k�
<br /> � �
<br /> If under paragraph 18 hereof thc }'roperty i. .old or the i'ro�ierty i, othrr�vi.�• :ieyuired I�}• Lei�dei•. Lender
<br /> shall applY , no Iater tlian immediately prior to t6e �alc uf tl�e Prn�u•rt �� ur it = u�•yui.ition f ��• L��ud�r, an �� Fu��da
<br /> held by I.ender at thE: time o( ssp�� lication us a i• redit ag:�iu.t 16c �uu �. .��c•ure��i k �y thi. �tort �;ag�� .
<br /> � 3. Ayplieatioa of Paym�nfa L7nlc.n a� �� �li<�ablc Ix« provides otl�erwi��• . all payuieutn recciva�d by I.ender
<br /> � under the Note and �iaragrapLs 1 and 2 hereot sliall { ,o u� �� �licd In• Len� i��r fir,t in payment of uniounf� pssynble to
<br /> � Lender by Borrower under paragrapl � 2 Lereof , tlieu tu intercet � �xvxblc on the Notcr ;in� � oii Future Advancex, if
<br /> � any , und then to the principal of the \'ate und to tlie � irincipal of Future Ad ��ances , if any .
<br /> � O 4. Ch�qua Li�ns. Borrower sliall pay all tuxes , aEsessn�ente and other churg�°s , fines and impositions attrib-
<br /> O utsble to the Ymperty which may 3ttsin a priority over this \fortgage, and grouud reut , , if auy , si Lender's•
<br /> option in the manner provided under paragraph 2 hereof or b,y �3orrower roakinq puyment , when due , directly to
<br /> � the payee thereof. Borrower shall promptly furnisl� to Lendcr all no[ ices of amounts duc w�der this paragraph ,
<br /> � and in the event Borrower shall �n�ke px.yn�ent dire<�tly , Bm•rotci r .Lull pruw� » ly furnish to Lender receipts evi-
<br /> deacing sueli puyments. Borrower shsll ��roiu � �tlp discLarge uu�• lien wl�ich 6us �� riority uver this \iortgage ; pro-
<br /> vided, that Borrower shall not be require�l to dischur�e any suoli lien no long :an korrowrr .Yiall agree in writing to
<br /> the psyment of the obligation secured by such lieu iu a manner accept:�ble to I ,euder , or .linll in good faith contest
<br /> suchlien by , ordefend enforceruent of such lie�i in . legal � � rucei>� iing, �vhich o�,eraic to pre� c•nt thc enforcement of
<br /> the lien or forfeiture of the Yropert.y or any � �art thereof .
<br /> S. Hazard Insurames. Borrowt:r �hall kee� � the iuya•oc�i�meuts no�c exi�ting ur l �ereaitcr e•rected on the Prop-
<br /> erty insured against loss by fire, hazards included withiu the term "extended coverage" , und auch other hazards as
<br /> I.endermay require �nd in such uiuow�ts und fur �u�• li � >c:riod� :i� Len�ler w;ay� rc�quire �. providcd , thnt I.ender shall
<br /> not require t}iat the amount uf such co� erag�� excred tlWt a�uounc o1 � •u�•er,�gc rt�yuire�l to � �ay the sums secured ' by
<br /> thie Mortgsge.
<br /> The insursuce carrier ��ruvidinq tlie iu=urai�ce shall t >e i�hosen I �}• liorrower �uf �ject to nppmeal by Lender ;
<br /> provided , that such xpproval shall not be unreasonably w�ithheld . :111 premiums on inaurance policies hhall be paid
<br /> at Lender'F option in the manuer }�ro�•idc�l under paragra� , h '? liereof ur hy� 13on•o�cer making � �ayment , when due ,
<br /> direeWy to the insurance carrier.
<br /> In the event any policy is not renewed on or before ten days of its expiration, the Lender, to �rotect
<br /> its interest , msy procure insurance on the improvement�5, pay the premiums 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 /> 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 policies xnd rei�e�wah thereof �hall he in forui aco�•ptzlble 10 Lender und :sli:ill include a �tandard
<br /> mortgage elaune in favor of and ii� foriu acce��table tu Lendrr. Lender �hall Lx�� e th�� riglrt to I�old the policies :uid
<br /> renewals thereof , and Borrower s6s11 �irumptly furnish to Lender sll reuewal noticr, and �ll receipt� of paid pre-
<br /> miums. In the event of loss , 13orrower �hall give ��rom}�c notiee to tiu� iusurancc currier and I .ender, and I.ender
<br /> mey make proof uf loss if nut made promptly l�y Borroµ•er.
<br /> Unleso Lender and Borrower otherwise agrre iu « ritiug . iu�w:iucc proceeds shall be upplied to restoration or
<br /> repair of the Yroperty damnged , provide� t sucli re�tor;�tion or re� �air i� ecunuiui��all �� fex�ilrle und the security of
<br /> this ?�4ortgage is not thereb}� impaired . If �ucL restor:atiou or re{ �air is not eco�� umicalit• fesaiLle or if the eecurity
<br /> of thir �lortgege would be irupaired , tlie in,w•aucu pr•uceed , sI11II lu• S�)� �IICC� co th�• swns secured by tl�ie Alortgage ,
<br /> with the ezcess, if any , paid to Borrower. lf the Yro�ierty is abarnlune� ! I �t� Borrou�er crc ii Rorrower fails to respond
<br /> to I.ender within 30 days after noticr: by ] .ender to Borrower thut th.• iusurauce carrier offerE to settle a claim for
<br /> insurrnce benefits, I.ender is authorized to collect and spply th�� insurxnce ��roceeds at I.ender's option either to
<br /> restoration or repair of the Property or to thr sums secured Lt• tliis \lortgage.
<br /> Unleas Lender and fiorrower utherwise agree in writiug, au}� sucli u�i{�licatiou uC proceeds tu principal shsll
<br /> not eactend or po�tpone the due date of the � uontlily installments referred to i �i paragraphs 1 and 2 I�ereof or change
<br /> the amount of such installments.
<br /> If under paragraph 18 hereof the Yroperty i, acyuired by Lender, all right , title und interest of Borrower in
<br /> and toany insurance policiee and in and to the j�roceeds ther��of ito the ex[ent uf 16e euma securrd by this Mort-
<br /> �age immediately Eirior to �uch sale m• acywsitioni ri•�uhin�; irom damugr tu tlu� Yropert}' � �rior tu the eale or
<br /> �cquieition shsll puss to Lender.
<br /> i. Pr�s�r�alioe �d Mmnt�naeaeo ot Prop�rty: Iwawholds; Coadomiaiums. Borrower �hall keep the Prop-
<br /> erty in good repair and shall uoc percnit ur con�mit waste . impairment , m• deterioratiou of the Yroperty and shall
<br /> comply with tl�e pro� isionc of any leuse , if this \lortgnge is uu a leaseliold . If this \lortgage is on 3 condominium
<br /> unit, Borrower shall perCorm all of Borrower'� obligatiou� under t he decluration of condominium or master deed ,
<br /> the by-laws and regulations of the condomiuiun � � x�oject sud �•onstituent docutt�ent�.
<br /> 7. PtWeelioa of I,�adsr's S�eurity. If Borrower fail� to � �ertorm the i�o�-i•nunts aud agreements contsined in
<br /> thie Mortgage, or if any action m• proceeding is connuenoe� l wl�irh n�aterially affecte Lenderb interest in the Prop-
<br /> elty , including, but not limited to, eminent don�aiu . in �ul � ��n�•�• . �•od�� ��nforre�:ii�nt . ur arrangecnent � or proceed-
<br /> in�s involving a bankrupt or decedent, then Lender at l .end�r '� option , upon �iotia� to Borrower, niay make such
<br /> appearanees, disburse cucL aume aud take �ucL artiuii :s� �� ur� rs�nry to prut.rct Lender's iutereat, including, but
<br /> t�t limited to, disburaement of rensonable attorney 's lee� snd entry ❑pon th� Yroperty to �nake repaire. Any
<br /> amounta diabursed by Lender pursuant tu this paragrapli : , ���itli interest Lhereon , shall becorue additional indebt-
<br /> edneseof Borrower secured by thie \iortgnge. Unless Borrower and lAnder agree to other terms of payment, such
<br /> atnounte shall be payable upon notice irom La:nder to Borrower reyuesting payinent tl�ereof , �nd shall bear inter-
<br /> e�t from the date of disbursement at the ra�e ststed iu the 1ou• unless payment of incerest at such rate would be
<br /> contr�ty to spplicable law , in which event. such umounts shall bexr interesi at ihe highest rate permiseible by
<br /> spplicsble law . '_VoLhing containeci in thi� paragraph i sl� all rc•�� uiro I .ender � o incur any expense or do any act
<br /> hereunder.
<br /> �. $tsp�e�aa. l.ender may makc m• cau�e to he ma�i�� rea�onahlc� c�ntries u�ion nnii innpections of the Pt»p-
<br /> erty , provided that Lender ahall give Borrow•er notioc � a�ior tu :ui}� �urli in,��rtion �pe�ifvin� reasonable cause
<br /> t6erefor relsted to I,ender's interest in the Yroperty.
<br /> t. Caad�atiea. The proceeds ot any award or olaim for damaRes , direce or consequential , in eonnection
<br /> with aay tondemnstion or other taking o! the Yro��erty , ur part thcreof, or for ron �•eyane� in lieu of condemna- '
<br /> Gen, �re hereby assigned and shall be paid ta Lender. t
<br /> ln the event of a tota] taking of the Yroperty , the � �roeced� ahall be upplicd tu the �ums secured by this '�Sort- ,,,,, "
<br /> gaee, with the eza�ees , if anV , paid to Borrower. In the e��ent ot a E�urtial taking of the Yroperty , unlec+s Borrower � '
<br /> � sed Lmaler otherwise ngree in wriLing, tl�ere shsll be ap��licvl to tl�e swns secund by this \lortgage �;uch propor- +� � ,
<br /> tim af the prooe�ede as ie eqwl to that pro}wrtion whioh the un�ount of the sunis secured by this Mortgage imme- i�
<br /> distely prior to the dste of talcing bearx to the fair �uarket �•alue of N�e Property immediately pri�r to the date of
<br /> tikf�. � tlr� baliece o( tl�e proreede pai�1 to Hortrnvpr
<br /> If tt�� Prape�tp ic abandoned Lv $orrower or if xfter uoticr bv I,eudr.r tu Borrowrr tl �at the �+undrmnor offerF
<br /> te m�i[e an avat�d or rettle s ciaitn tor damages, Borrow•er fails to respond to I,ender within 30 days oi the date .�, '
<br /> ef s�tc6 aotse�e, Lender ie authorised to colleet and up��ly tl�e proceeds at l ,ender:. optiun ��ither tu reEtoration or
<br /> t�epafr of t�e Ps'operty ar ta the rutae oeaured by this \lortgage.
<br /> liale� Leuder a�i bor�v�rer octurwae agree in wnting, any such appt�cat�on ot proceeds to pnncipal shall
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