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<br /> � ' If under �aAragruph 18 hereof t.he Yroperty is sold m• tdie Yropert,y is otherwise ;�equired by i,ender, Lender " f �
<br /> cl�iall apply;�no later than �itnmediately ���rior � Y,o � the s�le of t,lie ProE�ert.y or its ucquisition by Lender, .�ny Fw�ds
<br /> held by Lender at the time of a�plication as a credit againtit thc su�ns �ecured by thi� lYrortgagc:.
<br /> 3. Application of Payments. Unless applicublc la�v i�rovides othen��ise, all payments received by Lender
<br /> ; � under tihe I�Tote and j�aragr¢spl�s l ancl 2 I�ereof siiall l�e ap��liecj by I,ender first in payment of smounts payable to
<br /> � I.ender by Borrower under IaaTagrapl� 2 hereof, then to interest payt�ble on tl�e 1`Tote anci on Future Advances, if
<br /> �; atxy, a��d then to the. l�rincip�l of the :Vote and to the princi ��al of I�uture :id��ances; if any.
<br /> �, 4. Charges; Liens. Borrower shal] �iay ail tuxes , assessments and other charges, fines and impositions attrib-
<br /> utuble to the Property which may attain a priority over t1�is \�Iortgage, and grouud rents, if any; at Lender's
<br /> ` � ` `"� o tion in the manner �rovided under �ara ra �h 2 hereof or b Tiorrower makin �;� ment when due directl to
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<br /> � the payee thereof. Borrower ,slialf promptly furiiish to T.ender nll notices of atnounts �3ue under ttiis paragraph,
<br /> � and in the event Borrower shall makc �iaymenf- directly , I3on�o���er shall promt�t}y furninh to Lender receipts evi-
<br /> dencing such payments. Borrower sliall "promptly discharge uny lien which has priority over this \iort�age ; pro-
<br /> vided; that F3orrower shall not be required to discharge an,y sucl� lien so long as I3orrower shall abree in writing to
<br /> ', ' the paymentof the obligation secureci k�y sucl� lieri in a manner acceptabie to Lender, or sliall in good faif,h contiest
<br /> ' such lien by;.or defend enforcement of sucli lien in, legal pi•oceedings wl� ich operate to i>re�•ent the enforcement of
<br /> qhe lien or forfeiture of the Property or any part tl�ereof.
<br /> 5, Hazard Insurax�ce. Borrower shall keep t6e iinpro�-ements now existing or ]iereafter erected on tlie Prop-
<br /> erty insured against loss by ,fire; hazards included �vithin the term "extended coverage", and such othec hazards as
<br /> � I�ender may require and in such ainounts �and for euch C�eriods as Lender may require ; provided , that Lender shall
<br /> ' not reqvire that the amount of suc}i coverage exceed that atnount of' coverage required to pay the sums secured 'by
<br /> this Mostgage.
<br /> The insurance carrier providing tlie insur�nce shall be ¢hosen by }3orrower subject to approva.l by Lender ;
<br /> provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid
<br /> at Lender's option in the inanner provided under p�ragrapli 2 hereof or by Bon•ower �naking �ayment, when due,
<br /> directly to tlie insurance carrier.
<br /> In the event any policy is aot 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 /> 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 Mortgage.
<br /> All insurance �olicies and renewals thereof shall i�e in forin ��cceptable to Lender and shall include a stanciard
<br /> mortgage clause in favor of and in #orcn acceptaUle to Lender. Lender shall have the right to l�old the policies and
<br /> renewals thereof, and Borrower shzzll promptly furnisl� to Lender sll renewnl notices and nll receipts of paid pre-
<br /> miums. In the event of loss, Borro�ver shall give prompt i�otice to tlie insurttnce earrier and Lender, and Lender
<br /> inay inake proof ot ]oss if not made promptly Uy I3orrower.
<br /> IJnless Lender and Borrower otl�erwise �gree in writing, insurance proceeds shall be applied to restoration or
<br /> repair ot the Rroperty damaged , provided such restoration or repxir is econoinicully feasiUle and the security of
<br /> this Mortgage is not thereby impaired. If such restoratiou or repair is not economically feasible or if the security
<br /> of this Blortgage would be impaired , tlie insw•ance ��roceeds shall be applied to the smns .ecured by thia Mortgage,
<br /> , with the excess, if any, pnid to Borrower. If t}ie Yroperty is abandoned by 33ori•ower or if Borrower fails to respond
<br /> to Lender within 30 days after notice by Lender to Borrower tl�at the insurance cairier offers Eo settle a claim for
<br /> insurance }�enefits, Lender is authorized to collect and apj.�ly td�e insurance proceeds at Lender's option either to
<br /> restoration or repair of tlie Property or to the sums secured by tliis �3ortgu�e.
<br /> LTniess Lender and Borrower otherwise agree in writing, any such applicntion of proceeds to principal shall
<br /> not extend or postpone the due date of tdie inonthly install�nents referred to in paragraphs 1 and 2 hereof or change
<br /> the amount of such installments.
<br /> If under paragraph 18 hereof the Yroperty is acquired }rv Lender; rtll right,, title and interest of Sorrower in
<br /> and to any insurance policies �nd in and to the proceeds thereof (to the extent of the sums secured by this Mort-
<br /> gage immediately prior to such sale or acquisitionl resulting froin dauiage to tlie Property prior to t]ie sale ar
<br /> acquisition ehall pass to Lender.
<br /> 6. Preservation cmd M�nten�ce of Property; Leaseholds; Condominiums. I3orrower shall keep the Prop-
<br /> erty in good repair and shall not permit or commit waste, imp3irment, or deterioration of the F'roperty and shall
<br /> comply with the provisions of any lease, if this �lortgage is on a leasehoid. IS this Mortgage is on u condominium
<br /> unit, Borrower shall perform all of BorroFver's obligations under tl�e declaration oi condominium or master deed,
<br /> the by-laws and regulations of the condominiuin project znd constituent dociiments.
<br /> 7. Protection of Lender's Security. If }3orrower fails to perforin the covenants aud agreements contained in
<br /> this Mortgage, or if any sction or proceeding is commenced �vhicli tnaterially affecte Lender's interest in the Prop-
<br /> erty, including, Uut noti limited to, eininent domain, insuh•enc,y, code enforcement, or airrangements or proceed-
<br /> ings invotuing a bankrnpt or decedent, then Lender at I.ender's option , upon notice to Borrower, may make sueh
<br /> appearances, disburse such sums �.nd take sucli aaction tis is necessary to i�rotect Lender's interest, including, but
<br /> nat limited to, disbursement of reasonable attorney's fees and entry upon the Yroperty to make repairs. Any
<br /> amounts dieburaed 6y Lender pursuant to this paragrupl� 7 , �yitli interest thereon , shall become additional indebt-
<br /> edness of F3orrower secured by this \-Sortgage. Unless Borrower nnd Lender agree to oti�er terms of payment, such
<br /> , amounts shall be payable upon notice from Lender to Borrower requesting paymeut thereof, and shall bear inter
<br /> est from the date of disUursement at the rate stat.ed in the '_�ote imless payment of interest' at such rate would be
<br /> contzary to applicable law, in which event such nmounts shall bear interest at tl�e highest rate permissible by
<br /> applicable lnw. Nothing contained in this paragrap6 7 shnll require I,ender to incur aziy expense or do any act
<br /> � hereunder.
<br /> - 8. Inspection. Lender ma,y make or cause ta be mnc{e rea�onahlc entries upon and inspections of the Prop- -
<br /> , . G7t}'� N=01'2C�CG thst Le�c;cr slia?1 di��c �C;:Q�CC:' ::O}:f'^ (`I'ICT r0 :•)Y :U (•I . inc��CC�'.IOI? 6�`PC'.fl'lP.z^, TC;1SCBa�)IC C:1lSSC . . .. . � . .. _ . �J�
<br /> therefor related to Ixnder's interest in the Property.
<br /> 9. Coademnatia� The proceeds of any award or clsim for damages, direct or consequential , in connection
<br /> with any condemnation or other taking of the Yroperty, or ��nrt thercof, or for com•eysnce in lieu of condemna-
<br /> tion, are hereby assigneci and shall he paid to Lender. $
<br /> In the event of s -total taking of the Property, Lhe ��roceeds shall be applied to the sums secured by this ?vIort- ��� �
<br /> � gage, �vith tlie excess, ii any, paid to Borro«•er. In tl�e evenc of a psrtial taking oi the Yroperty, uiiless Borrower ; "-
<br /> ; and Lender otherwise agree in writing, tliere s1iaU be api�lied to tl�e suins secured by tf�is Dfortgage such propor- � �. „ :'r7�`,p.'"
<br /> � + tion of the proceeds as is equal to that proportion which tUe aniount of the rums secured by this Nlortgage imme- " ���5„ ,
<br /> t � diately prior to the date of taking bears Lo tlie fair market �*alue of tdie Property immeditttely prior to the date of �^ �
<br /> � taking, with the :balanee of the proceeds paid to $orrower. �;`trz
<br /> Ii the Praperty i� �,,bandoned :,y riorroccer vr. it �:ter notiw l.y Luricier to L'orruwer Liiat tii� condeinnot offers
<br /> , to znn:..l,:o aZ a:•ard ar s:ttic a ciaim fa� damagcs, L'orrq�ccr fnls io :aspaad to Lendcr ::•ithin 3Q da�s ci thc d�,tc
<br /> � ; of auch notice, =Lender is suthorized to co3lect and 'apply the proceeds at I.ender's uption eiti�er to restoration or �" �
<br /> � repair of the P;opertiy or to the gums secured by this \Iortgage.
<br /> L3�iless I.ender and Bort•ower otherlvise agree in tvriting, nny such application of proceeds to principal shall
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