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<br /> �, If under paragraph 18 liereof ihc Pro��erty i, sold or the 7'ropert�� is otherti�>isc acquired b�� Lender, Lender
<br /> � st�xull aipply, no later tlinn immediatel,y prior to t.l�c sal�; of the Pro��crt�p or i[s .tuquisition b}� I.c+ncler, any I'unds � � � �
<br /> � I�eld by Lender at the 't-ime of .�pplication :�s � emdif� :��ainst tLo suu �s �ecured bc this \Iortgziga
<br /> 3. Applieation ot Payments. [7nleti, aj �i�licablc la �c ��rovide� other�vr>e, nll payments received by I,ender
<br /> under the Note and paragraplis 1 �nci 2 hm•eof sl�ail be yp� �lied lry Len<lnr first in psy�nent of .�ii��ounts payable to � � �
<br /> Lender byBorroK�er under paragrapl� 2 l�ereof, then to interest p;iyable on tlie Nokc �iuci on Future Advunces, if
<br /> � � any, aud then to tl�e princi�al of the � iv�ote .�n<I to � tl� e pcincipal uf Future Advances , if :�nv.
<br /> 4. Charges; Liens. Borrower sliall �iay a.11 taxes, sssessinenls and otl�er chnrges, fines and impositions 3ttrib-
<br /> utabie to the Property which may att.ain a priority ovcr ti � is �Iort�agc, and ground rents, if :�ny, � t Lender's
<br /> option in tl�e manner provided under parngraph 2 liereof or by Borro�aer roaking p.�ynient, �vhen due, directly to
<br /> " r the payee thereof. Borrower shall promptl,y furt�ish to Lendcr all notices of amounts due under this paragraph ,
<br /> � and in tkie event Borrower shall niake puynient directly , I3orrower chall prornptl,y Surnisli to Lender receipts evi-
<br /> dencing such payments. ,Borrower shall promptl,y dischssrge any lien which has priority over this l-lort�age ; pro-
<br /> � vided, that Borrower shslt not be required to discl�arge an�� sur.li lien so long ss 13orrowcr shnll agree in writing to
<br /> R the payment of tlie oUligation secured by such lieu in :t manner .Lecept,able to Lendei•, or shall in good faith contest
<br /> � such ]ien by, or defend enforcement of such lien iu , legal proceedinga whicli oper:�te to prevent the en(orcement of
<br /> � the lien or forfeiture of the Property oi• any part thereof.
<br /> � 5. Hazazd Insurcmce. Borrower shall kee�� GLe improvemevts no��� existinfi or hereafter erected on the Prop-
<br /> � erty insured against ioss Uy fire, hazards included �vithin the term "extended coverage" , :Lnd sucl� ottier hazards as
<br /> � Lendermay require and in sucli amounis and for such periocis ns Lender ivay require ; providecl , that Lender shall
<br /> }\, not require that t6e smount of such coverage exceed tl�at sinoUnt ot covei•sge rerluirecl to pay the sums secured 'b,y
<br /> inis lYlori�age.
<br /> The insurance cirrier providing tLe insurance sl�all be chose❑ by I3orro�r•er subi .^ct to npprovul by Lender ;
<br /> provided , that such approval shall not be uureasonabl}� withl�eld. All premiums on insurance policies shall be paid
<br /> at Lender's option in tlie inunner providecl imder �>:�ragrlph 2 hereof or by 13orrower rnal:ing payment, wlien 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 Corth in said note until paid and shall be
<br /> secured by this Mortgage. Failure by Borrower to comply inay, at option of Lender, constitute a default
<br /> under the terms of this Mortgage.
<br /> � All insurance policies and renews�Is thereof ehall be in forin :�ecepttib]e to 7 cnder and s �all include a standard � �
<br /> mortgage clause in fsvor of and in form acceptable to Lender. Lencler �l�all I�a��c the ri�ht. to liold tl�e policies and
<br /> renewals tl�ereof, and Borro�vcr sliall promptly furnish to Lender all rene�val notice; ancl all receipts of paid pre-
<br /> miums. In the event of loss, I3m�rowei• sLall giae pi•oinpt uotice to tlie insurance carrier and Lender, and Lender
<br /> may make proof of loss if not made promptly by Borro�ver.
<br /> Unless Lender and Borrowei• otl�er�vise agrce in «•riting, icisw�ance pi•oceeds sliall be applied to restoration or
<br /> repair of the Propert.y damssged , prrn�ided sucli restoi•ation oi• repair i, econoinicall,y feasible and the security of
<br /> this \Iortgage is not tliereby impaired. If sucli restot.ztion oi• re}aair is not econoinically Seasible or if t.he security
<br /> of this \lortgage would be impaired, the insui•ance proceeds shall be al�piied to tLe suius secured by this liortgnge,
<br /> x witli the excese, if any, paid to Borrowei•. If tl�e Yropei•ty is abando��ed hy Borro«•er or if I3orro�ver fails to respond
<br /> to Lender within 30 days after notice by Lender to Borrowcr tliat the insurance carrier offers to setile a cisim for
<br /> insurance benefits, Lender is authorized to cullect and apply thc irisuraricc: proceeds at Lender's option either to
<br /> restoration or repair of the Property oi• to the suins secured by� t,l�is �Iortgage.
<br /> Unless Lender and Iiorrower otherwise agree in writing, any such applicatiou of proceeds to principal shall
<br /> j not extend or postpone the due dste of the moni,hly installments referred to in paragi•aphs 1 and 2 hereof or change
<br /> the amount of sucli installments.
<br /> If under paragraph 18 hereot" the ProperCy is acquired by I,ender, all right, iitle and interest of Borrower in
<br /> and to any insurance policies and in and to ti�e proceeds thereof jto t.he extent of tlie sums secured Uy this 1�4ort-
<br /> gage imtnediately prior to such sale Ol' 3C(�U151t10T1 ) resiilting from dci�nage. to the F'roperty� prior to tlie sale or
<br /> acquiaition shall pass to Lender.
<br /> 6. Pzeservation and Mmnten�ce of Property; Leaseholds: Condominiums. I3orrower shall keep the Prop-
<br /> ; erty in good repair �nd shall not permiL or cominit w� ste, impsirment, or deteriorztion of thc Property and shall
<br /> � comply with the provisions of any lease, if this \Iartgage is on a le�sehold . If t}�is 1lortgage is on a condominium
<br /> ` unit, Borrower shall perform ss11 of Borrower's obligations under thc declnraiion of condominium or master deed ,
<br /> � the by-laws and regulations of the condominium project clnd constituent docuinents.
<br /> 7. Protection oi Lender's Security. If Borrower inils to perforiv the covennnts and agreeinents contained in
<br /> this Mortgage, or if any uction or proceeding is commenced which materixih* affects I,ender's interest in the Prop-
<br /> n erty, including, but not limited t.o; eminenl dom:�in, in<olvenc,y, codc enforeemet�t, or arrangements or proceed-
<br /> � ings involving a bankrupt or decedent, then Lender at Lender', option , upon notice to Borrower, may mske such
<br /> appearances, disburse sucli sums xnd tuke sucli action as 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 b,y Lender pursuant to this paragrapl� 7, �vith interest thereon, shall becorne additional indebt-
<br /> edness of Borrower secured by this _liortgage. Unless Boi•rowei• and Lender agree to otlier terms of payment, such
<br /> amounts shall be payable upon notice from I,endei• to Borrower requesting payment ti�ereof, and shall bear inter-
<br /> est from the date of disbursernent at the rate stated in tl�e Note u»less paymenG of interest at such rate �vould be
<br /> contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible by
<br /> applicable law. \Totliing contained in tl�is paragi•apli 7 sh :ill requirc I.ender to incur any espense or do any act
<br /> hereunden
<br /> 8. Ix�speetioa. I.ender may make or cauee to hc made re��so���ble entries upon and inspections of the Prop-
<br /> erty, provided that T,ender shall give Borro«�er noticc ��rior to an�� such inspection .�pecifying reasonable cause
<br /> t.herefor related to Lender's interest in the Property.
<br /> 9. Condemnafion, The proceeds oi uny a�vard or claim ior dum� ges, direct or consequential , in connection
<br /> with nny condemnation or other tuking oi the Yropercy , or part thereuf, or for con �•e,yance in lieu of condemnn-
<br /> tion, are hereby assigued an3 shall be paid to Lender.
<br /> In the event of a total takin� of the Yroperty, tl�e proceeda sh311 be applied ia the sums secured by this �4ort-
<br /> gage, witli tl�e excess, if any , }�aid to Borro�ver. In t6e event of .� p,�rtiral taking of t}ie Propez•t,y , unless Borrower �� ^ " ':
<br /> � and Lender oLherwise agree in writin�;, i.lzere sl�a] ! be a��plied to� the sums secured by this D�Iortgage suc�h propor- � �� � " " �� �"".,; ��
<br /> tion of the pzoceeds ns is equnl to tlu�t proporcion whicli the amount of thc suu�, secured by tl�is �Tortgage inime- G 'y� �`�"
<br /> diately prior to the date of taking bears to tl�e fair market value of tl�e Yropert}� immedintely prior to the date of AF ,"
<br /> � taking, with the balance of tl�e proceeds paid to $�rrower.
<br /> If the Property is abandoned " by Borrower or if after notice by Lender to Borrower t,hat the condenmor offers f' '�'V
<br /> to make an n�vard or settle a claim for �lamages, Borrower fails to respond to Lender �i•ithin 30 da,ys of the date
<br /> of such x3otiee, Lender is � uthorized fo eollect and auply the proceed< :�t i ,rn�9 �r'� oPtia=: eit!;c: to i•estoratioa or
<br />� repair of the Yroperty or to the suins secured bu tl�is \iortgfi�e. �..' . '
<br /> iJnlrss Lender and Borrower other�vise agree iia writing, any such application of proceeds to princiyul sl�nll
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