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<br /> �± If under para�raph 18 hereof the Yroperty is sold or the Property is otherwise acquired Uy Lender, Lender �
<br /> shall apply; no later tl�arr,immediately prior-to thc salc of t.lie Propert}' or its acnuisition by I�ender, :�np Funds
<br /> held ;by Lenc�er at the time of application as a eredit against tl�e sums secured l �y this '_ti4ortgage.
<br /> 3. Applirction of Payments. Unless apnlicablc 7an� pro�•ides otherwise, all payments received by Lender
<br /> under the NoEe und ��aragrapl�sl and 2 hereot sl�all bc 3p��lied Ijy T.ender tii•st in payu�ent of :�mounts payable to
<br /> i Lender by Borrower under ��aragrapl� , 2 1�ereof, then to interest payable on tl�c Note and on Future Advances, if
<br /> ` nny, :ind then to the principal pi the i�Tote and to tl�e �irinci�ial of I'uture :9iivances, if iYn,y. ' "
<br /> ` 4. Charges Liens. Borrower sha] Fpay all taxes, assessments :�nd other charges, frnes and impositions attrib- °
<br /> � utable to the Property which may nttain a priority over this l�lortgage; and ground rents; if any; at Lender's
<br /> } � option in the manner provided under pur�graph 2 hereof or I>y T3orrorver making I>ayment, when due, directly to
<br /> � the payee thereof. Boriower slisll promptly furiiisla to Lender a,ll notices of amoimts due under this paragraph; -
<br /> � and in the event Borrower shall -make ��aymeirt clirectly; Borro�ver sliull promptly furnish to Lender receipts evi- � ;
<br /> ; dencing suol� payments: Borrower shalLproml�tly discl�urge any lien which l�as priority over this Vlortgage ; pro- - '
<br /> ; � vided, that Borrower shail not }�e required to discl�arge sny sucli-lieu so loug as Borro�ver sliali ngree in wTiting to
<br /> � the payment of the obligation secured by such lietr in .L miinner acceptalile to Lender, or shall in good'faith contest
<br /> � � � such lien by, or defend enforcement of sucl� lien in, legal proceedings �vliich operate to prevent the enforcement of
<br /> t � the lien or forfeiture of the Property m� any l�art ti�ereof.
<br /> ' S. Hazard �ssurance. BoTrocver sliall keep the iinprovements now existing or hereufter erected on the Prop-
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<br /> � erty insured against loss by fire,'hazards included �vithin the term extended coverage , and suc]i other hazards as
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<br /> ' Lender may iequire and in suah"amounts and for sucli periods as Lender may require ; provided , that Lender 'shall
<br /> ' not require tliat the amount of such coverage exceed that aiuount of coverage rec�uired io pay the sums secured'by '
<br /> �, this Mortgage.
<br /> The insurance carrier ��roviding tlie insurance sl�all be chose:i Uy Borrower subyect to approvaL by Lender;
<br /> provided, that such ,approval sliall not be unreasonably witl�held. All premiums on insurance policies shall be paid t, !
<br /> at Lender's ,option in the manner provided under paragrapl� 'L he;eof or by Borro�ver making payment, when due, ; ;
<br /> ' directly to the 'insurAnce caTcier. '
<br /> In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect �
<br /> � ita 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 1vIortgage.
<br /> All insurance �olicies and renewais ttiereof shall be in form .Lcceptable to Lender t�nd sliall include a standard
<br /> mortgage clause in favoc of and in form a.cceptable to Lencier. Lender s6a11 I�ave the rigl�t to hold t.he policies and
<br /> Tenewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of gaid pre- �
<br /> tniums. In the event of loss, Borro�ver shr�tl give prompt notice to tl�e insurance carrier nnd Lender, and Lender
<br /> mny make proof of loss if not made pron�ptly f>y Borrower.
<br /> � Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restorstion or
<br /> repair of the Propeity damaged , provided such restoration or repair is economicnlly feusible and the security of
<br /> thia Mortgage is not thereby impaired. If sucli restoration oi• repair is not er,onomic:tlly feasibie or if the security c � '
<br /> � of-this l�Zortgage would be impaired, tl�e insurance ��roceeds shall 1>e applied to thc sums secured by this blortgage, '
<br /> i with the excess, if any, paid to 13orrower. If the Yroperty is abandoned by Borrocver or if Borrower fails to respond ;
<br /> � to Lenderwithin 30 days after notice by Lender to Borrower tl�at the insurance carrier offers to settle a claim for � ;
<br /> = insurance benefits, Lender is authorized to eollect and ap}�ly the insurance proceeds at Lender's option either to , '
<br /> �; ' restorstion or repair of the Property or to the swus secured Uy tliis \4orcg�ge.
<br /> TTnless Lender and Borrocver otherwise agree in �vriting, auy such applicntion of proceeds to principal shall
<br /> noE extend or postpone the due date of the nionthly installtnents referred to in paragraphs 1 and 2 hereof or change
<br /> ; the amount of such instailments.
<br /> � ` If underparagraph 18 hereof the Yroperty is ucquired by Lender, al] right, title and interest of Borrower in '
<br /> d and to any insurance policies and in and to the proceeds t,hereof (to tl�e extent of the sums secured by this Mort-
<br /> � gage ,immediately prio�• to such sale or acquisition ) resulting from damage to the Propeity prior to the sale or
<br /> � acquisition shall pass to Lendei:
<br /> � 6: Preservation �d Mcrinten�ce of Pzopertyi Leaseholds; Condominiums. I3orrower shall I:eep the Prop-
<br /> � ert,y in good repair and shall not permit or commit waste, impairment, or deterioration of the Property and shall
<br /> # comply with the proyisions of any lease, if this �lortgage is on a leasehold. If this Mortgage is on a condominium
<br /> � unit, Borrower shall perform all of Borrower's obligations under the declaration of condominium or master deed,
<br /> t ' the by-laws and regulations oi the condominiuiv project and constituent documents.
<br /> 7: Protection of Leader's Security. If Borrower fails to perform the coven<nnts nnd agreements contained in
<br /> this Mortgage, or if any action or proceeding is commenced �vhich materialiy affects Lender's interest in the Prop- '
<br /> ei�ty, including, uut not ` limited to, eminent dom�in , insolvency, code enSorcement, or urrangements or proceed-
<br /> ings involti�ing a bankrupt or decedent, then Lender at I,ender's optiai, upon notice to }3orrorver, may make such
<br /> ' ' uppearances, disburse such sums and take such action ;is is uecessnry to protect Lender's interest, including, but `
<br /> not limited to, disbursement of reasonable attorney's fees snd entry upon the Property to make repairs. Any
<br /> amounts disbursed by Lender pursuantr to t,his paragraph :7 , �vith interest. thereon, shall become additional indebt-
<br /> ' edness oL Borrower secured bg this 1Sortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> : ' amounts shall he payable upon notice from Lender to Borrower requesting payment thereof, and shall Uear inter-
<br /> + est from the date of disbursement at t.l�e rate stated in tlie ?�Tote unless payment. of interest at such rate would be
<br /> contrary to applicable law, in which event such nmounts shall beai• inLerest at the }iighest rate permissible by
<br /> ;- applicable lnw: \�othing contained in this ��ar�grapli 7 shall require Lender to incur any expense or do any act
<br /> hereunder.
<br /> a ' 8. Ix�spection. Lender znay �itake or ciiuse to he macic i•easonnble entries upon and inspections of the Prop-.
<br /> :, i . - erty, provided thaf Lender:shall give Borrower notice � n-ior to z�ny suc3i ins��ection �pecifving reasonable cause
<br /> therefor rel�ted to Lender's interest in the Property .
<br /> ' 9. Coadema¢tion. fihe `proceeds of any a�vard ae claim for damages , direct or consequential , iir connection
<br /> � ` w9th any "con�einnation or other talting of the .Property, or pai•t thereof, or for conveyunce in lieu of condemna-
<br /> tion, are liereby assigned and shall be paid to Lender.
<br /> , In the event of a total taking ot t6e Yroperty, tl�e ��iroeeeds sli� ll I�c a��plied fo the swns secured by this Mort- y
<br /> gage, �vith tlie excess, if any, paid to Botro�ver. In the event of a �artial taking of the Property, unless Borrower , : .:- � �` " � A�
<br /> , and Lender otlierwise agi�ee in writing, tliere slisll Ge appiied t� tl�e suius secured by tl�is 1lortgage such propor- �, w � �
<br /> � tion of 'the,praceeds as is equal to that proportion �vhich tlie aniount of tY�e sums secured by this Dqortgage imme- . �,�• }
<br /> � f diately prioa to the date of taking bears fo the fsir niarket ralue of the f'roperty immediately prior to the date of 4;,ryF�
<br /> � + taking, with thgbalance ot the .proceeds paid to Borrower. ' ' " '�
<br /> I# the Property is abandoned by Borm�;�er ar if nfter notice by Lender to Borrower that the condemnor offers � `
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<br /> ' ` ,; ` tq ma?ce. �� sward oz� �ektle s clazTa' fqz d3znsges, ;73orrotti•er fai;s to respo�d to Lender �•ithin 33 ds�-s of tk:e dAte � " '
<br /> of Fuch not'xce, 7.ender is autharized to co!lect snd ap��lp tk�e in�oceeds at Lender's option either te restoration er �
<br /> repair of the Property or to the sums secured by tliis \Iortgage. "�" '
<br /> Unless Lender and 'Borrower other�vise agree in �vriting, any such application of proeeeds to principal shal!
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