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Home My WebLink About2406 insured or gunrnnieec! b~• n Fecle~:il or state u~;ene~' liurliuliii~; L~•iul~~r ii L~~u~ier i• ,u~~l~ an i~~,titution?. Lender ~hall apply the Funds tu ~,Ay sai~l tux~~~. :?s,es,mc~ut~. iu~unuu•~• ~~r~•u~iuur an~l ~nx~n~i ?ti•nt•. L~md~r ~I~all mukc na charge for so holdin~ an~l :~pplying tKc Furni~ or r~~rif~~in~; :~n~l ~•ou~~~iliu~ ~ai~i i~s.,~.,•nu~uts and bills. 13orrower and L~~nder ~uay agme in ~~~ritinK at the tiu~e ot ~xe~~ution of tl?i. \lort~s~~• tlutt int~m•t on tl~e Fumi~ ~hall iK~ pRid to [3orruw•er, ancl unles.. such aFmemenl i~ ~mi~le, Lc~uler ~liall not 1?e irryuir~ri to ~~a~~ Borro~~•er a~~y interest on thr Funds. I.ender ~I~nlt ~i~•~• to Borm~vcr, ~~~ithout clrir~;c, nn iinnual .tccuuntin~; of thc Funds ~ho~ein~ ~nciit~ and debits to tl~e Fund4 :~nd the pun~osc for ~vhicli ca~•h ~lehit to thc Fi~nda ~vns made. 'I'he Fiui~ls :~re rIMl~eri as ~ddi- - tiunal security for the su~ns secumcl by thi~ \~ort~n~c. ' If the ~mount of the Funds held h~• i.ender, to~ciher ~~~itli tl~r futurc monthh• in~l:ilhuei~t. ~f Funds payable prior to tlie due datc~. of tuaes, A.sessments, insurnnce ~?remiuu~. :~tzc! ~rowul re:nts. <hnll exceeci tl~e amount re- quired to pay ~tid inxes, itsse.csments, insurnncc l~re~niwus aiu~i ~;mund rent, as the~~ fall ciue, such exc~s shali be, ut Borro~ver's o~~tion, either pmm~itl~~ rep~~id to I3or~~oa•er ur rr~~itccl to Borro«er on monthly inst~tllments of Fw?ds. If the ~mount of the I~ unds held hv I.ender shall not. 1?e ~uflicic~nt to pay tuxes, nssc~sments, insurance pre- miun~s and grouncl rents ns ti~er fall ~luc, Borro~scr shAll ~~n~ to Ih:nder nm a~noiint necessary to mr?ke i~p the deficiency ~vithin thirtr dny~ :?fter notice fron? I.ender to Aorm~vcr requcstin~; ~r.~yment thereof. Upon ~~ayment in full of ull sums securcvl i~v thic \lortgt~~;e, I.encler shnl) ~immptl~~. refund to I3orro~ver an,y Funds held by I.ender. # If imder ~~nrn~ra~?h 18 licreof tl.tc Yropcrtt~ is so1~i or thc Yropert~ is othenvise :~cqi~imcl bv I.ender, I.ender ~hall ~p~~ly, no later thnn imn~c~iintcly ~irior to the ~nlc• of tl~~ Yropert~• or itc acqui~ition b~• I,ender, any Funds !:~Id b~• l.ender at t1~e timc of :~pplicAtion ac x~~~rclit uKi~iuct t)m ~un~s ~ecurc~l h~ thi~ \tortRa~e. 3. Application of Payments. Unle.~ :~p~~lic~bl~ la~~• ~~ro~•idM otheni•isc•, u11 ~,;~yment~ receiveel by T.ender w~der the \ote und J~:?ra~raphs 1 au~1 2 hereof .I~all i?e ;a~?plic~t 1~~ Len~ic~r fir,t iu ~u~~ ment of umounts payable to I.ender Rorro«•er imder ~?ani~r~ph 2 I~crcof, then to inter~••t ~?;?~•nl?1e on thc Notc :uul on I~»tum advauces, if auy, .~nd tl~en to the ~~rincip:?1 of tl?c \TOte nnil to th~~ ~~rincipnl uf Ft~tum :1~h•nnce~. if :~n}•, 4. Charges; Liens. Iiorrower chnll pa}• all taxc~, as.es~n~ents ;uul other char~cs, fines and impositions attrib- utable to the Propert~y ~vhicl? mn~• :~ttnin ~iriorit~~ over thi~ \iort~a~e, an,~i ~mtmd rents, it any, ~t Lender's option in thc ~ui?nner ~?rovideci undcr ~?ara~r:i~ih 2 I~ercof or I?~• Rorro~~•er ~uaking ~~z~~ment, ~ehen due, directly to the payee thercof. Rorro~t•cr ~4~a11 ~~rompt!}• furnish ro T.endcr all noticcs of :~mou~its ~I~~c iinder this ~~aragraph, ± und in thc c~•ent I3orm~~•cr shall u~ukc ~~ayment directh~, Borro~~•cr sl~all prompth• furnish to I.ender receipts evi- dencing such payment~. Rorro~~cr shall ~~rompth~ di.~h.er~e :u~~- lie~i ~rHich hns ~~riorit~ o~•cr this \Iort~n~e; pro- ~ videcl, tl~~t Borro~~•cr ~h:tll not hc ~uim~l to ~liscli:u•~c am• ~~~cl~ lien so long as Aorron•cr siiall n~mc in writinR to the payment of Fhe obli~~tion secureci b~ sucli lieu in m~»ner accept.~hle to T.ender. or shaU in ~ood faith contest such lien b~~, or defend cuforcemcnt of sucli lien i». le~al ~~rorec~iiu~~ ~~~hi~h opcratc to prevent thc eniorcement of i the lien or forfeitum of the Propert}• or :?n~• part thereof. - ~ ~ S. Hcaard Insurance. Borro~~•cr ~l?~tll kce~? tl?~ im~~ro~-ciuent~ nn~+- existiuk or liema[tc~r erected on the Prop- ; ~~rt~~ iu~urcYi again~f lo~ b}• firc, haz~rds includeci ~vithin the tenn "extended coverage", an~i such other hnznrds a.s I.ender n~ny require .lll(I 111 St1CL amounts and for .ucL ~?erialc :i~ l.c•n~ier iua~• rc~uire; ~imvi~le~l. that T.ender shsl) not require tliat~ the anrount. of sucl~ co~•erAge exceed tl~at an~ount of coverage required to pay the sums secured by i this \tortgage. ' The insura~~ce carrier ~rro~~iding tl?e insw.lnce ~hall h~ ~~l~osen hv Borro~ver ~ubject to approval by I.ender; ~tiro~~ided, that such appmval sh:tll not hc mtireasonabh• ~vithheld. :111 premiums on insumnce ~~olicies shnll he paid at I.ender's option in thc roanner ~?m~•irle~l undcr {?ara~ra~~h 2 he~~eof or Ly Borro~~•er ~nakin~ ~~nyment, when due, ~ ~lirectly to the insurance carrier. _ All insi~ranee ~~oliei~ ancl rene~cal~ tlieneo[ ~Lall hi• in for~u :?~~•~~~?tshle to L~~n~1er .in~1 ~I~al) in~lu~le .tandarci ~ n~ortgage cta~!ce in f.~~•or ~f and in form ,i~ceptable t~ T.en~lc~r. Lcu~(er ~hull ha~-e thc ri~ht to liold the policies and ' rene~«l~ thcrcof, and Borm~~er ~liall ~n•om~~th• furnisL to I.en~lci• all rene~~~al uot.icc, an~i :~II receipts of paid pre- n~iurns. In_the e~•cnt of lo~.. Rorro~~•er ~hali gi~•e ~rrom~~t uotice fo tl?c insurance carrier and Lender. and I.ender inay n~ake ~~roof of lo~c i[ not inadc ~~rom~~tl~• hp Borro«er. f Unless I.en~ler uud 13orro~~-er othenvise arre~e in ~~•ritinc;, iu~m:~nee lrro~eecls ~hall he a~?~~lied to restoration or ~ re~?air of thc Yro~~crt~- ~ta~na~~~i. ~+ro~•ide~l ~u~l~ rc•torafion or rc~~?,iir i.: a•onomi~•.ill~• fca•ible an~l the ~eci~rit,~• of ~ ~ this \Iortg:~ge i~ uot tliereb~ in~~?ai~-ed. If such mstor:ition or mF~air i. uot economicali~• fea~ible or if the securitv ~ ~ of this \lortgage «•out~l hc i~npaire~l, thc ii~~urance ~~rocee~t~ ~hal1 Lc~ a~iplieci to t.he sunis securecl b~ ti~is ~iortgage. ~ ~ n•ith t•he excess, if :~ny, paid to Borro~ecr_ If thc Yroi~crt~• i• ahaniloncd h~~ I3orro~ver or if Borro~~cr fails to respond ~ to I.ender ~~~ithin 30 day aftrr uoticc h}• I.ender to Rormu•~r that ihe~imin•nnce ~arrier ofi~e2s to settle a claim for ~ ~ insurance I~enefit~, l.ender i~ autl~orized to colle~•i .su~1 ap}?1~- il?~• iu~u~•un~e ~~ro~•eeci~ at I.ender~ option either to , ~ restoration or re~~air of thc Yroperty or to thc ~w?~~ sec~ure~i h~~ this \(ortgagc. x Unless I.ender an~! I3orro~~•er otl?er~~•i~c agrcc iu ~~~riting. :111~' ~UC~1 ~~)~)~IC.ifia~ of ~n•oceed~ to prineipal shall ~ not extend or postponc tl~e due date ot the monlhl~- in~talhu~~nt~ rcferre~l tu in ~?zraKraph~ 1 and 2 hereof or ehan~e j the amount of such instalhnents. ? If un~ier {~aragra~~h 18 hcreof tl~c I'ropcrh• i~ :~cqairc~l I~~• l.cu~lci•, all` i-iRht: title au~1 interest of Borrotver in ~ :~nd to ~tu~- iu~urance policie~ aml in sn~1 to thc ~~ro~ee~1~ th~~rcof ~to tlu• ~~xt~~nt of tlic ~um~ secure~l b~- thi~ ~Iort- : ~ ~uge imu~cciiatelv ~~rior to ~ucl~ ~fil~ or acqui~iti~n~ m~ultin~ froin ~laina~e to th~~ Yropertt• ~?rior to the ~ale or i ~ ;?c~~uisition shall ~~ass to 1.ender. ! 6. Preservation cmd Maintea~?ce o! Property; Leaseholds; Condominiums. Rorro~cer ~ha11 kce~~ the Yrop- ~ crty in ~;oal repair an~l ~hall not. ~?ermit or coromit ~~•aste, im~~,?irn~ent, or ~ieterioration of thc Propert~• and shall ~ ~•omply ~~ith thc ~~ro~•isions oi am• Icasc, if thi~ ~tort6agc i~ on a Icaschol~l. If tLis \fort~age i< on a condominium ~ unit, Rormtver ~hall ~~eriorn~ all of Borrowcr'~ obli~atic~n~ inuler tLc ~Ic~laration of conrlomininm or master decd, ~ tt?c I?y-I:icvs a~erl re~ulations of th~~ con~ton~iniuin ~~roje~t .imi ~on~tit»ent documents. x.. 7. Protection of Lender's Security. It Borro~rer fail; t~~ l~crtorn~ the covenant• .?nil :~~;reen~~nts contained in f ~ this ~IoMgage, or if ant• action or ~?roce~~din~ is commenced «•hich ~naterially affect~ I.ender's interest in the Prop- ` ~ erty, inclvdin~. hut not limited to, emin~nt cionu?in. iu~ol~•enr}•, c~xl~~ ~•niorcement. or :?rran~eiuents or proceed- ~ ings in~rolving a hankrupt or dece~lent. thcn Lcn~ler ;~t L~~n~icr:~ o~~tiou. n~son notice to 13orro~~•er, mny make such ~ ~ a~~pearances, dis},ur,e such ~un~~ an~1 takc ~ucl? actiou a~ i~ nece~san• to ~~rotect i.cnder'~ interest. including. but ~ not limited to. disi» ir~ement of rcasonabl~ attornc~}~'~ fe~~ :tn~1 cntrr uEion the Yro~~ert~~ to enakc repair~. Any ~ uniounts ~lisbursed h~ I.ender ~~i~ruant to this ~?:ir:igra~ih 7. ~~-ith inter~st thereou. ~liall Ireco~ne adrlitional indebt- ~ eciness of I3orron•cr ~ecured In• this ~tortga~c. ilnle~s Rorro«•er an~i I.en~icr agree to other ten?~~ of payment, such ~ .~mounts shal) be payahle upon notice from i.endcr to Borro~~•cr rcc~uc~tin~ ~?nyment thereof, an~i shall bear inter- est from thc datc of ~lishu~emcnt at thc rntc ~tate~l in the \atc u~ilc~~ ~~.?yment o( interest at. such ratc ~vould be ~ ~ contrary to ap~~licablc la«•, in ~~•hich c.rnt stuL :?niount~ ~I~all I?car intcrc~t at thc hiKhest ratc ~iermissiblc b~~ f ~ :~pplicable law. \otk~in~ containe~i in thi~ ~?ar:+gr:i~~li 7~hall ra~uire l.ender to incur ant ex~~ense or do any aet ~ ~ i ~ hereunder. ~ OR ~ ~ Baox 23~ ~~E 23~ ~ _ _ ~ _ . ~ _ ~ s. _ . ~ _ .