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<br /> �, If under ��aragraph 18 hereof the Property is sold or the Property is otherwise acquired by i:ender, I..ender �
<br /> shall apply, no later td�an immediately prior to the salc of tl�e Yropertp or its acquisition by T.ender, any Funds
<br /> � lield by Lender at the time of application as :� c;redit against tlie sums secured t.iy this 1�Iorbgage. � �
<br /> 3. Application of Payments. Unless aj���licable lai�� provides otherwise, all pa,ymei�ts received by Lender
<br /> � undei the Note and paragraplis 1 and 2 hereof sl�all bc applie<i by Lender firsL in payment of amounts payable to
<br /> Q Lender Uy $orrower under paragrapt� 2 l�ereof, thev to intcrest f�xyable on t6e �'ote and on Future Advances, if
<br /> � any, und ihen;to ttie ��riucipai of, the ivotc anci Lo il�e ��rinciPai oi Fuiure r,civnnces, ii any. ' �
<br /> ' � 4. Charges; Liens. BorroSver stiall pay �11 tnxes, assessments and ot4�e:� charges, fir.es arid imj�ositions wtt.-ih-
<br /> � utable to the; Property tivhich inay attain a. priority over tl�is \4ortgage, ancl groux�d rents, if any , at Lender's
<br /> r �; option in the manner, p�ovided ;undei• paragraph 2 hereof or by Borrower �nakina payment; when iiue, directiy to
<br /> ' - 1 • the payee thzieof. Borrower shail promlitly furnisl� to Lender all notices of amounts due under this parrsgraph,
<br /> 1� and- in the eventBorrower slaali .mak� l�ay�nent direet]y, Borrotver sh�,ll proingLly furnish to Lender receipts evi-
<br /> � ' dencing sucli payments: Borrower slsall prosni>tly disc}iarge any lien �vhich has priority over this \'Iortgsge ; pro-
<br /> � vided, that Borrower shall not be required to disciiarge any sucl� lien so long as Borrower sl�all agcee in writing to
<br /> the payment of the obligation secured by sucl� lien in .i manner acceptable to Lender, or shall in good faith contest
<br /> ` , }, such lien by, or defend enforcement of sucli lien in, lega] proceedin�s which operate to prevent the enforcement of
<br /> the lien or forfeiture of the Property or any part t6ereof.
<br /> ; 5: Hazazd Insuz�ce. Boriower shalf keep tl�e improaements no�v existing or hereafter erected on the Prop-
<br /> ` ' erty insured against loss by fire, hazards included witl�in the term "extended coverage", und such other hazards as
<br /> ` Lender may require and in sticYi amounts snd for sucli periods as Lendcr ma}� require ; provided, that Lender shall
<br /> ' not requirethut the amount of suc}i coverage exceed thai amouni of coverage required to pay the sums secured'by
<br /> i this Mortgage. ,
<br /> ; The insurance carrier 13roviding tLe insursuce shull be chosen by Borrower sul�ject to approval by Lender ;
<br /> provided, that such approval shait not be unressonabiy withheld . All premiums on insurance policies shal [ be paid
<br /> At Lender's option in the manner provided undei• ��aragrapl� 2 hereof or by ]3orrower ivaking payment, when due,
<br /> directly to the insurance carriea
<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 improvernents, pay the premiums and such sum shail 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 insurunce policies and renewals thereof �l�ull be in forin z� cceptsble to Lencier and shall include a standard
<br /> mortgage clause in t:�vor of a.nd in form acceptable to Lender. Lender shall l�a��e tiie right to hold the policies and
<br /> renewals thezeof, and Borrower shall promptly furnish to Lender all renewal notices and a,ll receipts of paid pre-
<br /> miums. In the event of loss, Borrowei• shull give proinpt notice to tlie insurance currier and Lender, and I,ender
<br /> may make proof of loss if not made promptly by l3orrower.
<br /> � ; Unless Lender and Borrower otherwise agree in �vriting, insurauce �>roceeds shall be a�plied to restoration or
<br /> ; repair of the Property damaged , provided such restoration or re��air is economiculfy feasible and the security of
<br /> ? this Mortgage is not tliereby iinpaired . If such restor;it.ioii or repsii• is riot economicslly feasible or if the security
<br /> of this �iortgage tivould be impaired , tl�e insuY•auce i>roceeds sl�all be anplied to the smns s�cured by this .Mortgage,
<br /> with the exeess, if any, paid to Borrower. If the Yroperty is abandoned by I3orro��•er or if Borrower fails to respond
<br /> to Lender within 30 days after notice by I.ender to I3orrower that the insurac�ce carrier offers to settle a claicn for
<br /> insurance benefits, Lender is authorized to collect and apply thc insurance proceeds at Lender's option either to
<br /> restoration or repair of the Property or to tlie suins secuc•ed by t.liis \fortgage. _
<br /> i . . .__ _LS_ i .Y _ . . .. . _ . . . __ . . ._
<br /> ;: vuiC�� .�enucr atiu tiorrower ocnerwise agree in writing, any such applicntion of proceeds to principal shall
<br /> not extend or postpone tlie due date of the uzonthly instalhnents i•eferred to in paragraphs 1 and 2 hereof or change
<br /> = the amount of such installments.
<br /> I£ under paragrapl� 18 hereof the Yroperty is acquired by Lender, all right, title .Lnd interest of Borrower in
<br /> and to any insurance policies and in and to the proceeds tliei•eof (to thc exteut, of t.he sums secured by this D�ort-
<br /> � gage immediately prior to such sale or acquisition ) resulting from damagc to the Property prior to the sale or
<br /> i acquieition shall pass to Lender.
<br /> 6. Preservation �md Mcontenaace of Property; Leaseholds; Condominiums. 13orrower shall keep the Prop-
<br /> � ; erty in good repair and shall not permit or cornmit waste, impairtnent, or deterioratiou of tbe Property and shal]
<br /> comply with the provisions of any lesse, if this �Iortgage is on a leasehold. If this 1�Iortgage is on a condominium
<br /> ' unit, Borrower shall perfonn all of Borrower's obligations under thc declnration of condominium or master deed,
<br /> the by-laws and regulations of the condominium project and constituent documents.
<br /> 7. Protection oE Lendei s Security. It Borrorver iail� to perforin the covenants and agreements contained in
<br /> ; this .vlortgage, or if any action or proceeding is commencec9 �vhicli wctterially affects Lender's interest in the Prop- ,
<br /> erty, including, but not limited io, euiinent domain , insolvency; code enforceinent., or srrangements or proceed-
<br /> jings involving a bankrupt or decedent, then Lender at Lender 's option, upon notice to Borrower, may make such
<br /> ; appearances, disburse such sums and take such action :as is necessary to protect Lender's interest, including, Uut
<br /> i not limited to, disbursement of reasonuble attorney 's fees anci entry ll�JOIl the I'roperty to make repairs. Any
<br /> � amounts disbursed b}� Lender pursuant to this paragraph 7, �vith interest thereon , shall become additional indebt-
<br /> � edness of BorroR•er secured by this �iortg�ge. Unless Borro«�er and I.ender agree to other temis of payment, such
<br /> � amounts shall be payable upon notice from Lender to Borrower requesting payinent thereof, and shall bear inter-
<br /> est from the date of disbursement at the rate stated in the ?v'ote Lmless payment of interest at such rate would be
<br /> '' contrary to applicable ]aw, Sn which event such amounts shall bear interest at the highest rate permissible by
<br /> applicaUle la�v. �Tothin� contained in this E�aragraph 7 shnll require I.ender to incur any expense or do any act
<br /> hereunder.
<br /> 8. Inspecfion. Lender �nay make or cause to lie madc rea�onable entries upon and inspections of the Prop- :
<br /> erty, provided that Lender shall give Borrow-er notir. e ��rior to zi�n� sucL inspeetion �pecifying reasonable cause
<br /> therefor reSat.ed to Lender's interest in the Yroperty.
<br /> 9. Conde�:nation. The p:ocee�s of an5• an•s:d or c:sim for d:a .^.ia;es, direc! or co.:sequentia2 , in conuectior.
<br /> ' with any condemnation or other taking of the Yroperty , or part thereof, or for cam-et•flnce in lieu of condemnn-
<br /> a ' tion, are hereby assignet9 and shttll be paid to Lender.
<br /> � In the event af a total t3king of t1�e Yroperty, Llie ��ruceed; sliall l ,c :�pplied to ilie suins secured by this Mort- �
<br /> � gage, with the exces�, if>�ny, paid to Borrower. In tlie e.vent of a partial taking of' the Property, u�ilese Borrower � -
<br /> x and Lender otherwise agree .in writing, there sl�all be applied io tl�e su�ns secured by Lhis 3lortgatige sueh propor- _ 1.,; �'
<br /> tion of the proceeds as is equal to thst proportion which tl�e uniount of the sums secured by this �4ortgage imme- � � '*'�
<br /> L� diately prior to. tl�e date of t�king bears to tl�e fairai�arkeC rulur of tlie Yi•aperty iinmediatelgprior to tl�e date of � ��
<br /> taking; with the balance of #heproceeds paid toBorrower, ��f %:'`:;
<br /> If t,he Property 3s abandoned by Borro�ver• or if sfter notice b5� Lender to Borrnwer that the condemnor offers 'x�'"`�„
<br /> ; to make an a�vard or settle a. clainz for damages; $orroweriaiis to i•espond to I�ender �vittiin 30 dayy of the date
<br /> ; of aucEi riutic:e, leiiuer is �utiiorizeu co coilrcti auu n���iiy Liie }�ruc�eiia ttt 1.euuer's option eiiliei• tu reswracioxi or = �
<br /> repaix' of :�he ProperLy or to LLe ewue aecureu Ly;Ll,ia \Soi lgagc-. �x
<br /> � Unless Lender and Borrower otixenvise agree in �vriting, any such application of proceeds to principal shall
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