|
� F„
<br /> � 4��"4
<br /> �
<br /> y ..�
<br />�� � �
<br /> , r^� �
<br />�+ . . . . . . . . . . . . . . ' . . . . . . . . . . . ww�" .
<br /> r: . . ._ ... .. � I . .� .
<br /> If ur�der paragraph 18 h .�reof thc Yropert,y is sold or tfie Property is o �her�t-ise ncquired �y Lendei•, I.ender
<br /> ehnll npp�y, no later than im�iediately prior to �:> hc sale of t�he YropurLy� m• � t�c a�. quisition bp �-encier, any S�'unds �
<br /> hcld by I-�ender at the timc �f applicat,iou ns n cr-echt again,i the �uws �ccm��_ <i by� this \,lortgag� .
<br /> 3. A�plication of Paym�nts. Un]ess appl .ar.nble l;in• I� xo� ides u�liurvi -==e, all pa,y�z�enls r.�ceitirocl by Lender
<br /> iinderthe �- Note and parugi;3p�is 1 an�l� 2 hercof s� � � all i�c appliecl I,�ti� I,mider fi �-�t�, in pnymentof a =nounls ��:�yable to �
<br /> Lender b�� I3orrower undcr p:�.rngraph 2 liereo[, � hen zo iuterest iv�yablc a� � l�c _\Tutc .�ncl on F ziture Advzinces, if
<br /> iuiy, und - tl�eji to the principa 3 of the Nobe anrl L__ o the prin�i;�al oi l�udwe Ac� vnnces, it any.
<br /> 4: C�arges: Liens. 13or�ower sLall pny all - �axes , assess2nents nnd other charges, fiF�es m�d � rnpositions attrib-
<br /> utable to tlic Propert3• ,�vltic� may attnin u pri�rity over tiiis 17orlguge, a. �d ground rents, i = :any, at Lender's
<br /> optionin Lhe matuier pravide�3 unde�• parngrupl� 2 hereof or i �y Borro�ci+,r m�,kin� pnyincu6, wh.en due, directly to
<br /> thepaye� thereof: Borrotiver �l�all promptly fur� �ish to I,ender a. 11 nolices os amoui�ts dueun� Ei• t]�is I�aragrflpti ,
<br /> antl in tha� event 73orrowersli�,ll ma,ke payment --�clirectly, 13orro«-er shnlC pro�iptly fm•nish lo L-�nder receipts evi- i;
<br /> '� dencings�ch payments. IIorrcawer shnll �iromptl=� discl�urge an,y lieri wl»ch ?-3as I3riarit,y over tE� is \Iortgage ; pro-
<br /> " vided, tl��.t Dorrowcr shall no� Ue reqUired to dis.�+chai•ge any sucli lieu so long as I3 orrurver shall �,gree in �vriting to
<br /> the paymv��nt of tho obligution secured Ly such ]i�n iu a mnnner aecept��ble tn I,encier, or shn�l in �ood faith contest
<br /> such lien � 3�y, or detend en(ore�menf, of sur,h lien � n , legal proceeciings �vhich c� perate to prevenC � lie entorcement of
<br /> ; the lien o�- forfeiture of tlic P�-operty or any part t6creof.
<br /> 5. H�zard Insurcmce, gorro�ver efiall ltec�� the icnpro�-en'ienis non exis � ing or herea(ter er�cted a� the Prop-
<br /> erty inSur�-ed against loss by fi ;e, I�azards ineludeel within the t erin "extm�decl �overage", and suc �i otLer l�az�rcis as
<br /> I,ender m=�y requirc anci in such acnowits nud (ot- sucl� perioci � a� I.ender mi«- require ; prorided � tliat Lender shall '
<br /> not iequiz-e that the acnomit o � siieh cuverng�� eYc - - -eed that uuiount of coveri�g� requimd io pny tt-� � sums secured 'by :
<br /> t6is n4ort�age.
<br /> The i--nsuranee cttrriee ��roviding !he i���urar-� ce sha)l be chosen by� l;orrc�,icer �uhject to ap�roval by I.ender; �.
<br /> � provided, thnt sucli npprovnl �hall not be uureasonably withlzelcl. _�ll premiu�is on insurance po= icies shall Ge paid i
<br /> i,� � at Lender- 's optiou in the maii�er provided undei- par� grnph 2 l�ereof or by �-3 orro�ver malcing p :�._yment, when due, r
<br /> 9 directly to the insurance carrier.
<br /> ±� In tE=ae event any polics,� is not renewed �n or Uefore ten days ot i�s eapiration, the �.ender, to protect ;
<br /> � its intere�t, may procure in�urance on the i�n �rovements, pay the prer�c�iums and such sum shall becom�
<br /> immediat-�.-ely due ancl payak�2e with interest � t the rate set forth in � aid note until p.aid and shall b�
<br /> � secured L y this Mortgage. �ailure by Borro�.ver to corxzply may, at op -�ion of Lender, cc3nstitute a default
<br /> k under th� terms of this Mo atgage.
<br /> All ir_=isw�auce policies nn� reneivnls thcreof .-= 3iall be in [orm aeceptnble to I�ender ancl s1i211 include a standard
<br /> moitgage �clause in facor ot a �d in fo��m acceptaE�le to I,ender. I.endei slia:l :� avc L i�c rigi��i iv Lo. id i�he poiicies und �
<br /> ran��,nls --� l:crco., aac: '�orro.c -�:r si,aii promptly f urnisli io I.ender :�II reue�va ? not.iees and all re�eipts ot paid pre- '
<br /> y mimns. I�� the event oi loss, �orro�cer shnll giv� proinp6 notice � o the iusur-� nce cnrrier and L��nder, and Lender
<br /> { may mak:--e proof oP loss i[ no �. made promptl} b _�- ]3orro�ver.
<br /> � Unle�s Lcnder snd Borrc� tiva• otlierwisc agie � in �vritiug , insur.�uuc proc.�eds shall 6e applie ci io restoration or
<br /> ! repair of - tl�e Piroperty dnma�ed, provided such restoratiun c�r repuii is eco�� amically fc-:isible :, nd the security of i
<br /> � tliis Mort,._gage is not tliereby =mpaired. I( such r.�storaiion or repan• is not ec-- oiioinicall�- fens�bl� or if tLe security ;
<br /> ; of this l\'Ic�rtgage rvould bc im-�aired , the insuran �e proceeds slinll k,c applicd � o the sums secureci by tliis Mortgnge,
<br /> witlt the �xcess, if imy , paid to I3orrower. lf the f�ropert,�� is a 'r>ancioned by Bc= �•row�r or ii Ilorroti�,:- er fails to respond
<br /> 4 taLendez- within 30 days afte s notice by 1.ender to Borrower that the iusur;�. s�ce c �rrier otTers to settle n claim tor '
<br /> ; ineurance = Uenefits, Lender is a,utUorized to colle --�t snd apply the insurance �aroceeds at Lende�-'s option either to
<br /> ; restorntio-=n or repair oi the P�operty or to tl�e s� 3vs secured by tfiis \lortga��.
<br /> Unle�s Lender and 13orrower otherwise ugr�e in �vriting , any sur.h app� 3cation of proceeds to prineipal shall
<br /> notextene� or postpone thedu..e dnte oS the montl� ly instalhnents referred to i� paragrnphs 1 and 2 hereot or cl�ange
<br /> the amou�t of such installmer�ts.
<br /> r
<br /> � � If ux�-der paragraph 18 hereof thc Yroperty �s acquired by I ender, all r� glit, iitle and intez-,est of Borrower in
<br /> ' � and to sn=�� insuranr,e pulicies and in �nd to the F--�roceeds tl�ereof ( to i.he ext� z�t of the :ums sec �red by this iVlort-
<br /> � gage im�x�ediately prior to su ch sale or ,icquis�t � ou) resulting ('rom dmm�ge to thc 1'raper6,y p Tior to the salo or
<br /> ncqaiaitio_:� sliall pass to Lend+r�r.
<br /> � � 6. Pr�--.¢servation �d Mm -=+ienance ot Prope�ty; Leaseholds; Condomini-ums. llorrower sti all keep the Yrop-
<br /> � � � arty in go-.sod repair and ehnl] �ot permiL or r,omr��il waste, impairmen6, or de-terioratiun of the �roperty and sliall '
<br /> ; t-'� emnply w -ith the provisions of an,y lease, ii this �-�+ Ior�gage is �n a lenschold. L ; this \lortgagc is �on a condominium
<br /> { �'�' unit, I3or�o�ver shall perform �.11 of Borro�ver's o �lig� iimis under the declsu•:3 �.iun o( condowini �.�m or master deed ,
<br /> ; �-�-' • the by-lav�vs und regulatious «a.- f tLe condo�uii�iun�__ projeci and constitucnt doe-_ uroents.
<br /> � , 7. Pr�.:-otection ot Lender's. Security. Lt ]3or�-ower fails i.o perfmm the c�. venants ;t�7d ngree=aients contained in
<br /> g�.�, 6his Mort_..�age, or if any aeCio� m• proceeding is c cnumeiiccd «-hici = mutcrinlh- affects I,ender's in�,erest in the Prop-
<br /> � � er�y, incl�iding, but not limit�d to, eminent do�L-iuiu , insah-c� ncy , rodc entor � ement, or arr�wge �ients or proceed-
<br /> �' ings invoL=-ving a bankrupt or �3ecedent, then Len cler at I.ender's option, upor- notice to F3oivowaa, may make such
<br /> nppearanc,�ces, disbmse such s� ms and take such �ction as is necessnry to pr�tect Lender's inte=-est, including, but
<br /> not limit�d to, disburserocnt of reasonnble atto� sney 's fees and entry upor� t.he Yroperty 6o x� ake repairs. An,y
<br /> amounts �isbursed by I�ender parsuant to this p�ragraph 7 , witli intcrest th�=eon , sha(1 become additionul indebt-
<br /> ednese of Borrower seeured b__ tl�is \Im�tgnge. U�aless Borro�i-er axzd I,ender �gree io other terms of payment, such
<br /> nmounts �hall be psyable upo�-n notice irom Len�3er to Boirower reyucsting F>- �yment thereof, an d shall bear inter-
<br /> est from t�he date ot disbuhsex�aent at tLe rate sta..._ted in the �ti ote unless payrf� ent of interest nt such rate would be
<br /> ' cont•rary - �o applicnble larv, i-� which event suct--3 amounts s�iall bear in�ere�t at the highest rate permissiblc by
<br /> � applicnblae law. Nothing cont�,ined in this pnru�rnph 7 shal l requirc I.endez- to incur any exp�nse or do any act
<br /> hereundez-.
<br /> 8, ]n�pection. Lender is�ay inake or cau�e te hc marlc x•ea�onablc entr- es ug�on ar_ d inspe�tions of tt�e Prop-
<br /> '? cr6y, proc--.5._:*ided that Lender st�nll give I3orrower notii�c prior to sim� sw�li ir-s .�;aetion s� �ecifyiu� reasonnble cuuse
<br /> !he!efor r�lnted tn I,enaer's ir_-erert ll] ��1C }�PO�)Cl--t�'.
<br /> ' 9. Condemnation_ The proceeds ot any a..�..��ard or cl3im ior dmm�ges, -direcz or consequerstial , in connection
<br /> �¢ith any -� condemnation or otL�er taking of the F"�roperty, m� � >art tlicmof, a• for conve,yance in lieu of condemn�-
<br /> tion, ure t�ereby assigned and =ha11 be paid to Le�der. °
<br /> � In th��e event oi a i-otal ta�ing of t,l�e Yropect.-�c� , tiie proceeds �i � all be appl =ed to t.hr, sume seocared b,y this �iort- ,,;�� �-,h`
<br /> gsge, tivit.�i the excess, if any, ;�aaid t.o Borro«•er. � n the event of a. parfiul tii� ing of the Propert�v , unless Borrower - � �M �
<br /> und Lend..- �•�er otUerwise agree i� writing, there sli��. 11 be appliec� to t l�e sums �� i�ureci b,y taiii \lor�-gage ,uch propor- > � fi'� � ^�
<br /> �� � tion of th�.+e proceeds as is equ�l to thut proportio�!i �vhich the axnount uf thc s.-..ims secured by thi� �Zortgage imme- �„
<br /> cliately p�-ior to the daie af ta�:ing beura to 4he f�e.ir market �•alue oP tlie ProE3.�rty zmnied �aLely F> rior to 6lze date of f��
<br /> taking, w�th the bulance oi th� proceeds puid to L�orrower. '�'` ;
<br /> j . ,
<br /> � If th� 1'roperty is aband�ned byBorrotver a a if after not ice by Lender t.� Borron�er that the condemnor ofters ,
<br /> '- ---- ' ' , _ � ; � _ o i�s �ond = a T e:zder :-.-:thin ��' d� 'S o: '. '.:e date
<br />� � . COII]an0. ..��.�.II _il1CaIC� Of �itt�C 3 i,�'11T:. f0i f�0.17156'C., -. .,,� .�i0 O. iCi � � `y .
<br /> of sueh n�tiee, T ender is aut� arized t� collect a�-�d apl�ly tlie p:c^eed� ttt L> -:de_ < optirn eitLF - to rester�iien or
<br /> { repsirof �he Property orto th-� suins eecured by cl�is \iortgaga
<br /> UnIP�� Lcuder and Borrc3..- zver ot;l�er�vise agr�e in �vriting, anv suel� nppL-�.cation oi proceeds to principal ehall
<br /> 4 � �.... "�. (
<br /> .. — -�
<br />;;�
<br />
|