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<br /> � . If under paragraph ] S l:�ereof the Yroperty is sald or the Property is otherwise acqaired by T.ender, Lender
<br /> shall apply, no lster tlian in�niediately )�rior to tlie salc of C1ie YroperLy or its acquisition by 3.ender, e�n,y I�unds
<br /> � held by Lender at the t�me of ap��licatio�i us :� credit agciinst thc suius .eciir��d bv ihis 3iorigage.
<br /> � 3. Application of Payxnents. Unless applicabie law provir.ie:. ot,hera�ise, all payments received 17y I,ender
<br /> un�3er the NoEe snd paragriphs 1 iind 2 hereof slaiill be applieci h�� Lendcr first, ir� pa,y�inent of a �nounts payable to
<br /> 1 � Lender by Borrower under parngraph 2 hereot„ then to interest ��ay.iblc on tln� Notc and on Future Advances if
<br /> ' M any, and theii to the prineipal of the Note ancLto the pi•incipal of Future Advances, if ariy. �
<br /> � 4. Charges; Liens. BQrro�ver sk�alj ��ay all taxes, assessments and other r,harges , fines and impositions attrib-
<br /> utable to the ` Property whic�i may attain a priority over t�iis Vloi•t�age, and grouuil rents; if any, at Lender's
<br /> �' option in the °manner provided under paragraph 2 f�et•eof or by 73orrower making pn,yment, when due, directly to
<br /> � (`�. the payee thereof. Borrower sGall promptly furnish to I:ende3• all notices 4f atnounts duc under tliis paragraph,
<br /> � � apd in the event $orro�ver shall inake Payn�enl; direct(y; $orro�cer slii;ll ��romptly furnisli to J.ender receipts evi-
<br /> , . , dencing such payments. Borrower aha11 Promptly discliarge axiy lien wliicii lias ��riority over this �Iortgage ; pro- ' ' '
<br /> � ; vided, that Borrower shall not be requiTed to discl�si•ge any suc6 lien so long as I3orrower shall agree in writing to `; ,
<br /> � thepayment of tl�e obligation secured-by sucl� lien in .rinanner acceptable to Lendei•, or sl�alt in "good faith cbntest ,
<br /> i such lien by, or defend enforeement of suclr lie�rin , legal proceedings wliich operate to prevent tlie en£orcement of
<br /> ; the Iien or forfeiture of the FToPerty or uny g�art thereof.
<br /> j ; 5: Hazard Insurance. Borrower sliall kee�2 the i�n��rovements now existing or hereafter erected on the Prop-
<br /> ^ i erty insured sgainstloss by fire, hazardsincluded within the term "extended coverage", snd such other liazards as ; `
<br /> , Y Lendermay require and in suchamounfs x�nd for such �ieriods as Lender may require ; provided , that Lender shall
<br /> ,, ' not require that the smount' of such coverage exceed thatamount of coverage required to pay the suir�s secured 'by
<br /> �` this Mortgage:;
<br /> The insurance carrier providing tlre insurttncc shall be choseii t�y Borrowc:r subject to approvaL by Lender ;
<br /> + provided, that sucii �pproval shali not be unreasonably withlield. All premiums on insurance policies shali be paid
<br /> at Lender'sb��tion in the manner prot>ided under paragrnpl� 2 I�e1'eof or by Borro�vei• tn�king payment, when due,
<br /> � ' directly to the insurance carrier.
<br /> 4; 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 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 /> v under the terms of this Mortgage.
<br /> ; All insurance policies and renewals thereof shall be in form eicceptzblc to I.ender and shall include a standard
<br /> 4 tnortg�tge clause in favor of and in forni acceptable tn I,ender. I.ender shall l�ave the right to hold the, policies and
<br /> ; renewals thereof, and Borrower shall procnptly furnisli to I.ender ail renewal notices und 2ll receipts of paid pre-
<br /> miums. In the event of loss, Borrorver sl�all give prompt notice to ihe insurance carrier and Lender, and Lender
<br /> d may make , proof of loss if not made promptly 6y Borro�ti�er.
<br /> � Unless Lender and Bon•awer otlier�vise agree in writing, insui•ance �>roceeds shall be applied to rsstoration or
<br /> ; repair of the Property damaged, provided such restoration or repair is economically feasible xnd tlie security of
<br /> ` this \�Iortgage is not thereby impaired, It sucIi restoratimi or repair 3s �iot economically feusible or if the security
<br /> ? of this A4ortgage would be impaired, tl�e insurance ��roceeds s6all I�e applied to the sums secured by this 141ortgage;
<br /> with the excess, if any, paid to Borro��er. If the Yroper'cy is abandoned by Borirocver or if Borro�i•er fails to respond
<br /> f to Lender within 30 days after notice by Lender to Borrower tl�at the insurance currier offers to settle a claim for
<br /> z. s " insurance benefits, Lender is authorized to collect and ap�:ly the insurr�nce proceeds at Lender's option either to
<br /> a restortttion or zepair of the Property or to the sums secured by tLis liort�uge_
<br /> � Uniess Lender and Borro�ver otherwise agree in writing, an�� such application of proceeds to principal shall
<br /> � not extend or postpone the due c3ate of t.he monthly installments referred to in paragraphs 1 and 2 hereof or change
<br /> � the amounb of such instuliments:
<br /> C�' If under paragraph I8 hereof ttte Yroperty is acquired by I,ender, all right, title and interest of Borrower in
<br /> and to any insurance policies and in and to tdie proceeds tliereof (to the exteni of the sums secured by tl�is Mort-
<br /> gage imir,ediatiely prior to such sale or ucyui�itionj resulting irom damage to the Yroperty prior to the sale or
<br /> 4 acquisition shall pass to Lender.
<br /> " ; 6: Preservation cmd Mmnteaance of Property; Leaseholds: Condominiums. Borrower shall keep the Prop-
<br /> : erty ingood repair and shall not permit or commit waste, impairment, or deterioration of t.he Property and shall
<br /> comp]y with fhe provisions of nny ]ease, i[ this :lfortgage is oii a leasehold . If tliis 1�ortgage is on n condominium
<br /> ; unit, Borr.ower shall perform all of Borrower's obligations under the deciaration of condominiurn 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 �rerform the covenants aud xgreements contained in
<br /> `- this A'Iortgage, or iP any action or proceeding is commenced which rnsterially affects Lender's interest in the Prop-
<br /> i erty, including, Uut not liinited to, eminent domuin , insoh•ency, code enforcemetat , or arrangenients or proceed-
<br /> � ings involving a bankrupt or decedent, then Lender at I.endei•'s option , upoii Yiotice to Borrotver, may make such
<br /> , appearances, disburse such suans and take sucl� action as is necessary to protect Lender's interest, including, but
<br /> � not limited to, diabursement of reasonaUle attorney's fees and entry upon the Property to make repairs. Any
<br /> � amounts disbursed by Lender pursuant to this par�xgraph 7, �r•ith interesG thereon , shall become additionsl indebt-
<br /> � edness of Borrower secured by tl�is A-Sortgage. Unless Borro�ver and Lender agree io other terms of payment, such
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<br /> , i amounts shall be payable upon notice from I,ender to Borro�ver requesting payment thereof, and shall bear ipter-
<br /> ; eet from the date of disUursement at the ra.te stnted in tl�e 2�'ote unless payment of interest at sueh rate would be
<br /> � con�rary to applicuble law, in �vhicli event such amounts shall bear interest at the highest rate permissible by
<br /> applicable ]aw. ATothing contained in this parr��raph 7 shtill require Lender to incur any expense or do any act
<br /> � hereunder.
<br /> ? 8. inspeetion. - Lender ma,y make oi� eause to he ma;cle reasunt�ble entries upon and inspectionc of the Prop-
<br /> erty, provided that Lender slTal] give Burrow•er nofii�c ��rior to ;ii�p such in�i�ect9on specifying reasonable cause
<br /> ', the�efor related to Lender's interest in tlie Prope.ty.
<br /> 3. Condemtta(ion. Tne �roceeds ui �ny a�vard or clairn ior damages, direct or eonsequeatial, in cannection
<br /> �vith ftny condemntttion or other taking of fhe Yropercy , or l�art thereof, or for com•eyu,nce in lieu of condemna-
<br /> tion, are hereby assignedand s2�a11 be paid to Lenden
<br /> Tn the event of a total taking of the Yroper6y, tlie proceeds sliall be applied to the sums secured by this Mort-
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<br /> gage, ���ith the excess, if any, }�sid to Boriowe:: Iu tl�e eveni uf a p.�rtial taking oi the ProE�erty, unless Bormwer . + �
<br /> � and Lender otherwise agree in writing; tliere sl�all l�e applied to the sums secured Uy this �1Zort�age such propor- " ` " "�`''
<br /> � ' tion of the proceeds as is equa3 to that proportion which the an�oimt of the sums secured by this D4ortgage imme- r� ` :��.
<br /> + � diately prior to the date of taking bears to ti�e fair market yslue of tl�e Pro ert immediatei s"' '
<br /> A y y prior f,o the date of !> gw
<br /> L; � � takiag;�with the'��balance of the proceeds paid to Boi•rower. �� �� � � � � � � � � � � � � � �� � � ,<,� �
<br /> IS the Property is abandoneci by Borrower or if after notice by Lender t.o Borrotiver that tl�e condemnor offers
<br /> to make an atvaru br settle a claim for damagEs, Borrower fails to res�ond to Lender t�itl�iu 30 davs of the date
<br /> a of such notice, Lender is authorizsd tv eollect and ap��ly tl�e �iroceeds at Lender's option cither to restoration or , `
<br /> repau of tiie Property or to the su�ns secured bg tliis \lortgage. '"'
<br /> Unless Lendex and Borrawer ot}iea�vise agree in writing, any such application of proceeds to principal shall
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