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<br /> � If under paragraph 18 hereof ihe Property is sold or the Property is otherwise ncqi�ired by 7,ender, Lender I �
<br /> sh�ll apply, no later than immediatel,y prior to the sale of t1�e YS•opcl•ty or its acquisition t.ry I.ender, :tiny I'unds
<br /> lield by Lender at the time of application as a emdit against. t6c suins ,ecui•ed h}� this �Ioi•t�age.
<br /> 3. Applicatiott of Payments. Unless app]ic�Ule Isa�• provides otherwise, all payments received by Lender
<br /> r{ under tGhe Not"e and paragraphs l and 2 hereof s1�211 be applied l�y T,enilcr firs6 in psyinent of amounts pay� ble to
<br /> Q� Len�ler by Borrower under paragraph 2 liereof, t.lieu to interest p�tyabte on thc 1'ote and on I'uture Advances, if
<br /> ' CTj any, and then to the principal of the \Tote and to' tl�e princi� �al of P'uture Advanees, if any.
<br /> t� 4. ,Charges; Liens. Borrower shall p�,,y all tqxes, assessments and otlier charges , fines a:�d im}�ositions attrib-
<br /> �^ . utabie to the T'roper6y whicli may attain u priority over tl �is llortg�ge, � nd ground rents , if any; at Lender's
<br /> � ;';� option in the tnamier provided under 1>aragraph 2 }iereof oi• l�y Borro�ver �iiaking pa,yment, i��lien due; directly . to
<br /> � the payee thereof. Borrower sliall promptly furnisli io I�en�3er al( notices of nmounts duc Under Lhis paragraph„
<br /> ` , _ > {`� and in ' the event Borrocver s}:al] make paymenL ciirectly, 13orro�ver sheLll protnptly iurnislr to Lender receipts evi-
<br /> ' �`�+ dencing suel� paymerits; Borrower slaall grom��tly ciiscl�aTge any lien �vhich hns priority orer this 3�.Lortgssge ;; pro-
<br /> � r vided, that Borrower shall not bc requirecl to <liscl�arge anv sucli lien so long as 73orrower sliall agree in writing to
<br /> ` the payment of the obligation' secured by sucl3'lien in a inanner accepbable to I.�ncler, or shal ! ia gtiod faith conf�+est '
<br /> ' ' : such lien Uy, or defend enforcement of such lien in; legul proceedings tivhich o��erake to prevent tl�e eniorcement of
<br /> ; the ]ien or forfeiture of the 1'roperty or any ZSart tl�ereof. ; !
<br /> ? 5. Hazard 3nsurmice. Borrower shalf keep tlie iu�provenients no�e existing on c�reafter erected on tl�e Prop-
<br /> % ' erty insured against loss by fire, hazards included �vithin the term '°extended coverage", and such other hazards as
<br /> i - Lender' may iequire and in such zmounts anci for such pei•iods a; Lender tna�- requirc ; provided, that Lender shsll
<br /> not require that the a;mount of such coverage ei:ceed tl�ni amoLmt of coverage required to pay the surns secured ' by
<br /> ;, �his Mortgage:
<br /> The insurance cnrrier providing the insuranec shall be ehosen by Borro�ver suliject to approval by Lender;
<br /> j provided, thut such approval shall hot be unreasonably cvithheld. Atl premiums on insurnnce policies shal! be paid
<br /> , ¢ ' at Lender's option iti the maiiner provided nnder paragraph 2 hereof or i>y Borrower maki��� payinent, wlzen due,
<br /> , 6 directly to the insurunce carTier:
<br /> r ' In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect
<br /> �, . 3 its interest, may procure insurance on the improvements, pay the premiums and such sum shall become
<br /> "s immeciiately 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 /> uncier the terms of this Mortgage.
<br /> � ti` �111 insurance policies and renewals tliereof sliall be in fonn acceptable t,o I.encler and sl�all include a standard
<br /> , + ' inortgage clause in favor of and in form acceptable to Lendei• . Lencier shali li�ve the right t.o hold the policies and
<br /> ; renewals Lhereof, und Borrower shnll promgt}�� furnish to Lender all renewal notices and all receipts of paid pre-
<br /> i miums. In the event oF loss, Borrower shall give proxnpt notice t,o tlie insursnce carrier and Lender, and I,ender
<br /> may Tnake proof of loss if not mnde promptly by Borrower.
<br /> Unless Lender and Borrower othercvise agree in tivriting, insurance proceeds shal] be applied to restoration or
<br /> � repa�ir of the Property damaged, provided sucli restoration or repaLir is economically feasible and the security of
<br /> ,. '; ' this A�ortgage is not tliereby impaired. If such restoi•ation oi• repair is not, economically feasible or if tlie security
<br /> o£ this Mortgage would be im�aired, the insurance proceeds shnll be applied to the surns secured by tfiis Mortgoge;
<br /> with the excess, if any, paid to Borrou�ei•. If the 'Yroperty is abandoned by Borrowei• or if Borrower fails to respond
<br /> fito Lender within 30 d�ys ufter notioe by Lender to Borrower thut the insurauce carrier offers to settie a claim for
<br /> : insurance'benefits, Lender is authorized to collect and apply tl�c insuraiice pruceeds at Lender's option either to
<br /> j restoratian or repair of the Property or to t.he sums secured by this \Iortgage.
<br /> Uniess Lencler and Borrower othenvise agree in writing, any sucL aF>plicntion o: proceeds to principal shall
<br /> � not extend or postpone the due date of the �nontlily installments referred to in paragraphs 1 and 2 hereof or change
<br /> Ghe amount of such installments.
<br /> , � If under paragraph 18 hereof the Yroperty is acquired by I.ender, all right, title and interest of Borrower in
<br /> and to any insurance policies and in and to the proceeds tliereot (to tl�e ext.ent of tiie sums secured by this hlort-
<br /> z gage immediately prior io sucl� sale or acquisition ) resulting fr�im damage io t.he Property prior to the sale or
<br /> aequisition shail pass to Lender.
<br /> ; 6. Preservation and Mmatenance of Property; Leasehotds; Condominiums. Borrower shall keep the Prop-
<br /> ! erty in �ood repair and shall not permit or comtnit waste, iinpairment; or deterioration of thc Property and shsll
<br /> ` k comply witli the provisions of 3ny ]ease, if this \Iortgage is ozi a leaseliold . If this Mortgage is on a condominium
<br /> ; unit; Borrower shall perform all of Borrower's o6ligations under the declaraiion of condominium or master deed ,
<br /> , � , the by-laws and re�ulations of tl�e condominiu�u project and cmistituent documents.
<br /> ± 7. Protection of Lendei s Security. If Borrower Pails to perform the covenants and agreements contained in
<br /> ' this Nlortgage, or if any setion or proceeding is commeneed which mat.erially af�ects Lender's interest in the Prop-
<br /> ; erty, including, but not Iimited to, eminent domain, insolvency, zode enforcement., or arrangements or proceed-
<br /> ; inge involving a bankrupt or decedent, then Lender at Lender's option , upon notice to I3orrower, �nay make such
<br /> � appearances, disburse such suins and take sucl� action Zs is i�ecessary to proteci Lender's interest, including, but
<br /> tinot limited to, disbursement of reasonable attorney's fees and entry upon thc Property to make repairs. Any
<br /> " amounts disbursed by Lender pursuant to tl�is parssgra�;li 7, �vitl� inCerest tliereun , shall become addit,ional indebt-
<br /> 5 edness of Borrower secured by Chis A4ortgage. U�iless Borrower and Lender agree to otlier terms of payment, such
<br /> , amounts shall be payuble upon notice from Lender to Borro«•er requesting psyment thereof, and shall bear inter-
<br /> � est from the date of disUursement at tl�e rate stated in the Note unless payment of interest at such rate would be
<br /> °° contrary to applicable law, in which event such amounts shall bear interest at the highest rate permisaible by
<br /> applicable law. ?Vothin� contained in this psragraph 7 shall mquire I.ender to incur sny ex�ense or do any act
<br /> ' �� hereunder.
<br /> 6. Inapection. I�ender may make or cause to be m� dc rea�onabFe entries upon and in5pections of the Prop-
<br /> erty, provided that Len�er c}�all give Borro�ser notice ��rior to nn}• �uch inspertion specifving reasonable cause
<br /> therefur related to Lender's interest in ilxe Property.
<br /> 9, Condemaatioa. 1'l�e proceeds of any award or clainz for dama�es, direct or consequential , in connection
<br /> ' with any condenivatiun or other iaking of the Yroperty, or part tlicreof , or for con�•eyance in lieu of condemns-
<br /> ? tion, are hereby assigned and shall be paid to Lender.
<br /> '. In the event o[ a totaltaking of the Yroperty, ttie p�roceeci� sl�all be npplied to the sums secured by this Mort- ,,� � , , ,p�
<br /> 3 gage, w3tli tl�e excess, if any, paid to Borrower. In tl�e evenC of a purt.ial taking of the YroF3erty, unless Borrower
<br /> ' , � and Lenderbtherwise agree in writing, there sliall be applied to tlie suins secured b}- this '�Iortgu�;e sueli propor- "�` t+i � ''
<br /> tion of the proceeds ss is equal to that proporLion wtiieh tt�e � n�ouxit of the sums secua•ed by this �4ortgage imme- ` � -�- -
<br /> � diately prior to tlae date of taking bears Lo the fair nSarket, �•slue of tlie Propert,y immediatel_v prior to the date of -`w„�y�
<br /> � ' taking, with the ba�ance of the proceeds paid to Borro�vei: ;;�y,� �
<br /> If the Property is abandoned by $orrower or it after notiee by Lender to Borroiaer that the condemnor offers
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<br /> to make an award or settle a claim for dama�es, Borrowei• faals to respond to 1.ender within 30 ds.;s of the date
<br /> of such natice, Lender is authorized to coIlect and ap��ly the �roceeds at I.ender'� ontiou eit3�er to re�t�rnt.ion �r
<br /> repair of the Property oc to the suins secured by tliis \iortgagc_ "Y
<br /> Unless Lender und Borrower otherrvise agree in �vriting, sny such applicstion of proceeds to principa: shall
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