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<br /> 4�r ^.�.� . � 44 �
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<br /> �, If under paragra��h 18 l� ereof ti�e Property h solci or th�: Yropercy is othu•�cisc sequired tn• Lender, Lender �
<br /> shaall e�pAlY, no later i6an iinn�ediate}y rai•ior tu � c{ ic s:�la c�f ti�e 1'ro�ierf,p oe• � cs ;ieqiusit�ion l�y F.��nder, aii>' Fu�sds
<br /> heldl�y Lender at the time of ap��lication as ia credit zi�ainst- the suma sect,tred 1��� 'this llortfiuge. � � � �
<br /> 3. Applicatioa of Payments. Unl�s� spplicai�3c'• iau� �orovides otl�er�rise, .Y31 paymenf.� recei�-od by Lender
<br /> unc3er the Note ;ind parsgra,pt�s 1 :and ? heteot �l�azll t>c ;a1�2alied iat' I,en�icr fir>t iu �>ay�nent c�t nii�ounts f >a}�ak�le tu
<br /> � Lender by Borrower under ��arabrapli � Itit:reot, ihea� io ini.t:rc,c pa}�:ihle. or. the \Tote snri r7n 'Fiztt�re :1c3vances , if
<br /> M ��yy, anci ttien to the ��rincipsat oI tlie \Tot,e and ta tlie �aiinci ��ai of 1�iit,urc _1�3 � incc ; . if :�n��.
<br /> � 4. Charges; Liens_ Borrower shall pu}� a11 tax� s , .tssessments avc[ ochei char�*es, fines :�nd imposil;ions attrib-
<br /> ""� utable tathe: Yra�aerty whieh inay attairi u }�rior�ty o��er tliis lfort�a�e ; xlnd grouucP reitt�; if nng, at Lender's
<br /> � G option in Ghe manner provided under ,raragraph 2 liereo[ or !xy i3orro��•er making p:aytnent; ivhen ciuc, directly to
<br /> � the payee ihereof. Borro�vex• shall �aromptly furnisli to Lendc.r all noiice; af aniounts due under t,i� is paragraph ;
<br /> � and in the e��ent 13orroK�er ;;hall make paynient directly, '}3orro�w-er sliall prom1Ytly iurni,h fo Lender receipts evi-
<br /> '� dencing sueh paynients. Ilorroiver shall �romptly diEcharge any ]ien which hns tariorit1- over tl�is :lZort.gage ; pro-
<br /> � vided, that Borrawer shall iiot k�e required to ctisciiar�,*i, nny such liea so iong as 13ot•ro���er shall 3gree in �vriting Eo
<br /> . the payment of f.he oUligation secured by sucli liet7 in .� v�;� nner acceE>tuUle to Lender, or sl�all in good fnitti cantest
<br /> , .! such lien by, or defend enforcement of suel7 lien in , 1eg11 proeeediugs w}ii<;li opei;xt.e to 2�re�•enf; the entorcement of
<br /> the lien or forfeiture of the Yropertg or aiiy part the-eoi.
<br /> 5. Hazard Insuranee. Borrower chatl keep tl�e iru}�rovernents no�c existin�; or }iereafter erected on the Prop-
<br /> erty insuced aguinst loss by fire, hazards included witt�in ttie t:erin "extenrleri coverage", and suci� otl�er Iiazards us
<br /> I,ender may require and in such amounts and tor sucla periods :is i.eniier tnuy require ; pruvic3ed , thst I,,ender stiall
<br /> not require tk�at t}ie amount of sncl� coverflge eaceed ti�at ainount of coverage requii•ed to pay the sums secured 'by
<br /> khis 1G3ortgage.
<br /> ` The insurance currier F3roriding iJ�e ii�surance skz�ll be choseu by- Borro���er subject to ai�pror3# by I.ender ;
<br /> provided, thac such appmvsl sl�all noi Ue unreasonably a•ithl�eld. illl premiums on insurance poiicies sha11 be paid
<br /> F at Lec�der's optiari ic7 tlie matiner pro��ided under• paragraph 2 liereof or }>y I3orrower �rissking payment, �vhen due,
<br /> directly to t•he insurance carrier.
<br /> In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect
<br /> its interest, may procure insurance on the improvements, pay the premiums and such sum shall become
<br /> immediately due and payable with interest ai the rate set forth in said note until paid and shail be
<br /> secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a defauTt
<br /> under the terms of this Mortgage.
<br /> AIY insurance �policies and 7ene�vals thei•eof s}iall be in form ac�ceptal�le to Lender sn�i shall ine�lude n standard �
<br /> mortgage clause in {avor of and in form accept:ible to I.ender. 7_endei• shall 27avc the rigF�t t.o hold the ��olicies and
<br /> rznewals thereof, �nd I3orrower sl�ntl prornptly furnish to Lender all rene���a.l notices and a12 receipis of paid pre-
<br /> miuins. In the event of loss , i3orro���er shall givc proinpt notice to the insurunce carrier znd I'.ender; anci Lender
<br /> may inake proof of loss if not made pro�uF�tly b�• I3orrower.
<br /> Uuless Lender and Borrower otl�er�cise agree in �vriting, insurnnce proceeds shnll be a�pplied to restoration �r
<br /> re�air of tl�e Propert}� �lamaiged , pro��ided such re�toratioti or rep,iir i. ecocioiuicalll• feaeible and the securitv oi
<br /> this Mortgage is not td�ereby impaired. Ii such restor:ticion or repsir is not economir,slly feasible or if the security
<br /> of tl�is 'tfortgage would be impaired , ihe insurance procee�s sh�ill br. ;ipgliecl to the swns secured by this �Tortgage,
<br /> nith tbe exeess, if nny, paid to 13orro�ver. Ii tl�e Yropci-ty is ab:inr:aied i�y 13arrotivei• c�r it' Borrower fails to respond
<br /> 4o Lender within 3Q days siter notice b�� Lender t.o 13orrower that tlie insurance carrier offers to settle u elaim for
<br /> insurance benefits, Le�ider is authorized io collect und appl}• the insurance proceeds ai Lender's option either to
<br /> restomtion or repair of the Yroperty or to the sums secured t>�- tl� is \lortgage.
<br /> L'niess Lender and 73orrower other«�ise agree in cvriting, any sucli sppiicaiion of proceeds to principal shall
<br /> not extend or postpone t4ie due d.ite of the inontLlv instalLnents i•eferred to in paragruphs 1 and 2 hereof or chenge
<br /> the amount of such inst$llments.
<br /> If under paragrnph 18 hereoi the Yropert.y is acyuired by Lender, all rigl�t, iitle nnd interest of Borrower in
<br /> and to any insurance policies and in and to the proceecis thereoi ( to ttie ext.ent of tl�e sirms secured Uy this Mort-
<br /> 6�ge immedistely prioi• to suc�i sale or ncc�uisitiani resulcing irom d.titnage to the Yropertti� prior co the sale or
<br /> acquisition shall pass to Lender.
<br /> 6. Preservatiom m�d Mmnten�ce of Property; Leaseholds; Coadominiums. Borrower shall keep the Yrop-
<br /> erty in good repa3ir �nd shall not permit or commit wasie, impsirment, or deterioration of the Yroperty and shall
<br /> coinpiy with the provisions of ai�y lease, if this \Iortgage is on a lenseliold . If ihis :l4ortgage is on a condominium
<br /> ' unit, Borrower shall periorn2 al] oi Borro�ver's oblig�tions under t,he declaiation of condominium or mnster deed ,
<br /> the by-laws snd regulations of the coiadominium project and consticucnt docucuents.
<br /> 7. Protection of Lendei s Seeurity. Ii $orro�ver iails io perforin the covenants anc� ugreemei�ts contained in
<br /> this illortgage, or if any actian or proceeding is commenceci �vhicli uiaterially affects Lender's interest in the Prop-
<br /> erty, including, but not liroited io, eininent �iom:�in , insolvenc�• , code enioreement,, or arrungements or praceed -
<br /> ings involving a bankrupt or decedent, then Lender ut I.ender's option , upon notice to F3orrotir•er, may make such
<br /> appearances, disburse such sums and iake such action as is necessary io prutect Lender's interest, including, but
<br /> nob limiied io, disbursemeni oi reasunable attorciey 's fees snd entry upon t.l�e Yroperty Li> >u�,ke repairs. Ati,y
<br /> amounts disbursed by Lender pursuunt io this paragiaph 7 , with interesi thereon, shall become additionai indebt-
<br /> j edness of Borrower secured by this ilSortgage. Unless Borrow�er and I.endei• agree to otlier terms oY payment, such '
<br /> umounts shalI be ps�ysUle upon no!;ce ire,�, T;nnVle:- tn Rnrrnai.�±_� F � �.� �:.... � 6 __= _ e .
<br /> . �:�.....3�....b ji'�i.�iiici`v viicacci� � atiQ Sil&l! beST 1Dt,QC- . .
<br /> est irom the date of disbu�ement at the rate siuted in the Note unless payinent oi inierest at sucl� rate would be
<br /> ' contrary to app7icable lax�, in which event such smounts shall }�e� r interest ;�t, the highest. rat.e permissible by
<br /> , applicable l�w. Voil�inq contained in this p:�ra�;rnpl� ; shall i•equirc l,ender to incur any expense or do any act
<br /> hereunder.
<br /> B. Tnspection. Lender rna�� inake or cau=e to iie rn:idc reai�onitble entries upon anc{ inspections oF the Prop-
<br /> erty, provided tliat I.ender shall give Borro�eer noticc �, rior tc� .inc ,ucl� in�pection s�iecrilyin�; reasonable eause
<br /> lherefor related io Lender's intcrest in the Yroperty .
<br /> 8. Condeznnativn. T��e proceeus of uny a�vard or clairn for dama�es , direct or consequential , in connection
<br /> wiih any candemnation or ocher taking af the Yropert}• , or ��art tlsrcof , �ir for cots�•eysnce in lieu of condemna-
<br /> tion, are hereby assigned and shall be paid to Lende.r.
<br /> In the event of a totai taking of the Yroperty, ihe proceeds sl�sll be :��7plied to the sum� cecured by tdiis Mort-
<br /> g�.ge, ;witii tize excess. �i any, paid tu Borro�ver. Iu tlie event oi s partial taking oi the Yro��erty , unless Borrower ^m'' ' w '�5
<br /> M� p e
<br /> snd Lender atiierwise agree in �vriting, thci�c sl.all be x;a��lie<i to ft�e �wns secured by tl�is \-[ori�age such propor- � i,�,;.:
<br /> tion of the proceed� as is equal to that proportion �vhich the arnount of the sums secured by this '�fortgage imme- � ;;;„„ .
<br /> diatelg prior to the date of taking bears to il�e fair ii�arket vxlue ot tlie Property immediatei,y prior to ihe date of ; ;��,
<br /> � taking, wiLh the balauce of the proceeds paid to Borro�ver. yy�
<br /> i;?' '� YI`u`�� �.
<br /> If the Yropertv is aba�doned by Borrower or if aiter not�ce �y Lender to Borrawer that the condeinnor offers
<br /> � �.O ZrietILQ 2S7 &WST(� � Ol' SEf.t,I.0 a CIS]T73 fOT' t�;iJ7)A�Pc� Hprrnl�,•p+• {,� _t„ .p 1'Cti�JOI:(+ �i;. r �L4l;I irlillltl. ..�Q t3uy'a UY Lf1C t18LC � ,
<br /> of euc3i r_otiee; Lender is authorized tb collect aRiJ api �iy t.h«� ,e•�e�ed:. i« T,:•._ � Y�; � . . , . . . ��'
<br />� ' 1 �ic. s o^ or. cit:.. r ia re���ir;tiou ur +a..ww;
<br /> � repuir of Lhe Pmperty or to the sutns aecured by tdiis \Sortgage.
<br /> Unless I.encier and Bori•ower otlien��ise agree iu writing, any such �pplication of proceeds to principal shall
<br /> t, � ���y ' � �,. �
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