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<br /> If under parsgraph IR hereot t he Pro��erty is �ol��l ur Uu� Propert }� i�. nth�rr«�i,c ;u•quire� l hy Lender, I .ender
<br /> � shall aPplY , uo later t6�n immediately prior to the ,ttl�• ol tlic Yru� �crt�• ur ii � u�•yui�itiun 1 ��� L�•n� i��r . : u�y' Fund�
<br /> � lield by Lender ut t�he tirot+ of applictt[ion aa a �• redit a{;aiin�t t6�• suins .i�curc�d h�� t hia \iort �;a�e.
<br /> � 3. Jilpplicatioa o! Paym�ntc. iTnles. :yi��li��uble I :i�� � ,ruvidf•s otherwi..i• . ;JI p,iy �ui�utr rccei � ���i f�,y I.ender
<br /> under the Note and parsgr�pLs 1 snd 2 hercof sLall I �o ;s� � � �licd h�• I.cn�la�r tir,r in � >ayn �ent oi aii�uunt � payuble to
<br /> � Lender by Borrower under paragruph 'l liereof, then tu intrrent � �:syiiblc mi tlu• lotu and ou Futurc Advunces , if
<br /> �' any, uud then to the principal of the Notr and to tlie �irincipal of Futur�� A�1 ��:�ncc�, i1 unv.
<br /> � �. C�harSs% Liea+. Borrower sl�sll pap all tuxes , assessu�ents and otLer chaigrs, fines and impositions attrib -
<br /> � ut,sble to the Property which n�ay attain :s priority over this \lortgagc , :ind grouud rents , if :xtiy, at Lender'm
<br /> � ^ optioa in the manner provided under paragrsph 'l hereof ur i,y 33orrower mtiking � ,ayment , when ;9ue , directly to
<br /> � the payee thereof. Borrower shall pmmptly furi� ieh to Len�ier ssll noticea of .� mounts due under this paragraph ,
<br /> and in the event Borruwer shall makc pa,yment directly , Borru�ccr .iuill �iranptly iurni,li lo Lender receipts evi-
<br /> dencing sucf� payments. Borrower shall prom� �tly disctiarge au�• lien �chicL has priuricy over this \Iorigbge ; pro-
<br /> vided, that Borrower shall not Le reyuired to dischar�;e an} .n�• I � lieu su long a, liurrower .hull ztgree in writing to
<br /> the payment of the obligation secured Dy sucli licn in :� �nanuer uceep[,able co I.en�lcr, or shs{I in good faith conteet
<br /> aueh lien by , or detend enforcement of sucli lieu in , Icgal � � rocecriin�;r �� hic�l� operate to � �revent the eniorcement of
<br /> the lien or forieiture of the Yroperty ur an}� � ,art tliereof .
<br /> 5. Hatsatd Iaauraac�. Borrower �liall keeji the iiry �ro �•rment, no�+� existiu�; � ir hereafter �rected m� the Prop-
<br /> erty insumd againat ]oss b,y fire, hasards included within the term "extende�l coverage " , an�i sucl� othcr I �azards as
<br /> I.ender �nay require and in such aiuounts ;ind fur sucli � �rrio�ls :i.. Lender nut} ri-quire : � irq�•idc�i , thxt I.ender ehsll
<br /> not require that the amounr of such co��erage exceed that amouut ui �•overaRe r�•c�uired to pa}• the ,ums secured ' by
<br /> this Mortgage.
<br /> The insurance carrier pirovidin� the insura�ice shall I,r chosen I �� Borru�r�rr :ul ,jf•ct to ssppro�-al by I,ender :
<br /> provided , tlist nuch approval ahall uoc be unrettsouttbh� �vithheld . :111 premiutne un ineurauce � �olicie� shall be paid
<br /> st Lender's option in the manner provided under � ,nragru �� t � '? licreo( or h�� 13orru�a�r in:ikiu�; ; rspment , when due .
<br /> directly to the insurance carrier.
<br /> In the event any policy is not renewed on or before ten days uf its expiration, the Lender, to protect
<br /> its interest, msy procure ineurance on the improvements, pay the premiums and �;uch sum shall become
<br /> immediately due and payable with interest at the rate net forth in said note until paid and shall be
<br /> secured by this Mortgage. Failure by Borruwer to comply may, at option of I.ender, constitute a default
<br /> under the terms of this Mortgage.
<br /> All ineurance policies and renewals thi�reof �6:ili h<� in iorui :ir�•e�� ituhle tu L�•u� l�� r :ind � }uxll ini• lu�9e• u ;tandar�l
<br /> �iiortgage clau�e in favui• of and iri forni :�cce��taf�le to I .en� icr L��nder �lixll lia� c� tlio rig( it to hold the polirier. :inr�
<br /> renewals t4ereof, und Borruwer shall proniptly iurnul� to I .endrr all renewal noticea ui�d all receipts oC pa�d pre-
<br /> tniums. In the event of luss, BorroH�ei sl�ull gi��e ��roiu}�t iiotice tu tlie ivaui•ance currier and Lender, and I,ender
<br /> may tnake proof of loss it not made prompth• I,y Borrower.
<br /> Unlesx I.ender and Borruw�er otlierwi�e u�;r��c in H ritin�;, iu.�ur;iu���• � ,ruceeds shall bc ripplied tu restoration or
<br /> re�air of the Yroperty damaged , pru��ided �uch re.torntion ur n•� �uir i= rcunoiui �;�lly ivusif �le cu��l the securit}• uf
<br /> thie Mortgage is not thereby iinpaired. It ,uch restor;itiou ur re� isir i. uot c��onumi�•aill}� fe:�sible or it the security
<br /> of this �fortgage would be impaired , the tnsw•auco � �roceeii� sliall I �o applio�i to tlu� ,ums :ecured by thie Afortgage,
<br /> with the excess, if any , paid to Borrower. lf the Yroperc}• � s uhamlune� i b�� Borro�ver ur if FiorroH�er fails to reapond
<br /> to Lender within 30 dnys aSter notice by I,ender tu Borrower tlutt t6e iusurauce carrier uffers to settle x claitn for
<br /> inaursnce benefits, I .ender is authorized tu cullect und apply thc insurancr E�roc•eeds ut I,ender's option either to
<br /> restoration or repair of the Property or to tl�e sutiis secure�l Ly- tLis Jlortgage.
<br /> Unlees Lender and Borrow•er otherwiee agree iu writi�� g, an}• such applieeition ui proceeds to principal shall
<br /> not extend or poatpone the due date of the montl� lp instalhuents referred to in puragraphs 1 and 2 hereof or change
<br /> the amount of sucii instaliments.
<br /> If under paragraph 18 hereof the Yroperty is acquireci by I.ender, ull right , ti6le aud interest ot Borrower in
<br /> xnd to any insurance puliciee and in and to Uie proceed� ehrrcui � to clic ex[ent of the �uins �ec�red by tF�in A^lort-
<br /> ge►ge immediately }irior to euch sale ur acqui�itioui re.ultiu�; iru�n � iawa�u tu che Yrupert,y prior to the sale or
<br /> acquioition ehall pass to Lender.
<br /> i. Pr�rvatioa md Mmatwm►c� o! Prop�rty; Lsas�holda; Coadomiaiumc. 13on•ower ,hall keep the Yrop-
<br /> erty in good repair and shall not ��ennit or co�ninit wsste . i �npairment , ur , ieterioraCiou of the Property aiid ehall
<br /> eomply with tl�e pro�•ieions oi uny lease, if [ l�i, \ lurtgage i� un :i l ��aiseiioi� i . If tLi� \lortgage i, on 3 condominium
<br /> unit, Borrower shall perform all of Borrower's obligation� under the declar:�tion oS condominium or master deecl,
<br /> the by-laws and regulations of the eondominiuni } �ruject au� i cunstiwene �iocwuent..
<br /> 7. prot�ction o! Iwndei s S�cutity. If Borrower fails tu perform the eovenants and agreements contained in
<br /> thie 3lortgage, or if any action or proceeding i, commence�i whicli uiateriall}� affe��ts l .ender 's interest in the Prop-
<br /> etty, including, but not limited to, ewinent dmuuiu , iu�ol ���°ncy . �•od.� ��ntorrement , ur xrran�+ements or proceed-
<br /> inp involving a bankrupt or decedent , then I.en�3er at l .eu��er's option , upot� not �ce to Borrower, �nap make such
<br /> appearances, dieburse sucii suins and take sucl� action :i, i; ncr.�.:,ary � o prot.e��t i,enderb interest , icicluding, but
<br /> not limited to, d�sbursement of reasonable attorney 's fee. snd entry upon thP Yroperty Lo make repairs. Any
<br /> amounb disbursed by Lender pursuant to this p�ragraph 7 , w�itl� interest thereou . �hall become addiiionsl indebt-
<br /> edaeso of Borrower eiecured by tliis \fortgage. iJnless Aorrower and Lender agree to other terrus of payment, such
<br /> amuuntc shall be payable upon notice from Lender ro Aorrou•er reques�ing pa,yment thereof, and shall bear inter-
<br /> e�t ftom the date of disbursement at the ratc �tated in the :1otc unless �ray�nent o( interest Sf. &UCII rate would be
<br /> contnry to applicable law , in which e��ent such xmounts shall bear interest at the highest rate permiesibfe by
<br /> applicable lnw. Not6ing contained in t6is ��aragraph 7 shal ! re��uire I .ender to incur uny expense or do any act
<br /> hereunder.
<br /> •• Isrp�etiea. l.endet may inake m• ��au�e to be madc rra�onablr ��ntries ufwn an�� in���eMion� oi the Prop-
<br /> erty, pro�•ided that Let:der =::aL' gi� c B�rruH . r iwti� c � �ru� � w :u � � . u� u iu.��r�•uuu ���ec�lv �nK reasonablc esuse
<br /> t,4�er�efor related to L,ender's intQrest in the Propert�• .
<br /> 1. Ca�dwenatien. The proceeds of ssny award or c•Isini Y'or damagex, direct or consequentiel , in connection
<br /> with any condemnation or uther taking of the Yroperty , w � �art Il �crcoj, w• i�r cuu�•eyance in lieu of condemna-
<br /> tion , are henby sesigned and shall be paid tu Lender.
<br /> In the event of s total taking of the Property . the � ,ro<•i�1� .I �all I �i• ssppli�d to thc• suTn .�c��urnd by thiti S1ort - �
<br /> ga�e, with the excess, if an�• , paid to Borro�cer. lu t6e event of a �iartial taking ui the Yroprrty , unless Borrower ' '
<br /> and Lender otherwise 8�ree in wriLing, there shall F�e appGeri tu ihe .uui. necurrd by this \lurtgage ,uch propor- � �
<br /> tian of the proceedc as is equal to thet proportion which tl�e amuunt oi the rums �ecured by this ASortgage imme- „
<br /> distely prior to the date uf taking bexr�s to tt�e fair uiarket �•alue ui tl,e 1'i•opert�� iinmediately prior to the date of 1 ',
<br /> t�kio�, witl� tke halaswe of the proeeeds paid Lo Borrou•er. ',�iG,' `
<br /> I# the Pra�et'ty i+ r+Liw�3unw! Ly Borruwer or it stter nonce by l.ender to Borrorver that the condemnor offers
<br /> to LnayCt 3a au'atd or seLLlt: a �luu� fur �au�rgue, Burrowri� iaiie to rr�;Nonu to Lender w�thin 80 days of the date
<br /> af p�eh ootiod, I.ender is autlwrised to eollect aud apply the proceeciE at Lender's option citlier to rer:toration or ,,
<br /> rap�ir of tJfe P'ropetty or W the eumr secuzed by tliis \Iortgage.
<br /> U11�l.l9 Leeidet ;t�c� Fi�xmwMr �thrrwi+.re ngree in n•riting, any such applicutiui: uf Nrou�G.l, t� Nriu�aNal ,Laii
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