|
�,:
<br />�; , �
<br />;,�� � t
<br />.��� -�-��
<br /> � �
<br /> �' � If under paragraph 18 hereof the Property is sold or ti�e Propert�� is otherwise :tcquired by Lender, Lender :
<br /> shall apply, no later than iunnediutel,y prior to the sala of tl�c Ytn ��erty or its acquisikion bp I,ender , am• Tunds
<br /> � held � by� I,ender at t,he ticne of a�aplication as a cc'edit �again�t the su�u5 �ecui•ed b�• il� is \4ortga�e. �
<br /> 3. Application of Payments. Unless applicablc law � �i•ovide� other�vi�e, all payrnents received by Lender
<br /> under t1�e ��Note anc� pacagraplis 1 and 2 hereof slinll I�e ap��lied l �y I�,endci• fir�c in payir�ent of sii7ounts payable to
<br /> Lender by Borrod•er under jiaragra1ili 3 7iereof, tlicn to intcrest � iayable on tl�c ?�Totc .u�d on Future Advances, if
<br /> .,� any, a�id the» to the l>rincipal of the V�otc aud to tt�e pricicipul oC T'uturc: Advaqcus , if :zny. �
<br /> 4. Charges; Liens. ; I3orro�ver sLall pay all taxes, sssessments :ind ot:l�er charges , fines and impositions attrib-
<br /> � utable to the Property which may atGain ;, ��riority over ihis ��iortgage, and ground rents, if any, at Lender's
<br /> option in the rnaruier provided under para�raph 2 hereof or by F3orro���er m�king payment, when due, directly to
<br /> '� the payee tl�ereof. $orrowei• shall promptly furnish to I.ender sll notices of amounts du� under this paragraph ,
<br /> �'' and in the e��entBorro�yer shall make payn�ciit directly, 13orro�a�er shsll promptJy iurnish t.o Lender receipts evi-
<br /> �'—' dencing sucl� payments: Borrower shali proniptly discliaige ;zn}c lien wliicdi has priority over this \�lortg�ge ; pro-
<br /> � vided, that Borrower shall not be required to discliaige any such lien su long as Borrower st�all agree in writing to
<br /> �� - � I'\ the payment of tlie obligation secured by such liei; in u manner :�cceptable to Lencier, or shall in good fuith contest
<br /> ' h � such lien by, or c�efend enforcement of such lien in , legal pi•occedings o�hicli opei•ate to prevent tlic en{orcement of
<br /> the lien or forfeiture of the Property or any part tl�ereoL
<br /> - 5. Hazard Insurmice. Borro�ver sl�ali keep the iiu��rovernents no«� existing or l7ereafter erected on the Prop-
<br /> erty insured agninst loss by fire, liazards included witliin ttie term " extended coverage", and such other h�,zards as
<br /> Lender ri�ay require and in such amounts and for sucli periods ;is T,ender rna,y require ; provided , that I,ender shsll
<br /> ; not require that the amount of sucli coverage exceed thzt :zmount of co��erage required to p�,y the sums secured by
<br /> this Mortga�e_
<br /> sThe insurance carrier providing tiie insurance �hall be chosen by Fiorrawer suE�jecE to approv3i Gy Lender ;
<br /> provided, thai such a��proval shail not be unreasonably witl�held . All premiums mi insur2nce policies sliall be paid
<br /> at Lender's option in the manner provided undcr ��aragra��L 2 hereof or I>y 13orro�ver tuaking payment, when dae,
<br /> directly to t}ie insurance carrier.
<br /> In the event any policy is not renewed on or before Cen days of its expiration, the Lenc3er, to protect
<br /> its interest, may procure insurance on the i�nprovements, 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 Co comply may, at option of Lender, constitute a default
<br /> under the terms of this Mortgage.
<br /> � All insurance tiolicies und mnervals tl�ereof sl�ail be in foi•m aceeptable to I.endex• and sl� all include a ctandard
<br /> �nortgage ciause in favor of ancl in forin acceptable to I.euder. I,ender shall I�avc t.6e right to hold the policies and
<br /> renewals thereof, and Borrower shnll promptly fur��ish io Lender all renewal notices and all receipts of paid pre-
<br /> miums. In the event of loss, Boriro�vei• sliall give, prompt tioiice to the insurance carrier and Lender, and Lender
<br /> " may make proof of loss if not made promptly� by l3orroH�er.
<br /> Unless Lender and Borrower otherwise agree in �vriting, insurance proceeds c��all be npplied to restoration or
<br /> �; repair of the Property clamaged , provided such reetorat,ion oi• repair is economically fc�sible and t2�e security of
<br /> this lZortgage is not thereby iinpaired . If suci� restoration or rcpaii- is noi ecomm�ic� lly fe�sibie or if the security
<br /> T of this 14ortgage �vould be impaired , tl�e insw•ance pi•oceecls shnll Le aP7ilied t.o the sums secured by this Mortgage,
<br /> � witl� the excess, if any , paid to Borrower. If the Yropert�• is abandoned b,y Borron-er or if Borrower fails to respond
<br /> ' to Lender within 30 days after notice by Lender to Aorro�rer tl�at the insurance carrier offers to settle a claim far
<br /> ; insurance benefits, Lender is authorized to collect anci apply thc insurance proceeds at I,ender's option either to
<br /> restoration or zepair of the Property or to the sums secured by� tl�is \Iortgage.
<br /> t Unless Lender and 13orrower otl�er�vise ugree iu �aritin6, sny such application of proceeds to prineipai shall
<br /> � not extend or postpone the due date of the rnontlily installments i•eferred t.o iu paragraphs 1 and 2 hereof or change
<br /> , the amount of such instaliments.
<br /> � ` If under paragraph 18 hereof tl�c Yroperty is acquired by Lender, all right,, title and interest of Borrower in
<br /> � and to any insvrance policies and in and to tlie procecds tliei•cof ( to tl�c extent of t.lie sums secured by this Mort-
<br /> gage immediately prior to euch sale or acquisitionl resulting from dawage to tlie Yroperty prior to the sale or
<br /> acquisition shall pass to Lender.
<br /> 6. Preservation �ad Mmntenance of Property; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> ti erty in good repair and shnll not permit or commit wasie, impairroent, or deterioration of the Property und shall
<br /> i comply with the pro��isions of �ny lease, if tl�is \-lortgage is on s leasel�o]d. It this lZortgage is on a condominium
<br /> ? unit, Borrower shall perform all of Borrower's obligations under the declaration of condominium or master deed ,
<br /> the by-laws and regulations oi the condominium project. and constituent documents.
<br /> ' 7. Protection af Lender's Security. If Borrower fails to perform the covenants and agreements contained in :
<br /> h this �lortgage, or if any action or proceeding is conuuenced whicl> >riaterially affects Lender's interest in the Prop-
<br /> erty, including, but not ]imited to, eininent domaiu , insoi ��ency, code enforcement, or ari•angements or proceed-
<br /> ings involvin� zt bankrupt or decedent, then Lender at I.ender's option , upon notice to Rorrower, may make such
<br /> appearances, disburse such sums and take such actio�� as is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonable attorney's fees snd entr,y upon the Property to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this paragraph 7 , �vit,li inierest t.hereon , shall become additional indebt-
<br /> ' edness of }3orrower secured by this �Sortgage. Unless I3ori•o�ver and I.ender agree to other terms of payment, such
<br /> amounts shall be payabie upon notice from I.ender to Borrower requesting payment thereof, and shall bear inter-
<br /> est from the date of disbursement at the rate sCated iu the Note unless payment of interest at such rate would be
<br /> contrary to applicable law, in �vhich event such :.tmounts sltall bear interest at the highest rate permissible by
<br /> applicable law. \Tothing contained in this paragrapl� 7 sh.ill rec� uirc l.ender to incur any expense or do any act
<br /> hereunder:
<br /> 8. Inspection. Lender ma�• make or cause to he xn:idc rea�on�tble enti•ies upon and inspections of the Prop-
<br /> ertv, provided thaY I.ender sl�all give Borro�rer notivr ��rim• to aLn �• �urli in�pection specifving reasonable cause
<br /> ' the:efor :elated to Lender's iatcrest ia t!.c Yroj�crt ;-.
<br /> 9. Condemnation. The proceeds of any a�vard or claim for damages , direct, or consequential , in connection
<br /> ' . . �vith any condemnation or othei• taking of tl�e Property , or �isrt tltereoi, or for cont•eyance in lieu of condemn.i-
<br /> ' : ' tion, are hereby ticsigned and shall be paid t� Lender. �
<br /> ' � In the event of a total taking of the Property, the ��roceed�> c��all he applied to t,he sums cecured by� this �Tort- � ,
<br /> � gage, �vitlt the excess, if any; ��aid to Borrower. In tl�e event of a partial taking of the Property, unless Borrower _ ;,.-�.
<br /> and Lender otherwise agree in w•riting, there sl�all be spplicd io tl�e sums secured by this �Sortgage such propor- �; . �1 ;�ce:-
<br /> tion of the proceeds as is equal to that proportion �rhich the atuount of the sutns secured by tl�is nlortgage imme- ' „� . ,
<br /> Ldiately prior to t1Ye date of taking bear� to tl�e fair �narkct ��alue of tlie 1?ropert}• iinmediately prior to tlie date of i
<br /> � taking, with the balance'of' the proceeds paid to Borrower. � �r�`
<br /> If the Property is abandoned by Borrower or it after notice Uy Lender to Borrower that the condemnor oflers
<br /> to niake su award a• settle � cIaicn for .l:�iiiages, T.3orrou'er fsila to re�poi;u fu Lenuer witliiii .i0 uaye oi tixe date
<br /> of such not;ce, Lender is author:zed to collcct ar.d apl>l� thc pra:;e�ds nt I.cuder's a�t.ion either to re�torst:ori or
<br /> s,._
<br /> regair of the Property or to the sums secured by this \lortgage.
<br /> ° Unless Lender and Borrower other�vise agree in writing, any such application of proceeds to principal shall
<br />,
<br /> � �'' : `_ � J
<br />�';
<br />�:'.
<br />
|