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<br /> [Y unel�er purs�rap}z IB hereof the Yroperr�y is yotd ar thc Property is othcr«� i�e acr� u� red hs: 7.ender, I.ender
<br /> �si�ull a�p1y , no Inter ttt�:sn itnmedi�telY ��rior ro tlicr hnle of tl�e Pro�urrtti• or it , ucqtii�ition hy I.e_ender, :tny I�'unds
<br /> t�etd by l.�nderat ihc tame uf x���al,icntion an a eredit .zgwir�.�:t chr s��ni. �r�currd t�v rhis \1c7rr.�;ngc�.
<br /> 3. Ap;alication of Payta�nts. Unie:s� up��lic2bte Ltiw pruvides othenvi,t�, alI paymenc.s recciveci by L.ender
<br /> � under the :�7otessnd paragrapLe 1 and '2 t�r:reot sl�xll },o uC>fT� ieci I,�� I,en<lx, r tirsc in i��ycnent cif a�Yaoi�nts puyable to
<br /> � Lender 6y $iorrower unrlcr l�ar:sgraph 2 hereof , t:i�en to int�rest l�ayable on thc �:ote snd on Fu�:ure Advnnces; if
<br /> � Aay, ��id ttsen to the principai ot the Notr� anc� t.c> tl:� prinei,�sl caf I�nturr. Ari� am es . if ;in,y.
<br /> � 4. Ch�rgss; Liens. , , Borrower shntl pny ct,2d taxes, assessments and catl�er chnr�es; fines ancl irs��ositions uttrib-
<br /> � ulable to t�e Nroperty tivhieh may attain a nrioriGy over this _ltortgage, anci groeuici rents, if any, at Lender's
<br /> ` �- � option ' in t[�emanner �rovided under parztgraFsh 2 hereof oz• fxy I3orrotiver mnkin�; �'sayxnent , when due; ciirectiy 'to
<br /> �: • the puyee theseof. Borrower stYal! promptly furnisli to I.ender all iiotices a[ amount.s rlue unclex this pnragraph,
<br /> ^ attd in the �vent �3orrQwer shsall }nake payment directly, 13orro�ccr shuli prornl>tly fairnish to I,cncier receipts evi-
<br /> � ' � denciug suaii guyments_ Borrower .ahmll promlaxty �lischnrge; i�ny lien Fvtzich tias }�riority over this lTortgage ; gro-
<br /> ` vAded, that 33orrawec shsll not be requirecl to dssc}tar�e any such tien sa lc>i�g ss 13orrower sFsall agree in writiz;g to - " "
<br /> i , tl�e paymea� of the nbii�ation secureei by such fien in .i inanziez• neceptzksle fo I.ender ; '�r shnil in gaod faith 'conteat
<br /> " such lien bt�, or defend enforcement of sucls Iien ix�, legt�P proceedin�s �vlaicli aperate to prevent ti� e enEorcetnazit oC
<br /> � , ths lienor forfeiture nf the Property or any pa.rt tliereof. '
<br /> : 5. Haxard:Iasurmice. Barrower shitl3 kee�� tt�e ienproc•emants now� existing or izerenfter erec-#ed on tl�e Prop-
<br /> � erty itisure� against lass:.by fixe, ha.zurds inclu�.ied �vitl�in thE tei�m "extended coverage", nnd such otl�er izai�rds as � ' „ I �,"'
<br /> -; ; ; Leader`may- require und in suoh' urnowds nnd for sucli periarls ns i.endcr tnay require � provided, that Lender shall � ;, ' " ` '
<br /> F not rec�,uire �t�ut the amc�unt of such eoverage exoeed th�t amo+mt o£ caverayc required tu pay the sums secured'by '
<br /> � .' ,� � this bl�ortgage_ � ', � � � ' ; �
<br /> Tne insurance carrier providing tlie insurauce shsU be ehosen by �3orrower subject :to npproval by Lender; . .
<br /> provided, t�at such app�ovnl sliall not Ue unressonably witi�held. All pr�miums on ;insurnnce ' ��oIicies shnll be paid
<br /> � : > at Lender's option in the manner providecl under, paragrupli 2 hereof or i>v $orrower muking pa,yinent, when due,
<br /> � ` , directfy`to ti�e insurance- carrier. - ' '
<br /> , ; In the event any - policy is not renewed on or before ten days of its expiration, the Lender, to protect
<br /> �; ;� . ifis interest� may procure insurance on the irnprovements, pay the premiums' and such sum shall become
<br /> � - � immediately due and " �ayable ' with interest at the rate set ,forth in 'said note ` untii paid and shall be '`
<br /> � � secured by this `Mortgage. Failuze by Bora-�wer to carnply ma,y; at aption of i,ender, constiiute a de3ault " . ,
<br /> ,.,- ; , under the €erms of 'th�s Mortgage.
<br /> � : All insuxance policies and rene�4a]s thereof s6nil be iti foriza acceptable to I,ender and shall include' a stanciard ' � ; ''
<br /> �F ; ; mortgage ciause:in fucor of, and in form ncqaptablc to Lender. Lender slaall have the right to holc� the policies nnd ' '
<br /> renewals th�ereot, and Bvi•rower sha,ll pronaptly- furnisli to Lender' all renewal notices und all receapts of paid ,pre-
<br /> 'r '� r. miums. In tl�e event of loss, I3orro�ver;shall �is�e prompt noticc to the insurunce earrier and Lerader, and Lender
<br /> � may r�nke proof of loss if not made promptly l�y 13orrower_
<br /> �' � . Unless I�ender and ,Borrower otUer�vise agree in n-ritin�, insvrunce proceeds shall Ue applied to reatoration or
<br /> � repair of th,e Property damuged , procided sucta restoration or repair is econouiic�llY feasihle and tlie securi�3• of
<br /> ' •} this Mortg�ge is not thereby impai:ed. If suc}i resioration or repair is not economicslly feasible or if tlie security
<br /> " a oF t1�is llortgage would pe impaired; ii�e insurance proceeds shsll be ap}�iied to the surns secured by this D4ortgage, �
<br /> � ,. ; witE� the:ex�ess; if any, paid to Borrower. If tl�e Yropei�ty is abancloned b� Borrower or if Borron�er faits to xespond , `
<br /> to Lender ti�ithin 30 da1*s after notice by Lender. toBorrower tltai ihe insursnce carrier offera to settle a, clai: .c;
<br /> � insurance benefi}s, Lenc3er is suthorized to collect und upply i4e insura.nce proceeds ai� bender's option either to
<br /> , . ,,�' restoration �r repair of `�he Property or to iUe sums secured by 4.his �Iortignge.
<br /> * - � Unless I.ender and BorroNer othenvise ngree in tivriting, any such applicntion oi proceeds to principal shall
<br /> � not exf.end or postpone t�ie due date of the'monthly insE.allmenis referred io in p�rngrsphs 1 and 2 hereof or chsnge � • ;
<br /> � tha amount +oi-such insta.11ments.
<br /> 4 w If;underparagraah 1S hereof the Yroperty is acquired U,yZendei; sll right; title and interest of Borro�ver .in
<br /> , , ; and to any �nsurance policies and in anc3 to t:l�e proceeds tliereot (to th�r exteni of the sums seeured by this Mort-
<br /> ,
<br /> ^ gsge imme�iately priai• to such sale or scquiitian ) resulting frvm damuge to t1�e ,Property prior to the snTe or
<br /> " a ` acquisition shall gAss to I,ender. ' '
<br /> , ; � 6. . Pres�rvafion and M�tenance of Property; Leaseholds; Condorniniums. I3orro�ver shall keep the Frop-
<br /> `: � erty in goa�, repair and shall not permit ' or commit waste, in�pairment; or deceriorstion of the Yroperty and shall ' ' . '
<br /> , ' Y eomply witF3 thorprovisions of �ny lease; if t6ie \iortgage is on s leaseho3d . Tf this _lloztgage is on a condominium
<br /> �, 3 unit, $orrower aliall perform ali of Borro�ver's obligations under t.he: declaration of bondominium or master c?eed,
<br /> " '� the by-laws and regulations of the condominiurn project and constiiuenc documents.
<br /> `' 7. Protsction of Lender's Secuxity. If Borrower faiis to perform t13e covenanis snd ugreements coniained in
<br /> � � this Mort e or if an aetion or roceedin ia commenceci cvl�ich mater"sully affects I,ender's intesest in the Pro
<br /> � . 3 g� , y n s ' - �.
<br /> # eri�y, includsng, but not limited to, erninent doniaiv ; insolvenc,y, code , enforcement, or arrangements or proceed-
<br /> ' , ings imvolving, a bapkrupt'or decedant, then Lender at I;enc�er's opf.ion , sipon notice to Borrower, may make such '.
<br /> � ; appearsnces, disburse such suais and tuke sucla action as is iieoessary to proteot Lender's interest, iucluding, but
<br /> :; � not: ,3imited: to; : disburseznent oi reasonuble atyorney's fees and entry ispon the 1'roperty to make repairs. An,y
<br /> '' ., { amounts dis';nursed Uy Ilender pursuunt ta this paragraph 7, �ritl� interess thereon, shall become ac3ditionst indebt-
<br /> r edness ;of Beorrowar secured by this \lortgetige: I7n2ess Borrosc�er and Lend.er ngree to oiher terms of payment, such
<br /> � ; - amounts shail Ue payabEe u��on notace from Lender to Borro�verxequesti�g payment ihereof, and shall bear inter-
<br /> est from the date of disbursement at the rste ststed in the Note unless }3uyment of interest at such rste would be
<br /> c contr�ry , to applieable iaw, in zvhich event such amounts sha11 bear inierest nt the liighest ratz permissible by
<br /> 4 spplica6le law. �Tothing contuineti in tl�is 7>ars�.grsspl� 7 s1rsl f i-equirc Lea�der to incur �ny expense or do nny act
<br /> � r herevncier_ `
<br />�" ' ; 8. ��pectiqn, Lender may i�zake or eaus� tU !�e innde iez�eonaUle cn�rie� uEion and �napections af the 1'rop- �
<br />� ' � Crt,V, provlcf�ed thaL Lencier chFsft give $arrouer notic�e ��i�ioa r �i :�i��° , ii� f� in4� ,�3cti:�t. x,�� .t . .na ?-eRaonxt�le eatlee
<br />�� x therefor rela�ed t� I.ender's 9nterest in the Propert�.
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<br /> ' 9. �..'GZi�OIDR�.I.DII. ' .�.T}I8 }"ii'OCOEt'�9 Of �tiliy u:St�a7ii vi:C.ini� i6i� �8Y118g2S� 4� i,fECt a�P conaeGuentialY ITi C611A.�L`$78Y1 � �.�
<br /> �? . � tivith, an� cch d�:tii: xtiorz �r n�h�r ;�Tar.r �f tl�a �'±�pe� kv, nr ?�art tlec:reof . ar for cam-evance in li�u oi cancterr�na-
<br /> a ". � • tion, are her�by assigned and shall bo pnid fo Lender. '
<br /> N ':ry , in the e�een4af a tot:al tnl:ing of the k'ropercy, ihe :��roceeds si�alI tre applied io the sunis secured by this AZort- � � - `� �
<br /> g gage, �ritk t�e excess, if �ny, psid to Borro��•er, Iii the cveiat of a �artia2 t,r�king uf tl�e ProperLy , unless �3orroiver . �; , H,s�y�
<br /> « and i.ex�der �otrl3erwise a�ree in writing, tliere s3.t�li be A����iieci to clre sum� secured bw this Rlorigage euch propor- �°' •
<br /> � tion oI tlie p��oceed5 as i& equal to tihnt proportaon �v}iich tlie -urnnunc. of ti�e sunis securecl by this _'a+Tortgage imane- ���. :
<br /> � dia�el
<br /> y prio� to the �ate �f taking,i'sears to ihe fair iiasrkec vailsse af tl�e Y'ropert;ti- iininediaiely pric3r #o the dat,e of +3;��
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<br /> � taking, w}t,h ��he taaiaur.e �c+t the proc>eeds Waid to �orrowe�. `'�
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<br /> Tf d:he �opertv is absadaner3 �S� Be;� �•. ••r �f � €:P. nn*irw lw I.rn���r !n Rorm�ver tlas[ ±2YP r�r.�ler:i3o- ��'e^s ., •
<br />�" . . " to ru+ak�t an �ttt�aid or sef,�le a alaiiu far +iz�iiaagr�, B�rro�ver [aiia lo � encur.n3 i.� I.ender w�ti�in 30 r�xyh oi t,hP �iare µ`. �
<br /> �, � of suc�taiotice, .�,ender is :authprize+$ tA collect and a}a{3Iy tlue tn�oci,i;eas a� Lender'� option either vo resioration or
<br />� o
<br /> a re�sair t+t t.l�� Yxope�y or to the sui�s secured by ilsas \iortgagc.
<br /> 't7ta.�ess �..eudes and Borro�ver :r3t�9ier�vise agr�ee in writing, any such r:nplication oi proceeds ta� }3rincipsl suall
<br /> � w,�. , �
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