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it»ureci or gunranieed 1?y a Fe~irri~l or :t:?te :i~;c~ic~• iinc•hi~liu~; Leu~i~~r if l.rmlcr i• ,u~~h :in institution?. T.cuder
shall npply the Funiis to ~~ay ~ai~l tuxe~. .~~.~~:~.•n~ent~. insur.trn•~• ~,rc~miim?~ auul Kn~uml r~•nts. Lender ~hall n?Ak~ no
rharge for no hol~lin~ and :?ppl~ in~ thc 1~'un~l~ or ~~crif~•in~; :~n~l ~•uu~piliii~; xni~l u~sc;~u?cntr: and bilis. Rorrower and
I.ender n?Ay i?gme ±n ~~riti~~:~t the time~ of exe~ution oi tl~i. \lort~ak~• th:~t intem~t on the Funds ~hall I~e pai~i to
liormw•er, nnd unic•s.. ~uel~ aRme~~n~•nt i• ma~l~~. I.enci~•r shall not hr rc~~uimd to ~in~• Rorrc2~~•er :u~y interest on the ~
Funds. I.ender ~hall ~i~•~~ to Rorron~er, without ~lu?r~c, an :u~noal :?~euuuting of th~• Fun~ls sho~vin~ creclitc and ~
debits to the Funds and thc ~~tin»se for ~~•hich each ~icbit to thc F~uxi~ ~~•ns made. 'Thc F~u?ds nre plect~ed ns addi- ~
tional security for the sums securMi by thi~ \IortRn~e. ~
If the amount oi the FundF helcl b~• I.endcr, to~etlic~~ ~vitl? Ihe futur~ wonthh• instaliment~ o[ F~~nds payable
prior to the due dates of tux~c, ~sses.smenis, insurnncc premiums ;~nd ~;round rents, ~hall ~~xccecl the amount re- i
yuireci to pay said ta~tes, assessments, insurnnce pmmiums :in~l ~rounci renGc :~s they fall due, sucl~ excc~s shali be,
at Rorrower's option, cither promptly repnid to I3orro~~~er or r!•eclitc~l to Borrower on monthl~• installments of
Funds. If the amount: of the Funds I~el~1 h~~ I.ender shall not 1?e •ufficient to ~~a~• taxes, nsseccments, insurttnce pre-
miums,and gmund rents as they fall ~luc, Borro~~•er shall ~~a~• to T.cndcr an~ amouM necessury to make etp thc r ~
deficienoy within thirty dn~s atter noticc from I.ender to I3orro~~~cr reqaestiog piiyn~ent thereof. (
Upon payn~ent in (ull of nll sum~ secure~l h~~ this \iortgafic, I.en~ier shall pro~u~~th• refund to Borrower anti ~
Funds held by I.ender. ~
If under ~~arngrnph 18 hereof the Yroperty is sold or tLe Yropert~• is othen~ ise acqi~ired by I.ender, I.ender
~hall apply, no Inter than immedintely prior to thc ~ale of tlu~ Yropertp or ita acqui~ition h}• I,ender, any Funds
held bv I.ender i~t the titnc of ttpplicatian u~ a crcclit against thc ~wus securc~i b~• thi~ ~tort~a~e.
3. Application ot Payments. Unlec~ ap~~licable ln«• ~irovid~~ other~~ise, all ~?i~y~nent~ recei~~eci by I.ender
uiider the \ate anci ~?a~~ug~nphs 1~nd 2 hcreof ~hull I~e applicvl i,r Lrn~icr first in ~~nyment of z~uounts ~iayable to
I.ender by Borro~rer under ~~ur~grnph 2 hereof, then to intemst ~~s~•:~I~lc on thc i~TOte ;uul on F~rture :1~i~~ances, if
:~ny, und then to thc principnl of thc Notc and to tl?c ~?rincipal of Fut.nm A~i~~ances, if •an~.
Charges: Liens. Borrower shnli ~io}• nil taxe~. ass~~s~uents :in~l otLcr charges, finc~s and iinpasitions nttrib-
utable to the Propert~~ ~vhicl~ ma~~ attnin a priorit~• over tl~ic \Torkgage. :iml ~roun~l rents, if nn,y, at T.ender's
option iii tl~e manner provideci i~ndcr ~?arAgrn~~h 2 hercof or 1?~~ Rorro~~~er ~uakinfi pa~~ment, ~~hen due, directly fo
the p~yee thereof. Borro~ver ~l~al) ~~ro~n~?tly fnrnish to Lendcr all noticei of aunuunt~ ~lue ~mder this parngraph,
~tnd in the event I3orro~ver ~hnll n~ake ~?z?~m~ent directl~. 13orro~~•cr sh:~il ~~ro~n~~tl}• furni~h to t.ender receipts evi-
dencing such ~~ayments. I3orro«er sliall ~~rouiptly discha~~e .in~• iien ~~hich has prioritp over this ~tortgage; pro-
videci, thnt. Borro~ver shnll not he rc~~uimd to ~iischar~c am~ ~ncl~ lien so long :~s Borro~ver sl~all Agree in ~vritinR to _
the payment of the obligatiou securecl by such licn iu a n~nnner ;tcce~rtahle to I.emier, or shall in Roai fnitl~ contest
such lien by, or defend enforcement of such licn iu, le~al ~~rorecYiin~~ ~~•hi~L operatc to prevent the enforcement~ of ~ ~
the lien or forfciturc of the Propert~~ or any ~rtrt thercof.
5. Hazard Insurance. Borro«er ~I~all kec~~ the im~~ro~•e~uenf~ no~~• existinr or hemaftcr erectecl on the Prop-
~~rt~• in:ure~l zgainst loss bv fire, l~~z~rcis included within the tern~ "extendeci eoverage", ~mi sueh other luiznrcls as
I,ender ma~ requirr. an~i in suci~ amounts and for su~l~ ~~rrio~l~ L~•n~le•r iua~• reqtiise; pro~~idc~l, that I.ender shall
not require that the amount of ~ucli co~•cr~~;c e~cec~l tliat aiuount of co~•cra~e requireci to pay the sums secured by
this ~4ortgage.
The insurancc carrier ~~ro~•iciin~ tL~ ins~u•au~•c ~h,ili L~• ~•hosc~? I,~• Rorro~~•cr ~ubject to approval b~ i.ender:
~n•o~•ided, that. such approval sl~all not bc unreasonnbl~• ~vithheld. all premiums on insurance policies shali be paid
at I.ender s opt.ion in thc ~uanner ~?ro~•idal un~ler ~?;u•ag?:1~?i? 2 hercot or Borroiier ~unking ~~:?yment, ~vhen due,
~iirectly to tl~e i~esurance carrier.
:~11 insuraticc ~,olicie: and ~rnc~~•.il- thercof •1?:~ll I?c~ i~i ioriu :u•~~~~~~tRhl~ io I.~u~lcr ,~n~l ~hull in~lud~ :i ~tandnrd
u?ortgage clausc in fa~•or of anri in torni .icce~~tahlc to L~u~ler. L~~mler ~hall ha~-e tlic riQht t~ hol~l the ~~olicie~ and
rene~r•als tl~ereoi. .?nd Borro~~~er ~hal! ~r.-ou~~~th• fnrnisl~ to I:e•n~i~r all muc~~~al notices un~l :?ll receiPt~ of paid pre-
miwns. In the e~•ent of lo~~. Rorro«•cr ,l~all gi~•e ~~roiu~~t noticc~ fo thc ins~u•ance carrier vul i.ender, and I.ender
' ~u~y inakc ~>roc~f o[ lo~s if not iuadc proiu~~th• h~- 13orro~~cr.
~ Unless 1.en~ier :~n~l I3orroi~cr other~vi~e :i~rc~c in ~critin~;. in~~~r:ure~~ ~?rocc~Ni~ ~hull hr :~~?~~lied to restoratian or
I repuir of the Yro~~c~~tt• ~la~nage~l. ~,ro~-i~i~•~l ~u~•l~ re~tor:?tion ~?r r~•~~.iir i~ ~~~onou?i~~all}• f~a~ihlc :uul the ~ecurit~• of
~ this ~(ortgzge is not tliereb}• i~n~~airc~l. Ii sucl~ restoratio~t or ce~~air i~ ~iot econou~icsll~• fez~sible or if the securit~
~ of this \Iorfgugc ~~•ould bc i~upaiteri, tiic iu~urnucc procee~l~ ~h:~ll bc applic~l to thc sums securc~l b~ this \lortgagc.
} ~cith the excess, if ant, ~?ai~l to Bon•o~~•e~•. tf thc Yropert~• i~ ahan~lone~l 1?~• I3orm~rer or if Rorro~er fnils to respond
~o I.ender ~~-ithin 30 d:~~•~ after notice h~• Lender to Rorro~~•er tl~st thc iusur:~nce carrier oPfer~ to ~ettle a claim for
~ insurancc hcnefits. I.endcr i~ :iutl?orizcd lo colle~•t ,ui~1 a~~!?h• th~• imi~r:u~re ~?ro~c~~cl~ nt I.ender'~ option either to
irstoration or rep:iir ot t6c Yro~~erty ~ir to tl~c ~mn~ ~c~~ure~l 1?}~ thi~ \lortgagc~.
Unless I.ender .?nci Borro~~•er other«~ise zgme i? ~critin~, au}• ~ucli ap~~liccitiou of ~?rocee~i~ to principal shall
not extend or postpone tLe due date of tl~e ~nontlitr installuicnt~ referre~l to iu ~?aragraphi 1 an~i 2 hereof or chanRe
the amount of such installments. !
If un~ler ~?aragraph 18 hercof the Yro~?crt~- i~ acyuire+! h}• J.en~lcr. sll ri~l~t. titlc :u~~l iuterest of Borrower in ~
:?nd to un~• in~uran~c ~?olicie~ :uul in an~l to the ~?r~~~cc•ci~ th~~r~•of ~t~, tl~~• r~tent of tlu• ~unr ~ecure~l b}- thi~ ~Zort-
~age in~meciiately ~~rior to ~uch ~ale• or acqui~ition i re.~ultin~ fr~~in ~Icuna~c 1~? thc• Yro~icrt}~ ~~rior to the ~ale or
:icquisition shall pas.~ to I.ender.
6. Preservation aad Maintenance of Property; Leaseholds; Condominiums. I3orro~ver ~l~all kee~~ tl~c Yrop-
~ crty in ~;oai repair :uul sl~all not. ~~enuif or ~~ommit ~caste, in~~~airn~ent, or ~1Merioration of the Propert~• and shali
~ r~omply «~ith thc ~~ro~•isions ot ant~ Icasc, if thi~ ~Iort~;agc i~ oi~ lcascl~oi~l. If thi~ \[ortga~c i~ on .1 conciominium
~ ~niit, Borro~~•er ~hal1 ~?erforn~ all of Borro«•cr'~ ohliration~ arnl~~r the ~1~~1~ration of con~iominium or ~naster deed,
~ the hy-is~cs anci regulation~ of the ~on~lominiuni ~~roj~~t an~l COI1ct1t11Ci11 ~locument~. ~
~ 7. Protection of Lendei s Security. If Rorru~rer iail~ t~~ ;~erforn? tl~r ~•o~•en;u?t~ au~~1 a~~;recmcuts contained in !
~ this ~iort~;age, or if am• action rn- ~~rore<•dinK i~ con~mence~l ~~•hi~~i~ inaterialh• affr.ct~ L~~nder's interest~ in the Prop- ~
~ crty, incli~ding, but not li~nite~l to, cininent ~lo~nain. in~oh•~~n~•~-. ~•ai~~ ~~~~force~nent. or :irrau~c~ucnt~ or proceecl- ;
~ iugs in~olving s 1,3nkruE~t. or ~iecedent. then I.eiulcr at Len~ier'~ o~~tiou. »pon notice to Rorro~~•er, ma~ ~nake such i
:~ppearances, disbur.-e such ~mus s~~ci take ~!icii :u•tion as i~ nE•ce~~n~~• to ~n•otect 1.en~ler's interest, including. Uut ?
~ not tiroited to, disbur.:cm~nt ot rc~~onahlr .~ttornc}•'~ t'ec~ :uul cmtr~• u~ioi? fhc }'ro~icrt~• to u~akc repairG. Am~ ~
~ :imounts disbursed hy I.ender ~mr~uant to thi~ j~ar:igraph 7. ~~•itl~ int~re~t thereon, ~hall !?ccome 1d~litional indebt- ~
edne~s of Borro~~•er ~ecured i?~• this ~tortga~e. iTnl~~s i3orro~c~r :ui~l Lcnrlcr agree to other tenns of payment, such ~
:~mount~ ~1u?11 he payable u~~on noti~e from Lc•nder to Rorro~~•er re~~u~~stin~ ~~:~~n~ent thercof, nn~i shail bear inter-
~ est from the datc of ~ii~bur_-ement at thc r~te ~t~tc~1 in thc \ot~ iinlc~~ ~?a~•n~cnt of interest at. ct~eh ratc «•ould be
~ contrAry lo ap~~licable la«~, in ~~hich c~•ent ~uch :unount~ ~i~all hcar intere~t at the 1?i~he~t rate pennissible by
~ :ipplicable la~v. \othing cont:~ined iu tl?i~ ~?:u:ig~•:?~~1~ 7~I~alt rc~~i~irc I.c~~der to inciu• am• ex~~ense or do an~ act
~ hereunder. _
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