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Home My WebLink About1722 insurc~i or guArAnteecl by a Fecieral ur state uge~~cy Iiucludiug Lender if l.ender i~ sucl~ un institutiou~. 1.~uder shall apply the Funds to ~?ay said taxes, ttssess~uents, insurancc ~~rcmiums and ground n•nts. l.ender si?all make no charge ior so holding and Applying the Funds or verifying iu~~i compiling said Asses~n~ents i~nd bills. Rorrower and I.c:n~ier n~ay nqree in writing at the time of executiort of this ~tortgage tl?at i~ternst on the Funds shall bc paid to ~ Iiorrower, nnd unles.R such agreem~nt is made, I.ender shall not I~c requirc~i to pay RorroH•cr nny intenst on th~• ' Funde. I.ender shall ~ive to Borrower, without charge, nn Annuai accounting of th~ Funds ~ho~~in~ crrclits and debits 1o the ~nds nnd thc rurpose for which cacli debit to the Fund~ was made. Thc Funds ~ire ~?1MIRc~1 ~s nddi- t•ional security for the sums secured by this 14iortgage. If the amonnt of the Funds held by I.ender, together ~vith the futuir montl~h• instulhnents oi Funds payable prior to the duc dates of taxes, asseSSments, insuranre premiu~ns aod ~round mnts. ~hnll exceecl the nmount re- yuireci to i,ny s~id tuxcs, ussessments, insurance ~~remiums and ~round rents as they fall due, such excess shall be, :~t Rorrower's o~~tiou, eitl~er promptly repaid to Borrower or creditecl to Borro~ver on monthly installments of ~ Fu~~ds, It the nmount of the Funds held b~ I.ender shall not Ix~ sufficient to pay tuxes. .isses.~ments, insurance pre- ' iuiulns :ind gmund rent~ as they fall due, Borrower shall ~~A~~ to I.ender an~~ iunount ucce~ary fo make up the deficiency withii~ thirtv days atter notice fram 1.ender to Borrower rc~uestin~ ~?uyment thereof. Upon ~?ayment iii full of al) sum~ secureci by this ~iortga~e, I.ender shall ~~romptl~~ refun~l to Hormwer a~n}• Funds held by Lender. -If under ~?.trt~Rraph 18 licreof the Yro~~erty is ,old or the Yropert•v is othcr~vise :icquired 1~~• I.ender, I.ender •hall aps~l~~, ~?o Inler than imn?ecliatelv ~?rior to the salc of th~ Propert~- ar its a?~yuisitiou h~• i.en~icr, an}• Funds held U~' Lrndcr at the time of application as n creclit uRaimt thc ~u~n~ ~c~~u~e~i h~• thi~ ~tortRaQc. 3. AppUcation of Payments. Unless A~1~IIICAI~I1• la~~• ~?rori~ie~ other~~-is~. all ~~:?~•ment~ ircei~•e~i i?~• 1.enc3er iuider the \ote :u~~l ~?ur:?~r:~~ihs 1 and '2 hereof ~hall 1?c u~?~?lied hy l.en~ic•r fi~~t in ~?a}•n~ent of .~mow~t~ ~rt~•ablc to I.en~ier h~• i;orrc?~rer under {~ar~Rraph 2 hercof, then to intc~mst ~?:~~;?hic on th~ \~ote an~1 ~~n Fuhn•~• ~dvauces, if an~•. :u~d then to tl~~ ~?rincipgl of th~~ \'otc an~l to thc• ~?rin~i~?al uf F~itur~• ~~1~•nnc~~. if i~n~•- 4. Charges: Liens. Bormwer ~I?t~ll pa}• :tll taxe~. :?s~e~~ment~ an~l other ~~harRe~. fines and itnpositions nttrib- utnhle to th~ Yropcrt~~ ~~•hich may att:~in a ~~riorit~~ o~-cr thi~ \Iort~aRc, and ~ronn~i rents, if any, at I.ender's option in tl~c m:?m~er ~?ro~•ide~t undcr ~~:tra~ra~?L 2 i~crcof or I~~• Rorm~r~r inakin~? ~?zi~inent. ~~hen ~lue. ~iirect•1~~ to the payce tiiereol. Rorro~~•~~r ~liait ~~ro~n~~tl~• iurni~li t~~ I.en~l~~r :ill notice~ of :1ina~nh ~lu~ ~~nder this ~~~trARraph. :~nd in the c~•rnt l~orro~~•er ~hall iuak~~ pnyment ~iimct:}~. 13~~rro~~•~r ~L:~tl ~~rom>>tl.• fiu•ni~li to 1.ender receipt~ evi- ~lencin~ such ~?uyment~. Rorroa•er ~h~ll ~?rotu~~th• ilis~~l~arkm :u~~• li~~n ~~•hich lias ~~riorii~• ov~r this ~1ortRa~e: pm- videcl, that_Rorro~~c~r shall not hr m~~uirc~l to ~ti~i~har~~• aii}• >nch lieu ~o lon~ a~ Rorro~ser ~hail a~ree in writinR to the payment of tl~e ohli~ntion ~ecure~l b~ .ucl? lien in :i m~inn~•r :u~~•cl~tait?Ie to L~~n~ler. or sl~ail in ~oo~ faiti? contest such lien hy, or defend enfor~eni~•nt of ~uch lien iu. leR:il ~~rocecytin~;~ ~~'hich o~~er.~t~ to ~~re~~ent the ~enforcement of the lien ur [orfeitum oi thc~ 1'ro~?erh• or :~n~• ~~art tl:ereof. 5. Hazard Insurawce. Rorro~c~r ~hall ke~~~ th~• i?n~~roc~~mm~t~ uc~~~ ~~xi~ti~~~: ur 1?ereaftcr ere~!eci on the Prop- ~~rtr in.ur~vl aKainst lo~• h~~ fir~. h:izants inrlude~i ~sit{~i? tl~c ter~u "extende~i coverage". an~l su~h other liazards ~s Len~ier ~ua~• rM~uir~~ :in~l in ~u~•1~ :~u~onnt, awi fm• ~u~•!~ ~~~•rio+i~ I.~~n~t~~r in:?~- mqaim: ~~ro~•id~~~l. th:t! i.ender shall not require th:tt the an?ow~t ~?f ~~irl~ ~•o~~~~rug~~ ~•~~•e•~~t tl~st :uu~?~uit of ~~o~•~raK~ ~r.~~uire~l to ~~av the sunZS ~ecured b} thi~ \iort~age. 'Che in~urancc carrier ~~ruti•i~fine: tL~• ii~~~n:uu~~• ~hall I~~~ rl?osen I?y Borrower subject to approval by I.ender: ~?ro~•i~1e~1. that ~ucl~ a~?~?roval sl~all n~~t hi• uum~isonabl}• ~~it.hheld. All premiums on insurance policics ~hall be paid at i.ender'~ option in tl~r nr?nner ~~ro~•i~le~) ~~n~lcr ~?araKr:~~~h 2 hercof or i~~• Rorro~rer iuakin~ ~~a~•ment. when due, directly to the iusurancc ~arrier_ all incuranc~~• ~~oli~ie~ an~l rene~~~~.~1~ ti~~~reaf ~liali I?~~ in forui :ur~•~~t:ibl~• to I.e~ider :?ml ~{?~ll in~~lud~ standatYi uiort~a~e risuse m fa~~ur of an~l in forn~ :u~~~~i~tahi~ to Len~le~r. 1.~•n~lc~r ~hali ha~•~~ the riRht to {iol~i the ~iolicies and rene~4nlc thereof, :?n~l Barro~~•er ~h:ill ~~rou~~>tl~• furni~h t~? Lrn~icr sll rene~vaf notices an~i :ill receipts of paid pte- niiu~:is. In thc c:~•cnt of los~. Korro~~•er ~L:?ll ~i~•~• ~~rouq~t noti~•c t~~ tiu~ in~uram•~ carrier an~1 i.ender. and 1.ender may inake ~~rooi ot lu~~ if not ~uade E~roni~~tl~• h~• Bon-o~~~er. iinle~s T.en~ler sml Rorrn~~•cr oth~~r~~•i•c• a~rce in ~~•ritin~;. in~iu•:u~~e ~~r~ceed~ ~Lall be ap~~lied to restoration or ` re~~air ~~i the• 1'r~iE~~~rt~- ~1:uu:it;cY1. 4:ru~~i~ic~i ~ticll restor;ttion ~~r r~•~~:?ir i~ ~•i•onuuii~•allr iec~~ihlr .imi the ~eeurit~• of ~ this ~lart~aKe i~ not tLereh~• iiu~~aim~l. lf ~ucl~ re~tor.?tion ~rr re~~air i~ not rcono~uicalh- feasible or if the seeurit~ ~ of this \lort~:?~e~ ~co»I~I ]~r i~~i~?aire~l. tlu~ in~nranc~• ~~roceecl~ •liall lu• ,s~?~~lie~l to tLe ~uniG secure~i h~ this A'[ortgage. ~ ~~•ith t.he excc~~~. iC ant•. ~?ai~i to Borro~~~~~r. if th~ Yro~?ert~~ i: al?an~ionecl 1~~• 13orro~+-er or if Rorro~~•er f3ils to respond to I.~nder ~~-ithin :~11 ~lav~ after noticc h~• L~~nder to Borrow•cr that the insurance carrier oPfer~ to settle a claim for insurancc I~enefits. Lender i~ authorizcci tu collecf .~nd ap~?h' th~• insur;?ncc pro~ceclc ut T.ender's option either to restor:?tion or re~r.~ir of the Yro~~ert~• or to thc ~um~ secure~l b~ thi~ \tortgage. ~ Unless I.ender and Borro~~•er othen~•ise ~~ree in ~vritin~. any ~ucli lpplic:?tion of ~?roceedc to principal sl~all not extend or ~?ost~~one tl~c due ~latc of tl~e monthl~ installn~cut~ referre~i to in ~~araqrapl~s 1 and 2 hereof or change the amount of sucl~ installments. If un~ler ~?araKra~~t~ 18 hereof tl~e Yro~~ert}• i~ acquirc~l b~• T.cuder. .ill right, title and interest of Borrower in and to an~' in~iu'.ince ~?olicies .in~l in ancl to the ~rroceed~ tb~~reoi Ito t4~• cxtcnt of tlic ~ums ~ecure~! h~ this Mort- Kage imn?eyliatehr ~~rior to ~ucli ~al~~ or acqaic~tioni resultin~ ironi ~laiuuge to th~• Pro~iert~ ~?rior to the sale or :icquisition shall ~~a~~ to t.ender. 6. Preservation and Maiutenmlce of Property: Leaseholda: Condominiums. Borrower sl?all kee~~ the Prop- erty in ~;ooci repair :~nd shall not ~?ermit or ~~omn~it ~~aste. im~?airment. or deterioration oi the Property und shal) comply with the provisions of an}• lease, if this ~lortgage is on ~ leasehold. If this ~tortgage i~ on a condominium unit, BorroH•cr shall ~?erforni ull ot Borrower's obligation~ under the ~leclaration of condominium or master deed, the 1?y-la~vs ancl regulations of the condon~iniutn ~~roject and constituent documents_ 7. Protection of Lender"s Seeurity. If Borrower fails to ~?erform the co~enants an~i a~;reements contained in this ~lortgage, or if any action or procecding is com~uenced whicl~ ~naterially afTects I.ender's interest in the Prop- erty, including. but not limiteci to, e~ninent domain, insoh•enc~. caic enforeement. or arran~ements or proceed- ~ ings involving a l~ankrupt or decedent, tt~en T.ender at T.ender'~ o~~tion. upon notice to Borrower, ~nay make such ~ uppearances, disburse such sums and take such action as i~ nececsaiy to ~~rotect I.ender's interest, including, but ~ not limited to, disbursement of reasonablc attorney'. fecs an~l cntn upon thc Yroperty to ~nakc repairs. Any ~ amounts disbursecl by Lendcr ~nirsuant to th.is paragraph 7. «ith interest thereon, shall become additional indebt- ~ edn~s of Borrower securecl hy this ~tortgage. Unless Borrowcr and I.ender agree to other ternis of payment, such ~ ~?mounts shall be payable upon notice from I.ender to Borro~~•cr reryuesting payment thereof, and shall bear inter- est from tlie date of disl~ursement at tl~c rate stateci in the Notc unle~~ ~?ayment of intere.st nt sucl~ ratc would be ~ contrary to apriicable Iaw•, in ~vhich cveM such smounts ~t~all hcar interest at thc highest ratc ~iermissible by ~ applicable law. Not.hing containecl in thic ~~zragra~~h 7 sha11 rec~uire I.ender to ineur any expense or do any aet ~ hereunder. ~ ~ ~0~«225 ~~17~.9 ~ ~ ;..z ~ ~:.L , M.;,,~T~ ~~:m - ~ ~ r ~ ;_s. . , _ . _ .