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<br /> � If under paragrapli 18 hereof the Property is sold or tiie 1'roperty is otherwise acquired I>y I.ender, I.ender �
<br /> shall apply, no later than imtnediately prior to the salc of the Pro��er4y or rt� acquisition by I..ender, sny Funds
<br /> held by Lender at the time af application as a credit iiguin5f the �wns securcd by this \-fortgage.
<br /> ` 3. Applicatioa of Paymenta ' Unless apj�licablc laiw ��rovides otherwise, all payrnente received by Lender
<br /> under the I��ote zl�xd paragrapl�s 1 and 2 hereof sl�all he app]ied by I..endrr first in payinent of xuuonnts pnyable to
<br /> Lencler by Borrower under paTagrapli 2 Lereof, tl�en to interest payable on tt3e i�Tote zncl on IPuture Advances, if
<br /> any, and tlien to the principalpf thc Note aud ,to t]te �zrinci��al of I'uture Acivances, if any.
<br /> 4. Chazgas; Lieas. Borrower sLall pay ull taxer , assessments and other charges, fines and impositions attrib-
<br /> ut�ble to the Property which may attain a priority bver tl�is 1'Iortgage, and ground rents, if any, at Lender's
<br /> � � option in the manner provided under �3aragraph 2 hereof or by Borro�ver making pay�nent , �vhen due, directiy to
<br /> the payee thereof. Borrower shatl promptly furnisli to I.encicr al ! notices of amonnts �ue under this paragraph ,
<br /> and in the ever.ti Borrower shali make payment directly; Borro�cer sF�nll promptly furni5h to Lender receipts evi-
<br /> '� dencing sucli,payments. Borrpwer shall promptly disclYarge any lie» which has priority over iUis :llortgage ; pro-
<br /> `Cf� vided, that �3oTrower sha11 not Ue required todiscl�� ige any such lien so long as I3orrower sliall agree in writing to
<br /> ;' � the'paymeni of tlie obligation secured by such lien in zi roanner ncceptable to Lender, or s6all in good faith eontest
<br /> ,�' 't Gt''J sueh .lien by; or defend enForcement of such li?n in, legal proceedings which operate io ��revent the enforcement of
<br /> C3 the lien or foi�feiture of the Yroperty or any part tl�ereof.
<br /> f� 5. Hazard Insuzance. Borrower shall keep the Smprovements now exist•ing or hereafter erected on the Prop- `,
<br /> erty insured againsti loss by fire; hAzards included within the term "extended eoverage", and such otlier hazards ar
<br /> - r Lender may require and in such amounts and for sucli periods .is Lender may require ; provided, t}iat Lender shall
<br /> ^ not require tl�at the amount of such coverage exceed tl�at amount oS coverage required to pay the sums secured "by
<br /> this Nlortgage.
<br /> t The insurance carrier providing the insur�nce sh�ll be cl�osen by Borro��•cr subject to approval by Lender ;
<br /> j - f�rnvided, that such approva] shall not be unreasonably withheld . All premiums on insurance policies sl�all Ue paid
<br /> at Lender's option in tlie manner provided under pai•agi•sp1� 2 hereof or by Box•rower 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 became
<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 Borrvwer to comply may, at option of Lender, constitute a default
<br /> ; under the terms of this Mortgage.
<br /> All insurunce policies and renezvals thereof shall Ue in form acceptable to Lender sncl shnll includc a standard
<br /> S mortgage clause in favor of and in form acceptable to Lender. I.ender sl�all havc the right to hold the policies and
<br /> renewals thereof, and Borrower shall promptly furnish to Leuder all renewal notices and all receipts of paid pre-
<br /> miume. In tl�e event of loss, Borrower shall give prompt notice to tl�e insuranec currier and Lender, and Lender
<br /> may make proof of loss if not made promptly by Borrower.
<br /> Unless I.ender and Borrower otherwise agree in �vriting, insurauce proceeds shall be applied 'to resLoration or
<br /> repair of the 1'roperty dumaged, provided such restoration or repair is economically feasiUle and the security af
<br /> this \�ortgage is not tliereby iinpaired. If sucli restorntimi or repair is not economicall�� feasible or if the secarity
<br /> ; of this D4ortgage wonld be impaired, tl�e insurance 7�roceeds shall Lc applied tu tl�e sums secured bti� this MorLgage,
<br /> i with the exeess, if any, paid to Borrower. Ii the Yroperty is abandoned by I3orrower or if Borro�ver fails to respond
<br /> to Lender ��ithin 30 days after notice by I.ender to Borrow-er tlist tlie insur�xice carrier offers to settle a claim for
<br /> insurance Uenefits, Lender is authorized to collect and apply the insurnnce �aroceeds at Lender's option either to
<br /> restoration or repair of the Property or to the sums secured k�y tl� is _lfortgage.
<br /> Unless Lender and Borrower othencise agree in writing, any such application of proceeds to principal 9ha11
<br /> j not extend or postpone the due date of the �nonthl,y instalLnents i•eferm.d to in paragraphs i and 2 hereof or change
<br /> ; , the amount ot such installments. '
<br /> � If under paragraph 18 hereof the Yroperty is acquired by Lender, �,11 right, title �nd interest of Borrower in
<br /> � and io any insurance policies and in and to thc proceeds thereof ito tlie eactent of the sucns secured 6y this �3ort-
<br /> ' gage immediutely pi•ior to suclt sale or �equisit,ionj resulting i7•om clam�ge to the Property prior to tlie sale or
<br /> scquiaition shall pass to Lender.
<br /> 6. Preservation mid Mmntenance of P:operty; Leaseholds; Condominiums. Iiorrower shal! keep the Prop-
<br /> `s erty in good repttir and shall not permit or commit waste, impairment, or deterioration of the Property and shall
<br /> comply witl3 the �rovisions of any lease, if this �lortgage is on a leasehold . If this �Sortgage is on a condominium
<br /> unit, Borrower shall perforn� all of Borrower's oUligations under tl�e decl�raiion of condorninium or master deed,
<br /> the by-laws and regalations of the condominium project and emzstituent documente.
<br /> � 7. Protection of Leadei s Security. If Sorrower fails to perform the covennnts und agreements contained in
<br /> i this 14ortgage, or if any action or proceeding is commenced tivhich materislly affects Lender's interest in the Prop- '
<br /> erty, includin�, but not limited to , eminent domain , insol �•ency, code enforcement, or arrangements or proceed-
<br /> Eings involving a bankrupt oi• decedent, then Lender at I,ender's option , upon iiotice to Borrower, rnay inake such
<br /> appearances, disburse such sums and take such action ;�s is necessnry to protect Lender's interest., inciuding, but
<br /> ` not limited to, disbursement of i•easonable attorney 's fees and entry upon the Yroperty to inake repairs. Any
<br /> amounts disbursed by Lender pursuant to this para�raph 7 , �vith interest thereon, shall become additionat indebt-
<br /> � edness of Borrower secured by this 1-lortgage. Unless Borrower and I.ender agree to other tenns of payment, such
<br /> ? amounta shall be pay able upon notice from Lender to Borrower requesting payment thereoC, aud shall bear inter-
<br /> I est from the date of disbursement at t;he rate stated in the I�'ote unless payment of interest nt such rate would be
<br /> contrary ,to applicable law, in which event sucl� amounts sh�ll bear interest at the hi�hest rate perznissibte Uy
<br /> ; applicable larv. �Tothing contained in this parugraph 7 shall re�uire Lcnder to incur any expense or do any act
<br /> hereunder.
<br /> 8. Inspec6on. Lender may make or cause to be m:ic?c re� :�onablc entries upon and inspections of the Prop- '
<br /> erty,, provided tliat Lender shall give Borrower notice � �rior to any �Lu•h inspection �pecifying reasonable cause
<br /> therefor related to Lender's interest in the Property. '
<br /> 9. Coadexnaation. The proceec�s of nny award or claitn ior dama�es , direct. m• consequential , in eonnection
<br /> with any condemnation or other iaking ot the I'ropert�• , m• par't thereof , or for con��e,yance in lieu of condemna-
<br /> ; tion, are hereby assigneri and sha71 be paid to Lender.
<br /> i In the event of a total taking of the Yroperty, the �iroceeds shall be aliplied to t,he sums secured by this Mort- t
<br /> � gage, «�ith the excess; if an�•, paid Lo Barroaer. In tl�e event. of a partial taking of the Property, unless Borrower ,
<br /> $ ' and Lender others��ise agree in writ.ing, there shall }�e applied to tl�e suins secured by this 1lort.gage such propor- � + ;,
<br /> � tion of the proceeds �s is equal to that pruportion H•Licl� the nmount of the su:us secured Uy this 14ortgage imme- � ��� �; '`
<br /> �' diatzly prior Eo tize date of taking bears to the fair market �•alue of tfie Propert,y immedintely prior to the date of ;� ,
<br /> taking, witkt the balan�ee af the �roeeeds paid to Borrawer. ;H ,'`
<br /> If the Property is abandoned by Borrower or if after notice t�y Lendel• to Borrower thst the condemnor offers - `*�� fY
<br /> i to make an award or settle a olaim for e3anrages, Borrower fails to respond to I,ender tivitl�in 30 days of the date
<br /> � of etteh notir.e; 7�ender i� a� �thoriz� �o •*nlle�t an�i a��l�l�� tho prxeed� at I,en�3er'; option either to re�tora,±ion or ' „ �
<br />� repair of the Froperty or to tlie sume securec3 by tlii� �Iartgage. '
<br /> Unless I�ender and Borrower othertivise agree in �;�riting, any such application of proceeds to principal shall
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