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<br /> I If imder pnrngrnph 18 l�ercot lhc YroperLy is sold or tlie Yroperty is otherwisc :�cquired by 1,ender, Lender
<br /> sluill npply, no lnter thnn i�mnediutely prior tu lhc snic of thc Property ar its ucquisition by Lender, nny Fwids
<br /> held by Lendcr at the time of applicntim� us n cmdiL ngninst Uic sums secured b�• this \4ortgube.
<br /> ... 3. Applieation ot Payments. Unless npplicnblc lu�c pcovides othenvise, all paymenls reccieed by Lender
<br /> �, under thc Note und pnrngrnphs 1 nnd 2 hcrcot shnll bc applicd by Lendcr fiist iu pnyment o( nmounls pnynblc to
<br /> ��, Lender by Borrower under pnrngrnph 2 hcreof, then to intcrest paynble on the Votc nnd on Puture Advnnces, if
<br /> � U• nny, nnd then to the principol of llic �Totc nnd to thc princip:�l ot Futurc Advanccs, if nny.
<br /> ` , 4. Chargos; Liens. Borrower shall pay nll tuxes, asscssmcuts and otLer cLnrges, fiues nnd impositions nttrib-
<br /> utnble to the Property wl�ich mny attain a priority over tLis \fortguge, und grouud rents, it any, ut Lender's
<br /> � option in the mnnner proeided undcr parngrapli 2 hcreof or by 13orro�vcr making pt�yment, when due, directly to
<br /> ^ thc pnyee thereof. Borrower sl��ll prom��lly turnish to T.ender ali noLices oF amounts duc under tliis pssragrnph ,
<br /> und in the event Borrower ahnll makc pnymen6 directiy, I3orro�ccr shnll protuptly furnish to Lendcr reccipts evi-
<br /> dencing such pnyments. F3orrower shnll promptly dischnrge nny lien �ehich hns priority over this \Iortgage ; pro-
<br /> vided, that Borro���cr shall not be required to discharge au}• siich lien so long as Borro�der shnll agree in writing to
<br /> the payment of the obligation secured hy �u�h li�n in ;t Iqilttl�r�• ��rrn�ftl�)1� !e I�nde:, o: s;;a:; in gccd fr.ill� cuutest
<br /> sueh lien by, or defend enforeement o[ such lieu iu , Iegal proceedings which ope�:�ic to precent the enForcement of
<br /> the ]ien or forteiture ot the Property or any part tl�creoi.
<br /> 5. Hazard Insuranee. Borrower sliall keep the improcemenfs no��• existing or hereaffer erected on the Prop-
<br /> crty insured ngainst loss by fire, hnzards included witliin tl�e term °extended coverage", aud such ofhcr liazards us
<br /> Lender mny require and in such nmounis and for such period� as I.cndcr may require ; provided, thut Lender ahnll
<br /> not require thut the nmount of sucl� covernge excced tl�nt ntnount oi coecrage required to pn}• the sums secured 'by
<br /> this Mortgnge.
<br /> The insurance currier providing the insurnnce shnll bc chosen by Borrower subject to approval by Lender ;
<br /> provided, thot such approvnl shnll not be imrensonably �vithheld. :Ul premiums on insurunce policics sl�nll be paid
<br /> nt Lender's option in thc mnnner provided under paragrnph 2 hercof or by Borro��•er making payment, wl�en due,
<br /> directly to the insurnncc cnrrier.
<br /> In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect
<br /> its interest, mny procure insurance on the improvements, pay the premiums and such sum shnll become
<br /> immedintely due and payable with interest at the rnte set forth in snid note until pnid and shnll be
<br /> secured Uy this I�4ortgage. Failure by Bonower to comply may, at option of Lender, constitute u defnult
<br /> under the terms ot this Mortgage.
<br /> All insurnnce policies nnd renewals thercof �hall be in form accep[ablc to Lendcr nnd sh�ll includc a standard
<br /> mortgnge cluuse in fuvor of nnd iu form acceptnblc to Lender. I.ender shull have thc right to I�old fhc policies nnd
<br /> renewnls thereof, and Borrox•cr shall promptly furni�l� to Lender all rene���al notices and all receipts oi paid pre-
<br /> miurr,s. In the e�•ent ot loss, Borrower shall gi��e prompt notice to the insurance r,nrrier and I.ender, nnd Lender
<br /> may mnke proof o[ loss it not mndc proroptly by IIorro�ecr.
<br /> Unless Lender and Borrower othenvise ngrce in writing, insurance procecds shall be npplicd to restoration or
<br /> repair of tl�e Property damnged, providecl such restoration or repnir is economicnlly teusible and the securit}• ot
<br /> � this \Iortgage is not tl�ereby impnired. If such restorntion m• repair is not economically fensiblc or if the security '
<br /> of this \fortgnge would be impnired, the insurnucc proceeds shall bc npplied to thc sums secured by this \fortgage,
<br /> witl� the excess, if any, paid to Borro�eer. If the Property is nbandoned hy Borro�ccr or it 33orro�ver tails to respond
<br /> to Lender within 30 days nfter notice by Lender to Borrower thnt the insurnuce cnrricr oRers to settle u claim tor
<br /> ineurance benefits, I.ender is uuthorized to collect and apply the insurance procceds nt Lender's optiun either to
<br /> � restorution or repair of the Property or to the sums sccured bg this \lortgage.
<br /> Unless Lender und Borroti�•er othen��isc ugrce in writing, any such applicntion ot proceeds to principnl shall
<br /> � not extend or postponc the due date ot the montLly instnlhneuts referred to in pnrngruphs 1 and 2 hereof or changc
<br /> the amount ot such instollments.
<br /> If under paragrnph 18 hereot the YroperLy is ncryuired by Lendcr, all right, titic und intcrest of Borron•er in
<br /> nnd to nny insurance policies :uid in and ta the proceeds thereof ( to tlic extent of the swns scrured by t6is hIort-
<br /> � gage immediately prior to such snlc or ncquisitionl resulting irom dnmagc to the Yropert.y prior to the sale or
<br /> acquisition shull pass to Lender.
<br /> 6. Preservation �d Mmntenance of Praperiy; Leaseholds; Condominiums. 13orro���cr shall kcep the Prop-
<br /> � crty in gool repnir and shnll not permit or commit «•aste, impairn�ent, or deterioration ot tlie Property nnd s6all
<br /> + comply with lhe pro�•isions of any lensc, if this \[ortgagc is on a Icnsehold. If this Jlortgagc is on a condominium
<br /> unit, Borrower shall periorm all of Borro�ver's obligntious undcr the declarntim� of condominiwn or mnster deed ,
<br /> the by-laws and regulations of the condominiwn project and constiLuenl documents.
<br /> 7. Protection oI Lendei s Security. It I3orro�ver fails to perfonn the covenants ;�nd ngreements contained in
<br /> this \Iortgage, or it any nction oc procecding is commenced whir,h routerialh• nf�ecls T.ender's interest in the Prop-
<br /> erty, including, Uut not limited to, eminent domnin , insoh'ency, codc entorcemcnt , or arrnugements or procced-
<br /> } ings involving n bankrupt or decedent, fhen Lendcr nt I.ender's option , upon noticc to I3orro�eer, n�uy mnke such
<br /> uppenrnnces, disburse such sums and tuke such nction ns is nece�snr�� to protect Lender's interest, iucluding, but
<br /> not limited to, disUursement o( reasonnblc nttorncy's fees and entry upmi th� Yropertp Lo iunke repnirs. Any �
<br /> amounta diebursed by Lender pursuant to this pnragrnph 7, with interest thereon , shnll bewme ndditionnl indebt-
<br /> edness of Botrower secured by this �lortgnge. Unless IIorrower and I.endcr agree to othcr tenns of puyment, such
<br /> nmounts ahnll be pnynble upon noticc ftom Lender to Borro�aer requcsting pnyment thcreof, and sl�all benr inter-
<br /> eet from the datc of disbursement nt thc ratc stated in the Note unless pnyment of intcrest nt such rate would be
<br /> contrary to applicable In�v, in which event such nmonnts shall bear interest nt the higl�est rnte permissible by
<br /> npplicuble Inw. ?Qothing contained in this pnrngmph 7 shnll requirc I.endcr to incur nny expense or do nny nct
<br /> hereunder.
<br /> 8. Inspeedon. I,ender mnp mnke or couse to be made ren�onahle entries upon nnd inspections ot the Prop-
<br /> etty, provided thnt Lender �linll give Borra�scr notice prior to nn}• �uch in�pection �pecif}�ing rensonable cnusc
<br /> therefor related to Lender's intcrest in the Propert}•.
<br /> 9. Condemnation. The proceeds of auy award or clnim for dmm�ges, direct or consequential, in connection �
<br /> with nny wndemnation or other tnking of tlic Yroperty, or �iart tlicrco(, or for con�•cynnce in lieu of condemnn-
<br /> tion, nre hereUy nssigned nnd shall be pnid to Leuder. +--� ,+,
<br /> In the event ot n totnl tnking of the Yroperty, thc proreeds �hnll be applicd to the sum� secured by this �tori- �
<br /> gage, �r�ith tl�e excecs, if an}•, pnid to Borro�eer. In the c�•ent of n pnrtial t.�king of the Yroperty, uuless Borrower {` • N J
<br /> and Lender othcrn�ise ngree in n•riting, therc ehall be applied to thc sums securcd by this \Iortgnge such propor- � %
<br /> L tion of the proceeds ns is e qual to thnt pro portion �chich the nmount of the sums secured b y this illort ga ge imme- d! „
<br /> • dintely prior to the dnte ot tnking benrs to thc fuir market �•nluc of the YroperLy immedintcly prior to the dnte of �`` ` .
<br /> ' tnking, with the bnlance of thc proceeds paid to Borrox•er. �j
<br /> If the Property is nbnndoned by Borro«•er or if :�fter notice by Lender to Borro�rer that thc condemnor offers � "
<br /> to mnke an nwnrcl or settic n cluim for dnmages, IIorro��•cr fnils to respond to I.ender ��•ithin 30 days of thc datc � ;
<br /> of such notice, Lender is authorized to collect nnd applp LLc procecds at I.ender's option eitl�er ro restorntion or
<br /> repair of the Property or to ttie sums �ecured by tl�is \Iortgnge. �i
<br />�, Unless Lender and Borrorver othera�ise ngrec in writing, nny such application oP .proceeds to principal shnll
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