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<br /> If under paragraph 18 hereof the Yroperty �s sold or the Property is otherwise acquired by Lender, Lender ,
<br /> shsll apply, np later t6an immedia�telg prior to� the �sale ot t,he Yropercy or iks � c�quisitio�� b,y �I.ender; nny P'uuds � �
<br /> held by Lender aL the time of upplication as a credit againsk t}ic swns secured by 'this b4ortgage.
<br /> 3. Application of Paymenis. Unless api�licablc I;�w provide, otl�erwise, all payrnents received by Lender
<br /> under the Note and paragraplis 1 .�nd 2 l�ereof shall be applied h,y Lexidcr fiist i�i j�ayment of amounts puyable to
<br /> Lender by Borrower under I�aragrapl� 2 l�ereof, then to interest ��tiyable on tlie IVote ar�d on Puture Aduances, if
<br /> �ny, �nd then t�o the principai of the I`Tote and to the ��rincij�al of Future Advarices; if any.
<br /> 4. Charges; Liens. Borrower sl�all pay ull t,axes, assessments i� nd other charges , fines and impositions attrib-
<br /> � utable to the ' Pro ert which ma attain a �riorit over - this llort a e and round rents if an aE Lender's " '
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<br /> f; ' � option in the inanner ��rovided undEr paragrapl� 2 liereof oz• Uy F3orrotiver �liaking i�nyment, when due; directly to
<br /> � the payee thereof. Borrower shuR promptly furnisli to Lender all notices of amo[ints due under tliis paragraph, '
<br /> ;: 0 and in the e��ent Borrower shxll :inake payrnent directly, Borro�r•er sliall pTomptly furnisli to Lenc3er receipts evi-
<br /> det�cing such payments. Borrower sHal! promptly discl�arge auy lien which has priority over this 1lortgage; pro-
<br /> j ; � vided, that Borrower shall notbe required to disclia�rge any such ]ien so longas I3orrower sha11 agree in writing to
<br /> : � the payment of the obligation secured by such lien in a �nanner acceptable to Lender, or shall in good `faith contest
<br /> � ; }\ such ]ien by, or defend enforcement of sucl� ]ien in, legal proceedings �vl�ich operate to prevent the entorcement of ''
<br /> � n. the lien or forfeiture of the Property or any ��art tliereof. �
<br /> 5. Hazard Insurance. ' Borrocver' shull keep tl�e improvements now existing or hereafter erected on the Prop-
<br /> . ; erty insured against loss by fire, hazards ineluded �vithin the term "extended coverage'; and such other Uazards as , `
<br /> Lender may require and ,in sucl� amounts and for sucli C�eriods as Lender inay rec�uil•e ; ��rovided , that Lender" shall
<br /> `. notsequire ttnat the amount of such coverage exceed tl�at acnount oF coverage required to pay the sums secured 'by
<br /> ` this Mortgage., : '
<br /> The insarance currier provic3ing Ll3e insursuce sliall be chosen by Borrorver subject Lo approva! by Lender,
<br /> G �rovided, that such approval shall not be unreasonably withheld. Atl premiums on insura.nce policies sl�all be ,paid
<br /> } at Lender's option in the manner provided under paragr2ph 2 liereof or by Borrower makin� 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 inierest, may procure insurance on the improvements, pay the premiurns 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 defauit
<br /> under the terms of this Mortgage.
<br /> All insurance policies and renewals thereof shall be in fonr� accep "ta�le to Lenc�er and shall include a standard
<br /> mortgage clause in favor of and in form acceptable to Lender: Lender shall liave tlie right to hold the policies nnd
<br /> � renewals thereof, and Borrotver shall promptly furnish to Lender all renetiyai notices und all receipts of paid pre-
<br /> miums. In the event of loss , Borrower sl�all give prompt notice to the insurance carrier and Lender, and Lender
<br /> ' may make proof of ]oss if not made promptdy by Borrower.
<br /> fi Unless Lender and Borrower otl�erwise agree in writing, insarance proceeds shall ue app]ied to restoration or
<br /> � repair of the Property 3amaged , provided such restoration or repair is economically i'easible und the security of
<br /> , 9 this Mortgage is not tl�ereby impaired. If such restoriation or repair is not economically feasiUle or if the security ; r,
<br /> of this A'tortgage would be impaired, t6e insurance ��roceeds shall be applied to thc sums secured by this Mortguge,
<br /> � with the excess, ii any, paid to Borrower. If the Yroperty is abandoned by Borrower or if Borro�;=er fails to sespond
<br /> � to Lender withiz� 30 days after notice by Lender to Borrower tl�at the insurance carrier offers to settle a claim for
<br /> � ineurance benefits, Lender is authorized to collect and apply the insurunce proceeds at Lender's option either to
<br /> resto;ation or repair of the Property or to tlie sums secured by �his �iortgage.
<br /> � Unless Lender and Borrower other�vise agree in �vriting, an,y suc}i application of proceeds to principal shall
<br /> � not extend or postpone the due date of the montl�ly installinents referred to in puragraphs 1 and '2 hereof or change
<br /> � the amount of such installments.
<br /> ! If under paragraph 18 hereof the Yraperty is acquired Uy Lender, :111 right, title and interest of Borrower in
<br /> � and to any insurance policies snd in and to the proceeds thereof (to the extent of tlie sums secured by this Mort-
<br /> j a e immediateI �rior to such sale or ac uisition ) result.in * frnm dama e to ihe Pro eri �rior to the sale or:
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<br /> � acquisition shall pass to Lender. `
<br /> ? 6. Preservation �d Mmuten�ce oE Property; Leaseholds; Condominiums. Borrower shsll keep the Prop-
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<br /> `; erty in good repair and shall not permit or commit waste, impairment, or deterioration of Lhe Property and shall °
<br /> i comply with the provisions of nny lease, if this �iortgage is on a leaseho]d . If this 3iortgage is on a condominium
<br /> unit, Borrower shall perform all of Borrower's obligations under the deelaration of condominium or master deed ,
<br /> � the by-laws and regulations of the condominium project and constituent documenta
<br /> 3 7. Protection of Lender's Security. If Borrocrer fails to perform the covexiants and agreeinents contained in p
<br /> " this �lortgage, orif any action or proceeding is commenced whicl� materially affects Lender's interest in the Prop-
<br /> � erty, including, but not limited to, eminent doniaiii , insolvency, code cuforceinent., or arrangements or proceed-
<br /> � ings involving a }�ankrupt or decedent, then Lender at Leiider's option , upon notice to Eiorrower, may make such
<br /> appearances, disburse such sums xnd take such action as is necessary to protect Lender's interest, including, but
<br /> not limited to, disbur�ement of reasonable attorney's fees and entry upon the Yroperty to make repairs. Any
<br /> amounts disbursed by Lender pursuant #o tl�is paragrupli 7 , witl� interest thereon, shall becomc additiona! indebt-
<br /> edness of Borrower secured by this \'Iortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> amounta shall be payable upon notice irom Lender to Borrower requesting payment thezeof, and shall bear inter-
<br /> � est from the date of disbursement at the rate stated in the Note unless pt�.yment of interest at such rate would be
<br /> contrary to applicable law, in whicU event such amounts shall bear interest at the highest rste permissible by
<br /> applicable 1aw. Nothing contained in this parsgraph 7 sl�nll require Lender to incur any expense or do any act
<br /> hereunder.
<br /> 8. Inspection. Lender may �nake or cnuse to bc rosdc rea�onable et�tries upon and inspections of the Prop-
<br /> erty; provided that Lender sl�all give Bor�rocti-er• notire ��rior ro any �uel� inspection �pecifyin� reasonable cause
<br /> !herefor related to Lender's ir.terest ir. t!ie Properly.
<br /> 9. Condemnation. The proceeds of anv award m� claim for daTnages, direct or corisequential, in connection
<br /> t with nny condenmation oi• other taking of tl�e Property , oi• ��art thereof, or for con�-eyance in lieu of condemna-
<br /> � tion, are hereby nssignecl and shall t.�e pnid t.o T.e�ider.
<br /> In the event of a total taking of the Yroperty, t:he proceedr sh�li i>e applied to the suius secured by this Mort- � , �,
<br /> gage, with the excess, if any, i�aid to Borrower. In the event of a partial Laking of the Property , unless Borrower , ..x _- - � „,
<br /> and Lender otl}erwise agree in writing, there si�all be a}�plied io t6e swns secured by this \Iortguge such proppr- z � :s�� -
<br /> tion of the proceeds as is equal to that proportion �vliich the amount of tlie sums secured Gy thi� h4ortgage imme- � � ;� '
<br /> � ; diately prior to the datie of taking bears to tl�e fair �narket ��alue of tlie Property imineditttely prior to the date of �rr'��� `
<br /> takin g, with Llie bslance af the proceeds paid to Borrower. '� � x'
<br /> � If the Property is abandoned by Borrower or if aftei• notice 6y Lender ta Borrower tl�at the condemnor offers
<br /> ; �o rcalce an azi�ard az settle aciaim for damages, Burro« er iuiis to respuu� ta Leuuer witLir� 3G uaya of tiie duie ;. � . �
<br /> af s::ch noticc, Lcr.dcr is autliorized ta, �ollecY and appl5- the }�rncecls at T.ender's option eitl�er to restoration or " ,�..
<br /> repair of the Property or to the'sums secvred by this _liortgsge.
<br /> �Tnless Lendex and Borrower otl�er�r•ise agree in �vriting, any such application of proceeds. to principal shall
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