|
� � , �y�b �'y,���lp' ��u �'. :�,� G ':.$ t J .,�, ''aF ,r . i"; r 1�1 . a . F ' � � � ,-: - � � `
<br /> S' �T i ni '� r "W ; � i -r . � ' � d - ;t „ <;4 .�i�°^ d y�a;.c �d �, ^x, �,^�
<br /> My �
<br /> �
<br />+^�r.
<br />�` � Tf undei• paragraph 1S hereof the Yroperty is �old or the Yroperfy is otlieiwi�e ;icquirecl by 7,ender, Lender
<br /> r' � � shall sA�lY, no later tl�.nn immediat,ely Prior to tl�c salc of tl �c Propc iL� or• it. . .�cquisition Ly 1 eiider, :�n}' I'unds � � � �
<br /> � held by Lender at thetime of app] ication as :� credit, ��gainst the sum � �ecurc�l h�� thi� AZortgilge. � � �
<br /> � � � 3. Applicatioir of Payments. LJnless applicable la�x• provides otheru� ise, all payments i•eceived by Lender � � � �
<br /> under the Note :�nd ��aragrapLs 1 nnd 2 hereof shsll bc a�p�ilied by i,eudcr flrst in psyu�e;;L of amoants ��ayable to
<br /> Lender by Borrower undei• r7�ragrapli 2 liereof, tliei� to intcrest payable i�ti tlie :�Totc aml on Tuture Aclvsnces, if
<br /> any, aud themtti the principal of t}ie iVotc icid t.o tlie pi�incipal of Future :'�d� :� nce�, it" anv.
<br /> 4. Charges; Liens. Borro�ver �hatl p��• all taxes; assessinenfs and other charges, fines and impositions attrib-
<br /> � utable to the Property whicli may attain :x priority ovui•' ti�;, ::ortgage, ancl ground rents; if aiiy, at Lender's
<br /> option in tl�e manner provided under par:�graph, 2 hereof oi• 1 >y }3orro�ver u3flking payiizent, when due, directly to
<br /> ', � the Qayee tliereof. Sorrower shall promptly furnisl� to Leader all notices of arvounts due under this parsgrapki,
<br /> � and in the event Borrower sliall inake payiuent directly, i3orro�+•er shuil pi•ompt ]y aurnish La Lender receipts evi-
<br /> dencing sueli payinents. $orrpwer shall promptly discliarge auy lien which hus ��riority over this \Sortgage ; pro-
<br /> � vided; that Borrower shall not be requiiecl ta diseLarge any such lien so long as S3orrtiwer shall agree in rvriting to
<br /> � thz payment of the ot�ligation secured by sucli lien ir� a maiii�er acceptuble to I:encler, oi• shall in, good faith contest -
<br /> � such lien by, or defend enforcement of such lien in , legal proceedings wl�ich opciaie to prevent the entorcement of
<br /> Q the iien or forfeiture of the ProperCy or aiiy part t.liereof;
<br /> � 5. Fiazard Insurance. Borrower shall kecp the iii�provements now existiiig or l�ereaft.er erected on tlie Pro�-
<br /> l� erty insured against Loss by fire, hazards included �vithin the term "extended coverage" , and such oil�er huzards as
<br /> 1'! I�ender rnay aec7uire iind in sueh ainounts atnc� for sucli period:; as I,encler �nssy reryuire ; ��rovided , that I.ender shall
<br /> not require Ghat tl�e amount of such coaerage exceed that ainount of coverage required f.o p�.,y the surns secuTed 'by
<br /> this Mortgage.
<br /> The insuranee cnz•riei• 1>rovir�iizg tl�e insurnr� 4e shal ! be cllosen by I3ors•oiver 4ul,jeet to approva! i�y Lender;
<br /> ' provided, tilat such spprovat shall not be unreasonably rvithlield . All premiums an insuruiice policies shall be paid �
<br /> at Lendes's o�>tion i�i ttie inanner provided under paragrapl� 2 liereof or by Borrower malcing ��ay�nent, when due;
<br /> directly to tne insurance carrier.
<br /> In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect i
<br /> its interest, mny 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 comply may, at option o€ Len<ier, constitute a default
<br /> under the terms of this Mortgage.
<br /> All insurance policiea :�nd renewals thereof sl�zil be in ior�u accept;iUle to I.ender and shall include a standard
<br /> � inortgage clause iiz f�vor of and in � form accept:�ble to Lender. Lei�der shr�ll I�ace the rigl�t to ]iold t,Le polieies� .�nd
<br /> renewals thereof, snd Borrower sha31 pron�ptdy furnisli !o I.ender al1 rene�val uotices and ull reccipts nf paid �are-
<br /> miums. In the event of ]oss , Borrower shisll give prompi notice to the insurancc carrier and 7.ender, and Lender
<br /> may make proof of loss ii not mude proinpt(y b}� 13orro�aer.
<br /> Unless Lender and Borro�ver otherwise agrce in writing, insurancc y�roceeds shall be applied 'to restoration ar
<br /> repair oi the Property dainaged, provided sucli r•esturation or rep�iir is economic:llly Seasible and che secwity of
<br /> this DQortgage is not thereby impaired. If �ucl� restoration or rep:�ir is not ecou�nuceilly feasible or if the security
<br /> of tliis Dlortgage would be iizipaired , the insurance l�roceeds shall be appliecl to the suuis secured by ihis Mortgage,
<br /> with the exeess, if �ny, paid to Borrower. Ii the Yroperiy is ahandonf:d by Borrower or if I3orrower tails ia respond
<br /> to Lender within 30 days after notice by I.ender to Borrower tliat the insura�ice carrier ofFers to sett,le a claim for
<br /> insurance benefits, Lender is authorized to collect and apply ti�e insurance proceeds at f.ender's option either to
<br /> � restoration or repair of t.he Property or to the sums secured by td�is \ Iortgage.
<br /> IInless Lender and Borrower otherwise a,gree in writing, any such appiic�tion of proceeds to priucipal shall
<br /> not extend or postpone the due date of the uiontlily installments i•efei•red to in paragrnphs 1 and '2 hereof or ci�ange
<br /> the amount of such installments.
<br /> If under paragrapL 18 hereof the E'roperty is acquii•ed Uy Lendea•, all T•ight, tiile and interest of Borrower in
<br /> audto any insurance policies and in and to tdie proceeds thereof (to tlie estent ol' t.he swi�s secured b}• this :�1ort-
<br /> gage �mmediately prior to such sale or ncquisitionj re,ulting frmr� d;�maige to the Yroperty prior to the sale or
<br /> , ucquisition shall pass to Lender.
<br /> ' 6. Preservation cmd Mcdntenance of Property; Leaseholds: Condominiums. 13orro�s*er shali keep the Prop-
<br /> erty in good repair and shall not permit or cocnmit wasie , iinpairinent., or deteriorstion o£ the Property and sliall
<br /> comply with t6e provisions of ut��� lease, if this \Iort�age is on a leasehold . If this \lorigage is on � condominium
<br /> unit, Borrower shall perforn� all of Borrower 's oblig�tions under the declaraiiun oi condominium ar rnaster deed ,
<br /> the by-laa�s and regulat•ions of the condoiniuium ��rasect and constituent docui�ie�ita.
<br /> 7. Protection of Lendez's Security. If Borrower fails to perfonu thc covenants and agreeiuent:s cont.ained in '
<br /> ; this AZortgage, or if any actiori oi• proceeding is corr�cnenced �vliicli materiall�� affeats Leuder's interest in the Prop-
<br /> erty, including, but not liinited to, emineni domain , i�isoh�ency , code enforceu�e�it , oi• ai•run�ecnenfs or proceed-
<br /> ings involving u bankrupt or decedent, then Lender at- I.enaer': option, upon notice to 13orrower, iriay inake sucli
<br /> appearancee, disbur,e sucl� swus and take such action as is necessary to protect, Lender's interest, including, but
<br /> not limited to, disbursement of reasonaLle attorney 's Fees and entry upon the Propert�> to make repairs. Any
<br /> umounts disbursed Uy Lender pursuant 'to t]iis l�aragraph 7 , «�ith interest thereon, shall beco�ne ttdditional indebt-
<br /> edness of Borrower secured by this �Sortgage. Unless Borro��-er and Lender agree to other torms of poyment, such
<br /> smounts shall be payable upon notice froan Lender to Borrower requesting payruent thereof, snd sl�all bear inter-
<br /> est from the date of disUursement at the rate stated in the Note uniess payment of interest at such rate'would be
<br /> cont.rary to applicable ]aw, in which event, such amounts shall beai• interest, at tshe highest rate permissible by
<br /> applicable law. Nothing contnined in this l�aragrap2i 7 sha1 � require Lender to incw• any expense or do any act
<br /> hereunder.
<br /> 8. Inspection. Lender muy make or cau�c ko he madc reasonablc entrie, upon snd inspec[ions of the Prop-
<br /> erty, provided tiiat Lender �hall give 13orrower uotice � �ria� to ru�}� suoh inspect,ion specifyint; reasonable cause
<br /> a th;::efo: rc!stcd to Lcr.de:'s �r.;crest in t?:c F'r�pc:ty'.
<br /> ` 9. Condamnation. The proceeds of any nward or clairn for daivages, direc.t, or consequential , in connection '
<br /> � �vith any condemnation or other taking of the Yroj>c�rty , or part tt�ereof , or for conveyunce in lieu of condemnrs-
<br /> tion, are hereby assigned and shall lae paid to Lender. °
<br /> ' In ti�e event of a total taking of the Propert.y , tne �iirocceds �ha11 be upj7lied to the smns secured by this Mort- f � . -
<br /> gage, ���ith t2�e excess, if any, paid to Borro���er. In tl�e event of a purtial taking af the Yroperty�, unless Borrower ' ;;; , x , ,�.` `"
<br /> and 1,ender �ther�vise agree in �+•riting, tliere shall be � pplieci zo clie siunc secured t�y this \lortguge such pi•opor- �T; �! *�
<br /> . ��
<br /> tiou of tlie proceeds �s is equal to that proporiion which tl�e amount of tl�e sutns secm•ed by this DSortgage imme- ,�;, '
<br /> � ; diately prior to the date of taking beais to tkze fair tnarket <<alue of t.lie Pi•operty iinmediately ��rior to tlie date of ,°���� `
<br /> taking, with theJ�alance of t.he proceeds pliid to I3orrower. :'9;� „
<br /> Ifthe ProF>erty is �aandoned 6y BorTower or iC after notice I�y Lender to Borrower that the candemnor offers
<br />� Lo monc wc, uwaru cr oettlu a. �utini ia� � �2aiva�et, Bucru�cer taila t� ita� ,ouu tu Let:"er i�itnii� 30 cl;+ �ra of t��e da�e � � �
<br /> «..
<br /> of such ncL:cc, L�.�dcr is authori:.ed to c:a:lec;, an�l a; �p:}• ti.c }3rocccds at Ler.der's option citlicr to res:oration or ` ,w, .
<br /> repair of the Property,or to the sums secured by this �lorkgage.
<br /> Unless I.ender and Borro�ver otiiercvise agree in writing, any such application of proceeds to principal shall
<br />� � .��. ` w.w �
<br />�
<br />�
<br />,� �
<br />
|