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<br /> � If under parag:aph 18 hereof the Property is sold or the Property is otherrvise acquired b,y Lender, I.ender �
<br /> shall uppl��, no latei• tlian iinmediatel,y prior to tlie sale of the Yro�rert,y or its acquisition by Lender, nny Funds
<br /> l�eld by Lender at the time of applie�tion us a credit aguinst the sums secured b�� this �4ortgagc. '
<br /> 3. Application of Payxneats. Unless applicablc la�+� provides �therwise, all pnyments received t�y Lender ,
<br /> under t1�e Note nnd paragrapLs l ancl 2 l�ereof :diall be applied liy I.ender first in payineni of amounts payaUle to
<br /> Lender by Borrower under, paragrapl� 2 I�ereof; tiiei� Co interest paiyable on the ATote an�9 on Future Adv�nces, if
<br /> any, und then to the principal of the Notc and to the principal o{' P'uture :�dvances, if any.
<br /> � 4. Charges; Liens. Borrower sl�all pay al1 taxes, assesscnents and other c1_�arges, fines and impositions attriU-
<br /> � utable to the Proper�y which may attain a priority over tl�is �4ortgage, ttnd ground rents, if sny, at Lender's
<br /> � � � option in the manner provided under'paragrapki 2 hereof or by Borrower n�aking pnyment, when due, directly to`
<br /> � the payee tliereof. Borrower sliall promptly Surnisl� to 1.encier all notices oF amounts due under tliis paragraph ,
<br /> � and in the event F3orrower shall inake payinent c�irectly; �3orrocver sl�ztll ptqtnptly furnisl� to Lender receipts e� i-
<br /> ' E dencing sucli payments. Borrower sl�ali promptly ciischarge any lien wl�ich has priority over this l4ortgage ; pro-
<br /> � ' C vided that Borrower shall not be re uired to discliar e an � sucl� lien so lon as ]3orrower shail a ree in writin to ` '
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<br /> � ' i ' the p�,yment of the obligation secured by sucli lien in .ti inanner acceptable to Le��der, or skiall in good faitl} contest
<br /> � such lien by, or defend enforeement of such lien in , legal �n•oceedings �vl�ieh operate to prevent the enforcement of
<br /> the lien or forfeiture of the Property or any part thereoft
<br /> 5: Hazard tnsur�ce. Borrower shall keep tl�e i�?3provements no�i- existing or hereafter erected on tlie Prop-
<br /> i - erty insured against loss by fire, liazards included within the term "extended coverage", and such other hazards as
<br /> Lendermay require �.nd in sucl� amounts and for such periods :ss I.ender may mquire ; provided, that Lender shall
<br /> not require thut the amount of such coverage exceed tliat amount of coverage required to pay the sums secured 'by
<br /> ' this Mortgage.
<br /> The insurance carrier providing the insurai�ce shall be chosen by Borro���er subject to approval by Lender ;
<br /> provided, that such approval shall not be unreasonably withhetd. AII premiums on insurance policies s[�a[t be paid
<br /> ? at Lender's option in tlie manner provided under paragraph 2 hereof or by Borrower making payment, wl-,en due,
<br /> directly to 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 /> immediately due and payable with interest at the rate set forth in said note until paid and shall be
<br /> secured by this Mortgage. Failure by Borrower to comply rnay, at option of Lender, constitute a default
<br /> under the terms of this Mortgage.
<br /> All insurance policies and renervals tl�ereof chall be in forui .iccept.sble to Lender and shall include a standard
<br /> mortgage clause in favor of and in fortti acceptal�le to Lender. Lender shall have the riglit to I�old the policies nnd
<br /> ,' renewa]s tl�ereof, and Borrower shall pron`iptly furnish to Lender all renewal notices and all receipts of paid pre-
<br /> miums. In the event of ioss, Borrower shull give prompt notice to the insurance carrier and Lender, and Lender
<br /> may make proof of loss if not made promptly by Liorrower.
<br /> � Unless Lender and Borrower otl�erwise agree in �vriting, insuraiice proce�ds shall be applied to restoration or
<br /> ; repair of f.he Property damaged, provided such restoratioii or repnir is economicnlly feasible and the security of
<br /> i this Mortgage is not tl�ereby impaired. If such restorntion or repair is not economicslly feasibie or if the security
<br /> ! of tl-,is .M1lortgage would be impaired, the insurance proceeds shall l �e applied to tlie sums secured by this Mortga�e,
<br /> with the excess, if any, paid to Borrower. If tl�e Yro��erty is abancioned by I3orrower or if Borrower fails to respond
<br /> to Leinder within 30 days after notice by Lender io Borrower that tl�e insurance carrier offers to settle a claim for
<br /> inaurance benefits, Lender is authorized to c;ollect nnd apply the insurance proceeds at Lender's option either to
<br /> restoration or repair of t.he Property or to the su.ms secured by td� is llorbgage.
<br /> f Unless Lender and Borrower otherwise agree in �vriting, any such application of proceeds to principal shall
<br /> � noi extend or postpone the due date of the monthly ixistallments referred to in paragraphs 1 and 2 hereof or change
<br /> � the amount of such installments.
<br /> ? If under paragraph 18 hereof tl�e Yroperty is acquired Ly Lei�der, al] right, title and interest of Borrower in
<br /> , � and to any insurance pulicies and in and to tl�e proceeds thereof ( to the extent of tlie sums secured Uy this Mort-
<br /> ;` gage immediatel�- prior Lo such sale or acquisition ) resulting from dainnge to the Property prior to the sale or
<br /> + aequisition shall pass to Lender.
<br /> `` 6. Presezvation �d Mmxateaance of Property; Leaseholds; Condominiums. I3orrower shall keep the Prop-
<br /> ; erty in good repair and shall not permit or commit waste, impairment, or deterioration of the Property and shall
<br /> comply with iiie provisions of any lease, if this \1orEgage is on .� leasehold . If this J'Iortgage is on a condominium
<br /> unit, Borrower shall perfor�n all of Borrower's obligations under thc declarntion of condominium or master deed ,
<br /> ` the by-Iaws and regulations of the condomii.ium project ai�d constituent documents.
<br /> 7. Protectian of Lendez's Security. If Borrower fails to perform the covenants and agreements contained in
<br /> � ,' this �'Iortgage, or if any action Ar proceeding is commenced which materially affects Lender's interest in the Prop-
<br /> erty, including, but noi ]imited to, eminent domain, insolvency, code enforcemEnt, or arrangements or proceed-
<br /> inge involving a bankrupt or decedent, tl�en Lender at I.ender's option , upon notice to Borrower, may make such
<br /> , appearances, disburse sucl� sums and take such action as is iiecessary to protect I,eiider's interest, including, but
<br /> not limited to, disbursement of reasonable attorney's feea and entry upon ttie Property to muke repairs. Any
<br /> amounts dist�ursed by Lender pursuant to tdiis puragruph 7, witL interest thereon ; shali become additional indebt-
<br /> edness of Borrower secured by this 1lortgage. Unless Borro��er and Lender agree to otUer tern�s of payment, such
<br /> amounts shall be payable upon notice from Lender to Borro�ver requesting payment thereof, and sl�all besr inter-
<br /> est from the date of disbursement at tlie rate stated in tlie Note unless payment of interest at such rate would be
<br /> ; contrary to applicable law , in which event sucli amounts shail bear interest at the higl�est rate permissibie by
<br /> appiicaUle law . Notl�in� contained in tl�is paragraph 7 shnll require Lender to incur any e�;pense or do any act
<br /> hereunder.
<br /> 8. Inspaction. Lender inay inake ar cauce to be inadc rea�onable entries upon and inspections of the Prop-
<br /> erty, providc:d that Lender sl�all give Borrower noiice ��ria• to :�u�� su��h inspection epecifying reasonable cause
<br /> therefor related to Lender's interest in t.he Property.
<br /> 9. Condeinnc:tion. The proceed. �f any awsrd or clai� u iur d�uiages, direct ur conseyuantirx.l , in connection
<br /> ,' with any condemnation or other taking of ihe Yroperty, or part t6ercoF, or for com•eyance in lieu of condemn�-
<br /> ; tnon, are hereby assigned and sh�ll i�e paid to Lender.
<br /> In the event of a total taking of the YruperLy, cfie ��roceedo �liall l�e applied to tlie suins secured by this Mort- `
<br /> � gage, n•ith the excess, if nny, paid to Boriro�ver. In thc event of u partial tnking of the Propertp, unless Iiorrower -
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<br /> and Lender otljerwise agree in writing, ttiere sl�all Ue applied t.o tlie �utns secur>d bv this 1Tortgage such propor- , 3�
<br /> tion of the proceedsas is equal to that proportion whicin tl�e amount of the sums secured by this l�ortgage imme- n ��° �. ;�„
<br /> � r distely prior to the date of taking benre to the fair market aalue of tl�e ProF�erty iinn�ediately prior to tlie date of �� x =
<br /> „ taking, with the balance of the proceeds pnid to Borrower. ` ��"�)
<br /> If the 1'roperty is Abandoned by Borrower or if .�fter notice by Lender to I3orro�ver tliab il�e condemnor offers �" '
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<br /> to make an award or settle �, claim for clama�es, B�rrower fails to respond to Lender �vithin 30 dsys of the date
<br /> of such natice,, Lender is authoriaed to collect and appiy the praceedc at l.,ender's option either to restoration or
<br /> re�nnir oi tlie Property orto the-vuins secured by tl�is _lIortgage. � �,...
<br /> Tlnless T,ender and Bori•ovsrer othenvise agree in writing, any such application of proceeds to principal sl�all
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