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<br /> ' ; sold or the i'roperty is othenvise acquired by Lender, Lender I ' �
<br /> �, If under ��aragrapl� 18 }iereof the Property i�
<br /> shall apply , no later tlinn immediately prior to thc ssle of tlic Yro��crty oi iis uccamsrtion by Lendet , a�:iy I'unds
<br /> held by Lender at the t.ime of apPlication as a eredit, �gainst tlie sum• secweti hy t1��s �4ortgage.
<br /> 3. ApplicaGon of Payments. Unless applici�ble 1`i`c ,{le� � ��eI,t cl�erlfii�t in, piym nt of n�nounts p�yable to
<br /> under the Note and �iaragrapl�s 1 and 2 hereof shall 1>e ap} i' y`
<br /> Lender by Borrower under paragrapl� 2 hereof , theu to interest ra ible on Ehe I�Tote and on T'uturc Advances, if
<br /> any, and then to the principal of t.he Note and Lo tl�e principai of ruture :lcivances, if any.
<br /> 9. Chazges: Liens• Borrawer shall pay ail taxes, nssesstnenks and other charges; fines and impositions attrib-
<br /> nt,able to tYie Property which msy ssttain a }rriority over tl�is \iort,gage, und gi•ound rents, if sny, at Lender's
<br /> option in the manner procided under parngrapl� 'l hereof or by Iiorrower mnking payment, when due, directly; to
<br />�, � the payee tliereof. Borrower sliall nromptly furn"ssh to T.ender al1 notices of amounts due tmder Gltis paragraph,
<br /> C and in the event Borro�ver shall tnakc payment airect,ly; Borrower shalC promptly furnisl� to I.ender receipts evi-
<br />� dencing sucl� payrnents. BorroweT shail promptly discharge any lien whicl� l�as priority over this Z2ortgage ; pro-
<br />� ��`., vided, that Borrower shalI noc be required to discl�a;rge any sucii tien so long as Borrower siial] agree in writing to
<br />� , thepayment of the obligation secured Uy such lien in .t masuier acceptaUle to Lender, or shall iv goodYaith contest
<br />�• ' � such lien by; 4T defend enforcement of suci� lien in, legal l�roceeding� �vl�ic}i operate to prevent it�e entorcement of
<br /> �: the lien or forfeiture of the Property or any �yart tf�ereof .
<br />� ; 5. Hazard Insurance. Borrower sha]V iceep tl�e iinpx•ovements no��� eKisting or hereafter ereeted on the Prop-
<br /> ` � erty instired against doss by fire, hazarcis included �vithin the term "extended coverage", and such otlter hazards as '
<br /> � Lender may cequire and in such amounts and for sucli periode as Lcnder ma�y require ; provided , that Lender shall
<br /> not require that the amount of sueh coveruge exceed that amount of coverage required to pay the sums secured 'by
<br /> ` this Mortgage.
<br />� The insurance carrier providing the insurance shall be chosen by I3orrower subject to appro�'a] Uy Lender;
<br /> provided, that such approvai shall not be unreasonably withheId . Atl preinSums on insurance policies shuil be paid
<br /> at Lender's option in the inanner provided under ptiragrapli 2 l�ereof or by Borro��ci• 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 pr�cure insurance on the irnprovements, 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 and renewals El�ereof shall be in form acceptable to Lender i�nd shall include ss standard
<br /> morigage clause in favor oi and in forix� scceptaUle to Lencler. Lender shall Bave tt�e right to hold thc policies and
<br /> renewals thereof, and Borrower shall prornpt3y furnisl� to I,ender all renewal noticr,s and al! receipts of paid pre-
<br /> miums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender, and Lender
<br /> may make px�oof of loss if not made promptiy by Borrower.
<br /> Unleas Lender and Borrower otherwise agrce in �vriting, insurance proceeds shall be �pplied to restoration or
<br /> repair of the Property damaged , provided such rest.oration or repr�ir is econoinically feasible �nd the security of
<br /> this tiiortgage is not tliereby impaired. If sucli restoratian ar repair is not econoinically feasiUle or iP the security
<br /> of this 111ortgage would be impaired , the msurance }�roceeds shall be applied to the sums secured Uy this Mortgage,
<br /> with the excess, if any, paid to Borror�ei': If the Yroperty is sbandoned by I3orrower m• if Borrower fails to respond
<br /> to Lender w�tl�in 30 days after notice by Lender to Borrower that tlie insurance carrier offers to settle a claim ior ;
<br /> insurance benefits, Lender is authorized to collect nnd apply thc insurance �>roceeds at Lender's option either to , }t �
<br /> �,•
<br /> restoration or repair of the Property or to the sums secui•ed by tliis �Tortgnge• �,� -
<br /> Unless I.ender and Borrower otherwise agree in writing, any suc}i application of proceeds to principal shall k.�;,
<br /> not extend or postpone the due date of the monthly installments i'eferred to in paragraphs l �,nd 2 hereof or change J� .
<br /> � the amount of such installmen#.s. � �,�
<br /> If under paragraph 18 hereof the Property is acquired by Lender, 111 right, title and interest oi Borrower in ��,
<br /> ',�. �
<br /> ' and to any insurance policies and ic� and to the proceeds tl�ereof � to the exteni of the sums secw•ed Uy this Mort- 4,
<br /> � gage immediately prior to such sale or acquisition ) resutting froru damagc to lhe Property prior to the sale or � `
<br /> acquisition shall pass to Lender. ,��y^�e` �
<br /> 6. Preservation and Mmnten�ce of Pzoperty: Leaseholds: Condominiums. Borrower shall kceep the Prop- k �
<br /> erty in good repair and shsli not permit or commit ��aste, impairmeat, or deterioration of the Yroperty und shal! a' ,' ` � s , '
<br /> comply with the provisions of any lease, it this �Iortgsge �s on :� leasel�old. If fhis �iortgage is on a condominium ���
<br /> unit, Borrower shall perform �.11 of Borrower's obligations w�der t.hc declaration oi condoininium or master deed, �����
<br /> the by-laws and regulations oi the condotuinium project and constituent Socuments. ` �
<br /> 7. Protection of Lender's Security. If Borrower fails to perform the aovenants and agreements contained in , Y"�
<br /> this Mortgage, or if any action or proceeding is commenced �vhicli inaterially affects I.ender's interest in the Prop- ,�s"k,
<br /> e�y, including, but not limited to, eminent dmuain , insoicenc�' , code enforcenient, or firrangements or proceed- �s
<br /> ings involving a bankrupt or decedent, then Lender at. Lender's option , upon notice to Iiorrower, tnay make such ,:,
<br /> appearances , disburse sucli sums and take sucli action as is uecessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonabie attorney's fees and entry upon the Property to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this paragrai�h 7, �citli interesC thereon , sl�all become additional indebt-
<br /> edness of Borrower secured by this 3Sortgage. ilnless Borro�uer and I.ender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requesting payinent thereof , and shall bear inter-
<br /> est from the date of disbursement at the rate stated in tlie I��ote unless pa,yment of interest at such rate would be
<br /> contrary to applicable law, in which event such amounts shall bear interest at the l�ighest rate periniasible by �
<br /> applicable law. Notl�ing contrsined in this ��ar�grapVi 7 shal ! require Lender to incur any expense or do any act
<br /> hereunder.
<br /> 8. InspBctioa. Lender may make or cau�e to be �nadc reasonat�lc enta•ies upon and inspections of the Prop-
<br /> erty, provided that. Lender shall give I3orrower notic�c y�rior to am� sacli inspection �pecifying reasonable cause
<br /> therefor related to Leridei's interest in tlie Property .
<br /> 9. Camdeausation. 'The ;�roceeds oi any a�vard or ciaiin ior dainages , direct or consequential , in connection ' �
<br /> with any condemnation or other taking of the Yropert,y, or ��art ttiereof, or ior conveyance in lieu of condemna-
<br /> tiion, are hereby assigned and shal] be paid to Lender. � * * �
<br /> In the event of a total taking oi the Yropert,y, the proceeds shall be applied to the suivs secure�b ss kBor o er �
<br /> gage, with the excess, 9f any , paid to Borro�ver. In 11�e event oi s gait.isl taking of the Property, �
<br /> and Lender ot her�vise agree in �s•r i t i n g, t h e r e s l� a l l b e �P plied to tlie sunis secvred by tl�is �lortgsge �uch propor- y , �E
<br /> tion of the proceeds as is equal to that proportion which tlie amount of t.he sums secured by tkiis �Zor tgage imme- 5'
<br /> diately priorto the date of tal:ing bears to Glie fair niarket value o[ the Propert}' iiznnediately prior to the date of ^ tL
<br /> � taking, with the balance of the proceefls paid to Borrower.
<br /> If the Property is abandoned by $orrower or if after notice by Lender to Borrower that tl�e condemnor offers
<br /> to make an xward or settle a claim for damages• Borrower fails to respond to Lender witl�in 30 davs of the date
<br />� of sueh notice,' Lender is anthorized to collect and apply tUe '}�rocecds �t Lcrider's oz'�iiou cither ta rest.oration or „};
<br /> repair of the Yroperty or to the suws secured by tlass _l'iortgage .
<br /> ' Unless Lender and Bon�ower otherwise agree in writing, any suclr application oi proceeds to principal shall
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