|
w�::�
<br /> r=:�.
<br /> � �
<br /> If under paragrapl� IS I �ereot ihe Yropert.y i, so )d ur tlie I 'roperty h otl�enci�e s�•quirc�d b}• Lender . Lender
<br /> shall aPAIY � no Iater tlixn immediaLeip f >rim• to thc e:�le of thi� Prupert �� or it � ;�ryui..itiou ht• Le•n� ler. :uiy F'unds
<br /> Q? held by Lender st the time of ap�iliration a. u credil 3gnin,t tlic .. wu . .rcurt�� i I,�� thi� 11orcRu�;c.
<br /> C� 3. Applioatioa o! Daym�ats. Llnles. applicabli• Ix�� provide, oU�erwis�� , esll y �ayn�eut,n recei � ed by I.ender
<br /> !� underthe '.�'ote and paragrapLs 1 .tnd 2 hereo! sh.ill he a��� �lit^� 1 lip Le�nd��r fir.t in � �a}•in��nt uf amount � payable tu
<br /> j�• Lender by Borrower under paragraph 2 Lereof , then to intom,t � �avable� on tl �c 'dotu an� l uu Future Advances , if
<br /> Q any, and then to the principsl of the Note and to the � irincipal of r'uture :1� hnnce. , if uny .
<br /> � � 4. G'6�g�s; Li�ns. Borrower s6alt pay a❑ taxes , assessments and otl�er charge, , fines and impositions attrib -
<br /> ^ utsble to tbe Property which may attain u priority over tliis Slortgage, �nd ground mnts , iP any , at Lender's
<br /> � option in the inanner provided under paragrapl� 2 hereof or ! �y }3orrower u�aking paayrnc,nt , when due , directly tq
<br /> the payee thereof. Borrower shall promptly furnish to I.ender all notice, of aniauuts due under this paragraph ,
<br /> and in the event Borrower shall make px,yn�eut direcclp , 13orru�scr ,{ utill prom �itdy iurnish to Lender receipts evi-
<br /> dencing such payments. Borrower shal! I �romptly dischxrge uiiy� lien K'I11C}I has i,riority over this \tortgage ; pro-
<br /> vided , that f3orrower dhall not be require.l to disciiai•ke suy su<�li lien so long u� liorrowi�r shell ssgree in writing to
<br /> the payn�ent of the obligation secured by such lien in :t �nanuer acceptable ta Lender , or shxll in good faith contest
<br /> sueh lien by , or defend enforcement ot sucl� lien iu , legal � �roceediug� �chich uperatc to f �ra�vent the enforcement of
<br /> the lien or forfeiture of the Yropert}• or any �iart t6ereoS.
<br /> S. Hazard Luuraae�. BorroH•er �liall kec� � tLe iui � u•o��ements no�r �•ai.> tinR or lieresfter ereetad on the Prop-
<br /> ert.y insured against loes by fire, hazards included within the term "exteuded coverage" . :�nd sucli oclier hazards as
<br /> I,endermay require ssnd iu suc}� umowits und for surl� pe�•iod, a� Leuder iei:e�� require ; � �rovicied , that Lerider �hall
<br /> not require that the amount of such covc rag�• exceiad that smount oi ro��erage requireil tu puy the sums secured ' by
<br /> this Mortgnge.
<br /> The insurance carrier � �roviding tl�e in,urauce shxll bc chosrn In� };orrowcr s� l �ject to approval by Lender ;
<br /> provided , thut such approval shali not he unreasonabl�� �� ithheld . All prewiums un insurauce � wlicie� ;hall be paid
<br /> at Lender's o���tion iu thc: inauner ��ro��ide�l un�ler � �si•agi•s� �h Y hereul �r I ��� B�rruwer makiug � �aynient, when 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, tnay procure ineurance on the improvements, pay the premiuma and such sum rhali become
<br /> immediately due and payable with interest at the rate :;et forth in said note until paid and shall be
<br /> secured by this Mortgage. Failure by Bottower to comply may, at option of Lender, constitute a default
<br /> under the terms of thie Mortgage.
<br /> All insurance polieiec und renewalc t } iereu( �hall b.• in iorui :a�•r���n :ible tv L�•u� i��i• ;ind s6x11 iurlud�� ;s ntandard
<br /> u�ortgage clause in Cuvor of and in forni aeceptut �lr tu Lrndrr. Lr•nder �hall haicc thc ri�ht to liold thc policies snd
<br /> renewala t.hereoP, and Borrower sLull prornptly furnish w I.ender all rene�vul notice� und nll receipts of paid pre-
<br /> �niums. In che event of loss , Borrow�er �6a11 gi� e }�rou �pt uotice tu tlie in,urance currier und Lender, and I.ender
<br /> msy �nake pruof of loss if not made prornptly I�y Barrower.
<br /> Unless Lender and Borrowei• oti�erwise ssgree in �criti�i�; , iu�ur:iu�•rr �,roceeds ahall be u��plied tu reatoration or
<br /> repair uf the Yruperty �la�nagr,d . Eirocide•�l ..u�•h re�nturnuou or rr� uiir i, �•c•„nuiui�•ali�� i�•u.ible and the seeurity uf
<br /> this Mortgage ie noi thereb�• impairrd . If �ucl� re,torstiou ur re� � air i� uut econunii�sally feusible or it the security
<br /> of this Aiortgage would be impaired , the insurauce � �rocee�ls ,hall i,e� u}�plied to tl�c .ums secured by this D4ortgage ,
<br /> with the eYcess, if any , paid to Bon•ow�er. If thc Yro��ert �� is sbamlune� i b�• I3oirowc�r or ii Borrower fails to respond
<br /> to Lender within :i0 daye e�fter no< ice by I ,ender tu Borrower thut thc iusurance carrier ofTers to settle a claim for
<br /> insurpnee benefits, Lender is suthorized cu collect and ap}ily thc insurance ��roceeds at l ,ender's option either to
<br /> restoration or repair ui tl�e Yroperty or co the suiu� secured by� tl �is \ lortgage. t;'
<br /> Unlees Lender and 13orruwer otherHiee ugree in « riciug , 3uy Such applicution ol ��roceeds tu princip$1 shall fl
<br /> not extend or poetpone the due date of the monthly installments referred to in � �aragraphs 1 and 2 hereof or change
<br /> the amount ot such installments.
<br /> If under psragraph 18 hereof the Yroperty is acyuired by I,ender. all rigl�t , title and interest ot Borrower in
<br /> and to an,y insurance {wlicies xnd in and to the proceed, thrreot ito tL�� exte•nt of tlie suu�s secumd by thi� �1ort-
<br /> �
<br /> �e immediately prioi• to hucli c�le or aeyuiFitioni rerulting fl•u�u dr�uiagc� to thc� Yropert�� Eirior to the sale or � �'��
<br /> eequieition shall pase to Lender.
<br /> i. Pr�wrvation md Mmntu�es ot Prop�rty; Lsawbolds; Condominiums. Borrower �hall keep tk�e Yrop- `" " <;
<br /> erty in good repair and shall not permit or rommit w aste, impairmeut , ur �ietrrioratiou uf the Yroperty snd shall
<br /> comply with tlie pro��is�one oi any lease, if tlii� \ Sortgage i� un ,i lessehold . li ttii� �lortgage i; on s condominiuni
<br /> unit, Borrower shall perSorm all of Borrowcr', obligstion.� under the declaru�iun ui conclominium ur master deed ,
<br /> the by-laws and regulations oi the condomiuiuw � uoject and c•onstituent documents .
<br /> 7. ProtKlien oi L�ndei s S�eurity. 7 ( Rorrowc r i:iil� to E �er[orm the covc�nant., an�l a�;reeiiicnt.s contained in T
<br /> this �'[ortgsge, or it any action a• proceeding is comu �enced �chicl� ii�ateriall,y aPfectn I.euder's interest in tiie Yrop- ;w�
<br /> etty , ineludir�g, Lut not limited to, rminent doivain iu�ol � enr�• , co�1�• enforc�ement , or urran�etnents or proceed-
<br /> ►nEe involving a batikrupt or decedent , then Lender at l .ei�der '� option , upou notic�• to fiorro�rer, may tnake such
<br /> appearances, disburse sucl� bums and ta�e sucli setion u� i, na•ce�,ary to � >rotect I,ender's interest , including, but
<br /> not limited to, diebursement of rensonable attorney '� iee, and rntry upon the Yropert�� to make repair�. Any
<br /> amounts disbursed by Lender pursuant to thi� paragraNh i , �rith interest ihereun , shall becotue additional indebt-
<br /> edneaa of Borrotver secured by this �lortgage. tJnless }3orroH���i• snd l ,ender agree to other tertns ot payment , such
<br /> amounts shall be payable upun notice frocn Lender to Borrow�er reyuesting pa,yment thereof, and shall bear inter-
<br /> e�t fran the date of disbutsemene at the rate stated in thc t�ote unless paynient uf interest at such rate would be
<br /> oontrary to applicsble lsw , in which event �uch xmoimts shall heer interest at the tiighest ra[e permissible bp
<br /> �placsrble law�. \otl �iug eoinaiue�l in thi� ��aragrnph 7 .I�ull n��uirc Lender to incur uny expense or do any aet
<br /> herounder-
<br /> �. iep�etiap. l.ender tnay �uake or r�ase to h�� �na�ic rr•as�onahl�� i•ntrie. ur�ori an� '. ii��{�ection. ot tl�e Prop-
<br /> erty, provuied that Lender chall give Borroa•er noti<�c� � �rior tu :ui�� .u��li in_y>ertion �pecifying reasonable cause
<br /> t4ferefor relsted to Lender'R interest in the Propert�• .
<br /> 1 C,esd�semliaa. The proceeds of any award or rlaim for dainageE , direct or conseyuentisl , in connection
<br /> with aay o�deoanrtion or other taking of the Yroperty . m• � �arf tlicreof , or for rom�epanre in lieu ot <rondemna- �
<br /> tioa, aro hereby saeignrd and ehall be paid to ]xnder. •�
<br /> In the event of a total taking of the Yroperty , the � �nxeed, �lixll lx• applied to thr sumh tiecured by thiF :�Tort,- .�r" s�r
<br /> �a�e , with the excees, if sny, }�aid to Borroa•er. In the event of a � iartial taking of t.he Yro�xrty , unlese Borrower �." '
<br /> nsd Leeder othenvve agree ia writing, there sl�all be ap� �lied ro the sutuc� eecured by thir �iortgage such propor- � � ;
<br /> �ian of the pencaede ar is equal W that proportion whicl� the amount of the bums r;ecured by this 3lortgagc imme- � �w
<br /> �tistely prior !o ±he clate of takin� bears to tl�c frir �,wrL� t calur ui iL� S'r�e:•�y Lutuauixteip pnor t.o the date of +�� ,
<br /> tdrisE, w�iRl� t.iw+ i.�isr�ee ef the procerda paid to Borron•cr.
<br /> u �'�e �tY ts ab�Odoned bY Bure+ower or if after notice by l.ender to Borrower tl�et the condemnor offers
<br /> f� �ma iu svaed or oeCtle a elaiet for danu�es, $orro�wer fails to i•espond to Lender withiu 30 dayn of the date ""
<br /> of w�oY wotioe, L.�t�der is aut�oriaed to colleet end s�i1v t,iie pr�v1� �r 1 w�n.iPr'. n�.�in., �•irt��.r �n r���torntion or
<br /> �"�W� � � p+'oP�ty a � the wmo recured by this \1oriKage.
<br /> Ueler Iknd�er and Borro�ver other+vi�e sgroe in writiag, any such application of proceeds to priuciNal shall
<br /> �-- ._. �J
<br />
|