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<br /> � If under paragraph ] 8 hereof the Property is sold m� the T'ro}yerty is other�vise acquired b,y J.ender, Lender
<br /> s6alt , apply, no Iater than immediately prior to thc salc of the Propert�• or its ucqui�ition by T:ender, nny Funds
<br /> held ,by Lender at the time of application as a creciit against the �ums ,ecured bp this �lortgage.
<br /> 3. Application of Payments. Unless ui>plicul�lc lan� �iravides other�visc, all payments received by Lender
<br /> under the Note and paragrapl�s l :�nd 2 hereof s1�alC i�c ap��lied b_y 7.,ender first in p.�,yu�ent of amowits payable to
<br /> Lender by Borrower under naragra�>!r 2 liereof, tlien to interest � �aytiblc on the '_Vote and on Futw•e :�dvances; if
<br /> any, and then to the principal of the i�ote aind to tlie principal of Future Advances , if any:
<br /> + 4. Charges� Liens. Borrower shaR pay ull taxes, assessments and ot•her charges, fines and irnpositions attrib-
<br /> utable to the Property which may attain a priority over this 1�Iortgage, und gramid renfs, if any, at Lender's
<br /> � `- option 'in the manner provided under l�aragrapl� 2 ' hereof or by Borrorver makin� ��ayment, �vhen due, i3irectly to
<br /> the payee thereof. Borrower shull promptly furnisli to Lender all` notices of aniomits due uiider this paragraph, ,
<br /> F ; and in tl�e event Borrower shall make puytnent directly, F3ol•rower sliall 7iron�ptly furnisli to Lende�• receipts evi- '
<br /> dencing sucli payrnents. Borrower shall 7iromptly 3ischarge any lien' which has priority over this lIortgsge ; pro-
<br /> , ' vided, that BorTower shall not Ue required to disch�i��e any suc6 lien so long as 73orrower sliail agree in writing to ;
<br /> the paymentof the nUligation secured by suclr lien ' in .t Inannei• aeceptn6le to Lendei; or sh�ll in good faitli contest
<br /> i such lien Gy, ;or defend enforcement of such lien in; legsl proceedings �r•I�ic}� operute to prevent the entorcement of
<br /> � the lien o� forfeiture of tl�e 1'roperty or any ��art thereof: „
<br /> S. FIazazd Insurance. Borrower stiall keep tlie iu�pi•ovei4�ents now� existiug or hereafter el�ected on the Prop-
<br /> erty insured against loss by .fire, t�aza�rds included within the term "extended coverage", and such oilier hazards as
<br /> ? `� Lender may require and in such amounts and for sucl� periocis a� I.ender may require ; provided, that Lender shall
<br /> s' 0 not require tl�ati the amount u£ such coverage exceed that amount of coverage required to pay the sums secured 'by �
<br /> � this 31�Iort�age.
<br /> � The insurance carrier providing tlye insurauce shall be chosen by Borrower subject to approva! by Lender ;
<br /> '. `�provided, t:hat such approval shall not be unreasonably �vithheld. All premiums on insurance policies s1�all Ue paid �
<br /> '' �at Lender's option in the manner provided under paragrnph 2 l�ereof or }>y Borrower makizig ��aytnent, when due,
<br /> , � directly to the insurance carrier.
<br /> ', r``• 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 shaii hecome ,
<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 /> ' j '; All insurance }�olicies .ind rene�vals thereof sl�nit bc in form acceptablc tti Lender anci shnll inciude a standard
<br /> inortg�ge clause in favor of and in form aticceptable to Lender: Lender shall l�ave the rigl�t to hold the policies and
<br /> renewals thereof, und Borrower shall promptly furnish to Lender all rene�val notices �nd all receipts of paid pre-
<br /> 5 miums. In the event of loss, Borrower sha�ll give protnpt notice to tlie insurance cnrrier and I.ender, and Lender
<br /> ; may rnake proof of loss if not made promptly by Borrower.
<br /> Unless Lender and Borrower otl�ercvise agree in writing, insur:�nce proceeds shall be applied to restoration or
<br /> repair of tlie Propeity damaged, provided such restoration or repair is economicully� fer�siUle and tlie security of
<br /> this Mortgage is not thereby impaired . If sucit restoration or repair is not economicully feasible or if tlie security
<br /> of this 111ortgage would Ue impaired, f,he insurance }n•oceeds shsll be applied to the swt�s secured by this Mortgage,
<br /> witlrthe excess, if any, paid to Borrowe:•. If the Yroperty is abandoned by Borron•er or if Borrower fails to respond
<br /> to Lender within 30 days after noiice by Lender to Borrower that the insurance carrier offers to settle n claim for ;
<br /> � ineurance benefibs, T,ender is authorized to collect and apply the insurance proceeds at Lender's option either to
<br /> �` restoration or repaii• of the Property or to the sums secured by- this \tortgage.
<br /> Unless Lender and Borrower othenvise agree in writing, any such applicntion of proceeds to principal shall
<br /> not extend or postpone the due date of the inontlily instullments 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 I,ender, all i•ight, title and interest of Borrower in
<br /> "'{ and to any insurance policies and in and to the proceeds tliereof (to tlie extent of the sums secured by this 'Mort-
<br /> ' z gage immediately prior to sucl� sale or acquisition ) resulting from damage t,o the Property prior to the sale or
<br /> � ; acquisition shall pass to Lender.
<br /> � 6. Preservation �uad Mmnten�ce of Property; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> ; erty in good repair and shall not permit or commit �vaste, impairment, or deterioration of the Property and shall
<br /> , comply with the provisions of any lease, if this il4ortgage is ou a leasel�old . If this Mortgage is on a condominium
<br /> j unit, Borrower shall perform all of Borrower's obligations under the declaration of condominium or master deed ,
<br /> ; ' the by-laws and regulations of the condoininium �>roject and constituent documents.
<br /> ' 7. Proteetion of Lender's Security. If Borrower fails to perforiu the covenants and agreements contained in .
<br /> 1 this Mortgage, or if any action or proceeding is cotnmenced �vhich materially affects Lender's interest in the Prop-
<br /> � ' erty, including, but not limited to, eminent domain, in;olvency, code enforcement, or arraugements or proceed-
<br /> ings involving a bankrupt pr decedent, then Lender at Lender's option , upon notice to Borrower, may cnake such
<br /> � appearances, disburse sucl� sums and take such action ns is necessary to protect Lender's interest, including, but
<br /> • ,� not lirnited to; diabursement of reasonable attorney's fees nnd entry upon the Property to mske repairs. Any
<br /> � amounts disbursed by Lender pursuant to this paragrapli 7, �vith interest thereon , shali become additional indebt-
<br /> � edness of Borrower secured by this A4ortgage. Unless Borrower and Lender agree 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 the rate stated in the Note unless pi�yment of interest at such rate �dould Ue
<br /> � contrary to applicable law, in which event such amounts sl�al] bear interest at the highest rate permissible by
<br /> applicable law. Notl�ing contained in this parssg;aph 7 shnll require L�nder to incur sny expense or do any act
<br /> hereunder.
<br /> $. Inspeetioa. Lender inay �nake or ce�uee to be mAde reasonable entsies upon anc� inspections of the Pmp-
<br /> erty, rrovided thaY Lender shnll gi��e Borron•er noticc �n•ior t � :s��y sucl: inspection �pecify�ing ressonsble causc
<br /> therefor related to Lender's interest in the Property.
<br /> Y " 9_ ' Condea�aation. ' The proceeds of uny award or claim for damages, direct or consequential , in connection
<br /> ' with any condemnation or other takin� of the Property, or ��art tliereof, or for con�•eys�nce in lieu of condemna-
<br /> ` tion, are hereby assigned and shall be paid to Lender. �
<br /> ` In the event of a total taking of the 1'roperty; the proceeds shall be applied to the sums secured by this Mort- ,,,�� ,. -� ;
<br /> " gage, cvith the excess, if any , paid to Borrower. In tl�e event of a partial taking of the Property, unless Borrower ,�, , �,,
<br /> � � and Lender otherwise agree in w�iting, tliere shall Ue a�>��lied to tl�e sums secured by this Mortgnge such propor- ys � ;r�w�
<br /> tion of tihe proceeds as is equal to that proportion whict� tlie amounG bf tha sums secured by this Mortgage imme- �� ' ` '
<br /> � ` dietelypriorto the date of taking' bears to 'the fair: market value oi the Property immediately prior to the date of ''�`'�z�`"
<br /> taking, with-the baiance of the proceeds paid to Borrower. ��" ,°
<br /> , '..� : If.the P�operty is abandaned' by Sarro�uer or if:after notice lry Leti�ier to Borruw�r iiist the condemnor offers �
<br /> ` ' � to znake an anyard or settic a cinim for dama�es, Lorro�r�ex� fa�iis to responl to Leuler witliin 30 days of the 3ate -
<br /> ' . o# such notiee, Lender is authorised to oollect snd apply the` proceeds aC , I,ender's option either to restoration or ,� '
<br /> repsir of th� .T'roperty or to the sums secured by Ll�is �lartgage.
<br /> Unless Lender and Borrocver other�uise agree in :vriting, any anch xpplication of pr�ceede to principal shall
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