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Home My WebLink About0993 Urn?oR~w Covex~xrs. 8orrow~~ and I.~nd~r cownant ~nd a~re~ u~tolloMa: ~ 1. Payen~ot ot Prinoipal ~nd Iat~ro~t HorroMtr thall protnptlY ppY Mhen due the princip~! and int~n~t ind~budn~~s ~vid~aced by th~ Nou ~nd lat~ chu~s~ u provid~d in tht Note. 9. Fuad~ !o~ Tase~ aad Ia~unac~. Subject to applicabl~ 1~M or ~~rritten Maiv~r by Lender. BorroM~r ~hall p~,y w Lendu on tha d~y monthly paymtnta o! principd aAd int~att ve pay~bie undtr th~ Nots~ until tii~ Not~ b paid in t1~11. ~~um (huttn "Ftinds'~ ~qud to ont•hU~U~1 Ot u1t ~?f~I,~? ~f~ ~11d s~~li~IDft1~ (~ncludin~ condominfum ~nd pl~nn~d unit development ~~~e~~m~nta, U ~ny) ~Aich oaay ~ttain priotity over tht~ Mort~~~~ and p+ound nnta on the Property. ii any, plue one•hv~ifeh of yeuly premfuao tn~tallea~nv for h~zud in~urance~ plui one•t~v~1Rh of yatrly pnmiuea in~tallaoents tor mort`a~e in~uranc~. it wy~ all r~uotubly Q~tim~ted lnttially ~nd trom time W time by Iwnder on the b~~Is ot ~~uasm~nts u?d bilt~ ~nd rea~oeuble e~timate~ thersot Bo~~oMer ah~l! not be obli`~ted to make ~uch p~ymer~ts of Fund~ to Lender to the extent tl~at Bon~oa~sr malcef sucb p~yment~ to the hold~r o! a prior a~oruatc oc deed o[ w~tt It such holder I~ an ~nidtution~i let~det. It Borro~tr pays Fund~ to Lender~ the Fund~ ~hal! bt h~td hi ~ in~tituaon the depo~ita or ~crnunta oi Mhich ars in~und or ~uacantRed by a Fedenl ot ~tate atQacy (eacludin` Lender ~t I.ender u ~uch an inititutian). I.~ad~r ~hall apply tbe Fund~ to pay said taxeti uitesmenq. iruurance prem[ums and eround renu. I.~nder may »ot chu`e ior w holdin~ ~nd applyin~ the Fundi, analy:in~ aaid ~ccount o~ vetityin~ end coropilin` aaid ei:essmenta and biU~. unlets Lender pays $orroaer intere~t on the F'unds ~nd ~ppUc~ble !~w permita l,ender to ~nake euch ~ chu`e. Borro~r~r and Lender may a~ree in rvritin~ ~t tha tir~e oi e:ecuttoa oI thii Mork~`e that inte»at on the Funds ~hatl be p~id to BorroMer. and unless such asreement ia meds or applic~ble laM nquine such interest to be paid~ Leader ah~ll not be requirad to pay Borrower any int~n~t or eunin~s on th~ F~nds. Lend~r ~hal! ~iv~ to BorroM~r. Mithout char~~. ~n annual accountinf oi the F~end~ sho~in~ cndita and debtb Lo tbe Fuad~ and th~ purpoa for phich t~ch debit W th~ flind~ was made. The Funde ~re pled~ed u~dditional ~tcurity for the sum~ ~scurtd by thia Mortsa~e. It tb~ amount of the Fund~ held by I.ender. to~etber w~itb the future monthly in~tellmenta oi Fund~ payable prior to the due datea oi tue~. e~aea~ments, in:urance premIums ~nd `round rents, shsll esceed th~ uaount r~quired to pay aaid taie:. asaesaments. iniurance promiume ~nd p+vund r~nb u they f~U due~ sucb e:cess ~hall be, ~t Borrower's opiion. either promptly rspaid to Borrower or cndited w~orro~r on monthly irutallmenb ot Funds. If the ~mount oi the Fund: hald by Lender ~h~ll not be ~u~cient to pay tuet, ~asesamenta. iruur~nce prs~aiums and ~round rents u they fsll due~ BorroMer shall p~y to Lender eny amount nece~sary to m~1ce up the drficiency in one or more p~ymenb u I.eader may requin. Upon payment in fuQ of aU tum~ secured by this Mort;age, Lender ~hall prompdy refund to Borroaer wy Funds held by I.ender. If under para~r~ph 1? hereof the Property is aold or the Ptop~rly ia otherrvise acqulred by Lend~r. ~ Lender eh~ll apply. no later than imrnediately prior to the tale of the Properiy or ib ecqui~ition by Lendar. any Funds ~ held by Lender et the time of application ~s e credit again~t tbe eum~ ~ecur~ed by thL Mort;~es. 3. Appllcatiaa of Payment~. Unlesa appUcable la~v providea othenviae~ all paymenb received by Lender und~r the Note and pua~raphs 1 end 2 hereof ~hall be epplied by I.endcr first in p~yment of amounta payable to Lend~r by i Borrower under pua~raph 2 hereot, then to interest p~yable on the Note, e?nd thcn to the principal of the Note. ~ 4. Prior Mort~a~es ~ad Deeds of Trut~ Cbar~e~ Liens. Borroaer ~haA pertorm all of Borroaer'~ obli,~ation~ j under any mortgsge, deed of truat or other ucurity a~reement with a Uen phich has prior[ty ovec this Mort~~e, ~ includin~ Hoao~ver: covenants to meke p~yments ~hen due. Borro~ver ahall psy or cau~e to ~e peid all tues, ~ asseaements and other char~ea Cinei and impo~itioni sttributable to the Pmperty which may attain ~ priority over this Mortgage and leasehold p~ymsata or ~round rents. ii ~n~?. 6. Hazsrd Insurance, BorroMer ~hall ksep the improvemenb now acisting or bereeher encted on th~ Propesty ; insurad a~~inst lose by fin~ hu~rde iacluded ~?ithjn tbe term "e:tended cov~ra~e", and such other ha:~rd~ u Lcnder i may require and ia sucb amouat~ and for wch periods as I.ender m~y require. The insunnce carrier proridin~ the iiuurance sba11 be chosen by Borrower ~ubject to approval by Lender. pmvided, I. that auch approval ahall not be unreasonably withbeld. All tasurance poUcies wd renewals thereof aha11 be in a form ecceptabte to I.ender and ehell include a etandard mort~aQe clawe in [avor of ~nd in a foim acceptable to Lender. Len- der shall have the right to hold the poUcies and renewals thereof~ eubject to the terms of any mortgage, deed of truet or other security agreement with A lien ~hlch haa priority over thie Mort~age. . In the eve~t of lo~R Borrower ~haU ~ive pmmpt notice to the in~utance camer and Lender. Lender msy m~lce proof oi b~s if not made prompdy by Borro~rer. It the Property is ~bandoned by Borroaer. or ii Borrower fsils w nopond to Lender w?ithin 30 dsya from the d~te nodce it mailed by Lender to BorroMer th~t the uuurance carrier ofteri to settle ~ claim for ituurance beneftta. I.~nder is authorised to collect and ~ppty the in~uranc: procceds at Leader'~ option e[tber to reatontion or npair of t~ Property or to the sums ucurcd by thia Mortga`~. 'i 8. Ps~eservatlon and Matatenaace oi Propert~, Lease6oidt~ Coodomielu~K Planned Uait Davelop~ met~ta BorroMer th~U keep tbs Property in `ood rspair wd ~halt not oommit wute or permit i~pairmfnt or deterioratioa of the Property and ~hall comply wIth the proviaiona of iny lei~e if thia Mort~a~e i~ on a l~uehold. If tbis Mortg~~s is on a unit in a condominiurp or a planned unit developement, Borrower ~hall perforni all of Borro~rer's obli~ations under the dectacation or covenanta creatin~ or govemin~ ths eondocninium ar pl~ncted unit development, the by-l+w~ and resulatioru of tl~t condominiua~ or planned unit developmant, and con~tituent documenta. Protectlon oiLender's Becurity. If Borrowror fdl~ to p~riorm tbe coveaants and a~e~menta contained ia thls Mort~age, or it any action or proceedins is commenced Mhich m~tarially affecb I.eader's wtere~t in the Prop~rLy, tben Lender~ at t.tnder ~ option, upon notice to Borroaer. may make such appesrancea, di~burse such ~ume, iactudin; reuonsble atwrneys' feea, and take such action a~ is necesaary to protect I.endei s intere~t If Lender requtred mortgage ineurance aa s condition of msking the loan secured by thia Mort~sge, BorroMer ahall pty the premiums ~ " required to meintsin such insurancc in effect untif such time ~s thc requirement !or such inaurance termin~tet in eccord~nce with Borrower s end Lender s written agreement or appticable laa. My ~mounts diabursed by Lender pursuant W thie psregraph with intereat thereon, at ihe Note cat~, shall become additional indebtedneta of Borrower secured by thia Mortg~~e. Unlesa Bflrroarer and I.ender sgrse to other tarwa of pay ment, such amounts shall bs payable upon notice from I,ender W BorroMer requeitin~ psy~nent thereof. ~ Nothing conteined in thie parairuph ?~hall require Lender to incw eny espense or take any action hereunde~. 8. Inspection. Lender msy make or cause to be made reatonable entrie~ upon snd iu~pe9potu of,t{u Rro~ertl+. provided that Lender ahall givc Borrower notice prior to any ~uch in'pectioa epecifyin~ reasonable c~u~e therefor rel~ted to Lender's interest in the Property. . ~ , 9. Condemnatioee. The proceed: of any ~werd or ciaim for dama`et. direct or contequential. in connection ~rith any condemnation or other takina ot the Property, or part thereof, or tor conv~yance in lieu oi condemaaaon, are hereby ~asiened and shall be paid to Lender, :ubject to the term: oi any aaort`a~e, deed of trust or other ~ecurity ~ • agreement aith a licn ahich hat priority over thi~ Mortgege. ~ Pe e'Itivo of Four ~ ~ ~ ~ ~ gooK570 PA~ 9 g . ~ ~ • _ . _ - - -