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<br />L~IH)RM COVES\NTS. Borrower and Lender cOVenanl, and agree as follows:
<br />I, Payment of Pl'inci~~and Interest, Borrower shall promptly pay when due the principal of and interest on the
<br />lIldebtednc>s evidOllOce~~tl1bNote, prepayment and late charges as provided in the Note, and the principal of and interest
<br />on any Fut,ure Advance, secured by this Mortgage.
<br />2, Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender. Borrower shall pay
<br />to Lender on the d;i)' monthly installments of principal and interest are payable under the Note, until the. Note is paid in -funJ
<br />a sum (herein '"Funds") equal 10 one-twelfth of the yearly laxes and a"essments which may atlain priority over this
<br />!>forlgage, and ground :ents On lhe Property, ,f any, plus one-twelfth of yearly premium installments for hazard insurance.
<br />plus one-twelfth of yearly premIUm installments for mortgage insurance, if any, all as reasonably estimated initially and from
<br />time to lime by Lender on the basts ot assessments and hills and reasonable estimates thereot
<br />The Funds shall he held in an instiwlion lhe deposits or accounts of which are insured or guaranteed by a Federal or
<br />state agency {including Lender if Lender is slIch an institution). l.ender shall apply the Funds to pay said taxes,- ass:essmen~
<br />:nsurance premiums and ground rents. Lender may not charge for so hoiding .and applying the Funds. analyzing said account,"
<br />or verifying and compiling said assessments and bills. unless Lender pays Borrower interest on the Funds and applicable law
<br />permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this
<br />~~ortgagi: thai ;,,:,::[c.-;i uti the- Futods ~..ho1H he paicl tv B;;:;i'.vwcr. and unlcss .such :rgreel1i-ertt is inad-e -ur- apj::"-!kabl~ -~.
<br />reqUIres such interestta be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds, Lender
<br />')haIJ give to Borrower, \vithout charge, an annual accounting ('If the Funds <;howing credits and debits to the- Funds and-:the
<br />purpose lor which each debit t(l the Funds was mJd,~, The Funds are pledged as additional securit.y ~or the sums secured
<br />hy this l\1ortgagc,
<br />If the amount of the Funds held by Lender, together with lhe future monthly installments of Funds payable prior eto
<br />the due dates- of (axes, a~seS5ments, insufO-wce premiums ano ground rems, shaH exceed the amount required to p~y-said taxes.;
<br />a-sse$...~rnem-;. If'!surance premiums and ground rents a~ lhey fail due, such e"{cess shaH be, at BorrDwer's option,. --either
<br />promp.lr repaid to Borrower or credited to Borrower on monthly installments of Funds, If the amount of the Funds
<br />held by Lender ,hall not be sufficient to pay laxes, assessments, insurance premiums and ground rents. as they fall. due,
<br />Borrower shaH pay to l.ender any amount necessary to make up the der.,'~"'tl'~V w;thin 30 days from the date-noticejs--mailed
<br />by Lender to Borrower requesting payment thercflt
<br />Upon payment if} fuB of ail sums secured ~)' tfW;; Mota:;-"....''- ; ,l-:>JE'f sh':.1 piomptty refund to Borrower any -Funds
<br />held hy Lender. If under paragraph I'; hereot the 1', upenv is 'CO...l ." the Property is olherwise acquired by Lender, Lender
<br />shaH apply. no later than nnmediatdy prIor fO the;: ..,ale of [he Property or Its acquisition by Lender, any Funds -held - by
<br />Lender at rhe time I.1f application as a credit agamst the sums secured by this Mortgage,_
<br />3, Application of Payments. Lnlc" applicable l'Iw proVides otherwise, 'III payments received by Lender under the
<br />\i,)te and paragraphs! and 2 here,,! shall be applied by Lender first on pavrnent of amounts payable to Lender by Borrower
<br />under paragraph :2 hereof. then to mterest payable tln the Note, then to the principal of the Note, and then to interest and
<br />pnncJpal on .::my F mure Ad\"ance~.
<br />4. Chatltes: Ljen~" Bprrowcf \h~lll pa) ,di Li\t.:~. ~1'i.SeS"'m~nts .md other rh3rges, fines and impositions attributable to
<br />the Property which may altain a prJf'rity over thIS Mortgage, and leasehold payments or ground rents. if any, in the manner
<br />proVIded und~:r paragraph 2. hercnt i'L d not paid J1'I such manner, by Borrower making payment. when due. directly to the
<br />payee thereot. Borrower shaH promptiv turIlJ~h w L~nJjcr all notices of amounts due under this paragraph, and in the event
<br />Borrower shaH make payment directly B(lfrOWcf ..h.ill promptl} furnish to Lender receipts evidencing such payments.
<br />Borrower shaH prompll~' dIscharge an\' IH:n v.nlCh has pnorlty (I\('_r rhis ?\-1ortgage; provided. thaI Borrower shall not be
<br />ref.!Ulred [(\ tl!schargc Jny 5lIch lJ(~n ",~l long dS B.;)rrO\I,'~r shall IJgn.':c m \HHtng to the payment of the obligation secured by
<br />'\uch hen Hi a manner acceptable :~) Lender. ('I --..noiH In !S{)od faith ":~l!lte...t such lien by, or defend enforcement of such lien in.
<br />!~ga1 proccedmgs whIch operatc 10 prevent the en! orcemenl oi the hell or forfeiture of the Property or any part thereof.
<br />5. Hazard Insnrance. Borrower sha.H k.~ep fhe Impro\'eml:-m~ no\"" cXl:-.ting or hereafter erected on the Property insured
<br />.1gainst loss hv fire, h3zard~ mdudcd \vllhin the term '-('-\tended covcf:Jge", and such other hazards as Lender may require
<br />J.nd In such amouIHs and h)[ such pc:rwds a... Lender m>lY fl'qUJre; prmildeJ. (hat Lender shall not require that the amount of
<br />,",uch coverage c.,-(e~d that amoU[1! ot (t)verilf!-t.' ft:'qwrC'u {\) pa\ liw \um!. ~ecllrcd by thiS Mortgage,
<br />The msuram.:c -.:arner providing the Hisuran~e shall he chosen by Born.,\vt.'f subject to approval by Lender~ provided.
<br />tha[ such approval shall not he unreason:thly w!thheld. All prcrTIlum_s on insurance policies shall be paid in the manner
<br />prOVided under p;uagra.ph 2 hert'ot er. :1" 110t paul In su.:h manner, by Borrower makmg payment. when due. directly to the
<br />msurance carner.
<br />AU insurance rt:)jlCle~ and rtn(>\\;lj~ i!-Jerel\! \n\ld ht: H1 form <.n:-.:cptdblc to Lend~r and shali indude a sranuard mortgage
<br />dause 10 favor ('I[ and In It..1fm acceptable !o Lender. 1 cndcr ,hall han: the nghl In hold the policies and renewals thereof.
<br />and Borrower shail promptlY (tlrmsh tl.) I emkr .:dl rcnL'"",-al fH.H!Cc'i and J.ll receIpts of paid premiuffili. In the event of loss.
<br />Borrower shall gi'H~' prompt nOlJcc t(, the mSUL.tll...'C l,:arner and Lender. Lender may make pront of loss If not made promptly
<br />bv Borrower,
<br />Unless Lender J.nd Born~wtn othcr\\'I~~ agree In \-\. nimg. ln~urance pro<.:ceds shall be applied to restoration or repair of
<br />the Propeny damaged, provH.ied 'ju~h re!!torafl(ln or r>;:pa1f IS t:"conomically feaSible and the security of this Mortgage is
<br />not [here-by impaired. it' su-ch rcs.wraw..m or ft:palr !s not Cl:l'f101ll11.'aHy feasible Of If the S~cuflty of this Mortgage would
<br />be ImpaJfed, the Insurance proceeds shaH be applleo te\ the 'Sums secured b} this Mortgage. with the excess, if any. paid
<br />to Borrower. l! the Property l.S abaflijl.\ned b.. Borrower. or 11 Borrower falls. to respond to l.ender within 30 days from the
<br />date nOtlce I.'> madfd bv Lender to BOffPwer Ihat lhe l!ls-uran.:e c..trrler otTers to scltle a daim for in.')urance benefits, Lender
<br />1S 4uthoflzed to cuBe.,;( and .tpply the Illsur....nce" proceeds ai Lt:nJer.~ option either to restoration or repair ot the Property
<br />or to the $um~ :.~~ured by this [\.tortgagc,
<br />Unless Lender 30a Borrower othervilse :q~ree If) \\ rlung, any su..:h appiit:auon of proceeds to prmcipal shall not extend
<br />or postpone lhe due Jate or the momhlj'- U1_\laUnlrnh rderreu t~\ In. paragraphs I Jnd 2 hereof or change the amount of
<br />such installmems, h under paragraph !X here-of the pf(~;>e-!:ty 1~ a(".':YUlfcu hy Lender. all nght, !Jtle and imerest of Borrower
<br />m and it) any losuran.:.'e polKies and In and tn the procee-d~ therwt ({"suitmg !rom damage to lhe Propeny pnor to the :)ale
<br />Of acqubiuon shaU pass to Lender to the ex!eot \-,t the :lJlUns -secured hy Ihi~ Mortgage immediately prior h) such sale or
<br />a€:~"!.!i$!ti0n,
<br />6. Pruen'ado-n and ~tmatenatu..--e ilf Propen)"; Le3Se'h-tllds; (:ondomimum.~; Planned Vail tlevelopmenas. Borrower
<br />:;.r.aH keep- lh-:: Pro-peny in good r~p.;ur and s.haH not commit W<l:i!e Of p~rnHt Hnp:;urment or d~t~riuratlon of the Property
<br />and s.haH comply wuh the prOViSIons of any kase d in)'), Mortgage f'o, on n l~<.'i~chuld, if thi" MDrtgage 1\ on d unit in a
<br />concl-omillm01 ,-"If <~ planned una devdupolCUI. H-orr(ll;\"~r ;haH perform uH ot Borrower's oblJgauons under the decbration
<br />or (OVenants 1.,,'n."dHng or gnvermng !he CI,)IHJ.ommwOl l)l' pbnned [;nit development. !he bYklaw~ and regllh\t~l.)ns of lhe
<br />,-~onJ-o-mml\.ul1 or p-lannttd uOlt development, ,mJ ;;,:oHstituem ;.iOi.~unlel'llS If ,t ,-<.Hldommium Dr planned Uillt development
<br />nder Hi CXel.:UiOO by Borrower and t~Ct)fdcd lL)!;(.iner ,,'>- ith thiS ~l{1-ng"-\gc, the ...-ovcnants and agre~menh (It SllCtl rider
<br />~ha1j be' lrn;:(JfpQrated mto ;tod ~haH amend anJ supplcmenl the CQ\'em\nts ;lnJ agH..>emljnh u[ thl:>i ~.tortga~t: ;.is 11 the rid~r
<br />"'ere. p.n hereoi.
<br />7. Proie<tioA ef l~Itder'-s Secutity. H Borro'Wcr t.d:::. (,:1 perform [he :..ovenanh an..! a.grecm~nts ..~,mtalfH.~d H1 thi~
<br />Mongage. ~1r if any ,H.::.h-oo \_~t pnxeedmg i<;: \..'t)-mmen<.,"Cd "'1, hi(h rruue'rlaHy Jffc-'t~t$ j ender's; l~llere-"-'a in the Pnlf~fIY,
<br />H'fchuhng-. but no( limned to, tffllnent domam. insolvency, uxie ent"orcement. or arranp::emems or rr(Ket-din~s H1voJ....in~ a
<br />ha.nii.f'upt t.)!' ~h'u-JenL then Lem:4~~ .H 1 cmje(s Op-l1PH. upon rj(\lICe {I; fh"!I<lWC" :lli.l) mah:.e ~Udl appearan-cc,;. dISD-Or~C' :su;,;n
<br />\-l.ml~ and tftk,e !-~~..:.b liv.:!til,m ~c.. !~ tH~~t.~~~ar} !;l pnliC'd Lentkr'~ iflh~,e:-SL nhJuJlng, hut not hn!!i:J iu. I.l!;..;bursf;"rncfll pt
<br />1't"'Mwn.b~ .~uun)-(:'f;;i fct:!o aud '!,'ntry up...JU the Propt:ny h~ H1akc r>.~p.Jii Jc I ;,:nder r~';.p.Jj)T..l ,n(\;j~t<i~C l:'tS-urdnc"t' .b -1
<br />...-0n:jt~~vfl (~J lnna::.g the inaq "}-.t't..\.;rr.:-->->-.\ by ijli~ ;\i,}nf,.1.gc, FklHo....cr ';-l,:ii i';)\. PH.: prntilHlT1~ ITq:Ulfl.:'d t;' !,1<Hn!J10 I,u.::h
<br />in*~ft;ut~c- if' t:d'feu i"nt1i ':;q,,:h HIne ,~~. iht.; fl::,-_p..r/-ft.;f!1t'n-I f(H -,'-Kh ,n~iH;U1.,.X F.f[-t'1111ah'~, ill $;:-'-.:.}~d~Hh;'l.: \\ lth Horrt'wt'"r'" ami
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