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<br /> If under paragraph 18 hereof the YroE�erty is sold or the Property is otherwise acquired by I.,ender, Lender
<br /> sh�ll ap�>ly, i�o dater �tBaia iinmedintely prior to �� tlie" sale of the� Propert�• o�• its iacquisition t�y Lcnder, any Funds
<br /> l�eld by Lender at tlie fime of application �s a credit against tl�c sun�s secui•ed hp tLis \-Iortg�ge.
<br /> 3. Application of Payments. Unless api�licublc lax� provides otherwise, all payments received Uy Lender
<br /> under tlie Note and j�aragraj.>lis 1 and 2 hereoE Fl �nll Ge apF �lieii I�y I,endcr fxist in payment of nmounts payableto
<br /> Lender by Borrower under i�aragrapii 2 hereof, tLen to interest �7z�y�thlc on tl�e Note and on I�uture 9dvances, if
<br /> �ny, and then to t.he principal of tl�e \Tote and to the ptiuci�ial of P'uture Advances , if �ny. _
<br /> 4. Charges; Liens. Borrower sGa,ll pay all taxes;` assessments anil other charges, fines a,nd impositions attrib-
<br /> utaLle to the Property which may attain a priority ovet• tl�is-' Mortgage, and ground rents, if any, at Lender's
<br /> r � option in the manner provided under i�ara�rapl� 2 hereof or by F3orrower �naking payment; when due, directly to
<br /> � � thepayee thereof. Borrower s13x�1! ��roinptly furnisli to 7:ender all notices of aniounts due under tl�is paTagraph ,
<br /> tY'J and in the event Boxrower shall mr�kc psyinent directly;, Borro���er s1iK11 pxomptly furnisb .to I,ender receipts evi-
<br /> C� dencing such payments. Borrower sha11 promptly discl�urge an,y lien wl�ieh has pi•iority over this 1lartgage; pro-
<br /> C vided, thnt Borrower,shul) notbe required to discharge any such lien so ]ong as Ilorrower sl�all agree in writing to `
<br /> C7 the papment of the obligation secure�i by sucl� lien in a inanner uccepttilile to Letider or shall in good fuith contest '
<br /> � such lien by, or defend enforcement of such lien in, legaJ l>roceedings ivliich oj�erate to Firevenr, the enforcement of '
<br /> ' the lien or forfeiture of the Pro ert or an �
<br /> I'\ P Y . Y !>art thereof. -
<br /> ^ ' S. Hazazd Insurance. Borrower `shall keep tl�e in��irovements now existin� or liereafter erected an the Prop-
<br /> erty insured againstloss by fire, hazards included within the terin "extended coverage", ,uid sucl� other hazards as
<br /> � . Lender mayrequire and iit such amounts �ind fo� sucli Ileriod5 ns Lender tiiay reqi.�ii•e ; provided, that Lender shall
<br /> not require t}iat tfie amount of such coverage exceed t6at arnount of coverage required to pay the sums secured 'by
<br /> this Mortgage.
<br /> The insurance currier I�roviding tl�e insurance sliall be cl�osen by Bori•o�ver suk>ject to anpi•oval by Leader ;
<br /> provided, that such approval shall not be unreasonably �vithheld. All premiums on insurance policies shall be paid
<br /> at Lender's option in the ma�mer provided under paragrapl� 2 hereof or }ay Borrorver making 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 irrsurance policies and renewals t.hereof shnll be in fornr acceptable to Lei�der and chall include a standard
<br /> �nortgage c]ause in favor of and in forin acceptable to Lender. Lendei• shall liave tlie right to hold the policies and
<br /> renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of Uaid pre-
<br /> miums. In the event of ]oss, Borrower shall give pranpt notice to the iusurance carrier and Lender, and Lender
<br /> : may make proof of ]oss if not made promptly by Borrower. _.
<br /> Unless Lender and Borrower otherwise agree in writin�;, insurance proceeds shall be applied to restoration or
<br /> repair of t.he Property damaged , provided such restoration or repair is economically feaeible and the security of
<br /> this Mortgage is not thereby impaired. If such restoration or repair is not economicall}� feasiUle or if Ehe security
<br /> of this 1Zortguge would ue impaired, tl�e insuran�e F>roceeds sliall be applied to the sums secured by this Mortgage,
<br /> with the excess, if any,paid to Borrowei•. If tlie Yropertyis abandoned by Borrower or if Borrower fails to respond
<br /> to Lender within 30 days after notice by Lender to Borrower that the insurance carrier offers to settle a claim for
<br /> instuance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to
<br /> restoration or repair of the ProE�erty or to the sums secured by tl� is Aiortgage.
<br /> ; Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall
<br /> not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change
<br /> the smount of such installments.
<br /> ; If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in '
<br /> � and to any inaurance policies and in and to t.l�e proceeds thereof (to the extent oF the sums secured by this Mort-
<br /> gage immediately,prior to such sale or acquisition ) resulting from damage to the Property prior to the sale or
<br /> acquisition shail paes to Lender.
<br /> 6. Preservation �d Mmaten�ce of Property; Leaseholds; Condominiums. Borrower shall keep the Prop- �
<br /> erty in good repair and shnll not permit or commit waste, impairment, or deterioration of the Property and shall '
<br /> comply with tlie provisions of any lease, if this \-lorEgage is on a leasehold . If this Mortgage is on a condominium
<br /> unit, Borrower shall perform all of Borrower's obligations under the declaration of condominium ar master deed ,
<br /> the by-laws and regulations of the condominium �>roject and constituent documents.
<br /> ; 7. F�rotection of Leadei s Security. If Borrower fails to perform the covenants and agreements contained in
<br /> ; this vlortgage, or if any sction or proceeding is commenced �vhich materially affect,s Lender's interest in the Prop- �
<br /> � erty, including, but not ]imited to; eminent domain, iusolvency, code enforcement, or arrangements or proceed-
<br /> ings3nvolving a bankrupt or decedent, then Lender at T.ender's option , upon notice to Borrower, may make such
<br /> appearances, dishurse such sums and ta,ke such action as is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursernent of reasonable attorney's fees and entry upon the Property to rnake repairs. Any
<br /> ' amounts disbursed by Lender pursuant to this paragr�pl� 7 , �vitl� interest thereon, shall become additional indebt-
<br /> ` edness of Borrower secured by this \Sortgage. Unless Borro�ver and Lender sgree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> eat from the date of disburseinent at tl�e rate stated in the IQote unless �>ayment of interest st such rate would be
<br /> ; contrary to applicable law, in which event such amounts shall bear interest st the higl�est rate permissible by
<br /> applicable law. Nothing contained in this paragraph 7 shzlt require Lender to incur any expense or do any act
<br /> � Ixereunder: '
<br /> 8. Iaspection. Lender may inake or cause to be made reasonablc entries upon and inspections of the Prop-
<br /> erty, provided that Lendel• shall give I3orrower noticc j�rior to :in�• sucli inspection specifyin� reaeonable cause
<br /> therefor related to Lender'einterestin the Yropertp.
<br /> 9. Condemaation. The proceeds of any award or claim for ciamages, direct or consequentisl, in connection
<br /> with ssny eondemnation ar other taking of the Yroperty, or part tliereof, or for con��eyanr,e in lieu of condemna-
<br /> - tion, are hereby assigned and shall be paid to Lender. �
<br /> In the event of a total taking of f.he Yroperty, the proceecl, shall be a�5plied to tlie sums secured by this Mort-
<br /> a e witli the excess if an + *;*.:
<br /> g g , , , y, paid to Borrower. In the event of a partial taking of the Property; unless Borrower _ ' �`� ,,;r
<br /> and Lender otlienvise agree in �vriting, there sliall t�e fl{�plied to tl�e suius secured by this �Iortguge such propor- � � `M�
<br /> � tion of the proceeds as is equal to that proportion which tl�e amount of the sums secured by this Mortgage imme- �' �'� -
<br /> " �� diately prior to tlie dute of taking bears to the fair insrket value of 3.lie Property immediately prior to t he date of -`� �`
<br /> taking, with #�he balanee af the proceeds pairi to Borrower. ` �"� � �
<br /> If the Property is absndoned by BoTrower or if after notice by Lender to Borro�ver that the condemnor offers 1 � '�
<br /> to make an award or settle a claim for duinages; Borrower fail� to respond to I.endcr nitl�in 30 days of ELe daie � �
<br />� of ruch rtotice; Lender is uuthorizcd to collect anci ap��ly t,lie pro�ee�i� af I,ender's option cititcr to re:storatiou ur � rp,, ' ,
<br /> repair of the Property or to the sums secured Uy tl�is �iortgage.
<br /> Unless I.ender and Borrower othern�ise agree in writing, any suoh applicatian of proceeds to principnl shall
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