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<br /> I �� If under paragraph I8 hereof Lhe Praj:erty Ss sold or tl2e Propert�� is othern- ise acquireci bv Lender, I.ender
<br /> stsall apply, no later tht�n immedittiely prior tq thc salc of tl�e Yropert}- or its nequi�ition by 7..ender, :�ny Funds
<br /> � Jleld by� Lender at thc t.ime of �pplication ss a credit againFt tlie sinns seaured h�• this �4oi•tgage. �
<br /> 3. Applibation of Payments. Unless aripiicuble ].iq� � >rovides other�visc , :ill payments received by Lender
<br /> under the Note and paragraphs 1 and 2 hcreof sl� sl] lic <xp��lied i�y Lender fir5t in puymint of :unounts payable to
<br /> Lender byBorro�ver under paragi.� lil� 2 hereof ,', tlie�i to interest � �ayablc ai the Ivote and on Futm•e Advances, if
<br /> any, and then to tHe I�rincipal oS t]�e Note xnd to tlie; �>rinci�7n1 of Future Ad ��ances, il' :�n,y.
<br /> ; � 4. Charges: Liens. Boirower shall pay alltazes, assessment,s ancl other chnrges, fines and impositions attrib- i . `
<br /> �`�- utnble to the Property wliieh may attt�in a ��riority over tt�is \4ortgxge, und ;;round rents, if any, at Lender's
<br /> � Q'J : option in t}ie manuer Provided uiider par�grapli ' 2 6errof or b,y Iiorrower making ��ayrneut, when clue; directly` to
<br /> G�'J the payee thereof: Borrower si�all prom�5tly furnisli to Lenticr ail notices of amounts due under this paragruph ,
<br /> � ; � and in the event BorroivGr shall ma�,kc �ia,yn�ent c3irectly, }3orro��-er shall �>romptly furnish to Lei� cter rece9pts evi- ,
<br /> � dencing such payments: Borrower shn,ll �iromptly �iiscliar�e any lien whiah has priority over t.his \Iortgage ; pro-
<br /> vided, thatBorroivershall not be required to disci�arge anysucli lien so tong as $orrower s6all a�ree in �ti�riting to
<br /> � ° the payment of the obligation secured by such lien in a manner acceptable to Lender, or sl� all in good fait,h contest
<br /> > r � , such lien by, or defand enforcement of such lien in, legal �x•oceedings wLich o�.�er:�te to prevent the eniorcement of '
<br /> the lien or forfeiture`of the Property or any �iart thcreof_ ' ,
<br /> S: Hazard Iasurance. Boriower shall keep tLe impr�vvements no�v e�:isting or hereafter erect.ed on the Prop-
<br /> ertyinsured against loss by fire; hazardsincluded �vithin the terin "extended coverage", and such �ther hazards as
<br /> ' Lender may iequire and in such amounfs and for sucli periods as Lender may require ; provided, that Lender shall
<br /> i not require that tl�e smount of such coverage exceed that amount of coveragc reqirired to j3ay the sums secured'by
<br /> ''• this .Mortgage: ,
<br /> The insurance carrier pro��iding tl�e insurance shall Ue rho�en by Sorrower sub,jecC to approval by Lender ;
<br /> provided , tlistt sucl� approval shall not be unreasonubly withheld. All premiums on insurance policies shall be paid
<br /> at Lender's option in the manner provided under paragraph 2 hereof or bp Borro�i�er m�lcing pnyment, �vhen due,
<br /> directly to ttie 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 and payaUle 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, constituts a default
<br /> �: under the ierms nf this Mortgade.
<br /> { All insurance policies �nd renewals tliereof shsll Ue in form acceptable to Lender ,xnd s6a11 include a standard
<br /> inortgage clause in favor of and in ionn 3cceptable to Lende�•. Lender shall I�ave the rigl�t to liold the policies and.
<br /> renewals thereof, and Borrower shsil promptly furnish to Lender �ll renewal notices and all receipts of paid pre-
<br /> miums. In the event of loss, Borrower sl�all give prompt notice to the insurancc carrier and Lender, and Lender
<br /> may rnake proof of loss if not snade prmnpLly by Borrower.
<br /> Unless LendeT and Borro�vei• otherwise agree in writiug, insur:ince proceeds v�iall be applied to restoration or
<br /> repair of the Property damaged, provided such restoration or repair is ecomm�ically leasible and the security of
<br /> this Nlortgage is not thereby impuired. If such restora�tion or repair is not economically feflsible or if the security
<br /> of tlnis nSortgage would be impaired , t6e insurance ��roceeds shall be 3pplied to ihe smiis secured by this Niortgage,
<br /> with the excess; if any, paid to Boerower. If the Yroperty is abandoned by Borrower or if Borro�ver fnils to respond
<br /> to Lender within 30 days after notice by I-,ender to Borrotiver that t.he insurance carrier offers to settle a claim for
<br /> ' insurance benefits, I.ender is suthorized to colleci- und applp tl�e insur:tnce proceeds �t Lender's option either to
<br /> restoration or repair of the Property or to the suins secured by tl�is \Ioi�tgage. }
<br /> ; Unless Lender and Dorrower otherwise agree in writing, any such apl�lication of proceeds to principal shall
<br /> s not extend or postpone tlxe due date of the �nonthly installments i•eferred t.o in paragraphs 1 and 2 hereof or change
<br /> ' the amount of such instalimenta
<br /> � If under paragraph 18 hereof the Yroperty is acquired hy Lender, nit riglit, title and interest of Borrower in
<br /> � snd to any insurance policies and in und to tlie proceeds thereof (to tl�e ext.ent of the sums secured by this Mort-
<br /> �, gage immediately prior to such sale or acyuisition) i•esultiiig from damnge to t}ie Yroperty prior io the sale or
<br /> acquisition shall pass to Lender.
<br /> � 6. Pzeservation �d Mainten�ce of Property; Leaseholds; Condomiaiums. F3orrower shalI keep the Yrop-
<br /> f erty in good repair and sh�ll not permit or commit waste, impnirnient, or dt:terioration of the Property and shall
<br /> comply with the provisions of any lease, if this \Sortgage is on ;� leasehold. If this Mortgage is on s condominium
<br /> : unit, Borrower shall perform a�ll of Borrower's obligations urider tlie declaration of condominium or master deed , +'
<br /> theby-laws and regulations of the condominium project snd constii.uent documents.
<br /> 7. Proteclion of Lender's Secuzity. If Borrower fails to perform the covenants and agreemenLs contained in
<br /> this Mortgage, or it any setion or proceeding is coxnmencecl whic.i materittlly affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domain, insolvency, cade enfomeinent, or urrangements or proceed-
<br /> inge involving a bankrupt or deeedent, tlien Lender at 7.ender's option, upon tiotice to 23orro�ver, may make such
<br /> appearances, disburse such sulns and take sucl� actimi as is necessaiy to protect Lender's interesi, including, but
<br /> � not limited to, diebursement of reasonable attorney 's fees and entry upon the Property to ma�ce repairs. Any
<br /> arnpunts disbursed by Lender pursuant to this paragraph 7, �cith interest thereon, shall become additional indebt-
<br /> edness of Borrower secured by this �forigage. Unless Borrower and Lender agree to otl�er terms of payment, such
<br /> amounts shall be payable upon notice from Lender to l3orro�ti-er requesting payment thereof, and sliall I>ear inter-
<br /> est from the date of disbursement st the rate stated in the IQote unless paytnent of interest ut such rate would be
<br /> contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible by :
<br /> applicable law. Nothing contained in this l�arugraph 7 sl�all reryuire I.ender to inour any expense or do any aet
<br /> ; hereunder.
<br /> 8. " Iaspectioa. Lender may �nake or cau<e to bc inadc i•eseonablc entries upon and inspections of the Prop-
<br /> erty, provided : that Lender shall �ive $orrower noticc j�rim• ta an�� �url� in�pection specifying reasonable cause
<br /> therefor related to Lender's interest in the Property�.
<br /> 9. Condemnation. The proceeds oi any a�+�ard or c-iuim !or damages, direct or consequential, in connection
<br /> witli any cundemnaGiun or other taking of the Property , or ��art thereof, or for com•eyance in lieu of condemna-
<br /> tion, are hereby assigned and shalt be paid to Lender.
<br /> , In the ev¢nt of a total taking oi the Yroperty, ihe proceeds shall bc apE�lied to Lhe sums secured by this Mort- ^
<br /> ' gage, wit3i tlie exces�, if any, paid to Borrower. In the event -of a pssrtial taking oi the Pro»erty-, ainless Borrower ' - ' � `
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<br /> and Lender otiherwise agree in writing, t,liere slinll be �pplied to the sunis secured by this \lortgage such propor- "' �;,,==
<br /> � tion of tlse proceeds as is equal to that proportion which ti�e amount of the sums secured by this �loitgage imme- �'� ' �:,
<br /> ' diately pripr to the date of taking besrs to ti�e fair n�arket value of tLe Property iinn�ediately prior to the date of ` ` '
<br /> a��r�,
<br /> � • taking,'rvith the;balance of the proceeds paid to $orrower. : ;�;, .
<br /> I# the Property is aban3oned by Borrower or if nfter notice F�y Lender to Borrower that the condemnor offers
<br /> ' , � to mske sn awsrd or settTe a claim for datnages, Borro�ver fsils to respond to Lender ��itihin 30 davs' of the date • `
<br /> � ` � of such nQGiee; Lender 9s authorized ta'collect and apply' the }�roceeds at. Lender's option either to restoration or
<br /> repair of the Property or to the sums secured by;this \lortgage. "" `
<br /> Unless Lender and Borrower ' ot.�er�vise agree in �vriting, any such application of proeeeds to principal shall
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