|
, � �.
<br />`�. � :� �
<br /> _ .�
<br /> � ' �
<br /> If under parugraph 18 hereof the Property is sold or the Yroperty is otherwisc .acquired by I,ender, Lender
<br /> shall apply, no later than immediately prior to the salc of the ProperCy or its ucquisition by Lender, ;iny Fmids '
<br /> 1�eld by Lender at the time of application as a credit against the silrns secured hy tiiis 17ortgage.
<br /> 3. Application of Bayments. Unless applicable ].���� �movides othercti�ise, all pay-inents receivc�d uy Lender
<br /> under the Note and I�aTagrapLs l and 2 hei•eof sltall be ap��lied by Lencier first in payment of smounts pay:�ble to
<br /> Lender, by Borrower under puragraF>h 2 ]�ereof, thGn to interest pxyablc on , the �Tote and ou Future eldvances, if
<br /> any, atid then to the prineipal of the Note'and to the principa,l of P'uture Advances, if any,
<br /> 4. . Charges; Liens. > Borrower sl�all pay all tazes, assess�nents and other charges, fines and impositions attrib-
<br /> utable to the Property �vhich may attain a priority over this �4ortgage, and ground rents, if any, at Lender's
<br /> � � ' option in the manner provided under paragraph 2 liereof or by Borrower making ��ayinent, wheu ' due; directly to
<br /> 'C� the payee thereof. Borro�ver sliall promptly furnish to I ender dll 'notiees of amounts due under tl�is paragrsiph;
<br /> C77 and in the event Borrower shall make j�ayment directly, Borro�ti�eirsliall promptly furnisli to Leuder receipts evi-
<br /> CO` ' dencing such �a,yinents. Borrower shall promptly discLargc any lien which has lariority over this �lortga�e ; prp-
<br /> G�"J vided; that-Borrower s1�a11 not be require� to discl�aige any siich lien so ]ong as I3orrower sliall agree in writing to
<br /> �7 bne payment oi the obligation secured Uy suclr lien in .a ma.mier acceptable to I.ender, or slialC in good faith contest
<br /> C.� such lien 6y, or defend enforceinent of such` lien in , legal proceedings which operate to prevent' the enforcement of
<br /> the lien or forfeiture of the Property or any l�art thereof. '
<br /> S Hazard Insurance. Borrower sl�all keep tl�e improvements no�v existing or hereafter erected on the Prop-
<br /> � erty insured against loss, by fire, hazards included �vithin the term "extended caverage", and such oEher haaards as
<br /> ^ Lender may require and in such amoutits und for sucli periods i�s Lender ma,}� require ; provided, th�t Lender shall
<br /> � not require that the amount of such coverage exceed thnt amount of coverage required to pay the sums secured 'by
<br /> this Mortgage.
<br /> The insurance carrier providing tl�e insurance shall be chosen by Borrower subject to approvat by Lender ;
<br /> provided , that suci� approval shati nob be unreasonably withheld . Ati premiums on insurance }�olicies shall be paid
<br /> � at Lender's option in the manner provided under paragrapli 2 hereof or b,y Borro�ver making payment, when due,
<br /> :q directly to the insurance carrier.
<br /> In the event any policy is not renewed on or before ten days of its expi=ation, the Lender, to protect
<br /> its interest, may procure insurance on the improvements, pay the premiuma 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 Borrower to comply may, at option of Lender, constitute a default
<br /> under the terms of this Mortgage.
<br /> All insurancepolicies and renewals tl�ereof sl�all be in forii� ucceptable to Lender and sltall include a standard
<br /> mortgage clauce in favor of and in form acceptable to Lender. I,ender shall l�ave tlie right to l�old the policies and
<br /> renewals thereof, and Borrower shall promptly furnish to Lender all renewa,l notices and all receipts of paid pre-
<br /> miums. In t}�e event of loss, ]3orrower shiil! give prmnpt notice to the insurance carrier and Lender, and Lender
<br /> may make proof of loss if not made promptly by Borrower.
<br /> Unless Lender and Borrower otherwise agree in u�ritiiag, insm•ance proceeds shall Ue applied to restoration or
<br /> , repair of the Propei�ty damaged, provided sucli restoration or repair is econo�nicall}� feasible and the security of
<br /> this 14ortgage is not tl�ereby impaired . If such restoration or repair is not economically feasiUle or if ihe security
<br /> � '! of this 14ortgage would be impaired, the insura,nce proceeds shall be applied to the sums secured by this Mortgage,
<br /> with the excess, if any , paid to Borrower. If the Yroperty is abancioned by 13orrower or if Borrower fails to respond
<br /> to Lender within 30 days after notice Uy Lender to Borrower that the insurance carrier offers to settle a claim far
<br /> ineurance benefits, Lender is authorized to collect• and apply the insurance proceeds at Lender's option either to
<br /> restoration or repair of the Property or to the swns secured by- tl�is �Iortgage.
<br /> Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall
<br /> not extend or postpone the due date of the �uonthly installments referred to in paragraphs 1 and 2 hereof or change
<br /> , � the amount of such installments.
<br /> # If under paragraph 18 hereof the Yroperty is acquired by Lender, all right, title and interest of Borrower in
<br /> �; and to any insurance policies and in and to the proceeds thereof (to tl�e extent of the sums secured by this iVIort-
<br /> � gsge immediately prior to such sale or acquisitionl resultiug from dau�age to the Property prior to the sale or
<br /> acquisition shal] pass to Lender.
<br /> 6. PreservaGon �d Mmnteacmce of Property; Leaseholds; Coadominiums. ]3orrower 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 any lease, if this \fortgage is on a leasehold. If this Mortgage is on a condominium
<br /> unit, Borrower sl�all perform all of Borrower's obligations imder the declaration of condominiucn or master deed,
<br /> the by-laws and regulations of tl�e condominium project and constituent documents.
<br /> - 7. Protection of Lender's Security. If Borrower fails to perform the covenants and ugreements contained in
<br /> � this A4ortgage, or if any action or proceeding is commenced whicl� tnaterially affects Lender's xnterest in the Prop-
<br /> erty, including, but not limited to, eminent doinain, insolvency, code entorceruent , or arran�ements or proceed-
<br /> , 3 ings involving a bankrupt or decedent, then Lender at T,ender's option , upon noGice to Borrower, may inake suel�
<br /> ' s appearances, disburse such sums snd take such action as is necessary to protect Lender's interest, including, but
<br /> i not limited to, disbursement of reasonable attorney's fees and entry upon tlie Property to make repairs. Any
<br /> smounts disbursed by Lender pursuant to this paragrupl� 7, «•itli interest t,hereun , shall become additional indebt-
<br /> ` edness of Borrower secured by this 1lortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> � amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> 3 est from the date of disbursement at the rate stated in the Note imless payment of interest at such rste would be
<br /> contrary to applicable law , in which event such amounts sliali bear interest at the highest rate permiasible by
<br /> ` applicable law . \Totl�ing contained in ihis paragraph 7 shall requirc Lender to incur any expense or do any act
<br /> j hereunder.
<br /> p 8. Iaspeclion. Lender rnay make or cause to hc madc reasonable entries upon and inspections of the Prop-
<br /> � erty, provided that Lender shall give Borrow�er notice ��rim� to uny ,uch inspection specitying reasonable cause
<br /> ! - therefor ielated to Lender's interest in the Property_
<br /> ' 9. Condemnatioa. The procee3s ot uiiy uwi�rd or rlai�u fur ciaivages, uirect or cansequeniial , in connection
<br /> " � �vith any condemnation .or otl�er iaking of the Property , or part thcreof, or for con �•eyance in lieu of condemna-
<br /> 3 tion, are hereby assigned and shall be paid to Lendeii
<br /> , � In the event of a total taking of the Yroperty, tlie � iroceeds sl�ali 1�e applied to t17e sums secured by this Mort-
<br /> gage, with the excess, if anti�, paid to Borroti�•er. In thc event of a E�artial taking of the Property , unless Borrower " '�c .�;
<br /> � , - and Lender otherwise agree in writing, thei•e shall be applied to tlie suzns secured by this Vlortgage such propor- � �� t_'s
<br /> tion of the proceeds as is ec}ual to that proportion which the aiuount of the sums secured by this Mortgage imme- ��+ � .a�
<br /> � distely prior to the date of taking bears to tl�e fair market ��alue of tt�e Yro�erty iinznediately prior to the date o# ' r ,�' `
<br /> taking, with the balance of �he proceeds paid to Borrower. ,;;���-
<br /> If the Property is sbandoned by Borrower or if ntGer notice by Lender to Borro�ver that tl�e condeinnor offers ' ;` . ,
<br /> i , ' �,
<br /> . ; _ to rauke an award ar settie s claim for damages, Borrower fails to respond to Lender witl�in 30 dsys b£ the date
<br /> � of such xio6ice, Len�ier is authorized to collect anci apply the proceed. st I,ender's opiion eitlier to restoration or ' '
<br /> ; - repair oi Lhe Propnr6y qr f,c� tlae �uuis secured by tliis _llortgage, w°° �
<br /> Unless Lender and Borrower other�vise agree in writing, any such appiication of praceeds to principal shull -
<br /> , �. � ,,.�,�;
<br /> L_ �
<br />
|