|
+;T�� � �'F:.. �
<br /> .:i-:
<br /> ra :
<br />�� , . . � � .��..
<br /> � � '�
<br />�-.�., •�,
<br />; ' � If under para�raph 18 liereof thc Property is sold or the Propert}� is otherwise acquired by 7.ender, Lender l �
<br /> ' shall apply, no later than immedihtel,y prior to the SaIc of th�a Prope r t.y or rts xcqui�i ! ion by 7. en<ler, any Bunds '
<br /> l�eld by Lencler at the time of t�pplication as a crcait agninsf the smn. secured b� lhi� 14ortga�;c.
<br /> 3. Application of Payments. Unless an�licablc In��� m ovides ot.herwi�� , :ill ,�a��inents :•�ceiv;c! }�y L=nue; —
<br /> under tlie 1Vote ancl paragrapl�s l and 2 ]iereof sLall l�e ap��lied b�� 1,enciei• fiisc in pay�nent of smounts payable to
<br /> Lender by Borrower under paragr�pl� 2 hereof, then to interest pa}�able on tdie \Totc and on I'uture Advarices, if
<br /> any, and then to the I�rineipal of the iQote and to the ��rinci�>� 1 of FuCure Adv:� nces , if any.
<br /> 4. Charges; Liens. Borrower sl�all pay all taxes, assessments and other charges, fines and impositions attrib-
<br /> � utr�ble F.o tiie Properiy wiiicii rc�ay aitait� a priority over tuis :tiort�age, and ground rents, if any, at Lender's
<br /> dy option in the manner provided under ��aragrai>h 2 hereof oi by F3oiro��-er making I�ayment, when 3ue, directly to
<br /> � � the payee tl�ereof: Sorrower sliall promptly furnisli to T,ender nll notices of amoui�ts due iander this paragraph , �
<br /> � and in tI�e event Sorrosver sliall makc payment clirectly, Borro�s�er shu19 promptly iw•nish to Lender receipts evi-
<br /> ' � dencing sucli j.ayi::er.ts. Bo::owe� ��all p:omptly diset�nrge aijy lien which i�as prioriiy over this �Iort6age ; pro-
<br /> � vided, thatBorrower sl�all not be required to discl�arge any sucli lieu so long as Boi•rower shnll agree in writing tio
<br /> the payment of the obligation secured by sucl� lien in :� manner acceptable to I,ender, or sliall in good faith contest
<br /> ��� such lien by, or d�fend enforcement oF such 7ien in , ]egal ��roceeding, which operate io prevent the entorcement of
<br /> �'^-� the lien or foifeiture of the Property oi• any part tliereof.
<br /> ; S. Hazazd Insur�ce. Borrower shall keep tlie irnprovements no�c existing or hereafter erected on the Prop-
<br /> erty insured against loss by fire, hazards included �vithin the term "extended coverage", and such otl�er l�azards as
<br /> Lender may require and in such �mounts .and for sucN F�eriods as I.ender mu,y rr.quire ; provided , that Lender shall
<br /> noG require tl�st the smour.t aF sueh coveraga exeeec3 that umounc of coverage required to I�ay the suins seeured 'by
<br /> ' this Mortgage.
<br /> The insurance carrier providing tl�e insurauce shall be chosen by Borrower suUject to approval by Lender ;
<br /> provided, thnt such approval shall not be unreasona,bly withl�eld. .�il premiums on insurance policies sliall be paid
<br /> at Lender's option i�i the manner provided undei• �iaragrnph 2 hereof or by Bori•ower malcing payinent, when due,
<br /> � directly to the insurance carriei.
<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 pcocure 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 /> under the terms of this Mortgage.
<br /> ? All insurance policies and renewale thereof shnll be in fonn s�ec,eptable to Lender nnd sl�ull include a standard
<br /> ` mortgage clause in favor of and in form �tcceptablc to Lender. I.ender shsll l�ave the right to liold tl�e policies nnd
<br /> renewals thereof, a.nd $orrower shall promptly furnish to Lender all renewal notices and all receipts of paid pre-
<br /> miums. In the event of loss, I3orrower shall give prompt notice to tl�e insurance carrier und I,ender, and Lender
<br /> may snake proof of loss if not �nade promptly by Borrower.
<br /> ? Unless Lender und Borrower btherwise agree in writing, insurunce proceeds sUall be �,pplied to restoration or
<br /> repair of theProperty damaged, provided such restoi.� tion or rep�ir i� economicnlly feasible �� nd the security of
<br /> this Mortgage is not thereby impaired. If such restorntion or repair is not economically feasible or if the security
<br /> of this Mortgage would Ue impaired , il�e insurance proceeds shall be appiied to the sums secured by this Mortgage,
<br /> with the excess, if any, paid to Borrower. If the Yroperty is sbandoned by I3orrower or if Borrower fails to respond
<br /> to Lender within 30 days after notice Uy Lender to Bon•ower that thc insurance carrier offers to settle a claim for
<br /> < insurance benefits, I.ender is authorized to collect and apply tl�e insurance proceeds aL Lender's option either to
<br /> restoration or repair of the Property or to the sums secured by tliis �Iortgage.
<br /> ! Unless Lender and Borrower othenvise agree in �vriting, an,y such ar�plication of proceeds to principal shall
<br /> ; not extend or postpone tlie due date of the inontlil,y installments i•eferred to in paragraphs 1 and 2 hereof or change
<br /> the amount of such instaliments. _
<br /> If under paragruph 18 hereof the Yroperty is acquired by I,ender, all right, title r�nd interest of Borrower in
<br /> and to any insurance policies and in and to the proceeds thereof ( to the extent of the suznc secured by tl�is Mort-
<br /> ; gage immediately prior to sucl� sale or scquieition ) result-ing frmn damagc t,o thc Properiy prior to the sale or
<br /> acquisition shall pass to Lender.
<br /> 6. Preservation �d Mcunteaance of Property; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> ' erty in good repair nnd shnll not permit or commit wnste, impairment, or deterioration of the Property and shall
<br /> comply with the provisions of any lease, if this \tortgage is on a leasehold. Tf tl�is �4ortgage is on a condominium
<br /> unit, Borrower shail perfortn all of Borrower's obligfltions under the declaration of condotninium or master deed ,
<br /> the by-]aws and regulations of the condominiwn project a��d constituent documents.
<br /> 7. Protection of Lendei s Security. If Borrower tails to �>ertorin the covenants and agree�nents contained in
<br /> this �fortgage, or if any action or proceeding is comcnenced which materially affects Lender's interest in the Prop- '
<br /> erty, including, Uut not limited to, erninent domsin , insoh•ency, code enforcement, a• arrangeinents or proceed-
<br /> ings involving a bankrupt or decedent, then Lender ut Lender', option , upon notice to Borrower, may make such
<br /> appearances, disburse sucli sums and take sucll action as is necessary to protect Lender's interest, including, but
<br /> not limited to, disburseinent of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br /> amounts disbursed by Lender pursunnt to this parugrapli 7, �vitli interest thereon , shali become additional indebt-
<br /> edness of Borrower secured by this �iortguge. Unless Borro�ver and Lender agree to other tern�s of payment, such
<br /> amounts shall }�e psyable upon notice From Lender to Borrower requesting pa,yment thereof, and shall bear inter-
<br /> est from the date of disUursement at the rate stated in the Note unless pa�yinent of interest at such rate would be
<br /> contrary to applicaUle law, in which event such amounts shall bear interest at the highest rate permissible by
<br /> applicaUle law. �Tothing contained in this paragraph 7 shall require I.ender to incur any exF>ense or do any act
<br /> hereundea
<br /> 8. Iaspection. Lender may inake or cause to be madc reneonnblc entries upon �nd inspections of the Prop-
<br /> erty, provided thttt Lender shall give Borron�er notice ��rior to any �uch inspection specifuing reasonable cause
<br /> therefor related to Lender's interest in the Property.
<br /> 9. Condemnation. The proceeds oi any awarci or clxim ior ciamages, airect ar consequential , in connection
<br /> ` with any condemnation or other t:�king �f the Property , m• part thcreof, or for �ou��eyance in lieu ot condeinnii-
<br /> , tion, are hereby assigned snd sl�all be paid to Lender. 4
<br /> In tl�e event of a total takiug of the Yropei•t.y, the proceeds shall Le applied to tl�e sums secured by this Mort- �
<br /> ; gage, with the excess, if any, paid to Borro��-ei•. In t,l�e eveut oL a ��artial tai:ing of tl�e Property, unless Borrower "'P` ' � ' ' 'r�L
<br /> and Lender other�vice agree in writing, there shall he applied to the suins secured by this �tort.gage such propor- T '� � , ^ ; '
<br /> tion of the proceeds as is equal to that proportion which the amount of the sums secured Uy thie �tortgage imme- j ' ?�r.. ,, `
<br /> 1�� diately prior to the date of taking bears to tl�e fair marl:et value of tlie Property immediately prior to the date of ��'„ :,;
<br /> taking, with the :balance of the proceeds paid to $orrowex•. s
<br /> h ;. . . . . � � � � � . �: .�,w,: :. �
<br /> If the E'roperty is, at�andoned by, Borro�rer or if after notice Uy Lender to Borro�cer that tl�e condemnor offers
<br /> � . . , .
<br /> ". to make an award oi' settle a clain� for datnages; Borrovrer fails to i•espoud to Lender within 30 days 'of the daie ' � ��
<br />� . of such notiee, Lender is autharized to collect and appl�� the proceeds at Lender's option eitl�er to restoration or
<br /> ,��.
<br /> repair of ihe Property or to the sums secured by this �iortgage.
<br /> ' Unless Lender and $orrower other�vise agree in writing, any such application of groceeds to principal shall
<br /> �' '�,.` •�w,;-' �
<br /> a.+i�r� . . . . . . . . . . .. . . .. . . . . . . . { . .
<br />:r�' . . . . . .
<br /> u, :; . . . . � .
<br />
|