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<br /> � If under l�aragrapli 18 hereof the Property is sold or the Property is otherwise acquired by I,ender, Lender �
<br /> shall �,pply,, no later tl�amimn�ediately prior to tl�e s�lc of the Propei•ty or its ucquisition by I,ecider, any Funds
<br /> heldby Lender at the time of application as a creciit against the sum; secured by tl�is ��ortgage.
<br /> 3. ' AppIicarion of Pay:neats. Unless applicablc la�v provicies otherwise, all ��a,yments received by Lender
<br /> ` under the Note and paragraplis 1 and 2 hereof sliall he �ri�ilied by ,Lender first in pa,yn7eYit of amounts payable to
<br /> Lender by Borrower under paragrapli 2 l�ereof, t,l�en to interest �itiyable on t6e \'ofe anr.1 on Futurc Advances, if °
<br /> any, and then to the principal of the I��ote nnd ko the principal of Futurc Advances, if any.
<br /> � 4. Cflazgese Liens. Borroxver sLall gay nli taxes, assessments 'ancl other charges ; fines and impositions attrib-
<br /> , ; utiable,to the .Property which may attain a �riority over tl�is Moi•tgage, and ground rents; if a.ny; ;at Lender's ` `'
<br /> �, '- option?in the manner provided under paragraph 2 hereof or by Borrower �naking pa,yment, when due, ;directly' to �
<br /> ' the payee `thereof. Borrower shsll pranptYy turnisl� to Lender all notices of amounts due iYi�der tliis paragraph, r
<br /> 9 " � , and in the event Boxrqwer ahall make �ayrnent dicectly, Borrorver sliali promptly fuinish to Lender receipts evi-
<br /> ' ` dencin such a ments. ;$qrrower ahall �rom >tl dischar e an lien �vhich has >riorit over this l�iort a e • ' '
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<br /> � Yided, Lhat $orrowex shall not be required to disc6argc any sucli lieci so long as Borrower shall agree in writing to
<br /> � � the payrnen 't oC the obligation secured by such lien in a manner acceptuble to Lender, or shall` in good faith cantest
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<br /> � � ' sueh lien by, ordefend enforcement of suclz lien in; legal pi•oceedings which operate to prevent the enPorcement'of
<br /> ; � the .lien or forfeiture of the Prqperty or any ��art thereof. ; '
<br /> 5. Hazard Insuz�ce. Borrower shal2 keep tlie improvements no�v existing or hereafter erected on the Prop-
<br /> � � erty insured against loss by fire, hazards included �vithin the term "extended covernge", and sucli otl�er l�azar3s as
<br /> ; 1'� Lender may require and in such umounts and for sucli periods as Lendei• may require ; provided , that Lender 'shall
<br /> y + I�w ' not require that' the amount of such coverage exceed thut amount of coverage required to pay the sums secured 'by :'
<br /> y this Mortgage.
<br /> � ;i Tl�e insurance carrier providing tiie insuratice shall be cliosen by Borrower subject to approvnl by Lender ;
<br /> � provided , tGat such approval s6at! not be unreasonabty withheld. AII premiuma on insurance policies shaIt be' paid
<br /> s at Lender's option in the manner provided under paragraph 2 hereof or hy Borrower making payment, when due,
<br /> ; direetly 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 rand payable with interest at the rate set forth in said note untii 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 }�olicies and renewals tl�ereof shall be in form acceptaUle to Lender �;nd shall include a standaid
<br /> } , inortgage clause in favor of and in form acce��table to Lender. Lender sha11 l�ave the right to hold the policies and
<br /> � ' renewnls tl�ereof, and Borrower shall promptly furnish to Lender all renewal notices and ali receipts of paid pre- `,
<br /> miums. In the event of loss, Borrower shall give prompt notice to the insvrance carrier and Lender, and Lender ` '
<br /> � msy make proof of loss if not rnr�de promptly by Borrower.
<br /> Unless Lender and Borrower otl�erwise agree in' �vritiug, insurance proceeds shall be applied to restoration or
<br /> ' repair of the Property danxriged , provided such restorution or repair is economically feasible and the security of '.
<br /> � this Mortgage is not thereby impaired. If such restoratior� or repair is not economicslly feasible or if the security `
<br /> � of this �4ortgage would t�e impaired, the insurance ��roceeds sl�all be applied tathe sums secured by this Mortgage;
<br /> with the excess, if any, paid to Borrower. If the Property is abnndated by Borrower or if Borrower fails to respond ` '
<br /> k- to Lender within 30 days after notice by Lender to Borrower thztt the insurance carrier offers to settle a claim for '
<br /> �: inaurance benefits, Lender is authorized to wllect and apply the insurance proceeds at Lender's option either to
<br /> ',' restoratiosor repair of the Property or to the suins secured by this \Iortgage.
<br /> j` Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall t
<br /> .;� not extend or postpone the due date of the rnonthly installments referred to in paragraphs 1 and 2 hereof or change '. '
<br /> , ; the amount of such installments.
<br /> ' If under paragraph 18 hereof the Property is acquii•ed by Lender, all right, title and interest of Borrower in
<br /> � and to any insurance policies .ind in ttnd to the proceeds thereof (to tlie extent of the sums secured by this Mort-
<br /> i gage immediately prior to such sale or acqui�itionl result.ing from damage to tl�e Property prior to the sa2e or
<br /> ' � acquieition shali pass to Lender. ' '
<br /> ? 6. Preservation cmd Mmntenm�ce of Property; Leaseholds; Condominiums. Borrower 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 the provisions of uny lease, if this Vlortgage is on a, leasehold. If this iVIortgage is on a condominium
<br /> ; ` unit, Borrower shali perform ull of Borrower's obligations under t,he declaration of condominium or master deed ,
<br /> � the by-laws and regulations of the condominium project and constituent documents.
<br /> ` y R Protection of Lender's Security. Tf Barro�ver fails to perform the covenants and agreements contained in
<br /> 3 this Vlortgage, or if any action or proceeding is coinmenced �vhich materially affects Lender's interest in the Prop-
<br /> � ' erty, including; but not ]imited to, eminent domain, insolvency, code enforcement, or arrangements or proceed-
<br /> � ' ings involving a Uankrupt ar decedent, then Lender at Lender's option, upon notice to Borrower, may make such
<br /> appearances, disburse sucli sums and take such action as is necessary to protect Lendzr's interest, including, but
<br /> not limited to, disbursement of rr�yonable attorney's fees and entry upon the Property to make repairs. Any
<br /> amounts disUursed by Lender pursuant to this paragra��li 7, �vith interest thereon , shall become additionat indebt-
<br /> edness o£ Borrower secured by this J�Iortgsae: Unless Borrower and Lender agree to other terms of payment, such
<br /> q amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> � est from the date of diebursement st the rate stated in tlie �Tote unless pgymeirt of interest at such rate would be
<br /> " contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible by
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<br /> applicablelaw. �othing contained in this paragraph 7 shnll rer�uire Lender to incur �ny expense o^ do any act
<br /> ; ' hereunder.
<br /> i8. InspecGon. Lender inay make or cause to he inxde i•easonahle ent.ries upon and inspections of the Prop-
<br /> � erty, provided that Lender cha11 give Borrower notice ��i•ioi• to nny euch inspection ;pecifying reasonable cause
<br /> ' therefor reiated to Lender's interest in the Property. '
<br /> ' 9. .^•ondeussaation. The proceeds of auy awarai or claicu for �iau�ages , direct �c cwisequeutia7, iu conneeLion
<br /> � with any condemnstion or other tiaking of tl�e ProperLy , or part thcrcof, or ior c�nveyance in lieu of condemnn-
<br /> � tion, are hereby assigned and shall be paid to I.ender.
<br /> , In the event of a total taking of the 1?roper6y , the ��rocee�ls shall be applied to the swns secured by this Mort- ��
<br /> ' ` gage, �vith the eaccess, if any, paid to Borroi�•er. In tl�e event oF a partial taking of thc Yroperty, unless Borrower t .� -.. ' ^�"w
<br /> and Lender otherwise a ree in writin there sliall be a �lied to tl�e snms secumd bv this biort n e such ro or- "`'
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<br /> - ' tion of the proceeds as is equal to that proportion which tl�e amount of the sums seeured by this Mortgage imme- � + �' '
<br /> « + d3ately prior to ti�e date of taking bears to the fair znarket value of tlie Pro}�erty iinmediately ,prior to the date of t�;x 4" '
<br /> � � taking, with the:balance of the �roceeds paid to Borrower. z a k'��"
<br /> j If the Property is abandoned by Borrpwer or.if xfter notice byZender to Borrower that the condemnor offers � ,�, .;
<br /> to make an aWard or'settle a claim for darnages; BArrower fails to i•espond to Lender within 30 days of the date
<br /> of such �otice, Lender is auihorized to coldect and-a�aply the ��roceeds at Lender's option either ta restoration or
<br /> ; . repa.ir oi the Properiq or:io ihe suma ser,ured Uy tiiis \Iortgage. � �w-..
<br /> ZJnless Lendex and Borrower othernise agree in writing, any such appiication of proceeds to principal sball
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