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<br /> � If imder paragraph I8 hereof the Property is sold or tl�e Property is other�aise acquireci by Lender, Lender
<br /> shall apply , no later t6an icnt7�ediatel,y prior to tl�c salc of the Yropei•ty or � ts acquisition by T;ender, any Funds •
<br /> heid' by Lender ;�t the t,ime of ai�plication as u credit again�t the sum� necurect lay this �-tortgage.
<br /> 3. Application of Payments. Unless np��licabic ]a�v provide, otherH�ise, all payments received by Lender
<br /> under the I�Tote and paragrapiis i .� i�d 2 hereof sLall l�c, ap��liei1 by Lendei• first in payinent of amounts pa,yable to
<br /> Lender by Borrower under paragrapli 2 'liereof, tlten to interest payable on tl�c �ToCe and on Future Advances, if
<br /> any, and then to the principnl of the Note und to tlie principal of I'�tm�e Adv� tie.es, if any.
<br /> � 4. Charges; I.iens. Borrower shall pay �ll taxes, nssessments and other charges, fines and impositions attrib-`
<br /> �+ utable to t�e Property which may attain a priority over td�is \4ortgase, and growid rents; if any, at Lender's
<br /> ` r� � option in the m�nner ��rovided under ��aragrapti 2 hereof or by I3orro�ver ii�nking payuzent, when due; directly to
<br /> .�±+ the payee thereof. Borrower sfiall promptly furnisl� to Lencler all 2iotices of r�mounts due under tl�is paragraph,
<br /> Q , attd in the event Bozro�ver shall make �ayxnent directly, Borro�ver shssll l�romYztly Surnish to Lender receipts evi-
<br /> d dencing sueli. payments. BorTower shall promptly discharge ai�y Iien which has ��riority over this Mortgage ; pro-
<br /> . vided,that I3orrower shall not -6e required to discl�arge any sucl� lien so long as Borro�ver shall agree in writing to
<br /> ' � the payment of the obligation secured by sucli lien in a manner acceptnble to Le�ider, or shall in good fnith contest
<br /> ` (`, such lien by, or defend enforcement of sucl� lien Sn, legal ��roceedings �vhich o��erate to pi•event the entorcement of
<br /> the7ien or forfeiture of the Property or any part thereof.
<br /> '' S. ' Hazard `Insurmace. BorTower shall keep tl�c itnpS•ovements no«� existing oz• fiereafter erected on the Prop-
<br /> erty insured against loss by fire; hazards included within ti�e term "extended coverage", and sucli other Uazards us
<br /> Lendermay require and in sucli'amouuts and for sucl� I�eriods as Lender may x•equire ; provided, tl�at Lender shaII , ;
<br /> ; not require tliat the amount of such coverage exceed tliat amount of coverage required to pay the su�ns secured 'by
<br /> this Mortgage.
<br /> The insurance carrier providing tl�e insurance shall be chosen by Borrowei• suUject to approval by Lender ;
<br /> ;� provided, that such approval �ha11 not be un:�easontably tivithl2eld. All premiums on iasuraeice potieies shall be paid
<br /> at Lender's option in the manner provided under paragrapli 2 hereof or by Borro:ver making pa,yment, 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 aote 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 t4ereof shall be in foriu ��cceptable to Lender and shull include a standard
<br /> mortgage clause in favor of and in form acceptable to Lender. I,ender sl�all have the right to hold the policies and
<br /> ; renewals thereof, and Borrower shAll promptly fw•nish to Lender all renewal notices and all receipts o£ paid pre-
<br /> miums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender, and Lender
<br /> ' may makeproof of loss if not made promptly I�y Borrower.
<br /> sUnless IJender and Borrower otherrvise agree in �vriting, insurance proceecls shall be r�pplied to restoration or
<br /> z repair bf the Property damaged ; provided such restoration or repair is economically feasible and the security of
<br /> ; this Mortgage isnot thereby impaired. If such restoration or repair is not economically fessible or if the security
<br /> of this Mortgage would be impaired, the insurance ��roceeds shall be applied to the sums secured by this Mortgage,
<br /> with the excess, if any, paid to 13orrower. If tl�e Yroperty is abandoned by Borro�ver or if Borrower fails to respond
<br /> ' to Lender �vithin 30 days after notice by Lender to Box•rower tl��tt the insurance carrier offers to settle a claim for
<br /> � inaurance benefits, I.ender is authorized to collect and appIy thc insurance proceeds at Lender's option either to
<br /> � i restoration or repair of the Property or to the smns secured by t.his _l3ortgage.
<br /> � Unless I�ender and Borrower otherwise agree in writing, any such application oF proceeds to principal shall
<br /> ; not extend or postpone the due date of the inonthly installments referred to in paragraphs 1 and 2 hereof or chsnge
<br /> the amount of such installments.
<br /> ', ° If under paragraph l8 hereof the Property is acquired by Lender, a11 right, title and interest of Borrower in
<br /> ' ' and to any insurance policies and in and to tlie proceeds tliereof (to tl�e extent of the sums secured by this Mort-
<br /> � gage immediately prior to sueh sale or acquisit,ion ) resu]ting from dainage. to ilie Pi•operty prior to the sale or
<br /> % acquisition shall pass to Lender.
<br /> 6. Pzeservation mid Mmntenance of Properiy; Leaseholds; Condominiums. I3orrower shall keep the Prop-
<br /> � erty in good repair and shall not perniit or commit waste, impairment, or deterioration of the Property and shall
<br /> comply with tlie provisions of any lease, if this �Iortgage is on n leasehold. If this 1�Iortgage is on a condominium
<br /> unit, Borrower shall perform all of Borrower's ok�ligations iinder the declai•atioii of condominium or master deed ,
<br /> � the by-laws and regulations of the condominium project and constituent documenis.
<br /> x ' 7. Protection of Lender's Security. If Borrower flils to perfortn the covenants and agreements contained in
<br /> ; this �iortgage, or if any action or proceeding is commenced �vhich materially affects Lender's interest in the Prop- .
<br /> ; erty, including, but not limited to, eminent domain , insolvency, code enforcement, or arrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at Lender's option , upon notice to Borrocver, may make such
<br /> appearances, disburse sucl� sums and take such action ais is necessary to protect Lender's interest, including, but
<br /> ; , not ]imited Lo, disbursement of reasonable �ttorney's fees and entry upon th� Property to make repairs. Any
<br /> amounts disk�ursed by Lender pursuatrt to this paragraph 7, �vitl� interest 'thereon , sl�all become additional indebt-
<br /> edness of Borrower secured by this \lortgage. Unless Borro�ver and Lendei• agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borro�ver requesting payment thereof, and shall bear inter-
<br /> est from the date of disbursement at the rate stated in the A�ote unless Y�ayment of interest at such rate would be
<br /> ; contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible by
<br /> � applicable law. �Tothing contained in thic p�ragraph 7 shall require Lender to incur any expense or do any act
<br /> hereunder. '
<br /> 8.' Insp@cfion. Lender ma,y make or cause to bc mzi�{e ren�on� hlc ent.ries upon and inspections of the Prop-
<br /> erty, provided that Lender shall give Borroe�er notice �u•ior to nn�• such inepection specifying rea�onable cause
<br /> thereforselated to Lender's interest in the Property.
<br /> 9: Condemnation. The pro�eeds of nnv a�a�ard or ctaim for damages, direct or concequential, in connection
<br /> with any condemnation or other taking of the Yropertv , oc parf thereof, m• for con��eyance in lieu of condemna-
<br /> tion, are hereby assigned and sha11 be paid to Lender.
<br /> ; In the eventof a total taking of the Yroperty , thc ��roccede shall be applied fo the sums sectired by this Mort- '
<br /> � gage, with the excess, if any, l�aid to Borro�cer. In tl�c event of a partial taking of the Property, unless Borrower � - 1.,� -�y
<br /> � and Lender otherwise agree in writing, there slial] t�e aF�plied to' the sums secured by this D4ortgage such propor- ,,. ,-
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<br /> Lion of the proceeds as is equal to that proportion whicU the su�ount of tlie sums seeured t�y this Dtortgage imme- � ��;
<br /> � � diately prior to tt�e date :of taking bears to thc fair ivari:et ��alue of tLe Propert,y immediately prior to the date of ,;
<br /> ,, taking, with tlae hatance of the proceeds paid to $orrorver. ��r,�
<br /> i I£ the Property is abandoned by Borrower or if niter notice t�y Lender to Borrower tihat the condemnor offere "�?�`"'
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<br /> ` : ta make'an award or settle a claim for damages, Borrower fails to i•espond to Lender �vithin 30 days of the dste � ;
<br /> ' ' ' of such"notir�;. L?n3er is aut3torized ta ctl3lect anc; app.y-' the �>receed, at Lender's �ption e:ti�er to rusior:�tion or
<br /> renair of the Property or to the sums secttred by tf�is \lortgsea• „,_
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<br /> � Unless Lender and Borrower ' other�vise agree in avriting, any such applicAtion of proceeds to principal shall
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