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<br /> If under paragrttpli 18 hereof the YroE�erty is sold or the I'ropert}� is otherwise scquired by Lender, Lender .
<br /> shall apply, no later than itnmediately prior to t6c ssle of tlic. Yroperty m• its aicquisition by Lender, an,y Funds
<br /> held by Lender nt the time of application as a credit against the suins ;ecured by this .VIortgagcs.
<br /> 3. Application of Payments. ITnless a�7�21icablc la«� provides otherwise, all payments received b_y Lender
<br /> under the Note and pxragrapLs 1 and 2 hereof sl�:� ll ]�c a��plied ,Iry I,ender tirst in payment of ainoimts payable to
<br /> Lender Uy Borrorver under jsaragrnpl� 2 liereof; t:hen to interest p.�yable on the Notc and on Puture Advances, if
<br /> any, und than to the principal of tl�e Note and to tlie principal of Future Adva;nces , if any.
<br /> � 4. Chazges; Liens. Borro�ver sl�all �iay all tiYxes; assessment,s and otl�er cliarges, fines and impositions attril�-
<br /> � � utable to the Property which may attain a priority over this Mortgage, and ground rents ; if any, at Lender's
<br /> � option in the manner,provided under paragra�>t� 2 hereof or fiy Borrotiver �niking payment, wheii due, directly to
<br /> � the payee thereof. Borrower s}full promptly Turnisli td Len<ler atl notices of nmounts due under tl�is paragraph,
<br /> � and in the event Borrower shall make psyment directly, 33orro«�er sljssil promptly furnish to Lexider receipts evi-
<br /> � dencing suchpayments. BoTrower shall protz�ptly �jiscl�arge uny lien whieh l�as priorit,y over this Mortga�e ; pro-
<br /> �,aea, that Borrower shall not 6e rec�uired to dischurge uny such lien so long as Borro�ver shall �,�ree in writing to
<br /> the payment of the obligation secured by sueli lien itY :� inanner accel�table to I,ender, or shall in good faith contest
<br /> � suchlienby, or defend enforcement of sucli 3ie�i in, legal pi-oceedings which operat,e to ��revent the entorcement oF
<br /> � ttie lien or forfeiture of the Yroperty or any part tl�ereof.
<br /> 5. ' Hazard Insuzance. Borrower sl» 11 keeE3 t6e improvernents no«• existin � or ]iereafter erected on the Prop-
<br /> eety insured against loss by fire; l�azards included �vithin tiie term "extended coverage", and such otlier I�azards as
<br /> Lendermay require and in such nmowits and Sor sucli periods as I,ender muy require ; providecl , thsst Lender shall
<br /> not require. tl�at the amount of such coverage exceed thut amount of coverage required to pay the sums secured 'by
<br /> this Mortgage.
<br /> The insurance carrier providing tlie insurance shall be chosen by Borrower subject to approval by Lender ;
<br /> provided , that sucli approval sliall not be uurensonably �vithl�eld. Ali premiums on insurance policies sl�al I Ue paid
<br /> at Lender's option in the inanner provided under paragra}>li 2 ]iereof or hy 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 premiums and such sum shall become
<br /> immediately due and payable with interest at the rate set forth in said note until paid and sliall be
<br /> secured by this Mortgage. Failure by Borrower to cornply may, at option of Lende;, constitute a default
<br /> under the terms of this Mortgage.
<br /> All insurunce policies and renewals thereof shall bc in iorn� acceptable to I.ender nnd sl�all include a standard
<br /> ' �nortgage clause in favor of and in form ��cceptnble to Lender. Lender stiall have tlie rigl�t to l�old the policies and
<br /> � renewuls thereof, and Borro�c-er shall promptly furnish to Lender all renewal notices and all reeeipts of paid pre-
<br /> ; miums. In the event of loss, Borro�ver shall �;ive �irompt iiotice to tl�e insuranee currier and I.ender, and Lender
<br /> may inake proof of loss if not made promptly by I3orrower.
<br /> ? Unless I.ender and Borrower otherwise agree in writing, insurance proceeds shall �e applied to restoration or
<br /> repair of the Property damaged , provided such restorntion or re�air i� econouiicc�lly feasible and the secw�ity of
<br /> this Mortgage is not thereby impaired. If such restoration or rep:�ir is not economicslly feasibie or if the security
<br /> of this �Iortgage would be impaired , tl�e insurance ��roceeds shall be s��plied to thc suins secured Uy ttiis �Sortgage,
<br /> with the excess, if any, paid to Borrower. If the YroE�erty is abandoned by Borro�ver or if Borrower fails to respond
<br /> � to Lender �vithin 30 days after notice by Lender to Borrower tlint tlie insurance c�,rrier offers to settle a claim for
<br /> insurance benefits, Lender is authorized to collect a,nd apply tlie insurance proceeds at Lender's option either to
<br /> restoration or repair of the Property or to the sums secured b}• t,l�is JforG�age. -
<br /> Unless I.ender and Borrower otherwise agree in writing, any such applic�tion of proceeds to principal shall
<br /> not extend or postpone the due date of the monHily installments referred to in paragraphs 1 nnd 2 hereof or change
<br /> the amount of suclY installments.
<br /> If under paragraph IS hereof ttie Yroperty is acquired by T ender, all right, title and interest of Borrower in
<br /> and to any insurance policies and in and to tl�c proceeds thereof (to tlre extent of the suins secured by khis Dlort-
<br /> gage immediately prior to such sale or acquisition ) resulting fro�n dainage to tl�e Propert,y prior to the sale or
<br /> ' acquisition shall pass to Lender. :
<br /> 6. Preservation �d M�ntenanca of Property; Leaseholds; Condominiums. 13orrower shall keep the Prop-
<br /> erty in good repair and shall not perinit or commit �vaste, impainnent, or deterioration of tlie Property and shall
<br /> comply with the provisiona of any lease, if this \iortgage is un ss leaseliold . It this 3lortgage is on a condominium
<br /> unit, Borrower sl�ail perform all of Bor:•ower's obligations under Ghe declaration of condominium or master deed,
<br /> the by-laws and regulations of the condominium project and cmistituent documents.
<br /> � 7. Protection of Lender's Security. If Borrower Sails to perforin the covenants nnd agreements contained in .
<br /> ; this Aiortgage, or if any action or proceeding is comTi�enced whicli inaterialty tiffects Lender's interest in the Prop-
<br /> ' erty, including, but not litnited to, eaninent don�sin , insolvency, c�de enSoi•cemeni, or arrangements or proceed-
<br /> � ings involving a bankrupt or decedent, then Lender at Lender's option , upon notice to F3orrocver, rnay mske such
<br /> appearances; disburse such sums and take suc6 action as is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonable at6orney's fees and entry upm� the Yroperty to make repairs. Any
<br /> arnounts disbursed by Lender pursuant to this paragrapl� 7 , �vith interest thereon ; shail become addit.ional indebt-
<br /> edness oi Borrower secured by this �Sortgage. Unless Borroi��erai3d Lender agree to other t.erms of payment, such
<br /> amounts shall be ��ayable upon notice from Lender to Borrow-cr requesting pa,yment thereof, and shall bear inter-
<br /> est from the date of disbursement at the rate stated in the Note unless payment of interest iit such rate would be
<br /> ; contrary to applicable luw , in which event suc}i amounts shall bear interest at the l�ighest raie perinissible by
<br /> applieable la�e. Notl�ing contained in tliis iisragraph 7 shall reqt�ire Lender to incur any expense or do any act
<br /> hereunden
<br /> S. Inspaction. Lender rnay inake oi• cau.e to l �c inade rea�onable enirie. upon and inspections of tl�e Yrop-
<br /> � ert.v, nrovided th,tt �Lender �hnll �ive Borro�x�er noti�•c ��i•ior to �in}� ru��l , ins�ert�inn =pr� ift�i*ig rensor.� ble csu=e � �
<br /> therefor related to Lender's interest in the Property.
<br /> 9. Coademnarion. The �roceeds of .tiny nward or ctaitt� for damages, direct or consequential, in cannection
<br /> with any condemnation or ot�er taking of ti�e Yroperty, or pzrt thereof , m• for coa�veyanee in ] ieu of condemn�-
<br /> tion, are here6y assigned and sl�all be paid to Lender_ `
<br /> In the event of � totai taking of the Yroperty, t.he ��roceeds sl� all be «applied to the sums secured by this ibIort- ..m;�� , -4
<br /> gage, x�ith ttic esce�s, if any- , paid to Borro�ver. In tI�e event ot a p�rtivl taking oi the Yroperty , unless Borrower - s - ' ` �
<br /> ' ` and Lender otiherwise agree in �vriting, there shall be applied to tl�e sums secured b,y this \Iortgage such propor- t; � '��" '
<br /> tion of the pxoceeds as is equal to tt�at proportion which tlte amount oF the sums secured by tt3is �lortgage imme- ` '
<br /> �; diately prior to tlie date of taking bears to the fair �narket tirslue af tl�e Yroperty iinmediately prior to the date, of � ', �`j
<br /> i taking, �vith the balance of the proceeds paicl to Borrower. '` '
<br /> � �; .� � � Tf t�$E pP(1j)CTt;j iS� 2.�SS:C:C:1CC1 }J� .�O.iO ti`£� Q: 1f. :.iftCZ S'iGLiCC. �:i;j .iCi.i3CT t0 �'vi'rG�i�T ��lat, �ilC cor,dc�ii:,or offc.t'�
<br />� tq make an aw�rd or �ettie a claim for dsms.ge�, 73er^o�rei• iails to responci to Lc.^.dc.^ 1�:thin 30 days o. thc da�c ' �
<br /> of sueti notice; Lender is authorized to collect and a.p�ily- the ��roceede �t T,ender's option either to restoration or � �
<br /> repair of the Property or to the suins secu�•ed by this \1ort.gage,
<br /> Unless Lender und Borrotiver otherrvise a�ree in �vritin�, any such application of prooeeds to princiasl shalt
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