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<br /> � If tmder paragraph 78 hereof tl�e Yroperty is sold or ihe Propert�� is othertvise a<;quired h,y T,ender, Lender , �
<br /> � shaIl apply, no later tli:�n imm'ediately prior to � t-hc satc c�f the Yropert,y or it5 � cquisition by I�,ender, an,y Funds� � �
<br /> Iie1d by Lender ut the time of upplication a, a credit again�t the sums secw•ed b�� this 1�Sortgage.
<br /> 3. Application of Payments. Unles� lpplicahlc la�v �iro��ides otiierwise, all Z�ayinents i-eceiveil l�y Lender
<br /> under tlie Note and paragraphs 1 nnd '2 liereof sLall hc applied I>y i.endcr flrst in payrnent, of amounts payable to
<br /> Lender by Borrower under paragrupi� 2 liereot, tlieu to interest j>ayatilc on tLe Notr anil on Future A�ivances; if
<br /> � uny, and then to the principal of the Note and to the principal of Futin•e Advnnces; if any. '
<br /> � 4: Charges; Liens. Borrower sl�all a�a,y ali taxes, assess�nents �nd other charges , fines and impositions attriU- '
<br /> � utable to the Property' which may attain a priority over tl�is �Tortga�e, snd �roui�d rents, if nny, at Lender's
<br /> � � opt9an in the manner provided under paragruph 2 hereof or by $orro�ver nraking �ia.yment, �vhen due, directiy to
<br /> , the payee thereof. Borrower: sliall prolnptly furnislr tq 7,ender �li notices of amounts due undcr this paragraph,
<br /> � � and in the event Borrower shall �nake f�ayment directly, Borro�vei� shxill praz�ptly furnisli to I.ender receipts evi-
<br /> dencing such payments. Bori•ower sl�all prom�itly aiscl�arge a��y lien �vhich lias 7iriority over this \lortgage ; pro- '
<br /> i („� vided; that Borrower shall not be required to discharge any sueli iien so long as Iiorrower shalt aKree in �vriting to
<br /> h the payment of the oUligation secureci bysuch lien iu a mssnner acceptal>le to I.ender; or shall in good faith contest
<br /> � ' such lien l�y, or defend enforcement of such lien in ; legal proceedings «�hicli opernte to prevent the en£orcement ofl
<br /> the lien or forfeiture of tl�e Property or any part thereof. �'
<br /> 5. Hazard Insuraace. Borrower sha1l keen tl�e improc•ements no�v existing or I�ereafter erected on the Prop-
<br /> � a erty insured against loss by fire, 1lazards included within the term "extended coverage", and such otlier hazsrds as
<br /> p � Lendermay �require and in such amounts and for sucli periods ix� Lender u�ay require ; � {��rovided, that Lender� shall �
<br /> „ not reqaire that the amout�t of such coverage exceed thnt amount of coverage required to pay the sums secured 'hy ' .
<br /> ; this Mortgage.
<br /> The insurance carrier pr4viding tl� e insurance shall be chosen by Borrosver subject to apprnval by Lender;
<br /> provided, that' such appzoval shail not be unreasonably withheld: All premiums on insurunce policies sl�all be Vaid
<br /> at Lender's option in the inanner provided under puragraph 2 l�ereof or by Bon�ower 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 shall be
<br /> secured by this Mortgage. Failure by Borrower to cornply may, at option of Lender, constitute a default
<br /> under the terms 'of this Mortgage.
<br /> All insurance policies and renewals tIiereof shall be in form acceptable to I,ender and shnll include a standard
<br /> inortgage clause in favor of and in form acceptable tu Lender. l,ender shall have t,1�e right to i�old the' policies xnd
<br /> renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and sll receipts of paid pre-
<br /> miums. In the event of loss, Borrower shall give prompt notice to t,he insura.nce carrier and Lender, and Lender
<br /> � may make proof of loss if not made promptly by Borrower.
<br /> Unless Lender and Borrower otherwise agree in ���riting, insura�ice proceeds shali be applied to restoration or
<br /> repair of the Property damaged , provided such restoration or repnir is economically feasiUle and the security of
<br /> this 14ortgage is not thereby impaired. If sueh restor3tion or repair is not econotnice�lly feasible or if the security
<br /> of this rlortgage would be impsired , the insurance ��roceeds shall be a�plied to the surns secured by this ltifortgage,
<br /> with the excess, if any, paid to Borrower. If the Yro�>erty is abancloned by Borrower or i{ Borro�ver #ails to respond
<br /> to Lender within 30 days after notice by I.ender to Borrower thnt the insurnnce carrier offers to settie a claim for ` °
<br /> � inaurance benefits, Lender is authorized to collect and ap}�ly the insurttnce proceeds at Lender's option either to
<br /> resto;ation or repair of the Property or to the sums secured by tl� is \3ortgnge.
<br /> , Unless Lender and Borrower otherwise agree in writing, any sucli application of proceeds to principal shall
<br /> � not extend or postpone the due date of the 2nonthly installn�ents referred to in paragraphs 1 and 2 hereof or change
<br /> y the amount of sueh installments.
<br /> If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in
<br /> and to any insurance policies nnd in and to the pioceeds thereof f to the extent of the sums secured by this 11'Iort-
<br /> gage immediately prior to such sale or acquisiiion ) resulting from dam:� ge to tl�e Property prior to the sale or
<br /> acquisition s6aI1 pass to Lender.
<br /> 6. Preservation aud Mmnten�ce of Proparty; Lecxseholds; Condominiums. 23orrower shall keep the Prop-
<br /> ezty in good repair and shall not permit or coinmit waste, impairrnent, or deteriorstion of the Property and shall
<br /> comply with the provisions of any lease, if this l-lortgage is on a lensehold. If this 14ortgage is on a condominium
<br /> unit, Borrower shall perform all of Borrower's obSigations under the declaration of condominium or m$ster deed,
<br /> the by-laws and regulations of the condominium project and constituent documents.
<br /> ? 7. Protection of Lender's Security. If Borrower Fails to perforcn the covenants snd agreements contained in
<br /> ; this 1�Iortgage, or if nny action or proceeding is commenced which �i�aterially affects Lender's interest in the Prop- P
<br /> erty, including, uut not limited to, eminent doiusin, insolvency, code enforcement, or urrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at. J:ender's option , upon notice to I3orro�ver, may tnake such
<br /> � appesrances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but
<br /> k not limited to, disbursement of reasonable attorney's fees anci entry upon tli8 Propert,y to mnke repairs. Any
<br /> amounts disbursed by Lender pursuant to tl�is psragrap6 7, �vitl� interest tl�ereon, sh� ll become additional indebt-
<br /> ednesa of Borrower secured by this �4lortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lenaer to Borrower requesting payment t.hereoi, and shaIl bear inter-
<br /> est from the date of disbursement at the rate stated in the 1\Tote unless payment of interest �t such rate would be
<br /> contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible by
<br /> applicable law. Nothin� contained in tl�is ps�ragrapl� 7 slinll reryuirc Lender to incur uny expense or do any act
<br /> hereunder. _
<br /> • 8. Inspeetion. Lender �nay make or cause to he inadc reasonable entries upon and inspectio�is of the Prup-
<br /> erfiy, pro��ided thut Lender sl�all give Borrower noticc � �i�ioi• to any sucli in.f�ection c��ecifving reasonable cause
<br /> ' t.herefor relat.ed t.� Lender'c interest in the Propert�� .
<br /> 9. Coademaation. The proceeds o£ any award or claim for damages, direct or consequential, in connection
<br />� A with any oondemnation or other taking of tlie Pro}�erty, or ��art thereof, or for conve,yance in lieu of condemna-
<br /> x tion, sre hereby acsigned and shall be paid to Lender. �
<br /> ; ; In the event of r� total taking of the Property, the proceed� shall be applied to the sums secured by this Mort- �, -. 1 , .�
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<br /> � gage, �vith the excess, if any, paid to Borro�ti�er. In tl�e event. of a partial tuking of the YToperty, unless Borrower �__ �,„ �
<br /> t and Lender otlierwSse agree in writing, there sliall be ap�>lieci to tl�e sums secured by t.his \-Iortgage such propor- ,+� 4w ' ��, '
<br /> fdon of the proceeds se is,equal to that proportion , cvhich tlie amount of the surns secured by this n4ortgage imme- y
<br /> diateiy prior to the date of taking bears to tl�e fair �narket vatue of tLe Property immediately prior to the date of � �°;
<br /> � taking, with the :baiance o£ the proceeds paid to Borrower. , �;a+*."
<br /> If the Propetty is abandoned'by Borrower oi if after notice by Lender to Borrower that the condemnor offers
<br />� Go �rt�ke an sw�rcl or settle s clainz fo: d3r.�abes, Bor o ,rer °sils to 3rspond t,o Lende.- n�itt�;n 3C days of tF�e d+�te � �. `
<br /> ef nuch` noti�e, T;ender iQ avthori�ed te col�ect nnc! appl�• th� proeeed� at l.enacr's option cit!ior to restoraLiaa or �,,.
<br /> repaix of the Property or to the suins secured by tiais \lortgage. �
<br /> Unless Lender and Borrower,other�vise agree in writing, any such applicstion of proceeds to principal shall
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