to Borruwer, without charge, an annua) ai-counting of the F unds showing credita and debits to the Funde and lhe purpose for which each debit to the F unda was made. The F unds are piedged as additional security for thesuma secured by thie Mortgage. I[the amount otthe Eunda held by l.ender, t~rther with the [utum monthly instaliments of N unds payable priur to the duedatea of taxes, assesamenta, insuranre premiums and ground rnnts, ahall excred the umount requin~cf to pay s:iid taxes, assrr~ments, insurance premiuma and ground rents as they fall due, such excess shall be, at Bo~r,wer'4 option, eithrr promptly repaid to E3orrower or credited lo I3orruwer on munthly installmenta of Funda. If the amount of the Munda held by I.ender shall not be sufficient to pay taxex, assesamenta, insurance premiums and ground renta as they fall due, E;orrower shall psiy tu I,ender any :imount necessary to make up the deficiency within 30 days from the date notice is mailed bv I.ender to l3orrowrr n~yuesting pa~ment thereof. Upon payment in full of all sums secured by this MortKage, l.ender shall promptl~ refund to {iorruwer any funds held by I.ender. I[under paragraph 18 he~eof the Pcoperty ia sold or the F'roperty is othervvise acyuin~ b~• I.ender, I.~ nder shall apply, no later than immediately prior tu the sale uf the Property or itsacquisition by Ixnder, any Funds held by l.ender at the timr of applic:~tion as T credit against the sums secured by this Mortgage_ 3. Application of Payments. Unless Applicable law pr~~vides otherw•ise, all pay~ments received by l.ender under the Note and paragrapha 1 and 2 hereof ahall be applied by l.ender first in paymcnt of nm„unGc pay:~ble to I.ender bp Rorrow•er under paragraph 2 henrof, then to interest payable on the Note, then ta the principal of the \~,te, and then to interest and principal on ~ny Future Advances. 4. Charges; Liens. Borrowershall pay all ta!ces, ass~wsments and oth~•ri•hary~c~, fin~~ and im{Hisitiuns.dtributable to the Property which m.iy attain a priority overlhis MortKaKe, and le.isehold payments or y~ruw~d mnts, if any, in the mannrr pruvidrd under paraKraph'l here~-f ur, ~f not paid in such ma~nner, by Rorrower makinK paym~•nt, K•hen due, dirt~c•th• to the payir thrrt.d. liurrowt~r sh:~ll prumptl~ furnishto I.ender all notices of amoun~c due under this pxraKrap6, :~nd in th~~ e~•ent Itorruw•er ~h:ili maki• p:~~•ment dinY•th•, Rurn~we~r shall prompUy fumish tu L~~nder receipls e~~idencinK such p:n•mt•n~ti. !t~-rru~•er sh:ill prumpth• di.chark~• an~ li~•n w•hich ha. priurih• ~~~•c•r this 11uriK:ige; pro~•idctil, that R~~rrower shall not he reyuired to dischartie an~• ::uch lii•n w~ IonK :Iti I{I~RUN'/•r ~hall aknti' IIl N'fl~lll~; !O ~~ll' ~1:1\'f)lf•III Uf ~FIPUI~II~;atiun sc~ urrd 6y .uch lien in a manner acceptable to 1 a~ndrr, ur sh:ill in k~~Nl f:~ith iv~ntrst su~•h li~•n 6~•. ~~r d~•frn~l ~•nfon•~•m~•nt ~~f su~•h iii•n in,1~~~;al pnK•eeclings w~hich oprr~te to pre~•ent the rnforcement of the lirn ur furfc•itur~• nf thr 1'n~{N•rt~• nr :~ny part thi•ntirf. 5. Hazard Insurance. Korrower shall keti~p the impru~•ements noK• c•aistin~; ur hrn•aftE~r t•rectrd un the f'ro~ri~• insured aKainst loss by fire, hazards included v-ithin the term "extended n~veraKf~." .u~d su~•h other hazard. ;is 1 xndrr may nY~uire a~nd in such amounts and forsuch periods as Ixnder m~iy re~e~uire; pru~~idrel, that Ixnder ~hall nut reyuin• that thf• amuunt uf su~•h rn~•~•r.~Ke exrcti~cl that a~muunt of coveragr rc•quired to pa~ t~-e sums sec•uttrl 1»• thiv 11urt~:1~;~~. The insurance carrie~r pm~•idin~; th~~ inwrnni•r .h:Jl !a• ~•)u~.~•n hy K~~rn~~~~•r .uh~~•~~t h~ appr~~v:~l !.r 1.~•nd~•r. pn~cidi~l. th:~t .urh :~ppru~~al shall not i-e unreau~nabh• w•ithh~•Id. All premium~ un in~ur:uu~~• ~N~lu~i~••:h:~ll 1N• p.~i~1 in th~• rn:~nn~•r pr~~ ~dwi umlrr par:~Kr.~ph ~~ ht•n~~f ur. if nut paid in such manner. b~• fi~~rt~~wcr mak~n~; p:~~m~•nt. ~eh~~n ~lu~•. d~n•~ tl~ t,. th~• ~n.ur:mi•t• ~:~rnrr Ali insurance policie~ and renew•als therruf shall lK~ in form ac~~t•ptahlo t~~ I.~•nd~•r and shall ~ncludr a~tandard mortKaKe clause in fa~•orof and in furm acceptableto I.ender.l.endFrtihall hac~~ th~• ri~;hf a~ h~~Id thr F~~iu•if~:md rrn~•w:~l. th~~n~~f. and Itnrr~~K~er chall prnmptly furnish to ~.ender all renewal noticc~ and all rc~cripts of p:iid pn•miumv. In tht• ~•~•c•nt of luss. 1{„rn~H•Pr.hall ~;ivr pr~,mpt n~~tice tn the insurance camer and l.ender. l.ender may make pr~N~[ nf Incc if n~~t madr pr~~mptl~• b~• linrruw~c•r. Unless Lender and &~rrow•er otherv-•isi• aKrre in w•ritin~;, insuran~Y• pr~K-i~~d~ ~h.~ll IN• :-pplied to r~~+tur:~t~~~n nr repair of the Propert~ damaged, provided such resG~r:~tiun ur repxir i~ e~s•on~~mi~•:~Ih• fi•a.ibl~ and thr st~~unt~• ~~f this ~1urt~;:~Ke is not thereby impaired. If such rrsWration or repair is not economic•:+Ih• f~•asihl~• ~~r if the 4ir•urity uf this J1~~rtKa~;e• w~~uld tk~ impairEKi, thF insur.~nce proceeds shall hrapplied tu the sums secured by thi~ lllortKaKe, with t h~• t•xct~.x, ~f a ny, p:~id t~r l3~~rruw•er. l f the 1'roEx~rty is .~t~:~nd~ ~ned by IiorruN~er, or if I3nrrower faila to re3pond to l.ender within :i(1 days frum the Jat~~ m~ticr i~ mail~d by 1 A~nder tu It~rrrox•t•r that thr msurance camer nffers to settle a claim for msurance t-enefits, I.ender is authurizetil t~~ ~~~~U~Y•t and apph• thr insur:ini•~ pnN•~y~ds at 1~•nder's npti~~n rither tn restoration ~~r repair of the Property or the sums secured by lhic A1ortK.~Ke. - Unless l.ender and RorruNer ~~therwise aKr~ti• in K ritin~, an}• such :~pplicati~m uf pr~K•t~yls tn principal chall not extrnd or postp~~ne thedue date of the monthly installmen~s rrferrecl to in paraKr.~ph~ 1 and 'L !~t~rw:f ur ch:~nKt• th~• :~muunt of such insuillments. If under p:~raKraph IH hereof the Property is acyuircd h~ Iknder, all riKht, titl~~ and intere•st ~~f Rnrruw~r in and tu .~n>• insuran~•e p~licit~s and in and to the proceeds thereof resultinR from damage tn Property priur to th~~ s:-I~~ or aryui.~tiun shall p.i~s tn te~nder to the extent uf the sums securcd by this ~1urtKage immediatelv prior to such sale or acquisition. 6. Preservation and Maintenanccof Property; I.ease•holds;('onduminums; l'lanned Unit De~~elopmenta. Borrovrershall keep the Property in g~wd rep:+ir and shall not cammit w•a~tt• ~~r ~•rmit impairmf•nt nr dt•teriorc~tiun nf the I'r~rperty and shall comply w~th the pro~~isions of any lease if this MorttiaKe is un a leacehold. If thic 11~rrtKaKt• is nn a un~t in a rnnduminium or a planned unit development, Iiorrower shall perform all of I3urruwer's ublikationv under the dcY•I:iratinn ~~r ~•ucenants ~•m:~hn~;or Ku~•ern~nK the cund~~minium or planned unit development, lhe by-laws and reKulations nf the conduminium or pl.+nn~d unit de~~elopment, and constituent doruments_ If a ~~nndominium or planned unit develupment rider i. exetivtecl by }iorrowrr and rfY•nrdcyl tuKether vrith this ~tortKaKe, the rnvenants and :iKreements of such rider shall tx• in~•~~r{H~ratc~l int~~ and .hall :~mend ;~nd .upplt~m~~nt thF•~•~~cenanls and aKn~c~men4ti of this 11urtKa~;e as if the nder were a part hereof. 7. Protection of Lender'e Security. !f Borrower faile tu perform the cvvenanta and agreements contained in thie Mortgage, or if any action or proceeding ie commenced which materially affecte I.ender'e interest in the I'roperty, inclading, but not limited to, eminent domain, ineolvency, code enforcement, or arrangementa or pmceedinge _involving a bankrupt or dr-edent, then [.ender at Lender'e option,upon notice to Borrower may make auch appearancee, dieburse such sums and take euch action as ia neceasary to protect I.ender'e intereet, including, but not limited to, diebursement of reasonable attomey's feeer and rntry upon the Property to make repaire. If Lender required mortgage ineurance as a condition of makinq the loan secured by this :1lortgage. Borrower shall pay the premiume required to maintain euch ineurance in effect until euch time as the requirement for auch insurance terminatea in accordance with Borrower's and [.ender'a written agreement or applicable I.siw. Rorrower ehall pay the amount of all mortKaKe insuran~e premiuma in the manner provided under paragraph 2 hereof. Any amounte dieburaed by l.ender persuant to this paragraph 7, with interrat thereun, shall bm~me additional indebtedneae of F3orrower eecured by thie Mortgaqe. Unleas E3orrower and I.endet agree to other terma uf puyment, such amounta ehall be payable upon notice from Lender to Borrower requeetinq payment thereof, and ahall bear interest fro~n thP date of diabureement at the rate payable from time to time on outetanding principal under the Note unlexs payment of intereat at auch rate wuuld be contrary to applicable law, in which event auch amounts ahall bear intereat at the higheat rate permisaible under applicable law. Nothing contained in thie paragraph 7, ahall require [.ender to ':ncur any expense or take any action hereunder. anox ~5Q P~cE~,~j1 ~ ) 1 ~ 9 ~ :~°'-