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<br /> Tf under paragryph ] 8 hereoi the Yroperty is sold or the Propert.y is other�t• ise acquired b,v 5,ender, I.ender
<br /> ahati upply, no later t6:�n imn�ediat.ely ��rior to thc aalc of t.lic Yro��crty or it� sequisition uy Lender, nny Funds '
<br /> l�eld by I.ender at tl�e time of applictttion as a credit agsiinst the swvs eccured h}• this �4ort.gage.
<br /> 3. Application of Payments. Unless sipi�licablc l��r provides otl�erwi5e, all payn�evts received by Lender
<br /> under the I�Tote and 1iaragraplts 1 and 2 Lercof shall 1>c a�aplicd b}- I.eruier fu:st, in psyment of aiuounts payable to
<br /> Lender by Sorrower under psragraph 21�ereo£, thev to interest payat�]c on the �Tote and on Futurc Advaaces, if
<br /> � � an,y, and then to the grineip�l �oi the I��ote anc�i tp the principa] of I'uture Adv� nces , it any. � � � �
<br /> 4. C�sarges; Liens. Borrower sl�ail 7iny a. 11 taxes, assessmeiits :inci other charges, fines and impositions attrSb-
<br /> �,,,� utable to the ;Property tivhicl� may attain a }�riority over fhis 17ortgage, and grouud rents, if any, at Lender's
<br /> f � option• in the manner provided ,under �Saragraf�h 2 hereof oi• !�y }3p�•1•o�ver �n:�lcing payment,, when due ; directly to
<br /> � 1 ' M the payee thereof. Borrower shall prvmptly furnisli to Lendei• all notices of ainounts due undei• ttiis paragraph;
<br /> �,; and in the event Borrower shsll, make paymentr directly, I3orro«•ci• sl�xlt pra7�ptly furnish to I..encler receipts evi-
<br /> c,, dencing suci� nnyments.;Borrotiver shall prom��tl,y dischsrge an,y lien which has priority over this �iortgage ; pro-
<br /> � vided, that Borrower shall not I�e required to disc6arge :�ny surh lien so lon� as I3orrower shall agree in writing to
<br /> the payment of the obligation secured by such lien in a manner acceptable t.o Lender, or shall in good faith contest
<br /> � such lien b br defend enforcement of such lien in le al uoceedin s wl� ich o �ertite to 7revent the en#orcement of
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<br /> g'1 the lien or forfeiture of the Property or any par6 #liereof.
<br /> S` Hazard Insurance. Borirorver shall kee�i the improvemenis no�t• exisLing or hereafter erected on the Prop-
<br /> , erty insured against loss by fire, haz�srds included witl�in the term "extended coverage", :�nd such pther l�azards as
<br /> Lender may require and 'in such amounts nnd for sucl� periods as I:ender ma,y require ; provided , tliat; Lender shall
<br /> � �' ' not require tl�at the smount of such covei�age exceed t,haC acnount of coverage required to pay the sums secured 'by
<br /> this Mortgage:
<br /> The insurunce carrier providing tl�e insurauoe shall be chosen by Borrolvcr subject to approval by Lender ;
<br /> provided, that sucli approval shall not be unreasonably witl�held. All premiums on insurance policies shall be paid
<br /> at Lender's option in the manner provided under paragrapli 2 liereof or by f3orrower making payment, when 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 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 polieies :ind renewals thereof sl�alt he in forru acceptable to Lende :• an<i slinll include s sCanclard
<br /> mortgage clause in favor of and in forin acceptable 2o Lender. Lender sh.ill i�;rve the riglit to Lold the policies and
<br /> renewals thereof, and Bon•o�ver shall promptly- furnisl� to Lender all rene�val iiotices sncl ali reccipts of paid pre-
<br /> miums. In the event of loss, Borrower shall givc prompi uotice to tl�e insurance carrier snd Lender, and Lender
<br /> may rnake proof of loss if not made promptdy by Borrower.
<br /> Unless Lender and Borrower otherwise agree i:i �vriting, insursnce pi•oceeds sliall be upplied to restoration or
<br /> repair ot tlie Property damaged , provided such restoration or repair i� economically feasiUle and the security of
<br /> this Mortgage is not thereby impaired. If sucii restoration oi• reE�air is not economicx�lly fessible or if the security
<br /> of this �Iortgage would be impnired , the insurance proceeds sliall l�c app] ied to the sums secured Uy this Mortgage,
<br /> with the excess, if any, paid f,o Borro�+�er. If the I'roperty is abandoned by Borro�t�er or if I3orrocver fails to respond
<br /> to Lender within 30 days after notice by Lender to Borrower tl�at the insurance carrier ofters to settle a claim for
<br /> insurance benefits, Lender is autliorized to collect and apply th�. insurance proceeds at Lender's option either to
<br /> ; restoration or repair of the Property or to tlie sums secured by tliis \Iortgage. .
<br /> r Unless Lender and Borrower otherwise agree in �vriting, auy sucL applicatiou of proceeds to principal shall
<br /> ' not extend or postpone the due date oF thelnonthly instalhvents referred to in paragraphs 1 and 2 hereof or change
<br /> the amount of sucli installments.
<br /> If under paragraph 18 hereof the Yroperty is acquired by Lender, all i•ight, titIe und interest of Borrower in
<br /> t and to any insurance policies and in and to tlie proceeds tLereof ( to thc extent of the sums secured by this Mort-
<br /> ;' gage iminediately prior to such sale or acqui=itionl msulting irom dnmage to t]�e Yroperty prior to the sale or
<br /> acquisition shall pass to Lender.
<br /> 6, Preservation �td M�ntenance of Property; Leaseholds; Condominiums. Borrower shall keep t.he Yrop-
<br /> erty in good repair and shall not perruit or commit �ti�aste, impairment, or detcrioration of the Property and shall
<br /> ' comply with tihe provisions of nny lease, if this _llortgnge is on �i leasehold . If tdiis \ iortgage is on a condominium
<br /> s unit, Borrower shall perform all of Borrower's obli�ations under t,tie declaratioii of condominium or master deed,
<br /> ithe by-laws and regulations of the condominium �n•ojeci snd constitucnt documents.
<br /> 7. Protection of Lender's Seeurity. It Borrower fails to perforin the covenants and a�reements contained in
<br /> this J4ortgage, or if any action or proceeding is comiuenced whicl� maierially affects I.ender's interest in the Prop-
<br /> - erty, ' incIuding, but not limited to, eminent domain , insolceucy, code enforcen�ent, or arrangements or proeeed-
<br /> ings involving a bankrupt or decedent, tt3en Lender at Lender's opi.ion , upon notice to Borrower, may make such
<br /> appearances, disburse such sums and take such action as is necessary to protect Lendcr's inter�,t, incluaing, Uut
<br /> not limited to, disbursement ot reasonable attorney 's fees and entry upon the Property to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this parugrapl� 7, �vith interest thereon, sha(1 Uecome additional indebt-
<br /> edness of Borrower secured by this 1lortgage. LTnless Borrower and I.ender agrec: to other tern�s of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requesting payment tUereof, and shall bear inter-
<br /> est from the date of disbursement �t the rate stated in the Note unless payment of interest at sucl� rate wouid be
<br /> contrary, to applicuble law, in which event such amounts sha11 bear interest at tlie higl�est rate permissible by
<br /> applicnble luw. �otliing contained in this paragrap6 7 shall require Lendei• to incur any� expense or do any act
<br /> hereunder.
<br /> 8. Inspection. Lender mny make or cause to hc inadc reasm�able c:ntries upon fuid inspections of the Prop-
<br /> erty, provided tiiat Lender �l�all give Borro�ver notic�e �u•ioi• ro anp �u�•I� in�pectian �pecifving reasonable cause
<br /> therefor related to Lender's interest in the Property .
<br /> 9. Candemnation. The proceecis ui any � �vard or claim ior ciamuges , direct or eonseqnential, in connection
<br /> with any condemnation or othea taking of the Property , or pssr( thereof , or for couvevance in lieu of ca�demnx-
<br /> , tion, are hereby assigned and shall be paid to Lender.
<br /> ; In the event of a total taking of tJie Property, the proceeds ,lisIl f�e applied io the sums secured by this Mort-
<br /> ' ` ' gage, «�ith the excess, if any, paud to Borro�cer. Iu the evenC of a i��rtial taking ui the Property, unless Borrower '� � ` ` *,.�
<br /> 7 and Lender otherwice agree in ivriting, titere c17aH be applied to the swns secured by this \-Iort�age cuch propor- � �
<br /> s , tion of the proceeds as is equal :to thai proportion which t:he � mouni of the sums secured by this D'Iortgage imme- ; ' ;" �
<br /> diately prior to the date of taking Uears to tl�e fair market ealue of tiie Properiy immediately prior to the date of a '
<br /> � taking, with the :balance of the proeeeds paid to Borrower, °.: � � ','
<br /> I£ Che Propetty is a�andoned by Borro�ver or if ,�f'ter notice l�y Le�i�ier to Borrower tl�at the condemnor offers
<br /> to mAke an awaid or settle a cl�im for duuxages, Borro�ver fails to respond to ],ender within 30 davs of the date -
<br />�� of such notice, i,ander is authorized t� cotlect anci ap� >1y the proeeeds at Lender'; option cither to restoration or ` ' '
<br /> rap�tir,oi t1�e Property or io the sums secured by tt�is _\lortgage: ^"
<br /> Untess Lender and Borrower otlier�vise agree in �vriting, any such application of proceeds to principal shall
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