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<br /> 4 If ttnder parag:�aph 18 hereof the Yrol�erty is sold or ti�e Property is othenvise acquired by Lender, I.ender
<br /> shalt apply, no later thr�n immediately prior to ti�c salc of tl�c Yroperty ur its acquisit,ion by I,ender, any 1�mrds
<br /> held by I,ender at t.lic tirne of c�nplication as a credit against the sum, sectucd b�� tl�is 14ortgflgc.
<br /> 3. Application of �ayments. Unless applicablc la��� provides otlierwisc, all pnyments ;eceived by Lender
<br /> under ihe A?ote and paragrapl�s 1 and 2 liereof sha11 be ap��tiecl by Lender first in payment of amounts payable to
<br /> Lender by I3orrower under paragrapl� 2 hcreof, then to interest p;ayable on [ lic Note ;�nd on I'uture Advances, if
<br /> any, an�ithen to the principal of the Note ancl to tl�e principal of P'uture Ad��:�nces; if any.
<br /> 4. Charges Liens. BorroweT sh111 p�y nll taxes, assessments ancl other r.harges, fines and impositions attrib-
<br /> � utable to the Property which may attain a priority ovei• tl� i5 14ortgage, and groun3 rents, if any, at Lender's
<br /> o�tion in the manner provided under paragraph 2 l�ereof or by 13orro�3��r muking payment, when due, directly to
<br /> khe payee thereof, Borrower shall pranptly furnisli to Lender al ! notices of amo>>nts due under this paragraph„
<br /> and in the event Borrower shall make pssyment directly, I3orrower sh�Lll promptly furnish to Lender receipts evi-
<br /> dencing suclrpayments. Borrower sl�all promptly discharge any lien wl�icl� l�as priority over this �Iortgage ; pro-
<br /> vided, thati Bozrower shall not be requirecl to discl�arge any sucli lien sa ]ong as Borrower sl�all agree in writing to
<br /> i ; the payment of the oUligation secured Uy such lien in :ti inanner acceptable to Leiider, or sh�ll in good faith contest
<br /> such lien by, or defend enforcement of such lien in , legal proceedings which operate to prevent tk:e enPorcement of
<br /> the lian er forfeiture of the Property oi• any �>art tl�ereof.
<br /> 5. Hazarci Insu:ance. TSorrowr;r s}iall keep tl�e improve�nents noFv exisfing or hereafter erected on the Prop-
<br /> erty insureu againsG loss by fire, hazards included :vithin tl:e term "extended coverage", and sucfi other hazards as
<br /> i.ender may require nnd in such amounts .�nd for sucl� periods as Lender m�y require ; provided, thab Lender shall
<br /> not re�uire that thc amount cf such coverage exceed that ainount of coverage required to pay the sums secured 'by
<br /> this 1VTo;tgage.
<br /> The insurance carrier providing t!�e insurauce sli� ❑ be chosen by Borrower subject to flpproval Uy Lender,
<br /> provided, that such approval shall not be unreasonably withheld . All premiums on insurance policies sliall be paid
<br /> at Lender's option in the manner provided under narag:ap?i 2 hereof or Ly Borrower making payment, when due,
<br /> i directly to the insurance carrier.
<br /> 3n the event any policy is not renewed on or before ten drzys of its expiration, the Lender, to protect
<br /> its interest, ma�• procure insurance on the improvements, pay the premiums and such sum shall become
<br /> imrner3iately due and psyable with interest at the rate set forth in said note ur.til paid and shall be
<br /> secured by this Mortgage. FsiIure by Borrower to comply may, at option of Lender, constitute a default
<br /> r-9 under the terms of this Mortgage.
<br /> CYJ AlI insurance I3olicies and renewals thereof shall bc in form acce�5table to I.ender and s}ia,l include a stand�rd
<br /> eC", + mortgage clause in favor of und in forn± acceptai�le to I.ender. I.ender sl�all ha��e the right to hold the pulicies and
<br /> � renewals thereof, a�nd Borrower shall prompWy furnish to Lender :�11 rene�vul notices and all receipts of paid pre-
<br /> l ' Q miums. In the event. of loss, L' orrower sha11 give prompt, notice to the insurance c�.:rrier and Lender, and Lender
<br /> �j may make proof of loss if not made pramptly by '3orro«•er.
<br /> Unless Lender and Borrower other�vise agree ia writin� , insurance proceeds shall be app]ied to restoratiuii or
<br /> � repair oF the Property damaged , provided such restorntion or repair is econo�nically ieasiblc and the security of
<br /> (�, this 114ortgage is not thereUy impaired. If such restor;ition or repair is not economically feasibie or if the security
<br /> of this llortgage would be impaired , tl�e insurance procee�ls sliall be applied to the sums secured by this TZortgage,
<br /> with tYie excess, if any, paid to I3orrower. If the Yroperty is abandoned by Bori•ower or if Borru«�er fails to respond
<br /> to Lenner within 30 days after notice by I.ender to Bon•ower that the insurance carrier offers to settle a claim for
<br /> :neurance benefifs, Lender ae �uthorized to collect and apply tlie insurance proceeds at Lender's option either to
<br /> restoration or repair oY the Property or to the sums secured by tfiis \Iortgage.
<br /> Unless Lender and Borrower otherwise agree in writing, any such a}7plication of proceeds to principai shall
<br /> not extend or postpone the due dnte of the monthly installments referred to in paragraphs 1 and 2 hereof or chsnge
<br /> the amount of such installments.
<br /> If under paragraph 18 hereof the Yronerty is acquired by Lender, sll right, title and interest of Borrower in
<br /> and to any insw•an�e policies and in and to tlie proceeds thereof ( to tlie extent of tlie sucus secured by iliis �iort-
<br /> �age immediately prior to such sale or acquisit.ion ) i•esiilting from daiiiagc to the Propeity prior to the sale or
<br /> ucquisition shall pass to Lender.
<br /> i 6. Preservation �d Mmntenance of Proparty; Leaseholds; Condominiums. }3orrower shall ksep the Prop-
<br /> erty in good repair and shall not permit or commit waste, impairment, or deterioration oF the Property and shall
<br /> eomply �vith the provisions of any lesse, iF this \lortgage i:: on a ]easehold . If this _liortgage is on a condominium
<br /> unit, Borrower shall perform a11 of Borrower's obligations under thc decl:�reition of condoininium or master deed ,
<br /> the by-]aws and regulations of the condominium project and constituent docuinents.
<br /> 7. Protection of Lendei s Security. If Barro�;�er fails to perforin the covenants und agreements contained in
<br /> this lvlortgage, or if any action or proceeding is coinivenced whicli materially affects Lender's interest in the Prop-
<br /> erty, including, Uut not limited to, erninent domain , insoh•ency, code enforce�nent, or arrangements or proceed-
<br /> � ings involving a bankivpt or decedeni, then Lender at Lender's option , upon notice to Borro�ver, Tnay make such
<br /> appearances, disburse such sums and take such action ns is uecessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonable attorney's fees snd entry upon the Property to inake repairs. Any
<br /> amounts disbursed by Lender pursuant fo this paragrapl� 7, �vith interest thereon , shall Lecome additional indebt-
<br /> edness ot Borrower secured Uy this tilortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shsll bear inter-
<br /> est from the date of disbursement at the rate stated in the I�Tote unless j�ayment of interest �t such rate would be
<br /> contrary to applicable law , in which event such amounts shall bear interest at the highest rate permissible by
<br /> applicable law. Nothing contained in this ��aragraph 7 shnil requirc I.ender to incur nny expense or do any act
<br /> hereunder.
<br /> 8. Inspeetion. Lender may make or cauee to he madc rea�onable entries upon 3nd ins}>ections of t.lie Prop-
<br /> erty, provided that I;ender shal] gi��e Borrower notire � �rior to am- .ucli inspection specif��ing reasonable cause
<br /> ttxerefor relateu to Lenuer's interest in i,he pro;�ercy .
<br /> S. Condemnafion. Tixe proeeed� af ac,y stivarci or cluirn fm• damsges, direcL or consequential , in connection
<br /> with any condemnatiion or other taking of ttie Yroperty , or �>art thereof, or for cotn•evance in lieu of condemna-
<br /> tion, are hereby assigneci and shall be paid to Lender. z
<br /> In the erent of s total taking of the Yroperty , thc proceed� shall be ai>piied to the suins secured by Lhis Mort-
<br /> gage; with the excess, if any, paid to Borrowei•. In the event of a partial taking of the Property , unless Borrower `"'`�'� ' . ,"" . "�
<br /> and Lender otherwise ugree in writing, t.here shall be app]ied to tlie suins secured by thi� �Iortgage such propor- � ° � i�;,:-�- '
<br /> tion of the proceeds as is equal te that proportion which tl�e flmount of the sums secured by this �4ortgage imme- '-' ' '„
<br /> i diately prior'to the date of taking bears to tlie Sair �nurket �•aluc of tlie Yroperty immediately prior to the date of . � ; 7`;,,
<br /> taking, withthe balance of the procr.eds paid to Borrower. �r„_'
<br /> I£ the Property is ,abandoned by Borrower or if after notice by Lender to Borrocver ttiat the condexnnor o�ers
<br />� w make an award or settle a claim for da�nages, 13orrower fa�ls to respond to Lender wit.hin 30 days of the date ,
<br /> uf,aucli n�tice, Len3er is suihorized to collect und a�ply L'ne proceeds st. Lender's option eitl�er to restoration or '�'
<br /> repair of the Property or to the suins �ecured by tl�is \lortgage. `° ° '
<br /> Unless Lender and Borro�ver otlier�vise agree in n�riting, any auch application of proceeds t;o principal chall
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