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<br /> If under paragraph 18 hereof the Property is sold or the Yroperty is otl�erwise ar.,quired bY 1 ,ender, I.,ender
<br /> shall apply, no la'ter tlx:�n inzmediately prior to the sale af C}ie Propertv or its acquisition by l.ender , .tny Funds '
<br /> held by Lender at t.he tiiue of application a�s a cirdit against tlie sums secured hy this � Iortgage.
<br /> 3. Application of Payments. Unless applicablc la�c provides othertvise , all payments received by I,ender
<br /> under the iVote and paragrxphs 1 and 2 hereof sL:ill be upplied by Lendex• first in payment of �inotmts payable to
<br /> Lender by Borrower under p� r� graph 2 hereof, tlieu to interest payablc on ttie \Tote and crn Future Advances, if
<br /> any, and then to tlie principal of the Note and to tl�e principal of ruture Advances, if any.
<br /> 4. Charges; Liens. Borrower sl�all pay ali taxes; assessinents anci otl�er charges, fines and iinpositions attrib-
<br /> utable to the Property which may attain a priority over this �4ort.gage, and grouncl rents, if any, at Lender's
<br /> � option in the manuer Iirovided under liaragraph 2 hereof or by I3orrotiver n�aking psyment; when due, directly to
<br /> the payee thereof: Borrower stiall promptly furnisl� to Lender alt notices of ninounts due under this paragraph,
<br /> ' and in the event $orrower shall makc payment directly, I3orro«-er sh¢till pron�ptdy furnish to Lender receipts evi-
<br /> � dencing such payments. Borrower strall promptly aischarge any lien which has priority over this Mortgage ; pro-
<br /> � vided , thatBorrower shall not be required to discl�arge any suclt lien so long as Borrower shali ngree in writing to
<br /> � the payment of the obiigation secured by sucl� lien in a �nanner acceptaUle to T.ender, or shall in good faitl� contest
<br /> � such lien by, or defend enforcement of such lien in , legal procesdings wliich operate to prevent the entorcement of
<br /> � the ]ien or forfeiture of the Property or any part tliereof.
<br /> � 5. Hazard Insurauce. Borrotiver shall keep tl�c ` improvements now esisting ar hereafter erected on the Prop-
<br /> erty insured against loss by fire, hazards included �vithin the term "extended coverage"; and such other hazards as
<br /> � Lender may require :�nd in such amounts and for sucl� periodc as I.ender may require ; provided , that Lender shall
<br /> � not require that the �inount of such coverage exceed thnt amount of coverage required to pay the sums secured 'by
<br /> this Mortgage.
<br /> The insurance carrier providing il�e insurance shall Ue chosen by Borrower subject to approval Uy Lender ;
<br /> provided, that such approval shall not be unreasonaUly withheld . All premiums on insurunce policies shall be paid
<br /> at Lender's option in the manner provided under paragraph 2 hereof or by Borrowei• making payment, when due,
<br /> directly 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, 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 comply may, at option of Lender, constitute a default
<br /> under the terms of this Mortgage.
<br /> Ali insurance policies and rene�vals tliereof sh� ll be in form acceptable to I.ender and shall include a standard
<br /> mortgage cl�use in favur of and in form acceptablc to Lende:•. Lender shal ! fiave t,he ri�lrt to liold th� ,�clicies :r.d
<br /> renewals thereof, and Borrower shall promptly furnisli to Lender all renewal noticrs and all receipts of paid pre-
<br /> miums. In the event oi loss, Borrower shall give prompt noticc io the insurance carrier and Lender, and Lender
<br /> � may make proof of loss if not made promptly by Borrower.
<br /> Unless Lender and Borrower otl�er�vise agree in writing, iuswauce proceeds sl�all be applied to restoration or
<br /> repair of the Property damaged , provided sucl� rest,oration or repair is economically fea,sible and the security of
<br /> this Mortgage is not thereby impaired. If such restoraCion or repair is not economicsll,y feasible or if the security
<br /> of this 1lortgage would be impaired , the insurance proceeds sh:ill be ap�>lied to the suins secured by this bfortgage,
<br /> with the excess, if any , paid to Borrower. If tlte Yi•operty is sbandoned by Borrower or if Borrower fails to respond
<br /> to Lender within 30 days after notice by Lender to Borrower that the insurance carrier 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 /> restoration or repair of the Property or to the sums secured 65� this \3ortgage.
<br /> L'nless i.ender anci Borrower cther�vise agree iii writing, ae�y sucl� application of proceeds to principal shall -
<br /> � not extend or postpone tl�e due date of thc monthly inst�,llments reterred to in paragr�.phs 1 and 2 hereof or change
<br /> the amount of such installments .
<br /> If under paragrapli 18 hereof the Yroperty is acquired by Lender, all right, title mnd interest of Borrower in
<br /> and to any insurance policies :�r�d in and to tlie proceeds tLereof ( to tlic extent of tlie sums secured by this Mort-
<br /> � gage immediately prior to such sale or acquisitionl resiilting from damage to 'the Yroperty prior to the sale or
<br /> acquisition shall pass to Lender. <,
<br /> 6. Preservation mid Mmntenance of Property; Leaseholds; Condominiums. liorrower shall keep the Prop-
<br /> erty in good repair and s}tall not permit or commit waste, impairment, or deterioration of the Yroperty and shall
<br /> comp]y witl� the provisions of � ny lease, if this \Iortgage is oc� ;� ]easehold . If this Dfortgage is on a condominium
<br /> unit, Borrower shall perfonn all of Borrower's obligations under the declaration of condominium or master deed,
<br /> the by-laws and regulations of the condominium project snd constituent documents.
<br /> 7. Protection of Lender's Security. If Borrower Sails to perforin the covenants :�nd agreements contained in
<br /> this Mortgage, or if any action or proceeding is commenced �vhicl� u�aterially affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domain , in,ol ��ency, code enforcement, or srrangements or proceed- '
<br /> inga involving u binkrupt or decedent, tl�en Lender at Lencier's option , upou notice to Borro�ver, inay make such
<br /> appearances, disburse such sutns and take sucl� action as is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonable attorney 's fees and entry upon the Property to make repairs. Any
<br /> amounts disbursed by Lender pursulnt t.o t,his paragraph 7, «•itl� interest thereon , shall become additional indebt-
<br /> .� ' edness of Borrower secured by this �4ortgage. Unless Borrower and I.ender agree to other terins of payment, such
<br /> amounts shall be payablc upon notice from Lender to Borrower request.ing payinent thereof, a.nd shall Uear inter-
<br /> est from the date of disbursement at the rale stated in the \Tote unless payment ot interest at sucl� rate would be
<br /> contrary to applicable law, in which event such amounts shal] beai• interest at the highest rate permissible by
<br /> applicable law . \Tothing contained in this paragraph 7 sl�all requirc Lender to ir,cur any expense or do any act
<br /> liereunder.
<br /> 8. Inspection. Lender may make or cause to be madc reasonaible c:ntries upon and ins}>ections of the Prop-
<br /> erty, provided that Lender sl�all give Borrower notii�c � �rior to au�- �ucli inspect.io❑ �pecif,yin� reasonable canse
<br /> therefor related to Lender's interest in tlie Pro}�erty.
<br /> 9. Candamnation. The proceeds uf :�ny an'arii or .�;aizu for dumugc;, direct or con;aquantial , iu counection
<br /> rvith any condemnation or other tsking of tlie Yropei•ty, oi• liart thercof, or for conveyance in licu of condeinna-
<br /> tion, are hereby assigned and shall be paid to Lender.
<br /> � � � � In the �event of a fotal taking of t1�e Prolierky, tl�e 1'�roceeds sl�all be appliecl to the �ums secured by tl�is A'Iort-
<br /> gage, ticith the exeess, if any , paid to Borron�er. In the event of ss partial taking of the Property, unless Borrower , ""^t � ' �, ; y�
<br /> and Lender otherwise agree in writing, tliere siiall l�e appliecl to the su�ns securecl b,y this 11oi•Lgage sucli propor- a tV 4,�w,
<br /> tion of the proceeds as is equal to that proportion �vhich tl�e amount of t.he suins secured by this \iortgage imme-
<br /> diately prior to the date of taking bears to the fair ivarket vr� lue of tkie Propertr immediately prior to the date of > �
<br /> � tsking, with the balanee of the proceed's psid to $orrower. y ,�M�
<br /> If the Prpperty is abandoned by Borro�i�er or if after noiice by Lender to Borrower that tl�e condexnnor offers � '
<br /> to make an a�ti ard or settle a cIaim for damages, Borrower fails to respond to Lender within 30 days of the date
<br />�p of such notice , Lender is authorized to c.oiiect and apply the praceeci, ar l ,ender's option either i,o re�tora�tion ar !
<br /> repair ui tiie Properiy or to the �uuis sec:ured l�y tuis �Icir4guge. >
<br /> Unless Lender and Borrower other�vise a�ree iu writing, �ny such application of proceeds to principal sl�ssll
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