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Home My WebLink About0215 t r ~ r ; ~ insureci or gunrunteeci t~t a Fe~leral oe ~tate ;i~euc~• 1 i~ieh«liu~; Leuder if Le~?~ler is sueh :u~ institution 1. i.eucier } shall apply the Funds to ~,a~• ~ai~l tuxc~, :~~..c•,ii~~'nt~. iusuruncc ~~m~??ium~ nn~i Rrowid rents. I.emier ~hnll n~ake no ~ charge for so holding and ap~~lying tl~c Fun~l~ or ~•crit~~in~; iu~~l eou~~~ilii~g ~ai~l uac`uicnt~ .~nd hill~. 13orro~r•er nnd Lender nu~y~ ugret: in riting :~t thc tinic of execution of this ~lortg~K~• thut interest on thc Fun~is ~hall bc ~~aid to Borro~~er, :?nd unlcs.~ 5uch ngmen~ent is made, I.cndcr ~hall not be require~i to ~~at~ l;orro~~•er an~ inlemst o» the Funds. Lender shnll gi~•e to Aorro~ver, ~~itl~out cl~ar~c, un nnnual nccounting a[ tt?c Funds sho~~•in~; craiits nnd debits to t'~e Funds nnd thc purpose for Rhich each debit to thc F~md~ ~vns made. The Funds a~re ~~iccigeci as addi- tional security for the sums secureci by this ~tort~nge. If the amount of the F~nds held by T.ender, togetl~cr ~vith tlie futiur. uiontl~h• inst;?Ihnents of '~imds ~~ayahlc prior to the due dates of taxes, assessments, insurance ~~remiwns und ~mund rents. sl~nll exceetl thc amount re- quired to pay said taxes, assessments, insurnnce ~~remiums and ~round rents ss tl~ey fall due, sucl~ excecs shAll be, at Rorrower's option, either promptly re~~aid ta Borro~rer or crec~itc<i to Borro~ti•er oi~ monthl~ inst~liments of Funds. If the amount ot thc Funds held hy I.ender shall not~ I,e .ufficicnt to ~~a~• taxcs, i1SSCS3ll1CIltS, insurance pre- miums and ground rents ns they fall due, Borro~ver shall ~~nv to I.endcr ~n~ nmoimt nece~~iiry to mnkc up thc deficiency within thirty days nttcr not,ice from I.ender to Borrower requcstin~ ~~nyment thereof. IIpon payment in full of all sum• secureci by this ~tortgn~c, I.ender shnl! promptl~ refund to Borro~ver nn~ I~nda held by~I.ender. If under paragraph l8 hereof the Propcrty is sold m• the_ Ympert~y is othcr~vise acquired by i.ender, I.ender shall apply, no later thAn immeciiately prior to thc ~ale of the Yropertv or its acquicition b~ I.ender, ~n~ Funds ~ held by I.ender nt the time of application As a emdit a~ninst the <ums secuird h~ thi~ \tort~aRe. 3. Application of Payments. Unles~ applicabl~ ln~~• pmvicte~ othenvis~, nll ~~nyment~ ~-eceive~1 by T.ender ~ uuder the Note nnd parsgraphs 1 und 2 hereof shall I~c np~~lic~i h~~ Lender fir5t in ~~a~ ment ot amounts pavable to ~ I.ender by Borro~ver under parn~raph 2 l~ereof, then to intcrest ~?nyAble on thc ~Iote and on Futui~c :1ch~nnces, if # any, ~nd then to the principal of the Note and to thc ~rrincipal of Future Ad~•ances, if nn} . ~ 4, Cheages; Liens. Borrower shall pa~ all t~?xes. :?ssessments :~nd other chnr~es, fines and impositions nttrib- utable to the Property which may nttain priority over tliic ~•iortga~c, and ~muncl rents, if any, At~ Lender's ~ option in the manner provided under parngrnpl~ 2 I~ereof or hv Rorm~~cr uiakin~ p<<~ment, when duc, directl,y to : the payee thercof. Borrower ~hnll promptly furnish to I~nder all notices of nmounts due under this Pnrt~graph. , and in the event Borro~ver shAll mAke ~~ayment directly. Rorm~vcr shall pmmptlv furnish to T.ender receipts evi- dencing such payments. Borrower shall promptl~ rliscliargc an}~ licn ~~~hich has priority ovcr this ~tortgage; pro- vided, that Borrower shall not be required to dischnrge Any such lien so long as I3orm~ver shall agree in ~vritin~ to ~ the payment of the obligation secured b} such lien in a manncr acceptable to I.ender, or sh:~ll in ~oal taith contest such lien by, or defend enforcement of such licn in. le~a1 ~~roceeclings hich operzte to prevent~ the enforcement of the lien or forfeiture of thc Propertv or an~ part thereof. ~ 5. Hazard Insuranee• Borrower sh~ll kee~~ the impro~•en~ent~ no~~• caistiu~ or I~ere~fter crceteci on the Prop- ~ crty insurecl against loss by fire, huzards inciudecl ~vithin the term "extended cnverage", and sucl~ other {~nzurds a.5 I.ender may require ~nd in sucl~ amoimts and for such ~~erials .?s Lender n~ny require: pro~•idcKl, thst• Lender shall not require that the nmount of sucl~ coverage exceeci tl~at nmount of coverAge requireci to pay the sums secured by this Mortgage. ~ The insurance carrier i>roviding tlie insurauce shall he chosen b~ Borrower subject• to appmval by i.ender; provided, that such upproval shall not be unreasonaUly ~vithheld. All premiums on insurance policics sl~all be paid at Lender's option in the manner ~?m~ ided under parag~~~~li 2 hercot or !~v Rorro~~~er iuakin~ ~~avment, when due. directly to the insurance carrier. All insurance policies xnd ~~euewal~ ti~ereof shall be in fo~-~n a~~~•~?tabic to T.~n~lcr .in~l ~hall include :i standard mortgage clause in fnvor of and in forn~ ~cce~~tahle to I.ender. Len~ler ~hall ha~•c tl~c right to hold thc policie~ and renewals thereof, and Borro~~•er ~hall pron~j~tl~• furnish to Lender :?ll rcne~~•al notices an~l ~11 receipts of paid pre- ' miums. In the e~ent of loss, Bormn•er ~Lall gi~•e prom~~t notice to tlee insurance carrier and I.ender, and Lender ~ may make proof of loss if not inadc promiith• bv Borro~vcr. ~ Unless T.ender and Borro~r•er other~vise agrec in ~vritin~;, iu~uruncc ~?rocced~ sh~ll be a~?~ilied to restm•ation or ~ repair of the Propert~• damageci, pm~'ideci suei? restoration or re~?slir i~ eeonowirall}• fea~ible .ind the ~eeurity ot this \[ortgage is not tl?ereby impAirecl. If such restoration or repair ic not economicall~ feasibte or if the security of this ~iortgage ~vQUld be impaired, the insurnnce ~~rocee~is siiall be np~lie~l to the sums secureci b~~ thi~ ~iortgage. with the excess, if any, paid to Borm«•er. If thc Yropert~ is ahan~lonecl b~ I3orro~~•cr or if Rorro~ver fails to respond to Lender ~~ithin 30 days after notice b~• 1.ender to Rorro«cr ihat the insur~nce carrier offcrs to settle a claim for ~ insurance l,enefits, I.ender is autl~orizeci to collect and appl~' th~• insur.uice ~~roceeck at I.ender's option eitLer to restorntion or repnir of the Propertv-or to tl~e smus secure~l by tLi~ ~[ortgage. Unless Lender and Borron•er othenvise agree in ~vritin~;, auv sucli npPlic.ition of proceeci~ to principal shall not extend or postpone tfie due dutc of the montl~iv installn~cnt< tr.ferre~l to in ~~aragrapl?s 1.znd 2 hereof or chanqc the amount of such instaltments. If under paragraph 18 I~ereof-t.he Yropert~• is acquirai b~• 1.cuder, all ri~ht, titlc aud inte~~est. of Borro~ver in and to any insurttnce ~~olicies and in 1nd to the ~~rocec~i~ th~reof Ito th~~ extent of thc ~um~ ~ecured b}~ this ~iort- ~ gage immediately ~~rior to ~ucl? s:~le or :icquisition~ rc~ultin~; frou? ~lama~e to t6~~ Yro~~ert~ ~~rior to the ~ale or . ~ .~cquisition shall pass to I.ender. 6. Preservation amd Maintenance o1 Property: Leaseholds: Condominiums. Rorro~~•cr ~hall keep thc Pro~y- erty in good repair and shall not ~~ermit or commit ~~•~?ste, im~~ainnent. or deterioration of thc Propert_~• and shall ~ com~ly with the provisions of an~' leuse, if this ~Iortgage is on a Ieasei?old. If thi~ \Iortgage i~ on a condominium ~ unit, Borrower shall perforn~ all of Borrower°s oUligntion~ un~ler tl~c ~Ieclaration of condominiun~ or ~nASter deecl. the by-la~vs and regulations of tl~e condon~inium !?roject an~l ~onstititent docunients. ~ 7. Protectian of Lender's SecuritY• If Rorro~~er fail~ to ~~erforn~ the covenant~ an~i .~~reenicnts containeci in ~ this \~lortgage, or if any action or procecding is comn?enceci ~shirl? ~uaterialh• affects Lc~zcier'~ interest in the Prop- erty, including, but not limited to, eminent don~xin, in~oh•enc~•. raic enforcem~nt, or :?rr~~ngements or Proceed- ~ ings involving a bankrupt or decedent, then I.ender at I.emic?•'~ o~~tion. upon notice to 13orro~ver. ma~• make such ~ appearances, disUur~e such sums and take such action as is neces~a~y to ~irotect I.ender's interest, inciuding. but ~ not limited to, disbursement of reasonahlc attornc~•'~ fee~ an~l cntn~ i~pon thc Yro{~ert~• to ~uakc repairs_ Any ~ amounts dislaursed by Lender ~~ursuant to this 4~aragra~~li 7. ~~~itl? intcrest thereon. ~I~all I~ecomc ad~iition~l indebt- ~ edness of Borrower secureci hy this ~Iortgage. Unless I3orro"cr an~{ I.cnder agree to other terros of pa~•mcnt, such ~ amounts shnll be payable upon notice from I.ender to I3otro~~cr rcc~uc~ting ~?a~ment thereof, nncl shall besr inter- est from the date of disbursement at thc ratc ~tatMl in thc \otc unle~~ ~?ayment of interest .?t sucl? ratc ~~-ou~d be contrary to applicable law, in ~vhich e~'ent sucl? amount~ shal) l,car intere~t ~t thc hi~hest r:?te perniissible bt ~ applicable law. Nothing contained i~z this ~~ar.igr:?~~li 7 ~h;~11 requirc I.ender to incin• zn>' ex~~ense or do Any act hereunder. E r s 228 PaGE ~ I I a ~ ~ ~ - ~u ~ ; ~ . ~ ~ .r . _ . . _