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<br /> I£ under t�aragraph 18 hereof the ProperCy is sold or the Yroperty is otherry �se ncquired E�y I.ender, Lender �
<br /> shall apply , no later than immediately prior to tl� e s:ilc of tl � e 1'roperty or its a�,quisition b}• L,ender , any I'unds
<br /> ]ield by Lender at tlie tiine of application as a credit againsc the suuis ,�ecurc�d by thi� lfortgage .
<br /> 3. App&cation of, Bayments. Uiiless uf�plicabte la�c provides othertvisc, all paymetits received by Lender
<br /> under the Note and I�aragrapLs 1 and 2 hereof s3�ai1 i >c ap�� lied lay T.,ender first, in payment of amount.s paya6le to
<br /> Lender by Borrower under paragrnph 2 l� ereof , tUeu to interest p.iyi� ble on i6e Note and on Fulure Advances, if .
<br /> ttny, and then to the principal of tlte iVote and tp the � irinci �inl of I'ut.ure :� dvances , if any.
<br /> 4: Charges; I.iens. Borro�ver s1� a11 �aay all toxes , assessinents itiud otl�er charges, fines and impositions attrib-
<br /> utable to the Pro��erty which may att�in a priority over tliis \ fortgage, and ground rents , if any, at Lender's
<br /> `, option ; in the nianner provided under pai•agrctph 2 #iereof or t>y Borrower inaking payment, when due, directly to
<br /> � �j the payee thereof. Borro�vec s1�alI proinptl}� furnish to Lender all notices ' of ninounts due w�der tliis paragraph ,
<br /> • '", � , and in tha event Borrower shall inake ��syment directly , I3orro�cer shall promptly furnisl� to Lender receipts evi -
<br /> � ; dencing such payments. Borrower shall j� romptly discl�arge uuy lien �vliich has priorit,y over this :lSortgage ; pro-
<br /> ,� vided; ,that Borrower sl�all not be required to discharge any sucla lien so long as Borrower shall sgree iii writing to
<br /> Cj the payment of the obligation secured by such lien in a mannei• acceptable to Lender; or shall in good faith contest
<br /> � y d such ]ien by , or defend enforcement oi sucl� lien in ; legal proceedings �vl� ich onerate to }>revenb the enforcement of
<br /> the lien or forFeiture of the Property or any part tliereof.
<br /> � 5; Hazard Insurance. Borrower shall keep the iin� �i•ovements no�v existing or hereatter erected on the Prop-
<br /> � erty insured against loss by fire , 7iazards included �vitihin the term "extended coverage ", und sucFi ot6er hazards as
<br /> � Lender may require and in sucti atnounts and for sucl � periocis us Lencier inay req � ire ; provided , that Lender shall
<br /> not .require that 'the amounEof such coverage exceed that amount of coverage required to pny the sums secured 'by
<br /> ; ` this Mortgage. '
<br /> ; j Ttie insurance carrier ��roviding tlie insurai�cc sl�all be chosen by Borrower subject to approval by Lender ;
<br /> provideci, that such approval sl�all not Ue unceasonably withheld . All premiums on insurance policies shall be paid
<br /> � q at Lender's option iii the xnanner provided under paragraph '? hereof or by Borrower xnakin6 pa.yment, when due ,
<br /> directlyto 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 /> j 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 seb 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 insuraiice policies and renewalc thereof aliall 1>c in fm•�n acceptable to I.ender and shall include a standard
<br /> mortgage clause in favor of and in form acceptable to Lender. Lender sliall have the rigl�t to hold the policies snd
<br /> renewals thereof, and Borrower shall promptly furnisli to Lender all renewul notices and all receipts of paid pre-
<br /> 5 miums_ In the event of loss, F3orrower shall �ive prompt notice to tLe insurance carrier and Lender, and Lender
<br /> may make proof of loss if not made promptiy by Borrower.
<br /> � Unless Lender and Borrower otl� erwise ugree in rvriting, insur.iuce proceeds shall be applied to restoration or
<br /> repair of tt�e Property daxnaged , provided such restoratiai or repair is economic.� lly fessible and tlie security of
<br /> this Mortgage is not tliereby iinpaired . If such restoration oa• re�:>air is not ecotiomic:�ll}• feasible or if the security
<br /> of this �Zortgage �vould be impaired , tl�e insurance proceeds s1�alI be applied io the sutns secured by this 1�Zortgnge ,
<br /> with Ehe excess, if any , paid to Borrosvei•. If the Yroperty is abandoned f�y Borrower or if F3orrower fails to res�ond
<br /> to Lender within 30 days after notice by Lender to Borrower tliat the insurance carrier offers to settle a claim for
<br /> � � insurance benefits, Lender is authorized to collect and apply the insurance proceeds :tt Lender's option either to
<br /> restoration or repair of the Property or to the sums secured by t.l�is \iort.gage.
<br /> � Unless Lender and Borrower other�vise agree in writing, any such applicntion of proceeds to principal shall
<br /> K� not extend or postpone the due date oF the rnontlily instalhvents referred to in paragraphs 1 and 2 hereof or ehange
<br /> the amount of such installments.
<br /> f If under paragraph 18 hereof tl�e Yroperty is acquired by Lender, a11 rigl�t , title nnd interest of Borrower in
<br /> i and to any insurance policies and in and io tlie proceeds thereof ( to the extent ot the sums cecured by this Mort-
<br /> gage immediately prior to such salc or acquisition ) i•esulting fi•om ciauiage to the Property prioi• to the sale or
<br /> s acquieition shall pass to Lender.
<br /> 6. Preservation cmd Mcantenance of Property; Leaseholda; Condominiums. I3orrower shall keep t2�e Prop-
<br /> erty in good repair and shall not permit or commit waste , iinpairmenC, or deterioration o( the Property and shall
<br /> f comply with the provisions of any lease, if this \lortgage is on a lettseliold . If this �4ortgage is on a condominium
<br /> ; unit, Borrower sl�all perform all of Borrower's obligations unc3er tl�e declaratiou of condorninium or master deed ,
<br /> the by-luws and regulations of the condominium ��roject aud constituent docuruents.
<br /> � 7. Protection of Lender's Security. If }3orrower Sai]s to perfonn the covenants and xgreements contained in �
<br /> � � this .�Iortgage, or if any action or proceeding is commenced �vhicli materiaily affects Lender's interest in the Prop-
<br /> � erty, ineluding, ' but not limited to , e�ninent do�n.�in , insolve. ncy , code enforcement, or arrangeaients or proceed -
<br /> s ings involving a bankrupt or decedent , then Lender at 7.ender', option , upon notice to I3orrower , may make such
<br /> i appearances, disburse such sums and take such action as is necescaiy to protect Lender's interest, including, but
<br /> ' not limited to, disbursement of reasonable attorney's fees and entry upon the Yroperty to make repairs . Any
<br /> � amounts disbursed byLender pursuant to tl�is pxragrapl� 7 , �rith interesC thereon , shall become additional indebt-
<br /> edness of Borrower secured by this \lortgage, Unless Borrower and Lender agree to other terms of payment , such
<br /> , � amounts shall be payable upon notice from Lencler to Borrotiver requesting payment thereof , and shalI bear inter-
<br /> eat from the date of disbursement at the rate stated in the I`Tote unless 7�ayment of int.erest at such rate mould be
<br /> � contrary , to applicable law , in which event such amounts sUall bear interest at the highest rate permissible by
<br /> , � applicable la�v . Notliing contained in this paragraph 7 sh.ill reryuire Lender to incur uny expense or do any act
<br /> C liereunder.
<br /> " i $. 2nspection. Lender may make or eause to be made ceflsonablc cnta•ies upon and mspeetions of the Prop-
<br /> , erty , provided that I..ender shall give BorcoN�Pi• notice In�ior tn :im� .��cli inspection � pec� f3�ing rcasonabic causc
<br /> ; therefor related to Lender's interest in the E'roperty .
<br /> ' + 9. Condeassiation. The' proceeds of any award or ctaim for dumages , direct. or eonsequential , in connection
<br /> � with any condemnation or other taking of thc Property , or part iliereof , or fnr conveyance in ] ieu of condewna-
<br /> tion, are hereby assigned and shall be paid to Lender. '
<br /> � In tl�e event of a total taking of the Property, the j�roceed� shall 6c applied to the sums secured by this 31Tort- � } , . � �"r,,.
<br /> , : gage, �vith tl�e excess, if nny , paicl to Borrn�ser. lu tlie event of a partinl taking oY the Yropercy , unlesa Borrower � ;.h �,,,
<br /> ` and Lender otherwise agree in writing , fhere shall be �ppliecl to ilie sums secured by this b4ortgxge such propor- � �
<br /> 3 tion of the proceeds as is equal to that pmportion whieh tl�e amount of the sums secured by this AZortgage imme- � ��� '
<br /> i diately prior to the date of taicing bears to the fair inarket i�alue of tl �e Pro}�erty� iinmediately prior to f,he date of ,�
<br /> taking, with the balanCe of the proceeds paid to Borrower, .'� "
<br />� "4 zf �ne Pruperty' is absncior_ed by �qrro�i�er or if aftcr no: ice i�y� Lender to Borracver tliai L'sie .;uuueiiiiior otiere
<br /> '. to mtike -nn award or settle » �laim for da,magea, Iiorrower fsil < to respond to Len3er �cit6in 30 days ut tl�e date ° �. '�
<br /> i of sueh noLioe, Lender is autharized to coYlect and apjaly the proceeds :tt Lender's option eitl� er to restoration or �
<br /> ; repair of the Property or to the sums secured by tljis \Iorkgage.
<br /> Un7e&s Lender �nd Borrower otl�ertvise ,ugree in �vritin�, any sucli application of pr�ceed � t.ci rrinriPal shall
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