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<br />� _ �' � If under paragraph 18 hereof thc Yropert_y is sold or thr, Property is ot}ierwise acquired by r,ender, I,ender
<br /> shall ttpply, no later than immediatel,y prior to tlie salc oS the Propert,y or its acquisition hy Lendcr. :in}� Funds
<br /> held by Lender at the iime of api�lication as a credit against khe aixms ,ecured hy� thi� \fortgage.
<br /> 3. Application of Payments, Un]ess ap��licable ia��� pirovicies othcrwisc, all puyments received by Lender
<br /> under tl�e IlTote and Paragraplis 7 and 2 l�ereof shall bc ap��lied i�y 7,ender fiist in payn�ent of a�nounts payable to
<br /> Lender k�y Borrower undex• paragrapl� 'l l�ereof , then to int�.rest � iayablc on tiic �Tote anc! on Future Advances, if
<br /> any, and then to the- prineipal of the vote einci to tl�e ��rincipal of Futurc Adv.ances, if any.
<br /> � 4. Charges; Liens. Boirower st�all pay sll taxes, ::s�essments aud other churges, fines and impositions attriU-
<br /> � utable to the Propeety which may attain a priority over t.his lfortgage, and ground rents, if any, at Lender's
<br /> r �-, option in'the mannerprovided under ��ar�graph `L hereof oz• b�c F3orrower mnking-payment, when due, directly to
<br /> i '` � the payee thereof. Borro�ver;shall promptly furnisl� to Lender all notices of a�noimts due under this paragraph ,
<br /> a and in the event Borrower sl�all ivake payment directly, F3orro�r•ei• shsll promptly furnisli to Lender receipts evi-
<br /> Q dencing such payme»ts. Borrower shall promptly discliarge any ]ien ryhich has priority over this �7origage ; pro-
<br /> vided, that I3orrower shall not be requirec] to discl�xi•ge any sucl� lien so long asBorro�ver s}iall agree ir. �vriting to ['
<br /> � the payment of the obligation secured by sucli lien in :ti inanner acceptal>le to Lender, or shall in �ood i'aith contest
<br /> � such lien liy, or defend enforcement of such lien in , ]egal proceedings which operate to prevent the enforcement of
<br /> , . the lien or forfeiture of ' the Property or any part tliereof.
<br /> 5. Hazard Insur�ce. Borrower sliall keep tl�� improveme�rts no�v existing or hereafter erecteci on the Prop- ! `
<br /> erty insured` against loss by fire; hazards included within the tei•m "extended covernge", und sucli otlier {iazards as
<br /> Lender may cequire and in such amounts and for suclrperiods .tis Lender may require ; provided , that Lender shali
<br /> not require that the �mount of sueh covera�;e e�ceed that urnount of coverage required to pay the sums secured 'by
<br /> this Mortgage,
<br /> The insurance oarrier providing the insurance shall be chosen Uy Borro«�er subject to approval by Lender ;
<br /> provided , that such approval shal! not be nnreasonably withheld . e�.11 premiums on insurance policies shR17 be paid
<br /> at Lender's eption in the manner r�rovided under paragraph 2 hereof or by Borrower niaking pa,yment, when due ,
<br /> �lirectly to the insurance carrier.
<br /> Fn 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 ihe 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 Bonower to comply may, at option of Lender, constitute a default
<br /> under the terms of this Mortgage.
<br /> - All insurnnce policies and rei�ewals thereof �hall be i� form acceptablc to Lender and shall include a standard
<br /> inortgage clause in favor of and in form acceptable to Lender. Lender shull l�ave ihe rigl�t to I�old the policies and
<br /> renervals thereof, anet Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid pre-
<br /> mituns. In the event of loss, 13orrower shall give prompi notice to the insurance carrier and Lender, and Lender
<br /> may anake proof of loss if not made promptly by Borrower.
<br /> Unless Lender and Borrower otherwise agree in �vriting, insurnnce proceeds shall be �pplied to restoration or
<br /> repair of the Property damaged, pi•ovided such restorltion or repair is economicall}� feasible and the security of
<br /> this Mortgage is not tliereby itnpaired . If such restorrition or repaiY• is not econornically feasible or if the security
<br /> of this i�4ortgage would be impaired , tlie insurance ��roceeds sliall be npplied to the sums secured by this hlortgage,
<br /> with the excess, if uny, paid to Borrower. If the Yroperty is abandoned by 13orrower or if Borrower fails- to respond
<br /> to Lender within 30 days after notice by I,,ender to 13orrower tliat thc insurance carrier offers to settle a claim for
<br /> insurance benefits, Lender is �utliorized to collect snd apply the insurance proceeds at Lender's aption either to
<br /> ; restoration or repair of the Property or to the sums secured by tl�is _lfortgage.
<br /> ; Unless Lender and Borro�ver otherwise agree in writing, an,y such applic�ttion of proceeds to principal sha12
<br /> not extend or postpone the due date of the montl�ly installments referred to in pnragrapl�s 1 and 2 hereof or cl�ange
<br /> the amount of such installments.
<br /> 1 If under paragra,ph 18 hereof the Yroperty� is acquired by Lender, sll rigi�t, title snd interestat Borrower in
<br /> ` and to any insurance policies snd in and to the proceeds thereoi (to tl�c ext.ent of the sums secured by tliis Mort-
<br /> gage immediatel� };rior to such sale or acyuisit.ion ) result.ing irom dainnge to t.11c Property prior to the sale or
<br /> 3equisition shall pass to Lender.
<br /> � 6. Preservation �d Mmnten�ca of Prc�perty; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> � erty in good repair and shall not perrnit or commit waste, impnirment, or deterioration of the Yroperty and shall
<br /> comply with the provisions of any lease, if this llortgage is ou a leasehold . If this \lortgage is on a condominium
<br /> unit, Borrower shall perform all of Borrower 's obligations under t,he declaration of condotninium or master deed ,
<br /> the by-laws and regulations of the condominium project and constituent documents.
<br /> 7. Protection of Lender's Security. If Borrawer fails to perform the covenants and ngreeinents contained in
<br /> r this D4ortgage, or it any action or proceeding ie commenced which inaterially affects Lender's interest in tl�e Prop-
<br /> n erty, ineluding, but not limited to, eminent. domain, insol �-ency , code entorcemr-�t , or arrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at T.ender'; opcion, upon notise to Borrower, may make such
<br /> µ appearances, disUurse such sums and take such uction as is necess:�ry to prot,ect Lender's interest, including, uut
<br /> not limited to, disbursement of reasonaUle attorney's fees �nd entry upon the Propert�� to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this parag�aph 7 , �vith interest ttzereon , shall become �dditional indebt-
<br /> ; edness of Borrower securcd by this �iortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrow�er requesting payment tdiereof, and shall bear inter-
<br /> ? eat from the date of disbursement at tl�e rate stated in ihe Note unless pa,yment of interest at such rate would be
<br /> i contrary to app]icable la�v, in which event such :tmounts shall k�ear interest at thc l�ighest rate permissible by
<br /> applicuble law. Notl�ing contained in this paragraph 7 sh2ll require I.ender to incur an,y expense or do any act
<br /> hereunder.
<br /> j 8. Inspection. Lender may �nakc oi• cau�� to he �nndc rcasonabte entxie5 uE�on and inspections of the Prop-
<br /> erty, procided ' that Lender sl�all give Borroc�-er notice � a•ior to an�• �urh inspection specif�ing reasont�ble cause
<br /> therefor related to Lendei's interest in the ProperGy�.
<br /> 9. Condemnation. T'he proceed, of uny aiward or claim fo;• �iamages , direct or consec�i�ential , in cm�nection
<br /> �vith any. condemnation . or other taking of the Propert,y , or part tliereof, m• for con��eyance in lieu of condemnn-
<br /> � j tion, are hereby assigned and shall be paid to Lender.
<br /> � In the event of a tot.al taking of t:he Propert,y, the proceeds shall be spplied to t.he sums secured hy this Mort-
<br /> a gage, with the excess; if an3�, paid to Borro���er. In tl�e event of a partiul taking c�f the Property ; unless Borrower �^�w.� - �'�,
<br /> i- and Lender otherwise agree in writing, tliere slisll be apl�lied to the smns secured by this Alorigage such propor- " ' ` ^ +`'
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<br /> � tion of the proceeds as is equal to thi�t }'iroportion whicli tl�e amount of Che sun�s secured by tl�is Vfortgage imme- A; *
<br /> � � diately prior to the date of taking bears to tlie faix marl:et Lralue of ttie Property iinmediately prior to the date of � �� ��,
<br /> L;' taking, with the balanee of the proceeds paid to Borro�F�ei: ,:�,:�
<br /> If the Property is abandoned Uy Borrotiver or if after notice by Lender to Borro�ver that the condemnor offers
<br /> � to make an award or settle ti claim for damages, Borrower #ails ta ::.spond to I,ender �vithin 30 days of the date '
<br /> of �zieh notice; I,ender is avthorizeci to collect and a}iiil;; th� }�roceed: at Lender's opiion either io restoration or
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<br /> repair of tl�e Property or to tile �Ltir�s Feam�Qd by this \ [ortgttge.
<br /> Unless Lender and Borro�ver otherwise agree in writing, any s�x�h application of proceeds to principal shall
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