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<br /> � If under paragraph I8 hereof the Yroperty is sold or the I'roperty is otlier�vise acquired by Lender, Lender `
<br /> shall apply , no later tlinn immediately prior to the sale of tlit; Yroperty- nr 9ts acquisitiori by Leuder , :iny I'unds
<br /> held by Lender ut the time of application as a credit against t.he sums secured by this Vlorigage .
<br /> l 3, `Application of Payments. Unles�, ai�plicablo Ix�v provides otherwise, all payments received b,y Lender
<br /> under theNote and paragraplis 1 and 2 hereof sl�all l�c applied by I,encicr fii•st. in payment ot amounts ��ayable to
<br /> Lender by Borrower under parngrapl� 2 liereof;' Ehen to inte��est payak>le on ilie ?rTote anci oii Puture Advitinces ; if
<br /> aaiy, nnd then to the principal of the Note and 'to the �>rincipal of P'uture Advances , it any:
<br /> 4. Ghazges; Liens. Borrower shall pay all taxes, assessments anct otl� er charges , fines and impositions attritY-
<br /> utab2e to the Property which may attain a �>riority over tf� is Mortgage; and ground rents, if any;' at Lender's
<br /> � ' option in the manner provided under �iaragraph 2 hereoF or by Borrower �naking payment, when due, d 'arectly to
<br /> Mthe'payee thereof. Borrower shall pi•oinptly furnisli to Lender all notices of antounts duc under El�is paragraph,
<br /> �,,, and in the event Borrower shall tnake payment ciirectly , �3orro�cer sh+�ll promptfy furnish to Lender receipts evi-
<br /> � dencing sucfi payments . Borrower shall promtitly discliarge any lien which has priority over this Mortgage ; pro-
<br /> � vided, that �orrower shall not be required to discl�arge any sucl� lien sd long ac I3oreo�ver slial ] asree in writing to
<br /> G the payment of the obligation secured by such lien in u'manner acceptable to Lender, or shall in good faith contest '
<br /> . �'; such lien by,' or defend enforcement of such lien in , legal proceedings wl� iclr operate to prevent the enforcement of
<br /> ' �' the lien or forfeiture of the Propertybr any ��art thereoi:
<br /> i r 5. Hazard Insur6nce. Borrower shall keeYi tdie iuiprovements nok- existing ox• 'liereafter erected on the Prop-
<br /> ' � erty insured against loss by fire, hazards included witliin the term "extended coverage", and such other hnzards as
<br /> t � Lender may 7equire and in such amounts and for suc1� pQriods us Lender �na,y require ; provided , that Lender sha11
<br /> not require tHat the amount of sueh coverage exceed tliai amount qf coverage required to a�ay the sums secured'by
<br /> this Mortgage.
<br /> The insurance carrier ��roviding tiie insurance shali i�e chosen i�q Borroiver sut�ject to approvat bp Lender ;
<br /> provided , tliat such approva] shall not be unreasonably withheld . All premiums on insurance policies shall be paid
<br /> "i at Lender's option in the manner provided under paragrapli 2 hereof or by Borrower making payment , when due ,
<br /> � directly to the insurance carrier.
<br /> ; In the` event any policy is not reaewed 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 insurancepolicies and renewals thereof shall he in form ticceptahle to Lender :�nd sl� all include a stanciard
<br /> mortgage clause in f�voT of and in form acceptaule to Lender. Lender s6a11 l� ave tlie rigtit to liold the policies and
<br /> renewals thereof, and Borrower stzall proaiptly furnish to Lender all renewal notices und nll receipts of paid pre-
<br /> miucns. In the event of loss , Borro�ver shall give prompt notice to the insurance carrier and Lender, and Lender
<br /> v' may inake proof of loss if not made promptly by Borrower.
<br /> s Unless Lender and Borrower otl�erwise agree in writing, insui•ance proceeds shall be appiied to restoration or
<br /> repair of the Property damaged , provided such restoration or repair is economica ] ly feasible and the security of
<br /> ' this Mortgage is not thereby impaired . If sucl� restoration or repair is not economically feasible or if the security
<br /> ? of this D4ortgage would Ue impaired , tlie insurance ��roceeds shall be applied to tlie suins secured by this Mortgage, i '
<br /> svitli the exeess, if any, paid to Borrower. If the Yrojzerty is abandoned by Borrower or if Borrower fails to respond ?
<br /> to Lender within 30 days after notice by Lender to Iiorrower that the insurnnce carrier offers to settle a claim for
<br /> ineurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender 's option either to
<br /> restoration or repair of the Property qr to the sums secured Uy this _l-Iortgage.
<br /> TJnless 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 instalDnents reierred to in purageaphs 1 und 2 hereof or change
<br /> the amount of such installments. '
<br /> � If under paragraph 18 hereof the Yroperty is acquired by Lender, all right, title and interest of Borrower in
<br /> and to any insurance policies and in and to the proceeds thereof (to the extent of tl�e sums secured by this R4ort-
<br /> gage immediately prior to such sale or acquisition ) resulting frorn damage to the Property prior to the sale or
<br /> acquieition shall pass to Lender.
<br /> 6. ' Preservation �d Mcaatenance of Praperty; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> erty in good repair and sl�al] not permit or commit waste, impairment, or deterioration of the Yroperty and shall
<br /> comply with the provisions of any lease , if this \4ortgage is on a leaseliold . If this ➢Zortgage is on a condominium
<br /> ' unit, Borrower shall perform all of Borrower 's obligations under the declaration of condominium or master deed ,
<br /> the by-laws and regulations of the condominium �arojeci snd constituent documents.
<br /> 7. Protection of Lendei s Security. If Borrower fails to }�erform the covenants and agreements contained in e
<br /> this :'vlortgage, or if any action or proceeding is commenced which ma�terially affects Lender's interest in the Prop-
<br /> � erty, ineluding, but not limited to , eminent domain , insolvency , code enforcement, or arrangements or proceed-
<br /> ings involving n bankrupt or decedent, then Lender at Lcuder"� option , upon notiee to Borrower, may make such
<br /> appearances , disburse such sums and take such action as is necessary to protect Lender's interest, including, but
<br /> not iimited to, disbursement of reasonable attorney 's fees and entry upon the Property to inske repairs. Any
<br /> amounts disbursed by Lender puTsuant to this parag:•aph 7 , �}�itli interest thereony shall become additional indebtc
<br /> � edness of Borrower secured by this �iortgage . Unless Borrower and Leuder agree to other terms of payment, such
<br /> amounts shal] be payable upon notice fron� Lender to Borrower requesting ��ayment thereof, and shall bear inter-
<br /> est from the date of disbursement at the rate stated in ihe Note unless payment of interest a.t such rate would be
<br /> contrary to apPlicaUle la�v, in �vhich event sucl� amounts shall benr interest at tUe highest rate permissible by
<br /> applicable law. \Totl�ing contained in this parngrsph 7 shnll require Lender tu incur any expense or do any act
<br /> ; hereunder. ,
<br /> ; 8. Inspeetion. Lender may inake or kause to bc ' in:tde i•ea�onablc entries upon and inspections of the Prop-
<br /> ert.y, provided that I,ender <l�all give $orrou•er noti �e prior ta nm� �uch inspect.ion �l�ecifving reafionable cause
<br /> therefor related tn Let7der's interest in t1�e Property- .
<br /> , 9. Condemnation. 'The proeeeds of ainy award or clai�ir for damages , direct br consequential , in connection
<br /> with any condemnation or other taking of the Property , or part thereof , or for con�'eyance in lieu of condemnu-
<br /> ' tion, are hereby ussigned and shall i�e paid to Lender, '.
<br /> In the eyent of a tokal taking of the Propert.y, the �� roceeds shall Le applied to the Sumc secured by this Mort-
<br /> gage, with the excess, if any , paid to Borro�ver. In the event of a ��artial taking of the Property , unless Borrower . ! � �`
<br /> and Lender otherwise agree in writing, there shall be applied to tlie sums secured by tl� is :1lortgage, sueh propor- � , '; x
<br /> tiqn of the proeeeds as is equal to that proportion which the aruount of the sums seeured by this AZortgage imme- " ��
<br /> � d'aately prior to the date of taking besis to the fair u� arket value oF tl�e Property immediately prior to the date of ';'��
<br /> taking, with tfie 'Ualance of the :proceeds ��aid to Borrower. � � ;,
<br /> ' ; If the Property is abandoned by Borrower or if afLer notice by Lender to Borro�*er that the condemnor offers � ^", �
<br /> fa aurske au ,awarci or cnL61e x cia,ina fur �Ia.uiage�, Burrower 1si1� to respund to Lender witiiiii 30 uuys oi the aate
<br /> ; of aut+h a�fltice, Lendes is authoriz+�t Lu iollecL a1S�t ap�ily,tl �e , �;rocee�7, �,C LenQar': uptiwi eitliei• Lu i•e�6ora6iaii or •� �'
<br /> repazr of the Propertyor to tUe sums secured by` this 1lortgage. - `
<br /> iJnless Lender and Borro�ver othenvise sgree in �vriting, any sueh application of proceeds to principal shall
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