|
� , �;�.
<br /> . �,� �.
<br />` _ 1 � w-��
<br /> � . . � . . � . . �
<br /> � ���� If under paragraph IS hereoP ttie Yroperty is �old or tlic Property is otfierwise � equired by Lender, Lender
<br /> �hull apply, no later than immediatety prior to thc salc of tLe Property or its zicqtiisition by Lender, any I�unds
<br /> held by Lender at the tirne of ai.�plication as a credit :igaiu.yt the sums secured by this vlortgage.
<br /> 3.- Application of Payments. Unless �pplicablc la�v provicies otlierwise, ,ill payments received by Lenc3er
<br /> � under. the Note and paragraplis l and 2liereof sliall bcapplied !�y Lender firct in payment of ainounts payable to
<br /> C1.2 Lender by Borrower under paragraph 2 l�ereof, tlten to interest pa�yal�le on che I�Tote snd on Future Advances, ii '
<br /> C`J any, a.nd then tio the:��rincipai of Lhe I�Totie and to the �irSnciY>a! of Tuture Advances, il' auy.
<br /> 'Cf� 4. Charges; Liens. Borrower shall'pay all- taxes, assessments i�nd other chnrges, fines and impositions attrib-
<br /> G� utable to the Property which may attain a prior9ty over tliis l�fortgage, and ground rents, if any, at Lenaier's �
<br /> � .�""'. option in the munner Pxovided under paragraph 2 hereof or by Borroiver lnakin� Y�ayment, �vhen due; d�rer_.t.(v t�
<br /> � ' � tlse ps.yec ttie,euf. Syrrower si�aii promptiy iurnisl� to Lendcr ali a�otices of amounts due under this paragraph, . ' ;:
<br /> � amd in ,tl�e event Borrower sh�,ll make payment directly, E3orro�cer shuli promptly furnislr to Lender receipts evi- ' ;
<br /> dencing such payments. Borrower shall tiromptly discharge any lien �vhich has priority over this b4ortgage; pro- _ �' .
<br /> ' vided; thut Borrower shall not be required to discl�arge any ;sucl� lieri so ]ong as I3orrower shall agree in writing to
<br /> the psyment of t}ie obl�gation secured by such lien in .t lnanner acceptable to Lender, or shall in good faith contest '
<br /> auch lien by, or defend enforcement of sucli lien in; legal j�roceedings h�l�ict� operate to prevent the enforcement `of
<br /> ; the lien or forfeiture of the 'Property or any psrt thereof: '
<br /> 'a 5: Hazard Insurmnce. Borrower sha,ll keeF� tlie iinpTovements now existing or lieresfter erected on the Prop- �
<br /> erty insured ngainst loss by fire; hazards included witlxin the term "extended coverage", and such otiier hazards`as t '
<br /> � Lender may require and^in such amounts zind for such periods as Lender ma5� require; provided, that Lender shall
<br /> not require that tl3e amount of such coverage exceed tl�at amount of coverage reyuited to ,pay the sums secured 'by
<br /> this Mortgage. ;
<br /> Tl�e 9nsurance carrier providing tlie insurance shall t�e cliosen by Borro�ver suUject to approval' by Lender,
<br /> + s provided, that such approval shall not be unreasonably withheld, t111 premiums nn insurance policies shall be paid
<br /> at Lender's option in the manner provided under p�ragrapl� 2 hereof or by Borrower making payment, when due;
<br /> directiy to ttie 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 premSums 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 /> , F All insurance policies and renewals tl�ereof shall be in forin accepG��le to Lender and sha12 include a standard
<br /> mortgage clause in favor of and in forrn acceptable to Lender. Lender sliall have the right to hold the`policies and
<br /> renewals thereof, and Borrower shall promptly furnish to Lender all reneFval notices and ail receipts, of paid pre- �`
<br /> � miums. In the event of loss, Borrower shall give prompt i�otice to the insurance carrier and Lendei; and Lender
<br /> � ' may make proof of loss if not made promptly �y Borrower. ,
<br /> ' ...
<br /> � Unless Lender und Borrower otherwise agree in �vriting, insurance proceeds shall be appiied to restoration' or : ' , `
<br /> ; repair of tlse 1'roperty damaged, provided such restoration or repair is economically feusible and the security of ^
<br /> •, this Mortgage is not tliereby impaired. If sucli restoratioii or repair is not economically feasible or if the security
<br /> s of this �lortgage would be impaired, the insurance proceeds shall 6e appiied to the sun�s secured Uy this Mortgage,
<br /> � with the excess, if any, paid to Borrowei•. If the Property is ai�andonecl }sy Borrower or if Borro�r•er fails to respond
<br /> to Lender within 34 days after notice by Lender to Borrower that the insura�ice carrier offers to settle a claim for
<br /> # insurancebenefits, I.eaider is authorized to collect and apply the insurance proceeds atZender's option either ; to
<br /> ; restoration or repair of the Property or to the sums secured by this \3ortgage.
<br /> ' Unless Lender and Borrower other�vise a�ree in �vriting, an,y sucli application of proceeds to principal shall
<br /> � not extend or postpone the due date of the monthly instaliments referred to in paragraphs 1 and 2 hereof or change �
<br /> i the amount of such installments: "
<br /> 9 ' If under ��aragraph 18 hereof t1�e Property is acquired by Lender, nll rigl�t; title and interest of Borrower in
<br /> wa,a. t,^, a^.y :.-.;::;ar,�� �,�i;c;ca a,iu in and co ti�e proceeds tl�ereof (to tl�e extent of the sums secured by this Mort-
<br /> gage irnmediately prior to such sale or acquisition ) resulting frotn dawage to tl�e Yroperty , prior to the sale or
<br /> acquisition shull pass to Lender:
<br /> � 6. Preservation cmd Mmnten�ce of Property; Leaseholds; Condominiums. Borrower sl�nll keep the Prop-
<br /> � erty ingood repair and shall not permit or commit tivaste, itnpairment, or deterioration of the Property and shall
<br /> K comply with the provisions of any lease, if this \4ortgage is on a ]e�sseliold . If bhis Mortgage is on a condominium
<br /> : unit, Borrower shall perform all of Borro�ver's obligations under the declaration of condominium or master deed,
<br /> "` tihe by-laws and regulations of the condominium project :�nd constituenC documents.
<br /> � 7. Protection of Leader s Security. If Borrower f�ils to perform the covenants and agreements contained in
<br /> this Mortgage, or if any �ction or proceeding is commenced which mzteriall,y affects Lender's interest in the Prop-
<br /> "- erty, including, uuG not limited to, eminent doivain , in,olcency, code enforceinent, or arrangements oT proceed-
<br /> ` ings, involving a bankrupt or decedent, then Lender zt I.,ender's option , upon notice to Iiorro�ver, may inake such
<br /> ; appearances, disburse sucli sums and take suclt action fls is necessary to protect Lender's interest, including, but '
<br /> not limited to, disbutsement of reasonable attorney's iees and entry upo�i the Property to make repairs. Any
<br /> � amounts disbursed by Lender pursuant to this paragrapL 7, with interest thereou , shall becorue additional indebt- .
<br /> ;;
<br /> edness of �orrowex secured by this �lortgage. Unless Borrower and Lender agree to other terms of payment, sueh
<br /> 's amounts 'shall be payable upon notice from Lender to Borrower requesting, payment thereof, and sha11 Uear inter-
<br /> i est from the date of disbursement at tl�e sate stated in the I�'ote unless payment of interest at such rste would be
<br /> � - contrary to applicable la�v, in �vhich event such �mounts shall Uear interest at the highest rute permisaible by
<br /> s applicable law. -Nothing contained in tl�is paragrapl� 7 shal ! requice Lender to incur any expense or do any act
<br /> >3 hereunder.
<br /> � 8. Iaspec6on. Lender �nny inake or cause to he in:3dc i•easonahlc eatries upon and inspections of the Prop-
<br /> ' erty, provided that Lender shall gi��e $orrower notice ��rior tq .�m• �uch ii�spection specifying rensonable cause
<br /> ': therefor related to Lender's interest in the Propert}•.
<br /> 9.. Coademnation. The proceeds of any a�vard or claim Yor damages, direct or consequential, in connection
<br /> with any condemnation or other iaking of the Yroperty , or l�urt tl�ereof, oP for conveysnce in Jieu of condemna-
<br /> ; , tion, sre hereby xssigned and shall be paid to Lender. w
<br /> In the event of a total taking of the Yrop�rty , the proceeds sl�all be �pplied to the sums secured, by this Mort- �
<br /> .��i gage, with r,he excess, if any , paid to Borrower. In the event of � 1>artial taking of the Yroperty, unless Borrower _ . � - � ', 4,
<br /> ` and Lender otherwise a ee in �vritin tliere s1ia11 be a > >lied to the sums secured b this 1Sort a c, such ro or- `''
<br /> ; 6?' S: II Y � g ' P P :. • � � «, � ' -
<br /> < tion of the proceeds se is equal to that proportion w�hich the amount of tl�e sums secured Uy this �fortgage imme- K
<br /> � , diately prior to tlie date of taking bears to f.l�e faii� inarket value of tl�e 1'roF�erty immediately prior to tlie date of � ���.
<br /> L3 taking, with the �aisnce vt the praceeds paid to Bo�•rower.
<br /> IS :�he Property is abandoned by Borroc+�er or it after notice by Lender to Borro�ver that the condemnor offers K � '.
<br /> i . . , . �. . . . �� .i , . .
<br /> to make nn award or settle a claim for damages; Borcawer fsils to respond tn I.ender within 30 davs of #he daLe ` ?"
<br /> , _ . � " ,, .
<br /> ; ' , '; of sucli'xi4tiCe;' Lender is authorized to aollect and `ap��ly: the procceds af, I;ender's option eitlier to rest.oration or .
<br /> ' repair of the Property or to the sums secured by this \Iortgage. ��-'
<br /> '" ` Unless Lender and Borrower _other�vise rsgree in �vritin�, any such application of proceeds to principal shall
<br /> � � _ � �nr ___]
<br />,
<br />� �
<br />
|