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Home My WebLink About2363 i , • : , , . ~ ~ ~ iusurcd or gui~rauteeci I?~ it Fe~ie~~il ur ~tutr :~~;cuc~• linclu~liu~; Lemi~~r if l.ei~~ler i. ,ucl~ :u~ institutionl. l.cndcr t •hall npply the Fumis to pa~ ~aid taxe~, u~~c~~rn~nt~, im~~run~•e ~?n~mi~nn• :uul ~;m~u~~l ~rnt~. I.cu~ler ~hHll nu~ke no c~hni e for so lioldin and a~?1 u~ tl~c Fu~?~is or ~•u•ii~~in ~ ilin ~:?i~l ua,c~•n?ent~ :uicl hills. 13wro~+er anc g ~ 11 b.• ~ ~ :u?~1 ~•u~n ? F: . ~ Lendcr uia~ a~grce in ~vriting:+t the tiiue of cxcrution of ihi• \lurt~a~~~ ih:?t interc~t on tlie Fun~l~ rluill IM ~~uid tu # 13orm~~er, and iml~~ sucl~ afimement is madc, I.c:ulcr ~Ir.~ll not hc ir~~uirctl to ~?u~ liorro~~~er an~ intemst on tl?c ~ F~u~ds. I.ender ~hnll gi~'c to Rorro~ticr, ~~ithout char~c, an ~u~nunl accountinfi ot the Funds sl?o~~in~ creciits and F ~ deUits to tLe Funcis and thc ~~urywsc for ~vhic{~ en~h debit to the Fi~ndc ~~as ~nade. The ~mds :~re ~~lecl~cd as addi- ~ tional security for the sums securcci by t.hi~ ~tortgu~c. ~ If the nmount. of thc Funds held hy I.cader, toRether ~~ith th~ futu~r. monthh ins/nli~»cuts of Funds payable prior to the due clates of taxes, assessn~ents, ins~~rttnce ~memiu~ns and ~round rents, s1~a11 excecYl the amount re- ~ quired to pay said taxes, nssessments, insurnncc ~?mr.~iums ;?nd ~roun~l renis as they tull due, such exc~ shali be, nt Rorro~ver's o~tion, either promptl~ repaid to I3orro~~°er or c~~eciiteci to Borro~ver on monthly instnliments of Funds, If the ~mount of thc Funds held bti I.endcr sh:?11 not. 1?e •ufficicnt to pav taxes, usses~ments, insurance pre- ~niums and grounci ~~ents us tl~ey fnll iiue, Borro~ver shall pn~ to I.ender anv nmount necessary.to make up the ! ~ieficiency ~vithin thitty days ntter noticc from i.endcr to Borro«•cr requcsting payment thereot. i Upon pay~nent in full af all sums secured I~v this ~lortgagc, I.ender shnll promptl~ retund to Aorrower any I~mds held by I.ender. ~ If under ~~arngmph l8. hcreof tl~c Yroperty i~ sold or the Yropert~y is othenvise acquired by i.ender, I.ender ~ ~hall apply, »o later than immediately ~~rior to thc ~le of tl~c Yro~~crt~ or its ucquisition b~ I.ender, an~ Funds held by 1.ender nt• the time of up{slication as n crc~ciit :~~ain~t the ~umc securc~l ~~v thi~ \iort_~age. 3. Application of P~Yments. Unless a1~1~1icnble ln~~• provide. othen~isc, all ~iayments reeei~ed by I.ender under the Notc nnd ~uiragrnpl~s 1 und 2 hereof sl~nll bc npplicvl 1~~ I.endcr fi~st in payment ot aiuounts paynble to I.ender 1~ Borroner iu~der parngraph 2 hercof, then to intcn~st ~u?~uhle o~t the ~ote tind on Future ~dvauces, ii any, ~nd then to thc principal of thc ~otc and to tl~c ~~rincipnl of F~ih~rc AdFancc-s, i[ nny. 4. Charges: Liens. Bormwer shAll pnv ull tnx~~, akcsc:s~uents :?nd otl~er charges, fines and im~wsitions uttrib- utable to the Property ~vhich may.aittain a priority over tl~is \iortga~e, and ~round rents, ii Any, at Lender's opt•ion in the mam~er ~irovidecl undcr parugrapl~ 2 1?ercof or I?~ Rorto~rer ui~kin~ puyment~ when due, directly to the payce thereof. Borroner sl~nll pro~uptly furnisl? to I.cnder all notices ot nmoiints ~iue under this paragraph, and in thc event Borro~~er ~hsll m:tkc pnyment directlr, Rorro~~•cr sh~ll promptl~ furnisl~ to i.ender reccipts evi- dencing si~cl~ pAyments. Borrocver shall l~mmptlt~ diseLaige .urv licn ~~hicl~ has priority over this \tortRage; pro- vided, thnt BormRer shall not bc requireci to discl~a~~c an}~ ~ncl~ licn so long ns Borro~r•cr sl~ali ngrcc in writinq to the p~v~nent o[ the obligation secured b~ sucl~ lien in a~nnm~er :iccepG~ble to i.ender, or shall in good faith contest such lien by, or defend enforeement ot such lie~? in. IeRal ~~roceeclin~~ ~~hicle opernte to ~?re~•ent the enforcement of the lien or forfeiture of the Pro~~ert~r or an~ ~iart, tl~ercof. 5. Haxard Inswrunce• Borrower ~l~nll kee~~ thc i~npro~•c~nent~ no~~ esistin~ or Lemnttcr erec!ed on the Pmp- crt~• insurcrl ~gainst loss by firc, hnzards included ~vithin the term "extended coverage", ~nd such otl~er hnznrds as I.ender may reryuire nnd in such amounts nnci for sucl~ ~~erial~ .?c I.ender mn~ require: 1~rovided. that I.ender shal) not require that the nmount of such co~•erage exceed that_ a~no~mt of co~ ernge requirecl to pay the smns secured by this 11Sortgage. ~ The~insurance carrier ~~roviding the insurancc sh:~ll he chosen I~y Rorro~ver suhject to upproval hy I.ender: pro~•ided, t~lAt Sl1CIl A}1PTO~~aI shali not be unreasonaUl~ ~vithheld. All premiums on insurance policics sluill 1~paid at Lender's option in the roa~mcr ~~m~•ided under ~~aragrn~~h 2 hcreoi br hy Rorro~~er ~uaking puyment, when due, ciirectly to the insurance carrier. All insurance policies ~nd rene~~fli~ thereof ~hall hc in foi7u a~c~q~table to I.crnler and ~1~a11 inelude a staudard mortgt?ge cl~use in favor of and in forn~ acceptablc to I.cn~lcr. Lcrnler ~hnll h3~•~ tlie ri~ht to liold the ~wlici~ and renecruls thereof, ~?nd Borro~~er shall promptl~• furni~l~ to I.ender ali rene~~~al notic~ and al~ receipts of paid pre- miums. In the e~•ent of loss, Borro~~•er ~l~all gi~~c J~roin~~t notice to the insiu~ance currier and T.ender, 3nci i.ender ~ ~i~uy ~uakc ~~roof of loss if not rnadc prom~~tly Borro~ver. ~ Unless I.ender aud I3orroccer othenvise agree in ~~ritin~, iu~w.?nce ~~ro~eecl~ shnll i~e applieci to restorntion or i~epair of the Yro~~ert~- ~lnuiage~i. ~~ro~•idcvl sucli restor.itiou or re~?air ir economicail~ feasihle .u~d the ~ecurit~ of this ~[ortgage is not: tl?ereb~~ impaireci. If such mstoration or i~epair i~ not cconomicalh• feasii~le or if thc security of this \Iortgage ~~ould be impaired, the insurancc ~iroccecls ~l~all hc sppliect to thc sums secured hv this itortgage. ~cith the excess, if any, paid to Borro~~cr. If the I'ro~>crt}~ is aban~loned h~• I3on~o~~er or if Borro~~er fails to respond to Lender ithin 30 d~ys after notice b~ I.ender to Borro~r•cr that the insurance camer of~en to setNe a claim for insuranco benefits, t.ender is authorized to collect and appl~ tl~~• iusw•nncc ~~roceeds at I.ender'~ option either to restorntion or repair of the Pro~sert,y or to tlie sun~~ secare~l by thi. \[ortgagc. Unless Lender :tnd Aorro~~•er otl~er~sise agree in ~rritin~:, an~ ~uch application of ~~roceeds to ~~rincipal shail not extend or postpone thc duc date of thc monthl~ installu~ent~ rcferred to in ~~aragr:~pLs 1 and 2 hereo[ or chanRe the amonnt ot such instullments. If under. {~arngraph l8 hereot thc Yro~~ert}• is acquire~i b~• I.endcr. all right, titlc an~l inter~t of Borrower in and to any insur~ncc policics ancl in auct to thc ~~roccc~k thcreof Ito tlu• cxtcnt o[ tl~~ ~uiu~ ~ccurect hr thi~ liort- gage immali~tely ~~rior to ~uch ~alc or a~cqui~ition i resuitii~~; from ~lan~agc to tlic Yro~~ert~~ ~~rior to the ~ale or . :icyuisition shall ~~ass to I.ender. 6. Preservation and Mainteamice ot Propecty: Leaseholds: Condominiums. Borm~r•er zLall keep the Prop- etty in goai repair and shall not ~?ennit or com~uit ~~•:istc, im~~airn~ent. or ~letcrior:?tion of thc Pro~~ert~ and slzalf comply ~vith the provisions of an~ lcasc. if thi~ ~tortgage i~ ~?n leascl~old. If this \[ortgage i~ on a condominium i? n i t, B o r r o«er shall ~~erforn~ all of Borro~~•cr's obligntion~ iuecicr thc ~Icclaration of con~iominiwn or master deed. the I~y-la~vs an~l regulations of tl~c caidominiinu ~?mjcet an~i constituenf ~locmnen~. 7. Protection of Lendei s Security: If Borro~~•er f;til~ to ~?erfon~i the covenant~ a~t~i n~rc-emez~t~ containeci in this ~Iortgage, or if an} netion or ~irocecding is com~uenec~l ~~•bich nuiteriall}• afTect~ I.ender'~ interest in the Prop- erty, including, hut not limited to, eminent do~uaiu. iusoh•enc}•, calc~ enforcement. or :?rran~ements or prceeed- ings involving a bankrupt or dececient, tl~en T.ender at t.endcr'~ o~?tion. upon noticc to 13ono~~er, ma~ ~nake such .t~~pearnnces. ciisburse such sums an~l tuke sucl? :~ction :is i~ ~iecess~n• to ~~rotect 1.ender'~ interest, including. but not limitecl to, disburscment oi reasonablc attornc~'~ tee- an~l cntr~• upon the Yro~?crt~• to ~nakc repairs. '1n~ amounts disburseri 1~y-I.endcr ~~msi~ar~t to thi~ ~~aragrnl~l? 7, ~~'ith int~m~t thercon. shall t>eco~nc zd~litional in~iebt- ecfne~s oi Borro«cr secured h~ this ~Iortga~c. Unlecs T3orro~~-cr au~l 1•ender :~grec to othcr tern~~ of patment. such amounts shall be payahle upon noticc tron~ 1.endcr to 13orro~.-cr rcqnestin~ payment tlicrcof, nn~i shall l~car inter- est from the date of ~lisbu~ement at thc rntc ~tate~l in thc \ote unle~~ ~~ayment of intemst :it such rate «ouid be cont.rnry to applicnble la~~, in ~vl~icl? c~'ent such amoiints ~l~all I?ear interest at thc hi~hest rate ~~ennic~ible by applicable inw. Nothing containe~l in #l~i~ ~?ar.~gral~l~ 7~1~a~~ ~rcluire 1.ender to incur nn~ ex~~ense or do any act hereunder. B~K~ P~Gf~ i - . > ~~:.~r - - ~x =e . . _ . - . _ v .'.S . _ _