|
tr� l i
<br />"�, �
<br />�aT � . . � � ( )E
<br /> .. � . . . . . . . . . . . �. . . .. . . . . . . . . . . . . � 1 � � ��
<br />� � If imder paragraph 18 hereof the Property is sold or tl �e Property is otherwise nec�uired by T.ender, Lender I , �
<br />� cn3ii appiy ; ii 'v ;nte, `:�a: :eaiet�ly n�jnr .to thc sale of thc Yro�icity or it� acquitiit,ion by Lender, any Fwids
<br /> lield by Lender at• the time of applieation 1s u creciic ag�,�n,i iL� �uins c .uc•ed * ,, tl�i� tiio�•tga�e. �
<br />� 3. Ap;scati^n �t Payments. Unt£ss apF�lical�l� 1 a�� provides oth�rwise :�Il �iayinents received by Lencier ,
<br /> ' . _ , .I::, n L., ' i � . T �.�,�ter (u�.t in navment ot an�aui:ts payable to �
<br /> � . unQeT �LlIC iV oie anci j�ai'isgYup3is .i: nr,i: 2 :te.'cv: n ,n„ ..pt... , . ___ . _ . _ �
<br /> ' Lender by Borrower under paragrnpli 2 liereof, t.he�i to intercat, �:e�yabie ��}. t.lie -�Tote ar�d on Futvr� Ailvances, ii '-�
<br /> r any, and then to the principal of the \Tote and to tliey�rincipal af Rutui•e Advances, if nny: '
<br /> 4. Chargesr Liens. Borrower sl�all �iay all taxes, assessments and otl�er charges, fines and impositions attrib-
<br /> utable to the Property which may attain a priority over tliis AZortgage; and ground rents, if a,ny, at T�.^nde�'� �
<br /> r option in the manner provided under paragrtiph 2 lrereof or by Rorrower making �iayment; when due, direct]y -to
<br /> the payee theieof. Borrow�er slrall promptly fui•nisl� to Lender all notices of amourits due Lmder this paragraph ,
<br /> and in the event Sorro�ver shall make paymentr 'directly; Iiorrowcr shu11 proinptly furnisli to Lender receipts evi-
<br /> dencing sucli payments. Borrower shali proml�tly discliarge any lien which lias }�riority over this \Iortgage ; pro-
<br /> , � � vided;;that Borrower shall not be required ;to discharge any sucl� lien so long as Borrower sl�nll agree in �vriting to ' ;
<br /> � the payment of'the obligation seaured 6y such lien in n manner acceptaUle to Lender; or sh�ll in gootl faith contest
<br /> '� i � §uch lien by, oz defend enforcemenE of suclr l�ei� irr; legal ��i•oceedings \vliieli operate to prevent the enforcement of
<br /> '"� the lie� or forfeit�re of the Property or any part tlaereof. ' �
<br /> ; � ' 5: Hazard Insar�ce. Sorrower s..all keer tl:e iinpro�-P�a�ents no��• existing or hereafter erectecl on the Prop-
<br /> � erty insured against loss by fire, hazards included within the term "exteuded coverage", and euch other hazards as .
<br /> ` �,,` ' Lender �nay require a,nd in sucli amounts and for sucli periods as Lender may require ; provided; that Lender rhall '
<br /> � not require thut the amount of such coverage exceed tl�at amount oF coveruge required to ��ay the sums secuced 'by ,
<br />� : this 1�1oi�tgage. �
<br />� The insurance carrier providiiig tlze iazsurance st,al] be chosen by Borroive.r subject to �ppravv ] by Lender ; ,'
<br /> ; provided, tht�t such approval shall not be unreasonably withheld. All prezniums on insurance policies ahail be paid
<br /> at Lender's option in the manner provided under paragrapli 2 I�ereof or by $orrotiver inaking payment, when due,
<br /> ' directly to thz insurance carriei•.
<br /> ' In the event any policy is not renewed on or beFore ten days of its expiration, the Lender, to protect �
<br /> i its interest, may procure insurance on the improvements, pay the premiums and such sum shall bewme
<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. Fai)ure by Borrawer to comply may, at option of Lender, constitute a default
<br /> , under the terms of this Mortgage.
<br /> 3!1 insurAnce. policies and rene�vals thereof shall be in for�n acceptable to I.ender and sl�:�ll include a standard
<br /> � mortgage clause in favor of and in form acceptable to Lender: Lender shall hsve the :i�ht to hold the policies acid
<br />� �, rar.2wa.s th2reof, and Boi�rower shuii promptly iurnish io Lender all renewal notices and all;receipts of paid pre-
<br /> miums. E^ th� e:ent of loss, Borrower shtilt givz �>ro�i�pt iiotice to the insurance carrier and Lender, and Lender
<br /> � may make proof of loss if not made prom�tly by Borrower. S,
<br />�. ; . .
<br /> �I � � � �� Unless Lender and $orrower otiierwise a ree. in :v r;tcr,� ia>;;re:.^,ce ��+*nnnnrl �: c1�a11 be a.unlied to. restoration or
<br /> � repair ot the Property� damaged, provided su�h restor�tiox�or repair �sleconomically feasiblc and the security of
<br /> y this Mortgage is not thereby impaired. If such restorltion oi• repair is tiot economic.�lly feasiUle or if the security
<br /> ; of this 14ortgage would be impaired, the insurance ��roceeds shall lie applied to the surns secured by this Mortgage,
<br /> 's with the excess, if any, paid to Borrower. If the Yroperty is abandoned by Borro�ver or if Borrower fails to respond
<br /> '� to Lender within 30 days after notice b3� Lender to Borrower that ttie insurance carrier offers to settle a claim for
<br /> � ineurance benefits, Lender is authorized to collect snd apply thc insurance proceeds at Lender's option either to
<br /> ii restoration or repair of the Property or to tl�e sums secured by tl�is \Tortga�e.
<br /> ` € Unless Lender and Borrower othercvise agree in writing, any such aPplication of proceeds to principal shall
<br /> j not extend or postpone the due date of t.he monthly installment.s referred to in paragraphs 1 and 2 hereof or change
<br /> x the amount of such installments.
<br /> � If underparagrapli 18 hereof tlie Yroperty is acquired by Lender, ;tll rigl�t, title and interest of Borrower in
<br /> An�i #.n xny insurance policies and in and to the proceeds t,hereof (to the extent of the sums secured by this Mort-
<br /> i gage immediately prior to such sale or acquisitionj resuiiing irom damnge to the Property prior to the sale or
<br /> acquisition shall pass to Lender.
<br /> 6. Preservation' cmd Mmatenance of Pzoperty; Leaseholds: Condominiums. I3orrower shall Iteep the Prop-
<br /> erty in good repair �nd shall not permit or commit waste, impairment, or deterioration of the Property and shall
<br /> comply with the provisions of any lease, it this \Iortgage is on :� leaseliold . If this Mortaage is on a condaminiun3
<br /> { unit, Borrower shall nerform all of Borro�ver's obligations under the declnration of condominium 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 to perform the covenants and agreements contained in
<br /> ` this Mortgage, or if any action or proceeding is comiuenced which materially affects Lender's interest in the Prop- �
<br /> ' erty, including, but not limited to, erninent doinain, insolvency, code enforcement, or arran�ements or proceed-
<br /> ` ings involving a bankrupt or decedent, then Lender at Lendei's option, upon notice to Borrower, muy make such
<br /> appearances, disburse such sums and take such action ss is necessary to protect Lender's interest, including, but
<br /> '' not limited to, disbursement of reasonable attorney 's fees and entry upon the Property to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this pnra�rapli 7 , witl� interest thereon, shall become additional indebt-
<br /> edness of Borrower secured by this bfortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> amounts shall be payable upon notice' from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> est from the date of disbursement at the rate stated in the Note unless payment of interest at such rate would be
<br /> contrary to applicable law, in which event sucli amounts shall Uear interest at the highest rate permiasible by
<br /> applicable law. Nothing contained in this paragrap6 7 sh� ll require I.ender to incur any expense or do any act
<br /> hereunder.
<br /> 8. Iaspection. Lender may make or cause to 6e madc reaeonzblc enta•ies upon and inspections of t,he Prop-
<br /> erty, provided that Lender shall give Borrow�er notice ��rior to :Ln}• sucli inspection specifyin� reasonable cause
<br /> therefor related to Lender's int,erest in the Proqertv .
<br /> 9. Condemnation. - The proceeds of nny award or claim ior damages; direct or consequential, in connection
<br /> ; with any condemnation or other taking of the Pro��erty , or part thcreof , or fm• conve,yance in lieu of condemna-
<br /> tion, are hereby assigned and shall be paid to Lender. {
<br /> ; Tn the event of a total taking of the Yroperty, tlie proceeds sliall be applied to the swns secured b,y this Mort•- � .. : .
<br /> � gage, �vith the excess, i( any, paid to Borrowei: In t.he event of a ��artial taking of the Property, unless Barrower . : : � `y'
<br /> and Lender other�cise agree in wciting, tliere sh�ll be applied to tl�e mm�s secured by tl�is lIortgage sucli propoi•- .." '4�1 X�w"
<br /> ' tion of the proeeeds as is equal to that proportion �vhich the amount of the sums secured by this '_�fortgage imme- �F `� ;
<br /> �;�� diately prior to tlze date of takingbears to the fair:inarket a�alue of tLe Property immediately prior to the date of '� °"
<br /> v�
<br /> '; taking, with the balance nf the proceeds paid to Borro}ver. ' +�'° „
<br /> If the Prop�rty is abandoned by Borrowei•, or if after notice by Lender to Borro�ver t.iat the condemnor offers
<br /> Lo make an award Qr settle t� elaini for c2gmages, $orroa�er faiis to respond to Lender :ti:thii; 30 days of the date
<br /> of Nuch notiee, I:ender i� sut.iiorized to �c+ilect and i�l�l�ly the pr�cecrd� at T,ender'G option eit!zer to resterstion or ,,
<br /> : repair of the Property or to the sucus secured by this \Iortgage.
<br /> Unless Lender and Borrower.utherivise agree in tvritieg; an ��+ch a� ���at'aon c; as t;, ;r;nci- al et�ali
<br />�' .. ; . � . . . .. . � � . . � � . � . . . ' � . r'�.� ^y:..vwu f k� .
<br /> ,
<br /> � � . . . . � Y . .. � : . . . .
<br /> . r""w5' ^ -'�.�"�.r.� �
<br /> _ .. , .: . .. � �� . . .
<br />� � � '� � . . . : . � . . . . . ' . � . . .
<br />
|