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<br /> If under paragraph 18 hereof the Property is soid or the Property is otherwise acquimd b,y I ender, Lender Y �
<br /> shall apply, no later tlian i�nmediatiely prior to the salc oS t.l�e Propei•ty or its acquisition by Lecicier , an,y Funds
<br /> held by Lender ut the t.ime of application as a credit again,t tl�c sum� secured by tr� is \Zortguge .
<br /> 3. `Application of Paymeats: Unless , aj>plicablc la�v pi•ovides otherwise , all t�syments received t�y Lender
<br /> under the Note and paragraphs ,l. and 2 hereof sh� ll bc .�p�ilied l�y Lencier fi �st in payment ot �� inounts payable to
<br /> Lender , by Borrower uncler paragraph 2 . l�ereof ; tl� en to interest payxl>le on tl�c N �te and on Future Advances, if
<br /> uny, aiid then to the principa! of- the Note and to tl�e principal of ]?uture Advances , if any.
<br /> 4. Charges; Liens. Borro�ver shall pnL all taxes, assessmentis and otl�er chnrges, fines and impositions attrib-
<br /> ut8ble to Ghe Property whieh may attain 3 priority over this 4lortgage, a�nd ground rents; if any, at Lender's . i , i;
<br /> , ' option in the mannQr provided under paragraph. 2 hereof or l�y� Borro�3�er �naking payment, tvhen due , directly ta � ' '
<br /> ' � the payee thereof. Borrower shall promptlg furnisli to I.encier all notices of ainounts due under this paragraph , f' ' ' � `'
<br /> i 's � and in Ghe event Borrower shall inake payinent directly , Borro�ve�� sltull pron�}�tly furnisl� to Lender receipts evi- '
<br /> s �yy ; dencing such payments. Borrower sl�all promptly discl�nrge ; any lien whielY has priority over this 14ortgage ; pro-
<br /> vided, , that Borrower shall not be required to disclrarge any sucl� lien solon� as liorrower sl�all ugree in writing to
<br /> • � � the payment of the obligation seeured by sucli lien in a manner acceptak�le to I.ender, or slialP in good faith contest
<br /> % ' ` such lien by, or defend enforcenient of sucli lien in ; legal proceedinge which oF�erate to prevent the entorcement of
<br /> � � � � the lien� or forfe5ture of � the Pro erty or� any pnrt tl� ereof. � � � � � � � � � � � � � � � � ' ' � � �
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<br /> ' � 5. Hazard Insur�ee. Borrower shall ` keep tl� e i �r�provements iiow existing or l�ereafter erected on the Prop-
<br /> ia � erty insured against loss by fire, hazards included within the term " extended coverage " , �,nd such other liazards as
<br /> E ' Lender may require and in such amounts and for sucl�, peripd� us I.ender rna}� requu•e ; provided , that Lender shall
<br /> y � . not require that the amount of such coveruge exceed that amount of covera�e required to pay the sums secured ' by
<br /> � this Mortgage .
<br /> The insurance carrier providing tice insurance sh�,ll t�e ehosen t�y Borroiver sut�ject to spprovAt by Lender ;
<br /> 'q provided ; that such approval shaIl not be unreasonably withheld : All premiums on insurance policies shall be �aid
<br /> ; ' at Lender's option in the manner provided under paragraph 2 liereof or by Borrorver making payinent, 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 /> a 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 BoTrower to comply may, at option of Lender, constitute a defauit
<br /> , under the terms of this Mortgage.
<br /> All insurance policies and renewals thereof shall be in form ucceptable to Lender and shall include a standard
<br /> ' mortgnge eluuse in favor of und in form scce��taUle to Lender. I.ender s1�a11 ha,ve the rigiit to liold the policies and
<br /> � renewals thereof, snd Borrowei• shall ' promptly furnish to Lender all renewul notices and all receipts of paid pre-
<br /> � � � miums. In the event of loss , Borrower s1� ssI1 give pron}pi notice to the insurance currier and Lender, and Lender
<br /> ' � may make proof of loss if not made promptly 1�y Borrower.
<br /> Unless Lender and Borro�ver other�vise agree in writing, insurance proceeds shall be applied to restoration or
<br /> a repair of the Property damaged , provided such restoration or repair is economicaliy feasible and i,he security of
<br /> this Mortgage is nobtl�ereby impaiced . If sucl� restoration or repair is not economicZlly #easible or if the security
<br /> � ' of this iVIortgage would be impaired , the insurance proceeds shall be appiied to the suins secured by tt�is Mortgage ,
<br /> � i with the excess, if any ; paid to Borro��er. If the Yroperty is aUancloned by Borrower or if Borroc��er fails to respond
<br /> ito Lender witliin 30 days after notice by Lender to Borrower that the insurnnoe carrier offers to settle a ciaim for
<br /> { insurance benefits, Lender is authorized to collect and apply the insurance groceeds at Lender's option ' either to
<br /> ' ; restoration or ,repair of the Property or to tt�e sums secured Uy this \fortgage .
<br /> � : Unless Lender and Borrower other�vise agree in �vriting, any such application of proceeds to principal shall
<br /> not extend or postpone the due date of the inonthly installments referred to in ��aragTaphs 1 and 2 hereof or change
<br /> the amount of such instsllments.
<br /> : � If under paragraph '18 hereo# the Yroperty is acquired by Lender , all right, title and interest of Borrower in
<br /> , ( and to any insurance policies and in and to tl�e proceeds tliereof ( to tLe extent of the sums secured by this Mort-
<br /> gage immediately prior to such sale or acquisitionj resulting from damage to tl�e Property prior to the sale or
<br /> � acquisition shall pass to Lender.
<br /> 6: Preservation �d Mcunteaance o4 Property; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> erty in good repaiT 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 �Iortgage is on a leasehold . If this vIortgage is on a condominium
<br /> ; unit, Borrower shall perform al! of Borrower's obligations under the declaration of condominium e�r master deed ,
<br /> ,. � the by-laws and regutations of the condominium project and constituent documents .
<br /> 9. Protectioa of Lender s Security. If Borrower fails to perfoini the covenants and agreements contained in
<br /> ° this vlortgage; or if ariy actiwi or l>roceeding is commenced which mat.erially affects Lender's interest in the Prop- '
<br /> ; erty, including , but not limited to, eminent domain , insoh•ency , code enforcement , or arrangements or proceed-
<br /> i ings involving , u bankrupt ordecedent , then Lender at Lender 's option , upon notice to ]3orrower, riiay make such
<br /> ' appeurances, disburse sucl� sums and take sucl� action ns is necessary to protect Lender 's interest , including, but
<br /> r, not ]imited to, disbursetnent of reasonable attorney 's fees and entry upon the Property to make repairs. Any
<br /> ', amounts dis�uised by Lender purauant to this paragraph 7, with interest thereon , shaA become additional indebt-
<br /> edness of Borrower secured by this :�lortgage. Unless Borrower and LetYder agree to otl�er terras pf payment, such
<br /> - 4 ', ' amounts shall be payatile upon notice from I.ender to Borrower requesting payment thereof, and shatl bear inter-
<br /> f est from the date of disbursement at the rate stated in the 1Vote unless payment of interest at such rate would be
<br /> i contrary to applicabie law, in lvhich event such amou�ts shall bear interest at the highest zate permissible by
<br /> '; , applicabie law . Notliing conta;ined in ttiis parugrapG 7 shall require Lender to incur any expense or do any ssct
<br /> � ' hereunder. '
<br /> 8. Inspection. Lender inay , make oi• cause to bc madc rea�onablc entzies upon and inspecLions of the Prop-
<br /> erty, provided that Lender shall give Borrow�er noticc � u•ior to .im� �u � l� in �pection ��>ecifying reasonabte cause
<br /> ' therefoz' related to Lender's interest in tiie Propert}• .
<br /> ± 9. Condemnation. : The proceeds o£ nny a�varci or claim for clamages, direct or consequential , in connection
<br /> � with any cundeannation or other taking of the Property, or part thereof, or for conveyance in lieu of eondemna-
<br /> . � . tion, are hereby assignecl .and shall I�e paid to Lender. ; �
<br /> In the eve;nb of a # otal taking of the Property ; fl�e liroceeds sl� all be appliect to the sunxs seoured by this Mort-
<br /> . 1 '>, gage, with tl�e axcess, if an,y , paid to Borrot��er. In the event- of a ��artial iaking " of the Property , unless Borrower h"�
<br /> : and Lender other�vise agree in wziting, Lliere sl� all be applied to tl�e suins secured by this 34ortgage such propor- �� , �
<br /> , ; tion of the proceeds as is equal to that proportion which the amount of the su2ns secured by this Mortgsge imme- `^ "�
<br /> �� diately prior to the date of taking bears to k.he fa,ir market value of tlie Yroperty immediately prior to the date of ��
<br /> a`� taking, wiwh the'bafance of the ,proceeds paid to Bonower. ` ' '
<br /> ' If the Property is abandoned by Borrawer or if nfter notice by Lender to Borrower that the condemnor o$'ers � '
<br /> .: - � to aiia7:e : an award or . seEtIe a s;iaim tor ctaivagen, BorruN�er iaii5 io i�en�onu Lu Lender wiihin 30 days of the daie r • ` '-
<br /> z '� oY shcKao:3ce, Lend"er is,;authorized to edllact �n�l n}�ply tii� },roceeila aL Leizder'o option eitdi�r to resLoration or
<br /> repair of, the Property or to the sutns secure3 by tlais \iortgage. ""� '
<br /> Uniess Lender and Borrower othenvise agree in �vriting, any sucl� application of proceeds to principal shall
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