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Home My WebLink About0947 ~~\IfURM CG~E~A.`T~ Borrow~er and Lender covenant and ~~ree u fotlo+~s. 1. Payment of Pr[ncipa! aad intere~t Bocrow~er •h~ll promptly p~y w•hen due th~ pnnc~p~l and ~ncerea: ~ndebtedne~~ e~~denced by the Note ~nd I~u chat~e~ a~ provided in thr Note. Fund~ for T~es ~nd in~ur~nce. SuD~ect to ~pplic~Dle l~.v or ~ w~ntten w~,vrr by l.cnder, Borru.ver ~hall p~y to L.ender on the d~y monthly p~ymenta of princ~p~l and inten~t are piy~ble under th: Note, until the Note i~ p~~d ~n tuli, a~um (herein "Funds") eQual to one•twr~Uth ot the y~ariy tue~ and ai~e~amenU (includin~ condomir?ium nnd plan.ned unit development ae~es~ments, it any) wrhicl~ m~y ~tuin pr~ority over tAi~ Mort~a~e ~nd Qound renta on the Property, i! ~ny, plue one-tweUth of yearly premium in~tallment~ for hezatd in~urance, plu~ one•twelfth uf yeuly premium inetallrocnts for a~ortge~e iniur~nce, il any, aU rea~onebl~ c~tun~ted ~n~ti~lly and from timc to time by Lender on the beeia ot ~~seeaments tnd bille and reeson~ble et4m~te~ thersof. Botrover ahall not be obiiQ~ud w make •uch paymenta of Funds to Lendtr to :h~ ~:tent that Borrower ma~e~ wcb p~ymenti Lo the holder of s pnor mort~e;e or ~eed of tn~tt if ~uch holder i~ an in~tituuonaJ ler~det. il Borro.vrr psy~ Fund: to Lendrr, the Funds ahall be hetd en ~n ~n•titutic~n thE depoe?ta or eccounte of.~hicA are ineured ot ~uarenteed by a Federa] or ~tate •geacy (includin~ Lender J Lender ia such ar~ in~titution). Ltnder ~hall epply the Funds to pay ee~d taies, a~ceesments, insurance precn~um~ and eround rents Lender msy not char~e for ~o holdin` and epplying the Funde, anelyzin` ~aid account or venfyu~g and compiling ~a~d esseesments and dill~, unleas L.ender pays Borrow~er interest on the Funds snd ~pplicable !~w pernoit: Lender to mnke ~uch a char~e. Borrower and I.ender mey egree in writing •t the twe ot e:ecution of thia Morttage that interest on thr Fund~ •Aall be pud to Bocrower, ~nd unless such eQrrement i~ msde or ~pplicable taw requires ~uch intere~t W be paid, I,ender ~hall not b~ required to p~y Borrower any interest or earnin~s on the Fund~ I.ender ihaU ~ive to Borrower, writhout cher~e, an ennual accourttin~ of the Fund~ showin~ crediu end debita to the Fundt and the purpost fnr ~hich e~ch debit to th~ Funda .vas msde. T'he Funds are pledged ss •dditional eecurity tor the ~ums •ecured by this Morte~~e 1! tAe amount of che Fund~ held b~• Lender. to~ether writh the tuture monthly initallmenu of Funds p~y~ble priur tc the due dates o( ta:e~, assrs~ments, ir,surance premiume and ~round renta.:hali e:ceed the amount required to p~y~ sa,d tases, asses~ments, inaurence prrmiums ~nd ~round renta es they t~ll due, euch e:cess ~hall be, et Borroaei s optior~ either promptly npaid to Borrower or credited co Borrow~er on monttily in~tallmenu of Funds. If the amount of the Funds held by Lender shal! not bE •ufficient to psy tues, asses~ments, insurance premium~ snd rround renu u they fall due, Bort~aer ehall pay ta L.ender an~ amount neceasary to malce up tht ~eficiency in one or more p~yments aa Lrnder m~y require. Upon p~yment in fuU of ell sums secured by this Mortgage, Lender ehall promptly refund to Borrow•er u~y Fund~ neld by L,ender lf under paregr~ph 1; hereof t~e Property sold or the Property u othtrwise scQuved by Lender. I,ender ehell ~pply, no later than immedietely pnor to the sale of the Property or iti acquui[ion by Lender, any Funds held by Lender et thc time of ~pplication as a credii ~gainst the sum~ aecured by thi• !~iost~~~e. 3. Applieation oi Paymenta C'nles~ appLcable tav~~ pro~~des other.viae, all psymenta rece~ved by Lender undet ~he `ote and pars¢raph: 1 and 2 hereof ahell be eppGed by Lendrr Cirat in paymcnt of amounu p~yeble to Lendcr b~ Borro~~tr under pategraph 2 hereof, then to rnterest peyeble on the Note, and then to the principal o( the tiote. 4. Prior Mort~ages and Ueed~ of Tru~t; Char~rs: i.iens. Borro~er ~hali perform all ot Borro.ver'~ obli~~~one .nder any mortgsge, deed of trust or othet secunty •greement ~ith s Gen w~hich hna pnority over thi:'Nortg~~e :nciud~n~ Borrower's co~~~nanta to maice paymen~+ w~en due. Borrow~er ehaU pey or cau~e to be pud all tue~ esses~mtnta and other chnrQea, fines and ~mpont~ons attnbuuble !n the Property a•Aich may etuin a pnonty over thi~ ~lortg~~e snd leasehold payznents or ~round rents, if any 5. Ha:ard Insurwace. Qorroxer sAall keep th~ impro~ementa now es?st?ng or hereafter rrecud on ;.~e Propert~ i ~nsured against lo~~ by~ fire, hazard~ included ~nthin the trrm "e:ter.ded co~~era~e", and suct~ other hazard~ ai L.ender mey requin and in euch amounta and for ~uch periodt Lender may requve. ; T'h~ insurence carrierpro~ld?ng the inaurance shall be chotien by Borrower sub~ect t~ appr~}~a1 by Lender, prov?ded. enet 9uch eppro~~al shall not be unreasonably arithheld. All insurance policie• and renewsls thereof shall be in a form ; a~cepteble to Lender and shall inc;ude e standard mor.gage clsuse in fevor of and in d furm eccep%,abie co Lender LEn- s ~~er shall heve the nght to hold the policiee end renewa]s thereof, ~ubject to the terw+ of any mortgege, dee~ of wst or ` ~:her secunty egreement a~th e lirn which he~ pnonty e~er chia ~lo:t~ege ~ In the event of loaa, Borrow~er ~heil ~vr prompt nohce t~ the ?nsu: anc~ carr~er an~ L.ender Lender mey make j~r~r~.' ~ of lois if not mede pro~ptl} by Borro~er. ~ If the Property is abandoned by~ Borroaer, or J Borruwer faila to re~pond to I.ender wit}un 30 deye (rom Ne dete ; ~once is muled by Lender to Borrower that the ~nwrance can~er offen to setut ~ cleim for in~urance benefits, L.ender u suthorized to colJect and •pply the insur~nce proceed• ~t Lender'~ opuon eithcr to re~toredon or repait of thr ~ Property or to the sums ~ecured by this Mortga~e. ~ Pre~ervation and ~IaintenaACe oi Property: LeRiebold~ Condominiums; Planned IJoit Develop~ t ment~. Borroa:r ~hall keep the ProFtrty in ~ood repav and ahal! not commit wasu or permit impairmcnt or ~ deunoratian of the Property and ~hall comply w~th the provision~ olany leaie Jthia Mort;~~e u on ~ itaeehald. Uthia ~ '~lortgs~e is on ~ unit in ~ condominum or e plaru~ed unit developement, Borro~er ~hall per{orm all of BorroMer'• ~bligat~ona under the decluauon or covenanu crtatin~ or ~overnin~ the condomini~m or planned unit development, the by-l~ws and re~ula~on~ of the condominium or plannpd urtit development, and con~utuent documents. '7. Protection ot Leader'~ Security. Li 8orrowar iWa tc, pertorm the covenanu ~nd ~~reemenu contained in thi• = !4!ortga`e. or if eny ~cnon or proceed~n~ i~ commenced which matenally af(ect~ I.ender'~ ineere~t ~n the ProDercy, then I,ender, at t,ender's option, upon notice to Borro~~er, m~y make •ucA •ppeuances. d~sburee such sums, inc~uding rea~onsble ettorneys' fees, and teke euch acticn as necesaary W protect Ler~der's ~nttre~t lt Lender reGuired s^~rtRege :nsurance es e ccndition uS meking the loan ucured by this'~iortgege. Borrower sAal! pay the prem~um• requ~red to me~nte~n such ?nsuran~ e~n effect unti; such t:me thr requvement fer such ~nsurance terr.~a.naeee .r ~cc~rdance aith Bo~ro~?er's end l.ender's RTir,er ~greement or eppticsble law - My amr,unt~ disbursed by L~nder pursuant tn this paregreph 7, a~ih intereai therron. at the \ote reu, shall t,Frome addit~ona? cnd~btedness e( bo~rowtr secuced b} this ~1~rtgege L'nless Bc,r~oaer snd Lender egTte to other - :s uf pa~ m?nt. c:sch nrr.n~~n;s st;al~ r~! peLat~;~ ~1j~on n~~±:ce trern Lendtr ef ~~~:er requesting peymrnt thereci `~tning c~ nta:red tn !h~s paragraph " sh~ll rtGu?: e Lender to ~ncur ~ny e:pen~t or ta;ce any ac[~on ttereundtr 8. tnspection. Lendrr mey make or cau~e br mede reesoneble cntne~ upor~ and ~nspect?on~ of the Property. ;:ro~;ded :`at Ler,der shall q:~e Borr.~wer not~zr ~nor tn any auch ;nspect~on apec~lytnR reaaonable cauu eherefot : e:eted to Lender's interest ;n the Propcm~ _ 8. CondemnatiorL Th~ pmceeds of eny ewerd nr c!eim for daa~e~ts, d~rect or cunsequent~al, in coanett~on wntF , c~r~dF.:.:~a.~,-,r c~ ,~t!:rr tal~ ~g cf thr P:;; er,~. c~ Ynr! s~?=et. o* for ~om•lyan~e in li~u of condemn~tion. sre hereby ass~gned end shnll ~e pa+d to Lender, sub~ect ,u the terms of an~ mort~age. deed of wst or ~,ther ~ecun?y aKreemtnt w:th e lier ah~ch hae pn~~rity o~u tb~e ti1~,r.geqt ' i " 1 J[ '.:1,,,1 tlV ~Mrf V F'ege Tv., of F:~..r -a,..~.~..x.~--- _ ~ ~v ~~F~ y " } :ei~ ~ ~ ~..~~`w _?~~.-~,~.>.z~-s"~zc~-~~~~~~'~~~~'~. .