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<br /> If under paragraph 18 hereof the Yroperty is sold or fhe Yroperty is other�vise ;icquired by l,en�ler, Lender
<br /> shall apply, no later tLan innuediatelv prior to tlie sale of the I?ro��erty or it,s acquisition by I.en�ler, any i+unc9s
<br /> held by Lender at the time of �,pylication as a emdit � S� inst � tlia suins �eoured by this _llortgage. � � � �
<br /> 3. Application of Payrnents. Unless ap��lica�le Irx�s ��rovicles ot.herwi�e, all payments received by Lender
<br /> under the Note and paragraplis 1 and 2 hereof sliall he applied by Lcncier first in p�yra�ent qf a�nounts payable to
<br /> Len�ler by Borrower under paragraplt2 liei•eof, then to intcrest payable on the Note and mi I'ut.ure Advkinces , if
<br /> any, and then t.o ihe principal of the Note and to tl�e principal of Future Adv:�nces , if any.
<br /> 4. Charges; Liens. Borrower shall pay nll taxes, assesstnents and otl�er charges, fines and impositions attriU-
<br /> ut�ble to the Property which may attain a priority over this �iortgage, and ground rents, if any, at Lender's
<br /> , r option in the mnnner providec6 under ��aragraph 2 hereoC or by $orrower �naking p.�yrnent, when due, directly to
<br /> CtT the payee thereof; Borrower shall pron�ptly furnish to Len<!er all notices of �mounts due under this paragraph,
<br /> r—i and in the event Iiorrower shall makc payruent directly, I3m•ro�cer sh.ill promptly furnish to Lender receiptr evi-
<br /> C� dencing such payments. Borrower shflll promptly disc6arge any lien which has priority over tl�is b2ortgage ; pro-
<br /> tr: vided,that 13orrower shall not be required to discl� ai•ge uny siicii ]ieii so long as Borro�;>er sliall agree in writing to
<br /> C> the pa,yment of the obligation secured by suc1� lien in a inannei• acceptable to Lender, or shall in good faith contest
<br /> � such lien by, or defend enforceinent of such lien in , legal proceedings which operate to pre��ent the en{orcement of
<br /> � the lien or forfeiture of the Property oc any part tl�ereof.
<br /> d"�, 5. Hazard Insurance. Borrower c}lall l:eep tlic imyrovetnents now exist.ing or hereafter erected on the Prop-
<br /> � `�. erty insured against7oss by fire, hazards included 7vithin the term "extended coverage", :md such other hazards as
<br /> Lender may require and in such amouiits and for such periods a, Lender inay rec�uire ; provide�9 , tl�at Lender shall
<br /> not require that tlie amount of suc1� coverage eaceed that a�nount of coverage required to pay the sums secured 'by
<br /> this MoTtgage.
<br /> The insurance carrier providing tl�e insurance shall be chosen by Borroii�er subject to approval by Lender,
<br /> provided , that such approval shall not be unreasonably withheld. All premiums on insurance 7>olicies shall be paid
<br /> at Lender's option in tfie manner provided under I�c�ragrapl� 2 ]iereof oi• by Borrowei• inaking payrnent, wlien duer
<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 /> All insurance policies and renewals thereof shall be in form acce�table to Lender and shall include a standard
<br /> mortgage clause in favor of and in fortn acceptable to Lencler. Lender sliall h:�ve the right to hold the p�olicies nnd
<br /> renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid pre-
<br /> miums. In the event of loss, Borrower shall give i�rompt notice to the insurance carrier and Lender, and Lender
<br /> may make proof of loss if not made promptly by Borrower.
<br /> Unless Lender and Borrorver ot.herwise agree in writing, insurance proceeds shall be r�pplied to restoration or -
<br /> repair of the Pro�ierty dam�ged , pi•ovided sach restoration or repair is economically feasible and tlie security of
<br /> ; this Mortgage is not tliereby impaired. If such restor�tion oi• i•epair is not economically tessible or if the security
<br /> of this ,l-lortgage would be impaired , the insurance proceeds sl�all be ;�pplied to the sums secured by this Mortgage,
<br /> with the excess, if any, paid to Borrower. If the Yroperty is abandoned by I3m�ro�ver oi• if Borrower fails to respond
<br /> to Lender within 30 days after notice by Lender to Barrower that tlie insurance carriei• offers to settle a claim for
<br /> insurance benefits, I.ender is authorized to collect and appl}• the insw•nnce proceeds at Lender's option either to
<br /> restoration or repair of the Property or to the sums secured b}• tl�is \Iortgagc.
<br /> � Unless Lender and Borrower otherwise agree in writing, an,y such applicltion of proceeds to principal shall
<br /> not extend or postpone the due date of the montlily installinents i•eferred to in paragraphs 1 and 2 hereoi or change
<br /> ,' the amount of sucl� installments.
<br /> If under paragraph 18 hereof the Yroperty is acquired by I.ender, al ] right, title and interest of Borrower in
<br /> and to any insurance policies eind in �nd to the proceeds tliereof ( to t.Le extent of tlze sums secured by this il�ort-
<br /> gage immediately prior to such sale m• acquisition ) resuftine from datnnge t,o ilie Yroperty prioi• to the sale or
<br /> acquisition shall pass to Lender.
<br /> 6. Pzeservation cmd Mcdnteaance of Property; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> erty in good repair and shall not permit or commit waste, iinpair�nent, or deterioration of the Property and strall
<br /> ! comply with the provisions of any lease, if this \Iortgage is on a leaseLold. If this \1ort�age is on a condominium
<br /> i unit, Borrower sl�all perform all of Borro�ver's obligations undei• tlie declai•ation of condominium or master deed,
<br /> the by-laws and regulations of the conciominiurn �>roject and constituent documents.
<br /> 7. Protection of Lendei s Seeurity. If Borrower fails to perform the covenants and agreemenGs contained in
<br /> this �lortgage, or if any action or proceeding is comuienced which tnaterially affects I:ender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domain , insolvency, code enforcement, m• arrnngements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at I,ender's option, upon i�otice. to Borrower, rnay inake sucl�
<br /> appearances, dis6urse sucl� sums and tnke such action as is necessary to protect I,ender's interest, including, bat
<br /> not limited to, disbursement of reasonable attorney's fees and cntry upon the Property to muke repairs. Any
<br /> amounts disUursed by Lender pursuant to this paragrapl� 7, witli interest tl�ereon , shall bccome additional indebt-
<br /> edness of Borrower secured by this �iortgage. Unless Borrotver ssnd I.ender agree to other ter�ns of payment, such
<br /> amounts shall be psyable upon notice from Lender to Borrower requesting payment tl�ereof, and shall bear inter-
<br /> est from the date of disbursement at tl�e ra,te stated in the ?Vote uniess pnyment of interest at such rate would be
<br /> contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible hy
<br /> applicable lsw. Nothing contnined in this paragraph 7 shall require Lender to incur any expense or do any act
<br /> _hereunder.
<br /> ' 8. Inspection. Lender ma,y inake or cause to be madc rea�onable entrie� upon and inspections of the Prop-
<br /> erty, provided that Lender sl�sll give 13orroK•er noticc l�rior to :tnp sucli in�pection cpecifying reusonahle cause
<br /> therefor related to Lender's interest in the Property .
<br /> 9. Condemnation. The proceeds of any award or claim for damages, direct or consequentisl , in connection
<br /> with any condemnation or other taking of the Yroperty , ur part thereof, or for com•eyance in lieu of condemna-
<br /> tion, are hereby assigued and shall be paid to Lender.
<br /> In the event of a total taking of the Yroperty, the ��roceeds sl�all be sspplied to the swns secured by this P1�ort.- ..,;�,1 . ; � - .
<br /> i gage, �vith the excees, if any�, paid to Borrower. In t.he event. of u partial taking of the Property , unless Borrower ' ; `. .. , tx � ''
<br /> and Lender otherwise agrec in �vriting,' tl�ere shsll 6e upplied to tlie swns secured by this _l3ortgage such propor i � R r
<br /> tion of the proceeds as is equal to that proportion which the amount of the swns secured by this Mortgage imme-
<br /> � ; diately prior to the date of taking bears to the fair market value of tl�e Property immediately prior to the date of {� `s`
<br /> taking, with the balance'of the proceeds paid to Borrower.
<br /> If the Pro�erty js abandoned by BorTower or if nfter notice by Lender to Borrower that the condemnor offers
<br /> to make an award or 'settle a claim for �3smages, Rorro�vei• fatir to *•e�pond !o .T_ende: Nia=: 3J day-s of the 3ate
<br />� of such notice, Lencler is authorized to collect and ap��ly t,hc• pro�ee�9 � ;�r. T,�n�i�r'� opte�n cither to restorstion e�•
<br /> repair of the Property orto the sums secured b,y this \fortgage.
<br /> Unless Lender and Borrower otlierwise agree in writing� AriY suctz appiication of proceeds to principal si�all
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