|
;w:�'
<br /> 1 .
<br /> � �
<br /> If under paragraph 18 hereof the Yro� �crt�• i5 sold or ti �e !'ropert}• i, othenciu� acquired b}� Lender, l .ender
<br /> � .hall aPp1Y> no later thsn imuiediatelp �irior tu tl�c �:alo af tlie F'ro� �crt }� ur it. s�•yui� itiou hy Li�n�ier , an�• Funde
<br /> I�eld by Lender dt the tiiue of applicatio�i a� a cre�dit :sgaiu.t t6�� swu. :c�cure� { h� rhi- \iurt �;a� ;;�� .
<br /> � 3. Rpplieation o! Paymtntr. Unless tt�iplioabl�• Ix�� � �rovide,; ut.l�erµ•ine . ;ill p;s}•ineuts rccci�•ed by I.ender
<br /> � undet the Note and paragrapli� 1 and 2 l �ereof shell hi� a� �plie•ri hy I .euder fir�t iu � �sy � uent uP :iu�ount � � ��yable to
<br /> � Lender by Borrower under l�aragrapli 2 herrof, theu to intereet � �a��ahle on tl �c \ot�� au� i on Futurc Advunces , it
<br /> � any , sud then to the printipsl of the Note and fo the princi� �al oP N'uture Adcunces , i ( :�ny.
<br /> ( {. C6atq�s; Li�ms. Borrower shall pay all tuxee , assess�nente and other charg��s, fines and impositions attrib-
<br /> � � utRble to the Property which may attain u priorit.y over this _1lorcgage , und �rouucf rents , if 3ny , at Lender's
<br /> � option in the menner provided under paragraph 2 hereot or li�� $orrow�rr makin�; pxyment , when due, directly to
<br /> the payee theteof. Borrower shall promptly furuisL to Lender all notice, of a�uouut � due• under this p$ragrsph ,
<br /> and in the event Borrower ahall make payrnent �lirectly , 13arro�ti• er sl �all pruu� ��tl}� 1'urnish to I.ender receipts evi-
<br /> dencing such payments. Borrower shall i�romptly diechsrge an�- lien which has � �riority over this \fortgage ; pro-
<br /> vided, that Borrower shall not be require�i t o disc6arge un�• nue6 lien so long ns Rorrower shall agree in writing to
<br /> t6e payment of the obligation secured by such lieu in :� manuer :icceptuble to Leudc:r, or -hall in goocl faith contest
<br /> auch lien by, or defend enforcement of sucL lien in , legal � �roceedSng. wl � ich o��erate to preeent the enforcement of
<br /> the lien or forfeiture ot the Yroperty oi• any � ,art tlicreof .
<br /> 5. FZazaYd Insutaaco Borrower =liall kee� � tlic i �u� uo�•rinerris uo�c exi�tiu�; ur hertaafter c�rected on the Prop-
<br /> erty ineured against loss by fire , hazards included withiu the term "extended coverage " , snd such uther hazards as
<br /> I.endermay require and in such a�nounts und for suc)� +,c•riod .� a� Li�nder uiur rcyuire : �,rorided , that Lender shall
<br /> not require that the srnount of such coverage exceed th�u sinow�t uS rovrrugr reyuired tu pay the sums secured 'by
<br /> thie Mortgage.
<br /> The insursnee carrier providing chc iu ,urauee .}iull be cho�ru I��� Borro�ci�r , ubject to spprovxl by Lender ;
<br /> provided , that sucl� spproval shall not be unressonablv withheld . All premiwns u❑ insurance policies sliall be paid
<br /> at Lender's option in tlie manner provided under � �aragraE�h 2 hereuf m• hy Bm•ro�+�er tnaking � �uynient , when due ,
<br /> directly to tl�e 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 inburance on the improvements, pay the premiums and �uch sum shall become
<br /> immediately due and payable with interest at the rate bet 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 thie Mortgage.
<br /> All insurance policies and renewals thcrcui .liull I�r in torw acce� nable tu L�•n� ler .�n�i ,li:xll iocludr a standard
<br /> �nortgage clause in favor uf and in fortu acor� �tuble to l.rnder. l .rnder nhxll ha��e the right to Iwl�l the policies �nd
<br /> renewals thereof, and Borrower shall promptly funiish to Lender all renewal noticNs snd all receipts of paid pre-
<br /> tniums. In the event of loss , Borroaer shall gi��e ��rou�pt uucice tu the insurance currier and Lender, and L.ender
<br /> may make proof of loss if not �nade pro�uptly �y Borrower.
<br /> Unleae Lender and Borrower otherwise ugree in N�ritiug, in,w•uncc f,ruceeds sl�sll be upplied 10 reatoration or
<br /> repair o! tlie Property damaged , pro��idr�i .uc6 rr�turutiu❑ ur rrE,uir i. riuiwiui�uil� ieasiblr ai�d rlir security uf
<br /> this Moetgage is not thereby impaired. If such restorxtiuu ur re{,air is not economicalh� feasible or if the seeurity
<br /> of thie �lortgage would be impaired , tlie insw•ance � �roceed, stiall I „� apE� lied co thc swiis secured by this Mortgage,
<br /> with the exceBs, if any , paid to Borrower. ! f tl�e Yro��erty is abau� luned h�� Borrower or ii Borrower faila to reBpond
<br /> to Lender within 30 days after nutice by I,ender tu Borrower that th�° ineurance carrier offere to settle a claim for
<br /> inrursnce benefits, I.ender is authorized to collect ynd apply tti.• insurance proceeds at l,ender's option either to
<br /> restorution or repair of the Property or to the �uin, secured t ��� t Li. \lortgage.
<br /> Ualeas Lender and Borrower otherwise xgree in writiug , uu�• such applieation o2 proceede to principal ehaU
<br /> not extend or postpone the due date uf the inontl�ly instalLuents referred to in paragrapLe 1 and '2 hereof or chrnge
<br /> the smount of such installments.
<br /> If under paragrsph 18 hereof the Yroperty is acquired by I,ender, all right , title and interest ot Bortower in
<br /> and to any ineurance policies nnd in ami to the proceeds thereuf Ito tlie extent of the rume necured by thie !►furt-
<br /> �e immediately prior to cuch sale w• acquisition � re�ulti���; lrum dxmage tu tlic YroE�rt}' prior to the sele or
<br /> acquisition shall pass tu Lender.
<br /> i. Pr�rvation amd Mmnbamfc� o! Prop�rty; Lwholdr; Coadominiums. t3orrower shall keep the Yrop-
<br /> erty in good repair and ethall not permit or COI17IT11L µ aste, irnpairment , or deterioration of the Yroperty and ehall
<br /> compiy with the pro� isions of un}� lease, if this \fortgage i� un a leiisehold . If tLi� �fortgage is on a condominium
<br /> uait, Borrower shall perform all ot Borrower's obligatious undcr the decluratiou oi condominium �r master deed ,
<br /> the by-laws and regulstions of the condominiun � � �roject an�1 eonstituent documents.
<br /> 7. Aroteeliott of L�ndsi� S�eurity. If Borrower fuil. to perforin the i•ovenunts ;�.nd agreeiuents contained in
<br /> thie �3ortgage, or if any action or proceeding is commencrd w� hieYi tuaterialh• affects Lender 's interest in the Prop-
<br /> eity, including, but not limited to, eminent domani . iu.aheuoy . codo enfur�•ement . ur arranQement, or proceed -
<br /> inss involving a bankrupt or decedent , theii Lender ut Lender '. o��tiou , upo:� notice to liorrower, rc�ay �nake such
<br /> appearanees, disburse such su�us and ta{ce suuli act.ion xs i ; nr�•er�ar�� to protect Lencier's interest , including, but
<br /> aot limited to, disbursement of reasonable attorney ', fer. nnd entry upon th� Yroperty to ivake reprirb. Any
<br /> amounts diebursed by Lender pursuant t.o this paragrapli i , witli interest thereon , �;hall becotne additional indebt-
<br /> edness of Borro�rer secured by [his �lortgage. Unless Borrower and I .ender agrcr Lo other tenne of payment , BUC}1
<br /> amouata ahall be payable upon notice from Lender to Borruuer reyuesting payment thereof, and shall bear inter-
<br /> ert from the date of disbursement at the rate stated iu the tiote unless pay�nent of interest at such rate would be
<br /> oontrary to applicable lsw , in which event such amounts sha11 bear interest at the t�igheet rate permieeible by
<br /> applicable law . \'othing cuntained in tl�i� � .aragrupL 7 ,h:� il re�� uire I ,euder to Incur any expense or do any act
<br /> herounder.
<br /> i. �en. l.ender may make or cautr to IN` Il'IAIIC PPSFOI1NIlI0 c�utrie� upon an�i in�;�ie�tions nf the Prop-
<br /> ertY, Provided that Lender hhall �ive Borroa•er notirc � rrior tu :tuJ� ..u<•h in�� �ection �pecifyinK reesonable causr
<br /> therefor rolsted to I.endcr's intereat in t he Prnpert}•
<br /> !. Cesd�eesfi�e. The proceecis of sny awsrcl or claim for damages , direct or consequentisl , in connection
<br /> with any oonde[nnation or other taking of the Yroperty , or � �art thereuf , or (or conveyanor in lieu o( condemna-
<br /> tion, are laereby aseignrd snd shall lae paid to Lender. �.,
<br /> In the event of a total taking ot the Yroperty , the proceed� .,liall l,t� applied to the ,uu�s secureci b�� this :Viurt- .��: : #
<br /> �e, with the eYcees, if eny , paid to Bomower. In the event of a ��artial taking of the Yro}�erty , unless Bornower �`
<br /> aed Lendbr oEl+etwae a�ree in writing, there sl�alt be ap��lied to the suins xecurcxl by this \lortguge such propor- � �y�`.
<br /> tion af tbe Procaeds ss is e4ua1 to that proportion which tl�e amount of the sums �ecur�i by this 1lortgsge imme- �, •
<br /> Ajste�q priof <o the date of taking bears to the faiz iu:arkct � a.u. �f cL. Yr�}xn� iwwr.�lwiriy Nriu� w cLr 1aLe u!
<br /> talciws, wilh ki�e hala++M ef tix proceeds paid to Borron�er.
<br /> Ii tbe Pe�e�isety ic sbandaned by Borrower or if atter notice by Lender to Borrower that the condemnor o�'er6
<br /> te in�lee an avard or oetUe s cisim for da�nages, $orrower fails to ��espond to L,ender within 30 days of the date '�
<br /> of We� nitlee, Le�iBr is authOe'lsed to cailect and spplv thr ��roceeda at l .ender '� ��rt.ion PitliNr t � reKrnrxtir+�i nr
<br /> � of the Yropeety or tu the aums see��ed by this \toit.gsge.
<br /> Ualew Lender ssd Borrower otherwae asree in writin�, any euch application of proceeds to Nrincipai shall
<br /> _ �
<br />
|