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Home My WebLink About1179 c insureci or gu:?runtced b~ a Fcd~r:?1 ur •t;tt~~ ;~K~•~~~•~• ~iu~•lu~l~~~~; I.e~ii~ier ii I.~•u~t~~r i~ ~u~•l~ iu? i~~~titutio~~~. Lrrnaer ,hal! apply the Fund~ to ~~a~~ ~ai~t taxe~. u~~i~~~nu~nt:. iti~urau~•r ~?mmium~ :?u~l ~;ruun~l ~•~•uts.•I.rmie~r ~h:tl) n?ake no charge for so holdinK an~l :~pplyin~ th~• l~wui~ ur ~•erif~•in~; aml ~•~~iuj~ili~i~; ~:~i~l :~.•r„u?~nt• and hill~. Borro~~~er and Lendcr mHy agrce in ~~•ritin~ :~t th~• tinu• of exec•ution ~~i~ tl?i• \lurt~;a~;~~ thut int~~rest on the• Fundc ~hnll IM ~~ni~1 tu l;urmacr. :tnd unlcc~ s~~ch :~~rccn?i~nt i• niadc. T.end~=r •i?ull not I?r n~uinyt to ~?s~~ Rornm•~~r :u~~~ intcrc~t on thc Funds. I.ender ~ht?ll ~i~•r to Rorm~~~cr. ~~•ithout ~h:u~;~~, an ;?nnu;~l :?ccountin~; of tl?~• Fuudc sho~vin~; ereciit. nnd ~lebits to thc Funds :?nd thc ~~ur~~ose ior ~~•hi~h ~~s~h ~icbit to th~ Fi~nds ~vns n~ndc. Thc Funds i~rn plcylkc~ci as nddi- ~ tionAl security for the sums secured I~y thi~ \lort~;:~~;e. Ii the au~ount ut the Fun~ls I~etd h~ Lctider. to~ethc~r ~ritii the fuhire monthh• iu~t:ill~nent~ uf Funds patable ~~rior to the duc dAte~ ot tuxes, a~se~.sment~, insur:tm•e ~?ren~iun?s :~nd ~;round mnts, chal) exceeci thc amount re- quired to pa,y stticl taxes, asse.sments, in~urance ~?ren~iums :u~d kround rents as they f:?U ~h~e. such excess shal) be, at Rorrower's option, either ~~ro~nptly re4inid to 13orro~~•cr or rrc~iitcd to IIorro~~•cr on monthh i~jstaliments of Funds. If the amoimt of the Funds held 1?~~ I.ender shall not he ~utficient to ~?n~ taxes, a~~es~n~c~ts, insurance pre- miums and ground rent. :~s the~~ taU ~iue, 13orm~~•er .hAll lu~~• to I.en~ler am~ aniount nece~~ry to n~ake up the ~~e6ciency within thirty days .?fter notice from I.cuder to Borro~ver rec~uc.tin~; puyment thercof. ~ Upon puyment in fuil oi all ~un~~ ~e~~ured b~ thi~ \lortgtu;c, 1.ender shnll ~~roinptl~• refi~ud io Borro~ver an~ F'unds held by I.ender. If under ~~amgrnph 18 hereof the Yropcrt}• i~ sol~l or tl?c Ympert~~• ic otl~crn~ise acquireci bv I.ender, i.ender shal) apply, »o later thnn imme~lifltel~ prior to the ~ale of thc• Yro~?crh• or its ~~~qui~ition M i.ender. :?ny Funds ~ held by I.ender nt the tin~c of upplicatiou n~ u ~~ti~lit a~ain~t tl~c ~um~ .c~•uir~1 b~• thi~ \IortR~?~e. 3: Application of Payments. Unle.~ aipplic~hle In~~• ~~ro~•i~le~ other~~•icr, all 1~ayments recei~ed i?y 1.ender iuidcr tl~e I~ote and ~iaingrn~~h~ 1 and 2 he~rcot ~Ir?Il I~e c?~?~?licvl 1?~• Lcn~l~~r fi~~t in paf u~ent of :uuounts payable to I.ender b~~ Rorro~ver nndcr ~~i1r.l~ra~~1~ 2 1~ercof, thcn tu inte~r•~l ~?:?}•:~bl~ un the \otc ,u~~l on Futurc• Ad~ances, if un~, and then to the ~?rinci~?~l of th~ \Totc un~l to th~~ ~?rinci~?.~l of F»tun• ~~h•an~e<. if an~_ 4. Charqes: Liens. Borrower ~~IR~I ]111\' .III taxe~. a~~~~"n~ez?t~ .in~l other ch:tr~es, fines and impositions nttrib- utaUle to thc Propert~• «•hich ~nn~~ :~ttain prioritr ovcr thi~ ~1ort~zKe, ami ~roi~n~i rents, if any, at I.ender's option in the ~na~u~er ~unvidc~i under ~uuagrn~?l~ 2 hc•rcot or 1?~• Rorro~~•cr ~n~kin#; ~uiyu~cnt, ~~hen dtte, directly to ~ 41... . •i.n+~i.n~ Rn~rn~vnr c~~n~~ ~~enuuil~~. ~f~rn~c~i }n 1 pn(~Ar •~1~ nA+7P(k !1~ nlllM~Tl~c l~IIP 1111(~AT +~11C narnoranh. a~a~t ~i°~ia~~ ~ - ~ and in the e~•ent Borro~~•er <hall inake puy~ucnt ~lirectl~•. Rorrn~~•cr ~hall pmmptl~ fi~rnisl~ to I.ender receipts evi- dencing such ~~ayment~_ Aorro~~•er ~hail ~?ro~n~~tl~ dis~iru•~;~ am• lir.n ~rhich hns priorit~y oi~cr t~his \tort~nge: pro- ~ vided, that Borro«•er sl~all not hc requimd to ~1i~cliarg~~ an~• ~ucL li~u so long .is Rorro~cer shall agrcc in writing to ~ the pnyment of the oblig~etion secnred b~ siich lien in ~nnuner :icceptahle to I.en~ler. or shall in good isith contest such lien b~~, or ~iefend enforcement of ~uch licn iu. Ie{;.ll ~~l'OCCMI111~~ ~vhich o~~er:?te to ~~re~•ent. the eniorcement of i ~ the lien or forfeita~n~ of the 1'ropert~ or am ~~art thcreof. ~ 5. Hazard Insurance. Borro~ver ~hail kee~~ tl~c impro~•~incnt~ nu~~~ ~~~i~ti~i~ or hereafter cre~teci on the Prop- ~~rt~• in~urcKl against lo~s by fire, hazards included ~~ithin tl~c term "extendc~i coveragc", an~l si~ch other l~azarcis a5 1.ender n~a~• mquirc and iu ~~~ch amounts and for ~u~•h ~mrial~ l.~~n~i~~r iua}• tti~uim: ~~m~•i~1c~1. thttt T.ender shall not require tl~nt t6e amount oi ~uch ~o~•era~;e cxceexl tliat :unounf oi ~•o~•erngc rerp~ire~l to pn~- the s~nus secured by # this ~tortgage. The insurauce carrier ~?ro~~iciiu~; the in•?u~:u~~~e ~hall la• rhosei~ I~}• Rorro~~•er ~~~hject to a{~pro~•al in• T.ender: ~n-o~•iciccl, that such approval shall not he imreasonabh ~vit.hl~~ld. :~11 premiums on insurancc policies shail be paid . at I.ender's option in thc nrwncr ~~ro~~i~ic~l unilcr ~?aragr.t~?1? 3 hcmof or I~}• Rorro~.•er ~nakin~ ~~a~•ment, ~vhen due, ~iireetly to the in~urance carrier. :VI insurAn~•c~ ~~olicie. and mnc~~:?~~ ti?creof ~Irill I,~• in i~n~u~ a~•~•~y~tahir t~~ L~~n~lcr .nui ~hall in~ludc a st:?ndaiY~ i~~ortgage ~•lau~e in i.~~•or ai an~l in ioru~ .?ece~?t.il?l~ to L~•n~le•r. I.rn~ler <hall h:?~•e tht~ ri~lrt to 1?old the ~~olicies and 'i rene~vnls thcreof, :in~l Borro~~•er ~li:ill ~u-owptlt- iurni~li ta L~•n~i~•r ali renc«•al uotices .~nd sll receipt~c of paid pre- i miums. In tLe e~•ent of lo~~. I3on-o~~-er ~hc~ll ~i~~e ~?rom~~t noti~•~~ to thc in~urance carrier :~nd 1.ender, and I.ender I m3~ i~iake ~~roof of lo.~s if not ~nnd~ ~~rom~~th• 1?~• Borro~.cr. i Unless 1.ender :?nd i3orm~~•er otlien+ise agme in ~~ritinc;. ii~~~n:u?ce ~~ro~eecl: ~hall I,c~ a~~~~~lie~l to restoration or 3 ~ repair o[ tl~e Yru~K~rt~- ~lu~nu~;e~i. ~n•cr~~i~ic~l ,iu•li restoratinn ~ir rc~~?:iir i~ cr~noroi~•a11}• tea:ihle un~I the ~ecurity of ~ ~ khis \iortgagc is not tlicreb}• iu~~~aire~l. If ~ucl? restor:ition or re~?:iir i~ uot economicalh~ feasihle or if the security of this \fortgai~e ~~-ould Ix• iiulr,tired. thc in~urau~•c E~ro~ectii~ ~hal1 1~~~ :t~~~~lied to thc• :ums securc~l h~~ tl~is ~tortgage. f ~~~itii the exccss, if any. Pai~i to Borro~~er. If thc Yro~?crtr i~ ahan~lon~~cl I~t- 13on•o~~•er or if Borro«•cr fails to respond to I.ender ~~~ithin 30 ~1~~ ~ aiter noticc b~• T.ender tu Borro~c~r that the in~ur.ince carrier offers to settle a claim for insiirance henefits. Le~ider i~ :tiutl~orize~i to ~•olle~•f :in~i a~~E?l~- th~• in~ui•:?n~~c ~~ro~~ced~ at I.ende~'~ option either to restoration or repair oi tf~e Yro~?erty or to the sun~~ ~ecm•c~! I~y thi~ \tor~r~gc. ~ Unless 1.ender and I3orro«•er other~~•i~e a~ree in ~r•ritin~;. :u~~- ~uch a~r~~licatio~? of ~n•oceed~ to prineipul shall : not extend or postpoue tl~e ~lue datc oi thc• ~nonthh- inst:~lhucnt~ re~i~~rrcri to in ~~aragraph~ I:tnd 2 hercof or chan~e the amount• of sucl~ instaliments. ~ If un~ler ~?aragra~~h 18 hcrcot the Yro~?ert~- i~ scyuire~l h~• l.en~lei•. :~11 ri~ht, titlc and interest oi Borro~cer in ; :~nd to n»~• in•urance ~~olicic~ :uz~l in an~l to 11?e ~n•o~ec~l~ th~~r~~of It~ Tlu• ~~xtc~nt of th~.~ ~un~~ ~ecurc~l h}- thi~ ~Tort- ! ~age immediltcl~ ~irior to ~ucli ~al~ or acqui~itioni rt~sultin~ frn~u ~lasuu?~c to tLc Yro~icrt}• prior to thc salc or ' :icquisition shall ~~as~ to 1.ender. ~ 6. Preservation ~d Maintenance oi Property; Leaseholds; Condominiums. Iiorro~~•cr ~hali kce~i the Yrop- ~ crty in ~;ood repair an~! shall not. >>crmi! or co~wnit tic:?stc, iw}~airmeuf. or ~lctcrior.ition of thc Yropcrt}~ and s{~all ~~omply ~~•ith tl~e ~~ro~-isia~s of .im• Ica~c, if thi~ ~lortgagc i~ ~n icascholci. If tl~i~ ~Iortga~c i~ on a condotninium ~ nnit, Borro~~er ~hall y?crforn~ all of Borro~~-cr'~ ~hli~ation= ~~rnl~r tl~e ~le~laration of con~iominiun~ or master dee8, ~ the hy-la~~s ami re~;ulation~ of th~~ condominitun ~~roje~t .uul ~~onstihicni ~lociunrnt~. _ ~ 7. Protection of Lendei s Security. If Borro~~•er f.?il~ t~~ ~~ertirn•n~ the ~•o~•cuani~ :in~1 a~;recn~ents contaiued in this \Iortgagc. ~r ii any action or ~n•o~c~•ciin~ is connnc:n~•cd ~rhi~•h matcrialh• nffc~t~ T.~udcr's intcrest in the Prap- ~ crty, in~luding, hut not limitc~i to, emiueiit douiuin. iiroh•en~~•. r~xl~~ c•nfor~emeut. rn' :irran~en~ents or ~~roceed- ings incol~•inr a h~nkrul~t or deced~nt. thcn Lender at l.ender'~ o~~tion. iq~on noti~e~ to Borro~~•er. ~nay ~nake such .~j~pearances, ~li~lx~r~e such ~un~~ sn~l take ~ucl? sc•tirn~ as i; necc~~a~~• to ~~rotect 1,en~ler's interest, including. but not limited to. ~li~hur;emenf of rea~onahle :~ttorn~}-'~ tee~ :~ml ~•ntr~• u~~on the I'ro~?erl~~ to ~nake repain. AtY~? ~ .+mow~ts ~lisbursed b~• I.endcr ~~iir~uant to thi: 1~:~ragr.i~?h i. ~~-itl~ interest thercon. ~hall bcco~nc :td~litional indebt- ~ ~ edness of i3orro~ccr ~ecurcci h~- thi~ \(ortg:~~c. i'nlc~s Rorrot~-~r an~i I.~~n~ler sgrec to other tenn~ of payment, such ~ ~ :tOlOUi1tS S~lall bc ~~ayablc upon noti~c from i.cndcr to I3orro~~-er r~q~ie~tin~ ~?z}•ment thcrcof, and shall bear inter- ~ est from tl~e datc oi di~Lurse~ucnt at tlic ratc ~tate~l in the ~otc itnlc~~ ~~a~ment of interest .it sucl? rate ~4o~ild be ~ ~~ontrary- to ap~~licable la~~~, in ~~'I?ich c~•ent ~ucli :?mount~ ~lr~ll hcar intere~t at thc hifihest rate ~~ermicsible Uy :?pplic:~blc la~~~. \othing c+ont~inc~i iu thi~ ~~arc~gr.~E~l~ 7~hal! reRuire Lender tn incur an~ et~~ense or do uny act hereunder_ ~ ~ BOOK 244 PACE1~~~ - - - - _ - - _ ~ -_x _s~~-~-.~~~ ~_.~n , _ . - .