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<br /> If under paragraph 18 hcreof the Property is e�ld or khc Property is other�aise acquired b,y Lei�dei•, Lender
<br /> shall apply, no later than irnmediatel,y p�rior to thc salc of the Yroperty or its acqnisition by Leuder, ;tny P'unds '
<br /> E held by Lender at the time of n�plication ats a credit � g�iinst thc smns secured by tl�is 1lortgaF;e.
<br /> 3. Application of Payments. Unless ap��lic�blc l���i� provides otherwise, t111 paymeats received by Lender _
<br /> under t}ie Note and �>aragraplis 1 snd 2 liereot shall hc iipplicd by I.endcr first in payment of ainounts payable to
<br /> Lender by 13orrower under paragrapG 2 liereof, tlicn to intcrest ��ayalde o❑ tlic Note and on Future Aclvances, if
<br /> any, and then to the �irincipaf of tlie �'ote and to tl�e principal of Future Advances, if any.
<br /> 4. Charges; Liens. Borrocver sl�all pay� all taxes, assessments iind other charges, fines and impositions attrib-
<br /> utable to the Property which may attain a priority over this D'Iortgage, and ground rents , if any , at Lender's
<br /> option in tl�e manner pro��idecl under �iaragrai>h 2 liereof or by Borro�ver making payment, �vhen due , directly to
<br /> the payee tl�ereof. Borrower shall promptly furnisli ' to Lencier ull notices of amount,s due mider tl�is paragraph;
<br /> and in the event Borrower shall makc i�a,ymenC directly, 13orrop�er shall promptly iurnish to Lender receipts evi-
<br /> denoing such payments. Borrower sha11 promptly discl�arge any lien �vhic}i l�as priority over this �4ortgage ; pro-
<br /> ' vidad, that Borrowershall not be required to dischar�e any sucl� lien so ]ong a,s 13orro�ver sliall agree in �vriting to
<br /> tiie paymentof the obligation secured by such lien in .i manner acceptuUle to Lender, or sl�all in good faith oontest
<br /> r� Y such ]ienby, or defend enforcement of such lien in , legal proceedings wliich operate to prevent the enforcement of
<br /> the lien or forfeiture of the Property or any part thereof.
<br /> S. Hazard Insurance. Borrotcer sliall keep tlir improvements now existing or herenfter erected on the Prop-
<br /> crty insured against loss by fire, hazards included within the term "extended coverage", and such other ha�ards as
<br /> Lender may require and in such amounts a�id for sucl� periods a, Lender may require ; provided , that Lender shall
<br /> not require that tl�e amount of such coverage exceed tliat amount of coverage required to pay the sums secured 'by
<br /> this Mortgage.
<br /> The insurance carriei• providing tlie in;uratice sha11 k�e cl�oseii by Borro�+�ez• subject to approval by Lender ;
<br /> provided, that such approval shall uot be unreasonably witlilield. �Il premiums on insurance policies shall be paid
<br /> at Lender's option in the manner provided under paragrapl� 2 hereof or by Borro�vei• :naking payment, when due,
<br /> directly to the insurance carrier.
<br /> jIn the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect
<br /> i 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 policies and renewals thereof shall be in im•rn acceptable to Lender �nd shall include a standard
<br /> ' mortgage cluuse in favor of and in forixi acceptai�le to Lender. Lender shal] liave the riglit to liold the policies and
<br /> renewals thereof, and Borrower shall proinptly furnish to Lender all rene���al notices and ull receipts of paid pre-
<br /> ; miums. In the event of 3oss, Borrower shall give proin��t notice to the insurance cnrrier and IJender, and Lende.-
<br /> may make �roof of loss if not made promptly by ]3orrower.
<br /> Unless Lender and Borrower otherwise agme in writiug, insurance proceeds shall be apE�lied to restoration or
<br /> repair of the Property damaged , provided such restoration or repair is economically fensible and the security of
<br /> ' � this DZortgage is not tiiereby iinpaired. If such restoration or repair is not econoinicully feasible or if the security
<br /> of this �lortgage would be impaired, tlie insurance pi•oceeds sliall I >e applied to the swns secured b}� this Mortgage,
<br /> with the excess, if any, paid to Borrocver. If tl�e Yroperty is ahandoned by I3orrower or if 33orrower fails to respond
<br /> � ' to Lender within 30 days after notice by Lender to Borrower that tlie insurance carrier offers to settle a claim for
<br /> `. insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to
<br /> � `; restoration or repair of the Property or to the sucns secured by this .�3ortgage.
<br /> Unless Lender and liorrower otherwise agree in writing, any such application of proceeds to principal shall
<br /> not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or chenge
<br /> * � the amount of such installments.
<br /> � If under paragraph 18 hereof the Yroperty is acquired by Lender, all rigl�t, title and interest of Borrower in
<br /> and to any insurance policies und in and to tdie proceeds tl�ereof (to the exteiii of tlie surns secured by this Mort-
<br /> � gage immediately prior to such sale or acquisition ) resuliing from dainage to the Yroperty prior to the sale or
<br /> ; � acquisition ehall pass to Lender.
<br /> � � 6. Preservation �d Mmnten�ce of Property; Leaseholds; Condominiums. Borro�i�er shali keep the Prop-
<br /> � erty in good repair and sl�all not permit or commit waste, impairment, or deterioration of the Yroperty and shall
<br /> comply with the provisions of any lease, if this �iortgage is on a leasehold. If this �Zortgage is on a condominium
<br /> �'� unit, Borrower shall perform all of Borro�ver's obligations under t.he declaration of condominium or master deed ,
<br /> � � the by-laws and regulatia�s of the condorninium project and constituent documents.
<br /> � 7. Protectioa of Lender's Security. If Borrower fails to perform the covenanis and agreements eontained in
<br /> this 1Qortgage, or if any action oi• proceeding is commenced which matcrially affr.cts Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent do!nain, insol��ency , code enforcement, or urraugements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at I.ender's option , upon notice to 13orrower, may make such
<br /> appearances, disburse such sums and take sucl� action as is necessary- to protect. Lender's interest, including, but
<br /> r not lunited to, disbursement of reasonable attorney 's fees and entry upon t.he I'roperty to �nake repairs. Any
<br /> amounts disbursed by Lender pursuant to this paragraph 7, witli interest thereon, shall become additional indebtc
<br /> edne�s of Borrower secured by this 12ortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requesting I>ayment t.hereot, and shall bear inter-
<br /> est irom the date of disbursement at the rate stated in the Note unless payment of interest �L such rate wouid be
<br /> - contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible by
<br /> apgliaable law . Nothing contained in tliis paragraph 7 shnll require I..ender to incur any expense or do any act
<br /> hereunder.
<br /> 8. Inspection. I.ender may- makc or cause to be madc reacanablc entries npon ;�nd inspections of the Prop- �
<br /> erty, provided that Lender shall give Borruwer notice ��rior to :tnp• .ueli inspection �pecifying reasonnbl: cause
<br /> therafor relaated te Lender's ;nterest in tl:e Prepert�•.
<br /> 9. Condemnatioa. The groceeds ' of any award or claim for damages, direct or consequentisl , in connection
<br /> with any condenmation or other taking of the Property , a• part tl�ereof , or for conveyance in lieu of condemna-
<br /> tion, are hereby assignecl and shall be paid to I.ender.
<br /> In the event of a tota] iaking of the Property , the proceeds shall be applied to the sums secured by this Mort- � ,
<br /> gage, �vith the excess, if sny , paid to Borrower. In the event of a �aartial taking of the Propertp, unless Borrower � �.
<br /> , and Lender otherwise xgree in writing, there shall �e applied to t.lie ;wn� secured }�y this \Iortgage such propor- � } ,� ,; ,: "
<br /> � tion of Lhe proceeds sss is equal to that proportion which tlie amount of the sums secured by this ?�Zortgage imme- _
<br /> diately prior to tlie date of taking bears to the fair market value of tLe Propert�� itninedisstely prior to the date of 4 ` '
<br /> taking, with the balance of the proceeds paid to Borroveer. , , �x; "
<br /> Ifthe Property is-abandoned by Borrower or if 3iter notice by Lender to Borrower that the condemnor offers '"
<br />� to ma;:e ar. ar.-ard or sett;e a c:aim ;or dainages, Eor.-o�e er :ai:s tn re�pand tc Lende: tic:tl:ir. 3Q da�s ef the date .
<br /> of such noticc, Lcr.der is author,zed to cailect and a7�j�1�• the proceeds 2t I�er_der'�• option eiti�er to re�ior�tien or
<br /> repair of the Property or to the sums secured by this �Sortgage. " '
<br /> Unless Lender and Borrower othenvise agree in writing, any such application of proceeds to principal shall
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