|
'::...
<br /> r , � �
<br /> If under paragraph 18 hereof the Pro� �ert �- i, sold ur che Yropert }� i� ocLen� ist• .ivyiiircci b�- Lcnder. I .ender
<br /> .liall apply , no luter tl �an immediately prior to the siili� of tlic yru� u.rt �• ur it = u�•quirition I ,�• Li•ud�r . :suy b'nnds
<br /> held by Lencier at the time of upplication as a <• redit aqain= t tlie .wu. �r�•uro� l h�� thi. 14ortqa�;c.
<br /> 3. Application ot Payments. Unler� applicuhlc I:s�� � uovidc. other�+ i..e , all pay��uenls receivc� i l�y Lender
<br /> under tl�e I�'ote and psragrapLs 1 und 2 Lereof �hull I ��• u� ���li�vl I,y Len� li�r fi �:.t in � �ayiucnt uf uniounts puyable to
<br /> Lender by Borrower under paragrn� �l� '2 licreof , tlieu t ��� int �•reat � n�}�:lhl�� un tl�o Vot �� aml on Future A� lvuncea , if
<br /> I any, and then to the principxl of the Nutc un� i to tl �e ��rin�• i��zil oi Futurc A�I �•unci�� , if any .
<br /> �. Charq�s: Li�as. Borrower shall pay all taxes , assessmente aud other ch�r�;es , fines nnd impositions attrib-
<br /> utable to the Yroperty which may attaiu a priority over tlii� \4ortgage, snd ground rentF , if any , at Lender's
<br /> option in the manner provided uuder ��drngra��h 2 I�ereof or b}� Rorrower u�aking payment , when due , directly to
<br /> +`� the payee thereoL Borrower shall promptly turnisl� to Lendcr alf nofices of awount. due under this }�aragraph ,
<br /> � and in the event Borrower aLall make pay�nent directly , Burro�ser cLull ��ronq7th� S'm•nish to I,cnder receipts evi-
<br /> C12 dencing such psyments. Borrower �Lall �vom��tly discharge au�• lien which has priority over this \lortgage ; pro-
<br /> � vided, that Borrower shal l not be reyuired to discLur{;e am• surh lieu so lang a� liorrower �hall agree in writing to
<br /> O the payment of the obligation eecured by such lieu in :� nxu� ner acceptable to Lcnder . or ,hall in good faith contest
<br /> �^.- such lien by, ordefend enforcernent of such lieu in , legai � a•ocec�ling� ��� liirh operute to � n•e� ��nt the entorcement of
<br /> the lien or forfeiture ot the Yroperty or any part thereof .
<br /> � 5. Hazard I�urtmes. Borrower �h� ll kee� � tlie i � u � n•o ��e�uouts nuw existiu �; or lu•reaftcr erected on the Pro}�-
<br /> � erty insured agsinst loss by fire, hazards included within the tunn "exteuded coverage" , und sucli otlier liasxrds as
<br /> Lender niay require und in �ucl� umoun� s an�i for sucl � � ,eriu<Is :u Lender wa� reyuire ; { �ro�•ided , that T.ender shall
<br /> not require thut tl�e u�noun[ oP such coverage exered t1is � a�nouut of ro �•era�e reyuired to pay the surns secured 'by
<br /> chis Mortgage.
<br /> The insursnce currier �xoviding thc insurance sliull be � hoseu i�� Borrower �ubject to appro�•al by Lender ;
<br /> provided , thac .uch a��proval shall noc t>e unrcasonabl�� withheld . :111 premiums on insurance } �olicics �hall be paid
<br /> at Lendei• 's o� �tion in tLe inr�uner E >ro�• idr�l uu�ler � �arugrtt��l � 3 hcreoi or hy Boi•ro���er �uuki � ig ��a}• u�ent , w� hen due ,
<br /> direcWy to the insurance carrier.
<br /> In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect
<br /> its interest, may procure insurance an the improvements, pay the premiums and such sum r;halt become
<br /> immediately due and payable with interest at the rate set forth in said note until paid and shall be
<br /> secured 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 ��olicie. and renew�ul� t6��reof' .Vixll I �e in turni a��oe�,teibli� to Len� ler :uul .:h:all include 3 ntandar�i
<br /> �nortgage clause in favor uf uud in fortu uc•�•eptable to Lender. L�•��der• -hal1 ha�•c t hc right to liold th�• policies :an3
<br /> renewals thereof, und Borme�er shall pron�ptly furni;t� to Lcnder all renew:�l notice� and all receipts of paid pre-
<br /> miums. In the event of loss , Borrower sl�ull gi�•e proropt nolice tu thc in�urance currier �nd Lender, and I.ender
<br /> may make proof of loss if not made promptly kiy BorroK•er.
<br /> Unlesa Lender and Borrower otherwise agrre in ��� ritin�. iu.urunce proceeds shall be applied to restoration or
<br /> repair o[ the Property ciamaged , liro��ided �ucl� re.tm•ation ur re��air i� ccunoiui�:� ll�� iea�iblr and the security of
<br /> this 9lortgage is not tliereby impuired . li �ucl � rc•scor:itiun c�r re��air i= not ��conomic:ill�� feasible or if the security
<br /> of thie Jfortgage would be impaired , tLe insw•ance ��roceeds ,6all I ,c u��{�li�+d to thr sums secured by ihis '�lortgage ,
<br /> with the eYcess , if any , paid to Borrow•er. lf the Yro� ierty is abau� loned I �t� Borro�c�� r or if BorroK�er fails to respond
<br /> to Lender within 30 days after noiice b�� I .ender to Borro�� er that thr innurunce carrier offerc to settle a claim for
<br /> insurance benefits, I.ender ia authorized to collect and apE� ly th�� insurarice �iroceeds ac. Lender's option either to
<br /> restoration or rep3ir of the Yroperty or to the sums ccew•ed L�• tl � in \ lortgage.
<br /> Unleas Lender and Borroµ�er otherwise ttgree in �vriting, xu}- sucl � application ui proceeds to principal shall
<br /> not eYtend or postpone tl�e due date of the inonthl�� instaliments refcrred to in psragraphs 1 and `l l�ereof or change
<br /> the �mount of sucl� installments.
<br /> If under paragraph 18 hereof the Yroperty is acquired by I .ender, xll rigl�t , title eind interest of Borrower in
<br /> and to any insurance ��olicies and in an�i to the proceede tlirreuf itu cho extrnt uf tl�e �um, �rcured by tliie blort -
<br /> gage iinmediately prior io �uch sale or xey �i�itionr re.� ulrinq Sl•u�u � Iu �uuKe � u the Yropett3• prior to tl�e sale or
<br /> acquisition shall pass to Lender.
<br /> 6. Pt�ssrvatioa msd MmaNnaaco of Prop�rty: Lsaseholda: Condoxniniums. Iiorroa�er shall keep the Yrop-
<br /> erty in good repair �ud shal ] not periuit or ro�nmit �vuste, impuirinent , or �ietcrioratio❑ uf thc Yroperty end shall
<br /> comply with the pro�•ieions of any lease, if thi� Alurtgage i� uu :x Icasel �ol�l . If this \lortgage is on a condominium
<br /> unit, Borrower shall perform all of i3orrower', obligation� uuder the declaratiuu of con.iominium or master deed ,
<br /> the by-laws and regulations of the condominiu�ii � �roject au� t constituent documents .
<br /> 7. Proteetioa of Iwnder'� Socurity. If Borrow•er iailt to ��erform the coveuxnts nnd aRreenients contained in
<br /> this vlortgage , or if any action or proeeeding is con �n�enced whirli niaterially sffect.s ].ender'e interest in the Prop-
<br /> erty, including, but not limited to, eniinent douiuiu , iu.ul � euey , �•wle e•niorcewent , ur arrnn�etnent� or proceed-
<br /> ings involvin� a bankrupt or decedent , then Lender at Leuder'� option . upon noticc to 13orrov.�er, may make such
<br /> appearances , disburse sucL swus xnd take such uction u, i� neve�sary to protect Lender 's interest, including, but
<br /> not limited to , disbursement of reasonablc att.orney '� Fee� an<1 entry upon thA Yro�iert}� to make mpairs. Any
<br /> amounts disbursed by Lender pursuant to this E�aragrt�pL 7 . witli interest thereon , si�all becotne additional indebt-
<br /> edness of Borrower eecured by this �lortgage. Unless F3orro� er and Lender agrec Lo other terins of pa,yment , such
<br /> amounts shsll be payable upon notic�e from I.ender to 13orro�rer rt:yuesting payment thereof, :�nd shall bear inter-
<br /> est ftom the date of diebursement at the rate ststed in the lotc u�iless payment oi interest at sucli rate would be
<br /> contrary to applicable leN•, in which event auch Nrnounte shall bear int.erest at the l�igl�est rate permiseible by
<br /> appliceble lnw . '_Vothing containe�i in tl�i� � �arugraph ; �hail re��uirc L��uder to incw• uny expense or do any act
<br /> herounder.
<br /> 9. Insp�etian. Lri ;�:er tuyy ii::�k�� in� rau>� t .� h. ma, i. rra�uu:il�l� � .� utrir, �i { ��n a�i.i itaF>rrti �n: of tlic Prop-
<br /> erty , provided that Lender �hall gi��e Borroa�er noti ��c � u�ior tu :u�y �urh in�pcction �� �ecif}� inR rea�onable caus�
<br /> theretor related to Lender's interest in the Yropert�• .
<br /> Y. Cond�mttation. The proceed� of uny a��•ard ar rl�irn (or dumsges, direct m� consequentisl , in connection
<br /> with any condemnation or other taking of the Yro��erty , or � iart there�of , or fur ron ��cyan�•e� in li�u of �ondemnn-
<br /> tion, are hereby asslgned snd Fhall !�e paid to Lender. ,�,
<br /> In the event of a total taking of the Yroperty , tlic � �roceed� ,I�ull I,e applied tu the swus serured by this '.�Iort- n ' : �+
<br /> gaCe, with the excess, if any , paid to Borrower. ln tl�e event of a par[ial taking of the Yroperty , unleaE Borrower � �!, �
<br /> � atui Lender othetwise agree in writing, there ehall be ap��lied tu tl�e euinn �e��ured by thi� \tortRage 5ueh propor- �^��
<br /> tion of the proceeds as is equal co that proportion which the amount of the sums ,ecured by this :ltortgage imme- � .
<br /> diately prior to tf�e date of taking bears to the fair insrket �•slue of tl�e Yroperty immediatel�- prior to the date of
<br /> t�kiu�, wi11� tdau LxLauue �►i the Nruixjwle }�uiu t,u Bc�rtvwer.
<br /> I! ttk Pro}wr6y i. aLsw.la�cxl Ly Burruwer ur iI a(Ier i�uiice L� Leuuer tu Burrower bLat �Le cuuseuu�ur ufTern
<br /> W mslce an award or settle a clsim for dainages, Borrower fails to respond to I.ender within 30 days of the date ^k
<br /> of such notice, Lender is suthoriaed to collect and apph• the procee�l� at I,ender't optiun rither to reatoration m•
<br /> re}+si� of t� Prry+Art.y M tn thr ���mR ,�wrnrnri hy fhi. \ 1 �r4gngr
<br /> Unleac I.ender and Borrow�er oti�enviae agr+ee in writing, any such application of prooeeds t.a principal shall
<br /> �. _ J
<br />
|