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<br /> � If under paragraph 18 hereof t,he Property is soid or ihe i'roperty is otlierwise acquired by Lender, Lender
<br /> ehall apply, no later t6yn immediate(y prim• to thc salc o5 tl�c Property or its acquie:itimi by Lendcr, ;iuy Funds
<br /> held by Lender at the time of application as a credit agaiiist the .urn, ,ecur<�d h}� thi� _llurt.gagc.
<br /> 3. App&cation oE Payments. UnIes, .tpplicablc la��- ��rovide� other�vi,c , all pa���ments received by Lender
<br /> � under tl�e Note and �paragrapl�s 1 �and 2 hereof sliall be :ip��lied I �y Lender }iist iu p:�yment of a�nounts payable to
<br /> Lender by E3orrower under paragrt�pli 2 I�creof, then to int.erest } �t�yable on thc Note aud on P'uture :�dvances, if
<br /> �ny, and then 'to t.he principal o£ the iVote and to tlie princi;�ul of l�utw•e Advances, if at�y.
<br /> 4. Chargesr Liens. Borrower shall �,ay alI taxes, assessment� anci other chaiges, fines nnd im��ositions attrib-
<br /> utable to the Yroperty which may sttain il prioiity over tLis Zfortgagc, and ground rents, if any , at Lender's
<br /> r M option in the manner provided under ��aragraJ�l� 2 hereof or by Borro�ver �naking payment, when due, directly to
<br /> Ctt the payee thereof. Borro�ver sliall proinptly furnisL to I:ender a1C tiotices of amo�iuts due under tliis paragraph,
<br /> G12 and in the event Borrolver shal] ii�ake r3ayment directly, Bm•i•o��•er sliaill pi•omptly furiiiah to Lender receipts evi-
<br /> Lfj dencing sucli payments, Borrower sha11 promptly discliarge any lien which has priority over this AZortgage ; pro-
<br /> p vided, that Borrorver sliall not be required to discharge nny sueh lien so lon� ss I3orrower shall agree in writing to
<br /> Q the payment of the obligation secured by sucli liei� in ;� insnner acceptable to I,ender, or shall in good faith contest
<br /> such lien Uy, or defend enforceinent of sucli lien in , legal ��roccedings �vl�ich operat,e to prevent thc enforcement of
<br /> ^ the lien or Forfeiture of the Property or any part thereof.
<br /> 5. Hazard Insur�ce. Borrower shsll keep tl�e improvements now existing or hereafter erected on the Prop-
<br /> erty insured against loss by fire, hazards included within the term "extended coverage", .�nd such ot6ei• l�azards as
<br /> Lender may require a,nd in such amounts und for such �ieriods as Lender may require ; provided, that I.ender shall
<br /> not re�uire that the ainount of such coverage exceed th:�t ainount of coverage required to pay the sums secured 'by
<br /> this Mortgage.
<br /> The insurance carrier providing il�e insuranr.e st�all Ue chosen by Boirower subjeet to npproval by Lender ;
<br /> }�rovided, that such approval shall not Ue unreasonably �vithheld . AIl premiums on insurance ��olicies shall be paid
<br /> at Lender's option in tlie mattnei• provided undei• paragi•apl� 2 hcreof or by Borrower making psyrnent, when due,
<br /> directlyto 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, may procure insurance on the improvements, 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 comrly may, at uption of Lender, constitute a default
<br /> uncier fche terms of this Mortgage.
<br /> All insurance policies :�nd renewals themof shall he in form a�ceeptable to I.ender � nd shall include a standard
<br /> �nortgage clause in favor of and in forrn scceptable to Lender. Lendei• shall liave the right to liold the policies and
<br /> renewals thereof, nnd Borrower sh�11 promptly furnish to Lender s11 rene�va] notices and nll receipts of paid pre-
<br /> miums. In the event ot loss, Borrower sl �all give proinpt notice to the insurance carrier and Lender, and Lender
<br /> may xnake proof of loss if not made promptly Ly I3on•o�ver.
<br /> Unless Lender and Borro�ver otherwise agree in writing, msurance �n•oceeds shall be applied to restoration or
<br /> repair of the Prope�ty damaged, provide.d such restoi:�tion oi repair is rconomic�ill�• feasible and the security of
<br /> this Mortgage is not tliereUy impaired . Ii such restor,itiori or repair is not economic:ally feasible or if the security
<br /> of this 1lortguge wouid be impaired, tl�e insurance proceeds shall I �e applie<9 to tlie sums secured by this D7ortgnge,
<br /> a with the excess, if any, paid to Borrowei•. Ii the Yroperty i, sbamloned by I;orro�ver or if Borrower fails to respond
<br /> to Lender within 30 days a£ter notice by ] ,ender to Borrower that tlie in�urance carriei• offers to settle a claim for
<br /> insurance benefits, Lender is authorized to collect and apply- the insurance proceeds at Lender's option either to
<br /> restaration or repair of the Property or to tlie sums secured 1��- this \Iortgage_
<br /> Unless Lender and Borrocver other�+-ise agree in writing, any such �pplication ot proceeds to principal ehal!
<br /> not extend or postpone tl�e due date of the montlily installments referred to in paragraphs 1 snd 2 hereof or change
<br /> the amount of such installments.
<br /> If under paragraph 18 hereof the Yroperty is acquired by I,ender, all rigl�t, title und interest of Borrower in
<br /> and to any insurance policies and in and to t!ie proceeds t6ereof ( t.o tl�e estent of the sums secured by this bZort-
<br /> gage immediately prior to such sa,lc or acquisit.ion ) resultin�* from damage to the Property prior to tl�e sale or
<br /> acquisition shall pass to Lender.
<br /> 6. Preservation mid Mmntanance of Properiy; Leasehoids; Condominiums. I3orrower shall keep the Prop-
<br /> erty in good repair and sha11 not permit or commit waste, iaipnirment, or deterioratiou of the Propert�• and shall
<br /> comply with the provisions of any ]ease, if this \Iortgage is on a Ieasehold . If this �4ortgage is on ;� condominium
<br /> ; unit, Borrower shull perform all of Borrower's obligations under the decluratiou of condominium or master deed ,
<br /> , ; the by-laws and regulations of the condorninium project and constituent �ocuments.
<br /> 7. Protection of Lender's Security. If Borro�ver fails to perforin the covenants and agreetnents contained in
<br /> � this D4ortgage, or if any action or proceeding is cornmenced which mat,erially affects Lender's interest in the Prop-
<br /> erty, including, l�ut not limited to, eminent domain , insol�•ency , r.ode cnforcement, or arrangements or Proceed-
<br /> ings involving a bankrupL or decedent, then Lender a[. Lender 's option , upon notice to Borrower, tnay make such
<br /> appearances, disburse sucl� suins and take such aciion as is iiecessary to protect Lender's interest, including, but
<br /> not limited t.o, disburse�xient �of reasonat>]e attorney 's fees snd entry upon the Property to make repairs. Any � � �
<br /> �mounts disbursed by Lender pursuant to this paragraph 7, with interest therem� , sl�all become additional indebt-
<br /> edness of Borrower secured by this 1lortgage. Unless I3orrower und I,ender agree to other tenns of payment, such
<br /> amounts ahall be payable upon notice from Lender fo Aorro���er requesting payment thereot, and shall bear inter
<br /> est from the date of disbursement at ttie rate stated in the Note unless r��yment of interest at such rate would be
<br /> contrary to applicable law, in which event such ;�mounts sliall bear interest at the highest rate permissible Uy
<br /> applicuble law. �Iothin� contained in thi= paragrapl� 7 shall i•equire I.ender to incur uny expense or do any act
<br /> hereui�der.
<br /> 8. Is�spection. Lender may �nake or cuuse to be u�ade i•eason�tblc enti•ie, upon nnd incpections of the Prop-
<br /> erty, j>rovided that Lender sJaalt give Borro���er notice � u•ior io an}� such inspect.ion .yiecitying reasonable cause
<br /> therefor �e!�tcc? to Lcr.�ar's intere,t :n tha I?ivpert,y .
<br /> 9. Condemnation. The proceeds of any award or clain� ior dumnges, direct. or conseyuential , in connection
<br /> �vith any condeinnation or othe�• taking of the Yrviaei•t:y , m• ��art thereof, or for conceyance in lieu of condemna- �
<br /> tion, are hereby assigned and shnll be paid to Lender.
<br /> In the event of a total taking of thc Property, the procced� ;l�all l,e cipplied to t,he sutns secured by this Mort- `"'` � � ` ?� •
<br /> gage, with the excess, if any, paid to Borrawer. In the event of � partial taking of thc Yro�ierty, unless Borrower � � ypy ;,;„ "
<br /> ; and Lender otherwise agree in writing, there sl�all l�e a�iplied to the sums secured by t.his \fortgage such propor- �Ta
<br /> a tion of the proeeeds as is equal to that pro;�ortion which tlie amount of the sums secured by this biortgage imme- I � � i��
<br /> , diately prior to tl�e date of tuking bears to the fair inxrket. i�alue of tlie Yroperty immediately prior to the d�te of ; :,.��<TM
<br /> p t�king, with the 'balance of the proceeds paid to Borro��•er.
<br /> '; If the Pr�perty is abandoned by Borzower or if tttter notice L,y Lender to Borrocver that t.he condemnor offers •
<br /> to r,:�ttc an alratd or sef,tie a �Iain� f�r tiainage�, S3on•o���er iails to respond to Lender witliin 30 dsys of the date ��
<br />� of such notice, Lcnder is autl�orizcd tu uui,evt su.! a},��1�• iLe �rroceeds ac Lender's option either to restoration or � '
<br /> repair of the Property or to the su�ns secured by this �Iortgage. e
<br /> Unless I�ender and Borirower other�vise agree ix� wri+ii:g, any sucli application of proceeds to principal shall
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