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Home My WebLink About0463 insureci or guaru~iteed by a Fccicral or ~tt?tc :~genc~• ~im•lu~liu~; L~~i~lcr if I.e~?der is •ucl? an institutiail. l.eiider shall apply the Fundc to pA~ ~a~i~l tux~~•, a~;cs~nient~. insur.ancc ~?rc~u?ium~ an~l ~rcn~nd mni,. I.en~lcr shall makc no ct?arge for so l~ol~ling :?n~t a~~~~lyi~?g tT~e Fimd. ~r ~•crif~•in~; :~n~l cowNili~~g ~aid i?~ csauient• :~n~l. biils. Iiorro~~•er iuui I.ender u~ay agrec in ~~riting at tl~c tiiue of exccution of this \lortga~c that inti>m~t on thc Fun~i~ ~hiill lx• ~?ai~l tc? Burm«er, and unless such agmcn~cnt is ~nade, I.ender sl~~~ll not I~c required 1~~ pay liorro~~•cr :~n~~ intcrest on thc~ Funds. I.ender shall gi~•e to Borrower, without~ cliflrge, nn annual accounting of the Funds sho~~•in~ credits uncl . debits to the Funds nnd thc purpose for wl~ich cach debit to the FundR was ~nade. Thc F~mcis ~~re pledgcd ns uddi- tional security for the sums secured hy this \IortRage. If the amount of the Funds held by ].ender, togethcr ~vitli thc futurc monthh• instnlhnents oi Funds payable prior to the due dntes of taxes, assessments, insurAnce premi~ims nnct ~round rents, shall exceecl the amount re- quired to pay said taxes, nsscssn~ents, insurnncc ~~remiums nnd ~roun~l mnts as thc~• fall duc, such excess shall be, at Rorro~ver's option, cither promptlv repai~l to Borroncti• or rreditc~~ to Borro~~er o» mouthl~• installments of Ftinds. If the amount of the Funcis held b~~ i.ender shall not. be suf~'icicnt. to pay tnxe~, :?csessments, insumnce pre- miums and ground rents ns they inll ~iue, Borrower shall ~~n~• to I.ender nnv nmount neces:nry to mnke up the deficiency ~vithin thirty days after noticc trom l.endcr to Aorro~~•er rc~uest~in~ paynicnt t.hcreof. Upon payment in full of ~Il sums secureci by this \Iort~;:iGc, I.ender shnll ~~rozn~~tlv refund to Borro~ver nn~ Funds held by T.ender. If under pAragraph 18 hercof thc Yropertv is solci or the Yroperty is othcr~~~isc acquireci by I.ender, I.ender ,hall apply, no luter th~n iminediuteh~ prior to the ~alc oi the Pm~~ertt or its u~qi~isition bti• T.ender, nn~• Funds held Ly I.encier at the timc ot upplication as a crc~lit arain~t thc ~un~~ secwr~i h~• thi~ \IortRu~e_ 3. Applieedion o! Paymea~ts. Unle:s ap~~lical,l~~ In~~• ~~rovide~ othernise. :iil ~~a~n~ent~ irceiv~~ci by T.ender under the 1~'o'tc an~i parngrnpL. 1 and 2 herc~of ~i?all be a~?~~liMi h~ i.endcr fii~t in ~?u~~ment of amounts pt?vt~ble to Lemier 1?~ Borro~~er ~mder ~?ara~r~ph 2 lze~rof, theu ta int~~m~t ~~s~able on the \ote ;~n~l rni Futum Advn~ices, ii an,v, and then to th~ ~~rincip~l of thc \otc and to thc ~~rincipal of F?~ium !1~i~•nncc~, it xny. 4. Charges: Liens. Aorrower shall ~~av All taxc~. :?sse~sn~ents :?n~l ott~er chnr~es, fines t~n~ i~n~~ositions nttrib- utable to the Propcrtv ~vhich ~uny .?ttnin ;i prioritv over tl~is \Tortgnge, and ~roun~l rents, it Anv, at Lender's option in tlie m.~n~~cr pro~ idc~i under pau•agrn~ih 2 l~creoi or 1?~- Rnrro~~•er uiakin~ p:?~ ment, hen due. directlv to . the payee thercof. Borro«•ci• ~iu?11 ~~mmptiy fun~ish to I.cnder all notice~ of nmounts ~iue ~mdcr thi~ paragra;,h. ~nd in [iic c~•ent Borro~vcr shall ~uakc pa~ ment rlirectlc. Rorro~~•cr ~hall ~~rompth iurni~l~ to l.ender receiptc evi- dencing such payments. Borrower sl~nll ~~rom~rtiv ~lischlr~c nnr licn which has ~~riority over thic \tort~nge: pro- ~~ided, thut Rorro~ver sh:?11 not. hc requimct to ~liscl~nr~c au~ ~uch lien so long a~ Rorra~eer sl~all agree in writin~ to the pnyment of the obligation accured bp sucL lien in :i man»er :?ccept.tl,le to 1.cnder, or shall iu ~oocl faitL r.ontest such lien by, or defend enfoTCCmm~t ot such lien iu, le~al ~~rocec~iin~~ ~~•hich o~~ernte to prevent the enforcement of the lien or forfeitum of the I'ro~~ert~~ or ant• ~~art tliercof. S. Hazard Insurance. Borm~~•cr shall kcc~~ thc i~u~n~o~•en~ent~ ~euw- existin~ or liercafter crec!e~l on thc Prop- crt~~ insiircd against lacs by fire, hnz:?rcis includecl ~vithin the term "extendecl coverage", ami such oti~er hazhrcis a~ I.ender ma~~ require and in <iich :unoi~nt~ :u?d for si~ch ~?erio~l~ Lender ma~• require: pro~•i~iecl. thnt I.en~ler shall not requim tLat the nmount. of ~ucl~ co~-ern~c cxcee~i that aiuount. ot ~o~~eraRe requireii to pa~, the sums secured by this \lortgage. The insurunce carrier {~rovidiu~ tLe ins~u•ance sh~tll hc~ cl~osc:u b~~ Borro~ver ~ubject to ~pproval U~ T.ender: ~rrovidal, th:?t sucli approval shall not 1?e unreasonAblf ~vithl~eld. All p:emiums on insurnnce policies shull be pnid 1t I.ender's option i~i thc munncr ~tim~•i~icd iu~dcr ~~aragr:i~~h 2 hcreof or I~y Bm•ro~~•cr makin~ ~~nti~inent, «Len due, ~iirectly to the insurance carrier. All in~urnnce ~?olicies anrl mne~~~ai~ tlicreof ~liall Ix• iii fo~~n u~•~~~•~?table lo I,en~ler :YUd ~h:ill in~•tude standatYi u~ortgAge cl3u~e in fn~•or of :u~~l in forn~ acceptable to I.endei~. T.rn~ier ~hall h:?~•e th~ ri~ht to hold the ~?olicic.~ an~l i rene~vnls thereot, .inil Borro«cr ~Lall ~~ro~n~~th• furnish to L~~n~ler nll rene~~•;il uotice.s 3n~1 :ill receipts of paid pre- ~ miums. In the cre~ii oi loti. Rorro~~•cr ~hailt gi~•e ~?rom~?t notice to thc inci~rancc carrier 3ncl T.ender, and Lender ~ iuay muke ~?roof of lo~~ if not. ~ua~lc proro~itly h~• Borro~~cr. ~ Uuless I.ender and I3orro~~•er otl~er~.-isc agmc in ~vriting. ii?~ur:u~cc ~n~oceccls shall hc ap~~lieci to restoration or E repair of tl~e Pro~?crt~• ~lanu?ge~l. ~~ro~•i~le~l ~ucl? restor:ttion or repair i~ economicall~~ feasible and the ~ecurit.~• uf this \[ortgage is not. tLereii~• imp:tired. If ~ucl~ restor:ition or re~~air i~ not, economicall~ fessible or if the securitti af tl~is ~lortga~e ~~oulct hc impaircci, thc in~in•ancc ~~roccecls ~hall hc ~ppiiecl to thc sams securecl b~ tl~is ~Zortgage. «ith the excess, if any. puid to Rorro~~•er. If thc Yro~~ert}- i~ ahan~ioneci h~- Borm~~•cr or if Aorrowcr fail~ to respond to I.ender ~~-ithin ~ dAys after notice b~• Lender to Aorro~~•cr that the insw•ance carrier offe~ to settle a claim for ~ insurance henefits; I.ender i~ authorizecl to collect ;~nd apph~ th~• instn:~ncc ~iroceed~ at T.ender's option either to restorntion or re~r.iir of thc Pro~~ert}• ur to thc sun~~ securc~i f,~• tl?is \tortg:~~c. Unless Lendcr and Borro~~-er oLl~ern•i~~ agrce in ~vritin~;. an~- ~uch application of ~~rocced~ to principal shall not extend or post~~onc thc duc datc ot" thc inontl?h- instnlln~cnt~ r~icrrc~l to in ~?aragraphs 1 and 2 hereof or change the amount ot such installment~. If under ~,aragraNh l8 hereof the P~•o~~ert~• i~ .?cquire~l 1?~- I.c~uler_ all ri~ht, title an~i intcrest oi Bormwer in • and toam• insur.tnce ~~olicies aml iu .ili/I t0 t~iC j~l'O(~ec~i~ fhc~re~of ~t~~ th~• extent of tli~ stuu~ ~ecure+l b~~ thi~ ~iort- gnge im~neciiately prior to ~ucl~ ~alc• or :?cquisition ~~r~tiltiu~; froin ~ian~a~e to iLc• Yropert~• ~~rior to t.he ~ale or acquisition shall pa~ to T.endcr. " 6. Preservation cmd Maintenance of Property; Leaseholds: Condominiums. Rorro«er si~all kee~i the Yrop- crty in ~ooc1 repair and shal) not ~~erniit or conunit ~~astc. im~~sirn~ent.-o?• det~rioration ot tLc Property ~nd shall comply ~vitli the pro~-isions of an}• leuse. if tLis \lortguge i~ on tea~cl~ol~i. If thi~ \tortgage i~ on ~ condominium unit, Borm~ver ~hall ~~erEorn~ :~il of Rorro«•er's obligation~ u~?~lcr the ~leclttrntion of condominium or master deed, : the 1?y-laws and regulations of tLe condoniinimn ~?rojeM .u?d roi~~tituent ~locument~s. ~ 7. Protection of Lender's Security. If ~orro~ser i~il~ to ~~crforn~ the covenant~ an~l :;greewents contained in ~ this ~Iortgage, or if any uction or ~~rocecding is coron~encc~i ~~•hich waterially aficcts I.ender's interest in the Prop- ~ erty, including, but not limite~l to, eminent doiuain. iu~oh•en~}•; cale enforcemeet, or arr3nQe~uents or proceed- ~ ings ii~volving a bankrupt or dececlent, then T.ender at Lender's option, upon noticc to I3orro~cer, ma~ make such ~ appearances, disburse such swn= ai~d tflke ~urli ;~rtirn~ a~ i~ nece~saty to lirotect i,ender's interest. includin~. but ~ not limiteci to, disbursement oi reasonable attorney'~ fee~ and cntn upon the Yro~~crt~• to ~nake repair~. Any amounts disburseci by 1.ender pu~uant to this paragraph 7. ~~•itl~ intcrest tl~ercon, sl~alt becon~c 3d~iitionul indebt- edne_c5 of Borro~Ler secured hy this ~Iortgage. Unlecs Borroc~er t~ntl i.ender agree to other tenus of payment. svch ~ amounts sl~all be pAyable upon notice from I.ender to Borro~~•cr requesting payment. thereof, an~i ~hall }~esr inter- •~s est irom the d:?te of ~lisbursement at tl?e rntc state~l in the \otc unle~s ~?avment of interest at such ratc ~voUld hc contrary to applicabic la~~-, in ..•i?ich c~•ent sucli an~ount~ ~hall 1?e~- interest at the hi~hest rate ~~ern~issible b~~ ~ applicable lan. Nothin~ cont3inecl in thi~ ~?aragra~~h 7 shall require I,ender to inc~n• an}• ex~iense or do anti• act ~ hereunder. 2 ` etti ~r.0 PACE ~ ~ - . . . ~_,q , - _ _ _ - - - - _ - - y~n=~ ~ 'h' ~ 'SSJ~Y ~`4 H S •-+"+L~ '..~r-w-n"` =?m' 3- ~ ~ 3~ _ . _ ~s ^~y~.+2'~~-^..~~i..« - z . ~ _