|
� , .�
<br /> . . � . . . . . . . �: . . � � .. . . . . 1 � ' �� . 4.
<br /> � M
<br /> 4
<br /> . . . . . � � � . . . . . . . . .. . . .. . . . � . . . . . . .:�w.: .
<br /> �^ , . .. . , . � . ��. . . ., . ' . � �. .. . � ... . . �... . ;. . � ' �
<br /> If under paragraph 18 hereof the Yroperty is sold or the Property is othertii•ise ncquired by I.ender, Lender ,
<br /> shall apply, no later tlian in�mediately j�rior to the smilc of tl�e Property or its acquisition b,y Leuder, ��ny Funds
<br /> � held- by Lender at the t.in�e of apE>lication ns n cre<iit r�gainst. the sums secured by tl�is :12ortgnge.
<br /> � 3. ;Apgfication ot Payments. Unless �pplicablc I.�i�• provides otl�erwise, all payments receiueci by Lender
<br /> � under tUe Note and r�aragrapl�s 1 .tind 2 l�ereof sliall lie api�licci I�y Lenclei• first in l�ay�uent of amounts payable to
<br /> � Lender by Borrower under paragrapl� z liereof, ii�eu to inte�'e�t l�ayabtc on tl�c ?��ote �iid on Future Advances , if
<br /> ,....; anv , and t.hPn to tl�e prineinal of the iv'ote and to the prinr.i��ai of I uture Advances, if any.
<br /> ' `'` 4. Charges; Liens. Borrower shall" pay <ill taxes; assessments and otlze� charges, fines nnd impositions attrib-
<br /> � uCable to the Pro ert which ma attain a �riorit over lhis Vlort a e and round rents if an at Lender's
<br /> P Y Y ! Y g � , � , Y,
<br /> r ' � option in the manner provided under i>arKgraph 2 _,ereof or b}� Borrotiver �naking i�ayment, '�vhen due, directly' to
<br /> }� the pgyee thereof. Borrower shull promptly furiiisl� to Lender ull notices of amotints due under this paragTaph, �
<br /> ' and in the event ]3orrower shali n�ake payrnent ciirectly, Borrpwei• sh�ll prornptly furnish to Lender receipts evi-
<br /> � '. dencing sucli payments: BorFower shall prom7�tly discliarge any lien �vhich has priority ovei• this il4ortgage ; pro-
<br /> ,; x vided, thst Borrower shall not be requirecl to discl�arge a,ny sucli'lien so long as Borro�ver sUall agree in writing to '
<br /> , ; the payment of the obligatiosi seeured by such lien iri a manner acceptable to Lender, or sl�all in good faith contest
<br /> ' ' r ' such7ien bq, or defend enforcement of such lien in, IegaP proceedings'�vliich opei:�te to prevent the entoTcecnent of
<br /> ' the lien or f0;feiture of the Property oi� any part tl�ereof. ` `,
<br /> tS. Hazard Insuraace. Borrower sliall keep 'tGe i�nprovements now existing or ltereaFter erected on the Prop- `
<br /> erty insured against loss by fire, hazards included �vithin the term "extended coverage", and such other hazards as
<br /> Lender may require .�ndimsuch amounts and for suoh periods as Lender may require ; proviaed, that Lender shall
<br /> � ' not requiie that the amount of such coverage exceed that umount of coyersge required to pay the sums secured 'by
<br /> this Mortgage.
<br /> i , The insurance carrier providing the insurai�ce shall be chosen by Borrower subjeot to approval by Lender ;
<br /> ; provided, that such approval shall notbe unreasonably �vithheld. All premiums on insurance policies shall be paid
<br /> at Lender's option in tlic manner provided w�der psragraph 2 liereof or by Borrower inaking payment, when due,
<br /> ( directly 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 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 renewals tl�ereof shall be in form ncceptable to Lender and sl�ali include 'a standard
<br /> s inortgage clause in favor of and in form acceptable to Lender: Lender shall have the right to liold the' policies snci
<br /> � renewals thereof, and Borrower st�all promptly furnish to Lender atl renewal notices and ali receipts of paid pre-
<br /> ; miums. In the event of loss, Borrorver shall give prompt notice to the insurance cnrrier and Lender, and Lender `
<br /> � may make proof of loss if not made pron�ptly by Borrower.
<br /> Unless Lender and Borrower btherwise. agree in writing, insurance proceeds shall be applied to restoration or ;
<br /> ? repair of the Property damaged , provided such restora�tion or repair is economically fessible and the security of
<br /> 1- this Mortgage isnot thereby impaired. If such restorntion or repair is not economicfllly fessible or if the security
<br /> " of this 1�lortgage would be impaired, the insurance }�roceeds shall be applied to the sums secured by tliis Mortgage,
<br /> � with the excess, if any, paid to $orrower_ If the Yroperty is abandoned by Borro«�er or if Borrower fails to respond
<br /> ; to Lender within 30 d�,ys after notice by Lender to Borrower th:�t the insuraf�ce carrier offers to settle a claim for
<br /> ` � insurance benefits, Lender is authorized to collect anci apply thc insurance proceeds at Lender's option either to
<br /> " � restoration or repair of the Property or to the sums secured by this �Iortgage.
<br /> 3 ' Unless Lender and Bozrower othercvise agree in writing; an,v such applicntion of proceeds to principal shall
<br /> i not extend or postpone the due date of the montl�ly instflllments referred to in paragraphs 1 and ? hereof or change
<br /> the smount of such installments. '
<br /> : If under paragraph 18 hereof t.lie Yroperty is acquired by Lender, all right, title and interest of Borrower in
<br /> � and to any insurance policies and in and to tlie proceeds thereof (to tl�e extent, of the sums secured by this Mort-
<br /> ° gage immediately prior to such sale or acquisition ) resulting f�rom damage to t1�e Property prior to the sale or
<br /> acquisition shall pass to Lender.
<br /> 6. Preservation aad Mmntenance of Property; Leaseholds; Condominiums. Borrower shall keep the Prop- �
<br /> erty in good repair and shall not permit or commit wsste, impairment, or deterioration of the Property and shall
<br /> � comply with 41ie provisions of any lease, if this \lortgage is on a leasehold . If this \,Zortgage is on a condominium
<br /> unit, Borrower shall perform all of Sorrowei's obligations under the declaration of condominium or master deed,
<br /> the by-laws and regulationsof the condon�inium project and constituent documents.
<br /> 9. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in „ t
<br /> this .�Iortgage, or if Any action or proceeding is canmenced tivhich materially affects Lender's interest in the Prop- ` '
<br /> erty, including; Uut not limited to, eminent domain, insolvency, code enforcement, or urrangements ar proceed-
<br /> ' ings involving a bankrupt or decedent, then Lender nt. T.ender's option , upori notice to Borrower, may make such
<br /> = appearances, disbw•se sucli sums nnd take sucli action as is necessary to protect Lender's interest, including, but
<br /> not limited` to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this paragraph 7, witL interest #hereon, shall becorue additional indebt-
<br /> } edness of Borrower secared by this �lortgage. Unless Borrower and Lender agree to otl�er terms of payment, such
<br /> i 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 ATote unless payment of interest at such rate would be
<br /> contrary to applicabie law, in which event such Amounts shall bear interest at the highest rate permissible by
<br /> j applicable Iaw. Nothing contained in tliis paragrapli 7 shall requirc Lender to incur any expense or do any act
<br /> hereunder.
<br /> ' B. Inspec$on. Lender may make or cause to }ic inacic reaconablc entries upon and inspections of the Prop-
<br /> erty, provided #hat Lender sliall give Borro�a�er noticc �n�ior to an}� sucli inspectioti specify�ing reasonable csuse
<br /> itherefor related to Lender's interest in the Property.
<br /> 9. Condemaation. - Tl�e proceeds of any award or claim for damages, direct or consequential, in eonnection
<br /> witk any eondemnation or other taking :of tlte Eroperty, oi• part thereof, or for cmic�eyance in lieu of condemn�-
<br /> � tion, are hereby assigned and shall be paid t.o Lender.
<br /> i In the event of a total taking of the Property; the proceeds shall I>e applied to the sums secured by this Mort- < � � .";;�. -,y '"
<br /> gage,nvith the eacess, if any;'paid to Borro«�er. In the event of n partial t,aking of the Yroperty ; unless $orrower _- x "°. "�
<br /> ` and Lender othercvise agree in �;�riting, tliere sl�sll be apj�licd to the su�iis secured by tliis \iortgage such propor- r +N 't �,'.
<br /> �y tion of the proceeds se is equal to that proportion which the amount of the sums secured by this A2ortg�ge imme- "��
<br /> diately; prior tq the date of taking bears to the fair market Value of tlie Property imcnediately priar to tlie date of 5' �''.
<br /> � taking, with the',balanee o[ the proceeds paid to Borrower. '�''
<br /> �� If the Property is abandoned" hy Borrower or if after notice �y Lender to Borrower Ghat the condemnor offers
<br /> � to make an sivard or' settte a claim for 'rlumages, Borrower tails to respond to Lender within 3p dnys of the dxte ° "
<br /> ,
<br /> - . of such notice, I.ender is authorized to �ollect and a}iylv-f-he }>roceeils uG Lex�der's uption e.itl�er t.o restoration or � ''
<br /> ' repa.ir of the Property or'to the sums secured by this \tortgsge.
<br /> ' ` Uniess Lender and Borrower otherivise agree in writing, any such application of proceeds to principal shall
<br /> � ` ? ;
<br /> .,�; � , �
<br /> ,, _ _ . .�.
<br />
|