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<br /> �' If under paragraph 18 l�ereof the Property is sold or the Property is otherwise acquireci by I,ender, I.ender �
<br /> shali apply, no later t:han immediately prior to the salc of the Yroperty or its acquisition liy Lender, any F'unds
<br /> held by Lender at the time of applic�tion us a credit against tLe smxis secured b�• this 14ortgage.
<br /> CQ 3. Application of Payments. Unless, applicablc la�t� �>rovides otherwi;e, all payments received by Lender
<br /> ; � und�r the Note and paeagraplis 1 ancl 2 hereof wLall l�e ap��lied by Tender first in I»,yinent qf amounts payable to
<br /> t'rJ Lender Uy Borrower under puragrapli 2 liereot, ttien to interest 7�ayalalc on ti�c Note aiici i,�i Futurc ;dvt�nces, iF
<br /> � any, ai�d then` to the principal of the i`Tote and #o tlie �>rincipai of rutm•e Ad� 3ncee , if any:
<br /> J d, Chccrges; Liens. Borrower shall ��ay ail taxes, assessments und otl�er charges , fines and impositions attrib-
<br /> � utable to the Property which may attain n priority over il�is �lortgage, and ground rents, if any, at Lender's
<br /> r � option Sn the inanner provided ' under liaragraph 2 l�ereof or f�y I3orrower making psyment, when due , directly to
<br /> � the payee thereof. $oTrower sha11 promptLy furriisl� to Lencler sll nofices ' of amounts clue under this paragraph;
<br /> and in the event Borrower shal] make tzaymenE direct.ly, }3orro�cer slrall prornptly furnisl� to Lender receipts evi-
<br /> dencing sueli payments. Boirau�er sl�all promptiy discharge sny lien which has priority over this Martgage ; pro-
<br /> vided, that Borrowei shall not be require3 to diseZ�arge any sucli 7ien so long as I3orro�i�er sha,ll agree in writin� to �
<br /> the payment of t.he obligation secured by sucli lien in .e rnanner acce��taUle to I.ender, bx� sliall in goo�i faitl� contest
<br /> such lien by,: or defend enforcernent of such lien in; ]egai proceedings �vlticli opei�ate to pre<<ent the en{orcement of
<br /> y ,' ' the lien or forfeiture of tlieProperty or any part thereof. '
<br /> ' S. Hazard Insur�aee. Borrower sha�ll keep the improve7nents no«• existing or hereafter erected on the Pro�- "
<br /> eity insured against loss by fire, hazards included within the term "extended coverage", and such ot}ier hazards as '
<br /> I.ender may require and in such smounts and for sucl� �>eriods as Lendei• may require ; provided, tl�at Lender shall
<br /> not require tl�at the atnount af such coverage exceed tl�a t amount of coveragc required to pay the sums secured'by
<br /> x this Mort�age: ;
<br /> The insurance carrier ��roviding the insurunce s1�a11 be el�osen by Borrower subject to approval by Lender ; ! '
<br /> provided , that such a�prova! shall not be wireasonaUly withheld. All premiums on inaurance policies sha! } be paid
<br /> at Lender's option in the manner provided under paragrapli 2 hereof or by Borro�ver making payment, �vhen due,
<br /> directiy to the 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 payabie 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 renewals thereof sli :�ll be in forin accept:able to Lender �,nd sl�nll include � standard
<br /> ' mortgage clause in favor of and in form scceptable to I:ender. Lender shall I�ave the righc to hold the }�olicies und
<br /> � renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts oS paid pre- "
<br /> � ixiiums. In the event of loss, Borrower shall give proinpt notice to the insurance cssrrier and Lender, and Lender
<br /> may inake proof of loss if not made promptly by Borro�ver. i '
<br /> ' Unless Lender and Borrower otherwise agree in writiug, insursuce proceeds shall be npplied to restoration or i
<br /> a repair of the Property damaged, provided such restorstion or repair is econoiuic�lly feasible and tl�e security of
<br /> this ivlorigage is not thereby iinpaired. If such restoration or repair is not economically feasible or if the security ,
<br /> oF this 34ortgage would be impaired , the insurance ��roceeds s1�111 be applied to tl�e sutns secured by tl�is b4ortgage, �;
<br /> � with the excess, if any, paid to Boi•rowei•. If the Yroperty is abaudoned by Borrower or if Borrower fails to respond ,
<br /> to Lender witliin 30 days after notice by Lender to Borrower ihat the insurance carrier offers to settle � cisim for ="
<br /> insurance Uenefits, Lender is autliorized to collect nnd apply the insurance proceeds at Lender's option either to °
<br /> ; restoration or repuir of_the Property or to tlie sums secured by tliis \-Iortgage.
<br /> � -
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<br /> not extend or postpone the due dnte of the monthly instalfinents referred to in paragraphs 1 and 2 hereof or change
<br /> the amount of such installments. �
<br /> If under paragraph 18 hereof the Yroperty is acquired by Lender, all right, title and interest of Borrower in �
<br /> and to any insurancepolicies and in and to t6e proceeds tliereof (to tl�e extent oi the sums secured by this Mort-
<br /> gage immediately prior to sueh sale or acquisit.ion) re5ulting Trom damage to the Yroperty prior to the sale or
<br /> acquisition shall pass to Lender_
<br /> ; 6. Preservation cmd Mmaten�ce of Property: Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> i erty in good repair and shall not permit or commit waste, impairment, or deterioration of the Property and shall <<
<br /> ; comply with the pro��isions of any lease, if this \Iortgage is on a leasehold . If this l7ortgage is on a condominium i!;
<br /> � ` unit, Borrower shall perform all of Borrower's obligations under tl�e declaration of condominium or master deed,
<br /> the by-laws and regulations of t6e condominium �n•oject 2nd constituent documents. �
<br /> i 7. Protection of Lendei s Security. If Borrower fails to perforna the covenants and agreements contained in
<br /> this Mortgage, or if any action or proceeding is convnenced �vhich rnaterially affect.s Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangeinents or proceed-
<br /> ings involving a bankrupt or decedent, then Lender nt Lender '� option , u��on notice to liorro�ver, may make such
<br /> ` appearances, disburse suc]i sutns and take sucli aiction sss is nececsary to protect Lender's interest, including, but
<br /> ? notlimited to, disbursement of rensonable attorney's fees and entry upoii the ProperCy to make repairs. Any
<br /> arnounts ciisbursed by Lender pursuant to this paragrapti 7, with interesC tl�ereon , shall become additional indebt-
<br /> edness of Borrower secured by this 1lortgage. Unless Borrower and I,ender agree to other terms of payment, such
<br /> amounts shall be paysUle upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> est fcom the date of disbursement at the rate stated in the \'ote unless I>ayment of interest at such rate would be
<br /> ; contrary to applicable law, in which event such amounts shail Uear interest at the highest rute permissible by
<br /> applicable ]aw. \Tot.hing contained in this paragraph 7 stinll i•equire Lc:nder to incur sny expense or do ony act
<br /> hereunder.
<br /> 8. Inspection. I.ender ma_y uiake or cause to !ic madc rea�onable entries upon and inspections of the Prop-
<br /> eity, provided that Lender shall give Borrow•er noticc ��i•ior to am� �uch inspect,ion specifying reasonable cause
<br /> therefor reIated to Lender'E interest in the Propertc.
<br /> 9. Condemnation. The proeeeds of any award or claim for datnuges, direct or consequential, in connection
<br /> with any condemnation or other taking of the Yroperty , or part thereof , or for com�eyance in lieu of condemnn-
<br /> tion, are hereby assignecl and shsll be paid to Lender. +.
<br /> � In tl�e event of s total taking of the Yroperty, the proeeeds sl�all t>e applied to the sums secured by this Mort- � , ,
<br /> gage, with the .excess, if any, paid to Borro«�er. In tlie event of a l.�srtial tsking oF tt�e Yroperty, unless Borrower - - ' � . E `"^ '
<br /> �nd Lender otl�envSse agree in tivriting, tl�ere sl�all be upplied tu tl�e sums securtd by this \Iortgage such propor- �" ` fiI s "
<br /> tion of the proceeds as is equal to that proportion whicl� ti�e an�ount. of tl�e sums secured by this \?ortgage imme- ' � '
<br /> Ldiately prior io the date of taking Uears to tlie fair market value of tlie. Pi•operty immediately prior to the date of , � rx
<br /> takiag, !�iGh the balance of the proceeds paid to Borrower. ';,�'`},' "
<br /> � If the Propert,y is abandoned by Borrower or if after notice t�y Lender to Borrower that the condemnor offers
<br /> ` to make an award or settle a cisun for damagec, Borro.��e�• fail� to respond to T,ender u�ithin 30 �3ays of t:he dnte � •
<br />� ' ' of sUch notice, Lender is autl�orized to collect and ap}�ly tl�e }>roceeds xt. Le��der's option eit.her to rentorat.ion or
<br /> repairof the Property or to tit�e swns secured by tl�is _lIorigage.
<br /> ' Unless Lender and Bori•ower othenvise agree in cvriting, any such application of proceeds to principal shall
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