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Home My WebLink About0839 i i ~ ' insured or guarnnteed~by a Fecicrnl ur~sta~' ugenc~ Iiuclu~liu~; l.en~ler if I.eudar 1s such xn institution?. T.ender shall apply the Fund~ to ~~a~ ~Aid t~xcs, a~essn~ents, insurxncr ~?mmnuu~ and ~mm~d irnt~. l.en~ler shall makc no charge tor so hulding s?ud applying the Fun11s or ~•erif~ ~nfi :url eo~u~~iling •uid :~sscssn~eu~. an~l I;ill~. Dorro~~•er :u,~1 I.ender n~a} agrec in writing At the tia~c ot excculion of Ihi+ \lortgagc tl~nt intc~rc~t on tl~c Fun~i• rhull bc ~?t~i~l ~o Borrov?er, and unlesg such agm~ment is made, I.cnder shali not I~e require~i to ~~ay Borrow•cr a~iy intemst on th~• , Funds. Lender shAll gi~•e to Borrower, without chargc, nn nonuat accounting ot thc F~nds ~honinR credits und ~ debits to the Funds and the ~iur~iose for whicl~ each debit to the F'unds was inade. Thc ~nds a?re plecigc~l as addi- tional security tor the sums secured by this \iortgAge. ~ If the amount of the fimds held by 1.ender, togethcr ~vitl~ thc futare u~onthlr instaUments of Funds payable prior to the due dates of taxes, assessments, insurance premiu~ns nnd ~round rents, shall exceeci the amount re- quir~i to pay said taxes, asscssments, insurance preroita~~ :?n~l ~round rents as the~ fall due. such excess shnil be. at Borrower's option, either promptly repai~i to Borrower or rreditcci to Borro~ver on monthl~ installments of Funds. If the amount of the Funds held bp I.cnder shail not. i~e rufficient to pa~ taxes, nss~ments, insurance pre- miums and ground rents as they fall due, Borrower shall pa~ to I.ender any atnount ncce:.~ury to make up the deficiency within thirty days ~tter notice fmm I.endcr to Borro«cr mquestin~ payment. thcreof. Upon ~~ayment in full of all sums_securecl bv this \1ort~;xGc, T.ender ~I~stl) pro~npth• rcfund to Rorro~~er nny Ftinds hetd by I.ender. If under ~~aragraph 18 l~ereof thc Yropertr is sold or the Property is othern ise acquired by Lender. I.eader sha11 applt, no later tlian im~neciiAtely prior to thc ~ale of thc Pro~?ert~* or it~ arryui~ition h~ I.ender, an~• Funds held by I.ender at the time of application as n cmclit~ a~ain~t tLe ~un~~ secwr~l b~• thi~ \iottqu~c. 3. Ap~icatioa o# Payments. Unle~~ n~~plicahle 1~~~• pro~ ide.~ othen~ ise. :all pa~ ment~ receit~eci iw I.ender uuder the ~Tote and ~~aragraphs 1 nnd 2 hemof ~hnll 1?c :?p~~licci 1?~ I.cndcr first in p:i~•mcnt o1 amount~ payable to s IRnder b~ Borro~~er nn~ier parn~raph 2 hereof, tl~en to int~mst ~?a~~abte on the \ot~~ and on Futum ~dvances, if ~ any, and then to thc ~~rincipal of the \ote and to tlie ~~rincipal of Futi~m ~d~•nncc~. if an~. 4, Charges; Liens. Borrower sl~all pav aU tnxe~. :?sscssments an~l other chnrRcs. finrs and impositions nttrib- utable to the Pm~icrty ahicl~ may attain a priority over tl~is ~iart~age, and gmun~i rents, if any, at Lender'~ : option in the ~uanner ~~rovidcd under p~ragrnpli 2 l+crcof or hr Borro~~•er ~uaking ~ia~ ment, «hen <iuc. directl~ to ~ thc payee thereof_ Borro~er ~L~ll ~~romptlv furnisl~ ta ~.cndcr all notice~ of a~i~ounts ~iue ~~nder thi~ paraRtaph. and in the event Borroner sh.ill mai:c parnicnt ~lirectl~ . Rorro~~•cr ~hall ~?rompt.ir furni~h to ].cnder receipts evi- den~ing such payments. Borrower shall ~~roro~~tl~~ dicchargc an~ lien ~vhich has ~irioritr over this \lortgage: pro- videci, that Rorrower shall not be requirecl to discLarge :u» ~uch lien ~o long a~ Bormwer shall agree in ~vritin~ to . the payment of the obligation secured t,~ such lien in a nzanncr acceptable to I.ender, or shall in ~ood faith contest such lien by, or defend enfomement of such licu iu, legal ~~rocee~lin~s u•hich o~~ernte to ~~revent the enforcement oi tiie lien or forfeiture of thc Pro~~ert.}~ or any ~?art tl~ercof. S. Hazard Insuramce. Borro~ver ~hnll kee~~ thc iro~?ro~•eiuent~ no~~- existin~ or Lereafter erec*.c~i on the Prop- crt~• insure~l against lass b~ fire, lu?zards included ithin t~hc term "extended coverage':, an~1 such otLer hazarcis a~ i.ender mAy reciuire and in ~uci~ :u~iounts anci for sucl? ~~crio~l~ a~ Lender ~un}- require: pro~•idetl. tLat T.ender shall not tequire tl~at the amoi~nt oi >ucL co~•rrn~c excee~i tl~at an~ount. ot ~overage requireci to pa~• the sums secured bv rhis ~tortgage_ 1'he insurance carrier ~rroviding t6c iusurauce ~hall lx~ c{iosen I~~ Borro«er ~ubject to approral br I.ender: ~?ro~idc~l, that such approval shall not hc unreasonabl~ withhcld. All premiums on insurance policic5 ~hall be paid at Lender's option in thc mamier ~?m~•icicd under ~~aragr.i~~h 2 Lemoi or hy Rorro~.-er roal:in~ ~~:~~inent, «Len ciuc. direetly to the insurance carrier_ ~1) incurauce ~?olici~ a~tir1 rrne~~•ul~ ti~creof ~lu~l) lK~ iu tonu a~•~~y?tahlc to I.en~ler :?u~t ~hall inrlude stan~iaiYi wortgage elause in fa~•or of an~i in tonn ac~e~~~able to l.endcr. I.en~ler sh~1t ha~•c tLc right to holcl the ~wlici~ and renewals tl?ereof, auei Borm~~-er ~I~all {u-ou~~?tl~ furni~h to t.cn~lcr :?ll rene~~-:~1 uotic~~ au~i :ill receipts of paid pm- miums. In the e~•ent of los_~. Borro«•er shall gi~•c ~?rom~~t uotice to the insurance carrier and I.ender, and I~ender ! iuay n~ake j~root of la~ if not. macie prom~~th• b~ Borro?ver_ . , j Unless I.enrler and Borroner otl~er~~ise agme in ~~riting, insur:?uce ~~roceed~ shall be ap~~liect to restor:~tion or ~ ~ repuir of tlic Yro~?ert~ ~iamagc~i. ~?ro~•idctii rucl~ restor.ition or m~iair i~ economicall~ fea.~ihle and the`~ecurit~~• uf - this \Iortgage is ~iot tliereb~• impaireci. If ~uci~ restorntion or re~iaii• is not. economicall~ feasible or if tlee :eeurit~ ~ of this \tortgage ~could l~e impairecl, thc imuranee ~?roceecls sl?all 1?e applieci to tl~e sums secvred br tLis ~iortRage. «ith the excess, if any, paid to Borro~~•er_ If thc Pro~icrt}~ i< ahan~io~icrl hy Borro~~-er or if Rorro~ver fails to respond to I.endec ~~~ithin 30 ciays after notice h~- I.ender to Aorro~~er that the insuranee carrier ofiers to settle a cisim for insurance I~enefits, i.ender is authorized to ~ollect and ap~~h• th~• ins~n•ance j~roceeci~ :~t T.ender's option either to restor:?tion or repair of tl?e Propert~ ur to the ~uiu~ secw-e~l h}• tl~i• \Iortg.~ge. : Unless Lender and Borro~~er otLernisc agrec in ~vritin~, arn such applicatiou of ~~roceed~ to ~?rincipal shall not extend or ~w~tiione tl~e due ~latc of thc ~nonthh- instaqmcnt~ rcierrctil to in paragraphs 1 and 2 hereof or change the smount oi such instaltmen~:. If under ~~aragraph 18 hereoi tlic Yro~~ert}• i~ :?cryuire~i h}• I.cu~ter. all ri~ht. titlc and inter~t of Borrower in and to am insur.tnce ~wlicics an~l in an~l to tl~c ~?ro~•c~Yl~ tl~c~irof ~to th~• extcnt of the ~uu~~ ~ecure+l h~ thi~ liort- gage immeciiateh• prior to ~ucl~ ~ai~ or :icc~ui~ifio~~l resultinr frcnn +la~ua~e to tL~~ Yro~?rrt~~ ~~rior to the ~ale or :?cquisitSon shall pa.c~ to I,ender. ~ ~ 6. Preservation ~d Mmntenance ot Pcoperty; I.easeholds: Condominiums. Borro~~-cr ~I?t?ll kee~i the Pmp- erty in ~ood repair and shai! not ~~ermit or ~•on~u~it ~r~ste. im~~airnicnt. or cleterioration ot thc Pro~~ertr and sliall comply ~vith the pmvisions of ~nj• le~se. if this \Iortgage i~ on a leasel~ol~i. If tl~i~ ~Ioctga~e is on a condominium unit, Borroner shall ~~erforn~ all of Borro~~•er'~ obligation~ un~ier the ~leclarntion of condominium or master deecl. the by-Isws an~l regulations of thc condon~iniu~u ~?roject an~i constitueut ~loeumenG~. '`r 7. Proiectioa of I.ender's Securitj(. If Borro~~•er fail~ to ~?erforn~ the covenant~ :ind a~reen~ents contained in ~ this ~[ortgage, or if an~• action or ~~roceeding is commencccl «hicl? inateriall~- affect_ i.ender'~ interest in the Prop- ~ erty, including, but not limite~l to, eminent doiuain. iusoh•enc~-, ca1~• cnforcement, or arranQements or prceeed- # ings involving a bankrupt or decc~clent. then T.ender nt t.ender's o~rtion, upon notice to I3orro~rer, ma~ make such appearanc~, disbune such sinu~ and take ~uch actiou i~ nece~sary to ~~rotect I.ender-~ interest, incit~ding, but ~ not limited to, djsbursement of reasonablc attorncy'~ fee~ and entry upon the Yro~~ertt• to ~nakc repair~. Any ~ amounts disbi~rsc~i t~~ I.endcr pursuant to this paragrapi~ 7. itli interest tl~ereon, si~all l~ecome ad~iitional indebt- _ edn~cs of Borrower secured by this ~[ortgage. Unlecs Bono~scr and I.ender agree to other term~ of payment, such amounts shall l;c payable upon notice from I.ender to Borm~~-cr requesting payment thereof, and shall t~ear inter- est from the dste of disbursement at tl?c rate ~tated in the \otc unl~ ~?ayment of interest at sucl~ ratc ~voUld be contrary to applicable la~~, in ~chieh e~•ent sucli .uuounts shall I~ear interest at thc hiRhest rate ~?ermissible b~~ applicable la~r. \othing contained iie thi~ ~?aragraph 7 shall rc~uire i.ender to incur an~ ex~~ense or do an~• act hereunder. 2 . P . ' ' g~' E z~ 228 ~ ~3 , . ~ - _ _ _ - - - ~ - - - ~ ~ : ~