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<br /> It under parngrnpli 18 hereof the Propert}• in snld m• thc YroperLy is otherwisc ncquired by I.cnder, I.cnder
<br /> shnll npply, no luter tl�nn immedinlely prior to the �alc o( tlre Yroperl�• or it� ucquisitio�� by I.cnder, nn�� Punds
<br /> held by Lender ut thc time of applicutiou as n crcdiL i�gi�in�t Uic smns securcd by tl�is �fortgnge.
<br /> 3. Applieation of Payments. Unless .�pplicnblc la��• pro��ides other�ei�c, all puyments received 'uy l.ender
<br /> i under tl�e Note ancl pnrngrnplis 1 nnd 2 I�crcof shnli hc applicd hy I.endcr fint iu payment of atnowits paynble to
<br /> � Lender by Borrowcr under pnrngrnph 2 hercof, t6en to intcrest pi�yable on the Notc :md on ruture Advnnces, i[
<br /> ; nny, aud tl�en to thc principal o! �hc Notc and to tlic �irincipnl of PuLurc Ad��nnces, it any. �
<br /> j n 4. Chargea; Liens. IIorrower s1�iAl pa}• nll tuxes, nsscssments :tnd other chnrgrs, fines nnd impositions nttrib-
<br /> j atnbla to the Property �vhicL may nttain a priority ovcr Uiis �fortgage, and ground rents, if any, at Lenders
<br /> ; C� option in the mnnner provided under pnrngraph 2 6ereoi ur by 13orro�ecr mnking pnyment, when due, directly to
<br /> i r�' the payee thereof. Borrower shull prmnptly furnish to I.ender atl notices of nmouuts due tmder this pnragrnph,
<br /> 1 u nnd in the event Borrower shall mnke pnyment directly, 13orro�ccr shall promptly [urnisl� lo I.ender receipts evi-
<br /> j :,,' dencing sucli pnyments. Borrower ehnll prompUy discharge auy licn �vhich lias priority over this \Iortgnge ; pro-
<br /> � � vided, thst Borrower shall not bc required to discliurge nny such licn so long as ]3orrox�cr s6n(l agree in writing to
<br /> ' the pnyment of tl�e obligation secured by such lien in :� munner ncceptablc to Lender, or shnll in good fuith contest
<br /> � � such lien by, or defend entorcement of sucl� lien in, legnl procecding� which opernte to prevent the enforcement of
<br /> ^ the lien or forfeiture oi the Property or nny pnrt thcreof.
<br /> 5. Hazard Insur�ee. Bortower shall keep the improeements no�c eai�ting or Lereafter erected on the Prop-
<br /> � erty insured ugainst loss Uy fire, hnzards included rvittiin the tcrm °extended covernge", and such other hnznrds us
<br /> i Lender mny require and in such umow�ts and for such periods :is I.ender �uuy requice ; provided, thnt Lender shsll
<br /> ! not require thut the nmount oi such co�•ernge exceed thnt amount ot coverngc required to pny the sums secured 'by
<br /> j this Mortgnge.
<br /> The insurnnce carrier providing thc insuruuce shull bc chosen b}• 33orro�ccr suhjec6 to approval by Lender;
<br /> I provided, thnt such approval slinll not be unrensonubly n�ithl�eld. All premiums on insurance policies shall be pnid
<br /> at Lender's option in the manner provided under parugrnpli 2 hercof or by Borrower making payment, when due,
<br /> � directly to the insuronce carrier.
<br /> In the event any policy is not renewed on or before ten days of its expirntion, the I,ender, to protect
<br /> + its interest, mny procure insurance on the improvements, puy the premiums und such sum shall become
<br /> � immediately due nnd pnyuble with interest at the rate set forth in said note until paid and shall be
<br /> secured Uy this Mortgage. Fnilure by Borrower to comply may, at option of Lender, constitute a default
<br /> i under the terms of this Mortgage.
<br /> � All insurnnce policies nnd renewnls thcrcof �l�nll bc in iorm acceptabic to I.ender and shall include a standnrd
<br /> j mortgnge clnuse in favor ot nnd in form acceptable to I.ender. I.endcr shall hnec tl�c right to hold thc policies and
<br /> i tenewuls thereof, and Borroµ�er sl�nll promptly turnisl� to Lender all renen�nl noticr.s und all receipts o[ paid pre-
<br /> miums. In the event ot loss, I3orro�cer sl�ull give prompt nolice to the insurnnce carrier and Lender, nnd Lender
<br /> � may make proof of loss it not mnde promptly b}• Borron•er.
<br /> i Unless Lender and Borrower othenvise agree in �criting, insw•ance procecds slinll be applied to restorution or
<br /> repuir of the Property dnmaged, provided such restoratimi or repair is econoroically fensible and tl�e security of
<br /> � this �iortgnge is not thereby impaired. It sucli restor:ition or repair is not economicz�ll}• [easible or it tl�e security
<br /> of this �fortgage would be impnired, the insurnucc procceds shall be :i����lied to thc sums secured by this \fortgnge,
<br /> tvith the excess, if any, paid to 13orto�scr. It the Yroperty is ahandoned by Borroicer or ii Borrower fails to respond
<br /> to Lender within 30 days atter noticc Uy Lender to Borron•er that the iusurance cnrrier offcrs to settle a claim tor
<br /> ineuranee benefits, I.cnder is authorized to collect :md appl}• t6c insurancc proceeds at Lendcr's option either to
<br /> � irestorution or repair of the Property or to tLe sums secured by tliis \Iortgnge.
<br /> , Unless Lender and Borrower atherticise agree in �vriting, any such applicntion of proceeds to principnl shall
<br /> not extend or postponc the due dnte ot thc monthly installments refcrrcd to in pumgrnplis 1 nnd 2 hereof or change
<br /> the amount ot sucli inst�llments.
<br /> If under patagrnph 18 hercof thc Yroperty is acquired by I.endcr, nll right, title and intcrest of Borro�cer in
<br /> " ' nnd to any insurnnce policies nnd in and to tl�c procceds thcrcof ( to Nie estent oi the sums secured by this �iort-
<br /> guge immediately prior to such salc or ncqui�itionl resultiug irom d:unagc to tl�e Yroperty prior to thc sale or
<br /> � i ncquisition sl�all pass to Lendcr.
<br /> 6. Preservation and Mmntenance of Properly: Leaseholds; Condominiums. Borroa•er shall kecp the Yrop-
<br /> ; crty in good repnir and shnll not permit or commit ���aste, impairmcnt, or detcrioration ot the Proper6y nnd sl�all
<br /> comply with the pro��isions of any leasc, if th:s \Iortgagc is ou a leascl�old. It this �Iortgnge is on a condmninium
<br /> � unit, Borrower shall pertorm all ot Borrowcr's obligntions under tLc declaratimi of condmninium or master deed ,
<br /> '. the by-Inws and regulntions ot the condominium project and constitucnt documents.
<br /> � 7. Proteetion oE Lendei s Seeurity. If Borro���er fails to perform the covennnts and sgrcements contnined in
<br /> � this \Iortgagc, or if any action or procecding is commenceel n•hich �uaterinlh• afTects Lender's intemst in the Prop-
<br /> erty, including, but not limited to, eminent donu�in, insoh•cnc�• , codc cuforcement , or arrungements or proceed-
<br /> � inge involving n bankrupt or decedent, then Lender at I.ender's option , upon notice to Borrower, mny mnke such
<br /> appearnnces, disbursc sucL smns and take sucl� nction as is nece�sary to protect. Lender's interest, including, but �
<br /> not limited to, disbursement of reasonable attorney's fecs �nd entry upon thc+ I'roperty to make repairs. Any
<br /> amounts disbursed b}' Lendcr pursunnt to this pnrngrnph i, �sitl� intcrest thcrcon, shnll become udditionnl indebtc •
<br /> ' edness oi Borrower secured by this \fortgnge. Unless Borro«•cr and I.ender ngree to otlier ienus of payment, such
<br /> ; amounts shall bc payable upon notice from Lender to Borro��•cr requcsting pnyment thereof, and ehall Uenr inter-
<br /> eat from the dnte ot disbursement at thc rntc stated in the Note unless pnyment oi interest nt such ratc would be
<br /> I` contrary to applicnble ine�, in which ecent such amoimts shnll benr interest at the highest rnte permiasiUle by
<br /> � npplicnble law. Vothing contnined in this pnrngraph 7 shall requirc I.ender to incur miy espcnse or do any act
<br /> ; hereunder.
<br /> 8. Inspection. Lender mny make or cnu�e to be rondc reu�onnble entries upm� and inspections of the Prop-
<br /> erty, provided tlint I.ender elinll gi�•e Borro«•cr notire ��rior to nn}• sucli inspect.ion �peci(ping rensonnhle cnu�c
<br /> therefor related ta Lender's intcrest in the Propertg.
<br /> 9. Condemnation. The proceeds ot nn� a«�t�rd or claim (or damnges, direct. or consequcntinl , in connection
<br /> �ti•ith any condemnation or other iaking of tl�e Yroperty, or pnrt thereof. or for rom•e�•nnce in lieu ot condemna- �
<br /> tion, are hereby assigned and shall be pnid to I.ender. ''�''�r� ,r:,%
<br /> In the event o[ a totnl tnking ot thc Yroperty, thc ��rocceds shall be �pplicd to the sums sceured by Lhis \tott- = r N .
<br /> .gage, ���ith the excc�s, ii nny, pnid to Borro���er. In thc event of n pnrtial tnking of thc Yroperty, unless Borrower i; '' � � � .
<br /> Iand Lender othenvise agree in writing, therc ehall be npplicd to tlic �ums secured by tliis �lortgagc such propor-
<br /> 4 tion of the proceeds ns is equal to that proportion �chich the a�uount of the smns secured b}• this \Iortgage imme- "` , ,.� 3
<br /> ` diately prior to the date of tnking benrs to thc fair market �•nlue o( the Yropert}• immedintcly prior to thc dnte ot � . ' `
<br /> ! tnking, with the bnlunce of the proceeds pnid to Borroticer.
<br /> If the Ptoperty is nbundoned Uy Burroticcr or if nfter noticc by Lender to Borrowcr thnt the condemnor offers °':
<br /> to make nn a�vnrd or settle n clnim for ctmm�ges, Borron•er inils to respond to l.endcr n�ithin 30 dnys u[ thc dnte -*
<br /> of such notice, I,ender is uuthorized to collect and np��ly lhe procecd, at Lender:s option cither lo restorntion or
<br /> ' repair of the Property or to the swns secured by this \Iortgnge.
<br /> Unless Lender and Borrowcr other��•ise ngree in ���ritiug, nny such npplicntion o( procceds to principnl slmll
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