|
��„
<br /> ..�c: . . . . E.
<br /> w.c=c* . . . . . .� �
<br />� i .. ,
<br /> . �� If under paragraph ] 8 hereof the Property is solct or the Yroperty i, othcrwise acquired by I,ender, Lender
<br /> ehall apply, no lster than immediately prior to the s�le � of the Property or its acquisition l�y Lc:� nder, :my Fuuds _
<br /> heid by Lender at tlie time of application as a r,redit against thc suins secured by tl�is \4ortg.�ge.
<br /> 3. Application 'of Payments. Unless npplicablc la«� provi<.les otlierwise, all pay�nents received by Lender
<br /> under the Note"and paragraphs l and 2 hereof sliall hc ap�>licd I>y I.ender first in ��ayment of amounts payable to
<br /> Lender by $orrower under paragra�h 2 liereof, tl�en to interest payablc on tl�c ?Qote :ind on I'uture Acivances, if
<br /> any, siid then . to the principal of the Note and to tlie princi��al of Future Advances ; if any.
<br /> �1 4: Chargest Liens, Borrower sliall pay all tazes, sissessments <�nd otl�er charges , fines nnd impositions attrib-
<br /> ,� utable to the Property which may attain :i priority over tliis \4ortguge, and ground rents, if any, at Lender's
<br /> � � option in the manner I�rovided under paragraph 2 hereof or by ]3orrower making ��ayment, when due� directly to
<br /> � the payee thereoF. Borrower shall promptly furnish to J�encicr aIC notices of amounts due under this paragraph,
<br /> � and in the event Borrower �l�all -make puyment directly, 13orrower sha11 promptly furnish t,o I,ender receipts evi-
<br /> � dencing such payments. Bon•ower shall promptly discharge any lien which has priority over this \4ortgage ; pro-
<br /> vided, tklat Borrower shall not be required to dischsrge any sucl� liei� so long as Borrower shr�ll agree in writing to
<br /> t the payment of the obligation secured lay suclt lien in u manner acceptable to Lender, or shall Sn good faith contest
<br /> j� auch lien by, or defend enforcement of sucl� lieii Sn, legal �iroceedings �vhicli operate to pz•event the etitoreement of
<br /> ` the lien or forfeiture of the Property or uny part tl�ereof.
<br /> 5: Hazard Insurance. Borrower shall keep tlie iin�irovements no�c existing o!• l�eceafter erected on the Prop-
<br /> .* - erty insured against loss by fire, hazards included witiiin the term "extended coverage", and such otGei� I�azards as �
<br /> Lendet rnay require und in such amounts and for such periods as I,ender tnay require ; provided, that Lender shall
<br /> not require that the amount of suc6 coverage exceed that amount of coverage reqoired to pay the sums secured'by
<br /> this Mortgage:
<br /> The ineurance carrier provicling ihe insurance shall be chosen by Borrower subject to approval Uy Lender;
<br /> provided, that such approval shall not Ue unreasonabIy withtield. AIi premiums on insurance policies shali be paid
<br /> atLendeT's option in tfie manner provided u��der para.graph 'l hereof or by F3orrower inaking payment, when due,
<br /> directly to the insurance 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 shail be
<br /> secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br /> nnder the terms of this Mortgage.
<br /> All insurance policies and rene�vals thereof sliall be in foriii acceptnLle to Lender 3nd shall include a stanclard
<br /> mortgage olause in favor of and in form acceptable to Lender. I.ender sh:�ll liave the riglit to hold the policies and
<br /> renewals thereof, and Borrower shall promptly furnisl� to Lender �Il renewal noticr.s and all receipts of paid pre-
<br /> miums. 3n the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender, and Lender
<br /> may make proof of loss if not made promptly by Borro�eer.
<br /> � Unless Lender and Borrower otl�erwise agree in �vriting; insurance proceeds shall Ue applied to restoration or
<br /> repair of the Property damaged, provided such restoration or repair is economicaliy Feasible and the security of
<br /> this Mortgage is not tliereby impaired . If sucli restor:ation or repair is not economically feasible or if the security
<br /> of this Mortgage would be impaired, the insurance ��roceeds sl�nll be applied to the sums secured by this Mortgage,
<br /> �vith the excess, if any, paid to Borrower. II the Yroperty is abandoned by Borrow�er or if Borrower fails to respond
<br /> to Lender witl�in 30 days after notice by I..ender to Sorrower tl3at the insurauce carrier otfers to settle a claim for
<br /> insuranee benefits, Lender is authorized to collect and apply tl�c insurance proceeds at Lender's option either to
<br /> ; restoration or repair of tl�e Property or to tl�e sums secured by tl� is \tortgage.
<br /> . �� , Unless Lender and Borrower otherwise agree in writing, an}- such applioation of proceeds to principal shall
<br /> not extend or postpone the due date of the monthly install�nents referred to in pnragraphs 1 and 2 hereof or change
<br /> the amount of such installments.
<br /> ; , If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in
<br /> and to any insurance nolicies and in and to tt�e proceeds tl�ereof (to tlte exient of the sums secured by this Mort-
<br /> ' gage immediately prior to sueh s�le or acquisitionl resulting from clxinage to tl�e Property prior to the sale or
<br /> ! acquisition shall pass to Lender.
<br /> 6. Preservation cmd Mmnienance of Properiy; Leaseholds; Condominiums. 13orrower shatY keep the Prop-
<br /> erty in good repair and shall not permit or commit waste, impairment, or deterioration of the Property and shall
<br /> comply with the provisions of any lease, if this �4ortgage is on a lessehold. If this Mortgage is on a condominium
<br /> unit, Borrower shall perform all of Borrower's obligations undei• the declaration of condominiu�n or master deed ,
<br /> the by-laws and regulations of the condominium project and constituent documents.
<br /> 7. Protettion of Lendei s Security. If Ilorrower fails to perform the covenants nnd agreemenws contained in
<br /> this �'Iortgoge, or if any action or proceeding is co�ncuenced whicli materially aN'ects Lender's interest in the Prop- „
<br /> erty, including, but noti limited to, erninent doinain , insoh�ency, code enforcemerit, or arrangements or proceed-
<br /> inge involving a bankrupt or decedent, then Lender at I.ender's option , upon notice to Borrower, may make such
<br /> appearances, disburse sucl� sums xnd take sucl� sction as is uecessary to protect Lender's interest, including, but ,
<br /> not limited ,to, disbursement of reasonable attorney's fees snd entry upon the Property to make repairs. Any
<br /> ,amounts disbursed by Lender pursuant to this paragiapl� 7 , �vitL interest thereon , sh� il become additional indebt-
<br /> edness of Borrower secured by this �iortgage. Unless Borro�ver ancl Lender agree to other terms of payment, such
<br /> amounts sliall be payable upon notice from Lender to Borrower requesting payment thereof, and shali bear inter-
<br /> est from the date of disbursement at the rate stated in tlie I�Tote unless payment of interest ut sucli rate would be
<br /> a contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible by
<br /> applicable law. :Vothing contained in this paragraph 7 sf�zll require Lender to incur any expense or do any act
<br /> hereunder.
<br /> ; 8. Inspectioa. Lender m:�y inake or cause to be inade reaEonxble entries upon snd inspections of the Prop-
<br /> erty, "provided thst Lender �hall give Borrower notiec ��rior to anv �uch inspection specifying reasonable cause
<br /> therefor relnted to Lender's interest in the Property.
<br /> 9. Condemnation. Tiie proceeds of ssny awarci or claim im• damages, �lireui or cunseyuential, in cuunection
<br /> witla any conde�nnation or othei•. taking of tlie Yro}ierty , o!• part thcreof, ar tor coni•cyance in lieu of condemnu-
<br /> tion, are hereby assigned and shall l�e paid to Lender_
<br /> In tl�e event of a total taking of the Property, tl�e proceeds sliall tie applied to tlie swns secured by this A4orC- `
<br /> ' ' gage, tivith tlie excess, if an�� ; paid t.o Borro���er. Ii� #l�e event of a partisl taking of Lhe Yroperty , unless Borrawer � ' . �
<br /> � and Lender othenvise agree in �vriting, there sliall be npplieft to the sums secuY•ed by this �Iurtgage such propor- � • � " ''' `
<br /> tion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage imme- �- ?� ;: "
<br /> diately prior to #he date of taking bears to the faiT market value of the Property immediately j�rior to the date of """ "
<br /> � taking, with the ;balance of the proceeds paid to Borrowei: " ��'�:`
<br /> - .� If t#�e Property is abandoned by Borrower or iF after notice by Lender to Borrower that tl�e condemnor offers Y��,� ',`
<br /> , to ma&e an award or settle a claim fordamages; Borrower fails to respond to Lender within 30 days , of the date y' ; '
<br /> ' of &uch notice; Lender is authorized to collectand a�+ply the }�roceeds nt Lencler's option eitlier t.o restoration or •
<br />� repsir oi the Yroperty or to the suins secured by ti�is �lortgage. �„ - ""
<br /> Unless I.ender and Borroner othert�-ise ngree in �vriting, any such application of proceeds to principal shall
<br /> . �• . � ;
<br />� � � �
<br />�
<br />
|