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<br /> � If timder paragraph 18 I�ereof tiie Yro�>ei•ty is sold or tl�e Yroperty is otherwisc ttcquired b�� I.ender, T.ender , �
<br /> ;hnli apply, no later tl�an immediaiely prior to the 5alc of tl�e YroperCp or it� acquisition h�� I.eudcr, any Funds
<br /> � lield 1>y� Lender at the time of spF>lication 1s a crcdit tigninsf tl�e sum� �ecured b}• thi� A4ortKage.
<br /> 3. Applieation of Payments. Unles, :ippliaable ln�c ��i•ovides otlierwi.c, :� Il pa} �rrents reeeived by Lencier
<br /> under tlie Note and paru�raplis l :� nd 2 hereof s6all bc applied by I.ender fi�st in prlyineni. of amounts Eiayable to
<br /> Lender liy Borrower under paragiapl� 2 l�ereof, tlien to intu�est ��ayable oi� tl�e \Tote and on Future Advances, if
<br /> any, and t.hen to t:he principt�l of the Note ancl to tl�e pi•incii�nl of I�uture :lrlvainces , if any.
<br /> 4. Charges; Liens: Borrower sl�all pay 311 tases, assessnients xnd otLer ch.a�ges, fines ztind impositions attrib-
<br /> utable to tl�e Property wliich ma,y sttnin a priority over tliis �fortgage, and gromid rents , if any; at Lender's
<br /> � option in theananner provided under paragraph 2 liereof m• by 13orrower making payment, when due, directly to
<br /> �Q ' the payee thereof: Borrmver sI�all promptly turnish to Leiider all notices of amounts due under this paragraph,
<br /> � and in the event Borro���er shatl make payment directly, }3orro�ccr sliall piron�ptly furnish to Lender receipts evi-
<br /> � dencing sucli payments: Borrower shall prom�rily dischsrge any lien cvhich lias priority over this \-[ortgage ; pro-
<br /> � vided, that Borrower sl�all not be required to ilischnrge any sucL lieii so long as 13orrower sliall agree in writing to
<br /> � the payment of the obligstion secured Uy such lien in n uzsnner ��cceptable to I.ender, or shall in good faitli contest
<br /> � such lien �y, or defend enforcement of sucli lien in, legal proceedings �vhich operate to prevent the entorcement of
<br /> � the lien or Sorfeiture of the I'roperty oi• szn,y part thereof.
<br /> ^ 5. Hazard Insurmica. Borrower shall keep the imI>rovements now existing or hereafter erected on the Prop-
<br /> erty insured against loss by fire, hazards included within tl�e term "extended coverage", .ind such other hazards as
<br /> Lender may require und in such amounts and for spch periods as Lender may require ; provided, that Lender shall
<br /> not require that the nmount of such covera6e exceed that :�mowiC oS coverage reyuired to pay tl�e sums secured 'by
<br /> this Mortgage.
<br /> The insurance carrier providing tlie insurance sl�all bc chosen by Borrower suUject to approval by Lender ;
<br /> provided , tl�at suc}i approval shall not be unreusonably withkield. All prerniuins on insurance policies sl�all be paid
<br /> nt Lender's option iii the manner providecl under p.tiragrapl� 2 I�ereof or by Borrower mal;ing pay�nent, when due,
<br /> directly to the insurance carrier.
<br /> In the event any policy is not renewed on or Uefore 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 defauit
<br /> under the terms of this Mortgage.
<br /> All insurance policiec �nd renewals thereof she�li be in foi•�n �icceptaV.>le to Leniicr and sl�all include � standard
<br /> mortgage clause in favor of and in form acceptable to Lender. I..ender �hall have the right to liold the policies and
<br /> renewals thereof, and Borro�i�er shall promptly [urnish to Lender tili re�� e�va1 noticrs und all receipts of paid pre-
<br /> ' miums. In the event of loss, Sorrower sliall give }7rompt notice to tlie insur�ncr carrier and Lender, and Lender
<br /> may make proof of loss if not made promptly by Bon•ower.
<br /> Unless Lender and Borrower otherwise agree in writing , insm�ance proceeds shall be applied to restorr�tion or
<br /> , repair of t:he Property damaged , provided such re�toratiou or rep.lir is economicuUy feasible and ihe security of
<br /> this Mortgage is not tliereby iinpaired. If such restoi•ation or repair is uot econoinicully feusible or if the security
<br /> , of this DSortgAge tivould Ue impaired, tlie insurnnce I�roceeds sl�all bc ap��liec3 to tlie sucns secured by tliis Nlortgage,
<br /> with the excess, if any, paid to Borro«�ec. ii the Yroperty is abandoned by I3orrower or if Borrower fails to respond
<br /> to Lender within 30 days after notice by I.ender to Borrower that Che iusurance carrier offers to settle a claim for
<br /> insurance benefits, Lender is authorized to collect :a.nd apply tl�e insur� nce proceeds at Lender's option either to
<br /> restoration or repair of the Property or to tl�e sums secured by this \Iorigage.
<br /> Unless Lender and Borrower other�vise agree in writing, any such application of proceeds to principal shall
<br /> not extend or postpone the due date of the montl�ly installments reterred to in paragrnphs 1 and 2 hereof or chsnge
<br /> ` the amount of such installments.
<br /> If under paragraph 18 hereof the Yroperty is acquired by Lender, all right, title and interest of Borrower in
<br /> and to any insurance policies and in ssnd to tlie proceeds thereof (to t.he extent of tl�e sums secured by tUis :17ort-
<br /> gage imYnediately prior to sucl� sale or acquisition j resulting frou� darn��ge to thc Yroperty prior to tlie sale or
<br /> acquisition shall pass to Lender.
<br /> 6. Preservation cmd Mmntenance of Property; Leaseholds; Condozniniums. S3orrower shall keep the Prop-
<br /> erty in good repair and shall not permit or commit �vaste, imp3irment, or deterioratiori of the I'roperty and shall
<br /> comply �vith tdie provisions of any lease, it this 3lortgs6e is on a leasehold . If this A4ortgage is on a condominium
<br /> unit, Borrower shall perform all of Borrower's obligation, under bhe declaration of condominium or master deed ,
<br /> the by-laws and regulations of the condominiuiu projeci and constituent docutnents.
<br /> 7. Protection of Lender's Security. If Borrower fails io E�erfonn the covenlnts snd agreeaients contained in
<br /> this �4ortgage, or ii any action or proceeding is co�nmenced �vhich anaterially affects l.ender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domuin , iusolvency, code cnforcement., or arrangeinents or proceed-
<br /> ings involving a bankrupt or decedent, tl�en Lender at I ,endei's option , upon notice to I3orrower, may make such
<br /> appearances, disburse sucl� sums and take such action :as is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonablc sttorney's fees and entry upon the Yropercy� co inake repairs. Any
<br /> amounts disbursed by Lender pursuant to this paragrnp}� 7, �vitli interest thereon , shall become additional indebt-
<br /> edness of Borrower secured Uy this liortgage. Unless Borro�ver and Lender 3gree to other terms of payment; such
<br /> ` amounts shall be paynble upon notice froiu Lender io Borro�ro�er requesting payinent thereof, and shall bear inter-
<br /> eat from the date of disbursement at the rate stated in the �Tote unless payment of interest nt such rate would be
<br /> � contrary io applicable law, in which event such arnounts shall Uear interest at the highest rate pennissible by
<br /> applicable law. Nothing contained in tl�is psragraph 7 sl�.ill require Lender to incur any expense or do any act
<br /> hereunder.
<br /> 8. Inspection. I:ender may make or cauee to he ma�ic re:asonaF�]c entries upon and inspections of the Prop-
<br /> eriy, provided ihat Lcnder sliall give Borru�eer notici� �u•ior io tuip �uch in�pection ���ecif�•iug reasonu�le cause
<br /> therefor related to Lender's interest in the Yroperty- ,
<br /> . 9. Condemnation. The proceecis of uny award or clairn fur damages, direc "t, or coiisequential , in connection
<br /> with any condemnation or otl3er taking of tlie Propert�� , or p:�rt thereof , or foi• conveysnce in lieu of condemnn-
<br /> tion, are hereby assigned and sl�all be paid to Lender. '
<br /> � � In the event. of a t�otal taking of 'the Yroperty, the proceeds sl�ali Le �pplied to the sums aecured by tliis Mort- ( � , s
<br /> gage, with the exeess, if any , paid to Borroccer. Tn the event. of a pnrtial tnking of the Property , unless Borrower • "� „.r � "'
<br /> and Lender otherwise agree in writing, tliere sliall be np�alied to tl�e suins secured by this 1lortgage such propor- �' � �.. "
<br /> tion of the proceeds as iv equal to that proportion �vhiclr tl�e amount of the sums secured by this Mortgage imme- *,
<br /> � �„_„ diately prior to the date of tal:ing bears to tl�e faii• xnarket value of tLe Propert�� imn�ediately prior to Lhe date of «�
<br /> iaking, with the balance of the proceeds paid to Borrower. '-,g"�'
<br /> If the Fropertg isabandoned by Borroc��er or if �iiter nutice by Lencier to Borrower that the condemnor offers
<br />� to make an a�vard or settle a clsim for dumsges, Borro�ver fails toi•espond to Lender witliin 30 days of tlie date
<br /> oF sueh notice, Lender is authorized 'to collect xnd appiy' tlze proceed� at Lender 's option either to restoration or '°'!"' :'
<br /> repair of the Property or tu the sums seeured liy tliis \lortgage.
<br /> ' Unless Lender and Rorro�ver other�vise agree in �vTiting, any such application oF proceeds to principal shall
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