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<br /> � If tmder paragrapU 18 hereof the Yroperty is sold or tlie Yroperty is otherwise sscquirec.l tay Lender, Let�der �
<br /> shall apply, no later tl�an immediately [�rior to thc sale ot the Yropertti or its acyuisition by Lender, any Funds •
<br /> held by I,ender at thc time of application as a credit ag.iinst the siun. seciared h�• this �1lort.gaga
<br /> 3. Applieation of Payments. 'v'nless ap[>licahle law i�rovides otherwise,, ell plymento received by Lender
<br /> wider tlie Note ancl paragra�ilisl and 2 6ereof stiall hc applied by I,ender first in ��ayment of amounts payat�le to
<br /> Lender by Borro»�er under paragraph 2 ]�ei•eof, tl�en to i �terest �r;�yable on the Notie and on Future Advnnces, if
<br /> any, and then to the principal of the Note ancl to the �>rinci��al of I'uture Advances, if any.
<br /> 4. Charges; Liens. Borrower sl�all pay all taxes , assessments and other r,harges, fines nnd impositions attrib-
<br /> utable to the Property whicli may attain a priority over tl�is �io�t.gage, and ground rei,ts, it any, at Lender's
<br /> �'j option in f,he manner provided under paragraph 2 1�ereof or i�y I3orro�ver making paymeni, when due , directly to
<br /> � �+;;: the payee "thereof. Borrower sha11 pi•omptly furnish t:o l�ender nll notices of umounts due u�ider this paragraph',
<br /> �,} andin the event Barrower sl�� 11 make ��ayment directly , 13orrower shall pron�ptly furnish to I.ender receipts evi-
<br /> �r dencin� sueli payments. Borrower shall promptly disclinrge any lien which has priority over this �'Iortgage ; pro-
<br /> � vided, that L' orrower shall not be required to dischurge any sueh lien so long as 13orro�ver shall agree in �vriting to
<br /> , � �; the paycnent of the obligation secured Uy sucl� lien in a �nanner ucceptable to Lender, or shall in good faith contest
<br /> suchlien by; or defend enforcement of such lien in , legal proceedings wliich operate to prevent the entorcement of
<br /> � the lien or forfeiture oi tne Property or any purt thereof.
<br /> ^ 5. Hazard Insurcnce. Barro�ver shall keep tl�e improvements no�v exisGing or hereaftei• erected on tl�e Prop-
<br /> erty insured against loss by fire, hazards included within the term "extended coverage", and sucli other hazards as
<br /> Lender �nay 'require and in such amounts und for such �7eriods as I.en�fer n;�y require ; provided, thatZender shall
<br /> noY require that the amount of sucli coverage exceed that amount oS coverage required to pay the suins secured"by
<br /> this Mortgage.
<br /> ; The insurance carrier providing the insurai�ce shall be <:hosen by Borrower subject to approval by Lender ;
<br /> provide�3, that suctt approval shall not be unreasonably withheld. 911 premiums on insurance policie� shall be paid
<br /> at �ender's option in the manner provided under paragrapl� 2 hereof or by Fiorrower inaking payinent, }vhen due,
<br /> directly to the insurance esrrier:
<br /> In the event any policy is not renewed on or before ten days of its expiration, the Lender, to grotect
<br /> its interest, may procure insurance on the improvements, pay the premiums and such sum shall become
<br /> imrnediately 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 may, at option of Lender, constitute a default
<br /> under the terms of this Mortgage.
<br /> All insurance policies and renewals tl�ereoE s6u11 be i�i form wcceptal>]c to Lender and sliall include a standard
<br /> mortgage clause in fx�vor of and in form acceptable to Lender. Lender sl�al] l�nvc the rigl�t, to hold the policies and
<br /> renewals tl�ereof, and Borrower sh�ll promptly furnish to Lender all renewal notices and ali receipts of paid pre-
<br /> ; miums. In the event of loss, 13orrower sl�all give prompt uotice t.o the insurance carrier and Lender, and Lender
<br /> inay inake proof of loss if not made promptly by 13orro�3•ei•.
<br /> Unless Lender and Borrower ot.l�erwise r�gree in writing, insurance proceeds shall be applied to restoration or
<br /> repair of the Property daniaged, provided such restoration or repair is economically feasible and tl�e securSt,y� of
<br /> this Mortgage is not thereby impaired. If such restoration or repair is not econornicnlly feasible or if the security
<br /> of this D4ortgage would Ue iiupaired, the insuranoe p:or.eeds shnll I�c applied to tiie sun�s secured by this n4ortgage,
<br /> ? with the excess, if any , paid to Borrower. If the Yroperty is abandoned l�y Borrower or if Borrower fails to respond
<br /> to Lender within 30 days after notice by Lender to Iiorrower tLnt the insurance carrier offers to settle a clairn for
<br /> insurance benefits, Lender is authorized to coliect und appl}� the insurz�nce prc,ceeds at Lender's option either to
<br /> restoration or repair of the Property or to 'tlie sums secured b}� this 1 [ortgage.
<br /> Unless Lender and Borrower otherwise agree in wriiing, any suc}i applicatiou of proceeds to principal shall
<br /> not extend or postpone the due date ofthe inonthly installinents referred to in paragraphs 1 and 2 hereof or change
<br /> the amount of sucl� installments.
<br /> If under paragraph 18 hereof the Yroperty i� acquired by Lender, all right, title m�nd interest of Borrower in
<br /> and to any insurance policies and in nnd t,o the proceeds thereof ( to t.he ext.ent of the sums secured by this ivlort-
<br /> gage iinmeuiately prior to such sale or acquisitionl re�ulting fr�m damage to tl�e Yroperty prior t.o the sale or
<br /> acquisition shall pass �o Lender. ��`
<br /> 6. Preservation �d Mmutenance oi Pxoperty; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> erty in good repair and shall not permit or commit waste, irnpairment, or deterior�tion of the Pro�rerty and shall
<br /> comply with the provisions of .�ny lease, if this �Tortgage is on s le�se}iold. If this \lortgage is on a condominium
<br /> ' unit, Borrower shall periorm all of Borrower's obligations under !he declar�tiou uf condominium or master deed,
<br /> the by-laws and regulations of the condominium project and constituent documents.
<br /> � � 7, Protection of Lendei s Security. If Borrower fails to perfor:n the covenants and 3greements contained in
<br /> this Mortgage, or if any action or proceeding is commenced �vhich materially affects I.ender's interest in the Prop-
<br /> erty; including, but not limited to, eminent doinuin, insol�•ency, code enforcement., or arrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at i.ende�'s option , upon notice to Borrower, may makc such
<br /> appearances, disburse suc6 sums and take such action a�s is neces�ary to protect Lender's interest, including, but
<br /> not - limited to, disburaement of reasonable atiorney's fee� and entry� upon the Property to �•�ake repairs. Any
<br /> amounts disbursed by Lender pursuant to this paragi•aph 7, �viti� interest thereon , shall become additiona! indebt-
<br /> ' edness of Borrower secured by this 3fortgage. Unless Borrower and Lender agree to other terins of payment, such
<br /> amounts shall be payable upon notice irom Lender to Bon•o�ver requesting psyment thereof, �.nd shall bear inter
<br /> est from the date of disbursement at the rate stated in the �ote unless payment of interest at such rate would be
<br /> contrary to applicable law, in which event such timoimts shall bear interest at the highest rate permissible by
<br /> applicable law. Nothing contnined in this ��arn�raph 7 shnll require Lender to incur :�n}� expense or do any act
<br /> hereunder.
<br /> B. Inspection. Lender may �nake or rau;e to be inadc rearonable enta•ies u��on anci inspections of the Prop-
<br /> erty, pro�•ided thnt Lender sliall give Borron•er notice �� rior to nn}- st��•li in�peetior specifi�in� reasonable enuse
<br /> therefor related to Lender's interest in ihe Propertp.
<br /> - 9. Condemnalion. The proceed� of an�� :a���ard m• claim for damsges, �lirect or consenttent.ial ; in connection
<br /> with an,y eonde�nnation or other kaking ot the YropertV , m• part thereof, oz• fot• con��eyance in lieu of condemnz-
<br /> tion, are hereby assigned and shall be paid to Lender. ,
<br /> In the event of u totsl takina of the Property , the praceeds sh;�ll be applied to the sums secured by ihis :VIort-
<br /> gage, tivith the excess, if any, pri.id to Burrrn�•er. In t6e event of a partial taking of the Property , unless Borrower +^e�.� ^ �;t
<br /> and Lender .otherwxse agxee in writing, tl�ere sliall be applied to tlar. sums secured by this \iortgage such propor- "` � r " ' � ���
<br /> tion pf Lhe proceeds as is equa: to thai �3roport,ion which the amount oi tl�e sums secured Uy this Mortgage imme- b � �g
<br /> diately prior to tlie date of taking bears to kdte fair iu�rket value of tlie Property i�umediately prior to f,he date of ' � ;;t, �� ,
<br /> � tatcing, with the balance of the proceeds }�aid to Borrower. ��M
<br /> If the Property is abandoned bv Borrower or it after notice by Lender to Borrower that the condeinnor offers � .�' �' � -t
<br /> to make an award or settle a claini For dainages, Borrower iails to i•esF�ond t,o Lender n•itt�in 30 dayr of tlie date
<br /> ; nf such r.otice, Lendcr in nuthariacd to coltect and, app:}- thc proceeds at Lcndcr'� upt:c�n e;tlier tc re,toration or � , .
<br /> regsir of the Properts• or to thc suins secured b}• this _liortgabc• � '
<br /> Unless Lender and Borrower othern•ise agree in writing, ;ny such application of proeeeds to principal shall
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