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Home My WebLink About1048 insure~i or guaranteecl by a Federai or state agency ~iucludinK I.ender if I.ender is sucl~ un institutio~~1. i.cuder ,hall npply the Funds to pay said taxes, assessments, insurance pmmiums and gmund ~Y~nts. I.ender shall make no charge for so holding and applying the Funds or verifying and conipiling said assessment~ and hills. Aorro~•er and l.cnder may agree in writing at the time of execution of this \lortgage that interest on tl?c Fun~ls ~huil be ~~ai~i tu Barrower, and unless such agreement is made, Lender shsll not he required to pay Borro~~•er aan}• intcrest on th~• FundF. I.ender shall gi~~e to Borrower, without charge, an nnnual accounting of the Funds showin~ ~•rcYlits nnd debitc to tl~c Funds and the purpose for which each debit to the Fund~ was made. The Funds arn ~~Ied~M1 as :?ddi- tional security for the sums secured by this ~'Iortgage. 1f the amount of thc Funds held by I.ender, together ~vitli thc futu?r. monthh• inst:~iln~ents of Fundc ~ia~abl~• prior to the due ds?te~ of taxes, assessments, insurance premiums r?nd ~round mnts, shall exceed th~~ amount te- ~ quired to ~?ay said tuxcs, ussessments, insurance premiums n~d Rround rents ss they fall due, such excess shal) be. st Rorrower's option, eithet pmn~ptly repaid to Borrower or rrc~ite~1 to Borrow•er on monthh• inst:~llmenf~s of runds. If thc an~ount of the Fund~ held by I.ender shalt not be sufficient. to pay txxes, uc~c~snu~nts, in~urance prc- iniun~s and ~round rent~ us they fall ~1uc, Borrower shall ~~a~• to I.ender an~• nmount nc~cec3ry t~ innke thc ~icficiency ~~ithin thirty da,ys atter notice from I.ender to Borrowcr requestin~ ~?ayment tl~ereof. Upon ~~ay~uent in full of ull swns securecl bv this \lortgagc, I.ender shall ~~mmptl~• refun~l to Borro~~•er am• F~~nds l~eld liv l.ender. If under ~~arnRraph 18 hereof the Yro~~erty i~ ~ol~l or the Propert~• ic othcrwisr acryuir~c~ci I?~• i.e~ider, l.ender :I~all apply. nu later tLnn immecliateh prior to the ~ale of thc Yro~mrt~• or its ac~~ui~ition h~• Len~ier. xm• Fun~1~ held b~• L~nder;?t the timc of ap~~lication as a ~•redit ag~in~t th~ ~um• >c~~•~~~r~i b~• thi~ \lortR~Qe. 3. Application of Payments. Unless ap~~licable 1:~~~• ~~roviil~• otl~er~~i~r. .111 ~?:i~•iuent~ ~r~•ei~•~yi 1?~• L~nder under tli~• ~ote :u~d ~nu~aKra~~h~ 1 and 2 hereof ~hall i~e ~t~q~lic~i 1~~• L~~nd~~r first in ~~a~•uu~ut ~?f amount~ ~?3}•able to I.en~lcr 1?~• l~orro~~•er undrr ~ulra~rapl~ 2 hereof, then to int~~mst ~~:~~~ulde ou the \ote an~i on Futum :~~1.'il11CQS, if sm•.:uul then to the ~?rincipail of the Vote and to the ~?rinci~n~l of Futum A~h•xnce~. il ~~m•. 4. Charges: Liens. Rorrower ~hall pn}• :?II taxe~. :isse~~ment~ aml other ~har~e~. fines and im~~ositions attrib- utahle to th~ Propert~~ ~~•hich ma~ attnin ~?riorit~~' o~~er this ~IortQa~e, ancl Kroun~l rent~, if uny, at I.ender'~ optiou in the mm~ner ~n•o~•ided un~ier ~?nrn~rzph 2 lirrcof or 1~~- liorro~~~~r mlkin}; ~,a~•n~~nt. n•hen ~iue. directly to the pa~•ce thereol. Rorru~c~•r •h~ll ~?ron~~?th• furni~h tn I.cml~•r ali noti~e~ of amonnt• ~lu~ under this ~~nraRraph. :in~1 in tli~ ~~-ent Rorro«•cr ~hall mak~~ pa~•ment ~iirecth•. R~~rro~~•rr ~L:?ll ~?ro~nptl~- fiu~~?i~L to l.ender recei~itc evi- ~len~ing •ucL ~?zyment~. Ron•u~~•er ~hall ~~roin~~th• ~li~rh:u•~~• :?m• lii~n ~~~hich ha~ ~~riurit~• u~•c•r thic \tortR3Re: pro- .•i~k~i. thut Rorro~~•~•r c}~All not hc• re~~uirc~l to ~li~~h:u•kc~ a~i~- .w~li li~~u •o long as Rorro~~•er shall agme in writin~ to the payment. of the ohli~ation ~~cure~l by ~u~li lien in a maun~•r ac~~~~!?tsl?le to L~n~1er. or shall in ~oal faith contest w~h lie~? 1~~•. or defend entor~~en~eut of ~u~~h li~•~? iu, Ic~al ~n•oc•enlin~;~ ~~•hi~h u~~er;it~~ to ~~re~•ent the enlorcement of the lien or forieitum of th~~ Yro~xrt~• or an~• ~?art ttiereof. S. I~azard Insurance. Rorib~~•~r ,hall ke~~~ th~• iin~~ror~~i~?ent~ nu~~ existi~it ur I~c•resfter erec!cxi on the Proi~- ~~rt~~ in:um~i a~ain~t loc~ h~~ fir~•. L:izar~i~ iurlude~l ~~•ithin thc tern~ ''exten~led ~overage". .iu~l ~?i~h ~ther liazards a~ I.en~ler ina}• requirt~ :uu1 iu ~~~rli :ui~onnt. :~n~i fm• ~n~•1~ ~~~•riai~ l.~~n~i~•r ~n:~~• r~~~~uirc~: ~~ro~•i~1cyl. that I.en~ier chall not require fhat th~~ atnount ~~i ~~u~li ro~•~~r:i~;~• ~•~~•~~~~i tlr.it :iniount ~~f ~•o~~~raKc require~l to pA~ the ~ums sect~re~ b~. thi~ \tort~aR~~. The insuran~~~ ~•arrier j~ru~•i~liu~, tlu• in•iu~.~n~°~• ~hsll I~~~ ~•l~o~en I~~~ Borro~~•er ~uhje~t to appm~•al b~• Lender: i~rori~l~~~1. that ~u~h ap~~mval ~h:~ll not 1~~~ ~un~~•.?son3blr ~~°ithhebl. Ail premiums on insurance policic~ ~iiali ix~ paid :tt I.en~ler's u~?tion in the n~an~:cr ~~rm~i~l~~~i un~ler ~~ara~r:y~l? Y hereof or I~~• Rorro~r~r ~iiakin~ ~?a~•ment. t~hen due. ~iirectly to the insurance carrier. :tII 111c11i311P1• ~~oli~ie~ :in~l ~rnc•~~•:?I~ tl~~•rcui ~lrill 1~~• iu tor~u ai•~•~•~~t:il?I~~ to I:c•u~ler :tn~l ~Lall iu~•lu~lc• a standa~Y1 ~nurtRage ~•I,iuse in t"a~~or uf au~l in tor~ii a~•~~~~~~tahle to Lender. Le~n~ler ~l?all ha~•e~ the riKl~t to hol~ the policic~ and j rene«als thereof. :u~~l Borro~~•er ~I~all ~~ran{:tl~- furni~h to Len~icr all reneti~a) nofices and :ill receipts of paid pre- ! ~niums. In the c~•ent of los<, liorro~~~cr ~1~:?I1 ~;i~•~~ ~?ro~u~~t noticc to fh~ incuran~~ carrier and I.ender, and I.ender ~ may ~nakc ~?roof of lo~~ if not madc ~?rm~i~~tl}• I?~• Borrow•er. ~ jTnlecc I.en~ler an~l Rorrmcer otlier~ri~e~ aQr~e in ~critinR. in~~u:~uce ~n•oeeed~ sha{l be applieci to re~torat.ion or ~ re{~air of thc~ F'r~?~?~•rt~• ~I:uic~K~~~l. ~?r~~~i~1~•~! •n~•li re~torati~?u ur re~?:iir i~ r~~onoinii~cilh• f~,~•ihl~ an~i the ~eeurit}• of ~ this ~lort~a~e i~ no1 tl~cr~b~• im~~airc~L If ~u~•li restor:?tion or re~~air i~ not cconoinicalh feasible or if the securit}• ~ uf this ~1ortRs~;~• ~~-oul~l h~~ iin~?aire~l. tlu• imnr:i?icc~ ~?rocec~l< <hall I~c~ 1~~~ilie~l to tlu~ s~m~s ~eci~re~l h~• this ~'Iortgage. s ~~~ith the ex~c~~, if :u~~•. ~?ai~l to Borro~~•c~r. If th~~ Yro~iert~• i~ ~l?an~loncyl I?~- 13orro~rer or if Borm«•cr fails to respond ~ to L~~nder ~~•ithin .30 ~Ixvs after noticc h~~ I.ender to Aorrower that the insurnncc carrier offen to settle a claim for ~ insurance I~enefit~. I.ender i< authorized to coUect and appl~• fh~• insurance ~~roceecls st I.ender's option either to restoration or re~?air uf the Yro~~ert~ or to thc su~u~ securecl I,~ tLi• \tortgage. Unless T.ender anci RorroKer othern~i~c a~ree in ~vritinR, am• ~uch applicztiou of ~nbceeds to principal shall ~ not extend or postpone the due date of the inontl~lv installnicnt~ referre~t to in ~~ara~raplls 1 and 2 hereof or ehanqe the amount of s~icl~ installments. If un~ler ~?aragraph l8 liereoi the Yro~~eri}~ is acquirecl b~• I.ender, all right, titlc and interest of Borrower in c?nd to au~• ins~~rxncc~ ~iolicies :u~d in and to the ~~roceeds thereof Ito th~• extent of the smn~ secure~l h~ this Mort- ' Kage imu~ediately ~?rior to ~uch salc or ricqui~ition~ resaltin~ from ~laiuage to th~• Pro~~erty ~~rior to thc sale or :~cquisition shall ~~a« to t.ender. 6. Preservation ~d Maintenamce of Property; Leaaeholds: Condominiums. Borrower sl~all kee~~ the Prop- ~ erty in ~;ood repair and shall not ~~ermit or comn~it waste, im~~airn~ent, or deterioration ot the Property and shall comply with the rro~•isions of any leasc, if this ~tortgage is on a leasehold. If this ~lortgage is on a condominium ~ unit, Borrower shall ~>erform all of Borrower's obligation~ under the declaration oi condominium or master deed, ~ the 1?y-laws an~l regulations of the condon~iniuu~ ~uoject and constituent documents. 7. Protection of Lender a Security. If Rorrowee fails to ~?erforn~ the covenant~ and agreemeMs contained in - this ~iortgage, or if any action or ~irocecding is commencecl which muterially ABects l.ender's interest in the Prop- erty, including, but not limiteci to, eminent domain, insolvenc}, calc cnforcement, or .irranQements or proceed- ~ in involvin a bankru t or decedent, then Lender ut I.ender's o~tion, upon notice to Borrower, may ~nake such ~ g P =3 appearances, disburse sucl~ sums an~1 take such action as is necessary to ~~rotect I.ender's interest, including. but not limited to, disbursement. af reasonable attorney'~ fee~ an~l entry upon the Property to ~nake repairs. Any amounts disbursed by Lendcr ~~ursuant ta this paragraph 7. «ith interest thereon, shall become ad~litional indebt- f>;,i eclness of Borrower secureci by this ~iortgage. Unless Borrowcr and I.ender agree to other tern~s of payment, such amounts shall he payable upon notice from Lender to Borro«cr requesting payment thereof, And shall bear mter- est from the date of disbursement at thc rate stated in the Notc unless ~~ayment of interest nt such retc would be contrary to applicable law, in which cvent such amounts shall 1?ear interest at thc highest ratc ~~ermissible by ~ applicable law. Nothing containe~i in thi~ ~?aragrapb ? shall re~uire T.ender to incur anv expense or do any act hereunder. AQ 800K P~6~1O'tJ ~ ~ ~ ; a - ~ : ~ - ~ : tl.- 4- ..r-.~::.~.._n -~i ~ ~.~~1~".-.__?'~-~'. :~.si~l3~ m .._.u._,. ~ _