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<br /> � I
<br /> If amder paragraph I8 hereof the Yroperty is sold or tl�e Property is otherwise .acquired by I.ender, Lender �
<br /> shall appiy, no, later tlian immediately prior to the sale of the Yroperty or it� aoquisition b,y Lender, any Funds
<br /> lield by Lencler at the time of application ss a credit aguinst. tl�c surns secured by this '��fort6age.
<br /> 3. Applicatioa o! Payments. Unless applicable ls«r j�rovides other�vise , .�Il payinents received l�y Lender
<br /> underthe Note and paragruphs l and 2 liereof s1�all l7e applied by I.ender first in payment of �mounts payable to
<br /> LendeT by Borrower under paragraph 2 hereof, then to interest payaUle on the ;�Totc 3nd on Future Advances, if
<br /> any, aiid then to the,principal of thG_Notc ancl tp the t�rincipai of Futui•e Ai{vances , if any,
<br /> 4. Charges; Liens. , Barrower sliall pay all tsxes, assessinents and other charges; fines and impositions attrib-
<br /> utable to the Property which may attain i� priority over this \�o:•tgr�ge, and growid rents, if any ; at Lender's
<br /> � option in tt�e manner provided under ��aragraph 2 hereof or by I3anro�aer msking payment, when due, directly to
<br /> � the pssyes thereof. Borrower .shall promptly furnish to Le�ider aII notices of' �smounts due under tlxis paragraph ,
<br /> and in the event Borrower shall make payment directly, ]3orrotiver sli:�l ! promptly furnish to Lender receipts evi-
<br /> % � dencing sucli payments. $orrower sl�all promptly discharge any lien which has priority over this Mortgage ; pro-
<br /> +'� ' vided, tlzat Borrower sliall not be required to discl�ai•ge any sucl� lien so long usBorrow�er siiall a�ree in writing to
<br /> , ; L!^ the payment of the obligation secured Uy such ]ien in .� manner ncceptable to Lender, or shall in good fait}a contest
<br /> C"' such lien by, or defend enforcement of suc}� lien in , legal proceedings �vliich operate to preven� the enforcement of
<br /> C' the lien or forfeiture "of the Property or any parE thereof.
<br /> .C�"r 5 Hazard Insur�ice. Borrower shall keel� tlie iinT�rovements now existing or }iereafter erected on the Prop-
<br /> � erty iiisured against loss by fire, hazards 'included �vithin the term "extended coverage" , and sucli otYtei• l�asards as
<br /> � � Lender may require and in suctl amounts and for sucf� pet•iods as Lender �nay x•equire; provided, that Lender shall
<br /> ; not require tliat the �mount of such coverage exceed that amount of coverage required to pay the sums secured 'by
<br /> s' this 1VIorEgage: "
<br /> , ; The insuxance carrier providing tl�e insurauce shall be cl�osen by Borrower subject to approval by Lender ;
<br /> provided, that such approval shall not be unrer�sonably withheid. All premiums on insurance policies shall be paid
<br /> at Lender's option in the manner provided under j�aragruph 2 hereo€ or by I3orrower making payment, when due,
<br /> directly to the insuranee 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 insurance policies and renewals thereof ehall be in form � cceptable to Lender and sl�all include a stanciard
<br /> lnortgage clause in favor of and in form acceptnble to Lender. Lender shall hnve the right to l�old the policies and
<br /> renewals thereof, and Borrower shall promptly furnish to Lender �11 renewal notices and all receipts of paid pre-
<br /> miums. In the event of loss, Borrower sliall give prompt notice to tlie insurance cssrrier and Lender, and Lender ; '
<br /> may make proof of loss if not inade promptly by Borrower. �
<br /> Unless I.ender and Borrower otherwise agree in writing, insurance proceeds shail be applied to restoration or
<br /> repair of the Property damaged , provided such restoration or repuir is econarnically feasible xnd the security of
<br /> this Mortgage is not tliereby impaired . If such restoration or repair is not economically feasi6le or if the security
<br /> of tihis 1'tortgage would Ue impaired, tl�e insurance �>roceeds sl�all lie yp�>lied to the sums secured by this I1�lortgage,
<br /> with the excess, if any, paid to Borrower. If tl�e Yroperty is 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 /> insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to
<br /> restoration or repair of the Property or to tlie suins secured Uy this \Iortgage. ;
<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 montl�ly installments referred to in paragraphs 1 and 2 hereof or change
<br /> the amount of 'sueh instaliments.
<br /> If under paragraph 18 hereof the Property is acquired Uy Lender; all right, title si�d interest of Borrower in
<br /> , � and to any insurance policies and in and to the proceeds thereof (to the extent of the sums secured by this Mort-
<br /> Fgage immediately prior to such sale or acquisition ) resulting frum damage to the Property prior to the sale or
<br /> acquisition shall pass to Lender.
<br /> " � 6. Preservatioa and Mcantenance of Proparty; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> erty in good repair and shall not permit or commit waste, impairinent, or deterioration of the Property and shai)
<br /> comply with the provisions of any ]ease, if this Mortgage is on n le3sehold. If this lsortgage is on a condominium
<br /> unit, Borrower shall perform all of Borrower's obligations under the declaration of condotninium qr master deed,
<br /> the by-laws and regulations of the condominium projeci an�l constituent documents.
<br /> 7. Protection of Leadei s Security. If Borrower fails to perionn the covenants and agreements contained in
<br /> this il�Ioctgage, or if any action or proceeding is commenced which materia]ly affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domain , insol��ency , code enforcement, or arrangements or proceed-
<br /> ings ,invoiving a bankrupt or clecedent, fhen Lender at Lender's option , upon notice to Eiorrower, may make such
<br /> appearances, disburse sucl� sums and take sucl� action as is necessary to protect Lender's intcrest, including, but
<br /> noti' limited to, disbursement of reasonuble attorney's Fees and entry upon t,he Pro��erty to make repairs. Any
<br /> ' amounts disbursed by Lender pursuant to tl�is paragraph 7, �vitli interest thereon , sliall become addit.ional indebt-
<br /> ; edness of Borrower secured by this l�tortgage. Unless Borrower and Lender agree to other ternis of psyment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requestin� payment thereof, and shall bear inter-
<br /> est from the date of disbursement at the rate stated in the I�'ote unless }5ayment of interest at such rate would be
<br /> contrary to applicable law, in whicl� event such amounts shall Uear interest at the highest rate permiesible by
<br /> :
<br /> applicable la�v; DTothing contained in this paragrapli 7 sltnll i•equire Lender to incur any expense or do any act �
<br /> hereunder. ;
<br /> 8. Iaspection. Lender Snay inake or cause to l�c znadc reasr�nablc entries upon and inspections of tlie Prop- �
<br /> ert oryviued ti�at 3.ender :hsll �
<br /> y, , give $m•roHer nodce ��rior to siny �ueh inst�ection specifying reasonabie cause I
<br /> ; therefor related to Lender's interest in tlie Praperty.
<br /> ,. � 9. Condemnation. The proceeds of any award or ctaim for damages, direct or consequential , in connection
<br /> with any condemnatioi} or other taking of the Pro�>erty , or pai•t tliereof, or for cun�•eyance in lieu of condeinna-
<br /> ` ; tion, are hereby assigned a�nd shall be paid to Lender: `,-
<br /> � In the event of a total taking of the Property, the ��roreeds �hai1 Le applied to t,Yie sums secured b,y this Mort- �, � - ' r "^k '
<br /> ; gage, rvith the excess, i[ any, paid to Borrower. In the event of a ��artial ,taking of the Property, unless Borrower . W sd>' '
<br /> - , , _
<br /> r and LendEr otherwise agree in 'writing, tliere sl�all ' be np��lied to tlie smns secured Uy this \4ort�a�e such propon s„` " �, ;��'"
<br /> tion of the praeeeds as is equal to that proportion which the amount of tl�e suins secured b�� this DZortgege imme- '�'' �
<br /> � ',� diately.prior to tlie date pf taking bears to the fair market value of GI�e Property imanediately prior to the date of � � "���'`�- I
<br /> ` taking, with the :Gala.nce:of the groeeeds paid to Borrowei•. ' ": , �'` :`
<br /> : If the £'xopert� is abandoned by Borrower or if after notice by Lender to Borrower tliat the condemnor offers " ; �
<br /> " to �ka., ,an xward or aectle a claim for,damages, 8orrower fails to res}�ond Lo Lende: cvithir 30 S�ys oi the date ' " `
<br /> ; o� suqh notice, I,ender is suthori2ed to collecL and app1�- the' 3�roceeds at Lender's option either to restoration or • =+.
<br /> p 7 perty or to the suma securett by tl�is `\Iortgage.
<br /> re air of the Pro
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