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<br /> �'"' If under paragraph 18 here�f the Property is �cld ai• the i'ropert�� is other«�ise acquired by 3,ender. I.ender
<br /> shall � �ppI'y, � xw later t2�ar� �iann�ediately ��rior to tlie �.�Ie oi the Propert.y or its ac�lui,ition by l,encier. :tir�r� P'und� � � �
<br /> lteld� by_Lender at the time� of apl�lication as t� credi 't sgains(� thc sum� sEetu•ed bc thia 3�lorCgage• �
<br /> 3. Application of Payments. Unlesc a���>licable la�c provicics ott�erwiae, all paymezits reccivec3 hy T.ender
<br /> undertfie l�Tote und iauragraplis i :� s�d 2 liereof si�till l�c a����lied I�y I.endir first iti �>synaent ot axnuunts psyable to
<br /> �.ender by Borrower under paragrapli '� hereof, tlien to intei•est � �ayat�le on tiic 1Tote anci on P`uture .�dv�tne.es, if
<br /> uny, and ihen to tlie principxl oi tlie �ToGc .�nd io tlie ��rinci��al o[ 'l�uture �d �:�ances; if nn,y.
<br /> 4. Charges; Liens. Borro�ver sl�all pay all taxes, sssessznents and other chsrges , fities and imposiiions attrib-
<br /> utable to tlie ProX�erty w}iictr may attaiu a privrit�- over tliis \lortga�;e, and ground rents, if any, at Lender's
<br /> � � . optipn in the �nnnner prnvided under paragraph 2 L�reof ar by 13orrower �naking liavment; �vhem due, directly to
<br /> � the payee thereof. Borrotivei' al�all proinptly furnisli to Lendcr all noiices of amovnts due under ti�is I�aragraplx ;
<br /> �, and in the event Borrower sl�fsll make F�ayment <]irec't1y, I3orro«e:r sl�all ;�roinptly iurnish to I.enc�er receipi;s evi-
<br /> � dencing sucli payments: Borrocver slixll promptly discl�arge an�� lien wltici� has priority over this liortgage ; pro-
<br /> � vided; that Borrower shall not be re.quired t.o disclr�rge any sucli lien so long as Borro«�r.r shnll agree in �vriting to
<br /> � the {�ayrnent of tlie obli�ation secured 6y such lien in .e innnner uccept:�ble to I,Ernder; or shflIl i�i good faith contest
<br /> � such iien by, or deFend eniorcement of sucl� lien in, tegal proeeedings �vhich otserate to prevent z:he enCorcement of
<br /> 1`�,, the lien or forfeiture of the Property or nny pnrt t,liereof.
<br /> CO S: Hazard Insurance. Borrower s}iall keeCa tl�c unpro��en7enis no�e exirting ar l:eresfter erected en the Prop- "
<br /> erty insured against Ioss Uy fire, hazards included �vithin the term "extended coverage", and sueh otl�er hazards �s
<br /> Lender may require uiid in such amouiits and for suc3� periods a� Letider tna}� require ; �arovided , Lhr�t I.ender shall
<br /> not require that the umount oi such coverage esceed ihat amount �f coverage required to pay the sums secused 'bg
<br /> this R�oxtgage,. -
<br /> The insurance carrie:• p�rovic�ing 113e itssurauce sha,11 be choseri by Borroc��er suk�ject to a1�provaf by Lender;
<br /> �>rovided , tliat such approval shall not be unreasonably withlield. _�11 premiums on insurance ��olicies sliull be paid
<br /> at Lender's option in the �na.vner provide� under paragrapi� 2 hereof or by I3orrower inaking pay�nent, when dc�e,
<br /> directly ta the 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 /> itnmedia4.ely dve and payable cnZth interest at the rate set forth in said note until paid and shall be.
<br /> secured by this Mortgage. b'ailure by Borrower to comply may, at option of Lender, constitute a default
<br /> under the terms of this '1Viortgage.
<br /> Ali insurance policies �,nd renetivals thereof sliall !ae in forin ace��ptable ta Lender and sh;ill include s standard
<br /> mortgage cluuse in favor of and in iorna acce��itible to Lencier. Lender sha11 lia.ve the right to lioid the policies a:�ci
<br /> renewals theseof; und Borrower shall proraptly furnish to Lender all rene�cal noE.ices snd ail r�,cei��ts of paid pre-
<br /> miums. In tl�e event ot loss, Borrowrr shall gi�•e proinpt not,icc to tiie ivsur�ucc c:ii�rier :,n�l Lander, and Lender
<br /> may make proof of loss if not inade promptly b}• Borrower.
<br /> t Unless Len�ier and Borrower ather�vise agree in writ.ing, insurance proceeds shail be �.pplied to restoration or
<br /> reyair of il�e Property dam3ged , provided such resioration or repair is economicuily fe.�sible �nd t}ie security oi
<br /> this 14ortgage is not thereby impaired. If such restorak.ion or repuir is not economicullv feasible or if the security
<br /> of this Rlortgage wouId Ue impaired , the iusurance proceeds shall i}e applied to the sucns secured by tltis \4ortgttger
<br /> with theexcess, if any, paid to I3orro�eer. If the Yroperty i� abandoned b�� F3orrower or if Borrotiver iails to respond
<br /> to I.ender within 30 days after notice by Lender to Borrower that the iusurance carrier ofFers to settle a claim for
<br /> ' insurance benefits, Lender is authori�ed to collect and appl}° tl�e insurunce proceeds at Lender's option either to
<br /> � restoratioa or repair of the Property or to ihe �urns secured by t.6is .liort,gage.
<br /> ` Unless Lender and Borrou•er other�vise s�rec in writing, an,y such applic�tion of proceeds to principal shall
<br /> not extend or postpone the due date of the montlily iiastnllments reierred to in puragra�phs 1 and '2 hereof or change
<br /> the amount of sucl� installments.
<br /> If under paragraph 18 hereof the f'ropert�• is acquired by Lender, sil right, title and interest of Borrower in
<br /> and to any insurance I�olicies snd in and to tl�e proceeds tl�ereof i io tlic exfent of the sunas secured by this vIurt-
<br /> gage immediately prior to sucli sale or acqui�ition i resulting irox7� dumage to the I?roperty i�rior Lu the sa�le or
<br /> acquisition shall pass to Lender.
<br /> 6. Presezvation �d Mmuuten�ce of Property: Leaseholds; Condominiuxns. 13orrovicer shall l:eep the Prop-
<br /> ertp in good repair and shall not permit or commii �caste, irnpairrneni, or deterioration oi the Property cind shall
<br /> comply �vith ihe provisions of uny lease , if this \iortgage is on a leasehold . If this _lfortga,ge is on a condominium
<br /> unit, Borrower shnll perform ail of I3orrower's obligations under the decl�ration of condoxniiiium or master deed ,
<br /> the �y-laws and reguIations of the condominiurn pi•oject and conscituent documents.
<br /> ?. Protectioa of Lender's Security. If Borroti�vez fails to perform the covenants and sgreeuienis contained in
<br /> � this �iortgage, or it any action or proceeding is cocnmenced n�hicli inateriulh� aRects I.encler's interest in the Prop-
<br /> ; erty, including, but not Timited to, eminent doinain , insoh�enc�•, code eniorcement, or urrax��ements or proceed-
<br /> ings invoiving a bankxupi or decedeni, ii�en Leuder at I.endet• `s option, upon iiotice Lo I3arrower, may inake sueh
<br /> uppearanees, disburse sueli sutns and take sucPi aciian sis is iiecessary io proLect Lender's interest, includiag, Uu�
<br /> not limited to, disbussement of reasonable 3ttorney 's tees :ind entry u;3on the Yropert;• to r.iake repairs. An��
<br /> amounts disbursed by Lender pursuant to this pnragraph 7, �vitli interesi iliereon , shall become addiiional indebt-
<br /> edness of Borrower secured by this 1lortgage. Unless Borro�ver and I.ender agree to ottier ternis of payment, such
<br /> amounts shall be payable upon notice iroin Lender to I3orro�ver requesting payment ihereot, aczd sIiali bear inter-
<br /> est irom the date of disUurseinent at Lhe raie stated in tlie \ote unless payment oi interest at sucli raie would be
<br /> contrary to applicabie law, in �vhich event such amounts sh� ll hear inierest at the highest rstc permissible Uy
<br /> Applicable law. \othing contained in tliis parsgrsph 7 sh.tlt requirc l.ender io incur any expense or do any �et
<br /> herennder_
<br /> 8. Inspeetioa. Lender may make or ciiu_e !o hc• �riacir reaeoiaablc entries upon anci inspeckions of the Yrop-
<br /> eriy, provided that Lender eliall give Borroa•er not; ce �+rior to um� sut� li inspertion �i�ecifpin�; r<�ssonable eau�e
<br /> `.herefa re?ated :o Lez:dcr`s inte:c<: :n .!:c Pronert�-.
<br /> 9. Condemnatioa. The proceeds of any mwnrd or rl�im zor damages , direct, or conseryuential ; in connectian
<br /> with xny condenuiation or oCher t.skuig of the Property; or i�urt ti�ereof, or for cont•eya�zr.e in lieu oi condemna-
<br /> tion, are hereby ussigned and shall lae �a�id ta Lendei•.
<br /> � In the event of a tot.sl t;aking of the Yroperky, the l�raceed� ,t��ll be apPlied 'ro the �iiina secured by this ':4Tort-
<br /> _ . g�sge, xvith the excess, if any, paid t,o Borro�ver. In z}3e event of 2 partial taking of the Yroperty, unless Bonower """�'" " „ � N '�.
<br /> _ and Lender otherwise agree in writing, rl�ere sl�all i�e applieci to tiie smns seeured bp this :llortgage such propor- �t �.�;�.
<br /> ' tian of the proeeeds as is equaLio that proporiion �vhich the amouni of t2�e sums secured by this A3ortgage imme-
<br /> � diaiely prior io the date of taking beurs to tl�e fair market vstue of tlie Yropert,y irntnediately prior to the date of � � `
<br /> taking; with the balance of the proceeds paid to Borro��•er. { �,, . ,
<br /> If the Property is abandoned by Bo.riower or if .� fter notice by Lender to Borrotiver thst the condemnar offers
<br /> t� n:a;;e ,,.a �;uard or seLtie u claiui fur uacuagee, Iiorrotivei• t�,ii� tu re��oi�u to i,enuer ti�iti�in nu uays ui tiie uate ., -
<br />�"' of s;:c'a nctic., �T.,^.nde.^ i; ai:thorizu^3 to col',ec� af:d ap�>ly' t.�c �>rocae�: .�t S,u�der'> u}�tiuu �i6Ler Iu rc5lurution or -
<br /> repair of the Property or to the sums secnred b}• tliis \lortgage.
<br /> Unless Lender ,and Borrower othersvise agree in �vriting, iiny such appliestion of proceede io principai shal!
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