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Home My WebLink About0932 li~~rrowe~ and I.ende~ covenant and agree as followe: 1. Payme~t uf Principal and lnterest. Borrower shall promptly pay when due the principal of und intereat un thA indeAtedness rvidenced by the Note, prepayment and late cha~gea as provided in the Nute, and the principal of und intrmat un any Future Ad~ ancea secured by this Mo~tgage. 2. ~rtds tor Taxes and Ineurance. Subject u~ applicnblc law or U~ n writt~•n wxive~ by lxnder, f3~,rruwer ahall p.+y tu I.rnder on the day monthly installmenta of principal a~d interest are paytible under the Note, until the Note is paid in full, a sum (hcn•in "Funda") equ:~l to one twelRh of the yearly ttuces and assee~aments which may att~in priority uve~ thia Murtgagr, and ground ren~~ un the 1'ropcrty, if.~ny, plus onP twdlfth of yearly premium installments fo~ hazard insurun~r, plus on~twelfth o[yearly pmmium instullments fur murtgage insurance, if any, all aa reasonably estimuted initially and firom time to tin~e hy I.endrr on the busis of .issc~sments und bills and reusun~+blr rstimutes thereuf. The Ftiinds shall be held in an institution the deEwaits or acc~wnts of which nre insured or Ruuranteref by a Federal or State aKr.ncy ~including l.ender i[ I.ender ia such an institution). l,ender shall ~pply the Funds to paysaid t.~xrs, aa~~:,.~mrnts, insur~ncr premiwns und Kruund ret?te. l.ender may not charge tor eo holding and applying the Nunds, analyzing s:iid :?ccount, or verifyin{; and cumpiling said :isseasments and bills, unleae l.ender paya Borrower intereat on the F unds und applicuble luw permits I.ender to make such u chnrge. Borrower :?nd l.ende~ may agree in writing at the time of execution of this MurlgaKe that interest on the Funds shall F?e paid /o Fiorn?wer, ~nd unless such agreement is made or applicable law requires auch interest tn be puid, I.ender Rhull not be requin•d to pay liurruwer any intrreat or earnings on the Funda. Lender shall give to Borrower, withoul charQe, an annual acc~~untinK ot the M L.~ds showinK creclit~ .~nd drbits to the 1~ unda and the purpose for which each debit to the Funds was made. The N unds are pledgrd as additiunal security for thesums secured by thie \lortgege- If the amount of the H unda held by t.ender, together with the future monthly inst:+llmen~s of F unds payable prior to the d~e dates of tt~xea, assessments, insurance pmmiums and Qround rents, shall exc~ecf the ~~mount requirrd to puy said taxrx, assrssmrnts, insurance premiums and ground renta as they fall due, such excexs shail be, at 13o~rower's option, either prumpdy mpaid to Iiorrow•er or credited to tiorrower on monthly installments of Funds. lf the am~~unt of the Nunds held t?y I.ender shall not be sufficirnt to pay taxrs, assessrnents, insurance premiums and ground rents as they [all due, 13~rrower shall pay to I.rnder any ainuunt nec~:~.~ry to make up thedeficiency within 30days from the date notice is mailed bv l.ender to Borrow•cr n~~uestinK payment thenY,f. Upon payment in full o[all suma secured by this AlortguKe, l.ende~ shall prumptly refund to F~~rtc,vrer ant funds held by [.ender. If under paragraph 18 hereof the Property is sold or the F'n,perty is othPnvise acyuirccl by l.ender, I.cnder shull apply, no latrrthun immediately prior r„ ~F~P 4AIP l!f ~}1P Pf/IOPT~ V f1T I~R AMU~AI~IOfl hY I PR~Pr SIIIV M UIIdC hPld hY IL~ndrr at the time of upplecalion as a credit aKainst thr sums secured by lhis Mortgage.- - r - - - . . • - 3. Application of Payments. Unless applicable I~w provides utherv~•ise, all pnymenLs received by I,ender under the Note and pa~ragrapha 1 and 2 hereof shall be applied by Ixnder first in pnyment ~~f amounts payable to I.ender by Borrov?•er under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, :~nd then to interest and prinripal on any Future Advances. 4. Charges: Liens. Borrower shall pay all taxes,.?sK•~cmi~nts and nthrr ~•har~i~s, finec and im{:.•>itiuns;?Uributable tu the Property which may attain ~ priority over this MortKaKe, and Ir:i~ehuld pa>•mentc or ~;ruund rents, if any, in the m:~nnrr prm•idtd under paraKr.~ph'l hereof or, :f ::ot paid in surh r.ianner, ~y l~~rr•c.w•er ma+kinK pc+~•m~•nt. whrn dur, dirtY•tly tn the p:~vtr therr~~C Kurn~wrr shaU prompth furnish to lxnder :~il notices of amounL~ due under this p:?r:iKraph, and in the t•~~ent Burrua•er shall make p:+rmrnt dircrth•, liorru.~•er shall prumpdy furnish tu I.~•nder receipLS evidencing such p:~ymrntc. Fiurruwer shall pruinpth• di.a•har~;~• any lif•n N•hich h:~. priurit~• oti•er thi~ ~1ort~;:?K~•: pro~~idcd, that f;~~rrower shall not t?e requircK! todischarKe any su~•h (it~n su I~~nk a. lt~~rr„w•~~r ~h;~ll a~;rtr• in K•ritin~: tu thr pa>•m~•nt of theubli~;:itiun scrumd by such lien in a manner xcrept:~ble t~~ le•ndrr. ~~r tihall in ~;~Nxl faith i•~mt~•.t ~ui•h lirn by. urdrfi~nd i•nfur~•rm~•nt uf ~u~•h lirn in. lr~;.il procecdings w•hich operate to pre~~r~t the enfurcement uf the lien ur furGtitun• nf th~• 1'ruprrtc ~~r any p:~rt then.~f. 5. Hazard Insurance. Rorrow•er ~hall krep the im~rru~•ement~ nuw• ~~xititinK or hen•after ere~c•tc~d un th~• Pro~•rt~ insurrd aKainst loss by fire, hnzards included within the term "rxtendtvl i•u~•er.~Ke.'~ :+nd wch nther hazard. as Lendi~r ma~• rtY~uire anci in tiuch amuun4ti:~nd forsuch periods as I.ender may reyuire; proeidrd, that l.~~nder shall n~~t r~•quire that the .+mnunt uf su~•h i.~~•f•raK~• c•xcE~iY1 that .~muunt of co~~erage rc~yuirt~ci to pa~ the sums securt~cl tn• thiti h1~~rtKuKt•. • The insur~nce camer pru~~~dink th~~ insur.~n~•~• .h:~ll iff• ~•h~~.~•n hy K~~rr,~~~~r.uh~~~~~t t~~ appru~:~l h~~ I.rnd~•r. pr~~.~idtv9. that such appruval shall not t?e unreasonably w•ithht~ld. r111 prrmium~ un in.ur.~n~•~• p~~li~~~~•~ .h:~ll iK• p:ud in th~• m:~nn~~r pr~~ci~iw) und~•r par.~~;raph'~ hrr:r~fur, if n~~t paid in such manner, M• Ii~rrnrH•cr ma~kiny; pn>'m~•nt, w•he~n ~1u~•. din•~•tl}• ti~ th~• in~ur.~n~~~• c:~rri~•r. All insurance policies and renew•als thert~,f shall t?e in furm ai•c~•pt:~blt• tu l.~~nd~•r:md shall includr:i ,tanilanl murtKaKeclause in fuvorof i ~ and in form acceptable to I.ender. l.endrr sh:ill ha~•c• thf• rikht t~~ huld thi~ p~~li~•i~~~:+nd rene•wal~ thenti~f, and linrruw•er sh:?Il prumptly furnish b~ i.ender aU renewal notices and .iU rM-~•ipts of p:~id prrmium.. In thi• ~•vr~~t ~~f I~~s~, fiurn~wer shall KivF• pr~~mpt n~~tice u~ the insurance r~rrier ~i ~ind l.ender_ I.ender may make pr~N~f of luss if n~rt mc~di~ prnmpth~ b~- K~~rn~wt•r. E Unlexs l.ender and lbrrow•er utherveic~• aKnK• ~n w•ntin?;. ~nsur.~nc~• pr«•r~~d~ tih:~t! tH• applied tu rrst~~r.~tion or repair of the Yroperty ~ damaged, providcd such restnr.itir~n or rep.+ir is eK•unumicall~ frati~bl~~ and the si~•unt~• uf this ~1urt~;aKe is nut thereb_r• impaired. If such f rt•storation or repair is not eronumic:illy f~•asiblf• ur if thr .iY•urit~ uf this \1~~rtKaKrNi~uld Im~mp.~ired, theinsurancPprocercls shall beapplied tr~ the sums secured by this hlortKaKe, with thE~ex~•~~.s. if any, paid l01i~~rrowe~r. If the 1'ru~•rt~• is abandonecl by I;OROWP~,ur if fiorrc:•a•er fails to ; rewpond to l.ender within :i~) day4 from th~• d:~tt• m~tic~• mail~Ki tr~• IA~n~I~•r L~ R~~rr~~w•er that the insurance carrier offers tosetUe a claim for ~ ~ntiurance 1?enefits, l.ender is authuriz~tii to c~~ll~yt :~nd :~pph• th~~ in~urani•~~ prvw•~Y•d~ at 1~•nd~•r'~ ~~ptiun either t~~ restoratiun or repair of the ~ Yroperty or the sums secured by thiv ~lorty;:+~;e. ~ Unless I.ender and F3urruwer othrrw•isf• ~~KrtK• ~n wnt~n~;, any ~uch applic.+tinn uf pr~rc•etK1s to principal shall not extend or postpone thedue ~ date of the monthly instal?mrnt~~ referred tu in para~;r.~ph~ 1.~nd f~en•nf nr chanKe the amount of such installmenGs. If under paraKraph IS hereof the Pmperty is acquind by I.ender, all nKht, title and intere,t uf f4~~rr~~N•er in .~nd t~~ any in~urance p~lici~~s and in and to the proceeds ~ thereof reaultinR from damaKe to Prnpert~~ prior to the sale or a~•qui.::Uon shall pas~ t.~ lA~nder to the extrnt of the sums secured by this :turtqaRe immediately prior to such sale nr acquisitiun. ~ 6. i'reaervation and Naintenancr of Property: lw~asehuldw; ('ondominums: Planned l'~it Developments. Rurrower shall keep • the Yroperty in ga~d repair and shall not cummit w•a~te• or p~•rm~t ~mpairm~•nt ur d~•teri~~rati~m of thr °-~~perty :+nd shall comply witn the ~ pr~~visions of any lease if this Mr~rtKaKe iti on :i If~a~~•h~~ld. If this 11ortKaKt~ is un a unit in a conduminium or a planned unit de~elopment, fiorrower ahall perform all uf RorruN•er's obliKati~~n. und~•r thr dcrlar:~h~~n nr ~•ucenunt. ~~r~~:~un~;or Kuvern~nK theconduminium or planned ? unit development, the by-laws and reKulatiuns of th~• rnndumimum ur plannccl unit de~elopment, and :•ons[ituent dcx~~mentc. ;f a ~ ~~~ndominium or planned unit de~•rlupment nd~•f IS /'%IY'U~IYI ~lY I;(Irf11K'f•r :ind recurd~ri tu~;rther with this MortKage, the covenanta and ~ ~~;rremrnts of such ride~r shall ix• inci~rpur.+t~~l ~nh~ :~nd .h:~ll amend and supplem~•nt thec~~c~~nants and a~;re~~mNntsuf th~s ~1ortKaKeasi[the ~ ~ rider were a part hereoC . ~ 7. Protection of Lender'e Security. If F3orruwer fails k~ perform the rnvenants and agreemeats contained in thie Mortgage, or if any , ~ actiun ~~r proceeding ie commenced which materially affecte I.ender's interest in the I'roperty, including, but not limited to, eminent domain, ~ ineolvency, eode enforcement, or arrangemenla or pmcee~sinKa involving a bankrupt or dececient, then I.ender at [.ender's option,upon notice to Borrower may make auch appearancee, diaburse such sums and take auch ac:ion as ia neceaaary to protect Lender'e interest, ~ including, but not limited to, diebureement of reasonable atturney's fees and entry upon the I'roprrty to make repaire. If Lender required ~ mortgage insurance as a condition o[ making the loan securcd by thia Mortgage, Borruwer shall pay the premiums req~~ired to maintt~in ~ euch ineurance in effect until euch time ae the requirement for auch ineurance terminatee in accordance with Borrowei s and I.ender e ~ written agreement or applicable law. Borrower ehall pay thr amuunt of all mortga{;e inRUrance premiume in the manner provided under paragraph 2 hereof. Any amounta diaburaed by I.ender perauanl u~ thie par.~graph 7, with intrrest lhereon, shall t?ecome additional ~n~ebtednesa of ~ f~rrower secured by this Mortgage. Unleas Borrower and l,ender aKree to o!her terma of payment, auch amuunte ahall be payable upon ~ notice from t.ender to I3~rmwer requesting payment therer~f, and ahall bear interest from the date of diabursement at the rate payable from ~ time to time on outatanding principal under lhe Note unleas+ payment of interee~t at such rate would be contrary to applicable law, in which ~ event euch amounta ahaU bear intereat at the highest rate permixaible under applicablP law. Nuthing contained in thie paragraph 7, shall require I.ender to incur any expense or tnke any action hereunder. ~ ~ ~ . , 352 P~.,E 931 ~ ~ ~ ~ ~ _ - - - ~r _ _ _ _ ~ .~f.