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Home My WebLink About0004~• . . v '. Uwt~aw CovaN~nts. Borrowa aad Lende• covensnt and s~~a u tollows: i. Ar~eN N hi~elNl a^~i IMnwl. Borrowe~ shall p~omptly pay when due the principal ot and intetat on the ~ndeM~dae~s evidenoed bp the Note. prepaymeet and Iste charet: a.a provided in ~he Note. and the priocipal ot snd intercs~ on ~oy Futut~e Advances securd by this Mottsaje. 2. lwi~ tor T~M ~i l~wn~ce. Subjat to applica~+k Isw ~x to a written waiver by Leade~. ~orrowe~ shsll PAY to Lender on the day monthly installments of prin~ipal and mtcrcu a~ payshk under the Note. until the Note is paid in tuil, s suu~ (hxein 'Funds'~ eqwl to one-tvreltth of the yesrl~~ tasc. arnl assessmeots which msy attain priority ove~ this Mo~aje. and ~ro~u~d rena on il,e Pmpe~iy. it aey. plus ooe.twel(th of yeuly prcmium installment: ior huard insuronce. pltp oaatweltth ot yeuly premium installments (or m~taaje insurance, it sny, all as teasc~nably estimated initially and from time to time by l.entkr on the buis ot asses~mcnls an~f hills and reaaonabk atin-atcs thereof. 'I1~e Pu~ds ~hall be beld in an ins~i~ution ~he deposin or •rccounts of wAich are insured o~ ~uaranteed by a Fcdenl ot itate ajtncy (includina L.ender if Lcnde~ is such an institution). I.ender shall apply Ihe Funds to pay sa~d taxa, asseumenls. insuranoe prerr-iums aed ~ouod rcn~s. I.e~er may no~ charee to~ u+ holdins and applyins the Fundc. analyzing said account. or verityin~ and compiling said assessments and bills, unless l.ender pays Borrower interest on the Funds and applicable law pormib I,tnder to make such a charge. Be~rrovrer and l.ender may agrce in writing at ~he time of execution of this Mottpje that interat on ~he Fuodx shall !+e paid to Borrower, and unlas such agreement ~s made o~ applicable law rcquires tuch interest to be paid. l.ender shall nnt be rcquired to pay Borrowe~ any interat or earnings on the Funds. Lende~ sball pve to Borrower, without charge, an annual aecounting ot the Funds showin~ crcdits and debits to the Funds and the purpose for which tach debit to tbe Funds wu made. The Funds are plodged u additional ucurity tor ~he sums secured by this Mottpae. If the amount o[ the Funds held by Lenckr, together w~th thc (uture monthly installmenls ot Funds payable prior to t6e due data of taaes, assessments. insurance premiums aod g~ound rents, shall excecd the amount required to pay said taxa. aa~tneats, ~nsu~ance premiums and ~round rents as they fall due, such eacess shall be, at Borrower s option, either pc~o~pUy rcpaid to Bormwer or ctedi~ed to Borrower on momhly ins~allments of Funds. I[ the amouot ot the Fuods he~d by Leader shall not be suf~icieut to psy tues, asxssme~ts, insurance pcemiums and ground rents u they tall due. Borrowrer shall pay ta Lender any amount naessary to make up the deficiency within 30 days trom the date notice is mailed by L.ender to Borrower tequa~ina payment thereof. Upon payment in full of dl sums securcd by this Mortgage, l.ender shall promptly rcfund to Borrower aoy Funds held by Lenckr. It ur~der puagraph 18 hercot the Properiy n sold or the Propeny ~s aherwix acqu~rcd by I_ender, l_ender s6d1 apply. no later than immediately prior to the ule ot the Propeny or its acquisition by I.ender, any Funds held bv Leoder at the time of applKation ~ a credit against the sums socured by this Mortgage. 3. Applkation ot Paymeats. Unless applicable law provicks otherwise, all payments received by I_ender under the Note and paragraphs 1 and 2 hereof shall be applied by l_enJer 6rst in payment of amounts payable to LenJe~ by Bor~ower under paragraph 2 hercof, then to inte~est payable on the Note, then to ~he principal of the Nwe, and then to interest and pnncipal on any Future Advances. ~. ChiRes; Uens. Borrower ShaU pay aU ta~rc, a~ses~ments and othcr char~ec. flnec and imposiuons attnbutablt 10 the Property which may atuin a pnority over Ihix Morlgage, and leasehold ~ayments or grouna rents, if any, in the manner providnl under paragraph 2 hereof or, if not p~~d m such manner, by~ Borrower making payment, when due, directly to the payee tAercof. Borrower shall prumptly turn~sh to LenJer all not~ces o( amou~ts due under this paragraph, and in the event Borrower shall make payment direcdy. Borrowcr shall p~ompdy furmsh to l~nder rcceipts evidenc~ng such payments. Boriower shall promp~ly discharge any iien which hu pnonty over ~h~c Mortgage: provuied, ~hat Borrower shall not be rcquued to d~xhargt ~ny such hrn w long •rs Borruwer shall agree irt ~ramg to Ihr papment ot the obliga~~un secured by such hen ~n a manrxr acceptablr to Lender, or shall m g~xK1 fauh conte~i such lien by, or defenJ enforcement of such lien in. legal pruceed~ngs wh~ch oExrate to prevent the enforcement o( the hen or torteiwre of ~he Propert)~ or any put thereof. S. Hazard l~suran~e. Borrow~er shall ketp 1he ~mprovemen~~ ~c~w e~~sung ur hereafu~ er«~ed on the Property msured aga~nst locs h~• 6re. hazard~ included with~n the term "r~~e~deJ coverage". and such o~her hazardc as !_ender may reywre anJ ~n such amour~ts and f~~r such periods a~ l.ender may require; provided, that Lender shall not rrquire that the amount of sueh coverage eecrrd that amount af coverage reqwred to pay thr sums ~ecurcd ~by this Morlaage. 'R~e ~nsurame carrier psoviding ~he msurance chall Ix chosen by Borrower subject to approval by l.ender; provided. tbat such appmval shall not be unrcasonahly wi~hheld. All premwm~ on insurance puliaes ~hall be paid ~n the manner prov~deci undrr peragr~ph 2 hereof or. ~[ nut pa;~i m such manner, by &-rroKer mak~ng payment, when due, directly to the ensurance carner AI! insuranrr ~~I~~ie+ and renewals thercof shall be in fom~ arceptable to LenJer and shall include a~Iandard mortgagt clause m faw~r ~~f and ~n torm acceptafile to l.ender. l.ender chall ha.e the right to hoW the policies and rene~+-als thereof. and Borr~~v-er .h.~H pr~,mp~ly turnuh to l.endcr all rcnewal noaces and all recc~pts of paid prcmium~ In ~he evcnt of loss. Horrower tih.~Il ~:.•e pmmpt noucr t~• the ~nwrance carner and Lender. I.enJer m•ry make pnx~t of loss if not made promplly by fk~rrower linlcss I.endcr anJ Bcxrower otherK~u aKrcc m wnt~ng. ~murance procecdc shall bc apPlied to rtstocation or repair o( the Proprrty damaged, pruv~ded w~h re~turat~un or repair n rconomically (easible and the security of th~s Mortgage is not there~y impa~red if «Kh reetoratutn or rcpair is nat rcon~~mically teas~ble or ~( thC secunty of th~s Mortgage would be ~mpa~red. the m~urance pnxeeJ~ shall be apphed lo the sums ucured by this Mortgage. with the exceu, if a~}•, paid to Borr~~wrr It thr Praper~} n ahandoncd by Hormwer. or it Bo~re+wer fads t~~ respond l0 1_ender w~ti~m 3U days trom the date nuticr ~. m~ilyd by Lender t~~ Borrov-er th~t the insurancc ~arrier otTers to ~et~le a da~m fer ~nsurancc benefits, 1_ender is authon~cd ~:- ~ullec~ ~nJ apply the in.urance pre,ceeds at LcnJcr's uph.~n e~ther to rutora~ion or repa~r of the Pr~pert~ or to 1he sum~ tie~ured hy ~hi~ ~lortgage Unie~c i.rnJrr tind H~~rr.~wer otherwix rgree m wnUng. an} such epplicauan «( procreds to pnnc~pal shall not cxtend or pcntponr ~he Jur dete ~~f thr mumhl~ imlallmentti referred t~~ ~n p~ragraph. t and 2 hereo( or change the amount of• such ~ntitallmenb It under paragraph 18 hercof the ProFerty ~s acywreJ h} LenJer, aU nght, t~de -rnd interest of Borrowcr in and ro an~ In~ur~u~~ po!ic~cs ~nJ ~n and tu Ih~ preke~Yis thcreof resu~ting frum damage to the Property prior to Ih~ sale or acqu~s+Uon ~h:,ll pass to LenJer t~~ the e~tent .~f the ~ums xcureJ by thu :1lortgage ~mmediately pnor to wch sale or acqu~sition. 6. Presenalion ~ad ~fainlenance ot Prop~rt~: I.easeholds: ("ondominium~: Planned Unit Uevebpments. Borrawcr shall keep thc !'mpert~ ~n g~~~d rrpair and tihall nrn comroit ~+acte or permn impairment or deteriora~~on of the Property and shall comply ~uh the provnwns of any Itase if thu ~ti~rtgage i~ un a IeaschuW. I( this Mortgage is on a um( m a condomimum ur a plannrd umt Jc~rlupmcnt. Bc,rrower +hall pertarm all of Borrower's obligadons under the declara~ion or covenanls cr~~tmg ~~r guverning Ihe cond~.minwm or planncd un~t develupment. ~he by-laws and regulation~ of 1he conJominwm or planned unrt Jevel~~~~mcm. .~nd ionslitucnl dixumcnt+ If a condominium or planned um1 dcvctc.pmcnt riJer it cxecutcd by H~~rruwer and recordrd t~~geiher w~~h th~~ Norlgagc, ~he covcnant~ artd agrcements ~~f ~uch rnfcr shall be incorporated into anJ ch~ll amend anJ wpplement the covenants and agreements o( thi~ Mortgage as i( the nJer ~ere a part t.eteof. ~. Prote~tion ot I.enders Securtty. If H~~rt~~u-er fail. t~~ ~xrl~~rm the covenants and agreemeMS ci~~ta~ned in 1h~c M~rlgagr, ur ~( any acUUn ~~r prckccd~ng ~~ cummrnrc~l Hh~.h matrnally eQrctti Lcncler's inlcrc~t in Ihc Pmpctty~. including. hul m~t I~m~ted tu, eminent dumain. ~n.~~l~enc~. ~~xlc rnt~~r~emenl. ~~r :~rranKemcros e~r pr~tceeJings ~m~ol~ing a bankrupt ur Je.eJent. thcn 1 ender a~ I enJrr'i opt~on, u{~m ni~Uce ~o Rormwer, ma} make wch appearance~. J~~hurtie such sumt .~nd iaAe such aiu~m r. is nece~~ar} n~ ~-r~~~ect I.ender's intere~t. ~ncluJ~ng. but not IimiteJ tu. J~~bursement ~-f re~sonahle an~~rney'~ trc~, and cntry u~x~n thc I'r~•Exrt~ to m:~kc rep.~~r~ If Lcndcr rcynircJ morlgage imurancc a~ a cunJil~un ~~t inalmg ~hr I~~an ticcured hy thi~ ;11~~rtE.~gr. F3~~rn:wc~ sh.dl pay thc prcmwim rcquired lo mai~tita~n tiuch ~nsuraocc in rt(c~t :inlil .u~h t~mc a~ Ihc rryuurn~cm (~~r ~uch m;tuan;c Icrminatr~ m.~r~ordancc with Bc-rrrwrr'+ and r,~'~~ 343 P~~~E ~ , ~ ~ ~ C' ~_.r._ _.. .~. . .... .- " _.. _ _ .: .__: . ... _ -E',A4'~