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<br /> If under paragraph l8 hereof the Property is sold or the Yroperty is otherwise acquired }>y Lencler, Lender
<br /> shall apply, no later t6an immediately prior to t6e salc of tlie Propertp or ii, <icquisition by Lender, :zny Funds
<br /> held by Lencier at the time of applicatiori as n creclit against tlie sums secured by t }iis A�ortgage.
<br /> 3. Appliccction of Payments. Unless ap�>licable lan� provicies �thcrwise, all payment.s received b,y Lencler
<br /> undez the Note and paragraplis 1 and 2 i�ereof sl�i�ll be ala��lied l�y T,ender tirst in payrrient of amoimts payable to
<br /> Lender Uy Borrower under I�aragrapli 2 hereof; then to interest pxyalrle on tl�c \Tote and on P'uture Advances, if
<br /> any, and then to the principal of ti�e \Tote and to thc princil�at of ruture Acivances ; if an,y�,
<br /> 4. Charges; Liens. Borrower sliall pay all taxes, assessinents iind other cliarges, fines ancl impositions attrib-
<br /> utable to the Property- which n�ay attain a F>riority over this \Zortgage, und ground rents, if any, at Lender's
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<br /> a option in the manner provided under paragranh 2 hereof or by I3orro�ver making payment, when due; directly to
<br /> . the payee thsreof. Borrower stiail promptly furnisl� to -T.ender all notices of amounts due under tliis paragraph,
<br /> ; G'� and i» the eyent ]3orrower shall inake, payinent directly, I3orrocver chall promj�tl,y furnish to Lender receipts evi-
<br /> a- dencing suc1� payments. Borrower shall promptly c�ischarge any lien which has priority over this �Zortgage ;, pro-
<br /> a �'' vided,; that Borrower shall not be required to disclsarge any sucl� ]ieir so long as iiorrower sl�all �,gree in �vriting to
<br /> �=�-` tha payment of the obligation secured by such lien in cti n�anner accept¢Lble to Lender, or shalt in good taith contest
<br /> ` ' � such lien by, or defend enforcement of sucli lien in , ]egal �iroceedings wl�ich operate to prevent the entorcement of
<br /> � the lien or foi•feiture of the Property oi• any l�art tl�ereof.
<br /> � 5. Hazard Insurance. $orrower `shall keep thc improvements no��� existinb or hereaftcr ereeted on the Prop-
<br /> erty insured against loss by fire, hazurds included �vithin the term "extended coverage", und sucli other hazarda as
<br /> Lender may require and in such amounts and for such periods as Lender may requirc ; pr�vided , that Lender sha21
<br /> ; notrequire that tl�e amount of such eoverage exceed tl�st amount of coverage required to pay the sums secured 'by
<br /> a ' this ?Vlortgage:
<br /> The insurance carrier jiroviding tlic insurauce shall be chosen by Borrower subject to approva3 by Lender ;
<br /> provided , that such approva( shall not be unreasonably withheld . All premiums on insurance policies shall be paid
<br /> at Lender's option in the manner provided under paragra�>h 2 hereof m� by Borrower making 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 interest, may procure insurance on the improvements, pay the premium� and such sum shail �iecome
<br /> ' immediately due and payable with interest at the rate set forth in said note until paid and shall be
<br /> i 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 insur�nce policies and renewals tl�e7•eof shall be in Porm aeceptable to I�ender and shall include a standard
<br /> �nortgage clause in favor of and in forni acceptable to Lendei•. Lender sl�all have tl�e riglit to liold tl�e policies end
<br /> renewals thereof, and Borrower sl�all promptly furnisl� to Lender all rene�val notices and all receipts of paid pre-
<br /> miums. In the event of loss, Borrower shall give prmnpt notice to the insurance currier and Lender, and Lender
<br /> may make proof of ]oss iF not made promptly by Borrower.
<br /> Unless Lender and Borrower otl�erwise agree in �vriting, insurance proceeds shalt be appiied to restoration or
<br /> repair of the Property damaged, provided such restoration oi• repair is econornicitilly feusible and tl�e security of
<br /> ; this Mortgage is not tl�ereby impaired . If such restoration or repair is not economic�lly feasible or if the security
<br /> y of this �lfortgage would be impaired, tlie insurance j�roceeds shall be c�pplied to thc suuis secured by this Mortgage,
<br /> with the excess, if any, paid to Borrower. If the Yroperty is abandoned by Borrower or if Borrower fails to respond
<br /> to Lender witfiin 30 days after notice by Lender to Borrower tl�atthc insurance carrier offers to settle a claim for
<br /> ; insurance benefits, Lender is authorized to collect and apply tl�e insurance proceeds at Lencier's option either to
<br /> + restoration or repair of the Property or to the sums secured by this liortgage.
<br /> � 1 Unless Lender and Borrower otherwise agree in writing, an,y sucl� application of proceeds to principal shali
<br /> not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change
<br /> the amount of such instailments.
<br /> If under paragraph 18 hereof the Yroperty is acquired by Lender, al] right, title and interest of Borrower in
<br /> < . and to any insurance policies und in anci to tlie pi•oceeds tltereof (to the ex 'tent of the sums secured by this ?�Tort-
<br /> ; gage immediately prior to sueh sale or acquisition ) i•esulting from damzge to ti�e Property prior to the sale or
<br /> ' x acquisition shall pass to Lender.
<br /> , a 6. Preservation cutd Mmntenance of Property; Leaseholds; Condominiuzns. Borrower shall keep the Prop-
<br /> erty in good repair nnd shall not permit or commit waste, impairment, or deteriorution of the Property and shall
<br /> comply with the provisions of sny 2ense, if this hSortgage is on a ler�setiold . If this Mortgage is on n condominium
<br /> unit, Borrower shall perform all of Borro�ver's obligatim�s under the declaraf,ion of condominium or master deed ,
<br /> < the by-laws and regulations of the condoininium project and constituent documents.
<br /> # 9. Protection of Lender's Security. If Boi•rower fails to perform the covenants ;�nd agreements contained in `
<br /> this Mortgage, ar if any action oi• proceeding is comn�enced which materially affects Lender's interest in the Prop-
<br /> ` ,' erty, including, but not lirnited to, eminent doivaiii, insoh�ency, code enforcernent, or arrsngements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at J.ender's option, upon notice to Borrow•er, may make such
<br /> appearances, disburse such sums and take such action �s is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of rensonable sttorney's fees and entry upon the Property to Ynake r;epairs. Any
<br /> ? amounts disbursed by Lender pursuant to this paragrapli 7, �vith interest tl�areon, shall Uecome additional indebt-
<br /> ? edness of Borrower secured by this 1Sortgage. Unless Borrower and Lender agree to other tern�s of payment, such
<br /> amounts shall be payable upon notice fron} Lender to I3orrower requesting payment thereof, and shall bear inter-
<br /> est from the date of disbursement at the rate stated in the �Tote unless p,iyment of interest at such rate would be
<br /> contrary to applicable law, in which event suc6 amounts shall bear interest at the highest rate permissiblc by
<br /> ` ; applicable 1aw: Nothing contained in tl�is paragrap}t 9 shnll require Lender to incur any expense or do any act
<br /> � ` hereundea
<br /> ,' 8, Inspeetion. Lender inny �nake oi• cause io !ic marle �ra�onnblc entries upon and ins�ections of the Prop-
<br /> erty, provided that L�nder �hall gi��e Borron•cr no; icc I�rior to :�np ,ucl � in,pectiou s�ier,iiying reasonable cause
<br /> thereforrelated to Lender's interest 'in the Yraperty. '
<br /> 9: Condemnation. 'The proceeds of any award or claim for damages, direct or conseqnential , in connection
<br /> with any condernnation or other taking of the Propercy , or part tlicrcof, or for con�•eyanae in ]ieu of condemna- �
<br /> ' ; tion,are hereby assigned and sfiall be paid to Lender.
<br /> � In the event of a total Laking of the i'roperty, the proceeds shall lie applied to the sums secured bv this Mort,- � � ` •�
<br /> ` gage, �vith the excess if an y g � y • "
<br /> , , y, paid 'co Borro�s°er. In tl�e event of a artial takin of the Pro ert unless Borrower "T ,��+'
<br /> and Lender otherwise agree in �vriting, tl�ere �hall be applied to ti�c "siims securecl by t.his �lortgage such propor- �' � ,a��� ,
<br /> 7 tion of the proeeeds as is equal to that proportion �vhich tlie amount c�£ the sums secured by this Mortgage imme- � >vF�,w,
<br /> � diately prior to the date of taking bears to tl�e fair inarket value of t3ie Property im�nediately prior to the date of ;�r
<br /> '' taking, with the balanee of the proceeds psid Go Borrower.
<br /> If the �'ro}�erty is abandoned by $orrower oi• if xiter i�otice by Lender to Borrower that the condemnor offers
<br />� ' to make an award ' ar settle a clains far dasnages, L'orruwer fails t� i•wpond to Lender �vithin 30 days of the date ' � '�' '
<br /> of such notice, Lender is authorized to �:ollect r�nd apply the }�roceeds at Lender's oPtion eitlier to restoration or � �'` " ' 1
<br /> repair of the Property or to the sums secured by this \iort�age.
<br /> Unless Lender and Borrower other�vise sgree - in writ.ing; nny sueh npplication of proceeds 6o Nriiicipal sl�all
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