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<br /> � If under paragraph 18 hereof the Property is sold or tl�e Propert�� is ot.herwise acquired by I.ender, Lender �
<br /> ahall apply , no later tl�an immediately prior to thc safc of tl�e Yro� �erty or its acyuisitiun Ly Leuder, any Funds
<br /> held by Lender at the time of application as a rredit againet tlie e�uin:: aecured hy thin 14ongege.
<br /> a. ADV�afion e1 paYm�efi�. Unless a�rt�licablc 1aw provides otherwise , all paymentri received by I,ender
<br /> uader the Note and paragrapl�s 1 and 2 hereof slialt bc ap��lieci I�,y I,end� r first in �>ayrnent of ��nounts payable to
<br /> Lender by Borrower under paragrapli 2 hereof, then to interest payahle on the Note and on Future Advances, if
<br /> any, acui then to the principal of the Note and to tl�e princi��al o! Future AdvanceE, if any.
<br /> � �. � I3res• Borrower ehall pay all taxee, asseaements and other charges, fines and im}w�itions atttib-
<br /> utaibk W the Praperty which rnay attain a priottity over tliis A4ortgage, and groua�d rents, if atiy, at Leqder's
<br /> optioa in the manner provided under ��aragraph 2 hereof or l�y Borrower inaking i�syment, when due, directly to
<br /> the payee thereof. Borrower ehal! promptly furnieh to I.ender all notices of amouuts due under thie parsgraph,
<br /> sad ia the event Borzower shall make payment directly , Borro��•er shall promptly furnish to Lender receipts evi-
<br /> deneine euch paymenta. Borrower shall promptly discha�ge any lien whieh lias priority over this lsortgage ; pro-
<br /> O vided, thst Borro�ver shali not be required to disclisrge any sucL liet� so long as Borrower s��sll agree in writing to
<br /> O the p�ymeat of the obligstion secured by such lien in a iusn�jer.scceptable to I.ender, or shall in good fsith contest
<br /> � weh lien by, or defend enforcement of nucli lieii in , legal proceedinge wLich operute to prevent the enforcement of
<br /> � tbe lien or forfeiture of the Yroperty or any part tl�ereof.
<br /> O 5• Hasm'd Iasur�. Botrower shall keep tl �e improvcmenta noµ• exi�ting or hereafter erected on the Prop-
<br /> O erty insured a�ainst loec by fire, hazards included withiu the term "extended coverage° , �nd such other haxards as
<br /> Lender may require end in such amounts and for sucl� periai� uE I.ender n�a�� re��uire : pro��ided , that I,ender ehall
<br /> noE requite that the amount of such coverage ezcec� tJist amount of coversge requireci to pay the sums eecured 'by
<br /> tha Mortga�e.
<br /> The insurance cartier providing tl�e insurauce ahall be cho,en by Borrower subject to approval by Lender ;
<br /> provided , that such approval sha11 not be unreasonably withlield . All premiums on insurance }wlicies shall be paid
<br /> at Lender's option in the manner provided under pxragraph 2 hereof or by Borrower making psyment, when due,
<br /> dieee�ly to the ineunnce carrier.
<br /> In the event any poiicy is not renewed on or before ten days of its e:piration, the Lender, to protect
<br /> its intereet, may procure ineuraace on the improvements, pay the premiutne and such sum shall become
<br /> imtnediately due and payable with interest at the nt�e set forth in eaid note untii paid and ahall be
<br /> aecured by this Mortga�e,. Failure by Borrower to comply may, at optioa of Lender, constitute a default
<br /> utsder the tera�e ot this Mortgage.
<br /> All insurance policies and renewald thereof sliall be in foru� acee{acable w Ixnder und shall include a ectandsrd
<br /> mort,gage clawie in favor of and in forni acceptable to I.ender. I.ender ehail t�ave the rigl�t to tiold the policies a�id
<br /> rene�vala thereof, and Borrower shall promptly [urnisL to Ixnder all renewal notiees and a►1 receipts of paid pre.
<br /> miums. In the event ot loss, Borrower sl�ell gi��e prompt notice to the insurance carrier and Lender, and I.ender
<br /> msy make proot of loss if not made promptly by Borrower.
<br /> Unlep I.ender and Borrower otherwise agree in writing, insw•s��ce proceeds st�all be applied to restoration or
<br /> repair ot the Property damaged , provided sueli restoration or repair ie econu�nically feasible and the security of
<br /> this MortQs�e is not thereby impaired . If �uch restor:�tion or repair is not economically fese�ible or it the �ecurity
<br /> of thie \iort�age would be impaired , tlie ineur�nce �,roceecis bl �all I,e a��plie.i to the sucus secured by thie Mott�y�e
<br /> with the eucese, if sny, p8id to Borrower. lt t,l�e Yro}�erLy ie nbandoned by 13orrower or if Borrower fails to reapond
<br /> to I.ender within 30 days after notice by I.ender to Borrower thut the insursnce carrier oHers to settle a clsim for
<br /> iuwtranoe bene5ta, Lender is suthorized to collect and apply the insurance proceeds at Lender's option either to
<br /> re�toeatioes or repair of the Property or to the suine eecured by thie \fortgsee.
<br /> Unlers Lender and Boesower otherwise agree in writing, any such application of proceeds t0 pryqCl�lLI el�alf
<br /> ' not exteod os postpone the due date of the montl�ly install�nent� referred to in paragraphe 1 and 2 hereof or e}ut�e
<br /> t�h� �ouat of siuh installments.
<br /> ; If under paraQrap6 IB hereof the Yraperty is acquired by I.ec�der, all right, title and interest of Borro�ver ia
<br /> and to say ineurance policies and in and to tlie proceeds tLereof 1to the extent of the sume secured by thie� Mort-
<br /> � immediately prior to such sale or $cyui�cition � re�ulting froru damage to the Property prior to the ezste or
<br /> aequi�ition ehall pase to Lender.
<br /> �` 1� �rd �fed�f�sama eE P�'eqetY% Las�hnldr, Caedeoieiums. Borrower ehall kee}� the Prop-
<br /> ett�y in good repsir and ehall not ��ermit or commit waste , iiupairn�ent , or detrriorstion of the Prnperty and rh�l!
<br /> oomply with the provisions of any lesse, it this \lortgsge is on a leasehold . If this Afortgage is on a condominium
<br /> ttnit, Borrowet ehall perfom� all of Borrower's obligstions under the declarution of condoininium or msater deed ,
<br /> . the by-ls�re and regulstions uf the condominium project and constituent dceuments.
<br /> 7• FreMe!'ssa o! Iwnd�r's S�eurity. If Borrower fail� to pertorin the covennnts and agreeinents conttined in
<br /> this Mort�sge, or if any action or proceedinq is commenced which raaterially affects I.ender's intereet in the Prop-
<br /> erty, ineluding, but not limited to, emiaent do�usin , insol �•ency , c�1r rnforce�uent , w• arrenRements or proceed-
<br /> in�s invoivins s bsnkrupt or deeedent, then Lender at I.ender 'n option , upon notice to Borrawer, mxy ma{ce saeh
<br /> appear�neea, diebutwe eucl� euwe and tske eucli �etion as is necer,ssry to protect Lender's intere�t, including, but
<br /> dot lunited to, disbureemeat of reasonable attorney 'c fees and entry upon tht Property to �nslce repairs. Aay
<br /> aa�ouats disburoed by I.endtr pureuant tv thie paraerspl� 7, witli interest thereon , shall beco�ne additiotul iadebt-
<br /> edaees ot Borro�ver eecured by this Asortaa�e. Unleas Borrower and I.ender agree to other terme of {uyment, euet�
<br /> amourke ahall be paysble upon notice from Lender W Borrower requesting payment thereof, and shall bear iater-
<br /> ert from the date of dirburrement �t the nte atsted in the Note unlees payment of interest at aueh rate would be
<br /> oontesry to applicsble Iaw�, in whieh event such amounts shali besr interest st the highest rate permiwible by
<br /> applieabk law�. Nothing containecl in tl�is parugraph 7 shall require I.ender to incur any expence or do any set
<br /> l+�wader.
<br /> �• ilrpelias. Lender may �nake or caure t� ix� u�adc rexa+onable i�ntr�es u}wn and inepections of t.he Prop-
<br /> ert,V. Provided thet I.ender Khall give Rorma•er no� ir� ; ,ri�r t � ,im� <, i�•i , : .;.��rtio:i �pc��if} iiig �ea�unali}e .oausr
<br /> tMerGse t�eL�ted to Lestier's iatero�t in the Property.
<br /> !. Cw�lie�. 'The prooeeds ot sny awsrd or elsim for damaeea , divect or eon�equential, in eonneotion
<br /> Mftb ssy eoadeetaation or efA►er taking af the Yroperty , or pa� , tiicreof , or for com•ryam•e in lieu of condemna-
<br /> �s � �' �+t�+� and shali be {f�id to I.ender.
<br /> j la t6e event of a totsi taking of the property , the ��rac•c�ic whall t � a{�pliecl to the sums �ecur� by this Mort- ,�"�
<br /> �ye, with the �sears, if any, }�aid to Boreoayer, In the event of a ��artia! takinq of the Property , unlcas Bornfwer
<br /> vd I.an�� eEl�ee�'»e uttee ie writis�, t'l�ere chall be appliecl to tl�e su�us �ecured by this liortgage such p�+eQer- �
<br /> � � � t1�e P��d� d w equ�t W that �+oetion whici� the anaeunt of the sum� secured by thie !ltort`a�e i�ne_
<br /> �!' !K'� t• � dM�e of ttki� besz'a te the Esir ivartcet value of t6e Prq�ert�� imtnedistely prior W the date of
<br /> lt�. s# 1M i+la�ae af Nse prooeede paid to Bornover. �. :y
<br /> 1f �S 1�'s�e�y +� �*rten�d !+� �ersower oz if after noLicc 6y- Luuirr Lu j3urruwer t,iut tne �wnuemnor aliers •
<br /> LO �'+ � �'� �' +�1� * �a*+ f�+' �°Fw+n+�ee, florro��rr faiSs to res�ond to I.f,u.ler witl,i�� ,i0 .ie�ys ui ifre d�t.r
<br /> : � � M�ti � ti �a�ad W e�ect and ap�+1Y the +►�+eoeeds st I.ender's optian either to reetoration or �`
<br /> + oee s
<br /> n1�' ei t1�e P'Y+sp�Ey er t� tJ�s r�s �raieed Ly this �fert�asr.
<br /> ���► � � H�a�t' ok�ervi�4 aO'se ie �►tit6�, asy w�eh app�lies�ti�m nf prv�rrrd� M I.rinciral ahall
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