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Home My WebLink About2154 ~ ~ j ~ f.i R' { I ~ insured or guarai~teed by a Federnl or statc :~gency 1 inclu~liuK l.rnder ii I,cmicr i~ such an institutio~~ I.ender shall apply the ~nds to pay saicl taxcs, ussessn~ents, insuranee ~~remiums an~l ~councl mnts. I.ender shall make no charge for so holding nnd applying the Funds or rerifying und compiliiig ~nid :~s~esswents and bilis. Aorrower and I.ender may ngrec in writin~ at the tin~e of exccution of this \lort~age thnt internst on the Funds shAll l,e paid to BorroKer~ and unless such agrcement is ~nade, I.endcr shall not I~c requircd to pay Aorro~~•cr any interest on the Funds. Lender shall gi~•c to Borrower, ~vithout cluuge, nn nnnua) accounting of the Funcis showin~ credits and debits to the Funds and the punwse for which cach debit to the Funde was made. The ~inds are pledReci as addi- tional seeurity for the sums secumd by this ~1ortRage. If the amount ot thc Funds held by I.ender, to~ether ~vith thc tuture monthl~ instuUments of Funds payahle prior to the due dates ot taxes, assessments, insurancc premiu~ns nnd ground rents, shall exceed the amount re- quired to pay said taxes, :?ssessments, insurnnce ~~remiums und ~round rents as they fall due, such excess shali be, at Borrower's option, either promptly repaid to I3orro~vcr or c:reditecl to Borrower on mont.hly installments of Funds. If the amount of the F~mds held b~ I,ender shall not tie suft'icient to pay taxe.4, asse~s~nents, insurance pre- miums and ground rents as they tall due, Bormwer shall pa~• b I.ender nnv nmount necessary to make up the deficiency within thirty days aEter notice from T.ender to Borro~ver nquesting ~~Ayment thereof. IIpon payment in full of atl sunis secureci bv this ~tortgagc, 1.ender shall promptly retund to Borrower any I~nds held by I.ender. - If under paragraph I8 l~ercof the Property is sold or the Pro~~erty is othenvise ncquireci by T.ender, I.ender shall apply, no later than immediately .~rior to thc saie of the Yropertv or its acqui~ition bv l.euder, an~ Funds ~ held by I.ender nt tlie time ot application as a creciit aRuinst the sun~s secure~l hy tl~i~ \Zortga~e. 3. Application o1 Payments. Unless api?licuble la~~• providcs othenvise, xll payments receiveci by I.ender , uuder tl~e Note ~nd paragmphs 1 and 2 hereof shnll I,e applicci I,~ I,ender first• in ~~Ayment of amountc payable to Lender by Borro~rer under parngruph 2'hereof, then to intemst ~uiynUle on the Note and ou Future Advances, if any, and then to the principal of the Note and to the ~~rincipal of Future Ad~•ances, if any_ 4. Charges; Liens. Borrower shall pa~ all tnxes, assess~i~ents an~l other char~es, fines anci im~~it.ions attrib- utable to the Property whicl? may nttain a priority ovcr this ~lortgage, and grouncl rents, if uny, at Lender's option in the manner provided under paragrnpL 2 liereot or bv Borro~ver making pavment, ~vhen due~ directly to the payee thereof. Borrower shnll ~~rom~~t~l~ furnish to T.ei~dcr ull notices of nmoimts ~~ue »nder this paragraph, and in the event Bormwer shull roake payn~ent directly. 13orro~~cr sl~t~ll promptly furnisl~ to I.ender receipts evi- deneing such payments. Borrower shAll promptly disci~arge .~nv lien ~~hich lias ~~riority over this ~iort.gage; pm- vided, ti~at Borrower shall not bc requireci to discl?n~~c anv ~nch licn so long ~s Aorrowcr shall agcee in writing to the payment of the obligation secured by suc}? lien in a mflnner zcceptable to Lender, or shall in goocl faith contest such lien by, or defend enforcement of such lien in, legal ~~roceeclin~, ~~•hich o~?ernt~ to pre~~ent the enforcement of the lien or forfeiture.of the Propert~v or any ~?Art thereof. S. Hazard Insur~ce. Borrower sl~all kcep the improveu~euts no~~- existiu~ or hereafter erected on the Prop- crty insurecl against loss by fire, l~azards includeci ~vithin the term "extended coverage", and sttcl~ otl~cr l~azards as Lender may require and in sucl~ amounts and for such ~?eriais as Lender mnr require; providecl, that I.ender shall not require tl~nt the amount of such coverngc exceed tlir~t. u~uount of coverage required to pav the sums secured by this 11'Iortgage. The insursnee carrier providing tl~e insurance shall bc chosen hy Borro~~er subject. to appmval by I.ender; providecl, thnt~ such approvsl shall not he unreasonablv withhcld. Ail premiums on insurance policies sha}l be Paid at I.ender's option in the manner ~~roviderl imder ~~aragr:ipl? 2 hereof or hy Borrower inaking T~ayment, ~vhen due, directly to the insurance carrier. ~ Ail insurance polici~ and renewak thereof ~h~tl) I?c in form ~cre~?t~ible to I.ender and •hall include a standard n~ort~gage clause in fnvor of and in fonn aceeptabie to T.ender. T.en~ler ~hall have tl?e ri~ht to hold the policies and renewuls thereof, and Borrower ~hail promptly furnisl~ to Len~ler all rene~~•at notic~. and 311 receipts of paid pre- u~iums. In the e~•ent of loss, Borroe•er ~hall gi~•c ~~rom~?t noticc t~.? the insurance carrier nnd T.ender, and I.ender may n~ake proof of lo~ if not. made promptly by Borro~ver. . j Unless Lender anci Borroccer othern ise sgme in ~criting, insurunce ~?roceeds shal) be applieci to restoration or i i~epair of the Yro~iert~ ~lan~age~i. ~?ro~~iiled sucl? restoration or re~?sir i: economirally fea•il~lc an~i the security of ~ this `[ortgage is not thereb~• impaireci. If sucl~ restor~tion or ~~c~~air is not economicall}• feASible or if the security ~ of this \Iortgage «•ould be impaired, ti~e insiu•ance proceecls ~hall 1?c applicxi to the sums secured b~ tl~is ?liortgage, E ~vith the exc~s, if any, paid to Borro~cer. If the Ympert.~~ is abamloneci by Borroner or if Bormn~er fails to respond ~ to T.ender ~~•ithin 3Q days after not.ice i~~ I,ender to Borro«-er that the ins~~rnnce cArrier ofl'er_: to settle ~t cluim for € insuranee benefits, Lender is a~rthorizec! to collect .~nd apph• tlu• insurance ~~roceeds ~t I.ender°s option either to ~ restoration or repnir of the Property or to the sums secureci b~ tl~i~ \Iortgage. Unless Lender and Borrower othern ise ugree in ~vrit.ing. an~ sucli applic.~tion of proceeds to principal shall ~ not extend or postpone tLe due date of the ~nonthl~~ instalhucnts reterrecl to in ~~aragra~~l?s 1 and 2 hereof or change ~ e the amount of such installments. . ; ~ If under parugrAph 18 hercof the Yro~~ert~• i~ acquire~i b~~ I.ender, al) ri~ht., title and interest. of Borrower in ~ ~ .~nd to an~ insiirnncc policie3 am1 in ~in~t to tl~e ~~rocee~ls thcreof (to thc• extent of the ~um~ secured i?y this ~tort- ' ~ ~age immeciiately prior to ~uch saile or :icqui~itionl resultin~ fron~ ~lamage to t.l~c Pro~iert.y ~~rior to the sale or i ~ scquisition shall pass to I.ender. ' ~ ~ ~ 6. Preservation amd Mainten~ce of Property; Lea.eeholds; Condomiaiums. Rorro~+~er ~liall keep the Yro~~- - ~ crty in fioatl repair and shall not ~~ern~it or commit «•aste, impainuent, or deterioration of thc Propert~~ and shall ~ comply with the pro~~isions of nn~• lease, if this \lortgage i~ on a leaschold. If this \Iortgage i~ on 3 condominium ~ unit, Borrower shall perfotm all of Borrow~er's obligation> uuder the ~leclurntion of condominiu~u or master deed, the by-laws an~i regulations of tlie condominium ~~m;ect an~l constitucnt documents. ~ 7. Protection of Lendei s Security. If Borro~ver fail. to ~?erfonu the covenants an~l ugreements cm~tained in ~ this ~iortgage, or if any action or procecding is con~u~encecl ~vhicl? ~naterially :?ffect~ T.ender's interest in the Prop- erty, including, but not litnited to, e~ninent domniu, iusol~•enc~•, cale enforcement. or arrangements or proceed- ~ ings involving a bankrupt or deccxlent, then I.ender at I.ender'~ o~~tion, u~?on not.ice to Borrower, may make such ~ ~ .?ppearances, disburse sucl~ sums 3nd take such uction :?s i~ necessary to protect. I.ender's interest, including, but not lin~itecl to, disbur~en~ent of reasonable attorncy'~ fee~ an~l entr~~ u~~on the Yropertv to make repairs_ Any ~ ~ amounts disbursed by Lendcr ~n~rsuant to this paragraph ~~•ith intcrest tl~creon, shall become Ad~litional indebt- " ecln~s of Borrower secured hy this \Iortgage. Unless I3orro~~•er ~nc1 I.endcr agree to other tenns of payment, such ~ ~mounts shall be payable upon notice from I.endcr to Borro~~•cr requesting payment thereof, nn~i shall bear inter- ~ ~ est from the date of disbursement at thc rate statecl in the ~ote uules~ ~~a~ment of interest at such ratc ~vould be s ~ contrary to a~plicable lat~', in ~vhich c~•ent such :imot~nts ~linll 1?car interest at thc highest rate ~iertnissible by ~ ~ applicable law: Nothing Contained in this ~~:?r:+gr:~~h 7 ~hall requirc I,ender to incur any expense or do any act ~ hereunder. - ' . ; ~ 80aK ~ PACf ~ ~ [>Y ~ z=, cy sa ^ Z ~ _ H_ ~ . . _ . . _ . _ . _