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<br /> 3. Apglication of Payments. i_ � ilc:. �. � ; �� � G � • .u � , � � �.: i•,r � r� �- i � l � ..: ui � mr��� i>� . ui � �: . . u �iii • . � �•Irr� i '. �� Luri � ii� :�
<br /> unc? cr thr \ ota �tu� i j �.u�aRr; � F ��h� 1 : uu � 2 I'� urc�ni .iiall h ,� � :ii ���� lio� I 1 ,�� Len � ' � i : ir:- t � r� �,ti�' iu •. nt � ii : i � u�� unls � �s}� :thlr tu
<br /> E=."a I ,end��r b�� Iiorr��cer un< icr � , zu;�grat� � i � '� Iicreof, tiicn tu iu:�� rr.•t �ui}� abJ �� or, the A"oi ,- .in� l � � n I � nt� ; rr• A < � ��snec; � il
<br /> ��nv , an� f then iq the princi}�al of th �� .A' �'�fc and io thc � � ,�inri � �a3 of l�uturo :1 � :� r:nc�c< . ii :tnc .
<br /> "� ' 4. Charges; Liea�s. ]3orro�vci ,1 �,all � � ev ztll ta�� � i•sra i �irmt � an�i otiur r � �i �;es , f� i�� ;ind ! mjiosition5 +ittrib-
<br />'�b�';,i � utable to the Property whicli m ay ittain .i prior�tv o�-cr iln:: Ato � t ; � ge, ai d hroi.an� l rent., , i � any, a Lender'S
<br /> option iu the mnnner providert undu- paragrapl� `� hereoi or ln• 13orio�� cr rot�king p:tiy�ueni, wl�ien due , directly io
<br /> ttle payee thereof. Eorro�ver shail promptl}• lurnisli to Lender all noti <;es of amounts duc under this paragrnph ,
<br /> j � and in the even 't Borrorver siialf ma%a payment direci�ly, Sc�n•o1�•er sh.�ll proropily furnish to Lender receipts evi- � �
<br /> � dencing such paymenYs. Borrower shall prom;�tly discharge uny lien �vl�ich 6as priority over this Jlortgage ; pro-
<br /> vided, that Borrower shall not ue requireci to discharge any sucl� lien so long ns I3orro�;�er shnll agree in writing to
<br /> ""+ the rayment of the obligation secured by �ucli lien in a inanner acceptable to Lender, ar sliall in good fa�ith contest
<br /> =� such liei� by, or defend enforcement oi such lien iii, legal proceedings �v3iich operate to prevent the enCorcement of
<br /> �-' t.he lie� or forfeiture of the Property or any l�art tl�ereoi.
<br /> � 5. Hazard Iasurance. Borrower shall keep tlie impro��ements uo�v existing or hereatter erected on tlie Prop-
<br /> �-- erty insured ugainst loss by fire, hazards included within the terin "extended coverage", and such other l�azards as
<br /> t Lender may require aud in such amounts and for sucli periods as I..ender may require ; provided, that Lender �hall
<br /> � not require that the amount of such coverage exceed that amount of co�-erage required to puy the sums secured 'by
<br /> this Mortgage.
<br /> The insurance carrier providing tl�e insurance shali be chosen i�y 73orrow�er sutrject to approvat by Lender ;
<br /> {>rovided, that such approval shail not be unreasonably �vithheld. All premiums on insurance policies sl�all t�e paid
<br /> At Lender's option in the manner provided under paragrap{� 2 hereof or by Borrower making psyment, when due;
<br /> directly to Lhe insurance carrier.
<br /> In the event any policy is not renewed on or before ten days of its expiratian, the Lender, to protect
<br /> its interest, may procure insurance on the improvementL, pay the premiums and such sum shaII becomr;
<br /> immediately due and payable with interest at the rate set forth in said note until paid and ahall be
<br /> secured by this Mortgage. Failure by Bonower to coinply may, at option of �.ender, constitute a default
<br /> under the terms of this Mortgage_
<br /> All insurance policies and renewals thereof shall be in form �icceptab]e to Lender and shall inciude a standard
<br /> �� mortgage clause in favor of and in form acceptable to Lender. I..ender shall have the right to liold tl�e policies and
<br /> renewals thereof, and Borrower shall promptty furnist� to Lender all rer.e�vat notices and all receipts o£ paid pre-
<br /> miums. In the event of loss , Borrower shalt give prompt notice to the insurance oarrier and Lender, and Lender
<br /> may make proof of loss if not made promptly by Borrowei:
<br /> Unless Lender and Borrower othersvise agree in �vriting, insuranee proceeds shall be tipplied to restoration or
<br /> repair of t.he Property damaged , provided such restoration or repair is econoYnically feasible snd the security of
<br /> this n4ortgage is not thereby impaired. If suc}i restor�tion or repair is not econoinicalty feasible or if the security
<br /> of this Mortgage would be impaired , the insurauce proceeds shall be applied to the swns secured by this D'Iortgage,
<br /> with the exeess, if any, paid to Borrocver. If the Yroperty is abandoned by Borrower or if I3orro�ser fails to respond
<br /> to Lender within B0 da�-s after notice Uy Lender to Borrower that the insurance carrier offers to settle a elai�n for
<br /> insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to
<br /> restoration or repair of 8he Property or to the sums secured by t.his •llorigage.
<br /> Unless Lender and Borrower otherwise agree in writing, any such applica,tion of proceeds to principal shall
<br /> not extend or postpone the due date of the montl�ly installments referred to in paragraphs 1 and 2 hereof or change
<br /> the amount of such installments.
<br /> If under paragraph 18 hereof the Propert•y is acquired by Lender, all right, title and interest of Borrower in
<br /> and to any insurance policies and in and to the proceeds tl�ereof (to the extent of the sums secured by this b3ort-
<br /> gage immediately prior to sucli sale m• acquisition) resulting from da.mage io the Property prior to the sule ar
<br /> acquisition shnll pass to Lender.
<br /> 6. Preservatior.: and Mmaten�ee of Pzoperty; Leaseholds; Condominiums. Borrower ehall keep the Prop-
<br /> erty in good repair and shal] not perrnit or commit tivas 'te, impairnient, or deterioration of the Property and shall
<br /> comply tivith b}�e provisions of any lease, if this \Sortgage is on a leasehold . If this �lortgage is on a condominium
<br /> unit, Borrower shall perfortn ull of Borrower's oblig�tions under the declarntion of condominium �r master deed ,
<br /> the by-laws and regulatia�s of the condominiwn project and constituent documents.
<br /> 7. Protection of I,ender's Security, If $orrower Sails to perforin the covenants and agreeruents contnined in
<br /> this ylortgage, or if any action or proceeding is coniroenced whicf� �naterially affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, erninent domain , insol�•ency, cude enforcement, or arrangexnents or proceed-
<br /> , ings involving a bunkrupt or decedeni, then Lender at I ,ender's option , upon notice to Borrower, may make such
<br /> appearances, disourse sucl� swns and take sucl� action as is necessury io pratect Lender's interest, including, but
<br /> not limited to, disbursement of reasonable attorney "s fees and entry u�on the Property to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this paragraph 7, �vith interest thereon, shall become additionaf indebt-
<br /> ednesa of Borrower secured by this iliortguge. Unless Borrower and Lender a�ree to other terms of payment, such
<br /> amounts shall be payabie upon notice from Lender to Borrower requesting psyment thereof, and shall bear inter-
<br /> est from the date of disbursement at the rate stated in the Note w� less payment of interest at sucli rate would be
<br /> cantrary to applicable law�, in which event st�ch amounts shail bear interest at the highest rate permissib3e by
<br /> applicable law. Nothing contained in this paragraph 7 shall requirc I_ender to incur any expense or do any act
<br /> hereunder.
<br /> 8. Inspeetion. Lender may roakc or cssure to Ge madc reasonahlc entries upon and inspections of the Prop-
<br /> erty, provided that Lender shal] gi�•e Borrocrez• noticc 7�i•im• to atinr such inspection ���ecifyin� reason3ble cause
<br /> tiaaretur reiaf,e3 to Leiiuer's intereat iu tl�c Yroperiy .
<br /> 9. Condemnation. The proeee�s of nny award or clnim for damages, direct or consequential , in connection
<br /> with any condemnation or other taking of the Pro�>erty , or ��art thereoP, or for com�eyance in lieu of condemna-
<br /> tion, are bereby assigned and shall be paid to Lender. "
<br /> In the event of a total tsking of the Propertv, the proceeds �liall be applied to the sums secured by this D�ort- , F:t;
<br /> gage, �vith fhe excess , if an,y, paid to Borro�+•ea�. In the event of a ��artial taking of the Property; unless Borrower "' � �
<br /> and I.ender otl�erwise agree in writing; tliere shall be ap��lieci to tl�e surns secured Uy t13is �Iortgage such propor- �` -+. '���"`
<br /> tion of the proceeds as is equsl Lo that proportion which the amount of the sums secured by this Mortgage imme- � �
<br /> < diately priorto the date of taking besrs to tlie fair markek value of tl�e Nroperty immediately prior to the date of '1� � P
<br /> taking, with the l�sslance of the proceeds paid to I3orrower. ` ' �''` '
<br /> If the Property is abandoned by BorroK�er or, i# nfter notice by Lender to Borrower that the condemnor offers „ � � y
<br />� to inske an awuiti or seiila x claim ior damages, Borrower faits to respond to Lender within 30 da,ys oi the daie , � ` �
<br /> ut suah no6ice, Leuuer ie uucuori�ed r.o cpllecc unc3 ap}�l�• the ��i�oceeds :at Lender's option eiiher io restoration or �.., �
<br /> repaiu of the Property oT to the suins secured by this \Iortgage.
<br />� � . LTnI�� T, �}�L7�� w�`7 R •y�y�.�i ��a.v^- I'lViov &�i2c in :vrit;r,g, &iay 'oiiC,i $�ij711CYa�1GII Of ]ji'OCCt'l1C ZO j)flIIC7�8� Si18�1 . � �
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