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<br /> � If �mder paragraph 18 hereof thc Property is sold or tdic Property is other�vise acquii•ed b,y 7,ender, I.ender �
<br /> shall apply, no iater tl�an immediately prior to the �Zle of tl�e Yro�7ert,r' ur its ticquisition by I.endei•, :in,y I'urids
<br /> held ¢y Lender ut thc #.ime of application as a creclit againat thc suin� secw•ed t>y- this 3lortguge.
<br /> 3. Applicalion of Paymants. Unless applicaUlc laiw pro��ides otherwi�e, ill payments received by Lender
<br /> under the IvTote �nd p�ragrapl�s 1 and '2 hereof siiflll bc applied by> I.ender first in pnyiuent of amounts pnyable to
<br /> Lender by Borrower under nnragrapl� 2 hereof, then to interest payable on t6e Note :ind on Future Aclv�nces , if
<br /> any, and then to the principai of tlie \Tot.e and to the principal of Tuture Advanees; if any.
<br /> 4. Chdrges; Liens. Borrower sl�all pa,y all taxes, assess�nents and other oharges, fines a:.�d impositions attrib-
<br /> utable to the Property �vhich may attain a priority over this �Zortgage, and grouucl rents , if any, at Lender's
<br /> � �- option in tl�e inanner provided under pnragraph 2 hereof or b,y Borro�ver ii5aking payment, �vhen due, directly to
<br /> Cti the payee thereof: Borrower slial] promptiy furnisl� to Lender all notices of amounts due under tlz; : paragraph ,
<br /> CD and in the event Borrower shall make payment directly, Borrower sliall prornptly furnish to T.ender receipts evi-
<br /> C"J dencing sucl� payments. Borrower sl�ssll pramptly discliarge uny lien which l�as priority over this ' \Iortgage ; pro-
<br /> O vided, that Borrower shall not be required to discharge any suclr iien �o long as Borrower sl�all ugree in �vritin� to
<br /> � C� the payment of the obligation secured by such ]ien in :ti mannec :�cceptable to Lender, or shall in good faith contest
<br /> � such lien by, or defend enforcement of sucl� lierr in; legal proceedings �vhich opei•a�te to prevent the enforcement of
<br /> 1\, the 3ien or forfeiture o£ the Property oi• any part tl�ereof,
<br /> Y"` 5. Hazard Insurance. Borro�ver stia,ll keei� the iiii��i•oveiuents no�v existing o*• hereafter erected on tlie Prop-
<br /> erLy insured against loss by fire, hazards included �vithin the term "extended coverage", :�nd such otlier liazarde as
<br /> Lender may require nnd in sucti amounts and for sucl� periods us Lender may require ; provided; that Lendei shsll
<br /> not require that the amount of such coverage exceed that amount ot coverage required to pa;;� tl�e suma secured 'hy
<br /> this Mortgage,
<br /> The insurance carrier providing tlie iusuraiice shall be chosen by Borro�vei• subject to app�•oval by Lender ;
<br /> provided, that such approval shall not be unreasonnbly withheld. AII premiums on insurance poiicies shail be paid
<br /> at Lender's option in the manner provided under pssragraph 2 hereof or by Borro«-er mt�king 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 dae 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 may, at option of Lender, constitute a default
<br /> ; under the terms of this Mortgage.
<br /> All insurance policies and renewals thereof shall be in foriu acceptabie to Lender and shall include a standard
<br /> mortgage clause in favor of and in form accept:� t>!e to Lendcr. I,ender shall }ia,ve the right to l�old the policies and
<br /> renewals thereof, and Borrower shall prompEly furnish to Lender all renewal noticr,s and all receipts ot paid pre-
<br /> miums. In the event of loss, ]3orrower shalt give prompt notice to the insurance c:irrier and I,ender, and Lender
<br /> may make proof of loss if not made promptly by I3orrower.
<br /> Unless Lender and Borrower otherwise agree in writing, insur�,nce proceeds �6a11 be applied to restoration or
<br /> repair of the Property dan�a�ed , provided sucli restoration or rep�ir i5 econoruically feeisible and the security of
<br /> this bRortgage is not thereby impaired . If such restoratio�i or repair is not econoinically feasible or if the security
<br /> of this 12ortgage would be impaired , tl�e insurance proceeds slisll I�e applied to thc sums secured by tl�is Mortgage,
<br /> ' with the excess, if any, paid to Borrowei•. If the Yrope�ty is abandoned by Borirower or if Borrower fails to sespond
<br /> � to Lender within 30 days after notice by I.ender to Borrower that cl�e insurauce carrier offers to settle a claim for
<br /> � insurance benefits, Lender is authorized to collect and apply the insurance proeeeds at Lender's option either to
<br /> resWration or repair oi the Property or t,o }he sums secured by t.his \Sortguge.
<br /> ± Unless Lender and Borroci�er otherwise agree in writing, aiiy such applicatiou of proceeds to prineipal shall
<br /> not extend or postpone the due date of the rnontkily installinents referred to in paragraphs 1 and 2 hereof or change
<br /> the smount of such installments.
<br /> '' If under paragraph 18 hereof the Yroperty is acquired by Lender, al! right, title and interest of Borrower- in
<br /> and to any insurunee policies and in nnd to tl�e proceeds tl�ereof ( to tlic extent of tLe sums secured by tl�is Mort-
<br /> gage immediately prior to sucl� sale or acquisition ) resulting frorn daivage to ihe Yroperty prioi• to tlie sale or
<br /> acquisition shall pass to Lender.
<br /> 6. Preservation mid Mmntenance of Pzoperty; Leaseholds; Condominiums. Borrower shal! keep the Prop-
<br /> m
<br /> erty in good repair and shall not permit or commit wasie, impairment, or deterioration of the Property and shall
<br /> comply with the provisions of any lease, if this \lorigage is on a leasehold . If this i�7ortgage is on a condominium
<br /> unit, Borroa er shall perform all of Borrower's obligations under the declaration of condominium or master deed,
<br /> the by-laws and regulations of the condominiuin project and constituent documents.
<br /> 7. Protection of Lender's Security. If Borrower fails to perforin the covenants snd agreements contained in
<br /> this Vlortgage, or if nny action or proceeding is cominenced whicl� 7naierially affects Lender's interest in tlie Prop-
<br /> erty, including, but not limited to, e�ninent domain , insol �•ency, cade entorcement, or arrungements or p:oceed-
<br /> ings involving a bankrupt or decedent, then Lender nt Lender's option , upon notice to I3orrower, may make such
<br /> appearances, disburse such sums and take sucli acti�n as is vecess�try to rrotecc Lender's intereet, includin�, but
<br /> not limited to, disbursement of reasonable attorney 's iees nnd entry upon t.l�e Yroperty to n�ake repairs. Any
<br /> amounts disUursed by Lender pursuant. to this paragrapli 7, �cith interest. thereou , shall become additional indebt-
<br /> edness of Borrower secured by ihis \iortgage. ITnless Borrower and Ilender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requesting payinent thereof, and shall bear inter-
<br /> ' est from the dste of disbursement at the rate stated in the 1Vote unless p�yment of interest at such rate would be
<br /> conLrsry to applicable law, in which event such nmounts shall bear interest at the highest rate permissible by
<br /> applicable law. vothing contained in this �>aragrapl� 7 sliall requirc Lender to incur :iny expense c�r do any act
<br /> hereunder.
<br /> B. Inspecfion. Lender may make or cau<e to he madc ret�son�blc entries upon �nd inspectionc of tlie Prop-
<br /> erty, provided that Lendei• shall give 13orrower notice ��rior to an}� such inspect,ion specifying reasonable cause .
<br /> therefor related to Lender's interest in the Property.
<br /> 9. Condemnation. Tl�e proceed. uf uny awarci or ctaim ior damages, direet, ur uon�equentiut , in connection
<br /> with any condemnation or other taking of ti�e ProperC�� , ur part thcreof, or for con�•eyance. in lieu of condeinna-
<br /> tion, are hereby assigned and shall be paid to Lender. �
<br /> In tlie event of a t.otal taking of the Yroperty , tlie procced. sl�all lic applied to tlie sums secured by this Mort- �
<br /> gage, with the excess, if any, ;�aid to Burron-cr. In tl�c event of a partial taking of thc Property, unless Borrower �
<br /> � and Lender otherwise agree in �vrit.ing, there shall be applied to the si.tns secured by this b3ortgage such propor- ` " `'� ` , � ,�,".s'
<br /> tion of tl�e proeeeds as is equai to that proportion which tl�e amount of the sums secured by tl�is :�4ortgage imme- y;�
<br /> diately prior to tl�e date of talcing bears to t3ie fair ivarket value of tlie P�operty immediutely prior to the date of ` �r�
<br /> � � tsking, with the baiance of the proceeds paid tio Borrower. �� "
<br /> If the Property is abandoned by Borrower or it � fter notice by Lender to Borrower that the condemnor offers
<br /> to rnake an awsrd ' or settle u clain; for d3mages; Borrower fails to respond to Lender within 30 days of the date
<br /> „ of s�ach notir.e; ]:eender is aut6orized to collect a.nd apply tiie �aroceed� at. Lender's option eiiliei• to restoratio�i or
<br /> repair of the Yrope:�ty or to the sums secured by tliis \lortgage.
<br /> Unless Lender and Borrower othenvise agrQe in �vriting, any such application of proceeds tu principal shall
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