|
c
<br />"�'n:,- � '�3.�..
<br /> ntr�� . � . � � .
<br />^�.m'Y. . . . .
<br /> �w, . . . r . :��` .
<br />� ' . . . . . . : . . . . ... . . . 1 .]:' �. „�'wa . . . � .
<br /> . . . . . . . . . . . . . . . . . . . . I . .
<br /> ; � Zf under paragraph 18 hereof the Property is sold or tlie Property is otherwise acquired b,y 7.ender, Lender �
<br /> ,hall apply, no later t1�un immediately prior to tlie sale of tlie Yroperty or its aicquisit.ion I�,y I,ender, any Fw�ds .
<br /> l�eld by Lender at the time of a��plication as a credit ngainst the swn5 �c. c.ured by this �4ortgaga
<br /> 3. Application of Payments. Unlesc ;� pplica}71e Lt��� ��rovides othcrwisc , all p:�yments received Uy Lender
<br /> ' under the Note and ��aragraphs 1 ancl 2 hereof sliall be uppliec� hy I,ender fir;t in paynient of a,�uouuts payable to
<br /> Lender by Borrower wider paragrapir 2 hereo£, then t,o interest patiyable on ti�c Note anci ori I'uture Advances , if
<br /> any, and then to the principal of the Note and ko tl�e princil�al of I'uture Advances, if an,y.
<br /> 4. Charges; Liens. Borrower sl�nll ��a5- all taxes; assessments and other charges, fines and impositio�s attrib-
<br /> - utable to the Property whicli may lttain a priority over tl�is 1lortga�e, and ground rents , if any, at Lender's
<br /> � � option in the manner i�rovided under paragra�>h 2 tiereof oi• b3� F3orron�er inakiii�; puy�nent; when due; directly to
<br /> C7'7 the psyee tliereofr Borrower sliall proti�ptly furnish to 7.ender a1l notices of arnoimts due under this parugruph;
<br /> M ' and in the event Borrower shall makc payn3ent directly, Borro�ccr shall promptly furnish to 7.ender receipts evi-
<br /> ' C! dencing suclr payments. Borrower shall �iromj�tly 'discharge ac�y lien which ha� priority over this ,llortga�e ; ' pro-
<br /> C vided; that Borro�ver shall not be required "to iiischarge any sucli lien so long as I3orrower slfall a�ree in writing to
<br /> C7 thepayment of the obligation secured by suclt lien in" a �nanner acceptrib]c to I�ender, m• sliall in good faith contest
<br /> �' ? � such ]ien by, or defend enforcement of sueh lien in, legal proceediugs wl�iclr ope,rste to prevent the entorcement of
<br /> y. ^, the lien or forfeiture of the Property or any ]�art tltereof.
<br /> � S: Hazard Insurance. Borrower stiall keep the improvements now existing qr hereafter erected on tl�e Prop-
<br /> erty insured against loss by� fire, hatiards included within the term "exten�ied coverage", and such ot6ei� hazards as
<br /> � Lender may tequire und in such an�ouiits and for sucli periods as Lender �nay require ; provided, tl�at Lender shall
<br /> not require that the nmount of such coverage e�ceed t6at amount of coverage reyuired to pay the sums secured 'by
<br /> this Mortgage.
<br /> The insurance carrier psoviding tLe insurance sliall be cl�osen hy Borro�vcr subject to approvat by Lender ;
<br /> ;� provided, that such approval sliall not i>e unreusonabiy witl�held. Atl premiums on insurance poticies shsll be paid
<br /> at Lender's option in the manner provided under paragrapli 2 liereof or hy Borro�ver �naking payinent, when due,
<br /> direetly to tl�e insurance carrier.
<br /> In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect
<br /> 's 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 insuranee policies and renewals thereof sl�all be in forin acceptttble to I.ender �nct shall include a standard
<br /> mortgage clause in favor of and in form acceptable to Lender. I .ender shall have the rig1�C to hold the policies and
<br /> renewals thereof, and Borrower shall pro�nptly furnish to Lender all rene�val notices and all receipts of paid pre-
<br /> miums. In the event of loss, Borrower shall give proinpt notice to the ii�surance carrier and Lender, and I.ender
<br /> may inake proof of ]oss if not made promptly by Borrower.
<br /> i Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be upplied to restoratiozi or
<br /> ' repair of the Property damaged, provided such restoration or repuir is economicully fe� sible and the security of
<br /> this Mort,gage is not thereby impaired. If such restoration or re�:�air is not economica� lly feasiblc or if the security
<br /> of this i�'fortgage would be impaired, tl�e insurance j�roceeds shall be applied to the sums secured by this Nfortgage, '
<br /> with the excess, if aiiy, paid to Borrocver. If the Yroperty is a,handoned by Borrower or if I3orrower fails to respond
<br /> to Lender within 30 days after notice by Lender to Sorrower that the insurance cnrrier offers to settle a ciaim for
<br /> insurance benefits, Lender is authorized to collect and apply the, insurance proceeds at Lender's option either to
<br /> Testoration or repair of the Property or to the sums secured by this \3ortgage.
<br /> Unless Lender and Borro�ver other�vise flgree iii writing, avy such application of proceec3s to principal shal!
<br /> ; not extend or postpone the due date of the montlily installments referred to in paragraphs 1 and 2 hereof or change
<br /> the amount of such installments,
<br /> If under paragraph 18 hereof the Yroperty is acquired by Lender, �II right, title and interest of Borrower in
<br /> and to any insurance policies �nd in and to the proceeds tliereof (to the extent of the sums secured by this Mort-
<br /> ` gage immediately prior to such sale or acquisitionl i•esultin�; from dauiage t.o the Yroperty prior to the sale or
<br /> acquiaition shall pass to Lender.
<br /> 6. Preservation and Mmnteaance of Pzoperiy; Leaseholds; Condominiums. I3orrower shall keep the Prop-
<br /> erty in good repair and shail not permit or commit waste, impairment, a• deteriorution of the Property and shall
<br /> " comply with the provisions of any lease, if this \iortgage is ou a leasel�old. If this \4ortgage is on a condominium
<br /> ' unit, Borrower shall perforni all of Sorrower's obligations under the declaraiion ot condmninium or tnaster deed,
<br /> the by-laws and regulations of the eondominium project and constituent docurnents.
<br /> 7. Protection of Lender's Security. If Borrower fails to perform the covenants and zgreements eontained in
<br /> this \Zortgage, or if any action or proceeding is commenced �vhich materially affects Lender's interest in the Prop-
<br /> erty, including, Uut not liinited to, eminent dmi�ain , insoh•ency , code e�iforcement, or iirrangements or proceed-
<br /> ings involving a bankrupt or decedent, tl�en Lender at Lender's option , upon notice to Borrower, may make such _
<br /> " appearances, disburse such sums and take sucl� actim� as is necessary to protect Lender's interest, including, but
<br /> � not limited to, disbursement of reasonuble attorney 's fees and entry upou th� Yroperty to make repairs. Any
<br /> smounts disbursed Uy Lender pursuant to this paragrapli 7, �vith interest thereon , shall become additional indebtc
<br /> edness of Borrower secured by this liortgage. Unless Borro�vex• a�id 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 /> est from the date of disbursement at tl�e rate stated in the �Tote utiless payment of interest st such rate would be
<br /> contrary to spplicable law, in which event such �mounts shall bear interest at the highest rate permissible by
<br /> applicablelaw. Nothing contained in this ��aragraph 7 shall i•equire I.ender to incur any expense or do any act
<br /> hereunder.
<br /> 8. Iaspeetion. Lender may make or cause to he made reason�ble ent.ries upon and inspections .of the Prop-
<br /> erty, provided that Lender shall give Borro�rer notirc ��rioi• to tlny sucl� inspection tipecifying reasonable cause
<br /> t.herefor related to Lender'e interest in the Property.
<br /> 9: Coadexnaation. Thc proceeds of aay alvnrd or claim for damages, di:ect or cor.sequential , in connection
<br /> with any condemnation or other taki�ig of the Property, or ��art thereof, or for con��eyance in lieu of conclemna- '
<br /> tion, are hereby assigneci and shall be paid to Lender.
<br /> In the event of u total taking of the Property, tlie proceeds shall be applied to the sums secured by this Mort- `
<br /> gage, with the excess, if any , paid to Borro�ver. In tlie event of a partial taking of the Property, unless Borrower ,. � ,. -
<br /> and 3�ender othenvise a ree in writin tt�ere shall be a �lied to tlie sums secured b this D4ort u e such ro or - " �`
<br /> B b� pl Y g g P P
<br /> tion of the proceeds as is equal to that proportion �vhic)� tlie amount of tl�e sums secured by this A4ortgage ittune- :, � .�"'
<br /> diately prior to the datg of taking bears to ti�e fair inarket value of the Pi•operty iinmediately prior to the date of � '��a
<br /> ; �.; takiz�g, with the balance of the proceeds paid to Borrower. '- �:;
<br /> If the Property is abandoned by Borrowei� or iF after notice by Lender to Borrower that tHe condemnor offers ' �g°"
<br /> to make an sward or settle a claim for dumages, Borrowei• fails to respond to Lender within 30 days of the date
<br /> < uf buc3� noiice, Lender is suiliorized to colleci and sppiy iIie }�i•ucue�3a ai Lencier's o�tion ciiLer to restoration or �
<br /> repa:r of tl�e l'roperty or to tl�e auui� seiureu by tlu� \Iortga�e_ �;;"
<br /> Unless Lender: and Borrower otherivise agree in writing, any sucli application of proceeds to principal shall
<br /> w�• ,•.,�j
<br />� �
<br />�, , _ � �
<br /> t.
<br /> �
<br />
|