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<br /> �', If under paragraph 18 hereof the YroperCy is sold or the Yropert�- is otherwise :�cquired by Lender, Lender
<br /> shall apply, no later t1�un iinmediately prior to� the salc of the f'roperty a• rts acquisition by T.ender, any Funds
<br /> held Uy Lender xt the time of a}�t�lication :�s u creciiL against the suins securerl by this ��fortgage.
<br /> 3. Application of Payments. Untess applicaGlc la�r provides okheri�� ise, all payttie�its received by Lender
<br /> under the IvTote and j�arsgra�>l�s 1 a,nd 2 hereof sh;all hr. ap��lied I,y I,encier fi�st in p�y�ment of amounts pa,yable to
<br /> Lender by Borrower under paragraph 2 l�ereof, then to interest p.�yable on the Note and on I'uture Advances, if
<br /> anx, and then to the iirincipal of the Note and to tlie princi�ral of Futurc Advances, if any.
<br /> 4. Charges; Liens. Borrower slial] pay all taxes, assessments and otiier charges, fines and impositions attrib-
<br /> utable to. the Property which may nttain za priority over tliis �4ortgage, and ground rents, if any, at Lender's
<br /> option in tl� e' manner. provided under �>aragrapli `l hereof or by I3orrower innking p�yment, when due, directly to
<br /> the gayee thereof. Borrower shall promptiv furnish to Lender all notices of amounts di.ie unc3er tl�is paragraph;
<br /> � and in the event Borrower shall make psyrnent directly, Borrower si�all promptly furnish to Lender receipts evi-
<br /> � dencin sucli a ments. Borrower shall �rom itl,y: discl�ur e an lien which has 7riorit over this �1ort a e � ro-
<br /> � $ P Y 3 I 6 Y } Y g B � P
<br /> �. ��aea, that Borrower shall not be required to discliarge any sucl� lien so long ss }3orrower shall agree in writing to
<br /> ,C, the payment of the obligation secured by such lien in :i �nunne�• zcceptable to Lender, or shall in good faitl� contest
<br /> � such lien by, or defend enforcement of such ]ien in , legal pi•oceedings wl�ich operate to prevent the entorcement of
<br /> the lien or forfeiture of the Property or any park thereof:
<br /> `" 5. Hazard Insurance. Barruwer shall keep tl�e irn{�rovements now existing oi• hereafter erected on the Prop-
<br /> � erty insured against loss by fire, hazards included within t,he term "extended coverage", and sucli otl�er hazards as
<br /> �� Lender may reguire and ii� such amounts and for sucl� periods as I.ender rnay requirc; provided ; that Lender shall
<br /> noti ;equire that the amouiit of such coverage exceed ttisst amount of coverage reyuired to pay the swns secured 'by
<br /> this Mortgage.
<br /> The insurance carrier providing tl�e insuraiice shall be chosen Uy Borro�ver subject to approval by Lender;
<br /> provided, tliat such approval sl�all not be wirensonnbly withheld. A11 premiums on insurance policics shall be pa,id
<br /> at Lender's option in the manner provided under paragraph 2 hereos" or by f3orrower znaking 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 prptect
<br /> its interest, may procure insurance on the improvernents, pay the premiums and such sum shali 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 thia Mortgage.
<br /> All insurance policies and renewals thereof shall be in form scceptab]e ko Lender and sl�all include a standazd
<br /> inortgage clause in favor of and in forin acceptable to Lendei•. Lender shall have the right to liold the policies and
<br /> renewals thereof, and Borrower shall promptly furnish to Lender all renewal notiees and all receipts of paid pre-
<br /> miums. In the event of loss, Borrowei• shall give proinpt notice to the insuratice carrier and Lender, and Lender
<br /> may make proof of loss if not inade promptly by> Borrower.
<br /> j Unless Lender and Borrower otl�erwise 3gree in writing, insurnnce proceeds shall be applied to restoration or
<br /> : repair of the Property damaged, provided such restoration or repuir is economically feasible and the security of
<br /> ' this \7ortgage is not thereby impaired. If sucki restorntion or repair is not econoinically feasible or if tlie security
<br /> � of this Mortgage would Ue impaired, the insurance ��roeeeds shall be applied to tl�e sums secured by t,his b4ortgage,
<br /> ' with the excess, iF an,y, paid to Borrower. If tlie Yiroperty is abandoned by F3orrower or it Borrower fails to respond
<br /> ' i to Lender within 30 days after notice by I.ender tu Borrower tl�at the insurance carrier offers to settle a claim for
<br /> � insurance benefits, Lender is authorized to collect and apply tl�e i�isurance proceeds at Lender's option either to
<br /> � restoration or repair of tl�e Property or to the sums secured by this Jiortgage.
<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 monthly installments referred to in paragraphs 1 and 2 hereof or chenge
<br /> ! the amount of such insta]Iments.
<br /> +; If under paragraph 18 hereof tl�e Yroperty is acquired by I.ender, all riglit, title and interest of Borrower in
<br /> and to any insurance policies and in and to tlie proceeds tl�ereof (to the eKtent of the sums secured by this PTort-
<br /> H gage immediately prior to such sale or acquicition ) resulting froin d:�mnge t.o the Yroperty prior to the sale or
<br /> acquisition shall pass to Lender.
<br /> 6. Preservation and Mmnteaance of Property: Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> ert,y in good repair and shall not permit or commit waste, impairinent, or deterioration of the Property and shall
<br /> ; comply with the provisions of any lease, if this \Iortgage is on a leasehold . If this \4ortgsge is on a condominium
<br /> unit, Borrower shall perform all of Borrower's obligations under t.he �leclaration of condominium or master deed,
<br /> i the by-laws and regulations of tl� e condominium project and constituent documents.
<br /> 9. Protection of Lendei s Saeurity. If Borrower fails to perform the covenants and sgreements contained in
<br /> ; this Nlortgage, or if, any action or proceeding is commenced �vhicl� materially affects Lender's interest in the Prop-
<br /> erty, including, }�ut not limited to, eminent domain , insolvency, rode enforcement., or srrangements or proceed-
<br /> � ings involving a bankrupt or decedent, then Lender at l,ender's option , upon notice to Borrower, inay make such
<br /> ' appearances, disburse sucli sums and take such action as is iiecessary to protect Lender's interest, including, but
<br /> not limited to, disbursernent of reasonable attorney's fees and entsy upon the Property to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this puragraph 7 , �vith interest thereon , shall become sdditiona] indebt-
<br /> ' j edness of Borrower secured by this 1-iortgage. Unless Borrower and Lender agree to otl�er tenns of payrnent, such
<br /> amounts shall be paysble upon notice from Lender to Borro�ver requesting payment thereof, and shall bear inter-
<br /> ; est from the ciate of disbursement at the rate stated in ihe :�Tote unless payment of interest at such rate would be
<br /> contrary to applicable law, in which event such amounts shalf bear interest at the highest rate permissible by
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<br /> applicable law. Nothing contained in this paragrZph 7 shall re�uire T.ender to ineur � ny expense or do any act
<br /> hereunder.
<br /> 8. Inspaction. Lender may �nake oi• cause to bc rnnde i•easonable ent.ries upon and inspections of the Prop-
<br /> erty, grovided that Lender ehall give Sorrow•er notice �u•im• to t�m- ,uch inepect.ion ���ecifying reasonable cause
<br /> therefor related to Lender's interest in the Property.
<br /> 9. Condemnation. The proceeds of any award or claim t'or dama�es , direct or conserynential , in connection
<br /> with any condeuznation or other iaking of the Propei•ty, ui• psrt thereof, or for conveyance in ]ieu of condemna-
<br /> tion, are hereby;assigned and shall be paid to Lender.
<br /> In the event of n tota] taking of tl�e Properky, t}ie ��roceed� sliall be applied to t,he ,ums secured by this Mort-
<br /> ' gage, �vith the excess, if any, paid to $orro�ver. In t,l�e event of n partial taking of the Property; unless Borrower
<br /> ; and Lender other�vise agree in writing, there sliull be a}�plied to tl�e suws secured by t.his lfortgage such propor � + s�,
<br /> tion of tha prooeeds as is equnl ta that proportioti «�liich tl�e asnount of t1�e autns seeured bp tliis 1�Sortga�ge imme- � � ;� t:'
<br /> � diately prior to the date ot taking beare to ti�e fair ii�at•ket value of tlie Yroperty immediately prior to the date of i� , . '
<br /> 1 � taking, wiEh the balance of the,proceeds paid to Borrower. ?k ��
<br /> �-+ If the Propprty is abandoned by F3orrower or if after notice by Lender to Borrower that the condemnor offers 3�>'?
<br /> to make an award ar settle a clai:zi for c:atnsges, 33a.-rc;��er faii; to respond ta i.ender �rithin 30 days oi il�e date `
<br /> of such notice; T.ender ie anthnristYl +n +�.t11Q�t 4nd a;+i,�}� ttte pr!iceec2s at I.ender's op'.,or. ei±l:er to :estoration csr , ' ' � �
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<br /> " repaiu of the Proper#,y or to tlie hduis eecureci i�v tliis \I�rtgage, -
<br /> Unless Lender and Bm•rower oCherrvise agree in �vriting, any such application of proceeds to principal shall '"°
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