|
� I �
<br /> � If uader pangtapl� 18 hereot the Property is eold or the Yroperty is otherwise �acquireci by I,ender, I.ender �
<br /> ehsll spply, no luttr than immediately prior to t6e ealc of tl�e 1'ro�mrty or ite acyuieition by Lender, any Funds
<br /> he�d by Lender at t3u time af application ae a credit agsinbt the sums �ecured by this Mortgage.
<br /> 1. �pp�ie4tlon oE Palr�wl�. Us►lesa a#'�licabte Iaw rrovide� otherwise, al! pay�nents receiveci by Lender
<br /> �;�p �� y� ���p�„ � ,;;;� � :;;.�,,: y!;_n �.,. 4n„Iia�i hy L.ender firet in payrnent nf amounLs payable to
<br /> Q Laeder 1►�r $�na�rae under psrr�y�ra�► 2 heceo�, tt�en to iatereet payable on the Note and on Future Advances, tf
<br /> � #�, a4d tb,m►"ta tJ�e piinc+�s1 of the Note sn�d to tlne principal of Future Advances, if any. }
<br /> � Cti 1. C'ias�t �i�rw Borra�as �sii p�y sll taxes� as�eewnenta mnd other ehas,�ea. finee and impaaikioae attrfb-
<br /> Ci? �b�e ta �a F�fe�y vrlqmh msy ak.t�in s priority aver tl�i� Mort�e� aud grpwad renW� 'tf wy. st I.e�dAe's ,��
<br /> C7 � � #�,f � A�ovi�ad utadar p�wr+ugry�l� 2 hereof or Ly Borsoa=er �nekin6 Paymeot, whan due, directiq to � �
<br /> ; ,7 kl�s p4y►en Chrnaet, BQsro��as slu►il prnnap4ly furAiei� to I.ender alt notices at amouats due uader this psra�apk.
<br /> ` � aad in t�se evesfL Bos�+owet shall meke paynient directly, Horrower ehs�ll promptly furnish to Leader receipta evi-
<br /> ; � �neh p�ynten6l. Barrower sitslt promptly discliarge any lien which haa priority over thie MortRa;e ; pso-
<br /> 1rid�, t#u�t �qrf�cnreqr r�aH uot be rmquie^ed to di�cl�arg�e any sucl� lien eo long ae Borrogrer ehsll agree in writia; to
<br /> t,bs pii�ritent oi Cbe aiblipwion aaew+ed k�y eiuci� ]ien in u u�anner accept,able to I.ender, o'r ehalt in gond !'ith conste�
<br /> ; � �jpli byt� 4�' 1JQII�i BIISOlGCIliBAL OI 811CI7 I1CA ITI, legal J�r�ceeulinge which operate to prevent the eatos�t of
<br /> f,iis 2in� qr tuet�u�e o[ the 1'raparty or any }�art clieseof.
<br /> i. I�rmd i�Muemew Borrower ahsll kce� thc iin�rovero�ente now existing or heeeafter erect�ed oa the Pnop-
<br /> � erl�y ina�f+ed apia� boo by fire, hasards inoluded witYhin Che term "eztended coverage„ and such other hasardr a�r
<br /> I.ewdee �sy t+equire snd in such smounts and for aucla periode sa I.ender msy require ; provided , that Lender adall
<br /> neb tq�tite t6at the amount af such coverage exceed that amount of coverage required W psy the sume reoured 'by
<br /> ' � Tbe�ee earrier providing the ineurance shall be chosen by Borrower eubject to approval by Lendez ;
<br /> provided, that euch approval ehall not be unreseonably withheld. All premiums on insurance policiee shalt be paid
<br /> at Lender'e option in the manner provided under parsgraph 2 hereof or by Borrower making paym�at, when due,
<br /> di�► to W�e insuranoe osrrier.
<br /> Ia t�e eveat any policy is not renewed on or before ten days of its ezpiration, the I.ander, to prota:t
<br /> its ieferert, may pencure insurance on the improvemente, pay the premiuma and euch aum shaU 6eoome
<br /> immediatdy due awd psyable with iatereat at the rate aet forth in said note until paid and rhall be
<br /> recuerod by t�ir Mort�a�e. Failure by Borrower to comply may, at option of Lender, rnnstitufis a defsult
<br /> Ye►�#a�' t�e teemr Of t#�io Mortp�ge. +
<br /> All iaeuranoe policieez and renewale thet�rf ehall be in fonn acceptable to Lender and shall include a qtst�dasd
<br /> m�ost`#�e olaawe in favor of and in form acneptable to Lender. Lender shall Uave the right to liotd the policiea and
<br /> +^eoe�raLr then�of, and BOrrower ehall promptly furnish to Lender all renewa! notices and all receiptr• c�f paid pn-
<br /> miuem. In the ev�t o£ lorr, Bormwer sha!! give prompt notice to the insurance carrier and i.ender, anei I,eodar
<br /> i mnr �ual�e proof of loes if not made pmmptly by Borrower.
<br /> � [T�er I.eadee aad Borrower otherwise agree in writing, insurance proceeds shali be applied to restorat�p or
<br /> cepwir of f,he Pt+operty da�saed, provided euch restoration or repair ie economically feaaible and the eecurity of
<br /> ' f� ]Ita�e ie not thereby impaired. It such restorxtion or repair ie not econornicalty feasible or it tt�e reewity
<br /> ' of t�6» �vtort�e would be impai,red, tue insurance proceeds �thalt I�e applied to the suws secured by thie Mort�e.
<br /> witt8 Elre ataers, if uny, paid to Borrower. If tt►e Yropeny is abanJvned by Borrower or it $orrower fa'ak W �pOnd
<br /> , ta I.and�r wif11'sn 30 days sfter notice by I.ender to Sorrower that the insursnce carrier oQers W eettle s ciniai tot
<br /> i�leraee beiee�4, I.ender is authorised to collect and apply the inauranee proceeda at Lender's option �tier to
<br /> - t�s�aw�ion or s��air of the Property or W the eu�ns secured by this 14ortgage. "'
<br /> IIfMiw I.mder aad Borroper otherwire a,Qree in writing, any such applicstion of proceede to prinoipai d�alt
<br /> � nak � oe po�aine tha due dste of the �nonthly instsliments ��eterred to in parsgrrphe 1 and B hee^eof or a�aote
<br /> �M Mwi�t of aueh ied�allmantr.
<br /> It � paea�eapJ► 18 heseof the Prpper�y is acquired by Lender, aU riaht, title and int,ere�t ot $urrowme ia►
<br /> aod to aoy ina�raaae polieiee and in snd to the prooeede thereoi (to tl�e eztent ot the xuma oecured by this Mort�
<br /> , (ye imm�di�tely ��tiot to cuch sale or acquisition) reaulting from dsmage to the Praperty priar to the qale or
<br /> �� i aeq�io�► �il p� to I.eadez.
<br /> � t lkwrewlios md �f�Mamiw at Pro�rty: I.�heldr, Ceedeimi�ium�. Borrower shsll �eep tfie Pe+op-
<br /> � eety ia Qood repeir sad ehall not permit or wmmit wsste, impairment , or deterioration of the Propesty and s6f11
<br /> � eoa�ly �►it6 the provisione of any laase, if this 1lortgage is on s lesaehold . If thi� Mortgage ia on s eoadoenioium
<br /> ; unif., Bsrso�ves ahal! pesfarm a11 of Borrower's obligaLions under the declsration of condomiaium or master deed,
<br /> , y bbt by-isws aad re�wiLtionr of the condominiuni project and conetituent documente.
<br /> j !. lYeboli�s a! I+oRMs's 3�eusilZ If Borrower fails to }serform the covenants isnd agreemente oontaiaed in
<br /> � f�is Moctp,�e, � if eny aetaon or psooeeding is colnmenced which materi8lly aHects I.ender's iutetnst i� the ProQ-
<br /> aet�, iaelwling, but not limited Lo, eminent domain , insolti�ency , code enfoecement , or Krramtements or proeeed-
<br /> ier inrolvios a bankrnpt or deeeiient, then I.ender at I.ender's option , upon notice to Borrower, msy make sueh
<br /> ' appwerneer, disl+w�re euoh sums and t�ke euch action as is neceseary to protect I,ender'e interest, ineludie<, but
<br /> net 4e�itod to, dir6ut�reauestt of reaoonable atWraey 's fees and entry upw� the Pro{�ert,y to inake sep�in. Any
<br /> � d'abuned by Le�er pureuant to this psragrsph 7, witli interest thereon , ehali heeane additionat iadebt-
<br /> �da�w o( Soetower oeoured by thie Morteage. Upiees Borrower aad Lender agree to ott�er te�ma ef p�ye�root, suo!►
<br /> � �i frrrs tbe dale c�f�d bures�t�a��st t rs� r�mdtai inBthe Note u�nlees pa�j�m�ent�of inteeest s�iueh wceld be
<br /> s earte�as� to applieable isa, in whieM event auoh amounta ehalI bear intemt at the hi�est nte permiribie by
<br /> g 6��iiaik la�v. Nathing oontsine� in this ►raragraph 7 shnll requim I.ender to incur sny expenee or do sny ect
<br /> R 1rp�lla�t. Ltnder may meke or cause to he madc reaeonnble entries upon and inspeccions ot the Ptvp-
<br /> NtT, peos�ded ihst I,eesder efisll giroe Sorrower notire ��rior to uny Kuoh insrection ��wcifyin�e reanonaAte cause
<br /> i tllM�he' iMiW� b� Lrnder's irsf�ast ia t:be P:�opertp.
<br /> y L R'�i�ra. T1►e peisoea�s ot aay avard or claim for dsma�a, direet or cow�equeat�i�l, ia coan�etien
<br /> i wit► aa� �aa or otber t� of t!►e Property , or �urt thereaf , or tor conveyance in lieu o[ ebndeenna-
<br /> ,` . � tIMY�tlsl�i�r�wd aad shaii be psid to Lender. �
<br /> In 1be evmt af a to�tad t�d� of t� P�nperty . the proceed� sliall I,e srplied to the suma eecueed by this Moat-
<br /> �f�tly atitltlwlticee�s, if anq, paid to SqM�"oswer. In the event of a paitisl taking of the Pmperty , unlew Borrower �'���
<br /> J � f11�Yi T�rMr�Ir �FiNwtbe tqproe ia �rrit�, �ils�e si+alt be �lied to Nie wa» seeured by thie Mortgsge �uch prepor- • '• ��
<br /> " �t +Q� i4s ps�ee�ir � i� eq�1�1 bs tiut propoefaon rrhiek tiu amount of the sums aecured by ti�ie Moeteage iaome- �„
<br /> °` dirtN�'MR�ilk t�!� il�e et t,�ki� � Oo ta►s fair �►� vsiue of tiie Pe�operty im+neciistely prior ts the d�bo of �
<br /> ' �'►.:��'�ME I�re 1�ew�s�M Pai�d iye� �orrs��r. ' „ ',;.
<br /> ,• : �i���ilf�ir�deer�iU�rBi�rrwrernr it �after natic�e by i.ewder to Aornewe* th�t the condemna o�ere � ,
<br /> "" �Y,iY�� ee'Iwtt� a at�im Eor d�m�, Barn�wer tsilc tA e+er�Ond fs T.ender w�thin 30 dsyn of t.ik+ dRt4 ` " _ ��.
<br /> �r �r�1M1�1i�;,����t'iA� � �o s+�e4 �nat' y�y the peooeeab� at Lender'e optioa either to reetoration or "'� `y..•*
<br /> � �M�it�ri 11Mr 1��i1�1pr �iM►ti��wqs ��eqtai�e t�i� �iastt�e. b
<br /> , . � � �Mlt' aed $eess�ee o�le�ri�e a�ta� ia �vvritsn�, a�p tueh appiieation of praoeeds to priucipal ehall
<br /> �, ,
<br /> +z ' ,
<br /> . . �
<br /> � � �
<br /> �..,....� . _ _ ._ _ :. .
<br />
|