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<br /> � Ii under paragraph 18 hereof lhe Yroperty is sold or t {ie Property is otherwix acyuired by Lender, Lender �
<br /> � � � ehall apply, no later t6an immediately prior to the salc of the Propartr• or its acquisition by- T.ender . ;�ny Funda � � � � � �
<br /> lield by Lender at the tiine of upplication as a crreciit againat tl�e sums .ecured b�� thi� 3tortguge.
<br /> 3. Applieation of Payments. Unle�, npplicZk>Ic ]a��� provides otherwisc, all payments received b,y Lender
<br /> under the Note and paragrapl�s 1 and 2 hereof s6alll�e applieci by I,en�icr tir,t itx psyment of ainounfs �ia,yable to
<br /> Lender by Borrower uncler �aarngrapli 2 l �e1•eof, tiieii to interest � �ayable on thc DTote und on P'uture _�dvances, if
<br /> any, and then to the I�i•incipal of the Note a�id to the pi•incipal of I�uture A� I��.Lnces, if any.
<br /> 4. Charges, Liens. Borrower sl�all i�ay alitaxes, assessinents and otl�er chaiges, fines and impositions attrib-
<br /> utable to the Property which ma.y attain a priority over this �lortgngc, and ground rents , if any , at I,ender's
<br /> r option in tl�e manner provided under paragraph 2 hereof or by T3orrower �nakin� patiyment, wl�en due, directly to
<br /> I :' �,.; the payee thereof. Borrower �hall prornl>tly #urnisl� to Lender all nolices of ninounts due under this paragraph,
<br /> � and in t6e event ,Bon•ower shatl makc pay�pent ciireet,ly , Borru�rer shull ��romptly furnish to I.encler receipts evi-
<br /> c„✓h deneing such payments. Borrocver shall promptly discharge auy lien which Las priority over this .1lortgage ; pro-
<br /> � vided , that Borrower shall not be required to discl�nr�e any sucl� lien so ]ong as I3orrower shall agree in �vriting to
<br /> the payment of the ouligation secured by such lien iu �t mamrer ucceptabie to I,ender, or st»Il in good faith contest
<br /> �'�' such lien by; or defend enforceinent of sucli lien in , lega] pruceedings �vl�ich operate to preve�it the entorcement of
<br /> � the lienror forfeiture of the Property or any purt thereof.
<br /> ti5. Hazard Insur�ce. Borrower shall keep tlie: iinprovetnents no«• existing ur }�ereafter erected on tlie Prop-
<br /> I�. erty insured against loss by fire, haaards included within the term "extended coverage", c[xid such otlier hazards as
<br /> Lender may require and in such amounts and for such perio�ls as I,ender may require ; provided, that Lender shall
<br /> not require #hat the amount of such co��erage e:cceed tl� at. amour. t of c�verage required fo pay tl�e sums secured 'Uy
<br /> this Mortgage.
<br /> The insurance carrier provid•,ng il�e insuraiu;e sl�all be chosen by I3orrower subject to approval by Lender ;
<br /> provided, that sucti upproval shali not be uureasouably withheid . All premiums on insurance policies al�all be paid
<br /> ut Lender's option in the inaiiner provided ui�der paragi•aph 2 liereof or by I3orirocver making �>ayment, wl�en due,
<br /> directly to the insurunec 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 /> sec:ured 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 insurunce policies and renewuls tliereoi aliall be in form accepiable io Lendei• ;Lnd cl��il] i�iclude a standard
<br /> moitgage clause in favor of and in form accept �tble to I,ender. Lender ahall have tl �e rigtit to ]�old the policies and
<br /> renewuls thereof, and Borrower shall prornptly furnish to Lender all renetval notices and all receipts of paid pre-
<br /> miums. In �the event of loss, Borrower sl�sll giae prompt notice t.o t�l�c ir�suran�� carriei• und Lender, and Lender
<br /> may make proof of loss if not made promi�tly by Borrower.
<br /> ; Unless Lender and Borrower otherwise agree in ��•riting, insuranc�� procecds shall be applied Lo restoration or
<br /> � repair of the Propeity dainaged, provided such restorstion or rep<iir is economically ieasit�le and the security of
<br /> this l�ortgage is not tl�ereb,y impaired . If sucli restoration or repair is not econo�nically feasible or if the security
<br /> of this �:Iortgage would be impaired, the insurance proceeds shtil] be ap�alied to the sums secured by this Mortgage,
<br /> with the excess, if auy, paid to Borrowen If td�e Yroperty is abandoned l�y I3orrorver or it I3orrower fails to respond
<br /> to Lender within 30 dsys after notice by Lender to Borrower tlzat the insurance carrier offers to settle a clsim for
<br /> insurance benefits, Lender is authorized to collect and appl}� t.he insurance proceeds at Lender's option either to
<br /> restoration or repair of tlie l�roperty or to tl�e su�ns secured by tl�is :�Iortgage. '
<br /> p�; Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principai shall
<br /> � not extend or postpone the due date of the montl�ly instalhnents referred to in paragraphs 1 and 2 hereof or change
<br /> the amount of such installments.
<br /> If under parsgraph 18 hereof the Yroperty is acquired Uy Lender, all right, title and interest of Borrower in
<br /> and to any insurance policies and in and to the proceeds thereoi ( to ttie estent. of the sums secured Uy this D4ort-
<br /> gage immediately prior to such sale or acquisitionl resultiug froin da�u.ige to the Propert}• prior to tlie sale or
<br /> acquisition shall ��ass to Lender.
<br /> 6. Preservation �d Mmsstenance of Property; Leaseholds; Condominiums. 13orrower shall keep the Prop-
<br /> erty in good repair and shall not permit or commit waste, impairment, or deierioraiion of the Property and shall
<br /> comply with tdie provisions of any lease, if this _lIort.gage is on a ]esseholcl . If this �ia•tgage is on :� condominium
<br /> unit, Borrower shall perform all of $orro�ver's obligations w�der the declai•ation o1" coudotniniuin oi• master deed ,
<br /> " the by-laws and regulatiuns of the condominium ��roject and constituent documents . �
<br /> � 7. Protection of Lendeis Security. If Borro�ver fnils to perform the covenants und agreements contained in
<br /> ; this �Iortgage, or if any action or proceeding is coiniue�iceci w}iich �i�uterially affects Lender 's interest in the Prop-
<br /> erty, including, but not limited to, emineni domain , icasolvenc}-, code enforcement , or arr� ngenients or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at I,ender's option, upon notice to Borrower, �nay make such
<br /> appearances, disburse such sums and take such Zction as is iiecessai•y to �,rotect Lender's interest, including, Uut :
<br /> not limited to, disbursement of reasonable attorney 's fees and entry upon tl�e Property to make repairs. Any
<br /> amaints disbursed by Lender pursuant to this paragrapL 7, �vitli intcrest tl�ereon , shall become additional indebt-
<br /> edness of Borrower secured by this �lortgage. Unless Borrower and Lender agree to otl�er terins of payment, such
<br /> amounts shall be payable upon notice froru Lender to Borrower requesting payment thereof, und shall Uear inter-
<br /> est from tl�e date of disbursement at the rate stated in the I`�ote unless payment of interest at such rate would be
<br /> contrary to applicable lak•, in �vhich event such nmounts shall �esr interest at, the higliest rate permiasible by
<br /> applicable law. Nothin� contnineci in tl�is parugraph 7 shall reryuire I,ender to incur any expense or do any act
<br /> hereunder.
<br /> 8. Inspection. Lender may �nake w• cause to be �nade reasonable entries upon and inspections of the Prop-
<br /> erty, provided that Lender shall give $orro«�er notire � �rior to nn}� :u<�h inspertion specifying reaconable csuse
<br /> therefor related to Lender's interest in the Property.
<br /> 9. Condemnation. Tiie proceeds oi any a�i�arci or cl�im ior ciamages, direct or consequential, in connection
<br /> � tivith any condeiranatiou or other taking of the I'roperty , or part thereof , ur tor cun��eyunr.e in lieu of eondemnx-
<br /> tion, are hereby assigned and shall be paid to Lender. - ,
<br /> ; In the event of a totiai taking of the Yroperty, the ��roceed� shall Iie apjrlied [o the sums secured by this Mort-
<br /> gage, �vitl� the excess, if any , paid to Barrower. In t.1�e event qf ss psrti�l takin�; of the Yroperiy, unless Borrower "�' � " ` ,;' e'�
<br /> � , .
<br /> a ' and Lender othen�'ise agree in writing, t.liere sl�all be applied to the sinn� secured 'ny this liortg:tge suc}i propor- � �y , ,
<br /> � - tion of the proceeds as is equaI to t.hat proportion which the timount of the sums secured by this 1lortgage imme- � " �-n,,`
<br /> �i diately prior to the date of tuking be�rs fo tlie fair inarket ��nlue of, tLe Yroperty ixnznediately prior to the date of ."+ �;w
<br /> ; taking, with the balanee of the proceeds puicl to Borrow-er. ;; �
<br /> If the Property is st�andoned by Borroz��er or if after notice by Lender to Borrocver that the condeinnor offers
<br /> to mal:e an atvard or settle a clainf for �ItaiYia�es, Borrower fnils io respond to Lender tvithin 30 davs 'of the date
<br />� of such notice, Lender is authorizeci to collect nnd �pp13� tlie proceeds at Lender's option citlici• io restoration or `"�
<br /> repair oi the Property or to ttie sums ser.ured Uy tliis \lortgage. �
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<br /> wa,��o LV'�3LLC[ ui,u Dorrower oiiier�vise agree in �vriting, any such application of proceeds to principal shnll
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<br /> � �� L <�,.,, J
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