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<br /> If uttder paragrapl� 18 hereof the Yroperty is sold or t.he Pro��erty is uthei•wise acquired by Lender, Lender
<br /> shall upply, no later than itntnediately prior to tiic sale of klic: Yropert.y or its acquisition by Lender, any Funds
<br /> � held by :Lender at the time of apl�lication as a credit a�ainst. the suuis �ecureci liy t}iis �lortbage.
<br /> � 3. Application oE Payments. Unless ajaplica�le l;��v �>rovic3es otlter�vise, all y�ayments received Uy, i.ender
<br /> � under the Note and paragraplis l,aud 2 f�eiieof sha11 be ap� �lied Iiy Lendir Tt'st in ��ayixient of amounts payable to
<br /> �,; Lender, 3�y Borrower under laaragi•apli 2 hereot, then to interest payablc on tl�c 1Tofe and on I'utLue Advances, if
<br /> � � any, and then to the principal of the \ ote and to t]ic ��rincipal of T'utw•c Acivances„ if any.
<br /> 4. Charges; Liens. Borrower shall jray al1 taxes , assessments and othei charges; fines atid impositions attrib-
<br /> � `"' ut,able to the Property which may attain a prioi•ity over tliis JZortgage, and ground rents; if any, at Lender's
<br /> ^ option:in, themanner ��rovided uiider paragra��h 2 hereof or by I3orrower making pavmei�t, when due, directlyto
<br /> ; j'� the puyee tliereot. Boxro�ver shall, promptly furnisli tti Lendcr all notices of atnounts due under this para,grtiph,
<br /> apd in the event Borrower s1�aIl make l�a�yment airectly, I;orro�ser chall pi•,on�ptly furnish to Lender receipts evi-
<br /> dencing sucl� payments. :Borrower' ehall protu�itly clisclir�Tge sstiy ] ien wl�ich has priority over this Nlortgage ; j�ro-
<br /> vided� that Borrawer shall not be :required to diseharge uny such liei} so Iong as Borro�ver shall;agree in �vribing to ;
<br /> the payment of the obligation secured by sucli lien i�i a manner ncceptable to Lender, pr shall in good faith contest `
<br /> y � such lieii Uy, or'defend enforcement of suclt lien in ; lega} proceedings which opernte to prevent tl�e en#orcement of
<br /> the liem or forfeiture of- tlie I'roperty or any part tlsereof.
<br /> 5. HazardTnsurance. Borrower shsll kee�> tlic iu3��x•obemenCs uow c�:isting or hereafter erecfed on the Prop-
<br /> erty insured against loss by fire, hazards included withiti the term "extended coverage'; and sucli otl�er kiaiards as
<br /> Lender inay require ind in such amounts' nnd for sucli periods as Lenaer rnuy require; proviclecl, that Lender she.11
<br /> not require tlia,t the amount of such cot�erage exceed th,it axnount. of coverage required to �ay the sums secured by '
<br /> this �Iortgage.
<br /> The insurance carrier providing tGe insurance shall Ue cliosen br� 13orrower subject to approva] b}= Lender ;
<br /> provided „tl�at such approval shall not be unreasonably withlield. ��Il premiums on insurance policies shall be paid
<br /> ati Lender's o�tion in the inanner provided under paragraph 2 hec•eof or by Borrower inaking payment, when due,
<br /> directly to the insurr�nce 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 premiums and such sum shall Uecorne
<br /> irnmediately due and payabie with interest at the rate set forth in said note until paid and shall be
<br /> s+ecured }�y this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default �
<br /> under the terms of this Mortgage.
<br /> ; y All insurance policies and renewals thereof sl�all be in forni �acec:ptable to Lender ssnd shall include a standard
<br /> � inortgage clause in favor of and in form acceptable to Lender. Lender shall have thesight to liold the �olicies flnd
<br /> i renewals tl�ereof,' and Borrower shall proruptly furnisl� to Lendei• all i•enewul notices and all receipts of F�rsid pre-
<br /> miums. In the event of loss, Borrower shu11 givc procnpt notice to the iiisurance carrier and Lender, and Lender
<br /> may inakeprooi of loss if not snade promptly by Borrower.
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<br /> Unless Lender and Borroti;Tei• otherwise agree in w•riting, insurauce proceeds shall be ap��lied to restoration or
<br /> � repair of the Property damaged, provided such restoration or 3•epair i� econotnically fe�,sible and the security of
<br /> this i�Iortgage is not thereby impaired. If such restorat.ion or repair is not economically feasible or if the security
<br /> ? � of tl�is �Iortgage would l�e impaired; tl�e insurance proceeds shall I�e applied to Ehe sums secuced by this 114ortgage,
<br /> '. F ' �vith the excess, if any, paid to Borro�ver. If the Yroperty is abandoned t�y Borrower or if Borro�ver fails to tespond
<br /> to Lender witl�in 30 days after notice by Lender to 23orrower tliatt the insur�snce carrier offers to settle a claim for
<br /> � insurance benefits, Lender is authorized to coilect and zpply the insurance proceeds at Lendei•'s option either to
<br /> � reatoration or repair of the Property or to the sums secured Ly tliis Jlortgage.
<br /> � Unless Lender and Borrower otherwise agree in �vriting, any suc}7 application of proceeds to principal shall
<br /> not extend or postpone tlie due date of the montlily inst.nlLnents referred to in paragraphs 1 and 2 hereof or change
<br /> r the amount of sucli instatlments.
<br /> � If under psragraph 18 hereof the Propei•ty is acquired Uy Lender, ail right, titic and interest of Borrower in
<br /> � � snd to any insurance policies und in ancl to t,he proceeds3hereoP ( io the extent of tl�e sucris secured Uy tl�is Mort-
<br /> � gage immediate3y prior to such sale or acquisition) resulting from clamage to the Property ��rior to the sule or
<br /> = acquieition si�all pase to Leuder.
<br /> � 6: Preservaiion cmd Mmutenance of Pzopertys LeaseFsolds; Condominiums. Borrower shall keep the Prop-
<br /> � erty in good repair and ahall not permit or commit waste, impairment, or deterioration of the Property and shall
<br /> i comply with the provisions of any lease, if this \Sortgagc is on a leasehold. If this 11oi•tgage ia on a condoininium
<br /> � unit, Bonower shall perform all of Sozrower's obligations under the declaratiai of condoTninium or master deed,
<br /> � the by-laws snd reguiations of tl�e condominium project and constituent docurnenta
<br /> ; 9. Pzotection of L�ader's Security. If Borrower fails to perform the covenants and agreements contained in k
<br /> j this Alortgage, or if any action or proceeding is commeneed �vhich �naterially affects Lender's interest in the Prop-
<br /> j erty, including, but not limited to, eminent domain , insolvency, code enforcement , or arrangernents or proceed-
<br /> � ings involving a bunkrupt or decedent, ihen Lender at T.ender's option , upon notice to Barrower, tnay mske sueh
<br /> appearunces, ciisburse sucli sums and take suel� netion as zs nece�snry fo I.>roteot Lender's interest, incIuding, but
<br /> •I not lirnited to, disbursement of reusonabie attomey's tees snct entry upon the Yroperty to make repairs. Any
<br /> j , amounta disk�ursed by Lender pursut�nt to tliis paragrapl� 7 , wiW� interest thereon, sl�all become additional indebt-
<br /> 1 edness of Borrower secured by this \fort�age. Unless I3orrowcr und Lender agree to other terms of payment, such
<br /> � amounts shail be payable upon notice from Lender to Borrower requesting payment thereof, nnd shull bear inter-
<br /> � est from tl�e dat+e of disbursement at the rate stated in the \ote unless paymenL of interest at such rate would be
<br /> i contrary to applicable law, in whiclr event sucl� amounts shail bear interest at the highest rate permissible by
<br /> ( applicable law. Notl�ing conta.ined'in t6is paragrapl� 7 shnll reryuire I:ender to incur any expense or do Any act
<br /> hereunder.
<br /> 8. Iaspection. Lender �na5� makc or cause to !�e macic reaeonnble entrics upon ;�nd inspections of the Prop-
<br /> � �rLy, Ni•uvidec� knat Lenuer siv�ll �give Boi•rovicer i�ofice i,riur iy_ .r,»,y qucL insi�ectiou .pe�iiyiu6 ree�sonabie cau�e
<br /> Ghere�or related -to Lender's interest in ihe Property.
<br /> i 9. Coadeianation. The proceeds of any award or claim for (j8TT1flgC5� direct or consequential ; in connection
<br /> witU any condemnation or other taking of the Yroperty, oi• �>art thereof, or for con��eyance in Iieu of condemna-
<br /> � tion, are hereby assigned and shull be pnid to Leiider. f
<br /> ' In the event of s total taking af the Property, tlie �iroceeds shall Ge applie�i to the surns secured b,y this Mort- ,.„;, � �
<br /> a gage, zviLh the excess, if any, paid to Borrower. Iii tl�e event of n partial taking of the Pro�>erty , unless Borrower _- �;,, '<� , ' ''
<br /> � and Isender otherwiee a ree in writin there �hall be a �3ied to tlie sums secured b this ?�1ort a e such ro or- � '�
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<br /> tion of ti3e proceeds as is equal to that proportion which the amount of the sums secured by this MoTtgage imme- ��
<br /> � diately prior to tl�e dete of t4king ;hears to the fair insrket value of t11e Pro�erty iinmediately prior to the date of '�s-�„
<br /> � . , taking, with the :balance. of the proceeds paid to Boi�rower. ���'; ,
<br /> Lq m$ke ati awaici n�• seitle a eia' "by i3orrovve�• or if after not�ce by Lender to Borro�ver that the condemnor offers � " w '
<br />� If ck�e Yroperty is abandoned
<br /> ° un for damages, Borrower iaiis co respond to Lender within 3U days oi the date + � '
<br /> ? o£ such rsotiee, Lender is authorized to oollect and ap��ly tF�e proeeeds at Lender's option either tq restoration or � - ; �
<br /> repair of the Property or to the suu�s secured by tliis \Sortgage.
<br /> ' Llnlcss Le:�cler and Borro�-�er ntlier�cise adrec in :rritir.g, �n}• ,uch spplication of ,rocecds to princi�al sl�all
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