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Home My WebLink About0070 . ~ , 1t BorruWCC pa~s Funds tu Lcndcr, thc Funds s6all bc 6cld ~n an ~nstituuon thc dcposits or accuunts v( wh~ch are ~nsurcd or Euarantccd by a Fcderel or statc aacncr Uncludin~ Lendcc ~t Lcnder is suc6 an ~nstuu- t~onl. Lcndcr shall apply thc Funds to par sa~d taxcs, asscssmcnts, insurancc prcmiums and Eround rents. Lcndcr ma} not charac tor so holdina and applrina thc Funds, analyzinE said account or vcrifyi~a and compi~ins said asscssmcnts and bills, unlcss Lcndcr pars BorroWCr intcrest on thc Funds and applicablc IaW pcrmits Lcndcr io mate such a chargc. BorroWCr and Lcndcr mar aErcc in WritinE at the timc ot cxccution of this Mortaaac that interest on t6e Funds shall be paid to Borrower, and unless such aErcement is made or applicable law requ~res such interest to be paid, Lender shall not bc rcquired to pay Borrower any interest or earninEs on ihe Funds. Lender shall aive to Borrov~er, Without char~e, an annual accountina ot the Funds s6owins credits and debits to the Funds and t6e purpose tor which cach debit to the Funds was made. The Funds are pledEed as additional sccurity tor thc sums sccured br t6is Mortaagc. It the amount ot the Funds held br Lender, toEether with the tuture monthly instalimtnts of Funds payable prior to t6c duc datcs ot taxcs, asscssmcnts, insurance premiums and around rents, shall excccd the amount rc- quired to pay said taxes, assessments, insurance premiums and Sround rents as they tall due, such eacess shaU bc, at Borrowcr's option, cithcr promptly repaid to Borrowcr or ctcditcd to Berrowcr on monthly instatlments of Funds. It thc amount of thc Funds 6cld br Lcndcr shall not bc sut(icicnt to pay taaes, asscssmcnts, insurancc premwms and ~round rents as thcr fail due, Borrowcr s6a11 pay to Lendcr any amount ncccssary to mate up thc dcficicncs in onc or mare pavmcnts as Lcndcr may rcquirc. Upon parRSCnt in full of all sums sccured by this Mortaaae, Lcnder shali promptly retund to Borrower any Funds hcld br• Lcnder. It undcr paragraph 17 hcrcot thc Propcrtr is sold or thc Property is otherwise acquircd by Lendcr, Lcnder shall apply, no later t6an immediatclr prior to the sale o( thc Propertr or its acquisition b~ Lender, any Funds 6eld by Lender at the time of application as a credit aEainst the sums secured by this MortEagc. 3. Application of Paym~nts. Unless applicable law provides otherwise, alt payments received by Lender undcr the Note and paraEraphs I and : hcrcof shall bc applied by Lcndet firs~ in pavmeat of amounts payable to Lcndcr by SorroWCr undcr paragraph Z 6crcoi, ihcn ro intcrest parablc on thc Notc, and thcn to thc principal ot t6e Notc. 4. Prior Mortaages and Deeds of Trnst; CharEes; Li~ns. BorroWCr shall pertorm all ot Borrowcr's obligations undcr any mortgasc, decd of trust or other security agreement with a lien which has priority over this ~iurtgaEc, including Borrowcr's covcnants to matc paymcnts whcn duc. Borrowcr shall pay or causc to bc paid all tazcs, asscssmcnts and othcr chargcs, tincs and impositions attributablc to thc Propcrty w6ich may attain a pnonty o~er this MortgaEe, and leaschold payments or ground rents, it any. ; S. Hazard Insur~nCe. Borrowcr shall reep t6e improvcments no~v eaisting or 6ertatter crected on the Property insured against loss by tire, 6azards included Within t6c term "extended coverage', and such other hazards as Lcndcr may rcquirc and in such amounts and for such pcriods as Lcndcr may rcquirc. The ~nsurancc carrier prov~ding t6e insurance shall be chosen br Borrower sub~ect to approval by Lender, providcd, that such approval shall not bc unrcasonably withhcld. All insurancc policics and rencWals thereot shall be ~n a(orm acceptal+le to Lender aad shall include a standard moriaase clause in favor of and in a form j acceptabie to Lender. Lender shall have thc right to hold the policics and renewals thereof, subject to the tcrms of anv mortgagc, dccd of trust or ot4cr sccurity asrccmcnt wit6 a licn w6ic6 6as priority ovcr this ; MortgaEc. ~ In the event of loss, Borrower shail Eive prompt notice to t6e insurance carner and Lender. Lender may I ; matc proot of loss if not madc promptly by Borrowcr. ~ If thc Propcrty is abandoncd bp Borrowcr, or it ~ Barrowcr tails to respond to Lcndcr within 30 days trom ~ thc datc noticc is mailcd by Lcndcr to Borrowcr that thc insurancc carricr offcrs to scttlc a claim for insurance bene[its. Lender is authorized to collect ami apply the insurance proceeds at Lender's option eit6er ~ ~ to rcstoration or rcpair of the Propcrty or to the snms secured by this MortEaEe. ( 6. Preservation and Maintenance of Proparty; Leaseholds; Condominiums; Planned Unit Developments. Borrowcr shaU tccp t6e Pro~crt~ in._tood repair and s6a11 not commit waste or permit ~m- k pairmcnt or dctcriorat~on of thc Propcrtr- and shall comply with thc provisions ot any lcasc ii t6is MortEaac is ~ on a lcaschold. If this MortgaEc is on a unit in a condominium or a planncd unit dcvclopment, Borrowcr ~ shall pcr(orm al! of Borrowcr's obligatons undcr t6e dcclaration or covenants creating or Eovcrnina t6c ~ cunuv:~i;nium or planncd Lnit development, thc bv-laws and regulations of t6e condominium or planned unit ~ dc~clopment, and constitucnt docomcnts. 7. PioteCtion ot Lender's SeCIIritv. If BorroWCr fails to ~ertorm the covenants and a:reements ~ containcd in this Mortgaac, or if any action or procccdina is commcnccd which matcriailr affccts Lcnder's ~ in;erest in the Property, then Lender, at Lender's option, upon notice to Borrower, may mate suc6 appearances, i d~sburse such sums, including reasonable attorney's fees, and tate such action as is necessarv to protect Lender's ~ ~ interest. I( Lcnder required mortEaEe insurance as a condition of matins the loan secured by t6is MortEaae, a Borrowcr shall par thc prcmiums rcquircd to maintain such insurancc in cttcct until such timc as the rcquirc- ment tor such ~nsurance terminates in accordanee with Borrower's and Lender`s ~ritten aareement or applicable law. Anv amouets disbursed br Lender pursuant to t6is PacaEraph 7, with interest thcrcon, at thc Note rate, shalf bccomc additional indcbtcdncss of Borrowcr securcd bv t6is MortgaEe. Unless Borrower and Lender agree to other terms ot paymcnt, such amounts shall be pa~able upon notice from Lender to $arrower requesting pa~ment thereof. Not6ing contained in this paragraph 7 sha(1 ~equire Lender to incur anv ezpense or tate anv action hcrcundcr. 8. InspeCtion. Lcndcr may matc or causc to bc madc reasonablc entrics upon and inspections of thc ~ Propertr, provided t6at Lender shall Sive Borrower notice prior to anv such inspection specifying reasonable ~ causc thcrctor rclatcd to Lcndcr's intcrest in the Propcrty. 9. Condsmnation. Thc procccds ot any award or claim (or damagcs, direct or conscqucnt~al, in ~ connection wnh any condemnation or ot6er tating of t6e Propert,r•, or par; thereot, or tor conveyance in l~eu ~ o[ condcmnation, arc hcrcby ass~sncd and s6all bc paid to Lender, subject to thc tcrms ot any mortsaEe, dccd of trust or othcr sccuri!y agrccmcnt with a licn which has priority ovcr this Mortgagc. , BGpK~~~ ;'~r~ ~ dtJ ~.~~~=~~`a~ ~~A~:~