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<br /> If tmder ��uragi•aplr 18 hereof the Pro��erty is sold oi• the I'roperCy is othei•���ise acquired bv Lender, Lec�der � •
<br /> shssll npp7y, �io later tfian iit�meditttely prior to thc salc of tlrc Property oi• its acquisition b,y Lender, any P'unds '
<br /> lield by Lender at tlie tirne of applicatior� us i� emdit aguiiist ttie sums secured by this Vlortgage.
<br /> 3. Application of Fayments.' Uniess tip��licablc la��• �uo��ides other�vise, ull p:�yment.s received by Lender
<br /> , under tfie Note and I�aragrsphs 1 ;ind 2 hcreof sluill 1>e .i���ilicci !>y Lencicr first in payment of iinounts payable to
<br /> Lender uy Borrotiver under para�raph 2 liereof, tlren to interest psiy:�lile on fl�e Note and on Futuir Ailvances, if
<br /> any, and then tothe princi�al of t11e 1Tote ar;d to tl�e lirincipal of Tiiture Advanccs, if any:
<br /> 4, ' Charges; Liens. ' Borrower sl�all 7>�y all t.axes, ussessments nnd othei• charges, fines and impositions attrib-`
<br /> s utable to the Property which muy attain s priority over tliis \�fortgage, and ground rents; if aczy, at Lender's
<br /> � option in tl�e manner provided under paragraph 2 hereof or f>y I3orrower malcing >>aymeut, wtien due, directly to �
<br /> � the payee thereof. Borrower shall promptly furtiisli to Lender all notices of amoiints due undar this }�aragraph,
<br /> � - and an the event Borro�ver shall maka payment digectly , Horro�cr,r sha11 T�ron�ptly fui�nisli to Lender receipts evi-
<br /> � dencing' suqf� }�ayments: Borrower �hall taromptly disct�arge aiiy lien tivhic}i }ias priority ovei• this \.lortgage ; pro-
<br /> ° � vided, thnt Boriower shall not bc required tio disclia;�ge nx�y such ]ieii so long �,s I3orrower stiall agree in writing to `
<br /> ; ; � the payment of the obligation secured by such lien in :t �i�auner acceptable to Lender, or shal ! in goud faitli contest
<br /> � ` `'"� such lien by, or defend enforcement of sUclr lien in, legal proceedin�s �vhich o}�crate to Ij�•event the entorcemetzt of
<br /> ; i � the lien `or forfeiture of the ProperEy m• any purt thcreof: '
<br /> � ' � 5. Hazard Insurance. Borro�ver sl�all kee}r the im�u•oveinents iio�ti• existi�ig or l�ereafter erected on tLe Prop-
<br /> crEy insured 'against loss by fire, hazards included �vithin ttie term "extended coverage", snd sucli otlier S�azards as
<br /> I.ender may require nnd in such amounts and for sucli periods as I,ericier �nay require : provicled , that Leuder sliall
<br /> s not require thnt the amount of such coverage exceed tliat amount of coverage rec;uired to Fiay the sums secured 'by ;'
<br /> = this NTort�age.
<br /> : t The insurance carrier; a�rovidin� ilas insnrai�ce sl�all be cl�osen 1>y Borrox�er sabject to annr�val �y Lender ;
<br /> r provided, t6at such approval shali not be ui� reasonably �vithlield . All premiums on insurance T�olicies shall be paid
<br /> at Lender's option in tlie mamier provided under paragraph 2 hereof os• by I3orro�ver cnuking p:iyment, when due,
<br /> diTectly ,to the insurance carrier.
<br /> ` In the event any policy is not ienewed on or before ten days of its expiration, the Lender, to protect
<br /> � � its interest, may procure insurance on the improvements, pay the premiums and such sum shall become
<br /> � irnmediately due' and payable with interest at the rate set forth in said note until paid and shall be
<br /> y ' secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br /> , f under the terms of this Mortgage.
<br /> � tlll insurance policies and renewals tl�creof shall kre in form acceptahle ta I.ender :ind shall include n stanclrird
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<br /> a mortgage clause in favor of and in form accepcable to Lencler: I.ender sl�all have the right to hold the policies and
<br /> ' E renewals:thereof, aud Bprrowersi,ail prc,iiiptiy furiiisi� Lo Le�ldei• sll i•Ct�e�vul i�af,icf;s anu ail receij�is oi paid pre-
<br /> ; _ miums. In the event of loss, Borro�ver sh�sll give prompC notice to the insurance carrier a��d Lender, and Lender
<br /> � may make proof of loss if not made promptly by Borro�yer.
<br />� � . Uniess Ler.der �nd Borro�i�er ot3�erwise agree in �vritic:g, insurancc procceds shall be a�plied to restoration or �
<br /> k � . . rorgjr nf 4flr± Prp�nrf�� � ag:y�nbnra� � S��p�':d?L7 g:1C�1 :�SCO:,".f1U71. 02' :'Cjl[i11' :3 CCO11C:11iC:2i�;j fCRSi}il� ' 1iYii'� i:}iEE Sf:CilI7�j' ui � .
<br /> this �SorCgage is not tl�ereby i�npaired. If sucli restor:�tion oi• repssir is not eaonoinicully feasible or if the security
<br /> � of this 14ortgage �vould be impaired, the insurance j�roceeds shall be applied Lo the suins secured by t4is R4ortgage,
<br /> ` with the excess; if any, paid io $orrower. Ii t.he Yroperty is abandoned by I3orrower or if I3orrower fails to respond
<br /> � to Lender within 30 days after notice by Lender to Borrower tl�at the insurunce carrier offers to settle a claim for
<br /> + � inaurance benefits, I.ender is authorized to collect a�d spply the insurance proceeds at Lender's option either to
<br /> � , restoration or repair of the Property or to tl�e suins secui•ed by- tl�is \iortgage.
<br /> � Unle&s Lender and Borro�ver 'other�visc agree in �vriting, any sucl � application of , proceeds to principal shail
<br /> � not extiend or pastpone the due date of the uiont}�ly installtnents referred t.o iii pnragraphs 1 and 2 hereof or change
<br /> ; the amount of such installments.
<br /> ; If under paragrapli 1S hereof the Yroperty is acquired by Lender, all rigl�t, title and interest of Borrower in
<br /> � and to aay insurance policies and in and to tlie proceeds Yl�ereof (t.o tlie exient of the sxims secured by this Mort-
<br /> � gage immediately prior to such sale or acquisition ) resulting irom dainngc to tlie Yropert3� prior to the sale or
<br /> � � cquisition shalt pass to Lender.
<br /> 6. Pzeservation cmd Mmatenance of Property; Leaseholds; Condominiums, F3orrower shall keep the Prop-
<br /> � . erty in good repair and shall not permit or commit waste, irripairment , or deferioration of the Property snd shall
<br /> � ' comply with the provisions of any lease, if this \fortgage is on u ]easeliulci. If this \4ortgage is on a condominium
<br /> � - unit, $orroweT shall perfoTm all of Borrower's obligations under tlie declarution of condo�ninium or master deed ,
<br /> the by-laws and regulations of tfie condoininiwn �>ro� ect and cvnstitueni documents.
<br /> R" Protection o! Lendei s Security. If Borrower fails to perform the covenaiits and agreements contained in
<br /> ? this Vlortgage, or if any action or proceeding is coinmenced �vhicli �nuterially affects I:.ender's interest in the Prop- "
<br /> ertq, including, uut not limited to, eulinent domain , in�oh�ency, code enforcement , or arrangements or proceed-
<br /> inge involving a bankrupt or decedent, then Lender at I.ender "s option , upon notice to Borrowei•, may snake such
<br /> appearances, disburse such suiYis and take sucli action as i, iiecessary to protect Lender's interest, including, 6ut
<br /> � ., noti liznited to, disbursemenE of reasonaUle attorney's Fee� and entry upon t.he Yroperty to tnake repairs. Any -
<br /> t amounts disbursed by Lender pursuant to this paragi•sph 7 , �vitli iutcrest thereon , si�all l�ecome ttddit,ional indebt-
<br /> P edness of Borrower secured by tihis �Sortgage. Unless Borro�ver an�cl Lender agree to other terms of i�ayment, such
<br /> � amounts shall be payat�le upon notice from Lender to Borrower requesting payment tl�ereof, and shall bear inter-
<br /> � , est Trom the date oT disbursement at the rate stated in the IVote unless payment o[ interest, at such rate would be
<br /> ^ ' contrary to applicable la�v, in which event such amounts shall bear interest• at the highest rate permissible by
<br /> � applicable law. ?VotUing contained in this psragrapl� 7 shnil re�uire Lender to incui• any expense , or do any act
<br /> hereunder.
<br /> � 8. Ix�spaction. Lender may make or cause to kre in:��e ren�onablc entries upon nnd incpections of fhe Pmp-
<br /> � � erty, proi�ided that Lender shali give Borrower notice �u•ior to an�� �uol� in�pectiun :specifti�ing reasonable cause
<br /> therefor related to7 ender'e intcrest in the Propert}�.
<br /> . � 9. Condemnatioa. The proceeds ot any award or rtaim for dnrnsges; direct or consequential , in connection
<br /> with any condeninution or other taking oitl�e Ya•operty, or part thcreof, or for con�•e,yance in lieu of condeinna-
<br /> • � tion, aze hereby� sssigned and shall be pai� t� S�ender.
<br /> i In the ec ent of a total taking of the Propertv, the 3�roceed� st�all lie applied to the eu:ns secured by this Mort-
<br /> ' gage, with the excess, Sf any, paid to Borrower. In tl�e event of a partial taking of the Property, unless Borrower s„ ` � - - , "��
<br /> � and Lender uLl�erwise agree in writing, there eliall lie ap��lied co the auins secured by ihis �Iortgage such propor- � , �,� �,�,.; ;
<br /> � tion of the proceeds as is equal to thst proportion which the smount of the sums secured by tl�is _llortgage imn3e- � °� ,s�
<br /> 4 diately prior to the date of taking bears to tlie fair. niarket value of #he Yrpperty iminediately prior to the date of .. "`y �,� �
<br /> � taking, with the bitiance ot the proceeds p�,icl to Borrou�er. ' '�%
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<br /> ' � I# the Property is sbandoned by Aorrower or it. after notice by Lender to Borrawer that. tl�e condemnor offers l , ;
<br /> ' ` Ea mske �r. w:��s�d or settic a c2�,im for dam:.ges, Eorrauer fai.s to re,pon3 to Lenaer wiLiun 3G uaye oi tLa �laLe .
<br />� ' � of ri�ch notice, hender ie nuthoriz�d to ecilect aad : ap;::;; thc;'j�rocccds at Letidcr's u�ticn cif!ier to restcrat:on or
<br /> � repair of the Property or to,the sums secured by UTis \fortgage. " ` ` �
<br /> ' Unless Lender 'and Borrower othermise agree in tvriting, any such application of proceeds to principal shall
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