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<br /> �e If under paragrnph 18 hereof the Yroperty is sold m• ih�� }?roperty is otherwise acquired b,y Lender, I,ender �
<br /> shall apply, no later than immediately prior to tl�e saic of the Yrolicrt,y or its acquisition b� Lender, any P'unds
<br /> lield by Lender at the iiine of api�lication as a credit against. thc suins secui•ed t�v tliis �Tortgage.
<br /> ' 3. Application of Paymenta Unless applicabtc ln��� ��rovides otherx�i,e, �ill payments received by Lender
<br /> under ttie Note and paragrapLs l and 2 hereof sl�all bc ap��licd by Lender first in j5ayment; of amounts payuble to
<br /> Lender t�y Borrower under paragraph 2 hereof, then to interest p�� yable on tl�e 1�Tote nnd on Future Advnnces, if
<br /> any, and them to the principal of the �'ote nnd to tl�e principal of Future Ad ���nces; if any.
<br /> 4. Charges; Liens. ' Borrower shall pay all taxes, assessments and other charges, fines and impositions attrib-
<br /> utable to the Property which inay attain a ��riority over t6is \4ortgs�e, and grow�d rents, if ai�y, at Lender's
<br /> � '� option in the manner provided under paragraj�h 2 hereof or by Borrorver making pay�nent, when due, directly to
<br /> � the payee theceoF: Borrower shall riromptly furnisl� to Lender all notices of ainounts due widcl• this paragraph ,
<br /> '� �'" and im tl�e event Borrower shali make puyment directly; I3orrower shall promptty furnish to Lender receipts evi-
<br /> �'-' dencing such paytnents. Borrower shall promptly ciischarge any lien which hss }n•iority over this \]ortgage ; pro- •
<br /> � vided, that Borrower shall not be required to discha�ge any sueli lien so long :�s Fiorrower shall agree in writing to
<br /> = the payment of' the o6ligation secured by such lien in ;ti manner acceptable to Lender, or shall in good faitli contest
<br /> � such ]ien by, or deFend enforcement of sueh lien in, le�al proceeding� �vliich operate to pre��ent the entorcement of
<br /> � the`]ien or forfeiture of the Property or any part thereof.
<br /> 5. Hazard Insurance. $orrower shall keep the improrements no�ti� existing or hereafter erected on the Prop-
<br /> � erty insured againstloss by fire, hazards included �vithin the term "extended coverage", and such other hazards as
<br /> Lender mny require and in such arnaunts and for sucl� periods as Lenaer myy require ; provided , that Lender shall
<br /> ! not require that the amount of such coverage exceed t:Lat :�mouut of coverage required to pay the sums secured 'by
<br /> ' this Mortgage:
<br /> ; The insurance carrier providing the insw�ancr. shal ! be chosen by Borrower subject to approval by Lender ;
<br /> � provicfed, ti�absucl� approvaI shaIl not be wueasonably withheld. All premiums mi insurance policies shall be paid
<br /> ^ at I�ender's option in tl�e manner provided under par�graph 2 hereof or by 13orro�ver mttking payment, when due,
<br /> r 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 sha11 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 /> f All insurance policies �nd renewalc tl�ereof sLail be in forin acceptable to Lencier and shall include a standard
<br /> i �nortgage clause in favor of and in form accel.�taUle to Leiidei•. I,ender sl�all ha��c tlie right Yo l�old the policies and
<br /> : renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices nnd :�11 receipts ot paid pre-
<br /> f miums. In the event of loss, I3orro�ver shall give prompt notice to the insurance carriei• and Lender, and Lender
<br /> may make proof of loss if not made promptly by Borrower.
<br /> Unless Lender and Borrower otherwise �,gree in writing, insmance proceeds shall be applied to restoration or
<br /> ; repair of the Property damaged , provided suc(i restoration or repair is economicslly fe3sible and the security of
<br /> this \Qortgage is not tl�ereby impaired. If sucl� restoration ur re��sii• is not economic=tlly feasible or if the security
<br /> of this Alortgage would be impaired , tl�e insurnnce proceeds sl�all be appliecl lo the sums secured by this Mortgage ,
<br /> '� with the excess, if any, paid to ]3orrower. If the Yroperty is abandoned hy Borrower or if Borrower fails to respond
<br /> � to Lender witl�in 30 days after notice by Lender to Bm•rower tliat thc. insurauce carrier offers {o settle a claim for
<br /> � insurance benefits, Lender is authorize4' to collect and apply t6e insurance ��roceeds at Lender's option either to
<br /> restoration or repair of the Property or to the sums secured by tl�is \toi�tgage.
<br /> � Unless Lender and 13orrower otherwise agree in writing, any such application of proceeds to principal shxli
<br /> not extend or postpone the due date of the monthly install�nents referred to in paragraphs 1 and 2 hereof or chsnge
<br /> . the amount of such installments.
<br /> t If under paragraph 18 hereof the Yroperty is acyuired by Leudei•, a11 right., title and interest of Borrower in
<br /> , ; and to any insurance Policies anc! in and fo the proceeds thereof Ito the extent of the suins secured by this n4ort-
<br /> E gage immediately prior to such sale or acquisitionl resulting from damage to the Property prim• to the sale or
<br /> a acquisition shall pass to Lender.
<br /> � 6. Preservation cmd Mmntenance of Property; Leaseholds: Condominiums. 2iorrower shall keep the Prop-
<br /> �� erty in good repair and shall not permit or commit tivaste, impairir�ent , or deterioration of the I'roperty and shall
<br /> comply with the provisions of any lease, it this �Iortgage is on a leasehold . If this illortgage is on a condominium
<br /> s unit, Borrower shall perform all of Borrower's obligations under the declaiation of condominium or master deed ,
<br /> the by-laws and regul� tions of tlte condotnii�ium project nnd constituent docutnents.
<br /> 7. Pzotection of Lender's Security. If Borro�vei• fails to perform the covenants and ugreements contained in
<br /> } this Mortgage, or if nny action or proceeding is commenced which materially affects Lender 's interest in the Prop-
<br /> j erty, including, Uut not limited to, eminent doniain , insolrenc}�, code enforcement , or yrrangements or proceed -
<br /> yings involving a bankrupt or decedent, then Lender at Lender's option , u�>on notice to Borrower, ttiay make such
<br /> a appearances, disburse such sums and take sucl� action .is is necessa�y to protect Lender's interest, including, Uut
<br /> � not limited to, disUursement of reasonable attorney 's fees and entry upon the Yroperty to make repairs. Any
<br /> ' amounts disbursed by Lender pursuant to t.his parzgi:zph 7; with interest thereon , shall becorue additional indebt-
<br /> edness of Borrower secured by this 1Sortgage. Unless Borro�ver and Lender agree to other terins of payinent, such
<br /> amounts shallbe payable upon notice from Lender to Borrower r•equesting p;�yment thereof, and sliall bear inter-
<br /> � est from the date of disbursement at t.he rat.e stated in tl�e I�Tote unless payment of interest at such rate �i�ould 6e
<br /> contrary to applicable law, in whicli event such amounts shall bear interest at the highest rate permissible by
<br /> 1 applicable law. �Totl�ing contained in tliis p3ragrnpli 7 shaill reryuirc I,ender to incur uny expense or do any act
<br /> � hereunden
<br /> 8. Inspection. Lender ivay make or cau�e to he madc reasonablc enta•ies upon and inspect:ons of the Prop-
<br /> erty, pr�vided that Lender shfill give Borro�ser notice ��rior to an}• �uch inspectiou �pecif,yinR reasonable cause
<br /> �' therefor related to Lender's interest in the Property�.
<br /> "` ' . 9. Condemaation. The jiror,eeds c. uny ati�ar3 m• clsitu ;or riamage,, lirect or cm�seyueuLial, in conuectiou
<br /> � ; with any condemnation or other taking of the Yroperty , or 1>art thcu•cof, or for conee��ance in licu of condemnu-
<br /> ! , tion, are hereby assignecj and shal] f�e paid to T.ender.
<br /> � In the event of a total taking of thc Yroperty, the pi•oceeds shal ! be appliea to the suins secui•e� by this D�ort- �
<br /> a e with the excese if an aid to Borron•er. In tlie evcac of a �.srtial ta.kin of tl�e Pr� �crt unless Borrower "u'd�� "` �
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<br /> , s ' and Lender`othersvise agree in �i�riting, there sl�atl be applied to tl�e sums secured t3y this \fortgn�;e such propor- atit ;tiaK ;�
<br /> ! tion of the }�roceeds as is equal to that proportion whicl� tl�e un�ount of tlie sums �ecured by this Dfortgage imme- � ?;'� -
<br /> � ; diately prior io the date of taking bears to t6e fair iziarket value of' tLe Yropertr immediately prior to the date of , r',
<br /> �; taking, with tne bslanee of the proceeds paid to Borrowei•. y�,'
<br /> ; If the ProUerty is abandoned by Borrower or if xifter notice by Lender to I3orro�vee that the condenmor offers
<br /> to make, an award or settle a claim for;daniages, I3orro«�er fails to respond to I.ender within 30 days of the clate
<br /> ui eucIi iio6ice, Lender is sut'f�orized ta collect and xppl,y tlae pxoceeds rtt. i.ender's option eitlter t.o restoration or
<br /> ! repuii oF the Property or 2.� Li�e suu�s secure�l by iliis lIortgagc.. "
<br /> ; L'nless L.ender and Borrower otlieT�vise agree in writing, 4ny such appiication of proceeds to principal shall
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