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Home My WebLink About1638 . ~ ~ ~ ~ + - , ; . ~ insure~l o~' gUill't1111CMI Ii~• a Fc~let~il or state :~Reuc~• liu~•Iwliu~; Lemler if l.eniler i. ~ucli :~n instihitionl. Lender ~hal) npph• the Fiu~~l~ to ~~a~• ~ai~l ti?xc•, :«:rs.ments. in,ur:?ni•~ ~?m~uiun~~ :uut ~muml mt?t~. l.cnder Ghnil mnke no charge for so haldinR:u?~1 :~pplying thc Finuls or ~•crif~•in~; :~n~l ~•o~n~,ilin~ ~aid u~.,es.~~ncut. and bills. Rorro~ver and l.cnder i~u~y ngme in ~~•ritinR ait the timc• of excei~tion of this \lort~»~;~• that interetit on th~ Fundr :~h:~ll I~e ~»?i~l to 13orro~~•cr, uu~l unlc:~c such ttgrcMUU~nt is n~ndc, I.eudcr ~hi~ll not I~c ~rquiiYyl to ~,i~y 13orm~rcr un~• intetest on thc Funds. I.en~ier shaU ~i~•~ tu Rotro~ver, ~vitl~out char~c, an annual accounting of the Funds .ho~~•in~ credit~ nnd debits to tLe Fi~nds and the purpose for wi?ich cacli ~tebit to the Fand4 ~vas made. The Fands :~re ~ile~l~~~c1 ns addi- tional seeurity for the sums secureci by this \tort~a~e. If the nmount of the Funds held hv I.cnder, togetl~er ~~~itl~ Ihc futu~~c montl~h• instz~lhnents of F~~nds payable prior_ to the due dates ot taxes, t?ssessn~ents, insurn~~ec premiuiux and ~;round rents, al~nl) exceeci the nmount re- quired to pay said taxes, assessments, insurnnce prcmiums uml ~round renls :ts tliey fAtl due, such excess shall be, nt Borro~ver's aption, eitl~er promptly repuid to Borro~ver or rralited to Borro~ver on monthly instnliments oi Funds. If the nmount. of thc Funds held hy I.ender shnll not I?e suflicicnt to ~iax tuxes, nssessments, insurnnce pre- ~uiums and ground rents tts they fall ~iuc, Borrower shall pn~ to I.ender nn~ s?mount nec~sary to mnke up the deficiency ~vithin thirty days nfter notice from I.ender to Borro~~er requcsting payment thereof. Upon payment in full of nll sums secured by this \tortgn~e, I.ender shall pro~nptl~ rcfund 1o Rorro~ver an~~ Funds held by I.ender. ' _ If under ~~~ragmph l8 hereof the Propertv is sold or thc Yroperty is other~vise acryuired b~• I.ender, I.ender >hall apply, no later thn» immecliatel~• prior to the ~xlc of tl~c Propert~ or its acquicit.ion hy i.ender, any Funds held by I.ender at the time ot application as n credit a~ainst tl~c ~ums securcyi h~ thi~ ~Zort~age. j 3. AppHcation of Payments. Unlecs applicnble la~~ provide, other~vise, :~ll pnyment~ received by I.ender ~ ~?uder tl~e Note :~nd p~rugrnph~ 1 and 2 hereof shall l~e ap~~lied b~• i.endcr first in ~iayment o~ amounts ~iaynble to I.ender by Borro~ver under pamgrapli 2 hercof, then to intemst ~u~yable on thc Note anci on Futurc advances, if ~ any, and then to thc ~~rincipal of the Note an~i to thc ~?rinci~~nl of Futt~re ~~i~•ances, it nny. j 4, Chaarges; I.iens. Bortower sl~ttll paa ull taxes, asse~ments nn~i other charges, fines and impositions nttrib- ~ utable to thc Property ~vhich may attain 1 priority over this \tortgage, :?nci ground rents, ii any, ut Lender's option in the n~anner ~~rovided under ~~aragm~~l~ 2 hercof or h~ Borro«•er iunkin~ payment.; when dae, ditectly to the payee thereof. Borro~~~cr shall promptlv furnish to 1.ender nll notices of nmowits due imder this paragraph, and in the event Borrower shnll u~akc payn~ent directl~~, Rorro~~er shzll prom~~tlv furnisl~ to I.ender receipt~ evi- dencing such payments. Borro~vec shull proroptly discharge :in~ licu ~vhich has priority over this ~Iortgage; pto- vided, that Borrower shnll not be requireci to discltia~~c ~n~ ~~~ch lie~~ so long as Borro~rer shali ngme in writing to the puyment of the obligat.ion secured by such licn in n~auuer accept~ble to T.ender, or shall in gooci faith contest such lien by, or defe~d eniorcement oi such licu in, legul ~~roceedin~ ~vhich operate to~prevent t.he enforcement of the lien or forfeiture of the Pro~~erty or nny ~~art. tl~ereof. S. Hazard insurunce. Borro~ver sl~all kee~ thc_im~~ro~•e~uent~ uo~~• existin~ or here~tter erec*ecl on the Prop- crty ins~~reci against loss I~y fire, l~asards included ~vithin the term "extended coverage", All(~ SUCII OtI1C1' IIALATtIS RA I,ender may nequire and in sur.l~ aniounts nnd for such ~~erial~ :~s I.ender mn~• reryuire: provide~l, that T.encler shal) not require tt~at the amount uf such co~~eragc exceeci tluit. ~wount of coverage reryuired to pay the sums secured by t.his Mottgage_ The insurance carrier ptovidin~ tl~c iusurancc shnll hc chosen hv Borro~ver ~ubject to upproval by 1.ender; ~irovidect, that sucl? approval shall uat. be unreasonablf ~vithheld. All premiums on insurance policies shall be paid at Lender's option in tltie man~~er ~~ro~ ided nnder ~~arugra~~li 2 hereof or I?y Borro~~er ronkin~ iiavment, ~vhen due, directly to the insurance carrier. Atl insuranc:e policies aizd ~~ene~~:tl~ tl~ereof ~hsll he in furn~ ac•ccy~t~ble to i.en~ier ~n~l shnll include a standard mortgage cluuse in favor of nnd in fonn acceptable to 1.endcr. I.ender ~hait h~~•c tl~e right to hold the policies and I renewals tliereof, .~nc! Borro~~er cl~all ~iro~npih~ furnisl~ to I.endcr all rene~~~l notices and 111 ~~eceipts of paid pre- ~ i miums. In the e~•ent of loss. 13orm~rer shall give prom~~t not.ice to the insurance carrier and I.ende~•, and i.ender t may n~ske ~~roof of loc5 if not madc prompt.l~- b~ Borro~ver. ~ E Unless T.ender and Borm«•er othenvisc agmc in ~vriting, i~~suruncc ~~roceecls shall bc ap~~lieci to restorztion or ~ ~ repair of the Pro~~ettt• ~lniuageci, pro~•i~lcrl sacL restoratian o~• ?•c~~air i~ economicall~ feasible and the ~eciirit~~ of ~ this ~[ortguge is uot. thereb~ impairecl. If sucl~ restor:~tion or ~~e~?air i~ uot. economicnll~• feasible or if the securitv of this \Iortgage ~~otild bc impair~d, the inm~irance proceeci~ s1~a1! 1?c appliecl to the sums secured by this 13orkgage. ~vith the excess, ii any, paid to Borro~+•er. If thc Yropertv i~ abumloncd h~• I3orrotver or if Rorm«er-fuiL~~ respond to I.ender ~~•ithin 30 days after notice by I.ender to Borro~ver that the insurxnce carrier ot~'crs to settlc u claim for ~ insurance benefits, I.ender is authorizecl to coUcct and uppl~ th~~ ins~n:?nce ~irocecds at i.ender'~ option either to - restorntion or rep:?ir of the Ptopert,y or to tl~c swus secureci I~~ ti~i~ \tort.gage. Unless Lender and Borro~rer othen~ isc ugrce iu ~vritin~, an~ such appiicatiou of ~?roceeds to principal shall i not extend or postpone the due datc of tl~c montl~ly instalirocnts refcrrec! to in psragra~~lis l and 2 hereof or change ; the amount oi such instaliments. } If under partgruph l8 liereof tl~c Yro~~ert~~ is acquiral li~• T.ender, all ri~ht, title and interest of Borrower in and to an~ insur~nce ~~olicies and in and to the proceecis thereof (to th~• extent of tl~c ~uu~s securecl hv this ~Iort- gage immediately ~irior to ~uch ~alc or acquisition? resultiu~; frou~ ~lan~age to thc• Pro~~ert,,v ~~rior to the sale or .?cquisition shall pass to I.ender. 6. Preservation cmd Maintenamce of Property; Leaseholds: Condominiums. Borro~ser shall kee~i the Prop- erty in good repair and shull not ~?ern~it ar comn~it «:?stc, iiupairn~ent, or deterioratiou of thc Yropert~• and shall comply ~r•ith the provisions of aii~• leasc, i{ this \Iortgagc i~ on s icasehold. If t!?is \tortgage is on a condominium imit, Borrower shall perforni all of Borro~r-er's obligation~ un~ler the ~leclaration of condominium or master deed. :h} the by-laws .snd regulations of the condominiuni ~~roject and constituent documents. 7. Protection o! Lendei s Security. If Rorro«er fail~ to ~?crforn~ the covenant~ and agreements contained in ~ ~ ~ this \tortgage, or if an~ action or procecding is comu~enceci ~rl~irl~ m~teriallv afTects I.ender's interest in the Prop- ~ erty, including, but not limited to, eroinent dou~ain, iosoh'cuc~•. rai~• enforce~uent, or arr:~npement~~ or prceeed- ~ ings involving a bankrupt or decedent.. tLen T.ender at I.ender'~ o~?tion, upon noticc to 13orro«er, muv make such ~ ~ appearances, disburse such sums snci take sucl? acti~u as i~ nece.c~a~y to ~iroteck I.ender's interest, including. but ~ not limiteci to, disbursement of reasonahlc attorncy'~ iee< an~l cntn• upon the Yro~?ert~ to ~nakc repai~s. Any ~ amounts disburseci by Lender pu~uant to this paragraph 7. «~ith intcrest tl~ereon, sl~all becomc ndditional indebt- ~ eclness of Borrower securec( by this ~Iortgage. Unlc~s I3orro~~•cr au~t I.ender agrcc to other tenns of payment, such amounts slu?11 be poyable upon notice from t.ender to Borm~~-cr ~rqt~csting ~~ayment thereof, :?nd shall bear inter- ~ est from the dnte of disUursen~ent at. thc rate st:ttc~l in the \otc w~les~ ~?a~n~cnt of interest at such rAtc ~r-ould be contrary to apPlicable lan, in n•hich e~•ent ~uch :~moiint< <liall I?ear interest at thc highest rate permissible by ~ applicabie 1:~w. Nothing containecl in thi~ ~~nragraph 7 ~l~ail rcc~uiir I.ender to incur am• expense or do uny act hereunder. ~ ~z~z PACEss~ a.~~ ~ . ~-3 .~-~x,~~ ~ r~r-~. ~ ~ - ~ ~ ~:.r~~~~ s,t - ~ , F ~ - -