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<br /> If �uider paragrapli 18 herrof the Yro�iertp is ,old ur � hc Yroperty i, other�� i��• a�•quire�l I,�� L�•nder . I.ender
<br /> •hall apply, no later thun immediatety � irior to thc �alc of the Yro� �orty or it � urqui. ition L}' L��uder, an }� k'uuJs
<br /> held by Lender at the fi�ne� of applicat�ion as a credit aguiu�t tlie �uui� �ccurod h�• ih �. �1orrRug<�.
<br /> $. ![yplieation ol Paym�nta. Unless a{i��licablc l:i�c �u•o�•ide� otherwi�c , all �r.iyuicut . received by I.ender
<br /> under the Note xnd paragrapLs 1 and '2 hercof al�ull I �c a� q,lied 1 ,�� Lc��di•r fir.t in payiui•nt ui an�ounta payable to
<br /> Lender by Borrower under ��aragrapL 'L Lereof , theu to inte°rest � r<tiyable un the :Vote ;iud on Future Advances, if
<br /> tsny, sud �hen to the principal of the \Tote and to tlir �vinc• ipal of Futum Adaan�•e� . if any.
<br /> � �. Charqw Li�ns. Borrower s6all pay atl taxes, assessments xnd other chxrges , fines and impositions attrib-
<br /> ut�ble to the Property whicl� may nttain ss priority over tlii. �lortguqe , snd ground rents , if any , at Lender's
<br /> option in the manner pro��ided under paragrapl� 2 liereof or 6y I3orroH•er �naking payment , when due , directly to
<br /> C1l the payee thereof. Borrower shall promptly furnisl � to T.endcr ull notices of aniow�ts due under chis paragraph ,
<br /> ^� and in the event Borrower sl�all makc payment directly , Borro«•er �liull promptiy turniah to Lender receipts evi-
<br /> O deacing such payments. Borrower shall � � romptly discharge nup lien which l�as � � rioricy over this \lortgage ; pro-
<br /> � vided, that Borrower shall not be require�i ta discl�arge ar��• nueh lien so long as liorrower shall agrec in writing to
<br /> O the psyment of the obligation secured hy aucl� lien i�� a �netnner acceptsble to Lender . or ,hall in good taith contest
<br /> C� auch lien by, or defe�d enforcement of �ueh lie�i in , legal � �rocecdiiig� �� hich operute to prr.��ent the entorcement of
<br /> � the lien or forfeiture of the Yroperty or sin- part tlicreof.
<br /> ^ 5. Hasardlasur�e�. E3orrower �hali kee� � thc iiu � �ro�-emcuta now exi� tinR or f �rreafter erected on the Prop-
<br /> ert.y insured against loss by fire , hazards included within the term " extcuded coverage " , :uid sucl� ot6er hazurds as
<br /> Lender tnay require and in such auiouut� auii for �uch perio�l. :is Lenda� �ua�� req� � ire ; pro�•ided , that Lender shall
<br /> not require that the amouc�t of suel� ooverage exceed thac auiount of �•oeerugr re� �uired to pay the aums seeured '6y
<br /> this !vSortgage.
<br /> The ineurance carrier � �roviding the iu.w•si�c�� �hall be eliwen by Borrowrr ,ul �ject to approval by Lender ;
<br /> Nrovided , that such approval shalt not be unreasunably w•ithheld . _� ll premiums on insurance policies ,l�all be paid
<br /> at I.ender's optiou iu ttie manner provi�led under ��:irugrxpli 2 hereof w• b}' fiorruwrr �uuking E,at�ment , w�hen due ,
<br /> directly to the insurance carrier.
<br /> In the event any policy ie not renewed on or betore ten days of itH expiration, the Lender, to protect
<br /> ite interer�t, may procure insurance on the improvr.ments, pay the prerniume and such sum shall become
<br /> immediately due and payable with interest at the rate set forth in said note until paid and shall be
<br /> serured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br /> under the terms of this Mortgage.
<br /> All insurance policiee and renew�als thirreoi� .d �all b�� in forw ace��ptabl�� to L��u� ler cuid shall include u standard
<br /> mortgage clauee in favor ot and in for�n acee:�itable to I.rnder. Lrndrr e6u11 huve the right to I�old the policies �tn�.9
<br /> renewals thereof , and Borrower �Lall promptly furuish to LenJrr all renewsl noticr,.; and all receipte of paid pre-
<br /> miums. In the event of luss, BurroH•er shall gice proin��t nocicc to thc iu:uranre carrier and Lender, and I.ender
<br /> tney make proof ot lose if not made proiuptly Ly 13orrower .
<br /> Unless Lender and Borrow•er otlierwise sgrec in writiu�; . iusursucr procee�s shall be ttppliect to restoration or
<br /> repair of the Yroperty dt�maged . yn•o��ide�l sucli re�toiutiou or n•E�sir i.� �•��o� �uu �ically iea�ible ana the security o[
<br /> thie A4ortgage is not thereby impaired . Ii such rrstm•ution or repuir is uot ecunwnic311}- feasible- or if the security
<br /> of thie �1oKgage would be i�upaired , t6e insurance � ,roceedr �6all h�� spplied tu the aume secure�l by this 1lortgage ,
<br /> with the excess, if any , paid tu Borrower. ! f the Yi•o��ertv is ubamluned by Borrower or ii Borrower fails to respond
<br /> to Lender within 30 days ufter i�otice by I .ei�der to Borrower tlist the insurauce carrier otTers to settle a claim for
<br /> insuranee benefite, I .ender is suthorized to collect. anct spply thr insurunce proceeds at I,ender's option either to
<br /> reatoration or repair ui the Property ur to the sucn, secured I,} tl � is \lortgage.
<br /> Unleas Lender and Borrower otherK� ise ugree in writing, any sucL application of proceeds to principal ehall
<br /> not extend or postpone the due �late of the moutt�ly ii�stalLnrnt, refen•ed to in para�raphs 1 and 2 hereof or chnnge
<br /> t6e amount of such installments.
<br /> If under psragraph 1$ hereof the }'roperty is acquired !�y I,ender, all right, title und interest ot Borrower in
<br /> and to any insurance E�olicies and in an�i to tl�e pi•oce�ed, thrreot i to tlir extrut of the ru�n� secured by thie A4ort-
<br /> ga�e immediately prior to such salcr or ac�qui�itioni resultin�; fro� u �1am3Ke lu tlu� Yropert}� ��rim• ta the eale or
<br /> acquirition shall pass to Lender.
<br /> i. A��rratiea mad Mmnt�a�cs of Prop�rty: Leawholda; Coadomiaiums. 13orrower ahall keep the Prop-
<br /> erty in good repair and shall not permit or cocnmit waste ; icnpsirinent , or deterioration of the Property and shall
<br /> comply with the pro� isione of sny lease , if this \ lurtguge i� uu a leaaeLul�l . If this \Sortgage is ou � condominium
<br /> unit, Borrower shall perform all of Borrower ', ohligation. under tl�e declaratiou oi' condominimn or master deed ,
<br /> the by-laws and regulations ot the condaminiui� � � �rojrct au�i constituent documents.
<br /> 9. �obetion oE I.�nder's S�eurity. It Borrower fail, tu perform the covenssnts and :tgreements contsined in
<br /> this VSortgage, or if any action or proceeding is cuinu �enced �vhirl � tuaterialh• affects Lender's interest in the Prop-
<br /> e�ty, including, but not limited to , eminent don �aiu , w,ul � ency , codc enCorceinent , ur arrangements or proceed-
<br /> inQe involving a bankrupt or decedent , then I.ec�der at Leuder'. option , upon ❑oti�•e to I3orrower, may make such
<br /> appearances, disburne such sums and take nucli xction so i, ucre.sary to protect Lender's interest . including, but
<br /> not limited to, disbursement oi resaonable attorney 's tees :�ud .•utr� uE�o❑ thP Yro}�rrty to �nake repairs. Any
<br /> amounte disbursed by Lender pursuant to this paragrupl� i , .�•itl� intereet thereou , shall becoine additional indebt-
<br /> edaeea o[ Borrower secured by this Jlortgage. Unless Borrower and Lender agree to otLer tenns of payment, such
<br /> amounts shall be payable upon notice fro�n Lender to Borrower requesting E�eyineut tl �ereof, and sl�all bear inter-
<br /> est from the date of disbursement at tlie rate stated in the tiote unless paytnent of interest at such rate would be
<br /> contrrry to applicable laµ� , in which event suct � xmounts sLall bear interest at the highest rate permiasible by
<br /> applicsble law. Nothing cont»ined in thi� ��aragraph i ,h� l ! require Lender to incur any expense or do any act
<br /> heneunder.
<br /> �. L�Mien. Lender �nay �nake or esu.�e to IK� m.i�i�� ri�a�onablo i�ntrie� upon snci in�pections of the Prop-
<br /> �Y� P�vided that Ixnder �hall give Borrower notire � n•ior tu nn}� •urh in ,pe�tion .<� �erifyin� reaconable rause
<br /> therefor relsted to Lender's �nterest in the Yropern- .
<br /> •. C.00d�sabm. The proceede ot r�ny award or clairn tor damages, direct or consequential , in connection
<br /> with any eoodemnation or other taking ol the Yroperty , or � �art thrrrof, or for <�on�•epxn�e in lieu of condemna-
<br /> t.�on, +u+e bereby �weigned snd shall be paid to I.ender.
<br /> In the eveeit o[ a [ utal tuking oC the Yroperty , thr: proceecl� .liall Le appGed to the .umn nc:cured by ttus Mort- ,t
<br /> gag�e, with the excess , if any , paid to Borro�ver. In the event of a � �artisl taking of the Yroperty , unless Borrower ^ ' 'k
<br /> and Leader otherwise agree in writing, ti�ere shall t�e applie�i to the Eurns �ecureci by this \tortRage nuch propor- "^�
<br /> � tion of the procee�is as is equa! to that proporcion which tl�e awuunt of the cums .rcured by this biortgage imme- �u�,s
<br /> distely prior to the dste of tsking bears to the fair niarket value of the Yroperty im�nediately prior to the date of � '°"
<br /> t�kio�, w�th tbe bala.ce of the prooeeda paid to Sorrower. ��
<br /> If !b� PropaeEy is r.bareda�ed bY Borrower or ii nfter not �ee hv I .ender to BormwPr rhat thr oondPmnar �fferF
<br /> to ntfloe sn strsld or ezett}e a claim for damages, Borrow•er fsils to respoud to l.ender witLin 30 davn of I he datc�
<br /> of sue� not�ee, I.ender ie authorised to collect and ap��ly the proceecie at I.ender'r option either to reatoration or '*
<br /> e'eprit' ot the Pe�operty or to the eurns secured by tLis \fortgagr.
<br /> Uei�ers Lender arui Borrow•er otherwiee agt^te in writing, any sueh application oi proceeds to EirinciNal shall
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