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Home My WebLink About0962 , ~ ~ ti~~rtuwer artd l.e~der cove~ant and agree aa foUowe: 1. Payment of Principal and Intereet. Borrower ahall promptly pay when due the principal uf and intrrrxt un the indrbt~lnrae rv~denced by the Note, prepayment and latecharges ns pu,vidrd in the Nute, und the pri~cipul of and interest on t+ny N utu~r Advances secured t~v thie Mortgage. 2. Funds forTaxee and lneure~nce. Subject tu applicable law o~ tu a wntlrn w~~~ver by lxnder, tlorruwrr~h~ill pay tu lxndrrun thrday ~nunthly installmenta of principal <?nd interest xre piiyuble undrr thr Nute, until the hutr iy paid in full, a sum (herein "Funds") eyuul tu une twelRh of the yearly taxes and asseasmenta which may atta~n priority u~•er th~s [~lurtgage, and gruund rents un the Proprrty, if ~~ny, plus une- elRh of yearly premium installmentx for hazard insurnnce, plus onc~twelflh of yearly premium i~ist.ilimrnls for mortguge insurance, if nny, :ts masonahly esiimatod ~~etially and hom time to tin~e by I.rnder on thr ba~is ot assessmrnts and bills and re.~sunahle estimates thrreof. The Funds shall be held in an inatitution the de{wsita or nccuunts of which are insured or guaranterd by a Fedr?al or State agency i including l.ender if l.ender is such an inatilution). l.ender ahall apply the Funds to pay said taxrs, assesxments, insurance premiu~ns and ~;ruund rents. t.ender may not charge for eo holding and applying the F'unds, ~nalyzing said ~ccount, or venfying and cumpiling eaid aRSeaaments and biUs, unlese l.ender paya Burrower interrat un the Funda and applic~ble law permits l.ender to make such ti ch.irge. tiortower ~snd l.ender may agree in writing at the time of execution ut this Mortg:+Ke that interest on the Funds shall be paid to t;orrower, und unleae xuch agreement ie made or applicaAle law rrquirea such interest u~ be puid, I.ender shall not t?e reyuired to pay Horrower any intereat or rarnings on the Funde. Ixnder ehall ~ve to Borrowe~, without charge, an annuul acn,unting of the Funds shuwing creditx and debits to the F'unda and the purpose for which each debit k~ the Funds w•<?s made "f'the Funds are plydgc~d .is additional security for thr sunis secured by this 1lortgage- If the amount of the F unde held by I,ender, toqrther with thr• futurr munthly installments of F unds payable prior to the duedatea uf taxes, ueseasments, inaurance premioms and ground rrnts, shall exe ~~d the umuunt required t~~ p.~y said taxrs, assrssmrnta, insurance premiums and ground renta ae they fall due, such excess ahall. b~, al E~~TUwrr's optiun, e~thrr prumplly repaid to BorroN~er or crediled to Borrower on munthly installmenta of Funde. If the amount of the F'unJs held by l.rndrr shull not t?e sufficient to pay taxes, assessments, insurance premiuma and ground rents as they fall due, Rurruwer shall pay to l.ender any amuunt nrcrssary to make up the deficiency within 30days frum the date notice is mailed bY l.ender k~ f~~rtuw~•r rt~qurst~ng p.?~•ment the~c~~f. Upon payment in full of all sums secured by this AtortgaKe, t.rnder shall promptly rrlund to liorrower any funds held by I.ender. If under paragraph 18 hereof the Property is aold ur the Pru}~rt~• iti utherwise.icyuired by I.ender, I.ender sh.iU apply, no latrrthan immedit~tely prior t~> the sale a[the Property or its acquisitiun t~y l,rnder, any F'unds held by l.ender at the timr of application as a crrclit against the sums secured b~~ this Mortgage. 3. Applieation of Paymente. l~nless applicable I~iw• pruvides otherK~~se, all puyments recei~•ed by l.ender under the Note and pairagrapha 1 and 2 hereof shall be applied by l.ender f:rst in paymrnt uf amounts payuble to l.ender by Sorruw~er under paragraph `l hereof, th~•n to intereat payable on the Note, then to the principal uC thr Nute, .md then tn ~nterest and principal on any Future Advances. •t. Charqee; l.iens. Horrowrr sh.+ll pay all tax~~s, ussi~s.m~•nts and uthrr char~;.~s, fines :~nd impus~tiuns ~ttributuble tu the Pruperty which ~n.~y attain a priorily over this Mort~;aKe, and Ira~rtiuld paynu•nt. ur ~;ruund r~•nts, if any, in the mannrr pruvidecl under par:igraph'L hereofor, nut paid in such manner, by I;urruwrr makin~; pa>~mk•nt, wh~•n due~. du~~ctly t~~ tht• pa>•t~• thrrc~~f. Fiurruw•ershull promptly furnish to [xnder :{!1 notices of amounts due under this para~;raph, :?nd in thr r~•enl I~urruw•rr sh~~ll mak.• pa~•~nrnl dirrctly. IiurruN•rr shall prumptly furnish tu I.c nder receipts evidencing such pa~•ments. fturruwrr sh.?II prumptl~~ ~1~scharKc• .iny I~c~n >~•hich has pnurih• o~•er this hlurtgage; providecl, that fi~ ~rrower shall not t?r reyuired tudischartie• an~•.ui•h I~rn.u I~~nR a. fturr~~~ri•r.hall .i~;n•~• ~n wrihn~; tu the• pa>•m~~nt uf thi~uhlik:~hon secured by I ~u~ h lien in a m~+nner acceptablr tu Ixndf•r, ~~r shall in ~;~~ud farth runt~•st .uch hi•n h~•, ur dtd~~nd c•nfurci•~n~•nt uf such lirn ~n. Ir~;al prucet~~ings µ h~ch uperate to prevent the t•nfurcrment uf tl~~• I~rn ~~r furG•itur~• ~~f th~• 1'ruprrty ur an~~ p.~rt thrr~~~f i 5. Hazard Insurance. R~~rrower.hall krrp tht• impr~~~~emrnts now rxistinK ur hereafter errc•ted un thr !'roperl~~ insure~l against loxs by ; firc•, hazar4s included within the term "t~xtt•ndf~1 ~•uv~~ruKr." and wch uther h:iz.?rds as I.rnder may require and in such <imuunts and for such ~ prn~xls as l.endrr m~iy reyuire; pruvidc~l, thal Lt•n~ii~r shall nut rryuin• that th~• amuunt uf such cua~eraKe rxcc~Y1 that amuunt uf coverage ~ revauired t~~ p~y the sums ~ecurtrl h~~ thi. h1~~rt~;:~~;e• ~ 'I'he insurancr r.~rnrr pruv~d~n?; thr ulsur:ui~v .h.Jl 1~~• ~ h~~>~•n h~ I{~~rruwrr suh~e~~~t t~~ appruc:~l by Lrndrr. pn~~•idc~d. that ,u~-h appruval shall not be unreasunably w•ithheld tVl prenuun~. ~~n ~~i~uran~ p+~hc~~•..h.~ll ht~ paid u~ Ih~~ m:~nnt•r pru~•u1~Yl un~lrr p.uaKriph here~~f or, if t nut paid in such manner, by Ii~~rr~~K-er mak~nR p,~>~nu•nt. .+hrn dur. ~lin•cth t~~ thi~ ~nwr:~nc~~ carnrr. ~ All insurance pulicies and renew•als thrreuC~hull h.~ ~n fi~rrn acc~rptahl.~ t~~ 1 ~•nder and shall inrlude a standard mortK:+Kecleiuse in favorof : ,+nd in form acceptable to I.ender. I.endrr ~hall h:+.•~• th~~ ri~;ht tu huld thr pul~~ ie. and ren.~K•:ilc thrreuf, and Fiurruwer shall prumptly furnish tn ~.ender all renewal noticrs and all receipts uf p:ud prt•m~ums_ In Yhe e~•ent ~~f luss, li~~rruK~er ~hall K~~•e prumpt nutice to the insurance carrier ; <ind l.ender. l.ender may make pnx~f uf iuss if n~~t made prumptly bc IturruH~rr tJnless I.ender and &~rrower otherwise aKrre in w'ntin~, insurance pru~•rrds shall he eipplit~d to resturation ur repair of the Property damaged, provided such restor~tiun or rep.i~r is ec~~numii•ally frasible and the srivnty c~f this MortKaKe is not thereby impaired. If such rrstoration or repair is not economically fra~itdc~ nr i! thr st~vnty uf this MurtKage would t~ ~mpaired, the insurance proceeds shall be applied ~ tu the eums secured by this MortKage. ~•ith thr rxi ~•.s. ~f :+ny, paid t~~ f;~~rruw~er- 1(thr 1'r~~perty is .+banduned by RorroN•er, or if E~rrower fails to re~pond to I.ender within :i(1 days frum tht~ dat~• notick• i. ~n:iil~d try a.endrr tu 13urruw~er that thr insurance carrier offers tusetde a claim for ~ ~nsurance benefits, I.ender is authurizc~cl tr~ ~•~~11~•~•t .~nd apply lh~• ~nsuranr~• pnK•reds at I~~nder's uption either tu restoratiun or repair of the f'roperty or the sums secured by this A1urtKaKr. Unleas I.ender and F3orrower otherwise .iKrt~e in w•ntinK, ~+ny such appfi~ :~tiun uf proceeds to principal shall nut extend or postpone thedue _ date of the monthly installments referrFd to in par.~~;r.iphs 1 and'~ here~~f ur chanKe the amount of such instailments. If under paragraph I& 3 hereof the Yropeny is acyuired by I.ender, all nKhl, t~tle ~~nd intt~rest uf l3urruwer in and tu any insurance policies and in and to the pruceeda thereof reeultinR from damage tu ProE~rrty priur tu the• s:~lr ur .+cyu~s~tiun ,hall pass t~~ l.rnder tu the extent of the sums secured by this ' linrtgage immeciiately prior tu such sale or acquitiitiun E 6. Preaervation and Maintenanct~ of Propi~rty; Least~hulds; ('ondominum!~; Plenned I'nit Developmente. Rorrower shall keep -s tlie F'roperty in Kood repair and shall nut ~•~~rnmit w~a.t~• ~~r pt•rmtt nnp:+inn~•nt ~~r d~~ten~~rahon uf the Prupertt• ~nd shall comply n~th the pn.~visions of any le~se if this Mnrtk.ike i:~ un Irn.t•h~~1~1 If this 11i~nK~~K~• un a unit in :i ~•~~nd~~m~nium or a plannrd unit development, ' (iurtower ahalt perform i1II O~ BURI~Wer~s ~~bl~~;:~h~~n: ~~~~i~•t e?,~ ~i~~~tarat~~~n ~rrcu~•rnant~ ~ rr.~UnkurKuverninK thecondominium or planned unit develupmenl, the by-IiIN'S and re~;uL~ti~~n. ~~f thr r~ue~lumin~urn ~~r plann~~c1 unit develupmc•nt. .+nd constituent ducuments. If a ~ unduminium or planned unit dr~•elupme•nt ndc•r i. ~•x~•ruted ht• fiurrnwe•r :~nd rt•c~~rdtY1 ti~~;c~ther u•ith this 111ortRage, the covenanta and .i~;rrements of such r.der shall b~• ~n~ ~~rpur.itrd ~nt~~ :~n~i .h;~ll :inwnd and su{~~dt~m~•n! thr ~•~~~•rnants and a?~ret~~nrnts of this blurtKaKe as ifthe nder were a p.irt hereut. 7. Yrotection of Lender'e Security. If Rurr~~w•er fails to perforn~ th~ ccrvenante and agreementx conteined in thie Mortgage, or if any _ action or proceeding ie commenced which meterially affectt3 IA nder'n intrreHt in thr f'roperty, including, but not limited to, eminent domain. - inaolvency, code enforcement, or arrangementei ur prex~e~edinga involving a bHnkrupt or decedent, then I.ender pt I.ender'e option,upon notice to Borrower may make auch appearances, diyburae euch sume and take auch action aa is neceseary to protect i.endei e intereet, ' induding, but not limited to, dieburaement of reaeonable attorney'e fees and entry upon the I'roperty to make repaire. If L.ender required mortgage inaurance ae a condition of ineking the lu~in secured by this Mortgage. Borruwer ehall pay the premiume reyuired to maintain such ineurance in effect unti) such time ae the rrquiremrnt fur euch ~neurance terminatee in ac~ordance with Horrower's and [.ender'e _ w•ritten agreement or applicable I.aw. Borrower xhall pay thF• amuunt ~~f all murtKaKr inr+urance premiume in the manner provided under pareqraph 'L hereof. - Any amounts diebursed by I.ender pereuant t~~ thie paragraph 7. with intPrrat thereun, ehall become additional indebtednese ot Fiurrower decured by thid M~~rtKaKe. t?nled» K~rrruwrr and I.endrr ~gree tu other trrma of payment, auch xmuunte ehall t?e payable upon nutice from I.ender to Rorruwer requestinK paymrnt thercr~f, and ehull brar interret kum the d.ite of d?r+bureement at lhe rate payable from t~me ui ttme un uutAtandinK pnncipal under the tiute unleax paymrnt ~~f ~nterest at such ratr wnuld be cunlrary tu applicuble law, in which event euch Hmuunta ehall bear interest at the highret rate perm~seiblP under applicahle law. Nothing contained in thie paragraph 7, ehall reyuire l,ender to incur any expenee ur take any ection hereunder ?e`;x ~37 ~~c~ ~6~ ~ . ~ ~ , a 3' _ _ ~ - ~ _ - . _ . ~ ~ a° st_"~ ~