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<br /> � If under parugraph 18 hereoi thc Propertv ia sold or tl�e Yropert,y is otLerwise acquired i>y T,ender, Lender � , �
<br /> shall apply, no later thau imruediatel,y prior to t6c ssle. oi tl�e Yro� �criy or its ar,quisit.ion by� I.ender, any runds
<br /> held by Lender nt thc tirne of zipp] ication as u cmdit again,t tLc suuis secured by tLis iliortgagc.
<br /> 3. Application of Payments: Unless dp��licnblc lri�c �u�ovides otherwise, ;nil paytnents received by Lender
<br /> under the Note and plrabraphs l ;�nd 2 hereof sl�all bc applied l�y Lendcr fi�si, in paytnent of atnuunts psynble to
<br /> Lender l�y Borrower under paragraph 2 hereof, tLen to interest � x�yable on the \Tote and on Puturc� Advances, Sf
<br /> any, an<1 then to the principal of the Notc and to tl�e principr�l af Future Aciv� nces , if any.
<br /> 4. Charges; Liens, Soriower sLall pay :�ll taxes, a,ssessmeuts and other charges, fines and impositions attrib-
<br /> utable to the Pro�erty whicli may attain .i }�riority over this �lortgsge, and ground rents, if any, at Lender'.s
<br /> r � option in the manner provided under paragraply `L Lereof or I>y 13orro�eer mnkimg payment, when due, directly to
<br /> " ; � the payee thereof: Borrower shall pro�nptty furnis6 to Lendei• a11 notices of aivolints due under tl�is paragrapli,
<br /> i � and in tl�e event Borrower shall make paymenti directly, ]3orrower shult prompt]y furnish to Lender receipts evi-
<br /> � dencing sucl� p�ymeuts. Borrower sl�all proinptly discLarge any lien which lias griority over this �lortgase ; gro-
<br /> a � vided, thnt Bor;ower shall not be required to disclisrge any sixcl� lien so Iong as Borrower sf�nll agree in writing to
<br /> ! � the payment of the obtigation secured by such lien in .i �nanner zccept:ible to Lender, or shall in good faith contiest
<br /> i � such lien by, or defend enforcement of such lien in, legal �n•oceedings which operate to prevent the ent'orcement of
<br /> ; �, the ]ien or forfeiture of the Property or any part thereof.
<br /> ' �y 5. Fldzard Insurcmee. Borrower shall keep thc iui��rovements now existing or hereafter erected on the Prop-
<br /> ` crty insured a�sinst loss by fire, hazards included within the t.erm "extended coverage'; and such other hazards as
<br /> ,� Lender inay require and in such umounts and for sucl� � >eriods as Lender may requirc ; provided , tt2ut Lender shall
<br /> � nr�(, rerniirPtht�t �.hg �t7]�»n �, nf 5qr..h cnverage eaceed t,l�ac ainowit of cover:� gf� ren> > irrd t.n y>�y {h_ _„Z„� �A�y,pA.7 •h.,
<br /> ; this Mortgage: - �'
<br /> The insurance ca1•rier I�Toviding the insura�fce shall be cl�osen by Borrower subject to approval by Lender ;
<br /> provided, thut such approval shalI not I�e unreasonably witl�held. Alt premiums on insurance policies shal ! be paid
<br /> at Lender's option in the Ynanner provided undei• p��ragrapli 2 hereof or by Borrower making payinent, when due,
<br /> directIyto the insurancc; 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 /> All insurance policies and renewals tl�ereof sl�all be in (orm acceptuble to Lender und shall include a standard
<br /> ; mortgage clause in favor of and in forrn nccepfable to Lender. Lender shall l�ave the right to l�old t,he policies and
<br /> � renewals thereof, and Borrower shall promptly furnish to Lender all renewul notices and all receipts of paid pre-
<br /> miums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and I.ender, and Lender
<br /> may make proof of loss if not tnade promptly Uy I3orrower.
<br /> Unless Lender and Borrower otlierrvise agree in rvritine, insurancc pi•oceeds sl�all be applied to restoration or
<br /> repair of the Property damaged, provided such restoration oi• repctir is econotnicully feasible nnd the security of
<br /> this Mortgage is not thereby impaired . If such restorrition or repair is not economically feasible or if the security
<br /> of this Viortgage would lie impaired, the insurance proceeds shall be applied io tlie sums secured by tl�is Mortgage,
<br /> � with the excess, if any, paid to Borrower. If the I'iroperty is ab�ndoned by Borrower or iP Borro�ti�er fails to respond
<br /> ; to Lender within 30 days after notice by T ender to Borrower tl�at the insurance c�rrier offers to settle a claim for
<br /> insurance benefits, Lender is authorized to collect nnd apply tl�c insurance proceeds at Lender's option either to
<br /> restoration or repair of the Property or to the sucns secured by this \tortgage.
<br /> Unless Lender and Borrower otherwise agree in writing, at�y such application of proceeds to principal shall
<br /> not extend or postpone the due dnte of the monthly installments reterred to in paragraphs 1 and 2 hereof or change
<br /> the amount of such installments.
<br /> I4�under paragraph 18 hereof the Yroperty is acquired by Lender, all right, title and interesti of Borrower in
<br /> and to any insurance policies and in and to tl�e proceeds tl�ereof ( to thc extent of the suais secured by this Mort-
<br /> 3 gage immediately prior to such sale or acquisitionl resulting from damage to the Yroperty prior to the sale or
<br /> ` acquisition shall pass to Lender.
<br /> s 6. Pzeservation mid Mmntenance of Property; Le¢seholds; Condominiums. Borrower shall keep the Prop-
<br /> ! erty in good repair and shall not permit or commit waste, impairment, or deterioration of t1�e Property and shall
<br /> comply with t6e provisions of anylease, if this �Iortgage is on a leaseliold. If this Mort�age is on a condominium
<br /> unit, Borrower shall perform all of Borrower's obligations undei• tl�e declarr�tioii of condominium or master deed,
<br /> the by-laws and regulations of the condominiutti project snd constituent documents.
<br /> 7. Protection of Lender's Security. If Borrower Pails to perform the covenants and agreements eontained in
<br /> this J4ortgage; or if any action or proceeding is commenceci �vhich �naterially aflects I,ender's interest in the Prop-
<br /> erty, including, out not ]imiied io, emineni domain, in,oh•ency, code enforceinenl,, or arrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at Lender', option, upon notice to Borrower, may inake such
<br /> appearances, disburse such sums and take such action a�s is necessaiy 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 pursuant to t.his paragrapl� 7, with interest thereon , shall become additional indebt-
<br /> s edneas of Sorrower secured by this Dlortgage. Unless Borrotiver and Lender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> est from the date of disbursement at the rate stat.ed in the Note unless payment of intcrest at such rat wouid be
<br /> contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible by
<br /> applicable law. Nothing contained in tl�is paragraph 7 s1�111 reryuire I,endei• to incur any expense or do any aet
<br /> hereunder.
<br /> 8. Iaspectioa. Lender may �nake or cause to be made i•easonable entries upon and inspections of tl�e Pmp-
<br /> erty, provided that Lender shall give Borrower notice �.rior to ntn• surh inspection �pecifying reasonable cause
<br /> therefor related to Lender's interest in the Properts-.
<br /> 9. Condemaation. Tlie proceeds of ss��y a�varci or clairn ior dainages , direcc or consequential , in conneetion
<br /> with any condemnation or other taking of the Yroperty , or part thereof, or fm• conaeyance in lieu of condemne�-
<br /> tion, are hereby assigned and shall be paid to Lender.
<br /> In the e�•ent of a total taking of the Yroperty, the 7>roceeds sliall be a��plied to the sun�s secured by this Mort- �� .
<br /> gage, svith the escess, if any, paid to Borro�ver. In the event of a partial takin� uf the Property, uriless Borrower
<br /> and Lender otherwice agTee in writing; tl7ere sLall be appiied to tl�e sums ' secured by thi� 31ort,g�ge such pmpor- `' � =- "
<br /> tion of the proceeds as is equal ta that proportion tivhich the amount of the sums secured Uy this Mortgage imme- � +' � ' , '
<br /> diately prior to the clate of tal:ing beurs to tlie fair market value of tlie Yropert,y immediutely prior to the date of ";
<br /> � taking, with the Ualance of the }�roceedspaid to Boi�roweii , .��:
<br /> ' If the Property is aUandoned by Borrower or if after notice by Lender to Borrower that the condeivnor offers
<br /> to make an a�vurd or settle a claim for �lamages, I3orrower fails to respoud to Lender within 30 days of the date � . �
<br />� of sucu nutice, Lenc�er is suthorized to collecb and apk�ly ihe proceeds iit Lender'c option either to restoration or „
<br /> raps;ir af tLe Pro�er6y or to ihe suma secured by this _llortgage.
<br /> Unleas Lender and Borrower otherrvise agree in ivriting, any such application of proceeds to principal shall
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