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Home My WebLink About0418 U!vl?uHM 1!.,~!v 1~ tiui ruNrr and I.ri~drr ru~rnant and ~krer f~~lluH~ 1. Pr~ment uf Ptinciprl rnd Interea~. f3urruwrr ~h311 prumptl~ pay whrn ifue thr pnnr~pai and ~ntcrest ~n- drbtednr5~ r~i~lrncr~i b~ [h~' iN~~lr end latr.•h~r;i~ a~ ~~ru~idrd ~n thr Nut~. 2. t~unds for ~Traes and InwrYnce. SUI)~til (U dF)~)Ill:?I)It law ur a wntten Ha~ver by L.rndrr. Burrow~r shall pay tu lxndrr un thr da~ munthl~ pe~mrn~~ ut pnnripal and intrrr~t arr payahir under the Nutr, unUl the Note ~s patd in full. d wm ~hrrrin "Funi1~") ryu~l tu unr-iHrltth uf thr ~earl~ taxr~ and a~ars~mrnt~ lincluding cundominium and planned un~~ dr~rlupinrn~ as~r„mrnt,. ~t an~?whi~•h may attain priurit~ uvrr th~s Murtgagr and gruund rrnts un the Proprn}, it any, plu~ ~~nr twrltth ut yrarl~ prcm~um in~tallments tor hazard in~urance, plus one-tWrlt~th of yearly premium in- stailnirnt~ tur murtKagr ~n~uran~r, it anr~. ~tl as rra,un,~hi~ e~timated initiaUy and from time to time by L.ender on the b~~i~ ut a~,r~en~rnt~ and hill~ and rra~unablr rstin?;~tr~ thrrruf. B~~rn>wer shall not be obligated to make surh paymenta ot Fund~ tii Lrndrr t~i ~hr rxtrnt th;~i Burruwrr n~akr~ surh p~~mrnt~ tu the holdrr ot a priur mortgage ur deed of trust if ~urh hi~ldrr i~ an ~n~titutiunal Irn~lrr. lf Burru?+rr pa}~ Fund~ tu Lrnder. thr Fund> >hall be hrld in an ~n~titutiun the drpusits or accounts of which are in- surrd ur guarsnterd b} Frdrral ur atatr ;~~rnry linrlud~ng Lendr~ it~ Lrnder is wch an institutiun). Lxnder shall apply thr Fund~ tu pa~ ~aid taxr~, a»es~mrn~~, in~urancr premium~ and ground rents. lxnder ma~~ not charge for so holding and appl~~inK the Fund~, anal~ting ~aid acrount or ~rrit;r•ing and compiling said assessments and bills, unless Lender pe}•s Burruwer intere~t un the Fund~ and applicable la~• permits lxndrr to make surh a charge. Borrower and L,ender ma~ aKrrr in writing at the nme ufrxecution of thii Mortgage that interest on the Funds shall be paid to Borrower, and unle» such agrerment i~ madr or applicablr law requires such interest to be paid. Lender shall not be required to pay Burrower an~ intrrest or earning~ on the Funds. Lxnder shall give to Borrow~er, w~ithout charge, an annual accounting of the Fund> >huwing credit~ and drbits to the Funds and the purpose for which earh debit to the Funds was made. The Fund~ arr pledgrd as additiunal ~ecurit~ for the sums secured by this Mortgage. lf the :~muunt c~f the Funds hrld b~~ Lender, together w~ith the future monthly installments of Funds payable prior to the due dates of taxe~. assessments. insurance prrmiums and ground rents, shall exceed the amount required to pay said taxrs, assrssmrnts, insuranrr premiums and ground rents as they~ t`all due, such excess shall be, at Borrow-er's option, eithrr promptly repaid to Burrower or credited tu Borrower on monthly installments of Funds. If the amount of the Funds held b~ lxnder shall not be sufficient to pay taxes, assessments. insurance premiums and ground rents as they fall dur. Burrouer ~hall pa~ tu I,ender any amuunt necessan~ to make up the deticienc}• in one or more payments as l,ender mar requ~re. Vpon pa~•ment in full of aU sums secured b~~ this Mortgage, Lender shall promptl~• refu~d to Borrow~er any Funds held b~~ Lender. li under par~graph 1' hereof the Property is sold ur the Property is otherwise acquired by L,ender txnder shall :~ppl}, no later than immediately~ prior to the sale of the Yropert~• or its acquisition by Lender, any Fund i held b~ l.rnder at the time ot application as a credit against the sums secured b~• this Mortgage. ~ 3. Application of Parments. Uniesti aoplicable law pro~•ides otherWise, all payments received by Lender under ~ the !~otr and paragraphs 1 and 2 herec~f shall br applied b} Lender first in payment of amounts payable to Lxnder by Borru~.cr under paragraph ? hereof. then to interest payable on the Itiote. and then to the principal of the Note. E ~i. Prior Mortgages and Deeds of Trust; Ctiarges; Liens. Borrowet shatl perform all of Borrower's obligations ~ under am murtRage. deed uf trust or other cecurit} agreement with a lien w~hich has priority rner this Mortgage, in- cludin~ Borri~~er's crnenants to makr pa}Tnents when due. BoROwer shall pay or cause to be paid all taxes, assessments ~ and other char~es. i'ines and'impositions attributable to the Propert}~ a~hich ma~~ attain a priorit}~ o~•er this Mortgage, and leasehuld pa~•ments or graund rents, if am. 5. Hazard Insurance. Borrow~er shall keep the impruvements now~ existing or hereafter erected on the Property insured against loss b~ iire, hazards included w~ithin the term "extended coeerage". and such other hazards as l.ender ma~ requ~re and in such amounts and for such periods as Lendet ma~• require. Thr ~n~uranre carrier pro~•iding thc insurance shall he chosen b~~ Borr~w•er subject to appro~•al b~~ [.ender; pro~~ided. that surh appr~~~al shall n~~t he unreasonahl~ withheld. All insurance policies and renew•als thereof shall be in a form acceptahie u~ Lender and shall include a standard mortgage clause in fa~~or of and in a form acceptable to Lender. Lender shall ha~e the n~ht tu hotd the policies and renew•als thereof. subject to the terms of am• mortgage, deed of trust ~ or other tiecurit~ aKreement w~ith a lien wh~ch has priorit~~ over this Mortgage. In the e~•ent of loss. Borrc~wer shal! gi~•e prampt noti.e to the insurance carrier and Lender. Lxnder mav make proof of Ic~st i( ne~t made prompth h~ Borrow~er. ~ If the Proprm ~s ahandcmed b~ Borrow•er, or if~ Bonower fails to respond to Lender w~ithin 30 days from the date notice ~s mailed h~ L,ender to Borrow•er that the insurance carrier offers to settle a claim for insurante benefits. Lxnder ~ ~s authorized to collect and appt~• the insurance proceeds at Lender's option either to restoration or repair of the Prop- ~ ert~ or to the sums secured b~• this Mortgage. , 6. Presenation and Maintenance of Propert~; Leaseholds; Condominlums; Planntd Unit Developments. BorroWer ~ shal! keep the Propert~ in good repair and shall not commit w~aste or permit impairment or deterioration of the Property ~ and shall rnmpl} W~ith the pro~•isians of an}~ lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a con- F dominium or a planned ur,it de~•e{opment. Borrower shall perform all of Borrow•er's obligations under the declaration or ~ co~~enants creating or go~•erni~g the condominium or planned unit de~~elopment, the by-law~s and regulations of the con- ~ dominium or planned unit de~-elopment. and constituent documents. ~ 7. Protectlon o( l.ender's Seeurih. ]f Borrower fails to perform the co~~enants and agreements contained in this ~ M~~rtkaKe. ~~r i( am acti~n ~r pnkcedinR is rnmmenced w~hich materiall~ affects Lender's interest in the Property, then E l,ender. at Ixndcr'~ aption, u~~n n~tice t~ B~rrow~er. ma}~ make such appearances, disburse such sums, including rcau,nahle att~~rne~•~' (ees, and take wch action as i~ necessan• to protect Lender's interest. lf Lender required mortgage in~~ranrc a. a r~~ndih~~n of making thc I~an sccured h~• this Mortgage, Borrow~er shall pa~• the premiums required to maintain ~uch intiurance in etl~ect untit such time as the requirement for such insurance terminates in accordance w~th Borr~~wer'~ and [AnArr's written agreement or applicable law~. Am• am~~unts dithursed h~• txnder pursuant to this paragraph w~ith interest thereon, at the Note rate, shall becomr additic,nal indehtedness of BorroW~er secured b~• this Mortgage. Unless Borrow•er and L.ender agree to other term~ uf pa~~mcnt. tiuch amounts shall be pa~able upon notice from Lend~er to Borrow•er requesting payment thereof. ¢ Nothing conlainrd ~n thi5 paraKraph ~ shall require C.ender ta incur any expense or take any action hereunder. k 8. [nspection. Lender mar~ make or cause to be made reasonable entries upon and inspections of the Property, pro- ~ rided that Lender shall Kive Borrov?~er notice prior to any such inspection specifying reasonable cause therefor celated to ~ lxnder's interect in the Property. 9. Condemnallon. The pn?cccd~ c~f any aH•ard or claim for damages. direct or consequential, in connection with any condemnation or other takinR of the Propertp. or part thereof, or for conveyance in lieu of condemnatian, are hereby assigned and shall he paid t~~ lAnder. ~uhject tc. the terms of an}• m~rtgage. deed of trust or other seeurity agreement with a licn Khich ha~ pr~c~rity rner thi~ M~~rtKaKc. ~ BOOU 67~ rAG~ 4~9 ~