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<br />�� }.'. If under paragraph 18 hereaf the Yropert,y is sold or the 1'roE3erty is otherwise acquired by Lender, I,ender
<br /> ' ,hall apply, no l�ter t.han ixt�mediately prior• to tl�o sslc of t6e }'ro�>crty or its a�ryi�isitiori Ly Lender, sny Punda � �� �
<br /> held by Lender at the time of application as a credit .against tlie �um� secured b�- this 1'Iortgage. � �
<br /> 3. Application of Paymenta Unless applicablc la�v provides other�visu, ;� I ( payinents received b,y Lender
<br /> uiider the Note and I�ara�rapLs 1 and `2 hereof shrill bc applie< i b_y I,endei• tirst, iti payment of :amoLmts payable to
<br /> Lencler by I3orrower under puragrapli 2 Lereof, tlien to interest I �atyuble on the Note and on Future Advances, if
<br /> any, anc] then to the principal of the IvTote anci to the prinoipal of Future Adv,lnces, if any.
<br /> � 4. Charges; Liens. Borro�ver sLall pay alf taxes, assessments an,.i otl�er charges , fines anci impositions attrib-
<br /> � utable to the Property which may attain a priority over t6is \Zm'cgage, and ground rents, if any, at Lender's
<br /> � � option in tl�e nzanner provided under paragraph 2 hereof or by Borro�c er �nalcing �iayment, when due, directly to
<br /> � the payee thereoi. Borrower s}iali prompily fiirnisii io Lendcr ail notices of ainounts due imcier ihis paragraph,
<br /> .�.y and in tl�e event Borrower shall make p.syment directly, I3orro�rer shall promptly furnish to I encier receipts evi-
<br /> ` dencing sucl� payments. Borrower sl�all I>i•omptly disciiarge :xny lien which I�as priority over this �1orGgage ; pro- �
<br /> vided, that F3orrower shall noti be 7•equired to dischai•ge any sucli lien so long as Borrower sliall agi•ee in writing to
<br /> � the pttyment of the obligation secured by such lien in a manner acceptable to Lender, or sl�all in �ood faith contest
<br /> � such lien by, or defend enforcement of sucli lien in , legal pi•oceedings wl�ich operaic to prevent tl�e entorcement of
<br /> the' lien or forfeiture of the Property or any part tLereof.
<br /> 5. Hazard 7nsurance. Borrower shall keep tl�e imf�rovements no�v existing or hereafter erected on the Prop-
<br /> ' erty insured against loss by fire, liazards included within the terin "extended coverage ", and such otl�er hazards as
<br /> Lender m�.y require and in sucl� amounts and for sucl� perio<is .is Lender rnsy require ; ��rovided , that Lender ehriU
<br /> not require that the amount of such coverage exceed td�at amount oF coverage required to pay the sums secured 'by
<br /> this Mortgage.
<br /> The insurance carrie: providing the insurance shal; be chosen by I3orrower subject to approval by Lender ;
<br /> provided, tY�atsuch approval shall not be unreasonabIy withheId. All premiums on insurance poiicies shall be paid
<br /> at Lender's option in the inanner provided under paragrapl� 'l liereof oT• by F3orrower rnaking �>ayment, when due,
<br /> directly to ihe 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 /> n 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 /> AIl insurance noliciec and renewals thereof shall be in form aceeptsble to Lender and shall include a standard
<br /> inortgage clause in favor of and in foi•m accej>taU1e ro Lender. Lender shall have the rigl�t to liold the policies znd
<br /> renewuls thereof, and Borrower shall promptly fui•nic�� to Le��der all rene�val notices and all receipts of paid pre-
<br /> miums. In the event oi ]oss, Borrower shall give prompt notice to the insurauce carrier and Lender, and Lender
<br /> may make proof of loss if not made promptly I�y Borrower.
<br /> , Unless Lender and Borrower othertivise agree in writing, insurance proceeds shall be applied to restorntion or
<br /> repair of the Property damaged , provided such restor<<tion or repair is economically fensible tind the seeurity of
<br /> this Mortgage is nottl�ereby impaired. If such restoration or repair is not economically feasiUle or if the security
<br /> ' of this �Zortgage would be iinpaired, t}ie insurance ��roceeds shall bc spplied to the su�ns secured by this AZortgnge,
<br /> with the excess, if any, paid to Borrower. If the Yiropei•ty is abandoned by Borrower or if Borro�ver fails to respond
<br /> to Lender �vithin 30 days after notice by Lender to Borro�ver that ihe insurance carrier offers to sett]e 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 tl�e Property or to the sums secured by tl�is �Iortgage.
<br /> Unless Lender and Borrower otherwise :igree in writing, an,y suc}i application of proceeds to principal shali
<br /> not extend or postpone tl�e due date of the montlily installments referred to in paragraphs 1 and 2 hereof or change
<br /> the amount of such installments.
<br /> If under paragraph 18 hereof thc Yroperty is acquii•ed by I,ender, all right, title and interest of Borrower in
<br /> and to any insurance policies and in and to tiie proceeds thereof ('to the extent - the sums secured by this Mort-
<br /> 3 gage imtnediatelyprior to such sale or acquisition ) resulting from duinage to the Yroperty prior to the sale or
<br /> � xcquisition shall pass to Lender.
<br /> r 6. Preservation and Mmatenance of Property; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> � erty in good repair and shall not permit or commit waste, icnpairment, or deterioration of the Property and shall
<br /> ` ! comply with the provisions of any lease, if this _llurtgage is on a ]easehold . If this \4ort,gage is on a condominium
<br /> - unit, Borrower shall perform all of Borrower's obligations under tlie declaraiion of coiidominiuin or master deed,
<br /> the by-laws and regulations of the condominium project a,nd constituent documents.
<br /> 7. Protection of Lender's Security. If Borrower fails io perform ttie covenants and agreements contained in
<br /> this �fortgage, or if any action or proceeding is commenced rvhich mat,erially affects Lender's interest in the Prop-
<br /> i erty, including, but not limited to, e�ninent do�naiu , insoh�ency, code enforceinent, or arraugements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at I.ender's option , upon notice to Borrower, may inake such
<br /> appearances, disburse sucl� sums and take such action as is necessary to protect Lender's interest, including, but
<br /> not limited t.o; disbuTsement of reasonuble attorney's fees and eotry upon the Property to ruake repairs. Any
<br /> amounts diabursed by Lender pursuant to this paragraph 7, ���ith interest thereon , sha11 become additional indebt-
<br /> edness of Borrower secured by this J4ortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> amounts shall be paysble upon notice from Lendei• to Borrower requesting payment thereof, and sl�all bear inter-
<br /> est from the date of disUursement at the rate stuted in the :�Tote unless paymei:t of interest at such rate would be
<br /> contrary to applicable la�v, in which even£ such amounts shall bear interest at the higl�est rate permissible by
<br /> applicable ]xw. Nothing contuined in this puragrapli 7 shnll require Lender to incur any expense or do any act
<br /> hereunder.
<br /> B• Inspectioa. Lender may tnake oi• cfluse to bc made i•ea�onnblc entries upon and inspections of the Prop-
<br /> erty, provided tl�at Lender shall give Borrow•er notice �n•ior to nn�- suc] i inspectiou �pecifyin� reasonnble cause
<br /> therefor related to Lender's interest in the P;operty.
<br /> 9. Condemn¢tion. The proceeds of any a�vard or claim for damages, direct or consequential, in connection
<br /> with any bondemnation or other taking of the Propei•i,y , or part tl�ereof, or for com•eyance in ]ieu of condemnA-
<br /> tion, are hereby assigned and shsll be paid to Lender.
<br /> In the e��ent of a tota] taking of t.he Property, thc procecds shall be applied tv the sums secured by this :�fort- ,,;,;�,� ,. - ��
<br /> ' gage, �vith the excess, iS any, paid to Borrower. In tl�e event of a parti�l t.uking of the Property, uraless Borrower r,
<br /> and Lender otl�erwise agree in w�riting, there sl�all be ap��lied to tlie smus secured by this _llortgage such propor- � '� ,"� � '
<br /> tion of, the proceeds as is equal to that proportion which the nmount of the sums secured by this Dlortgage imme- �
<br /> diately prior to the date of taking bears to the fair mc�rket vulue of tl�e Yroperty immediately prior to the date of "
<br /> taking, with the buIance of the proceeds paid Co Borrowei•. ,: ,�,�,
<br /> � . If the Property is abandonecl by Borrowei• or if after notice by Lender to Borrower that the condem»or �ffa,�
<br />� '' ' to rr.ske ' an a;var3 0.- settle a c;iaiiu ioi uauiages, Borrower Tails to respond to Lender ���ithin 30 day�; of tlia datP
<br /> - of euch notice, Lender is authori2ed to uullecb and aplily iiie }>roceeds at Lender's option eitl�er to restoration or ' �
<br /> repair of the Property;or to the sums secured by tliis \iorGguge.
<br /> Unless Lender and Borrower otl�er�vise agree in writing, any sucli anplication of proceeds to principa! shal!
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