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Home My WebLink About0752 , ` 1 . .i . ? f inaured or guaranteed by a Federal or state agenay (including I:crnier i[ I.en~lcr is such an inatitutiorl~! I.CR(~@T { shatl apply the Funds to pay said taxes~ ussessinents~ ~nsurancc ~~reu~iums nnd ground rents. I.ender ahall make no charge for so holding and applying the Funds or veritying nnd compiling Snid nssessnients and bilts. Bormwer an~ : I.ender may agree in writing at the tinie of execution of this \lortgage that interest on the Funds shall bc paid to Borrower, and unless such agreement is. made~ I.endcr shall not bc rc~ryuircci to pay Borrow er any interest on thc ~ ~nds. Lender shall give to Borrower~ without cliarge, nn annual accounting of the Funds showing credits and j debits to the ~nds and the purywse tor which each debit to the Funda ~vas made. The ~nds Are pledged as addi- : tional seaurity for the sums secured by this ~Iortgage. ~ ; If the amount o[ the Funds held by I.e~der, together ~vitli thc tuture monthly instnllments of Funds payable prior to the due dates of taxes, assessments, insurance premiums nnd ground rents, shall exceeci the arnount re- , quired to pay said taxa, assessments~ insurance l~remiu~ns nnd grou~d rents as they fall due, such excess shall be, BOFF~~ti~Y 8 ~ij)~i~iii~ ~;i :ar prom~st:~ :~;::::a t~ H~rr~r~er *~r c•r~!ir•~! Bornc?w~r An monthlv' inatallments oi Ftinds. If the amount of the ~nds held l~y I,ender shall not be sufficient to pay taxes, assessments, insurance pre- miums and geound rents as they fall due, Borrower shall nay to T.ender any amount necessary to make up the deficiency within thirty days after notice from I.ender to Borro~ver requesting payment t.hereot. IIpon payment in full of all sums secured b~ this \tortRagc, i.ender shall promptly refund to Borrower any . llinds held by Lender. If under paragraph 18 hereof the Property is sold or tlie Property is otherwise acquired by Lender, I.ender shall apply, no later than immediately prior to the sate of the Property or its acquisition by I.ender, any Funds held by Lende~ at the time ot application as a credit against the ~mi~.s sectu~ed hy this ~tortgage. ? 3, 1~[ppli~ation of PaYmeats. Unless applicable la~ provides othernrise, uil pAyments received by Lender ~ under t.he 1~Iote and paragraphs 1 and 2 hereof shall Ue Applieci by I.endcr first in_payment of amounts payable to t Lender by Borrower under ~~aragraph 2 hereot, then to interest pnyable on thc Note and on ~iture Advances, ii any~ and then to t.he principai of the Note snd to the ~~rinci~utl of Future 4dvances, if anq. 4. Charges; Lisns. Borrower sl~ail pa,y all taxes, a.csessments nnd other chargcs, fines und im~~asitions attrib- utable to the Property which may attain a priority over thi~ \iortgage, and ground rents, if any~ at Lender's . o t....~...t' ~iL~=^Cw~r n~gk2na navmant.~ ~qhen dne; ~iTE!1!t~V fA OPWOII 1D Ctlr 1I1t1U11C1` ~!t`Vi~I~E~ iiUUaT j3~3iu~auj.~~ .~~...,v• : ~ the payee thereof. Borrower shall promptly furnisl~ to i.ender all notices o[ amount~5 due under this paragraph, and in the event Borrower shall make ps+yment directly, Borro~ver shall ptomptiv furnish to I.ender receipts evi- dencing such payments. Borrower shall promptiy discharge any licn ~~hich has priority over this \~iottgage; pro- vided, that Borrower shaU not be required to discharge unv sucl~ lien so long as Borro~r•er sleall agree in ~vriting to - the payment of the obligation secureci by such lien in n manner nccept~ble to I,cnder, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedin~ hich opernte to prevent the enforcement of the lien. or forfeitur~ of the Property or any part theteof. ~ S. Hasard ~tsurmice. Bortower shall keep thc iniprovements not~ exist.ing or i~ereafter erected on the Prop- crtg insured against loss by fire, haaards included within the term "extended coverage", and such otl~er I~azurds a.s Lender may require and in sucl~ amounts and for sucl~ ~ieriod~ as T.encier may require; provided, that I.ender shall not require that the amount of such coverage exceed t.1~nt. amount of coverage required to pay the sums secured by tlu;yc MnrF.aaoa_ - =s=°s The insurance carrier pmviding tl~e insurance shall l~e chosen i;y Borro~ver subject to approvai by I.ender; # provided~ that such approval shall not be unreasonably withheld. Ali premiums on insurance policies shall be paid i at Lender's option in the manner provided under ~~aragrnph 2 hereof or by Rorro~ver making payment, when due, . ° f direetly to the insurance carrier. ' All insurance policies and renec~al~ thereof ~hall be in forni :~ccc~~tabie to T.c~nder nnd shnl) include a stsndarci mortgage clause in favor of an~i in form acceptable to T.ender. i.ender shall ha~~c thc right to hold the policies and renewals thereof, and Borrower ~hall prompth* furnisl~ to I.ender all rene~vAl notices and all receipts of paid pre- ! miums. In the e~ent of loss, Borro«er shall give prompt uotice to the insurance currier nnd Lender, and I.ender ~ may mske proof of loss if not made.promptly by Borrower. , ~ Unless 1.ender and Borrower otlietwise ugree in ~vriting, insur.?nce procceds shall be upplied to restoration or repair of the Property dumageci, pro~'ided sucL restoration or repair i~ economicull~~ fcasible und the security of ~ this \iortguge is not thereby impaired. If such restotation or repAir is not economically feasible or if the security _ of this ~iortgage ~vould he impaired, tl~e insuranee proeeecis shall he applieci to the sums seeurecl by tl~is ~+Iortgage. ~vith the eac^,ess, if any, paid to Borrower. If thc Pro~~ert} is :~i~andoned by Borm~v.er or if Borrower fAils to respond ~ to Lender within 30 days after notice by I.ender to Borrower~tl~at tl~e insurance carrier offers to settle a claim for ~ insurance benefits, I.ender is authoriLed to collect and appl~ tl~c insurnnce ~~rocecds at I.ender's option either to restoration or repair of the Property or to the sums securecl by this ~lortgage. Unless Lender und Borro~ver othen~ ise agree in ~r•riting, an~ sucl? application of ~iroceeds ta principal sl~all not extend or postpone tl~e due date of the monthly installment~ referrecl to in paragraphs I and 2 hereof or ehange' the amount of such installments. If under paragraph 18 hereof the Pro~~ert~ is acquirecl I?~ t.ender. nll right, title and interest. of Borro~~er in and to any insura.nce policies ~nd in and to the pmceecls.tLcreoi tto thc extent of tlic swus secumci b~~ this Mort- gage immediately prior to such sale or acyukition) resultin~ from ~lan~age to tlic Pro~~erty prior to the sale or ucquisition shall pass to Lender. ~ 6. Preservation and Mcunten~ce of Property: Leaseholds: Condominiums. Rorrower si~~ll kcep the Prop- erty in good repair und shall not ~~ern~it. or com~uit «•:~ste, imiiAinnent, or deterioration of the Property and sl~all comply with the provisions of any tease, i[ this \Iortgage is on a leasehold. If tlzis ~iortgage is on a condominium unit, Borrower shall perform all of Borroaer's obligs?tion~ w~der the declaration ot condominium or master deed, the I~y-laws and regutations of tl~e condon~inium ~~roject and constih~ent dceuments. . ~ 7. Protection of Lender's Security. If Rorro~~er fails fo ~~crforn~ the covenant~ and agreements contained in this \tortgage, or if any action or proceeding is comn?encecl ~ti hich m~terially aRects I.ender's interest in the Prop- erty, including, but not limiteci to, e~ninent. dowain, insolrenc~, codc cnforcement, or arran~ements or proceed- in$s involving a banlttupt or decedent, then Lender at I.ender 5 o~~tion, upon notice-to Borrower, may make such appearances, disburse sucl~ sums and take sucl~ action is necessary to ~~rotect I.ender's interest, including, but not limited to, disbursement ot reasonable attorney's fees an~i entn , upon the Pro~iert,y to make repairs. Any amounts disbursed by Lendcr pursuant. to this paragrapl~ 7. ~~~itli interest tl~ereon, sliall become additional indebt- edness of Borrower secured l~y this ~iortgage. Unless BorroACr ancl 1.ender agree to other tenns of payment, such amounts shall be payable upon notice from I.ender to Bono«•er requesting pay~nent, thereof, nnd shali bear inter- - est from the date of disbursement at the ratc stAted in the \ote uul~ pay ment of interest at sucl~ ratc ~vould be contrary to applicable law, in ~~hich event such amounts sl~all {,ear interest at thc liighest rate permissible by applicable law. ~Tothing contained in ti~is {~nragrapl~ 7 sl~ail require I.ender to incur any expense or do any act hereunder. - ~~234 ~ ?5~ - f . ~ ~"c~.'~ ~`r _ ~r`' ; ~ ~ ,s,•a~.,,,.~.=-r . t- n: '`'~~Ri~'- _..-Y-~s x,~' _ ~3~~ _ ' _ . _ LL,_ . _ _ ~ . r