|
� � �
<br /> IIf under parsgraph 18 hereof the Yroperty is sold or tfie 1'roperty is otherwiee acquired by Lender, Lender �
<br /> ehall apply, no later than immediately prior to thcs aale o[ tlie Pro�ierty or ita acquisition by Lender, any Funds
<br /> held by Lender at the time of application as a credit against tl�e swns secured by this Mortgage.
<br /> S. Appliaafion ot Payaa�sW. Unless a�licablc tsw providen otherwibe, nil payiuent� received by Lender
<br /> uadet the Note and gsragraplas 1 and 2 liereot eliall I�c appliec! !�y I.ender first in paymeat of amounEe payable to
<br /> I,ender by Bprsower under paragrapl� 2 hereof, thei� to interest �iuyable on tl�c Note and on Future Advnnoe�, if
<br /> +�ny, at+d t,heo tn the prineipa! of the Note snd to tl�e princirwl of Future Advanees, if any.
<br /> 4. � Liaw. Bor:q�er sl�sl! pay s11 to�ces, asoessmen4 and other aharges, tine,e nnd im�ositione attrib-
<br /> � �b� to the k�ropetty whio6 a+ay attsin s priority over tiiis Mortgage, and ground rente, if any, st Lendee"s
<br /> optipp in the m�utner paavided uader paragrsph 2 hereof or by Borrower making payment, when due, die�ectly t�o
<br /> Ehe psyee thereot. Besro+ver ahall promptiy furnish to 7.ender all notices of amounte dne under thia pae�a�ph, `
<br /> •ad ia khe oveut Bornower ahi►Il make payment directly, Borrower sLall prompWy furnish to Lender receipts evi-
<br /> densing �uli paymewts. Bosrower shall promptly diacliarge any lien which hss }�riority over this MortgsQe ; pro-
<br /> vidad, thnt Sorro+vet ehall �ot be required to diech4rge any euch lien so long se Bonower ehall agree in writing W
<br /> the psymeet of the obli`ation setured by such lien in u inanner acceptabie to Lender, or sl�sll in good faith oonted
<br /> '� �olf lisn by, or defeod emfotcement of eucli lien in, legal proeeedings which operate to prevent the entoredneet of
<br /> ^ the !�a or forteiture af the Property or any part thereof.
<br /> � S. �d Iasur�. Borrosver shall keep the improvements now ezisting or hereafter erect�ed on the Pro�-
<br /> etty ieuured aRainet lws by &re, hszarda included within the term "extended coverage", and such other hszarde u
<br /> V Lead�r may require and in euch smounts and for euch Iaei�iods aa I.ender msy require ; provided, that T,ender ahslt
<br /> O � �uise khat the smount of such coverage exceed that amount of coverage required to pay the sume eaeured'by
<br /> ' a The�gi rence carrier providiag tl�e insurauce shall be chosen by Borrower subject to approvat by I.ender ;
<br /> ^ pmvided, thst such approval ehsll not be unreaeonably withheld. All premiums on insursace policies stwll be psid
<br /> at Lender'a option in the manner provided under ��aragraph 2 hereof or by Borrower making payment, when due,
<br /> � d�raoWy to the ineurance osrrier.
<br /> Ia the event any policy is not renewed on or before ten days of its ezp�ration, the Lasder, to peotect
<br /> ib interest, may procure insurance on the improvements, pay the premiume and auch sum shall beoome
<br /> immediately due and payable with intereet at the rate set forth in said note until paid and ehaU be
<br /> aeeured by thie MortgaQe. Failure by Borrower to comply mwy, at option of Lender, constitute a dehult
<br /> uader the terms of thie Mostgage.
<br /> All ineurance policies and renewals tliereof ehall be in form acceptable to Lender and sfiall include s etandard
<br /> mortrA6o clause ia favor of and in form acceptable to Lender. I.ender shall have the right to hold the policies sad
<br /> reneasb thcreof, snd Borrower shal! promptly furnieh to Lender sll ronewal noticr.s and all receiptai of psid prt-
<br /> miums. In t6e event oi loes, Bonower shall give prompt notice to the insurance carrier and Lender, snd Lender
<br /> mqy make proof of lars if not made promptly by Borrower.
<br /> Uala�s Lender sad Borrower otherwise agree in writing, insurance proceeds shall be applied to c+eetorrtion or
<br /> t+eppir of the Property damaged , provided such restoration or repair is econoniically feasible and the security of
<br /> tbis Mortsa`e is not thee+eby impaired. If such reetoration or repair is not economically feasible or if the eecurity
<br /> o[ th» Mort�e would be impaired , tlie insurance }�roceede sliall i�e applied to the aums secui+ed by thio Moet�e,
<br /> wi66 tbe exaew, if any, p�id to Borrower. If the Yroperty is abandoned by Borrower or it Borrower fai�s to re�wnd
<br /> to I� withia 30 dsye after notice by I.ender to Borrower tLat the insurance carrier o8ers to settle s claim tor
<br /> itruea�nee beae6tr, I.ender ic suthorised to collect and apply the iaeuranee proceede at Lender'e opt.aon eit6er to
<br /> nrto[at�ot► or sepair of the Praperty or to the sums secured by this lfortgage.
<br /> Uaiea Lender and Borrower otherwise agree in writing, any such application of proceeds to principal �6a11
<br /> ueR eatteed or poatpone the due date of the tnonthly installments referred to in paragraphe I and 2 hereof or ehan�e
<br /> t�s �aAouet o[ n►o!� ic�t�llmente.
<br /> If mder paeasraph 18 hereof the Property is acquired by Lender, all right, title and inEerest of Boreow�er io
<br /> asd to �ny ineuraace poliaiee and in and to tiie proceede thereof l W the eztent of tl�e �ums eecured by tFiis Moet- _
<br /> p�e i�diately pri�r to such sale or acquisitionj resulting from dainage to the Property prior to the sale or
<br /> aequisitaou ehaU �o to Lender.
<br /> R Abws�afiea �d D�tmet�aamc� oi Propn�ty: IwQs�holds; C�dominivau. Borrower shall keep the Prop-
<br /> eety in aood repair and shall not permit or commit waete, impairment, or deterioration of the Property aad iha!!
<br /> oomply �vitfi the prnvieions of any lease, if this \lortgage is on a leasehold. If this biortgage is on s oondom'seium
<br /> uait, BosM�ver ahall perfortn all of Borrower's obligations under the decleration of condominium or marter deed ,
<br /> t6e by-lawn and regulatione oi the condominium project and constituent documents.
<br /> 7. l�ONetioa d Lnd�r'� S�eurit7r. If Borrower Pails to perform the covenants and agreemente coatained in
<br /> ' tbi� 11�(ottpie, or if any action or �rooeeding ie commenced whicli materially atCects I.ender'e interest iti the Prop•
<br /> eety, ineludit�, but not limited to, eu�inent domai�i, insol��ency , code enforcement, or arrangemeatg or pro�eed-
<br /> iap iavolvins s bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such
<br /> sppa�ranoer, diabutee euch sums and take such action as is necesesry to protect Lender's interest, including, but
<br /> , oe6 l�miteci W, diabucYement of rearonsble stwmey's fees and entry upon the Yroperty to mslce repain. Any
<br /> a�aouab dirbuned by i.eader punuant to thie paraeraµl3 7, wit6 intereet thereon, ehaU beaotne additietutl indebt-
<br /> �daers of $orro�vet seewred by thie biortgage. Unless Borrower and I.ender agtee to other teeme of p�yment, tueh
<br /> amoua6s ahxll be pwyable upon notice from Leader to Borrower requeeting payment thereof, and ehall bear inter-
<br /> art from the dste oi d�but�sanent aL the rste stated in the Note unlecs payment of intee�t at sucfi nte wouid be
<br /> aoattary to rpplicable Iaw, in which event euch amounts shall bear interest at the highe�t rate persniMible by
<br /> appliaa6l� law�. Nothing eoutainecl in this psragranli 7 shall require J.ender to incur any expense or do any act
<br /> . 6�su�dar.
<br /> ' R 1qq�efieo. l.ender u�ay make or es►use to lx m8dc i•easonsble ent.rie� upon and inspec�tioiu ot the Prop-
<br /> erEy, grovided that I.ender Rhall give Borrower notic� � a�ior to an�� �n�•h in�I.Prtirni .t,ev-ifying reaacx�nhle cnuee
<br /> t�wv�se erlsted to 3.eai�'� interest in the Property.
<br /> L CAe�aM�a. The prooeeds of any awsrd or claim for damaaes, direct or oonsequeatial, in epeneetim
<br /> �riW �r eoademnation a� otAer takinQ of the Pro}ierty , or �iart tltereot, or tor conveyance in liev of condemna- �
<br /> � tire, a�e h�reby assi�d and sYsl! be paid to Lender.
<br /> � Ia tie eveK►t ot a total t�kittE of the Pnaperty, the pnoceed� sl�all l�e applied to the sums secured by thie Mort- �k
<br /> � p�1, �vith tbe euoers. if a�ay. �aid to Beeruwer. ln ti�e svent of r partisl tsi[i�ag of the Pr�operty, unlear Borrow�er � �� �
<br /> � wd tw�d�r otdreawi�e a�re�e ia +rriteiag, there etiall be applied to tlie eums secw+ad by thia MortYeYe such pro=wr- a �," i
<br /> ' �i�la aE kb pr+ooss3s as a aQu�! Eo tMt preper6ian which tl�e affioun�G of the auns eecured by thie Mort�e iam�e-
<br /> � P�'q[ to 111e tlM�e eE tOk'st� �es to t,6e fsir i�arlceE vslne at W�e Fs+opesty immediately prior W the date af �'� z;
<br /> 'r1�, �111t11i��iY�we at tbe gnsoesd� p�id tn Saex�w�er.
<br /> " N llur�'ir wbawdonee! b7 BeRtlfw�K or ii e�fter notiee bp I,endez to Sortoxez tlzat the eondemaor oSers ' "y .
<br /> ` Zo � au i� oe �tfria s e+�im fer da�, Sorrow�r fsiie t� r�pasld to Lender wit�in 3(1 daye of the date ,�; , �,' '""`
<br /> ' a� �Yait ar�iialy I+asde�' ir autl�erilM,d to cslte�t !�d y�y the proneede at Lender'K opcion eitl�er to reBiqration or
<br /> s�flk et tLe Pso�le!'Ey ar 6o tbs sttsr aleeurat by tliu atarEta�e.
<br /> LTWM�t Lenda[ aod 84rcwru othat+win a��ee in wt�anQ, any e�wh applieation of Pt+ooeeds W pti�ipal e6a11
<br /> � � � �
<br />�
<br />>.
<br />
|