|
�.: t=
<br /> i �;,� ,
<br /> a�� �
<br /> � If under paragraph 18 hereof the Yroperty is sold or the Property is other«•ise acquired k>}' I.•ender, I.ender , �
<br /> shall apply; no later tfian iinmedia6ely prior ta the, sale ot the Property or its acquisition by Lender, �ny I'unds
<br /> heldby Len�{er ut the time of application as a credit against tlie suins secured by Yhis Ddortgage.
<br /> 3. Application of Payments. ' Unless applScahlc li��+• provides �therwise, all payments received by I.ender
<br /> Under the �ote and paragraplis l anct 2 liereof sl�all l�c apl�lied by Lender firsi in paymeni of ainounts payable to
<br /> Lender by Borrower under paragrapli 2 lisreof, then to interest �>uyablc on the ?�Tote and on rutu7•e Advances , if
<br /> any, and then to the principal of the Note and to tl�e principal of P'uture Adv.� nces, if any.
<br /> 9: Charges; Liens. Borro�ver sliall pay �ll taxes, assessments and other charges, fines and impositions attrib-
<br /> utable to the Property which may nttain a ��riority over this _lIortgage, anQ �round rents; if any, at Lender's
<br /> r option in the manner Provided `under Iiaragraph 2 hereof or by Borrower n�aking payment, when due, directly to .
<br /> - � the payee thereof. Borrower shall promptly furnish to Lender all notices of ambunts due under this paragraph ,
<br /> � ,d,� and in the event Borrower shall make payment ,d;.actly, Borrower shall promptly durnish to Lender receipt5 evi-
<br /> � dencing sucli �ayments. Borrower shall promptly discharge any lien which has �iriority over this llortgage ; pro-
<br /> ' � vided, that $orrower shall not be required to disclrarge any sucll lien so long as I3orro���er shall agree in writing to
<br /> � tne psymenG of the obligation secured by such lien in .�. inanner accepti�ble to Lender, or siYall in good faith contest
<br /> � such lien by, .or defend enforcement of . sucli lien in; legal f�roceedings �vl�ich operate to prevent the enforcement of
<br /> the lien or foTfeiture of tlie Property or any part tfiereoL
<br /> � 5, Hazard Insurance. $orrower shail keep tl�e iinpro��ements no�v existing or liereafter erected on the Prap-
<br /> , h ' erty insured against loss by fire, hazards included within the term "extended covera�e", and such other hazards as
<br /> ; �+ Lender may require and in suc}� �tmounts and for sucli periods as Lender �nay require ; provided ; that Lender shell
<br /> ` not require tl�at the amount of such coverage exc:eed thAt amount of coverage required to pay the sums secured 'Uy
<br /> '� this Mortgage.
<br /> { Tite insarance carrier providing t6e insurauce shall be cirosen by Borrower subject to approvnl by Lender ;
<br /> ; provided; tliat such approval shall not be unreasonably withheld . All premiums on insurance policies shall be paid
<br /> at Lender's option in the manner provided under paragrspli 2 liereof or by Borrower making payment, when due,
<br /> s directiy 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 /> unmediately due and payable w-ith 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 renewuls tl�ereot sl�all be in form acceptable to Lender and shall include a standard
<br /> j mortgage elause in fa,vor of And in Form acceptable to Lender. Lender ;hall have the right to hold the policies and
<br /> renewals thereof, and Borrower shalt promptly furnish to I.ender all rene�val uoticr,s and all receipts of paid pre-
<br /> � miums. In the event oi loss, Borrower shall give prompt notice to the insurance carrier and Lender, and Lender
<br /> j rnay make proof of loss if not made promptly by Borrower.
<br /> ' Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or
<br /> ? repair of the Property damaged, provided such restoration or repair is economically feasible and the security of
<br /> �
<br /> � this Mortgsge is not thereby impaired . It such restoration or repair is not econoinically feasible or if the security
<br /> � of this bZortgage would be impaired, the insurance �>roceeds shall lie applied to the sums secured by this Mort�age ,
<br /> + with the excess, if any, paid to Borrower. If the YroperGy is abandoned by Iiorrower or if Borrower fails to respond
<br /> � to Lender within 30 days after notice by Lender to Borrower that the insurance carrier offers to settle a claim for
<br /> ineurance benefits, Lender is authorized to collect and apply tl�c insurance �roceeds at Lender's option either to
<br /> t' restoration or repair of the Property or to the sums secured by this \Sortgage.
<br /> � Unless Lender and IIorrower otherwise agree in writing, any such apptication of proceeds to principal shall
<br /> ? not extend or postpone the due date of the montlily installments referred to in paragraphs 1 and 2 hereof or change
<br /> the amount of such installments.
<br /> i If under paragraph 1S hereof the Yroperty is acquired by Lender, nll right, title and interest of Borrower in
<br /> � and to any insurance policies snd in and to tlie proceeds tl�ereof (to t.�e extent of the sums secured by tl�is hlort-
<br /> � gage immediately prior to such sale or acquisition ) resulting froin dawage to the 1'ropeity prior to the sale or
<br /> , q a cquisition shall pass to Lender.
<br /> { 6. Preservation �d Mmntenance of Property; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> j erty in good repair and shall not permit or commit waste, impttirment, or deterioration of il�e Property and shall
<br /> + comply with the provisions of any lease, if this 1lortgage is on a leaseliold . If this Mortgage is on a condominium
<br /> ; unit, Borrower shall perform all of Borrower's obligations under the declaration of condominium or master deed ,
<br /> � the by-laws and regulations of the condominium project and constituent documents.
<br /> ' 7. Protection of Lender's Security. If Borrower fails t.o perform the covenants and agreements contained in
<br /> i tliis tortgage, or if any action or proceeding i, commenceci �vhicli �naterially atfects Lender's interest in the Prop-
<br /> , erty, inciuding, but not limited to, eminent dmnain , insoh�ency, code enforcement, or arr�ngements or proeeed-
<br /> � ings involving a bankrupt or decedent, then Lender at, Lender's option , upon notice to Borrower, may make such
<br /> ; appearances, disburse such sums and take sucl� action ns is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonable attorney's fees and entry upon the Property to inake repairs. Any
<br /> n amounts disbursed by Lender pursuant to tliis paragi•aph 7, �vith interest thereon , shall become additional indebt-
<br /> ;i ednese of Bnrrower secured by this 13ortgage. Unless Borro�ver and Lender agree to other terms of payment, such
<br /> a amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> t est irom the date of disbursement at the rate stated in the 1Vote unless payment of interest at such rats would be
<br /> ' � contrary to applicable law, in which event such amounts shall bear interest at. the highest rate permissible by
<br /> ' applicablelaw. Notl�ing contained in tliis paragraph 7 slzall require Lender to Sncur ahy expense or do any act
<br /> � hereunder.
<br /> ` ' 8: Inspection. Lender may make or cause to he madc reasonal� lc entries upon and inspections of the Prop-
<br /> erty, provided that Lender sl�sll givo Borrower noricc >>rior ro :� ny such ins�>ec.t.ion specifying reasonable cavse
<br /> therefor rel�ted to Len�er's interest in the Property.
<br /> ' 9. CondeznnatiSn. •The proceeds of any award or ctaim for damages, direct or consequential , in connection
<br /> " with any condemnation or other taking of the Yroperty, or part tliereof, or for con��eyance in lieu of condemna-
<br /> ' tion, are hereby assigned and shall be paid to Lender. '
<br /> ; In the event of a total taking ot the Property, the proceeds shall (,e applied to the swns secure.d by this Mort- ` ,�
<br /> � gage, with the excess� if any, paid to Borro�ver. In the event of a partial taking of the Property, unless Borrower ,. � `
<br /> � and Lender otherwise agree in �vriting, tl�ere shall be applied to ti�e sums secured by this �lortgage such propor- �s� <; • � ;� �,:'
<br /> F tion ofr the proeeeda as is equsl to that progortion whicl� tk�e umount of the suxns secured by this Mortgage imme- ; �� �
<br /> ' ' .� distely, prior to the date of taking beara to tl�e fair inarket �•alue of the Property immediately prior tio the date of �.,,
<br /> , - taking, wiLh �he: balaae� of the pioceeds paid to Bocrower. �� ?
<br /> � I# the Property is abandoaed by Borrower or if ftfter notice by Lender to Bormwer thst the condemnor offers ; ";
<br /> ; to make an awaid or settle s ciaini for dauiagea, Burs �wer iaiis to i•ea�ou� iu Leuder wiiliin 30 days oi the dste
<br /> of such nntice„Lender is aut,harizerl to callect una 3�i,ly f.l�e proceed� at Lecider's o},tiun eiWiei• iu res�urr�tiun or ,,;•;
<br /> � repair of the PFoperty or to the sums secured by tllis \iortgage,
<br /> Unless Lender and Borrower otl�errvise agree in writing, any such application of proceeds to principal shsll
<br /> ,
<br /> , ;
<br /> �
<br /> � t��•
<br /> � ._..
<br /> . ..__
<br />�.
<br /> a-
<br />
|