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<br /> � If mider paragraph ] 8 hereof the Yroperty is sold or the Property is othercvise acquired by Lender, Lender �
<br /> � � shall apply, no lat,er tl�an imm�diatelY priqr to � the ;,alc of thc Pro�iert,y or its ac;quisition by Lender, :�ny Funds � ' �
<br /> held by Lencler at the tii+3e of application sss a creciit �agfiinst tl�e sums ,ecured bq tl�is Morkgage.
<br /> 3. Application of Payments. Unless npplicabtc l:titi�� provides othertiti�ise, all payments received �y Len�ler
<br /> under the �Tou and paragrap'.�s 1 and 2 hereof shall he u�>�iliecl 1 >y Lendcr fir,t in puyment of smounts payable to
<br /> Lender uy Borrower under paTagrni�L 2 Lereof, t.heu to interest p:tiyable mi the '_�ote and on Tuture Advssnces, if
<br /> uny, and then to the principal -of t1�e Note and to tl�e princi��al of I'uture :icivances , if any.
<br /> 4: Charges; Liens. Borrower sl�a?1 pay stl t3xes , assessment�s aind other chsrges, fines and impositions attrib-
<br /> utable to the Property which n�ay attain a priority over tiiis l-fort�a�e, and ground rents , if any, at Lender's
<br /> option in tl�e manner ��rovided under paragraph 2 hereof or b,y I3orrower inaking p�,yment; wlien due, directly ta E
<br /> ^,� the payee thereof. Borrower ekiall prornptly furnisl� to Len�ler all not.ices of amounts due under this paragraph, 4
<br /> 'r-1 and in the event Borrower shall make i�ayment directly; Borrotscr siiiill �irompt,ly furnish to Lend�. re�si;.�s evi-
<br /> p'j dencing sueh payments. Borrower shall I�romptly disc}�arge any lien �vhich hss priority over this \Zortga6e ; pro-
<br /> � vided,;that Borrower shai] not be required to dischai•ge nny such lien so long as Borrower s1�a11 agree in writing to
<br /> Q the payment of the oblSgation secured by sucli lien in a manner acceptiible t.o Lender, or shall in good faith contest
<br /> � " � such lien by, or defend enforcement of sucli lien in , legal proceediiigs �vliich operate to prevent the entorcement of
<br /> ' the lien or forfeiture �f the Property or nny parE thereoL '
<br /> t 5. Hazard Insuz�ce. Borrawer �hall kee�� the im�>i•ovements now existing or hereufter erected on tlie Yrop-
<br /> I�, erty insured against loss by fire, )�atiards included within the term "extended coverage", and such uther hazards as
<br /> �'`r. Lender may require and in suclY amounts and for sucl� periods as Lender may require ; provided, tt�at Lender shall
<br /> not require thut the amouirt of such coverage exceed tliat amount of coyerage required to pay the sums secured 'by
<br /> this iVIortgage.
<br /> The insurance carrier providing ttie insura��ee s�-iall be choseti !ay Borro�ver suhject to rspprornl by I.ender ;
<br /> providetl, that such approval shall not be unreasonably �vithheld. All premiums on insurance policies sliall be paid
<br /> at Lender's option in the manner provided under paragrnpli 2 hereof or by I3orrower ina,king pay�nent, �vhen due,
<br /> ; direcbly to the insurance carTier, '
<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 shall be
<br /> ' secured by this Mortgage. Failure by Bozrower to comply may, at option of Lender, constitute a default
<br /> under the terms of this Mortgage.
<br /> ' a All insuranee policies and renewals thereof shall be in for�u ncceptitible to Lender 3nd shall include a standard
<br /> °' �nortgage cluuse in favor of and in form acceptable to Lender. I.ender shall hsve the rigl�t to iiold the policies itnd
<br /> � renewals thereof, nnd Borrower shall promptly furnish to Lender ;xil renewal notices and all receipts of paid pre-
<br /> miums. In the event of loss, Borrower shall giee proinpt notice to t3ie insurance carrier and Lender, and Lender
<br /> ' may inake proof of loss if not made promptly by liorrower.
<br /> ' Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall Ue applied to restoration or
<br /> repair of the Property damaged , provided such restorntion or repair is econoinically feasible and tl�e security of
<br /> d �� this� �Mortgage� is not thereby impaired . If such restors�t�ion oi• re��aii• is not ecoriomicall,y feasible or if the securiY,y
<br /> >. of this n4ortgage would be impaired, the insurance ��roceeds slisll be applied to tlie sums secured by this n4ortgage;
<br /> with the excess, if any, paid to Borrower. If the Yroperty is abandoned by Sorro�ver or if Borrower faiis to respond
<br /> to Lender within 30 days after notice by Lender to Borrower tliat ttie insurance carrier ofi'ers to settle a claim for
<br /> insurance Uenefits, Lender is authorized to collect and apply thc insurance proceeds at Lender's option eiiher to
<br /> ^ restoratian or repair of the Property or to the sunas secured by tl�is \4ortgage.
<br /> ` ; Unless Lender and Borrower otherwise agree in writing , any such applicatiou of proceeds to principal shall
<br /> x not extend or postpone the due date of the monthly installments referreii to in paragraphs 1 and 2 hereof or change
<br /> the amount of such installments.
<br /> �: If under paragrsph 18 hereof the Property is acquired by Lender, all right, title ssnd interest of Borrower in
<br /> and to �ny,insurance policies und in and to the proceeds thereof (to the extent oS the sums secared by this ll4ort.-
<br /> gage immediately prior to such sale or acquisition) resulting from dan�age to ti�e Yroperty prior to t.he sale or
<br /> acquiaition shall pass to Lender.
<br /> 6. Preservation �d Mcuatenance of Property; Leaseholds: Condominiums. Borrower shall keep the Prop-
<br /> erty ia goad repair and shall not permit or commit waste, impainnent, or deterioration of the Yroperty tind shali
<br /> ' n comply with the provisions of any lease, if this \Iortgage is on a leaseliold . If this \4ortgage is on a condominium
<br /> unit, Borrower shsll nerform ail of Borrower's obligations under the declaration of condominiuin or master deed ,
<br /> the by-laws and regulations of the condominium proj ect and constituent documents.
<br /> 7. Protection of Leader's Security. If Borrower fnils t.o perform the covena�nts and ngrecinents contained in
<br /> this Vlortgage, or if any action or proeeeding is commenced �vhicli uiaterially affects Leuder's interest in tlie Prop- "
<br /> erty, including; Uut not ]imited to, eininei�t domaiu , iusoh�et�cy , code enforcement, or arrangements or proceed- .
<br /> inge involving a bankrupt or deeedent, then Lender at I.ende�'s option , upon notice to Borrower, may inake such
<br /> nppearances, disburse sucli suins and take such 3ction n, is i�ecessaxy to protecc Lender's interest, including, but
<br /> ' not limited to, disbursernent of rerssonnble attorney* 's tees and entry upon th� Property to make repairs. Any
<br /> ; amounts disl�ursed by Lender pui•suant to this puragraph 7, ivitli interest thereon , shall become additional indebt-
<br /> edness of Borrower secured 6y this 1lortgage. Unless Borrower aud Lender agrec to other terms of payment, such
<br /> amountis sHall be payable upon notice from Lender to BorY•o�ver requesting payinent thereof, and shall bear inter-
<br /> est from the date of disbursetnent at the rate stated in the ;�ote unless payment of interest st such rate would be
<br /> t contrary to applicable law, in �vhich event, such amounts shall bear inferest at the highest rate peTmissibie by
<br /> applicable Iaw. Nothing contained in iliis ��ara�rapl� 7 shall require Lender to incur any expense or do any act
<br /> hereunder.
<br /> 8. Inspection. Lender rnay ii�ake or c:�use to t�c madc reason� ble entries upon arid inspections of the Prop-
<br /> crty, nrovided that Lender �hall give Borro�•er notice ��rior to :�n}- �u��h in�pection �� aeciryiiig re� sonable cause
<br /> �Lerefor ratated t� Lendar's ini,erest in tha Fr��ert��.
<br /> 9. Condemnation. The proceeds of nny a�vard ar ciaim for ciamuges , direct or consequential , in connection
<br /> withany condemntttion or other takin� of the Pronei•ty, or ParY thereof, oi• for con�•eyance in lieu of condemna-
<br /> tion, ure herel>y assigned and shall be paid to Lender.
<br /> In the event of 'a total taking of the Property , tlze proceeds shal ! bc applied to the swns secured by this Mort.-
<br /> ' " a e, with the excess, if an �aid to $orro�ver. In tlie event of a �artial takin of the Pro �ert unless Borrower ' � ��'
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<br /> ' and Lender othertvise agree in writing, there slial ! Ue applied to t.he surus secured }�y this \4ortgage such gropor- ` -
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<br /> � tion of the proceeds as is equal to thai: proporLion whicli the amount. of the swns secured by this b4oi�tgage imme- � „yv
<br /> diately prior to the dste of taking bears to the fair market value of t.lic Propeity imtnediately prior to the date of y �
<br /> � taking, with the bulance of the proceedsptiid to Borrower. �a`{`
<br /> If the Property is abandoned by Borrower or if after notice, Uy Lez�der to Borrower that tl�e condemnor offers � �
<br />�. a to xnake sn award or sectle u claim ior uamages, Borruwei� iuiio io re�ponu Lu I.rnuer wiii�iu 3G uays uf iiia laie -
<br /> ° ui nuch inoi,ice, i�ei3uer i� au6l�orizea (u culle�L ui,il a�l,ly' Ll,e }�r�ccal� at i.,�i,uci '� u�,t,iuri .;itiier Lu iest�ration o,- «:
<br /> repair of the Property or to the sums secured by'11�is liortgage. �
<br /> Unlesa Lender and Borrower other�vise agree in writing, uny such application of proceeds to principal shall
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