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<br /> � �. Ef under paragraf3h lS hereof ttie Pro��erty is sald or the Property is other«•ise acquirr.d b,y Lendcr, Lender
<br /> shall:ttpply, ao fater ti�aii immediately 'pi•ior to the sr�lc of t.hc Yra�iert�• or its- acry. ui�iLion b�� I.ender; anv Furads
<br /> ', heldby Lencier at the time of a��p2ication as 1 �redit, ag3insL ihe suans secure�t by tl�i� \�Iorigzage:
<br /> 3; A,pplic¢tion of Paymesits. Linless apF'>IScmb1c la«•, provides othenvise, all payments received by I,ender
<br /> r.i uoder the Note and paragrapTas '1 and '2 hereof sl�,�11 Ue api�lied !>y I.ender- first in psiyinent of :smounts payak�le to
<br /> �p; Lender kiy Boa•rc3wer under para.graplx 2: hereof, tiien to intcrest �;r<syuUle on ; tl�e iti'otc atid on . Future- 3dvance5;: if
<br /> , Q;� any,,mnd then Lo the principal pi the �Tote :�nd to tt�e prinai��al of I�uture .�dvances; if any. '
<br /> �' ,r..., 4. G$cssges: Liaus: $orrower ahail pa}• all taxes, assessrnents ��ncl okher r.h�rges; fines and impositions attrib-
<br /> � ,+; uf�ble to Che L�'roperty which mny ,attain u prioritv over tl�is 3lortgage, and graunel rents; if �ny, ; at Lender'R
<br /> ;�� � . . ; �
<br /> � -� . option in the manner �rpvided under laarsgrs�h 2 l�ereoi or by Rarrp�ver ttiakin� ��a;yment, tivhen due; directly to .
<br /> ' ' � the payee thereaf. Borrower shsll pramptly furnisli to I;ender all notices oi amounts d��e- us�der tl�is paragraph,
<br /> � and in tke eren£ Borroiver s1��.11 -inake }3ay»�enG direetly, Iiorrotr-er :�l�nll ��romptly furnish to < Let�der receipts evi-
<br /> : denaiztg sue3i �syments: Borrower shall rrom�itIy' discliarge any lien whieh laas prioritv aver this tilorcgage ;, pro- ,. '
<br /> � �, ,�
<br /> � vided� that Iiorrowet shall not be require8 tn discl�t�rge any such iicn so 9ong us Borrozver ahali agree in writing to
<br /> r fhe payment of tT�e obligation seeurecl by sucl� lien in a �nunner aeceptable to Let3der, or shail 'in good fa.itiz contest
<br /> ,� , ; sueh iien bq, or deiend enforcement of such lien in, legal ��kaceedings �sliiah opernLe tcr prevent the entorcemettt of
<br /> ' the lien or fnr£eitare oi the Property or any pnrt thereof. ` � '
<br /> � 5: $azard Insurcusce. Borsower sliali keep t3�e im�roz°ements now ekisting or' 4erea,fter erected on the Prop-
<br /> erty ir�sured against loss by fira,' 'hazarda inclutled �vithin the term "extended coverage", and szicl� othcr ]iazards as
<br /> ' " Leadermay require and in such-acnounts aT�d for sncl� periods as Le3ider :neiy require , �>ravided, tfiaE Lender sha11
<br /> � ; not Yequire that the amount of such coverage exeeed tliat sinount oC cuverage rec�uired to }�aythe sums seeured 'by
<br /> this M'ortgage. _ i
<br /> ' � The insuranee carrier providing ilia insurse:ce shall be chosen 6y Borrower sub,�ect . to upprovaf by I,ender;
<br /> provided , tl�at such approval shall not be um•e�sonably withheld: Ali premiums on insurnnce policies sl�sll : be paid
<br /> � at Lender's option in the manner provided under paragrapii 2 Irereoi or by Borrower rnaking pay:ment, wl�en, due,
<br /> direatly to the insuranee carrier.
<br /> � In the event any policy ia not senewed on or Uefore ten days of., its expirat3on, the Lender, to protect
<br /> ,� ; ' its interest, may procnre insurance on the improvements; pay the premiums and such sum shall become
<br /> a � ' immediately due and payable with interest at the rate set forth in said note until paid and shall be
<br /> � � secured b this Mort a e. Failure b Borrower to com 1 ma at o tion of 7.ender constitnte a default
<br /> Y € g Y P Y Y� P � ,
<br /> under the terms of-this Mortgsge.
<br /> ' All insurs�nce policies and rznewals thereof ,iiall be in ioi•iu accepi�btc to l.ender r3nd shati include s standard
<br /> � p ' �x�ortgage elause in fuvoT of and in fonn acceptabie to Lender. I.ender shall liave the righi to hold the 'policies und
<br /> renewals thereof, and Borrowershall promptly furnish Lo Leniler aal rene�vai notices and all receipts o£ �aid pre-
<br /> miums. In the event of loss, Borro�s*er shull give }�rom�t noiice to thc insurance currier and Lender, snd Lender
<br /> .
<br /> xnay make prcof af la�s if not inade nromptly lay RoTrower.
<br /> �, Uniess Lender and Borrower otherwise agree in avritinb, insurance prnceeds shall be applied to restoration or `
<br /> ff repair of the Property damage�3 , provided such restoration orrepair is economically feasiUle sind the sceurity of
<br /> this Mortgage is'3�ot ihereby impaired. Ii suclr resi,oration or repair is not economici�liy feasi}�le or if the seourity
<br /> of this l\4nrtgage u�ould be impaired, tlie insurance �roceeds s1�a1! bc applieci to the sums secured by-this Mortgage,
<br /> with the excess, if any, paid toBorrower. I€ the Yroperty is uF�andoned by I3orrower or if Borrower faiis to xespond
<br /> ta Lender within 30 days aiter notice b5� Lender to Borro�;-er tli� C the iusurance carriei offers to settle a cl�im ior
<br /> ineurance benefifs, Lender is autl�orized .to collect anci apply Lhe insurance proceedsat Lender's option either to
<br /> � ,� restoration or repair of the Property or,to tl�e sums secured by tl�is _llortgage: �,
<br /> Unless Lender and Borrower otherwise agree iu writing, any such application of proceeds to prineipal shall
<br /> _ � ' not extend or postpone the due date of the inontl�ly instalirnents i•eferred to in paragraphs 1 and 2 hereof or change
<br /> � -� the amount of suc3i installments -
<br /> x ` � If under ;parsgraph l$ hereof t1�e Yroperty is aequired by Lender, a11 Tignt, title snd interest of Botrower in
<br /> ' und<to any insurarce golicies and in and to the proceedh thereof (to tlic extent of the, 5ums secured by this ?�4art-
<br /> ,> gage immedietelS� prior to such sale or acquisition ) resulting Srom damage to ttie Yroperty �rior to t#ie sale or
<br /> ,y� , acquisitian shail pass ,to .Lender.
<br /> 6. Preservatioa �d Mmntencmce of Property; Leasehoids; Condominiums. Borrower shall keep the Prop-
<br /> ertyin good-repair and shali , noi perinit or commii wsste, impairment, or deterioration of the Yroperty and shall
<br /> comply K�ith t3ie provisions of any 2ease, if this \lortgagc is on a leasehold . If this 14ortgr�ge is on a condominium
<br /> unit, Borrower shall perform atl of Borrower's obligations under the deelaration ot r.ondominium or master deed,
<br /> � ; the , by-laws and regulations of ihe condaminium project and consiitueni documents.
<br /> ; 7. Bzotectiaa of Lender's Secuzity. If Borrovicer fails to perforn� the covenants and agreements contuined in
<br /> , ; this �Sortgage, or if any action or proceeding is comruenced �vhich materially affects Lender's interest in the Prop-
<br /> � , ; ercy, including, buG noi limited to, eminent donzain, insol��enc,y, codc enforcement, oi• az•r�ngements or proceed-
<br /> ' + ings invoiving a bairkrupL or decedent, then Lender at I,ender's opiion , utson notice to i3orrower, may mnke such
<br /> = appearances, disburse sucli sums and _take such action as is t3ecessary io protect Lender's interest, includin�, but
<br /> i not limifed to; disbursentent of reasonat�le attorney's fees sn� entry upon the Propert.y to make repairs. Any
<br /> amovnts disbursed by Lendes pursuant to this parsgr���13 7, c�•ith intexest thereon, shali become additionsl indebt-
<br /> i :: . � � C(IA.2S6�. Af .�OCTOWCS�ESCLTfL'� �S/��tt2S �'13.tg8`�C'., .j]lliBSo" �.+vis�'w8i' nCit� '.�..C.�Li.'.:� 35f..S .'.^. O+.i�nr. iu�n.n .^,i �nay�mon4 . - g��nh .
<br /> amounts shall .be payable upon notice froin Lender ta Borrower requssting payment thereof, and sliall bear inter-
<br /> � estrfrom the date of disbursement at the rate stated in the Iv'ote unless pAyment of interest at such rate would be
<br /> i contrary to applicable laK; in ivhich event such arnounts shall Uear interest ai the highest rate permissible by
<br /> spp3ieable 2as3�. Notliing , contnineci in Yl�is paragrat�h 7 sh:� il i•equire Lender to incur a�rv exnense or do any act
<br /> � hereunder. _
<br /> 8• Inspectica. Lender muy make oi• csu�e to hi� irindc reasonat�lc cntries upon and inspectivns of the Pcop-
<br /> : erty, provicied tIxat Lender shall give Borrower nozice ��rior co ar»- sucli ins��eetion .F7ecifying masona�ale cause
<br /> � ° therefor related to Len�ier'S interest in t1�e Pro�?ert�•i
<br /> ,* 9: Condemiaaliotr, T3ie'proceeds of-uny awarc{ or claim for damages ; direc:t or eo!isequentiai , in connection
<br /> ° witl� any condemnation9r other t�king oi ttre Yropercy , or q�urt tliernof, ar far convevance in lieu oi co��demna- -
<br /> �.� • ; tion, are hereby assigned and shall Ue paid to Lender. +
<br /> � ; ; In the avent aS a tota! taking of the Yroperty� the pTpeeeds siiall l�e u�iplied to tlie 5ums secured by this NIort- � -
<br /> � gage, tvath �he excess, if an��, paid to Borrfl�ver. In, Lhe event of a parLial taking of the Property; unless Borrower , �.4`' :
<br /> and I.eiader otizervcise ssgme in writing, il3ere si�all be s�>pJie+i to tkie sunLS sacured by tiiis 3longage such propor-
<br /> , � tion oi tNe proceeds ss is equal to Lhat propDrtion whicli tlie amount oT the suins seeured by this +_llortgage imme- � `,i/ ,�
<br /> } � ; diately prior ta the date of taking beam to the fair i�mrket �salue of tl�e F?ro�erty :immediately,prior to thc dats 'of ��' , ,?y;
<br /> " 4^, - ' takiag, with.Ghe lia:�ance tif th� proceeda paici to Barrower. • • ��,
<br /> � < If t#�e. i'ropet'ty is abandoned by Borr4�ver or if after notice by I,ender to Borrot��er tha6 the :con�emzaor affers �, �'�
<br /> s to �?aake an `awarc! ur �et•#te s clsz� for, d�.ul3ses, Bcrrou-cr 4ails to resuonu to I.eiiunr rviGuin 3fl us,ys ut the dace
<br /> ` : c+f suelj-iaot.icr: Lender i�s authpri�ed to enl�ect �utd �Pi71y tf:e ,ro�ecds nt Ler:dwr's option eiLLcr Lu reatusation ur
<br /> � : '' repsir af the Propsrty or to tt;e sums secured �y t.iiis _lior�gage.
<br /> Ual�ss Lemder and Borrowez otherauise sgree in writing, any sueh apQlieation of proceeds to princi�sl shal!
<br /> . �. . . . . .:. :e . �� . � .
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