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<br /> If under ��aragraph IS hereoF the I'roperty is sold or tl�e ti'roperty is othenvise acquimd by Lender, Lender
<br /> shall apply, no later than immediately prior to t6c sale oC t;l�c Property car its acyuisition by 7.ender; tiny Funds
<br /> held byLender at the time of a.j�plication as a cre�lit agnin:>t ttie smns secured hy this A'Iortgage.
<br /> 3, lipplication of Payments. Unless al�plicablc la�r ��rovides otlier�visc, ull payinents received by Lender
<br /> under the Note and tiaragrapLs 1 und 2 hereof shnll bc applied I�y I.ender first in payinent of amounts payable to
<br /> Lender byBorrower under paragral�l� 2 hereof, tl�ei� to interest j�:�yat�le on the Note ssnd on Future :Advances; iL
<br /> any, and then ;to the Principal oi the Note anc3 to tUe princiF�al of I'uture Advances , 'if any.
<br /> 4, , Chdrges; Lieas. , Borro�ver sl�ail pay all taxes, assess3nents �nd other cliarges, fines and impositions rsttrib-
<br /> utpble to the Broperty which may attain ;� priority over tl�is �iortgage, and ground rents , if any, at Lender's �
<br /> ; � � option in the manner provided under ?3artigraph 2 hereof oi� by $orrower makin� �>ayment, �vhen due, directly' to '°
<br /> , , t � the payee thereof. Borroaver shall prorn��tly fvrnisii to Len�ier a.11 notices of amount.s duc under this 'paragraph ,
<br /> and in the event Borrower shall make payment directly; Borro«�er shult ��romptly furnisL to Lender receipts evi-
<br /> �'✓ dencing sach F>ayments. Borrower shall ,raromptly discl�arge auy lieii �vhich has priority over this l�Iortgage ; pro-
<br /> � vided, that Borrower shail not be required to discl�arge any such lien so long :�s Borrower sl��,ll agree in �vriting to
<br /> ' � the payment of the obligatio�x secured by sucli lien in .� manner accepttlble to Lender, or shall in good faith contest
<br /> ' sruch lien by, or defend enforcement of sucli lien in , ]ega] j�coceedings �vhicli operate to prevenC the enforcement of
<br /> i the lien or forfeiture of the Property or any liart thereof.
<br /> � 5. Hazard Insurance. BoTrower shall kee�� tlic iinprovements not+� existing or hereafter erected on the Prop-
<br /> erty insured against loss by fire, hazards included �vitliin the term "extes�ded coverage", a.nd such other liazarls as
<br /> Lender' �nay require and in such amounts und for sucli i�eriods as Leiider ma,y require ; provided, that Lender shall
<br /> not require that theamount of such coveruge exceed tliat amount of coverage required to pay the sums secured'by
<br /> thSs Mortgnge. ;
<br /> The insursnce oarrier providing tt�e insurance sliall be chosen �y Borrower subject to approval by Lender ;
<br /> provided, tfiat such approval shall not be unreasonably withheld. All pre.miums on insurance policies shnll be paid �
<br /> at Lender's optioiz in tlte manner providecl under �>aragrapli 2 liereof or by Borro�ver making payment, when due,
<br /> 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, rnay procure insurance on the improvements, pay the premiums and such aum 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 defauit "
<br /> under the terms of this Mortgage. z,
<br /> All insurancepolicies and tenewals thereof slio ll be in forui acceptable to Lender and sl�all include u standard
<br /> inortgage clause in favor of and in form acceptaLle to Lender. I,ender shall I�ave the riglit to liold the i�olicies and
<br /> � renewals thereof, and Borrower shall promptly furnish to Lender �tll renewal notices and ull receipts of paid �re-
<br /> miums. In the event of loss, Borrower shull give prompt notice to the insurance carrier and Lender, and Lender - �``
<br /> may inake proof of loss if not made promptly by Borrower. '
<br /> Unless Lender and Borrower ot4erwise agree in writing, insurance proceeds sl�all be applied to restoration or ^ '
<br /> repair of the Property damaged, provided such restoration or repuir is economically feasible and the xecurity of
<br /> this Mortgage is not thereby impaired. If such restor� tion or repair is not econoinically feasible or if the security
<br /> of this nZortgage would be impaired ; tl�e insurance ��roceeds sh111 be applied to tlie sums secured by tliis Mortgage ,
<br /> with the excess, if any, pa.id to Borrowei•. If the Yroperty is sbnndoned by Borrower or if Borrower faSls to zespond
<br /> to Lender within 30 days after notice by Lender to Borrower tliat the insurance carrier offers to settle a claim for
<br /> insurance benefits Lender is authorized to colleet and a 1 � the insurance �
<br /> , pp y proceeds at Lender's option either to
<br /> restoration or repair of the Property or to the swns secured by this \'Iortgage. � :
<br /> Unless Lender and $orrower otherwise agree in �vriting, any sucli application of proceeds to principal shall
<br /> not elctend or postpone the due date of the inontl�ly installinents referred to in paragraphs 1 and 2 hereof or change
<br /> the emount of such installments.
<br /> +: If under parngraph 18 l�ereof the Property is acquired by Lender, a11 right, titie and interest of Borrower in
<br /> and to any insurance policies and in and to Ehe proceeds thereof (to ttie extent of the bums secured by 'this Mort-
<br /> ga�ge immediately prior to sucli sale oz- acquisition j result.ing from datnage #o the Yropei�ty prioi• t.o tlie sale or
<br /> acquisition shall pass to Lender.
<br /> 6. PreservaGon cmd Mcriatenance of Property; Leaseholds; Condomixuums. Borrower shall keep the Prop- a
<br /> erty in good repair and skiall not permiL or commit waste, impairn�ent, or deterioration of the Property and shall
<br /> � comply with the provisions of any lease, if tl�is \lortgage is on a leasei�old . If this ZTortgsge 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 proj ect and constituent documents.
<br /> 7. Protection of Lendei s Seeurity_ If Borrower fails to perfor�n the covenants and agreements contained in
<br /> this �4ortgage, or if any sotion or proceeding is con�inenced �vhicli :naterially affects Lender's interest in the Prop-
<br /> erty, including, Uut not limited to, euzinent dorusin, insolvency, code enforcement, or arrangements or . proceed-
<br /> ings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrocver, may make such
<br /> appearanees, disburse suc3� suins and take sucii zction as is necessary to protect Lender's interest, including, but
<br /> not limited to, disburseinent of reasonable attorney "s fees and entry upon the Property to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this paragraph 7 , �vith interest thereon, shall become additional indebt-
<br /> edness of Borrower seeured by this 1�Iortgage. Uniess Borrower and I,ender agree to other terms of payment, such
<br /> amounts shall bs payable upon notice from Lender to Borrower requestingpayment thereof, and shail beAr inter-
<br /> est from the date of disburseinent at the rate stated in the IQote unless payment of interest ut such rate would be
<br /> contrary to app]icable law, in which e��ent such amounts shall bear interest at the highest rate permissible Uy
<br /> agplicable law. Nothing contained in this paragraph 7 shall requirc I ,ender to incur a,ny expense or do any act
<br /> hereunder.
<br /> 8. Inspectioa. Lender may �nake oi• cause to i7e made reusonable entries upon and inspections of the Prop-
<br /> erty, provided that Lender shall give Borrow•er notice �u•ior to anv suc•h inspect,ion epecify�ing reasonable cause
<br /> therefor retated to Lender's interest in tlie Property.
<br /> 9. Condamnation. The pruceeds oi uny award or claim ior damages, direct or eonsequential, in connection
<br /> k•ith any condemnation or qther taking of the Yroperty, or i>art t t�ereof , or for con�•eyance in lieu of condemna-
<br /> tion, are hereby assigned and shalI be pa.id to Lender. �
<br /> In the event of a total taking ofi' t.he Yroperty, the proceeds sliall be applied to the sums secured by tliis Mort-
<br /> gage, zvjth Lhe exoess, ,if any, paid t.o Borrucver. In t.he event of a partial taking of the Property, unless Borrower "' � +;
<br /> a�d Lender otherwise agree in �vriCing, there shall be ali��lied to the siilns secured Uy thi� iVlortgagc such propor- ' �'" +� �;�
<br /> tion of the proceeda as is equal to that propoition which tlie amount of the sums secured by this ib�ortgage imme- � � #�,�
<br /> diatelq prior to the date oS taking bears to the fair market value of ttie Propert,y i�niYaedia#,ely prior to tl�e date of T�`�
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<br /> taicing, with the balance of the proceeds �aid to Boi•row er. ��,,,.
<br /> Zf the Property is abandoned by Borrower ar if :�fter notice by Lender to Borro�ver that the condemnor offers ` '� '
<br /> to make an'award or settle a clauu for tlan�ages, Borrowe�• isils to respond to Lender within 30 davs bf the date
<br /> af sueh ntstice; Lender is authorized to collect an� aprly� t.he` proeeed5 �t Lender's option eitl�er io restoratian or
<br /> , repair of the Pxoperty or to the suzns secured by tl�is \lortgage. , �",
<br /> Unless Lender and Borrower othercvise agree in writing, any suoh applicstion of proceeds to principal shall
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