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<br />� j ,�_ .., �� i
<br /> � If under paragra��h 18 hereof the Property is sold or the Propert�� is othei•wise scquired by Lender, Lender �
<br /> shall apgly, no later than inunedie�tel,y prior to the sale of tlie Property ur its acquisition by Lender, �iny I+unds '
<br /> held by T.ender at the time of application as a credit aguin,t tlie su�us secure<1 hy tliis �-Iortgage.
<br /> 3. Appliaation of Payments. Unless applicablc la«• �n�ovide� ot,herwise, .111 payments received by Lender
<br /> under. the Note and ��aragrapGs i :�nd 2 I�ereof shall be ap��lied by I.encier tirst in pay�nent uf ariiounts payable t.o
<br /> Lender Uy I3orrower under �>aragrapl� 2 hereof, t}ien t.o interc�t pay.ablc ori tl�e Note and on Future Advetnces, if
<br /> : ' �ny, and ttien to the ��rincipal of the itiote �nd to the principal of I�'uture Advances , if any. '
<br /> 4. Charges: Lieas, SoTrower sl�all pay all t:�xes, assessmenta nnd other charges, fines nnd impositions attrib-
<br /> 'da utable to the Property which inay attain 3 priority over this vIortguge, anci ground rents , if any, at Lender's
<br /> f; option in the rnanner pirovided under paragraph 2 ` hereof or by 73orro�+�er making payment; when due, directly to
<br /> the payee thereof. Borrower shall promptty furiiish to Lender i�ll notices of amounts due under tl�is paragraph ,
<br /> ` and in the event Borrower shall makc paymenti directly, 13orro�ser shull promptly furnish to Lender receipts evi-
<br /> ' � ` � � dencing suclx payments: Borrower shall promptly discharge nny ]ien which l�as priority over this A4ortgage ; pra-
<br /> ; � � vided, that Borrower shall not t�e requirecl to discl�ai•ge any sucl� ] ien so long as I3orrower shall agree i�t �vriting to
<br /> ,, ! the paymentof the obligation seeured k�y such lien in c� manner acceJ�tll�le to Lender; or shall iu good faith eontest'
<br /> ' ' such ]ien Uy, or defend enfrncementi of such lien in ; legal proceedings svl�ich operate to prevent the entorcement of
<br /> � � "`' the lien or forFeiture of the Yroperty oi any part tl�ereof.
<br /> SEE RIDER' S: Hazard Insurcmce. �,rz - -: .:'� � " ,.��^ " ,.� .r��ve+�e}�.�e�:�-e�}s�,i��-e��i�ea#te�� • l � ,
<br /> . � < < , � , ��
<br /> . � � � , �
<br /> ne6-raR�i Ini t .
<br /> � �s�? . . �
<br /> ; The insurance carrier �>roviding tl�e insurance s}aal] be chosen by Borrower subject to a,pproval by Lender ; /_����� ;
<br /> ; ; provided, that sucti approval sl�all not be unreasonably withheld. All pre�niums on insurance policies sl�all be paid I it ;
<br /> G , ' by Borrower making payment, when due, ��,(,�j ;
<br /> directly to the insurance carrier. v/�""�'-' i :
<br /> In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect ` `
<br /> its interesC, may procure insurance on the improvernents, pay the premiums and such sum shall become � '
<br /> i ` immediately due and payable with interest at the rate set forth in said note until paid and shall be r ;
<br /> + ` secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default 't_
<br /> under the terms of this Mortgage. i
<br /> ; All insurance policies and renewals thereof shall be in forin acceptai�lc to I.ender nnd shall include �, standard � -
<br /> mortgage clause irr favor of and in Sorm acceptable to Lender. Lender sl�all have thc riglit to liold the policies and , ;
<br /> renesvals thereof, and Borrower sl�all promptly furnish to Lender all renewal notices and all receipts ot paid pre-
<br /> � '' miums. In the event of loss, Borrower shall give prompt uotice to the insurance carrier and Lender, and Lender
<br /> � may make proof of loss if not made proinptly by Borrower. _
<br /> � Unless Lender and Borrower otherwise , agree in writing, insurance proceeds shall be applied to restoration or �
<br /> � ' rept�ir of the Property damaged , provided such restoration or repair is economically feasib]e and the security oS
<br /> a � ' this \4ortgage is not tl�ereby impaired. If such restoration or repsir is not econanically feusible or if the security '
<br /> of this Mortgage would Ue impaired , the insurance t>roceeds ,hal] l�e applied to the sums secured by this Mortgage,
<br /> wibh the excess, if ai�y, paid to Borrower. If tlie Yroperuy is abandotied by Borrower or if Borrow•er fails to respond
<br /> to Lender within 30 dnys after notice by Lender to Borrower thnt the insurance carrier offers to settle a claim for
<br /> y � inaurance benefits, Lender is authorized to collect and apply the insurance proceeds at I ender's option either to `'
<br /> � ; ` restoration or repair of tl�e Property or to t.he sums secured by t6is \fortgage_ t
<br /> Unleas Lender and Borrower other�a�ise agree in writing, any such application of proceeds to principal shall
<br /> not extend oipostpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change
<br /> } the amount of such installments. �
<br /> If under paragraph 18 hereof tl�e Yroperty is acquired b,y Lender, all right., title and interest of Borrower in
<br /> t ' ' and to any insurance policies and in and to the proceeds tliereof �to tl�e. estent of the sums secured by this D4ort-
<br /> y ' a e immediatel nor to such salc or ac uisition resultin * irom daina e t.o tlie Pro �ert �rior to the sale or
<br /> g g Y P � �i ) 6 g 1 3' 1
<br /> y ' acquisition shall pass to Lender.
<br /> 6. Preservation �d Mcdntenance o4 Pzoperty; Leaseholds; Condominiums. I3orrower shall keep the Prop-
<br /> ' ' erty in good repair and shall not perinit or commit waste, impairment, or deterioration of the Property and shall
<br /> � " comply with the provisions of uny lease, if this \lortgage is on a leasehold . IT this Mortgage is on a condominium
<br /> � _ ' unit, Borrower shall perform all of Borrower's obligations under t,he declaratiai of condominium or master deed ,
<br /> the by-laws and regulations of the condominium project and constituent docuinents.
<br /> 7. Pzotection of Lender's Security. If Borrower fails to xrerfonn the covenants and agreements contained in
<br /> this Mortgage, or if any a'eiion or proceeding is commenced which inaterialiy affects Lender's interest in the Prop-
<br /> ;i '� erty, including, Uut noG limited to, einineni domain, insolvencv, code enforcement., or arrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at Lender 's option , upon notice to Borrower, may make such
<br /> i ; sppearances, disburse such sums and takc such action ns is necessary to protect Letzder's interest, including, but
<br /> not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br /> � amounts disbursed by Lender pursuant to this paragraph 7 , witl� interest thereon , shali become additional inde6t-
<br /> '. ; ; edness of Borrower secured by this i�iortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> a % amounts shall bepaya�lc upon notice from Lender to Borrower requesting paym?nt thereof, snd shall bear inter-
<br /> � '• est from the date of disburseinent at the raEe stated in the Note unless payment of interest at sucl� rate would be
<br /> ' contrary to applicable la�v, in which event such amounts shall bear interest at the highest rate permissible by
<br /> , ; ., applicable larv. Nothing contained in this pxrHgranh 7 sl�all reryuire Lender to incur any expense or do any aet
<br /> f ', hereunden
<br /> ; ' 8. Inspection. Lender inay �nake or cause to hr made reasonable ent,ries upon and inspections of the Prop-
<br /> erty, pro�ided that Lender s1ia11 give Borrower notice ��rior to xn }• �uch inspection speciiuing reasonable cause
<br /> kherefar retate.d taLender'� interest. in the Property .
<br /> 9. Condemnation. The proceeds of nny ad�ard or claim for damages, direct or consequential , in connection
<br /> tivith anyeondemnation or other taking of xhe Property, or pa,ct tiicreof, or for conveyance in � ieu of condemna-
<br /> Y - ' tion, are hereby assigned and shall be paid to Lender. .
<br /> In' t,he event oS a totul taking of the Property; thc i�roceeds slisll be applied to the sums secured by this Nlort-
<br /> t gage, with the excess; if an}�, paid to Borro«�er: In the event of a partial taking of the Property, unless Borrower ' � a'�
<br /> � . and Lender otherwise agree in; writing, Ghei•e sl�all i�e applieci cu tlie suins ,ecured by il�is \-lortgage such propor- �� ��aw "
<br /> r ' ` thon of the proceeds as is equai to that proportion which tl�e amount of the sums secured by this Mortgage imme- '` ;"� ,
<br /> ; `.:, diately prior to the date of taking bears' t_o tl�e fair 32rarket vr�lue of tLe Yroperty immediately prior to the date of , ' w;
<br /> , ' tsking, withthe balancebf the proceeds paid toBorrower. - _:��;"�
<br /> If t�e Property is a6andoned by Borrower or if after notiee Uy Lender to Borrower that the conderunor offers
<br /> " tp rna�e azt aws:�c.' or settie a c;s:im far dan.ages, Borrc.j•er fai:s io :•espo:i� tc Ler.de.- ;rit,iin 3Q dsys o: the date `" r
<br /> ' of aueh notiee; Lender ia atsthor'szed to t�llect and ap���}� the p+^oceeds at 3,ender'� op2ion eitl�er to restoratio±i or ' '
<br /> re�sir-of the Property`or to the`sums secured by tl�is \IorCgage. "�' `
<br /> Un2ess Lexider and Borrower otl�ei•�vise agree in tivriting; any such appliestion of proceede to principal shall
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