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<br /> �, Tf imder pat•agraph 78 hcreof tlic I'roper6�� is so] d or t6e Pro}�ertv is other« itie acquii•ecl I�y 7,ender, Lender �
<br /> shali a�pplV, no later tlian immeaiuttly prior t� tlu� salc of tl �c Prop�� � t�� or its icquisition by 1 cnder, sn,y S�undh
<br /> ' ; held by I.ende .r at the liixie oI �pplicat:ion ati a u'e�lit i�; iin�t thc su�us �cuired b�� tfii, AIott,�,a;;�.
<br /> 3. Applieaiion of Payments. Unless applic:ablc la�r � �iovide� otli�r�vic� , �ll pay�iicnts i•eeeived by Lender �
<br /> ui�dertheNote and paragi•aphs l � :snd 21'iereof siiall he upplieil bt� Le�sder t� rst m i��agmcnt of amounts f�aayable to � j
<br /> I,ender hy Borrower undei• �3aragrapl� 2 hereof, then to interest � x�ynble on ilic Note :�nd on Future Advances, if
<br /> � any, und then to the principal oi the Note and to t6e principal of FuY.ure Ad��ances , if any. �
<br /> 4. Charges; Liens. Borro�ver si�all pay all t:�xes , assessments snci other sharges , f9nes and impositions attriU- '
<br /> utable to the Property which may attain s priority over tliis Mort�;age, snd ground rents , if any , at Lender's '
<br /> option in the manner nrovided under paragraph `L hereof or by }3orro�ver making payraent, wl�en ' due, directly to �
<br /> , the payee tl�ereof. Borrower shall promptly furnisl� to Lender all notices of amounts iiue under this paragraph, ;
<br /> and in the ovent Borrower shall makc paynze�it directly, $orrotsei• slis�ll promptlp iurnisl� to Lender receipts evi-
<br /> ' C� dencing such payments. Borrower etnall promptly c�isct�arge any lien which has priority over this 3lortgn6e ; pro- ''
<br /> C3 vided, thatBorrower shall notbexequired to discharge any sucli lien so ]ong as Iiorro�ver shall agree in writing to
<br /> � C% the payment of the obligation secured Uy sucli lien in a innnner acceptable to Lender, or shall ip good faith contest '
<br /> CG" such lien bv, or defend enforcement of such lien in ; legal px•oceedings 1vLich oper:ite to prevent the en#orcement of
<br /> C the Iien or forfeiture of the Property or :iny part tl�ereof.
<br /> c� 5. Hazard Ins�uaace. $orrower shalI keep tl�e improvements now existing or hereafter erectad on the Prep-
<br /> M1 erty insured ugainst loss by fire, haiards included wiGliin the term "extended coverage", and such otliei• haznrds as
<br /> � Lender mayxequire and in sucli �tinaunts and for sucl� periods as Lender may require ; provideu� , that LendeT shall
<br /> not require tl�at t:e a�aur,� of e;:a,", cc•.•ersga exeeed t.`iat at:�cm�t of coverage required to gay the sums secured 'hy
<br /> th�s Mort a e:
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<br /> The insurance carrier providing tl�e insuraiice sliall be cl�osen by Borrower suUject to approval by Lender ; �
<br /> provided; that suc6 ap��roval shnli not be unreasonably withheld. All premiums on insurance policies shall be paid j
<br /> at Lender's option in the manner provided under paragrapl� 2 hereof or hy I3orrowei• making pa,yn�ent, when due, j
<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 p=ocure 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 untii paid and shail be �
<br /> secured by this Mortgage. Failure by Borrower to compiy may, at option of Lender, constitute a default
<br /> under the terms of this Mortgage. j
<br /> ° All insurance policies and renewuls thereof ehall bc in form accepi�Ule Lo Lender ancl shall include a standard ' {
<br /> mortgage c2ause in favor of and in form acceptsible to Lender. I.ender shall liave tl�e right to liold the policies and �
<br /> renewals thereof, and Borrower shal] proinptly furnish to Lender all renewal notices and all i•eceipts of paid pre- �
<br /> , miums. In the event of loss, Borrower shall give prompt notice to the insurancc carrier and Lender, and Lender �
<br /> may make proof of loss if not made promptly by Borrower.
<br /> Unless Lender and Borrower ottierwise agree in �vriting, insurance proceeds shall be appli�d to restoration or
<br /> repair of t:he Property damaged , provided such restoration or repair is ecomm�ically feasible and the security of
<br /> this i�4ortgage is not thereby impaired. If sucli restoratimi or repair is not econoinically feasible or if the security
<br /> ofthis Mortgage would be impnired, the insurance proceeds shssll be applied to the sums secured by this Mortgage,
<br /> ^ with the excess, if any, paid to Borrowe�•. If t,he Yroperty is a}�andoned by Borrower or it Borrawer fails to respond
<br /> to Lender within 30 days after notice by Lender to Borrower thnt tl�e insurance carrier offers to settle a elaim for
<br /> insursnce benefits, I�ender i� authorized to collect and apply tl�e insurance proceeds at Le�zder's option either to
<br /> restoration or repair of the Property or to the sums secured by t,l�is \Sortgage.
<br /> Unless Lender and Borrower otherwise agree in writing, any suc]i application of proceeds to principal shall
<br /> not extend or postpone the due dute of the monthly installments referred to in paragraphs 1 and 2 hereof or change
<br /> � ` the smount of such installments.
<br /> If under paragraph 18 hereof the Yroperty is acquired by Lender, �li right, tiile and interest ot Borrower in
<br /> and to any insuTance po]icies and in and to the proceeds thereof (to tl�e extent of tlie sums secured by tl�is Mort-
<br /> gage immediately prior to such sale or ncquisition ) resulting fl•om damage to the Property .irrior to the sale or
<br /> � acquieition shall pass to Lender.
<br /> " 6. Preseroation aad Mcaatenance of Property; Leaseholds; Condominiums. E3orrower sliail keep the Prop-
<br /> � erty in good repair and shal] not permit or commit waste, itnpairment, or deterioratiou of the Property and shall
<br /> i comply with tl�e provisions of any lease, if this \Iortgage is on ;x leasel�old : If this �Sortgage is on a condominium
<br /> ' unit, Borrower shall perform all of Borrower's obligations under the declaration of condominium or inaster deed,
<br /> ; the by-laws and regulations of the condominiuni project and constituent documents_
<br /> f " 7. Proiection of Lendei s Security. Ii Borrower iaiis to periorm the covenants and agreements contained in
<br /> ? this .�Iortgage, or if any action or proceeding is commenced �vhic{i tnaterially affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent do�nain , insol�•ency, code enforcemeni , or srran�ements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at Lender's option , upon notice to Borrowcr, may mske such
<br /> ' appearances, disburse sucli sums and tAke sucli action �s is necessary to protect Lender's interest, including, but
<br /> � not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br /> amaunts disbursed by Lender pursuant to this paragraph 7, «�ith interest thereon, shall become additiona] indebt-
<br /> edness of Borrower secured by this liortgage. Unless Borrower And I.ender agree to other terms of r�ayment, such
<br /> ar�ounts' shall be psyable upon notice from Lender to Borrower requesting �ayment thereof, and shall bear inter-
<br /> eat from the date of disbursement at the rate stated in the Note unless psyment. of interest at such rate wonld be
<br /> , contrary to applicable law , in which event such amounts shall bear interest at the highest rate permissible by
<br /> appiicable 1aw. �Iothing contained in this paragrapl� 7 sh�❑ require Lender to incur any expense or do any act
<br /> hereunder.
<br /> ' ' 8. Inspection. l,ender mav ivake or cauee to be ma�ic i•ea�onnblc �ntries upon and inspect.ions oi the Prop-
<br /> erty,provided tha# Lender sliall give $orrower nOtice ��rior to any sucl� in�nection s��ecif�ing reasonable cause
<br /> i therefor relsted to Lender's interesb in the Property.
<br /> 9. Coademnation. The proceeds of any award or ciaim for damages , direeb or consequentisl, in connection
<br /> with any condemnation or other taking of tl�e Yro��erty , oi• part thereot, or for conveyance in ]ieu of condemna-
<br /> tion, are hereby assigned and shali be paid to Lender. ; ,"�
<br /> In the e�•ent of a total taking of tl�e t'roperty, the ��roceecls sliall lic applied to the sums secured by tlxis '�dort- � '
<br /> gage, with the excess, if any, paid to Borro�cei•. In tl�e e�rent of n par#inl taking of the Property, unless Borrower k � ���` ,
<br /> � ± , and Lender otherwise agree in writing, there s1�a1t be applied to the sunLs secured by tlais �Iortgage such propor- � ,:
<br /> � tion of the proceeds as is equsl to that proportion which tl7e amount, of the swns secured by this 37ortgage imme- '" ' �
<br /> diately prior to the date of taking bears to tlte fair insrket ��atue of tlze Property i�nmediately prior to the date of ��
<br /> . . t8�{ZIt�� WIf';! {'t'tE'.�}l?a9SlCo��jf {l;o ryrnroP�e ny,i`1 +!/ �ryC!'�u'�?P � � . " �
<br />� Tf thp Pm�irrt.v iF aiian�inned k�y Rormwer or if r�iter not,ice iiv I.ender to Borrower t6si the condemnor offers `
<br /> to n�ake an award or settle ai claiiu for damages, Borrower fails to respond to Lendee within 30 days of the dste �
<br /> of such notice, Lender is authorized to collect und �.}iply the Fn�oceed� at. Lendei's oY.�tion eit,6er to restoration or
<br />� repair of the Property or to the sums secuTed by this \fortgage.
<br />� Uniess Lender and BorroNer otherwise agree in �vriting, any such application oi proceeds to principal shall w
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