|
�,:�
<br />� w �
<br /> .� �
<br /> �;�
<br />� - '" ;
<br />�" � If under paragraPh lfi i�ereof the �'roperty is soJd or the T' ropert}� is other«- isc scy ;iired t�� Lender, I,ender
<br />� � �h�ll sxppl}� , �o later thaei in'�meeliatelp ��irior to thc tiale of tLe I'rn� �e;�t .v c>r its acr7uisitior� 1,}� Lender, an�� 1�uii �is � �
<br /> held by Lctider ai ihe tirne of aP3 ,lic�tioz� as a crerlil :e ;:sin�t tlie _un�� �eci.i•er: bti� ilii� :�lurigage.
<br /> 3. Applicakion of Payments. [;n1e:s •s��I7licabic i :i��� ��to��ides ut!ier��� isc , rall payiticnic icct,ivr.d 1 >y' j,eitdnr
<br /> under the NoLe and paragrat�l�s 1 and 2 hercof =_hall I;c ;al��ihcct 1 ; �� Lerider firsi in pacii�ent nt umounfs p:;y-able to
<br /> Ler�der by F3oa�rower under p:nra�rar�li 2 hereof , then to� interest y �avabte on f�he � o6c and on Future Ad ��ances , ii � � �� �
<br /> any, and tlien ia the Priricipal oi ther Not.c ancl io the � �rir: cip:: l of Future Ad ��rxi;ces, i { any.
<br /> � 4. Chax _qes; L3ers, Rorron�er sLall pa}� al3 taxes d�se��ments and ot,hcr cliar�es, fines and impusitions attrih-
<br /> utable to th� Propert.y which rnay 3t4ain a ��riority o� er th �s 14ortgage, und gr��uud renis , ir' ar:y, at Lender's
<br /> o}>t�on in the manner proride�i under ���3ragraph 2 1�r�reoP or b�• E3orrn�rer niaai:ing Payrncnt, ivhen due, directl,y- t.i�
<br /> the yayee i:hereof: $orrocw�er shall ' pron;7atly furnisli to Lendcr � ll notices oi ainowrts due uridcr this paragraph ,
<br /> ar.d in £he e��ent Borro�ver shal] n�ake pa�ment dirt�ctl ��, Borro��� �;r sh3ll prc>nt}'�tlp furnish to I.ende� receiPts evi-
<br /> dencing such j>ayments. Borro�ver shal ] proiu,�i_ '. �� c3nc2iarge an�� lien «�l�ich has priorit �� , ov�r this 11ort.gage ; pro-
<br /> vided, that Borros�•er shall not be reauired to disch3rge an�� such Iien :>o � ong as 13arrower shall agrce in writing to
<br /> the payment of ihe o}�] igation �ecured by such ', ier. in a manner acccpi;iblas to Lencler, or shall in good faith contest
<br /> z such iien 6y, or defend eniorcement oi sucl� lien in ; lega ] �,�roccedinRs �s� hich aperate tn 7� ,rrvent. the enforcement of
<br /> ` the ]ien or forfeiture of the Propert.}� m• any 3 �ari. ti,ereoi.
<br /> 1., 5. PTazazd Insuzance. I3on-o�rer shall i:ee4� dlie iinproven.ents no« c �istin �r c�; hercafter crer, ted on the Prog-
<br /> �> erty i�nsured a�ninst loss by fire, la �zaads i �cluded n�it.hin the iern3 "ext�:ndcci co��erage " , an�3 sucla c�t},er hazards a= � � � � ��
<br /> � ,.- ; Lender rnrsy rec�uia�� :�p�d irr sucl�i an'iounts and far suel� period � .�5 ].en<ler ac�;ty re�� u�ire ; F�ro��irled , tfia� 7,ender �ha31 � �
<br /> � � � � not require t;1� aE the aroount of sucl� coveragE e�:c�ed thai: amcru �a6 raf oU��eragF r�equired i,o pay t1�ze snrns secured 'by � �
<br /> �; this \Tortgage.
<br /> �; The insurence carrier � iro��idin�; ihe in5u �•ance sl�a.11 be chosen 1ry 13orrmaer suh,•, eci ta sppro��al Liy I.ender ;
<br /> provide� , thai. such approval s6a17 no 't be unreasonably withheld . All premi!sms or insurance polir;es shal . Ue paid
<br /> � �t Lender:e opiior, in i.lie rn:�rmer provided under pa.ragra� li 2 liet-eof or by Borr��t� ei making pay� nen6, �t•l�en due,
<br /> � direetly to the iusurance ca.rrier.
<br /> In the event any palicy� is not renew�d on or bef�re ten days of it.s expiration, the Lender, to prote.ct
<br /> its interest, may procure insu:ance on the itn�:�raven�ents, pa-,� the premiums and s+acn sum shal] become
<br /> imme�3iately clize and �aayable �c-it.h iiiterest at the rate set forth in said n �te until paid an� shall be
<br /> secured t�y this A4origage. Failc�re Uy Borro�+ er to com�ly rna}�, at. option of Lender, c�nstitute a deCault
<br /> under the f.erms uf this Alortgage.
<br /> All insuranr,e p�olici�as and rene�vals tliea�eol -ha11 be in form sec�pt,mble to L�endei• d�.nd �l»ll i� elude a stan�9ard � � � � �
<br /> m�r{ gage clause ;n iavor o! and itz for�n accepia "t�le to Lec�der. Len�ier s1�a� l ha��e the right t.o hold the �:�o] icies and
<br /> renewals tlzereof, and $orro«�ei• shall prarnptly { urnish t.o Lender 211 rene�val riotice= ar�d a11 rc�ceipts of paid pre-
<br /> rniums. In fhe e�•ent. oi loss, F3orrower sha11 give pro;npt. no�ice s,� the insi�rznce carrier sc� d 1.ender, and Lender
<br /> may rnake }�rauf of los; if not macie �rornl�t,ly t�y Borrower.
<br /> : Unless Len�3er and Aorrower oblierwise sgrec in �ti riti .�g, � t;suravice proceeds shall be ap}�lied i,o restoratiion or
<br /> reyair oi il�e Propei•ty damained , procided such restora [ ion oi i•epair is ecoi�o�nicaily icnsible �� nd the security of
<br /> this �lortgage is noi thereby impaired . If ,uch i•e�t.oraiion o, repair is not. econornic:ill�- ir,asible or if itx� securit.y
<br /> of this A4ort�aga woul<1 be irnpaired , f.he insurance ��roceeds �I�,� ll i ,e ap�.> lied to the suuis secui•e<i by- ihis l4ort,g��e,
<br /> � wit�h th� escess , i[ ai�y , paid to Borro�+�ei•. If t�l � e Yroperty is a6andoned 1>�� I3orrnwer or if ]3orr���� ei• fails t o respond � � � �
<br /> f,o Lender �vithin 30 days after t� ot.ice b}• Lender to I3orrower tli :if. ihc insurancc can•ier vffers t.o settte a elaim ior
<br /> insurance benefits, Lender is suthorized to collect :ind applti� the insurance proceeds at T..ender 's option either to
<br /> restoration or repair of the Property or to t:he sums secured 1>}� i:6is �Iongage.
<br /> ' Unless Lender and I3orrower othenvise agree in �vritit:g, any suc}i application of proceeds to principal shall
<br /> � not extend or postpone the due datie of the monthly insiallments rc:ferred to in para�raphs ] and 2 hereof or change
<br /> ' the amount of such installments. -
<br /> If under paragraph 1S hereof the Yroperty is acyuii•ed b}- Lendci•, al; right, tit]e and interest of Borrow�er- in
<br /> and to any insursnce I >olicies :�nd in ;and to tLe procecds tl � ereof ( to the extent ot the sums secured h�� this 1�-Iort-
<br /> gage immediaiely prior to such sale or acquisition ) restiilting irom daii�3ge i,o ihe Properi}� prior to the sale or
<br /> acquisition sha11 psss to Lender. '
<br /> 6. Preservation and Mmntenance of Property; Leeseholds; Condominiums. I3orro��'ez shall 1cee�; the Yrop-
<br /> �,� erty in good re��air and shall noC permit. or oornmit �v.isi�e ; impairment, or det�eriorstiion o ( 'the Property 3nd shall
<br /> "r� comply «�ith tt�e �rovisions of any lesse, if this � loriga�e i� on a ] eacehold . If tl� is �1a-igage i � on a condorninium
<br /> � unit, Borrower shall periortn all oi 13orro�ver's obligationc unc9er i he declaratiun of condominium or rnast.er deed ,
<br /> the by-laws and re•gulations oi tl�e condo7ninium �noiect an�l canctituetit ciocnrrietit= .
<br /> � 7. Protection of Lender's Security. If I3orro�cer iail< ta periaro the covenanis and agreements cont.ained in
<br /> this Vlortgage, or if any action or � rocecdSng is com�nenced �vhich mat�eriulle aficte.t:c Lender 's interest, in tl�ie Prop- �
<br /> erty, including, but not ] imited to , einii�eni, do�uain , �n �:ohenc�� ; codr eniorccrnent , or arrar �gc�nents or pruceed - {
<br /> ings involving a bankrupt or decedent , then Lender at 7 entier , op[ ion , upon notice to 13orro���cr, ma}- make such �
<br /> appearances, disburse sucl� surns and take sucl� action �s i� nc c c ��3r�� tc, prote� t I,ender's ir:tcrest , i:;cluding , but.
<br /> not Iimit.ed to, disbursement of reasonable atforney 's fees and :ntn� upon the Property t.o make repairs. .4ny
<br /> amounts disbursed by Lender pursuant to this parag! :tpl� i , witl� interesi thereon , shall become adtiitionai indebt- �
<br /> � edness of Borrower secured by this �7ort6age. Unless Borro�3 er and Lender agree to other terms of payment, such �
<br /> amounts shall be payable upon noiice from Lender to Borro�ver request,ing payment thereof, and shal ] bear inter-
<br /> est from the date of tiisbursement ai Lhe rate stated in t.he � ote w�less psyment oi interest. ai such rate would be
<br /> coni�rary fo applicable ]a �v , in �i•hich event suc}i an'�ounts shall },�ear int.erest at the }�igLesf. rate permissible b}� �
<br /> � applicable ]a�+�. �Tof.hing c�ontained ±n t� 6is paragraph 7 shall rec� uire I,ender to incur an}� expe�se or do any act
<br /> licreunii er.
<br /> 8• Inspection. I.ender mx}� make or c3use to hc inadc rea�onahlc entries upon and inspections of the Prop- '
<br /> �
<br /> erty, provided that Lender �liall give Borro�aer notirc � nior lo anc �uc•h inspection specifring ressonable cause '
<br /> therefor related Lo Lender's interesi in the Yropert��.
<br /> 9. Conderanation. The }�roceeds of any :aiv3rd or clain� ior damages, direct or consequential , in connection
<br /> with an�� condenmation or other taking of the Piropert,y , or � i:�rt thereof , w� for coi� ��e}•ancc in lieu of oor. dernna- �• # -' • n•' '",
<br /> tion, are hereby assigned and shall Ue paid to Lender. ' = , " ' `-
<br /> In the event of a total taking oF the Property , the pror.eeds sl�all be applied io the sum5 sec�red by this A4ort- �
<br /> I gage, «�ith the excess , if an}� , paid to Borro�vei•. In the event of a partial taking of the Pro� �erty , uriless I3orrower �
<br /> and Le�der ot•henvise xgree in �criting, fhere .I�a'. 1 be appiied to tlie smns secured by ih � s llortgage suc}: propor- ""�
<br /> Lion of ti�e proceeds as is equa] to that propurtion which the amouat �f the �um� cer•� � rnr� },ti- this �1or! �;aE;c imr±:e- r"'
<br /> diately prior to the date of taking besrs to the fai : inarket �-nlue of the prpperi.v i � umediaYel�• �n•i ��r to tho date of �
<br />� Inking, with the bnlance of fhe prpceeds paid to Berrower. �
<br /> If the Yroperty is abandoned by Borroceer or i � after notice by Lender to Borrot��er tl�at, the condemnor o�ers
<br /> to make an a.rard or cettle :i clsim for cismagr� , �io:roti�� er inils to respond to Lender �� ithin 30 d ��•s of the dste
<br /> of �cach nntice, Lender is authorized lu uollect :, i�� � s��p1�• iiie pr�ceed; at Lender's eption either to reslornt,ion or
<br /> repair oi the Property or to tl�e sums secured b�� tl � is Uor' ysge .
<br /> linless I.ender and Borrower oci�er���9se ngree in �vri 'ting , ar�}• such applict�tic» of proceeds co principal shall �
<br /> ' � a. � . • �
<br /> 1
<br />'�� Y��- r�, '
<br />
|