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HomeMy WebLinkAbout0779 inaured or guarnntRed by a Fecierni or btate agency (includin~ I.ender ii I.~nder is sucli nn institutionl. I.ender ~ ? shall apply the ~nds to pay saicl taxes, us~c~s~uents, insura~~cc ~~re~niun~s and Rrotmd rents. I.ender shall rqake no charge for so holding and applying the Funds or ~•ecifyin~ and com~~ilinR said t?ssessnients And bills. Borrower and ~ l.ender may agree in writing at the time of execution o[ this ~tortgage tl~at interest on the Funds shall be paid to j dorrower, and unlc~s such agreement is made, I.ender shal) not I~e mquireci to pay Borroa•er any interest on the ~ Funda. Lender shall give to Borrower, without~ cl~arge, an annual accounting of the Fund~ shopin~ credits and ~ ~ debite to the ~nds And the pun~ase for whicli cacl~ debit to the Funds was made. The Funds are pledged as addi- ' tional seourity for the suma secured by this ~~[ort~age. I! the amount oi the Funds held by I.ender~ together ~vitl~ the tuture ~nonthl~ instulhnents oi Funds payable prior to the due dates of taxes, assessmenta, insurancc premiuu~ nnd Rround rents, shall exceeci the amounZ re-~ quind to pay said taxes, ussessments, insurance premiiuns s~nd gmund rents as tl~ey fall due~ sueh excess shall be~ at Borrower's option, either pranptly repaid to Borro~ver or rreditcci to Borrower on monthly inatallments of Funds. If the amount oi the Funds held 1?y Lender shall not bc~ auificient to pay taxes, assessments, insurance pre- miuma and ground rents as they fall duc; Borrower shall ~~ay to I.ender any amoi~nt necessary to make up the deficiencq within thirty days after notice from i.ender to Bortower requesting payment thereof. IIpon payment in full of all sun~s secured by this \iortgagc, I.ender shall ~~romptly refund to Bornower any Ft~nds held by Lender. If under paragraph 18 hereof the Property is sold or thc Property is othenvise acquired by I.ender, Lender shall apply~ no later than immediately prior to the sale of thc Property or its acquisition by I.ender, any Ftinds held bq I.ender nt the time of application ns a creclit against the sums securc~ct by this ~riortgaqe. 3. Application of Payaaeats. Unless ap~~licable laA• provides othernrise, All payments received by Lender ~mder the Note and puragrupl~s 1 and 2 hereof shnll l,e upplieci I,cnder first in payment of amounts payable to Lender 6y Bormwer under ~~aragraph 2 hereof, then to intemst ~ulyable on the 1~Tote And on ~turc Advunces, if anp, and then to the ~~rincipul.of the Yote and to tl~c ~~rincipal of Future Acivances, it any. ~ 4. Charqes: I.iens. Borro~ver sl~all ~~av all tuxes, assecsments nn~l other charRes, fines ~nd imPositions attrib- utable to the Property which may Attain n ~iriority over tl~is Mortgage, ~nci gronnd rents, if any, at Lender's optioa in the manner provided under puragraph 2 i~ercof or by Borro~tier making pnyment, when due~ directiy to the payee t.hereof. Borroner shall promptlv furnish to i.enctcr nll notices of nmoimts ~iue under this paragraph, and in the event Borrower shall make payment directl~, t3orro~~er shail promptly furnish to T.ender rece3pts evi- dencing such payments. Borroner shal! pmmptl~• discharge ~nv lien ~vhich has priority over this T4ort.gage; pro- vided, that Bortower shall not I~c rcquired to dischnrfic au~~ such lien so long As Borrower shall agrec in writing to. the payment of the obligation secureci by such lien in n~nanner acceptlble to I.ender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal ~~roceedin~s «hich o~~erate to prevent the enforcement of the lien or forfeiture of the Property or any part tbereof. , S. Hasard Insurmice. Borro~ver shall keen the i~nprovcu~ents no«• existing or I~ercufter erected on the Pmp- erty insurecl against loss by fire, haaards included within the tern~ "extended coverage", and such other liaaards as I.ender may require and in such nmounts and for such ~~eriod~ :ic t.ender mny require; provided, that Lender shsll not requite tl~at the amount of such coverage exceeci tl~nt. amount. of coverage required to pay the sums secured by this Mortgage. - . The insurance carrier providing tl?e insurance shail 1?c chosen hy Borrower subject to approval by Lender; ~~mvided, that such approval shall not be unreasonably withheld. All ptemiums on insurance policies shall be paid at Lender's option in the manner ~~mvided under ~~aragrn~~l~ 2 l~ereoi or I~y Borro~ver ~naking i?ayment, when due, directly to t.he insurance carrier. All insurance ~~olicies and rene~r•als thereof s6u11 l~e iu [onu acc~•ptable to I.ender and shall include n standarci ~uortgage clause in favor of and in forn~ acceptable to l.~nder. 1.ernier shall have the right to hold the policies and renewals thereof, und Borrower ~hall ~~ron~~~tly furnisli to I,cn~ler all rene~v:tl notices and nll receipts of paid pre- ~ miums. In the event of loss, BorroRer sh~?11 give prom~~t notice to the insurance carrier snd T.ender, and l.ender may ~nake proof of loss if not ~nade promptly hy Bomower. . Unless T.ender iind Borro~~er ot.i~ernise agme in ~vriting. ii~sur.u~cc ~?roceeds shall bc apptied to restoration or repair of the Pro~~ert~v ~iAmaged, rrovidecl sucli restoration or ~rpair is cconomically feasible an~i the security oi this ~[ortgage is not thereb}~ impaireci. If sucl~ restoration or ~~e~iair is not economically feasible or if the security of this ~iortgsge ~vould i~e impaired, tl~c iusurance proceecis shall bc ~pplied to the sums securecl b~ tl~is 3~iortgage, ~vith the excess, if any, paid to Borroner. If the Yropertr is al~~n~loneci hy Borrower or if Borrower fnils to respond to I.ender ~r•ithin 30 days after notice by I.ender to Rorro«•cr that the insurance carrier oti'crs to settle a claim for insurance l~enefits. I.ender is authorized to collect and appl}• the ins?u:znce proceed~ at I.ender's option either to restoration or repnir of the Property or to the sun~s secured by tliis ~fortgage. ~ Unless Lender and Borrower othenvise agree in ~vriting, an~ sucl? a>>plication of ~?roceeds to principal shsll not extend or pwt~~one tlie due dute of tl~e montl~ly iastallments referreci to in ~~aragrapl~s I and 2 hereof or change ; the amount of suci~ installments. ~ If under ~~aragrzph 18 hereof the Yro~>ert~~ is aequirecl b~• I,ender, nll right, title ancl interest of Aorrower in ~ and to any insurance ~iolicies and in an~i to the ~~rocee~l~ thereof fto tl~c extcnt of the ~un~s securecl bv this i1~Iort- gage immediately prior to such sale or acquisitionl resultin~ fron~ ~ian~age to the Yroperty prior to the sale or ~ :?cquisition shall pass to I.ender. € 6. Preservation amd Maiaten~ce ot Property; Leareholds: Condominiums. Borrower ~l~all kee~~ the Prop- ~ crt,y in good repair and shall not permit or commit n•~?stc, impainnent, or deterioration of the Propert~• and shall ~ compiy with the provisions of any iease, if this ~iortgage i~ on a leasehold. If tl~is ~iortgage is on a condominium ' unit, Borro~er shall perform all of Borrowet:5 obligation~ iuulcr the declaration of condominimn or master deed, the 1?y-1:?ws an~1 mgulat•ions of thc condominium ~imject an~i constih~ent documents. - 7. Protection of Lendei s Security. If Borro~ver f~il~ to ~?eriorn~ the covenants and a~reements contained in t.his ~tortgage, or if any action or ~~roceeding is coiu~uenceci ~r•hich ~t~aterisil~ affects t.ender's interest in the Prop- etty, including, but not limiteci to, eminent domain, insoh~enc~•, calc enforcement. or :irrangen~ents or proceed- ings involving a bankrupt or dececient, tlien J.ender at I.ender's option. u~~on notice to I3orrower, may tnake such c~ppearances, disbutse sucL sums and take such action :is is nece~~sary to protect 1.ender's interest, including, but not limiteci to, disbursement of reasonable attorney'• fees an~i entry upon the Yropcrty to make repairs. Any .unounts disburseci by I.endcr ~~ursuant to tl~is paragra~~h 7. ~ritli interest thereon, shall beco~ne ad~litional indebt- edness of Borrower secureci I~y t{~is ~iortgage. Unless Borro~ver anci I.ender agree to other tern~s oi payment, such amounts sl~all be payabl~ upon notice from I.ender to Borro«cr ~~uesting ~~~yment thereof, and sl~all bear inter- est from the date of disbprsement at tl~c rate stuteti in the ~'otc unless ~~ayment of interest nt such rate ~~ould be ~ contrary to opplicable l~jn, in ~vhich event such :?i»ounts ~hall {~car interest nt. thc highest ratc ~~ermissible by applicable law. Nothin~ontainecl in this ~?ar.igraph 7 shall rc~iiire I.ender to incur uny expense or do any act hereunder. D R $04R ~ -1 ~y4 "~iK Y : - E ; . w `s"~-~:,~ r,~~ ~ ~ ~ ; i I -~s*' . ~ ~ _ ~,._;~.s:~yi~"'x-a. . -i ~:.g~~~' ~ .