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Home My WebLink About1083 insurecl or guaranEeect by a Feciernl or ctat~ xgency (includii~k l.er,der if Leu~ier i~ such an institutionl. I.ender shall apply the Funds to pay said taxc•, a~~ecsmc~?t•, in~uran~•c~ J?muiiom~: ar.~t Rroun~l mntr. l.endcr shall make no charge for so holding and applying the F~u?ds or ~•erif~•in~ un~i c•un~~?iliiig ~ttid a~seasnients And bilis. Aorrower at~d l.ender may ngree in writing at thc timc oi execution of thi. \IortR»Ke that intereat on the Funds shal) be ~~aid to l3ormwer, nnd unlc~ such a~reement is macle, I.endcr slial) not 1~ mqoim~l to pay AorroH•er anv interest on the Funcis. I.ender shall gi~•e to Rorro~er, ~vitl~out ~i~nrge, an nnnunl accou~ting of the Funds ~howinR credits and ~ debita to the Funds and the purpose for H~hich ca~~h ~icbit to the Funds ~vas made. The Funds are pleciged as addi- ~ tional seaurity for the sums secured by this \Iort~age. If the amount oi the ~~nds held by T.encier, together with the tutu~~e monthly installments of Funds payable ~ prior to the due dates of taxes, assessments, insurA~~ce premiwns and ground rents, sliall exceeci the amount re- ~ quired to pay said t~xes, nssessments, insurance ~~reu~iums And ~round rents as they fall due, such excess shall be, at Botrower's option, eitl~er promptiy repaid to RorroHer or rredited to Borrower on monthly instaliments of Funds. If the amount of the Funcis I~eld 1~~• I,ender shall not {,e suti'icient to pay taat~s, as.~saments, insurance pre- miums a~d ground rents as they fall clue, Borrower shall ~~av to I,ender any amount necessary to make up the deficiency within thirty duys :~iter notice from I.ender to Borro«er requesting payment thereof. t IIpon payment in full of all sums secureci bv this \tortgagc, I.ender shall pmmptly refuncl to Rorrower an~ Funds held by I.ender. If under ~~aragraph 18 I~ereof thc Property is sold or tl~c Yropertv is othenvise acquired by T.ender, Lender shall apply, no later t_han immediately prior to the saie of tl~e Propert~y or its acqui~ition hy I.ender, any Fuads held by I,ender at the time of application us s creclit a~Ainst. the sums secumd b~ thi~ \iortgage. 3. Appfication of Paymenta.. Unless n~~~~lical~le la~r {irovides othernise, ul) ~?ayments received by I.ender under the Note and paragrnphs 1 nnd 2 hereot shnll !~e appiiccl h~• I.ender first in payment oi amounts payable to I.ender by Borroner under paragrapli 2 I~ereof, then to interest payahle on thc Notc and on Future AdvanceF, if Any, and then to the principal of the Note and to the ~~rincipnl of Futum Ad~•anc~, if any_ 4. Charges: ?.iens. Borrower shall pa~ nli tnxe~, ussec~ments an~ other char~es, fines and im~itions sttrib- utable to the Property which may Rttain n priority over this ~tortgage, and ground rents, if any, at I.ender's option in the n~anner provided under paragrapl~ 2 hereoi or I?~ Aorro~rcr ~~~aking p~yment., n hen due, dir~ctly to the payee thereof. Borrower shall ~~mmptly furnisl~ t~ i.encfer .ill notices of ainount~ ~iue nnder this paragraph, and in die event Borro~er ~h~l) make pt?ynient directly, Borro~~•er ~hall promptl~ furnish to I.ender receipt$ evi- dencing such payments. Borro~ver shall ~~rou~~~tly dischargc anr licn ~~hich has priority o~•er this ~iortgage; pro- vided, that Borrower shall not lx: required to dischar~c uu~ ~uch lien "so long as Rorro~ver shall agree in writiag to the ~~ayment of the obligat~ion secuteci by sucl~ lien in a manner acce~~tnt~le to t.ender, or shall in gooci faith contest such lien hy, or clefend enforcement oi such lien in, legal ~~rocePCiin~ ~4hich o~~ernte to prevent the enforcement of t.he lien or forfeiture of the Property or an~ part thereof. S. Hazard Insurcmce. Borro~ver shall keep the impro~•e~nents no~~ existin~ or I~ereafter ereetecl on the Prop- crt~~ insureci against loss t~y fire, hazards included within the term "extended coverage", and such other l~asards as t.ender may requite ~tnd in such auiounts und for sucl~ ~~eriai~ as I.cnder ~ua~ r~eq~~ire; pro~•idc~l, that ~.ender sha1) not require that the amount. of such co~~era~e exceeci tlint amo~mt of coverage requir~eci to pay the sums secured bp this i~~ortgage. The insurance carrier ~~mviding the insw•aucc shall i?c ci~osen by Borrower subjcet to sppra~~ai by I.ender: provideci, that such approval shall not be unreusonably withheld. All premiums on insurance policies shali be paid at I.ender's option in the manner ~rovideci un~ier ~~aragraph 2 hereof or !?y Borm~tier ~uaking pa~ment, when due. directly to the insurance carrier. - All insurance izolicies nnd rene~?•nls thereof sl~all be in forn~ uc~•c•~?table to I.emter ~nd shall include a standard u~ortgage clause in favor of and in form ticce~tablc to T.ender_ I.eiider ~hall ha~-e the right to I~old the ~wlici~ and renewals thereof, and Borro~ver ~hall ~~ron~pt.ly furnisL to I.ender :?11 rene~ral notices snd all receipts of paid pre- ; miums. In the e~~ent af loss, I3orro~er sh~lt give prom~it, notice to the insuranc~ carrier and I.ender, and i.ender < <nay n~ake proof of loss if noG made prompt)v b~ Borrower. j Unless I,ender and I3orro«•er othenvise agme in ~vritin~. iusurance ~nnceed~ shall be ap~~lied to re.ctoration or ; re~?sir of the Propert~ dau~agecl, ~~rovidcxl st~ch restoration or rep~ir i~ ceonoroicali~• iea~ible and the ~ecurit~ of { this ~Iortgage is not thereb~ in~pnireci_ If si~cl~ restoration or re~>air i~ not economicall~ fea~ible or if the ~ecuritv ~ of this \tort.gage ~~•ould be impaired, tl~e insurancc ~irocec~s shall bc applied to thc sun~s secured 6~ this \iottgage. ~ ~~ith the excess, if any, paid ta Borro«~er. If the Yro~~erty is aban~loneci b~ Borro«er or if Borroner fails to r~pond ~ to I.ender ~vithin 30 days atter notice b}- I.ender to Borrpwer th:~t thc insurance carrier ofiers to ~ettle a claim for s insurance f?enefits, I.ender is authorizeci to collect and apph- thi• insur.~nce ~~rocec~cis at I.ender's option either to ~ restoration or repair ot t.he Pro~?erty or to thc swus secin-ed by tl~i~ ~tortgage. ~ Unless Lender and Borro~ver other~~ ise agree in ~vriting, an~• such applicatim~ of ~~roceeds to principal snail oot extend or postpone the due date of the ~nonthl~~ instalin~cnt~ referreci to in paragra~~h~ 1 and 2 hereof or chanRe ~ the amount of such installments. If under paragraph l8 hereof tlic Yro~~crt~~ is acquirecl b~• I.ender. all ri~ht. titlc an~l interest of BorroRer in ~ und to an~• insurance ~~olicies and in an~1 to the ~~roceecls therc~of ~to the extent of tlu~ ~wm ~ecurc~i hti this :liort- ~ ~age immedintely prior to sucli ~alc or acquisitionl resulting fro~u ~lan~z~c to the Pmpert~ prior to the sale or :~cquisition shall ~~ass to I.ender. 6. Preservation ~d Maintenance of Property; Leaeeholds; Cond.ominiums. Borro~cer ~Lali keep the Prop- ~ erty in good repuir anci shall not ~~ern~it. or ~ommit ~~•aste, im~?airn~ent, or deterioration oi the Propert~ and shall ~ compiy ~vith the ~~ro~~isions of an}~ lesse, if this ~lortgage i~ on a lcaschold. If tl~is \Iortgage i~ on a condominium unit, Borrower shail ~~erform all of Borro~.er'~ ohligations z~n~ier the ~icclaration of condominii~in or master deed, the by-laws anci regulations oi the condominit~m ~~roje~t :?nd ~onstit~ient documents. - 7. Protection of Leader's Security. If Borro~cer fail~ to ~~erfonn the co~•ei~ant~ .uid :i~ree~nents contained in ~ this ~tortgage, or if auy action or procecciing is commenceci ~vhicli n~ateriall~• ufl'ect~ I.ender ~ interest in the Prop- ~ erty, including, but not limited to, eminent domain. insol~'cne~ . cocic~ enforcement, or :~rrangen~ents or pmceed- ings involving a bnnkrupt or dececlent, then 1,ender :tt I.endcr'~ o~~tion, u~~on noticc Eo Borro~cer, ma~ inake such ~ .~ppearances, ~lisburse such sums and take sucl? action as i~ nece~sary to ~?rotcct I.ender's interest, including. but ~ not limited to, disburemcnt of rcasonablc nttorne~~'~ (ee~ an~l cntr~• upon the Yro~iert} to make repai~_ ~nv ~ :lmounts disburseci by I.endcr pursuant to this pxragraph 7. ~~-ith intem~t thcreon, shall I~ecome aciditional indebt- edness of Aorro~~~er secured hy this \Iortgage. Unlecs Rono«•cr an~l l.endcr Agree to other tenn~ of payment. such ~ amounts shall be payable upon noticc from 1.ender to Borro~~-er requc~ting ~~ayinent thereof, and shall besr inter- ~ est from the date of disbutsement at thc rate statecl in the \otc unles~ ~~atment of intemst at such ratc ~sould be contrary to apPlicable la«•, in «hich c~•ent such a~nount~ ~1~:111 I~car interest at thc highest rate ~ier~nissible b~ ~ applicable laa. \othing contained in this ~~ar.~gra~?h 7 ~hall re~i~ire I.ender to incur anY ex~~ense or do any act ~ hereunder. ; ~ r . ~ . O~ 3~ ~ _ P~'~~ ~ ~ ~ . ~ ~ ~ . ~ _ . . . _