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<br /> � If imder paragraph 18 liereof t.he Yroperty is sold or the 1'roperty is otlierwise acquired by Lender, Lender �
<br /> shall apply, no later ttian invnediately prior to the salc of tlte Proj�ei•ty or its acquisition by I.ender, any I�'unds
<br /> held by Lender at the time of applic3tion as u creclit again�t. tlie suins secured by this tilortgage.
<br /> 3. Application of Payments. Unless applicablc l:�w provides atherwise, .�11 payments receivecl Uy , Lender
<br /> � under the Note and paragrapLs 1 and 2 liereof sliall be applied Jiy T.encler first in payment uf aiuounts payable to
<br /> �i I,ender by $orrower under paragrapl� 2 Gereof, tl�en to interest �ictiy.�61c on thc ?�Tote and on Future Advances; if �
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<br /> �� 4. Charges; Liens. ; Borrower sLall pay a,ll taxes, assessments �nd other chflrges, fines and impositions attrib-
<br /> �: utable to the l'roperty which may nttain a� priority ovei• this vlortgage, and ground rents, if any, at Lender's
<br /> � � • option, in tl�e manner 'provided,under pura�rapli 2liereof or by T3orro�ver �nz�king payment, �vhen due, directly'to
<br /> � the payee thereof. Borrower sti�,ll promptly furnisli to Lender a�ll iiotices of ainounts due under tliis paragraph ,
<br /> � and in the event Borroiver sl�all - �nako payment directly, Borro�ti�er sliall prom}�tly furnisli to- Lender receipts evi-
<br /> � ' �`�, dencing such payments. Borrower sliall promp.tly discl�arge any lien which has priority over this 14ortgage ; pro- `
<br /> ; ' vided, that Borrower shall not be required to dischar�e any� sucl� lien so long a.s Bqrro�ver sl�all agcee in wTiting to
<br /> tlie payment of the obligation secured ' by such lien in .i manner acceptaUle to Lender, or shall in good faith contest
<br /> � � such lien by, or defend enforcement of-such lien in , legal l�roceerling� wfiicli operate to prevent the entorcementi of
<br /> � ? the ]ien or forfeiture of the Property oi• any part thereof. - ` ` ; '
<br /> � 5. Hazazd Insuranee. Borrower shall lcee}i the improven;ents no�c existing or hereatter eiected on the Prop- 1
<br /> , � erty insured against loss by fire, huzards ineiuded witl�in the term "extended coveruge", and such otltei• hazards as { :
<br /> : Lendermay require and in such amounts and for such periods as Lender may require ; provi�ied , that Lender shall
<br /> � not require ttiat the amount of such co��erage exceed that amount of coverage required to pay the sums seoured 'by
<br /> , i this 1VFortgage.
<br /> 9 The insurance carrier providing tlie insurauce shall be chosen by Borrower suk�ject to approval by Lender ; '
<br /> provided, that such upproval shall not be unreasonably withheld. All premiums on insurunce policies shall be paid
<br /> ; at Lender's option in the manner provided w�der paragrapl� 2 hereof or by Borrowei• making payment, when due,
<br /> directly to the insurance carrier. �
<br /> In the event any policy is not ranewed on or before ten days of its expiration, the Lender, to protect
<br /> `F its interest, may procure insurance on the improvements, pay the premiums and such sum shall become i '
<br /> F immediately due and payable with interest at the rate set forth in said note untii 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 tl�ereof shxll be in forrn 3eceptable to Lender and shall include a standard
<br /> j u�ortgage clause in f�vor of and in form acceptable to Lender. ],ender shall have tdte right to hold the policies and
<br /> renewals thereof, and Borrower shall promptly furnisl� to Lender all renewal notices and all receipts of paid pre- +
<br /> . i'i miums, In the event of loss, Borrower sl�all give prompt notice to the insurnnce carrier nnd Lender, and Lender
<br /> ' � may tnake proof of loss if not made promptly by Borrower.
<br /> '� Unless Lender and Borrower otherrvise agree in �vriting, insurance proceeds shall be applied to restorution or
<br /> F' repair of the Property damaged , provided sucli restoration or repuir is econotnicnlly feasible and the security of
<br /> ; this Mortgage is not tl�ereby impaired. If such restorntion or repair is not economically feasible or if the security
<br /> A of this n4orf,gage would Ue impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage,
<br /> � with the excess, if any, paid to Borrower. If the Yroperty is abandoned by I3orrower or if Borrotver fails to respond
<br /> 5 to Lender within 30 days atter uotice by Lender to Borrower that the insurauce cnrrier ofters to settle a claim for
<br /> c � ; insurance benefits, Lender is authorized to colleci und apply the insurance proceeds at Lender's option either to
<br /> j restoration or repair of the Property or to the surns secured by tliis \Loitgage.
<br /> p Unless Lender and Borrower othenvise agree in �vriting, any such application of proceeds to principal shall
<br /> ;; not extend or postpone the due date of tl�e montUly installments referred to in paragraphs 1 and 2 hereof or change � '
<br /> 5 the amount of such installments.
<br /> '� If under paragraph 18 hereof the Property is acquired Uy Lender, all rigl�t, title and interest of Borrower in
<br /> and to any insurance policies and in and to the proceeds tl�ereot ( to tl�e extent of the sums secured by this Mort-
<br /> ; gage immediately prior to such sale or acquisitionl resulting froui damage to tlie Property prior to the sale or
<br /> acquisition shall pass to Lender.
<br /> i 6. Preservation cmd Mmatenance of Property; Leaseholda; Condominiums. Borrower shall keep the Prop-
<br /> � erty in good repair and shall not permit or commit waste, iinpaic•inent, or deteriorntion of the Property and shall
<br /> � comply with tl�e provisions of any lease, if this JIori�age is on a leaseI�old. If this Mortgage is on a condominium
<br /> ?j unit, Borrower shall perform all of Borrower's obligations under tl�e declaration of condominium or master deed,
<br /> the by-]aws and regulations of the condominium project and constituent documents.
<br /> ; _ 7. Proteetion of Lender's Security. If Borrower fails [o perform the covenants and agreements contained in
<br /> this D4ortgage, or if any action or proceeding is commencect which �naterially affects Lender's interest in the Prop- •
<br /> ? erty, including, l�ut not limited to; eminent domain , ioaolvency, code enforcement, or arrangeinents or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at I.ende�•', option, upon notice to Borrower, may mske such
<br /> appearances, disburse suc}� suins and take sucl� action as is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursemenE of reasonable attorney's fees and entiy upon the Yroperty to make repairs. Any
<br /> amounta disUurszdby Lender pursuant to this parageaph 7, �vith interest thereon , shall become additional indebtc
<br /> iedness of Borrower secured by this �lortgage. Unless Borrower and I..ender agree to other terms uf 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 1�'obe unless pnyment of interest ut such rate would be
<br /> contrsry to appiicable la�v, in which event such amounts shall bear interest at the highest rate permissible by
<br /> s applicabie li�w. Notl�ing contained i�i this pxragraph 7 s6all require Lender to incur sny expense or do any act
<br /> � hereunder.
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<br /> � 8. Inspectioa Lender muy make or cau�e to he macie i•easonable entries upon xn<l i�is��ections of the Prop-
<br /> ? erty, provided thnt Lender sl�all give BorroH�er notice �u•ior to .inp surh inspect.ion specifying reasonable cause
<br /> therefor related to Lender's interest in the Propert�-.
<br /> 9. Condemnation. Th� proceecis oi uny awarci or ciairn ior cian3agea, direct or conseyuentiai , in connection
<br /> sviLh any condemnatian or other taking of tl�e 1'roperty , a• pal•t tl�ereof, or for coa��e,ysiice in lieu of condemn�-
<br /> ; tion, are hereby assignecl and shsll be paid to T.ender. ;
<br /> + In tlie event of a total taking of tl�e Yroperty, t}ie �rruceecl. ehall t�e applie�l to t,he sums secured Uy this Mort-
<br /> E gage; «�ith the excess, ii anp, paid to BOrron•er. It� the event a# i� part9ul taking of Lhe Pruperty, unless Borrower -. " t �;,, `
<br /> - and Lender othernise agree in �vritin�, tliere eiisil be applied io the sums secured b� this 1'Iortgage such propor- � �y ; �' � '
<br /> � tion of the proceeds as is equal to that proportion which tlie amount of the sums secured by this b7oTtgage imme- h:. ' �fl
<br /> l distely prior to the date of taking beais to ti�e fair ina,rket ��aluc of tlie Property immediately prior to the datie of ,�'�,'.� ��
<br /> � , i taking, with the bnlance of the proceeds paid to Borro�vei•. ' ;; f`:°� '
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<br /> uIf the i�roperty is abandoned by Borrower or if after noticc by Lender to Borro�ver that the condeinnor offers ��� ^r
<br /> ; to maks an ,award or settle x claiun for ciawages, Borrower fails to respond to Lender withiu 30 days of ihe date
<br /> of suck notice, Lender is suthorized to callect ancl a}��sly the proceeci: at Lender's option eitlier to restorution or
<br />� repair ol the Property or io the sums seeured �y;tl�is \lorGgage. �"^ -
<br /> #' Unless Lender and Borro�ver: otl�envise agree in writing, any suoh application of proceeds to pri��cipal shall
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