|
�..�: � � � � . � —
<br /> ,��� —
<br /> `T-n' � . . � k .
<br /> �.� ;� . . � � . . � � � . (
<br /> ,.__ ; f ,
<br /> _ � � � s
<br /> � If under parag:aph ? 8 }iereof tPie Prop�rty is sold or the Property is otherwise .icquired by Leiider, Lender �
<br /> shall apply, no lster tLa» in-:mediately prior to tl�e salc of t.he Propert,y or it� acquisition t�y I.,ender, anp Funds .
<br /> lield by Lender at the time of application as a credit again5t t.}�e s�uns secured b}� Hiis 14ortgage.
<br /> 3. Application of Payznents. ' Unless fipplicable lati�� provides otl�erwise, all payments received ,by Lender
<br /> w�der the Notie and ��aragraplis l and 2 tiereof slinll be applied bV T-endcr first in ��ayinent of amounts payable to
<br /> Lender by Boirower under paragraph 2 hereof,: tlien to interest payaUle o�i tl�e 1'ot.r, and on Future Advances, if
<br /> any, ai�d then to the F�rincipal of the iVote and to the prineipal of Future Advances , if any.
<br /> 4. Charges; Liens. $orrower sl�all pay all taxes, assessments and ot}�er charges, fines and impositions attrib-
<br /> utable to the Property wkich may attain a priority over tt�is NTortgage, and ground rents; if any, at- Lender's
<br /> � option in the manner provided :under i�arngrapii 2 hereof or l�y Borro�r•er �naking payment; when due, directly to
<br /> �j the payee thereof. Borrower shall promptly furnisIi to Lender all notices of amounts due undec this paragraph,
<br /> r-? ` and in the event Borro�ver shall make {�z�yment directly, Borro�qer sl�all pron�ptly furnish to Lender receipts evi-
<br /> �;� deneing such payments. Borro�ver shall I�romptly disct�urge 1ny Jien which l�as F�riority over this NIortgage ; j�ro-
<br /> � vided, t1�atBorrower shall not be required to discharge any such Jien so long as }3orrower sl�all agree in writing to
<br /> C_< the payment of the obligation'secured by sucli :lien in 1i nianner acceptable to Lendcr; or shall in good faith contest
<br /> ; ; `-. such lien by; or defend enforceme�lt of sucii lien in, legt�l proceedings �vhich operate tio prevent the entorcement of
<br /> ' i thedien or forfeiture of the Property or any part tlzereof.
<br /> � ; � 5. Hazard Insurcmce. Borrower shnll keep tlYe improvements no«� existang or iiereafter erected on the Piop-
<br /> ; erty insured against loss by fire, hazards included within the tertn "extended coverage", nnd such other hazards as
<br /> Lender inay require and in such amounts and for sucli periods as Lender may require ; provided, that Lender shal]
<br /> „ not iequire that the amount of such "coverage exceed tLat ainounC of coverage required to pay the sums secured 'by
<br /> t tl�is Mortgage:
<br /> The insurance carrier providing ti�e insurance shall be chosen Uy Borrower suUject to approval by Lender,
<br /> provided, tl�at such approval shall not be unreasonably �vithheld. All premiums on insurance policies shall be paid
<br /> at Lender's option in the manner provided under paragraph 2 hereof or by Borrower making payment, when due,
<br /> � directly to the insurance currier.
<br /> ` In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect
<br /> � ' its interest, rnay procure insurance on the improvements, pay the premiums and such sum ehall 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 insurAnce policies and renewals thereof shall be in forin acceptflble to Lender and shall inalude a standard
<br /> f ; moitgage cluuse in favor of and in for�n accepta.ble to Lender. I.ender sliall have the right to liold the policies and
<br /> renewals thereof, and Borrower sha.11 promptly furnish to Lender all renewal xiotices and all receipts of paid pre-
<br /> ; miums. In the event of loss, Borro�ver sl�all give prompt notice t.o the insurance carrier and Lender, and Lender
<br /> ' may make proof of loss if not made promptly by Borro�ver.
<br /> � Unless Lender and Borrower otl�er�vise agree in �eriting, insura»ce proceeds shall be applied to restoration or
<br /> ; repair of the Property damaged, provided such restoi•ution or repair is economically feasible and the security of
<br /> y this �Iortgage is not fl�ereby impaired . If such restorat,ion or re}�air is not econoinicttlly feasibie or if the security
<br /> � of this 13ortgage would be impaired , the insurance F�roceeds sliall be applied to t}ic sums secw•ed by this Mortgage,
<br /> with the excess, if any, paid to Borrower. If the Yroperty is abandoned by 13orrower or if Borrower fails to xespond
<br /> � to Lender within 30 days after notice by Lender to Borrower tl�.�t the insurr�nce carrier offers to settle a claim for
<br /> y insurance benefits, Lender is authorized to collect snd apply the insurance proceeds at Lender's option either to
<br /> « restoration or repair of the Property or to the sums secured by this \Iortgage.
<br /> , Unless Lender and Borro�ver otherwise agree in writing, any such spplication of proceeds to principal shsll
<br /> notextend or postpone the due date of the montlily installinents refei•red to in paragraphs 1 and 2 hereof or change
<br /> the amount of sucli installments.
<br /> If under paragraph 18 hereof the 1'roperty is acquired by Lender, all right, title a�nd interest of Borrower in
<br /> � and to any insurance policies and in and to the proceeds t.hereof (to the extent of tiie sums secured by this Mort-
<br /> j gage immediately prior to such sale or acquisition ) resulting frov� dainage to tl�e Property prior to the sale or
<br /> ' acquisition shall pass to Lender.
<br /> ; 6. Preservation �d Mmntenance of Property; Leaseholds; Condominiums. 13orrotiver shall keep the Yrop-
<br /> i erty in good repair and shall not permit or commiG waste, impairiuent, or deterioratiwi of the Property and shall
<br /> ; ' comply with the provisions of �ny lease , if this \1.ort�age is on ia le2sehold, If this 14ortgage is on a condominium
<br /> unit, BoTrower shall perform all of Borrower's obligations under the declaration o£ condominium or master deed ,
<br /> '' the by-Iaws and regulations of the condominium project and constituent, documents.
<br /> ? 7. Pzotection of Lender's Security. If Borrower fails to perform the coven:�nts 3nd agreements contained in
<br /> this �lortgage, or if any action or proceeding is coin�nenced �vhicli �naterially affects Lender's interest in the Prop- o
<br /> erty, including, but not limited to, eminent domaiu , insolvency, code enforcement , or arrangements or proceed-
<br /> ings involving a bankrupt or decedent, Lhen Lender at I.endei•'s option , upon notice to Borrower, inay make such
<br /> appearances, disburse such sums and take such uction as is necessary to protect Lender's interest, including, but
<br /> not limited to; disbursement of reasonable attorney 's fees anci eutry upon the Property to make repaire. Any
<br /> amounts dis}�ursed by Lender pursusnt to this paragrapl� 7, witl� interest thereon , shall beco�ne additional indebtc
<br /> edness of Borrower secured by this tiiortgage. Unless Borro�ver and I..ender agree to other terms of payment, such
<br /> amounts shall be psyable upon notice fron� Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> eat from the date of disbursement at the rate stated in the \Tote uc�less payment of interest at such rate would be
<br /> ; contrary to applicable law, in �vhich event such amounts shall bear interest at tFie k�ighest rate permissible by
<br /> applicable law. Nothing contained in this para�rt�ph 7 shall require I.ender to incur sny expense or do any aet
<br /> i hereunder.
<br /> 8: Iaspection. Lender �nay �nake or esxuse ta be made reason;�nle entries upon snd inspections of the Prop-
<br /> � erty, provided that Lender �l�all give Borrower notice � n•ior to anc �ucli in�pection specii}�ing reasonaUle cause
<br /> therefor related to Lender's interest in the Propert}-.
<br /> 9. Condemnation. The proceeds of any awarcl or claim ior damages, direct or consequeniial, in connection
<br /> with any condemnation or other taking of the Froperty , or part tliereof , or for conveyance in lieu of condemna-
<br /> tion, are hereby assigned and �liall lae paid to Lender.
<br /> � " In the event of a total taking of the Yrogerty, tlie �iroceed� sl�sll Le applieci to the sums seeured by this Mort- `
<br /> ; gage, with the excess, iF any, puid to Borro�rer. In tl�e event of a }�artial taking of the Property, unless Borrower •
<br /> � and Lender otherwise agree in writing, tlzere shall Ue applied ,to the sums secured by this \tortgage such propor- � , ' � �4�, ` �"
<br /> � tion ,of the proceeds as is equal to that proportion �vhich the an�ount of the sums secured by this ?�lortgage imme- �. ., ,� '�
<br /> ' �� diately prior to the date of Caking bears to the fair niarket value of tlie Yro��erty immediately prior to t,he date of �4 °
<br /> taking, with the balance of t17e proceeds paid to Borrower: �
<br /> ' If the Propez^tv is aban�loned byR�rrower �r if niter notice iiy Le�ider tn Rorro�ver that the condemnar offers "� "
<br /> to inake an award or settle u elairn fm• �a�nages; Borrower failti lo i•e�t�oud to Lender witliin 30 davs of tlae date .
<br /> % of auch notice� Lender'is authorized to collect and a}�ply= tl�e proc.eeds at, Lender's option either to �restoration or � �
<br /> i repair of the Property or to the suius secured by tl�is _liortgage. �;
<br /> Unless Leuder and Borro�ver other+.vise agree i�t, writing, any such application of proceeds to prinoipal shall
<br /> , . ; �
<br /> � r ;
<br /> �.- •��
<br /> -_ , � . �
<br /> �<
<br />�
<br />�.:
<br />
|