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Home My WebLink About1900E;o~ower and l.ender rnvec~ant and agree as folbwr 1. Payment ot Priacipa! aed l~teres~ Bormwer shall pn>mptly pay wfie~ due the principal of a~d intrrest un the indrbtedneas evidenced by the Note, p~epayment and late charges ae p-ovided in the Nute, and the p~~cipul of and intemat on any Futu-e Advances secured by this Mortga~e. 2. Ftit~ds torTsxes ~nd Ineurance. Subject to applicable is~w u~ to a writte~ waive~ by l.ender, }iorn,wer shnll pay to 1 xnder un the dny monthly inatallments o[ principal and interesl are payable under the Nute, until the Nute ia paiJ in full, a xum 1 he~ein "M unds"! cqual w one twelfth of the yearly tauee and sesesaments which may attuin priority uver this Atorigage, and gr~-und rentx on the!'roperty, ituny, plua ooe twelRh of yearly premium inatallmenta for hazurd insura~ce, plus unNtw~elfth uf yearly prrmium inst:illmentx fur murig:-ge inaurance, itar.y, all as reasonably eatimated initialiy and firom time to tin~e by I.r~der on the basis of ussessmrnts nnd t-ills and re:~soni~ble rz:timutex thereof. The ~Lnds ehall be held in a~ institution the deposita or accuunts of which are insured or guara-ntead by a Federal or State Agency ~including l.ender if I.ender ia auch an inetitution). I.ende~ ahall Apply the Funds to pay said tuxea, assesameota, inaurance pmmiuma and ground rents. Le~der may not c~arge fot so holdi~g and applying the Funds, an~+lyzing e~aid account, or verifyiog and cumpiling esid asseaaments and bills, unlesa L,ender paya Borrower intereat on the Funds t~nd applicable luw permits l.ende~ to make auch a charKe. Borrower and I.ende~ may agrce in writing at the time of execution o[ thia Mortgnge thnt interest on the F unda ehall t,e pnid to E3or-ower, and unlesa such agreeme~t ia made or applicable law ~equirea auch intereat to be paid, l.ender ahall not be ~equired to pay E3orrower any intereet or earnings on the F1nds. Lender shall give to Borrower, without charge, an nnnual accountinK of the F unds shuwing credits and debite to the Funde and the purpoee for which each debit to the Funda wus m~de. The M unds ~re pledged as additional security fortheaums secured by this Mortgage. If the amount of the Funda held by l.ender, together with the futum munthiy instaliments uf F unds payable prior to lhe durdates o[ta:ee, asaessmente, inanrancY premiums and ground rents, shall excred the s~mount required to pay said taxex, assesxments, insurance premiums and ground rents as they fall due, auch exceas shull be, nt f3o~TOwer's option, either pmmptly rept+id to F3orrower or credited W I3orruwer on monthly inatalimenta of Funds. If the amount of the Munds held by t.ender shall not be sufficient tu pay tuxes, ~asessmenta, insurance premiums and ground rente as they fal) due, F3orrower shall pay to i.ender any amount neceusary to make up lhe defiriency within 30 days from the date notice ia mailed by Ixnder to Rorrower rnquesting payment thereof. Upon payment in full o[all aums secured by this Morlgage, l~ender shall promptly refund to fi~~rruwer any funds held by [.ender. If under paragraph 18 hereof the Property is sold or the I'roperty is olhrrvvise ncyuired by I.ender, l.ender shull apply, no latrr than immediately prior to the sale a[ the Properly or its acquisition by l.ender, s-ny h unds held by l.ender ~t the tim~~ of :+pplication as a credil againsl the suma secured by this Mortgage_ ~ 3_ Application of Paymente. Unlea4 npplicable lt~w pnn•ides uthrrvvise, all paymenL~ received by t.ender under the IVole and paragrapha 1 and 2 hereof shall be applied by I~ender Grxt in payment of amount,4 payr-ble to I.ender by F3orrower under paragraph 2 hereof, then to interest payable on the Note, then to the principnl of the Note, :+nd then to intemst and principnl c-n any F uture Advancea. 4. Charges; Liens. f;orroaershall pay nll taxes, ~ssrs.r•men4ti:~nd other~•har~;es, fin~s:~nd im{H~sitiunsattributable to the Properiy which may attain a priority over this MoriKaKe, and leasehold payme~n[s ur ~round rents, if any, in the manner pru~•idtd undcr par~~gr~ph 2 hereofor, ~~ not paid in such manner, hy E~rrovrer makinK p:iyment, N hen due, dire~•tl~ l~~ the pa~'~~e• thrnti~L liorn~wer.hall prnmplly furnish to I.ender all notices of amounts due under this parakraph, and in the rvent li~~rtuw•er sh.~ll m:~kr p:n•menl dirc~•th•, Rorrow•E•r sh.~ll promptly furnish lu l.ender receipts evidencing such paymenLti. fiorrow•er shall prompth dicch:-rKr:~nt• lien w•hii•h has priurity u~•rr this \1urtKaKe; pmvided, that Eiorrower shall not be required todi.charKe any w~•h lirn su lonK a~ li~~rrow~~r shall ay;rri~ in w•ritinK tu the p:n•nu•nt of thrnbliKation secured by such lien in a manner accept.ible to l.endi•r, or.hall in ~;~NKI faith ~ti~nt~•.t such iit•n by, urdeft•nd ~~nfun•~•:ne•nt ~~f su~•h li~•n in, li~al prucc~lings Nhich operate to prevent the enforn•ment of the lirn ur furfi•iture uf the Pr~rFH•rtc ~~r am• p:~rt th~~n~~f. 5. Hazard Insurance. Korrnwer shall keep lhe impn~~emrntx nou exi~tin~; ur hrreaftrr erect~~ on th~• 1'rupert~ inaurcd aKainst loss by 13re, hazards included within the t~rm "extendtd cti~~~tvaKi•." und such uther haz:~rds a~ la~nder ma~• require and in such amuunts and forsuch periods as [.ender may reyuire; pruvidecl, that IAndi•r shall nut ny~uire th:+t tht~ amuunt of tiu~•h aiv~•raKe excird that .-muunt of coverage required to puy thr .ums uYUrcvl b~• thi:: MortKaKt•. The insuranm carrier pru~~id~n~; th~• in~uramr shaU tx• ~•h~~.~•n h~• K„rn~w•~~r wb~~•~•t tu appru~•:+1 4~~• L~•nd~•r: pn~vid~til. that ~uch :ipproval Shall not t-e unre.-.w~nabh• withheld. All pmmium. ~~n inwr:u-~•~• ~H~li~•i~~..h:~ll {K• paid ~n ttu~ m:u~n~~r pr~~cid~ri un~i~•r p:~raKr.~ph'l herer-for, if nut paid in such m:~nncr, by li~~rn~w•cr makiny; p:~~•m~•nt, w•h~•n du~•, ~lirw•tl~~ tu th~• in~ur:~nci• ~•arri~•r. All insurance policies and rent~N als thereuf ~h:~ll Ix• in fi~rm ac•e~•ptablr tn 1 ~•nder:~nd ~hall include a.tandanl mortK:ikeclause in favorof and in [orm acceptable to I.ender. l.rndersh:ill ha~•E• ihe ri~ht t~~ h~rld thr {H~li~•it•x and n•nt•aals thi•rwd, and liorruw•er shall promptly furnish to ~.ender all renewal notices and all n~c-eipts uf p:~id pmmium,. In thr e•~•ent nf I~~c~, it~rrr.~w•er sh:+ll Ki~~t• prompt nutice to the insurancr carrier and [.ender. l.ender may make pnN-f of lus. if not made prumpth~ by- Iturtuvct~r. Unless l.ender and F3orrower otherv-•iu• aKnr in writink, insurance pra•r~~ds sh.~ll M• appliecl tu re~sturation or rrpair of the I'roperty damaged, provided such restoration ur repair i~ erimnmi~:~lly fi.~sihle .ind the c~~c•urity uf this MurtKa~;e is not themby impaired. If such restoration or repair is not economically frxsibir ~~r if thr se~-urit~ uf this MurtK:~Ke w•uuld t.e impair~l, the insurance prvx~eedx shall be applied to the sums secured by this AtortKage, with thrrxc~•ss, if an~, p:ll(I I/~ R~1~TUK'Pf. I~LIIf• I'ruEx•rty is.~band~~ned hy Borrower,orif li~~rrower failato re~pond to Lender within :i0 days from th~ datE• nuti~i• i~ mai1~~1 b~• I.end~•r tu RorroNer that the insurance c.~rrier offers to settle a claim for insurance benefits. [.ender is :lU~F1bTIZEYI LO CO~If'('I and apply th~' II15Uf:1I1CP ~~IMMYIR :~t Ia~nder's uptiun either to restoration ur repair uf the I'roperty or the sums secured by this MurtK~~K~'- ~ Unlexs [.ender and I3orrower otherveise :~Knr in writinK.:my such applicatiun of pnK•~~~is tu princip.il shall not extend ur postpone thedue date of the monthly i~stallmen~~ referreci to in para~raphs 1 and 2 hereof nr chanKe the amount of such installmen~g. (f under paraRraph IS hereof the Property is acquind by I.ender, all riKht, tide and interest uf BormNer in and t~~ any insurance policies and in and t~ the proceeds thereof reaulting from damage u, I'roperty prit-r to the w~le or acqwsitiun sh:lll ~A5~ G- I.~nder to the extent of the sums secured by this :~iortgaqe immediately prior to :~uch sale or acquisition. 6. Preaervation and Maintenanceott'roperty; l.ea+s~•holds; ('ondominums; Planned l?nit Developmenta. Rorrowershall kewp the Pruperty in good rnpair nnd shall not cummit µ:~~te ur {x~rmit impairm~•nt nr drtrrioratinn of the I'roperty and shall rnmply w~th the pro~isions of any lease if this btnrtKage is on :i Icasehuld. If this ;~1urt~;a~;i~ ic on a unH in a rnndomini~rn or n plannrd unit development, I~rrower shall perform al) of I3~~rruwer'4 ~~bliKaliuns under thr dec•I:~ratiun ur co~•rnants ~•n•atu~~; or Ko~•e•rn~nK the conduminium or planned unit development, the bylav-s and reKul:~tions of the c•ondominium or pl:mned unit developmE~nt, and canatituent documents. If a condominium or planned unit drvelopmrnt rider is rxtY•utt~l by [i~,rr~~wi•r :ind nrurd~d toKether with this Mortgage, the c~ovenanta and ;+KreemenLs of such rider shal) Ix• in~ or~~rat~~l intn :~nd .hall am~~nd and tiupplt•m~~nt th~• ~•ovenants:md :~~;n~rmen45 of this MortKaKe as ifthe rider were a part hereoC 7. Protection of Lender'e 3ecurity. If I3orrower faila to perform the covenanta and agreementl+ contained in thia Mortgage, or if any action or prceeeding is commenced which materially affecte l.ender'e intereet in the F'roperty, including, but not limited to, eminent domain, ~neol~ency, oode enforcement, or arrangements or pmceedinges involving a bankrupt or decedent, then l.ender al l.ender'e option,upon notice to Borrower may make auch appearanceH, diaburee auch aume and take auch action as ia nec~e~xary to pruteci I.ender'e intereet, including, but not limited to, diebureement of reasonable atlomey's tees and entry upon the Property ta make repaire. If Lender required mortgage inaurance ae a condition o! making the loan secured by this Mortgage. Horrowrr ahall pay the premiuma required to meintain such inaurance in effect until euch time as the requirement for such insurance terminalee in accurdance with Borrower'e and I.ender a written agreement or applicable Iaw. Borrower ehall pay the amount of all mortKaKe inaurance premiume in the mannrr provided under paragraph 'l hereof. Any amounte diaburaed by l.ender perauant tn this paragtraph 7, with interest therev-n, shall F-ecome additiona) indebtedneae of Korrower secured by thia Mortgage. Unlesa I3orrower and t.ender aKree to other terma uf payment, auch amounte ehall be payable upon notice from I.ender to E3orrower requeeting payment thereof, and ahall bear intereat from the date of diabureement at thr rate payable from time to time on outatanding principal ander the Note unleas payment of intereat at such rate would be contrary W applicable law, in which event such amounta ahall bear interest at the highest rate permisxible under applicable law. Nothing contained in thie paragraph 7, ehall require I.ender to incur any expenae or take any a~tion hereunder. ~ ~ ~ ~ :=~.~ . _ ._ _ -- P,~r)K 348 Pa~E1$9~ ~ . ~~