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Home My WebLink About1424 inyurecl or guarnnleeci by u Federal ur ~txt~• :~Kene+y ~iu~•lu~liu~ Len~i~~r if I.emler i~ ,u~•L :in institution?. i.ender ,halt ap{~ly the FundR to pa~~ said tz?xes, :~sses•n?ent•, in.uri~n~•~• ~~m~niuii~• ~u~~i ~;roun~i ~ynta. Len~ler ~i~All n~:~ke no s charge for so holding und upplving the F~uuis ur ~•erifyin~ un~l com~?iliu~; ~ai~l a~.~r+suicntc am1 hills. Rorrower and I.cnder u~ay agrec in writin~ ut the tiu~e of ~xecution of thi~ ~lortKa~e tiia~t intcnwt on the Fuud~ shnll IK• pni~l to l3orrower, nn~1 unlcss such aRrcemeN i~ inadc, Lcn~i~~r •lial) not br mquin~l to ~~n~ 13arm~~•c~r :u~y intcrest on thc Funds. I.ender shull gi~•e to Rorron~cr, witl?out churgc, an uunuat nccouutinK of thc Funds showin~ cmclits and debits to the ~~nus an~i the ~~ur~?osc !or ~vhich cacl~ ~Icbit to thc Funds ~~~as mndc. 'I'he F~mds »re ~iled~;al ns addi- tional security for the sums secureci by this ~fortR~~c. If the amount oi t~l~e Fw~ds held bv I.endcr, togethcr ~~~ith th~~ future monthl~• installments of Fimds payable prior to the due dAtes ot taxes, ttssessiucnts, insurnnce premiunis and ~round rc~~ts, shall exceeci the amount rc- quired to pay sttid tAxcs, assessntents, insurnuce ~~remiums and ~round rents ~s they foll due, such excess shall be, at Borrower's option, cither ~~rotnptly repaid to Borro~ver or r~rclitecl to Borroa•er on monthly installments of Funds. If the stmount of the Funds held I?~• I.ender sh:?Il not I~e ~ufficicnt. to ~~ay tnxes, nssessments, insurance pre- miums and ground rents ~s they fall duc, Borrower shall p~~• to I.ender an~ amount necessary to make up the deficiency within thirt~~ days :?ftcr noticc fron? I.ender to Borm~vcr rcqucsti»~ p:ti,y~uent thercof. Upon payment in full of all sums securecl h~ this \fortRn~;c, I.en~ier sl~all ~?mmptl~ refund to Borrower any Funds held by I.ender. ' If under pnmgraph 18 liercof the Propert~• i~ sold or tf~~ Yropert~~ is othervise acquireci by I.ender, I.ender sl~all apply, no lt?ter tl~an imme~lintely prior to thc ~?lc of thc Yropcrty or its a~cryuisition bv i.endcr, any Funds held by I.ender at the time of application ns ~ c~rciit :~~z~in~t thc ~unis sectn•cYl hv th~~ ~tortga~e. 3. Applice~tion o! Payments. Unless ~p~?licable ln~~• pro~•ides othenvise, uil ~~a~~ments receiveci by l.ender w~der the Note and parngrnphs 1 and 2 l~ercof ~hall be upplic~l h~• Lcudc~r fi~~t in payment of i~ntounts pnyable to T,ender by Rorro~~er .~ndcr pnrngrnpl~ 2 hcreof, tlicn to intcrest ~~:t~nble on the I~otc an~l on Future Ad~rnnces, if ai~y, iind tl~en to tl~e ~~rincipa) of the \ote an~i to tl~e ~~rincirai of Firt~~m Ad~•ances, if any. 4. Charges: Liens. Borro~ver Ghall pa~• zll taxcs, assc~sments an~i otl~er char~es, fines nn~l i~npositions nttrib- utaUle to the Property which mn~ attaiii iiriority ovcr this ~'Iort~;age, and ~roun~i rents, if any, ut Lender's option in the mnnner ~~rovideci imder pnrngraph 2 liereot or I?~• Rorrower mnking payment, ~chen due, directl,y to the pttyee fhereof. Borrot~cr ~haii ~~rompti~• fiirni~h to I.ender :?ii noficec oi au~ount~ ~iuc under this paragraph, and in the event Borro«•er ~h111 ~uakc payment directh•. Rorm~rcl' sh;~ll prom~?tl~~ f~n•nis6 to I.ender receipts evi- dencing such payments. Borro~vcr ~hall prou~ptl~• di~cluu•gc am• lien ~~•hich has priority o~~cr this ~TortQa~e; pro- vided~ thnt Borrower shall not hc requirecl to discLtu~c nn}• ~u~h licn ~o long us Borro~ver shali ngree in ~vriting to ~ the pnyment of the obligation securecl bv sucl~ lien in .1 u~nuner ~eceptabie to I.ender, or shnll in ~oal faith contest i such lien by, or defend enforcemcnt. ot such lien iu, legnl ~~roccedin~. z~•hich o~iernte to pre~•ent the enforcement of ' the lien or forfciturc of thc Propcrtr or an~ i~art. tl~ercof_ ~ 5. Hazard Insurance. Bon~o«~er sh~ll keei? the im~?ro~•cu~ents no~~• exist_in~ or 1?ereatter erecteci on the Prop- ~ crt}~ insu~~l against locs in~ fire, Lazards includeci ~vithin the tenu "extended coverage", and such other hazards a.s I.ender ~na~ require and in sucL ~~nounts an~1 for ~uch ~?erials u~ 1.:•n~i~r mn~~ require; pro~~ided. that i.ender shall not require that. the flmount. of such co~•erage excec~i tl~at awount, of co~•er~~e requirecl to pav the sums secured by this Mottgage. The insurauce carrier ~?rovidiug the insurnuce shall i,~~ chosen by Rorro~r•er subject to approvnl Uy i.ender; ~?rovidc~l, thnt such appmvAl shall not be w~reusonabl~ withhcld. All premiums on insumnce policies ~hall be paid at Lender's option in the manner pro~•idecl m~~ler ~~:?ragrn~~h 2 hemof or l~y Rorro«•er n~ukin~ ~~ayment., ~vhen due. ~iirectly to the insurance camer. ~ All insurance ~~olicies and ~rne~rnl~ thereof ~Lull Ix• in Coriu a~•~c•~?table to i.cn~ier .?nr1 ~hall in~ludc a st~ndarci ~uort.gage clause in f~tvor of an~l in form accept:thlc to I.endcr. I.en~ler ~i~al) ha~•c the ri~ht to hold the policies and ? renewals thereof, and Borro~~•cr shall ~?ron~pth• furni~h to Len~ler all rene~~•:?I notices and :~ll receipts ot paid pre- ' ~?~iwns. In the e~•ent of loss, F3orro~rer ~hall ~i~•e l~rom~~t. noti~c tu thc insurance carrier :?nd I.ender, and t.ender ; may make proof of lo~s if not~ ~nadc prompth~ i?y Iiorrowcr. ? ~ Unless T.ender an~i Borro«er othenvise agree in ~~ritiug. iu~ur:u~cc in~oceed~ ~hull be ap~ilied to restorntion or ' ~ re~~sir of the Yropert~- ~lamaK~Yi. ~iro~-idal sucL restorntiou ~n• re~?air i~ econoiuicsli~• fea~iblc an~i the ~ecurit~ of ? ~ this \[ortguge is not thereb~• iml~:tirc~l- If suc1~ restarntion or rc~?air i~ uot economirally fc~siblc or if the securit~ 3 ~ of this \(ortgnge «ould be impaired. the in~urance ~~roceeci~ ~h:?II hc a~?T?lied io thc ~u~ns secured b~~ this ~~iortgage, ~ «ith the excess, if any, pai~i to Borm~~~cr. If tl~e Yropert~• is aban~la~cci I?y I3orro~~~cr or if BortoH•er fails to respond ; to I.ender ~~•ithin 30 daYs after uotice b}• I.ender to Aorro~ccr tl?:~t thc insi~rancc czrrier offer~ to ~ettle a claim for : insurance henefits, l.ender.is atttl~orized to collect an~i ap~?I~• tli~~ insor:~nce ~~rocecd~ :tt I.ender's option either to } restorntion or replir of tlie Property or to the su~us secw~e~l b~ thi< ~tortgagc. Unless I.ender and I3orro~+er other~~•ise agree in ~vriting, an}~ ~i~ch ap~~lication of i?roceeds to principal shall ~ not extend or postpone the duc date of the monthl~- installment~ mferrai to in para~raphs 1 and 2 hereof or change ~ the amount of such installments. ~ ; If under paragrnph 18 hereof tl?e Yropert~• is acquire~i 1?~• I.cndcr, all riRht•, titlc an~l interest of Borro~ver in .ind to am i~isttrance ~rolicies :~nd in a~iti to the s~rocecYl~ thereof ito tLe extent of th~ ~un~, ~ccurecl li~ this Mort- ' ~uge immecliutel,y ~~rior to such ~i?le or xcqui~ition? resultiu!, frou~ ~lamagc to thc~ i'ro~~erty prior to the sale or :~cquisition shall pass to I,ender. - 6. Preservation cmd Maintenance of PropeNy; Leaseholds; Condominiums. i3orro«er chall keep the Prop- crty i~i good repair and shall not ~~ermit or com~nit ~~•aste, im~~ai»ucnt, or deterioration of the Property :?nd shall comply «•ith thc pro~•isions of am~ lc3se. if this ~lortgagc i~ nn ;t lc:tischc?l~i. If this ~fortgugc i~ on a condominium unit, Bormn•er ~hall ~~erforn~ all of Borrow•cr'~ obli~ation~ u~uler the ~leclaration of con~iominiim~ or ~naster deed. tl~e hy-laws sn~l regul3tions of thr con~tan~iniwn ~~rojc~t s?ut ~on~tituent documents. ~ 7. Protection of Lender's Security. If Borro«•er iail~ to ~?crionn the co~~enant~ and a~recn~ents contained in ~ ~ this \Iortgage, or if au~• action or procecding is commencecl ~r•hi~l~ materially nPicetS l.ender's- interest in the Prop- i ~ erty, including, but. not IimitcYl to. cminent do~uain, iu~oh•enc~•, caic cnforcement, or urrnn~eu~ents or proceed- ; ings in~~olving hankrupt or decedent, then I.en~ler at I.rn~ier:~ o~?tion, u~~on notice to 13orrower, mav make such ~ ~ ap~iearanecs, disburse such ~mns :?nd t~ke ::ucl~ :iction as i~ neces~aiy to ~~rotect I.ender's interest, ineluding, but ~ ~ not limited to, disbursement of reasonahle ~ttorney'~ ~ee~ :?n~i entr~• u{~on thc Yro~~crt~~ to roake repairs. AnS ~ amounts disbursed by I.ender ~?ursuunt. to this ~~aragraph 7. ~cith int~re~t tl~creon, sl~all become ad~titiona) indebt- ~ ~ c~iness of Borro~ver secureci hy this \(ortgxKc. Unlecs liorro~~•er an~l i.cn~ler agree to othcr tenus of payment, such amounts shail 1?e payable upon noticc fron~ T,en~ler to I3orro~~•er re~~ucstin~ payment thereot, and shall bear inter- est from thc date oi disLur~ement at tl~c ratc stated in thc \ote imlc~s ~?.~yment of interest :?t sucl~ ratc ~vould be ~ ~ontrary to apnlicable IA«, in ~~•liict~ c~~etit ~i~cii :i»>oi~nt~ ~li:ill l~eni• interest ~t thc l~ighest rate ~~ennissible bS applicable I~a. ~Tothing containe~i in thi~ ~?aragr~pli ?~hall m~~uire I.ender to inc~u• anp expense or do any act. hereunder. ~ - ~o~x244 PACE1425 ~ , _ _ , . = ~ ~ ~ ~ .