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<br /> � If imder paragraph 1 $ hereof the Properiv is sold or the Yroperty is otherwise acquired b�� Lender, Lender � i
<br /> shall apply, no later tl�an immediately prior to t6e srilc o[ tshe Propert�� or it. acquisiiion 1�y Lender, sny Tunds
<br /> . ' . . � ::2�Li iiy iciui2I' n� 4iiC i,iillc Ui� i1}ijiilCBGlOI1 :SS fl Crt'(IIC 3�31I15L tI7C yU1175 ti('CU2'l'C� �l�' i �114 �'JOJ'L(.;ahC. . �
<br /> 3. AppHcatian of PayxnenEs. Unless ai>plicnhlc ]zai+� ��i•ovides otlier«�ise, .�ll payments received by I,ender
<br /> under the Note anci parag�a��l�s 1 Wnci 2 he�eot sLall hc spplied by T,ender fir,t in pyy�nent of amcunts payable to
<br /> Lender by $orrower under para�raph 2 hereof, tlien to interest payable ori tlir, Note anci on Future advances, if
<br /> � any, and then to the principal of the Note and to the principal of I'uture Advances , if any.
<br /> 4. Charges; Liens. Borrower shall pay all taxes, assess�nenfs and other charge�, fines and impositions attriU-
<br /> utable to the Property �vhich may attain u priority over tl�is \iort:gage, and Sround revts, if a.ny , at Lender's
<br /> r o�tion in the manner provideci unrier paragrn;�lt 2 hereof or by I3or:�o�ver inalcing pa,yment, �rheu due, directly ta
<br /> � : , t6e payee thereof. Borro�ver sliall promptly furnisl� to Lendei• all not,ices of ainounts due under this paragrapli ,
<br /> � and in the event Borrower shall make Naymenb directly; 13orro�vcr s1�all i�romptly iw�nisli to Lender receipts evi-
<br /> dencing sueh payments: Borrower shall prompily discharge any lien whicir has prioricy over this ivIortgage ; pro-
<br /> E � vided, that Borro�ver shall nat be required to discl�arge any such lien so ]ong as Eiorrower shall agree in �vri�ing to
<br /> , � i,he puytnent of ithe obligation secured Uv sucli lien in a niann?r a�teptable to Lende.; or s6a11 in good faith contest
<br /> �7' sueh lien by; or def�nd enforceinent of such lien in , legal proceec9mgs �vhicli operate tn prevent the en#orcement of
<br /> � the lien or forfeiture of the Property or ar.y ��art thereof.
<br /> � 5 Hazard Insur�ce. ' Borrower shall keep tl�e im��rovements no«� existing or hereafter erected ou the Prop-
<br /> � ` erty insured against loss by fire, haaards included within the term "estended coverage ", and such otl�er hnzards as
<br /> �+ I.ender �nay require nnd in such amounts and for sucl� periods as I,ender :xiay require ; pro�•ided, that Lender shall
<br /> � not require that the amount of such coverage exceed tl�at amount of coverage required to pay the sucns seeured 'by
<br /> this Mortgnge:
<br /> The insurance carrier providing tl� e insurai�ce shall be chosen by 13orrower suhjec!: t�� �pprc.al by i�enuer ;
<br />� provide?, ti2st suc!: ap�,rcvai �hall not be wireasonably �vithheid. All premiums on insurance policies shall be paid
<br /> at Lender's optian in the manner provided unaer paragr�;�L 2 hereof or by Borroti;•er ct3sl.ing payment, when due ,
<br /> direotly io tiie 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 payable with interest at the rate set forth in said note until paid and shall be
<br /> secured by this MorEgage. Failure by Borrower to comply may, at option of Lender, constitute a defauit
<br /> under the terms of this Mortgage.
<br /> All insurance policies and renewals thereof �hall be in form acr,epEable to Lender und sliall include a sta��dard
<br /> mortgage clause in iavor of and in forin ucce,t�ble to Lender. Lender sLall l�ave the rigl�t to hold the policies and
<br /> renewals thereof, and Borrower shall l.�romptly furnish to Lender sll rene�val notices and all receipts of paid pre-
<br /> miums, In the event of loss, Borrower sl�all give prompt uotice to the iusurance carrier and Lender, and Lender
<br /> tnay maice prooi of loss ii not made promptly by Borrower.
<br /> Unless Lender and Borrower otherwise agree in �vriting, ic�surancc proceeds shall be appiied to sestoration or �
<br /> repair of the Property damaged , provided such restoration or repair is econotnically feaeible and the security of
<br /> this Mortgage is not thereby impaired. If sucl� mstoration or repair is not cconomicaily feasible or if the security
<br /> of tihis �fortgage would be impaired , tl�e insurance �>roceeds shall be spplied to the smns secured by this Mortgage ,
<br /> with the excess, if a.ny, paid to Rorrower. If tl�e Yroperiy is abandoned by Borrowei• or if Borrower fails to respond
<br /> ' to Lender tivithin 30 days after notice by Lender to Borrower ilint t.he insurauce carrier offers to settle a claim for
<br /> ',' ineurance Uenefits, Lender is authorized to collect und spply- tlie insurance proceeds at I.ender's option either to
<br /> restoration or repair of the Property or to the sums secured by ttiis \Ioitgage.
<br /> Unless Lender and Borrower otl�erwise agree iu �vriting, anv sucli application of proceeds to principal shal ]
<br /> not extend ar �ostpone the due daie of the inonthly installments referred to in paragraphs 1 snd 2 hereof or change
<br /> � Lhe amount of such instal:mants: ` �
<br /> If under paragraph 18 hereof tl�e Yroperty is acquired by Lender, .il ! right, tit.le und interest of Borrower in
<br /> 3 and to any insurance policies and in c�ud to tl�e proceeds thereof ( to tl�e extent of die su�ns secured by this Mort-.
<br /> gage immediately prior io such sale ur acquisitionl re�ulting from damage to the I'roperty �n•ior to the sale or
<br /> acquisition shall pass to Lender.
<br /> 6. Pzesezvation and Mmntenance of Pzoperty; Leaseholds; Condominiums. I3orrower shall keep the Prop-
<br /> � ��' _'_Jj,�% »"� �+^^�� "�� •�� ^' " "^ ` " � ,ca +..ae vT c�iuiiiii: W�Ste 1II1 ):i1I'lIICRG Ol' C1CLC1'lOT:1LlOi1 01 lll@ YPOpOTGy 1I1Q SYI$11 �� � � � �
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<br /> comply with the provisions of any lease, ii this �iortgage is un n leasel�old . If this \4ortgage is on a condominium
<br /> ; unit, Borrower shall perfor�n all of Borrower's obligations under the declaratiou of condominium or master deed ,
<br /> the by-laws and regulations of the condominium projeci and constituent documents.
<br /> 7. Protection of Lender's Security. If Borrower tnils 'to perfor�u the covenants and agreements contained in
<br /> ` this VIortgage, or if any action m• proceeding is commenced which materinlly affects Lender's interest in the Prop-
<br /> � erty, including, but not li�nited to, eminent domain , insolvenc}� , code enforcement, or arrangements or proceed -
<br /> s ings involving a bankrupt or decedent, then Lender :�t ].ender's option , upon notice to 73orrower, may inake such
<br /> appearances, disburse such sums and take sucl� action as is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonable attorney 's Pees and ent3y upon the Yroperty to make repairs. Any
<br /> amounts disbursed by Lender pursuant to tl�is paragrapli i, with interest thei•eon , shall becoxne ndditional indebt-
<br /> edness of Borrower secured by this \lorigt�ge. Unless Bon•ower and I,ender agree to other tenns of payment, such
<br /> ' amounts shall be paynble upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> est from the date of disbursement at the rnte stated in the IvTote tmless p�yment oi interest at 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 coniained in this paragrapl� 7 shnll require Lender to incur any expense or do any act
<br /> hereunder.
<br /> 8. Inspection. Lender rnay �nake or cause to be inadc reasonable entries upon and inspections of the Prop-
<br /> erty, provided that Lender si�all give Borrower notice � .rior to .�n�� such inspection �pecifying reasonable cause
<br /> therefor related to Lender's interest in the Property.
<br /> 9. Condemnation. The Uroceeds of uny au�aru or c•Ixin� tor �iaivages , ciirecC or cuu�equauLixl, iu cainwtion
<br /> with any condetnnation or other taking of the Yroperty, or psrt thereof, or For cuu��epnnce in lieu oS condenmu-
<br /> tion, are hereby assigned and shall be gaid to Lender.
<br /> In the event of a total taking of tlte Property, il�e � �roceed� sliall I�e upplied tu tl�e sums seoured by this Mort- �
<br /> gage, �vith the excess, if any, paid to Borrower. In tl�e event of a partial taking of thc Property, unless Borrower � - u:� .
<br /> and Lender othenvise agree in writin�, there shsll be spplied to the sums secured b,y t.his �'Iortgage such propor- ' ` " ' �
<br /> tion of Lhe proeeeds as is equal to that proportion ���hich the amount of the suins secured by this �fortgage imme- 5 � ;�`,
<br /> � " diateiy prior to the dute of taking bears to the fair market value of tl�e Yropertv imrnediately prior to the date of -
<br /> taking, with the balance of theproeeeds paid to Borrower. ` '�
<br /> If the 1'roperty is abaudoned Uy $orrower or if after notiee by Lender to Borro�ver that the condeinnor offers ' �`
<br /> to make an aavard or settle a claim for ciumages, $orrocver fails to respond to Lender witl�in 30 days of the date
<br />� ; of such notice, Lendec is auGhorized to collect an�t applp the ��mceecls at. l.ender's opt:ion eit.hei• to restorat,ion or �'
<br /> repair of the Yroperty or to the sums secured by ihis �iortgage. •�-
<br /> Unless Lender and Borrower otlrernise agree in �vriting, any such applieation of proceeds to principal shall
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