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Home My WebLink About1265 i~~sure~i or gue?r:~t~teeci hv n Fc~lernl or ,tati~ uKen~•~• ~iu~•lu~liu},~ L~~n~l~•r if I.en~l~~r i• w~•1? au~ i~?stitutiou?. Lender ~halt apply the Fuudr to ~?a~• •aid t.txes, :?s;e:•nu~nts. insur:in~~~• ~~r~•mii~m: an~l ~roun~l iY~nt•. Lender ~lu?ll nu~ke no oharge for so holding z?nd npplyin~ tlie Fu~i~l. or ~•c•rifyin~ :irnl ~•oin~~iliu~; ~:ai~l :tsscssu?entc ,ind bills. Rorrower and Lencler n~a~ :?gree in writin~ ut the~ tim~~ oi exeeution af tlu• \lort~;ake• tl?:~t intrrest on the Funds shall {~e ~?ai~i to 13orrower, an~) unlec. sach a~me~ncnt i~ madc, Leruler ~bull IIOt IM IY'(~UIM/I ~O ~)H~• fiorru~~~~r i?n~ interest an tLc Funds. I.ender shall fii~•c to Borro~~•er, ~~•ithout ~•lu~rk;e, zu~ annuai accow~tink of the Fund~ si?o~~inK credit~ nnd ~lebits b the FundF ~?nd ti~e ~iur~wse for w~hich cach ~Iei?it to th~ Ftmd~ ~va.v made. 7'l~e ~~nds aire ~~ledgeci ns addi- tional security for the sums secureci by thi~ \lort~;a~;e. If the aiaount• of thc Funds I~eld by I.cnder, to~etl~cr ~~•itl~ llu• P~~ture monthl~~ inst;~llments of Funds pRyable prior to the due date. of taxes, assessments, insurance ~~remium~ an~i ~;mund rents, sbxll cxccecl the Kmount re- quired to pay said taxes, ussessnients, insurnnce ~~~en~iwn. and ~;round rcnts as they fall due, such escess shall be, at Rorro~ver's option, either pro~uptiy repnict to Barro~ver or cmditeci to Borm~~•er on n~onthly insts?Ilments of Fund~. If the amount of the Funds held hy I.ender shnll not be sufficient to ~iay taxes, n~G~meuts, insumnce pte- lniun~s and grounci rents ns they fall ~lue, IIorro~~•er shall ~~n}~ to I.ender nny nmount necessary to make up the ~ deficiency within thitty days atter notice fmm I.cnder to I3orro~?er requesting ~~ayment thereof. Upon puyn~ent in full of nll swus securerl b~~ this \tortgn~;e, i.ender shall ~iromptl~ ref~u~d to Borrot~~er any Funds held I~y I.ender. If under ~~aragcaph 18 hercof thc Yropertv i~ sol~l or thc Yropert•y is othenvisc scquired by I.ender, I.ender ~hall apply, no later tl~nn immediately prior to the ~ale of th~ Yro~?eH~ or its acquisition by iauder. 9m~ Fund~ ~ held by I.ender at tl~e ti~uc of application ~s u cy-edit u~nin~t tLe ~?uns secun~l b~• thi~ ~iortguRe. 3. Applitatian of Payments. Unlc~. s~i~?licnbl~ ln~~• pm~•i~ies othenvisc, all ~?nyment~ mcci~~ed by I.ender ~mder the \ote unci ~~a~~agraphs 1 nnd 2 hereot sl~al! I~e a~~~ilial h}• Len~icr fi~st in puy~nent of amount~ ~?uynble to I.ender by Borro~~•er under ~?ara~rnpl? a l~creof, then to intcre:t ~~a~~nble on thc ;~Totc and on Fuhur. :icivnnces, if ~ :iny, .tnd then to the ~irincipal of t.hc Notr. un~i to thc ~~rinci~?;~l of Fututr. Ad~~ancc,•, ii any. ~ Charges; Liens. Borrower chAll pav nll taxe~, .«c~sments ami other char~es, fines nnd impositions attrib- ~ utable to the Property which may nttain :i priarit~~ over thic ~fortgaRc. and ~roimd rent~, if nny, at Lender's option in thc mnnner ~~novided under ~iarugraph 2 1?ereof or h~• Rorro~~•er mnkinfi pn~~ment, ~vhen due, ilirectly to i the payee thereof. Borm~ver ~ha11 ~~rom~~tl~• fun~ish to T.ender sll notices of :imountc ~iuc onder this pnragraph, and in the event Borro~scr shnll ronke payiucnt directl~•, Rorro«•er shall ~imtn~~th• furni~h to T.ender receipts evi- dencing sach pnyments. Bormwer shnll ~~ron~ptl~ discl~~~c anr lien ~~•hich l~us prioritv over this liort~a~;e; pro- ~ vided, that Borro~~•cr shA11 uot bc requimtl to diccl~ar~c nn~ ~uch lien ~a long as I3orm«er ~hall agree in ~vritinR to the payment of the obligation secureci b~• such lien in a mnnner acceptable to T.ender, or sh~tll in goocl faith contest such lien by, or ciefend enforcement of si~ch licn in, IeRal ~~roceeciin~: ~~•hich operntc to ~~re~~cnt the enfarcement of ' the lien or torfeiture of the Property or any part thereof. ~ S. Hazard Insurcmce. Borm~~er shall keep the iu~pro~•ements no~~• existin~; or I?ereafter ereeteci on the Pmp- I crty insured against. loss by fire, l~azatYls includeti tvithin the tenn "extendcd coverage", an~i such other hazards as s Lender may require nncl in s~tch a~nounts and for ~uel~ i~erial~ a< L~~n~ler n~n~ rec{ui~~e; pm~•ided, that. I.ender sha11 not requim tl~nt the amount of such co~~erngc exceect tl~nt amot~nt of r•over3ge requireci to ~~ay the smns secured by rhis ~fortgage. - The insurauce carrier ~~roviding tLe ins~u•ance shall 1?c~ ~•hosei~ hy Borro~ver subject to spprovul by I.ender; ~rrovidecl, that s~ich a}~proval shall not be unreasouabl~• ~vithheld. All premiums on insurance policics ~hall be paid at I.ender's option in thc ~nanncr ~~m~•ided i~n~ler ~?:iragra~~~h 2 hemof or I~~~ Borro~~•er iuukin~ ~iay~nent, when due. ~ ~lirectly to the insurance carrier. All insurance policies and reuet~•al~ thereof .liull I~e in ioi~u uc~~y?tabie to l.eu~ler an~l ~hall in~lude a standard u~ortgaRe clause in favor of and in form sc~e~~tal,te to Lender. I.cu~ler ~hall hu~•e tl~c ri~ht to hold the ~~olicics and renewals thereof, and Borro~~•er ~hall ~~romptlr furnish to i.ender :tll rene~vnl notice~ and all receipfs ot paid pre- miums. In the e~•ent of loss, I3orm~cer sl~ail give ~?rou~~?t notice to the insurance carrier and I.ender, and I.ender u~z~ ~uake proof of lo~s if not- ~nade promptl~ 1?}• Rorro~~•er. Unless f.ender and Borro«cr otlicr~rise a~rcc in ~vritin~, iu~urauce ~,i•occed~ shal) bc a~iplieri to re~toration or reE~air oi the Propert~ dnn~age~l. pm~•ide~l ~t~ch restoratiou ur r~~iair i~ ec•onoiuirallr fc,~~ihlc ancl the ~eci~rit~• of this \[ottgagc is not tl~ereb~• in~paire~l. If sucli restoration or i~e~~air is not ceonomicalh fea~ible or if the ~ecurit~• uf this \tortgage ~vould he itn~~aired, tl~e iu~urance ~~rocecd~ ~h:~ll h~ a~>plie~i to thc• sums seciireri b~ this ~tort~age, ~ «•ith the excess, if any, pai~l to 13orro«•er. if the Yro~~crt~• is :?han~loned h~• Borro~.~cr or if Borro«cr fai{s to respond to I.ender a~ithin 30 da}•~ after notice bt• l.emler to Borro«•er that the in~ur:~nce carrier ot~cn to ~ettle a e13im for insuranee henetits, Lender is authorizcrl to collect ancl a~~ph• th~• in~~n;eu~e ~?ro~eedc at 1.ender'~ option either to restorntion or repair ot thc Propert~ or to the sum~ sccureci hy tlii~ ~tortgage. Unless Lencier and I3orroa-er other~~•i~c agrer. iu ~r•ritin~;, aut• cu~-h application of ~n•occecls to principa) shall ' ~~ot extend or post~~one tl?e due date of tlic inonthl~• installnient~ ~rfcrreci to in ~?aragrspl~~ 1 and 2 l~ereof or chan~e ; the amount of such instullments. ~ ' If un~ier ~~aragraph 18 hereof th~~ Yro~~ert}• i~ acquireri I?~- I,emler. al! ri~l~t, titlc .uul interest. of Borron~cr in and to an}- insurance ~iolicics an~i in an~l to the ~~rocec~i~ thcr~i Ito tl~~~ extent ~~f thc ~uni~ ~ccirrcYi h}~ thi~ ':liort- $ ~,age immedi~ttely ~irior to such ~~1~ or u~quisition? re~ulfin~; from ~lamaec to th~• Yroi~ert.}- ~~rior to the ~ale or ~ ;~cquisition shall pas.~ to Lender. r 6. Preservation amd Maintenamce o~ Property; Lecseholds: Condominiums. Rorro~~•cr ~lialt kee~~ the Prop- ~ erty in ~o«l repair and shall not ~~ern~it or con~mit «•.~ste. impainuent, c?r deterioration of thr Propert:~- :~nd chall ~ ~~omply with the pro~•isions of ant• teasc, if thi~ ~lortgagc i~ on a tc~3sel~ol~i. If thi~ \Iortgage i~ on a condominium nnit, Borro~~~er shull ~?erforn~ ali of Borro~~~cr:~ obli~ation~ nn~ic~r tl~c ~leclarntion oi con~lominiun~ or master deed, the i~y-la~cs arnl re~tilntions of tii~ condaniinium ~~roj~~~t an~i ~on~tit~tent ~iocuments. 7. Protection of Lendei s Security. If Borro«-er tr.ii~ t~? ~~erforn~ tl~e ~•o~~enant~ an~i a~;reen~ents contained in this \Iortgage, or if any uction or ~~rocecding i~ com~nence~l ~~•hicli mt:feriall}~ afTect< I.ender's interest in the Yrop- erty, including, but not limite~l to, emineut douisiu. in~oh•~ne~•, cai~~ c•n(orcement, or arrnngements or proceecl- ings imol~~ing a hznkruirt or decedent. tl~en I.en~lcr at Lc~n~ler'~ o~ition. e~~~on noticc~ to Rorro«~er, uiav ~nake such ! :i~?pearunces, disburse such sun~s snd take sucl~ ac~i~n a: i~ nec~ ~~a~~ to ~>rotect t.ender'~ interest, includin~. but ~ not limited to, di~t?ur~emcnt of rezson:?hlc :~ttornc}'~ fec~ an~l ~ntn~ u~~on the Yropcrt~ to makc repairs. Any amounts disbursed !~y I,endcr ~wrsuant to this ~?aragra~~h 7. ~~-itli intcr~~t thercon, shall becomc aci~iitiona) indebt- ~ edness of I3orro~ver ~ecureci hy this \(ortgage. tinless I3orro~~•cr an~1 I.cn~ler agree to other tenu~ of payment, such ~ amount~ ~hall be payable upon noticc from I.crnter to Borro~cer requestin~ ~i~,y~nent thereof, un~l shall l~ear inter- est from the ~iatc of clisbursement at thc rate ~tatc~i in thc \otr unle~~ ~~a~rnent of interest at such ratc ~vould be ~ contrary to upplicablc la«•, in ~~i~ich c~~ent suc6 ;~mount• sLall he~r interest :~t thc highest rate ~iennissible by ~ .1p~I1CAbIC ~1W. ~'othing cont:~ine~l in thi~ ~?;t~:~graph i~lu~ll ren~iire Lender to inc~~r anp ex~~ense or do ttny aet ~ hereunder. 8001(~.ch7 ~E~~ ~ : ~ ~ ~ ~ ~ _ a. _ . . _ . ~ , . . ~ r..~~~ _ . . ~