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Home My WebLink About1119 ineured or guaranteeci by a Fedcrnl or statc »gency lincludiu~ I.euder i( i.~u~lcr i~: such an,institution). I.ender ~ ' shali apply the Funds to pay saici taxes, ussessiucnts, insurance ~iremiutns and ground ~t~ts. l.ender sfiati make no ' charge for so holding and applying the fi~uds or ~•erifying tu~~l compiling ~aid nssessments nnd bills. Borrower snd . . I.ender may aAree in wtiting a~ the tinie o( execution oi this \fortga~e tliat i~terest on thc Funds shal) be }~aid ~o Borrawer, and unless such agreement is made, I.ender shall not 1?e requirctit to pav BorroHer any interest on the Funde. Lender shall give to Borrower, without charge, an nnnual accounting of the Funds showinR credits and debits to the Funde and the purpoBe tor whicl~ each ciebit to the ~nds ~vas made. The Funds are pleciged ss addi- tional seourity for the sun~e eecured by this ~toriRa~e. ~ It the amount oi the Funde held by I.ender, togetl~er witl~ tl~c tuture mouthly install~nents of Funds payable prior to the due dates oi taxe8, assessments, insurance ~~ren~iuu~s nnd gcound rents, shall exceed the amount re- ~ quired to pay said taxes, assessments, insurance ~~remiums nnd ground tents as tl~ey fall due, aucl~ excess shall be~ at Borrower's option, either pmmptly repaid to Borrower or creditecl to Borrower on monthly installments of , Funds. If the amount of the ~nds held by I,ender shalt not be sufficient to pay taxes, assessn~ents, insurance pre- miums snd ground rents as they fall ~lue, Borrower shall pay to Lender any amount necessary to make up the defioienoy within thirty days utter notice from I.ender to Bormwer requesting payment thereof. ~ IIpon payment in full of all sums secured by this \iortgage, I.ender shall pmmptly refund to Borrower any Funda held by I.ender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender ~ shall apply, no later than immediately prior to thc snie ot thr. Yropcrtv or its acquisition hy T.ender, any Funds held by I.ender nt the time of application as a credit ngainst the sums secured by thic ~tortgage. • ' , 9. Application of Payments. Unless applicable la~• provides othenvise, all ~~ayment8 received Uy I.ender ~ under the Note and paragraphs. l and 2 hereot shnll be upplied hy I.endcr first in payment ot amounts payable to Lender by Borrower under paragrapl~ 2 hereof, thcn to interest. payable on the Note and on Future Advnuces~ if any, and then to the principal of the Note and to thc l~rincipal of Futur~ Advances, it any. ~ i Charges: Liens. Borrower s1~aU ~~av all taxes, nssessments iin~i otl~er charges, fines snd imnositions attrib- ; utable to the Property which may uttain n priority over this :ltortgage, nnd ground rents, ii any, at Lender'~ option in the manner provided under parngrapl~ 2 liereof or bv Borrower uiaking payment~ when du~, directly to the payee thereof. Borro~•er shull promptl,y furnish to I.ender all notices oi nmoun~e due under this paragraph, and in the event I3orrower shall make payment~ directly, I3orrower shsll promptlv furnisb to I.ender receipts evi- dencing such ~~ayments. Bormwer shall promptly discl~arge an~ lien ~vhich has prioritv o~er this ~Sottgage; pro- vided, that Borrower shall not be required to discl~nrgc uuy sucl? lien so long as Borro~ver shall agree in writing to the pAyment of the obligation secureci hy such lien in a manner ncceptable to Lencler, or shall in goocl taith contest such lien by, or defend enforcement of sucl~ lien in, legal ~~roceedings ~vhieh operate to prevent the enforcement of the lien or torfeiture of thc Ympert3 or uny part thereof. ~ 5. Hazard Insurance. Borrower shall keep the improvements no~~ existing or hereafter erected on the Pmp- crty insureci against loss by fire, l~aaards included within the tern~ "e~ctended coverage", and such other i~asards as I.ender may require and in such amounts And for sucli ~~eriai~ as i.cnder mAy require; pmvided, that Lender shall not require tl~ttt the amount of such coverage exceed tl~nt. a~nount. of coverage rec~uired to pay the sums secured by this Mortgage. The insurance carrier providing the insuranee shall lx~ cLosen by Borro~ver suhject. to approval by l.ender; provided, that such approval shall not I~e unreasonubly ~vithheld. All premiums on insurance policies shall be paid at Lender's option in the manner pmvided ~tnder ~~arxg~~~ih 2 hereof or 1?y Borrower muking ~?ayment, when due, directly to the insurance carrier. Al! insurance policies and rene~vals thereof sluill I~c in for~u accc~itable to T.ender and shall include ~ standarti u~ortgage clausc in favor of and in forn~ acceptable to I.ender. I.en~ler ~hall have tl~e right. to l~old the policies and renenals thereof, ~nd Borm~ver shall ~~romptl~, furnish to T.ender all rene«al notices and all receipts of paid pre- miums. In the event of loss, Borroner shall give prom~~t~ not~ice to the insurance currier and Lender, and Lender ; may make proof of loss if not made promptly by Borrower. ~ ! Unless I.ender and Borrower otherwise ogrec in writing, iusur.u~ce ~~roceedc shail l~e applied to restoration or ~ ~ ~~epair of the Pronerty damaged, provided sucli rwtoration or re~~air is economically feasible and the security of ~ ti~is ~iortgage is uot tliereby impaireci: If sucli restoration or re~~air is not econon~iculiy feasible or if the ~ecurity of this ~tortgage would be impaired, thc insarance proceecis ~hall hc appliecl to thc sun~s secureci by this Mortgage, ~ a•ith the excess, if any, paid to Borro~ver. If the Yro~~crty is abandone~i by IIorrower or if Borrowcr fuils to respond to I.ender n ithin 30 days atter notice by i,ender to Borro~ver tiiat the insurance carrier oPFer to settle a claim for insurance t~enefits, I.ender is authorizeci to collect and appl~ thc inst~rnnce proceeds at I.ender's option either to restoration or repair of t•l~e Property or to the sun~s secureci b~~ tliis ~Iottgage. Unless Lender and Borrower othern ise agree in ~vriting, anv sucl? application ot proceeds to principal shall not extend or postpone t.l~e due date ot the ~nonthly install~uents referrecl to in ~~uragraphs l and 2 hereof or chanqe the amount of such installments. If under paragraph ]8 hereof the Yro~~ert~ is acquireci b~ I.ender, nll right, title and interest of Borrower in ~ and to an~ instirance policies und in an~i to the ~~rocce~iQ themof (to the extent. of the swos ~ecureci bv this Mort- gage immediately prior to such-ssle or acquisitionl resultin~ from ~lan~age to the Propert.~• ~~rior to the sale or :~cquisition shall pass to Lender. - 6. Preservation cmd Mainteaance of Property; I.ec~~eholds; Coadomitiiua~s. Borro~r-er sl~all keep the ProP- erty in good repair and shall not ~~ennit or commit ~vaste, im~~airn~ent, or deterioration of the Property and shall comply with the provisions of an~ lease, it this ~lortgagc is on a leasehold. If this ~iortgage is on a condominium ~ ~ '---a• e ~_.+c_- ` .1 11111L~ ~orro~ver snaii ~~erivrm aii oi nu~ru~ve~ ~ Oi)ii~tiii~7Ti~ iiiii~i~r ~Ii(° flEi'tii~a~it3i3 i3i i:3iliii)iiiiii~liil~ OT ~TS~cL~T ucc~, the by-Iaws and regulations of the condoniinium ~~roject and constituent doct~ment~. _ ~ 7. Protection of Lender's Security. If Rorroner fails to ~~crforn~ tl~e covenants and :+greements contained in ~ ~ this ~Iortgage, or if any action or procecding is conunencecl ~vhich ~uateriallv uflects i.ender'r interest in the Prop- ` erty, including, but not limited to, eminent domain, iusol~~ene~, coc~c enforcement, or urrnn~eiuents or proceed- ~ ings involving a bankrupt or dececient, then Lender at i.ender ~ oPtion. u~~on notice to 13orrower, may make such uppearances,,disbur~e such sums anct take such actirn~ as ic nece~sary to protect I.ender's interest, including, but ~ not limited to, disbursement of reasonnble attorney'~ fees an~l cntry upon thc Yroperty to make repairs. Any amounts disbursecl I~y I.ender pursuant to this paragraph 7, ~~ith intemst t.l~ereon, shall Uecome additional indebt- eclness of Borroc~er secureci I,y this \iortgage. Unless Borro«er anri I.ender agree to other tenns of ~~ayment, such amounts sliall be payable upon noticc from i,ender to Borro~~cr reryuesting ~~ayment thereof, and sl~all bear inter- est imm thc date of disbursement at thc rate stnteci in the Notc unlec~ ~~ay~nent of interest at such rate would be contrary to applicable lan, in «hich e~•ent such an~ount~ shall l~ear interest at thc highest rate ~~ermissible by 3pplicable )t?w. ~othing contuinecl in this ~iarugraph ? ~hall requirc I.ender to incur any ex~~ense or do any act ~ hereunder. ` ~ ' ~ ' ~ ' ~ ~ gooK243 PA~E1120 S ~ . r~~ ~ - = ~v;~