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<br /> If under paragrapl� 18 hereaf the Property is sold or the Property is other�vise :icquired b,y Lender, I.ender �
<br /> shall npply, no later tl�an inunediately prior to the sale of the Yro�iertY or its ac�i�isition t>y Lender, any Funds •
<br /> held by Lender at. the time of application as a credit, ugainst tlie sums secured b�� this 3�Iortgage.
<br /> 3. App&cation of PaYments. Unless applicable 1a�c i�rovides otherwisc, nll payments received by Lender
<br /> under the Note and paragrapl�s 1 :�nd 2 I�ereof sl�sll l�c al���lied fap I.endcr first in payment of amounts pnyable to
<br /> Lender by Borrower under paragrapl� 2 hereof, then to inkerest payaLlc on tlie IrTote and on Futurc Advances, if
<br /> aity, and then to t}te principal of the iVote and to the principal of Future Advances, if any.
<br /> 9. ,Chqrges; Liens. Borruwer sS�all pay alt tsxes, sssessments and c,ther eharges, fines anc? impositions attrib-
<br /> utable Lo the Property �vhicl� inay attain a priority over tGis ilZorf�age, and ground rents, if any, at Lender's �
<br /> � optiop in the manner prvvided under ��aragraph 2 hereof or by Borrower inaking payrnent; when due, directly to
<br /> Q the payee thereof. Borrowei� shall promptly 'furnish to Lender all notices of amounts due under this :paragraph,
<br /> � and in the event Borrower shall makepayment directly; 13orro}cer sliall promptly furnisli to Lender receipts evi-
<br /> �' dencing such payrnents. Borrower sliall �2romptly discharge any lien which has priority over this Mortgage ; pro-
<br /> O vided, that $oirrowar shall not be required to discl�arge any sucG lien so ]ong as Borro�ver shAll agree in �vriting to
<br /> C� the payment of the obligation secured Uy such lien in a manner acceptnble to Lender, or shall in good faith contest
<br /> = such lien by, or defend enforcement of sucli lien in, legal proceedings �vliich operate to ��revent tl�e en[orcement of
<br /> y"�, the lien or forfeiture of the Property or any part thereof.
<br /> I\r 5. Hazard Insurance. Borrower Ehall keep tLe im�>rovements no�v existing or l�ereafter erected on the Prop-
<br /> erty instired against loss by fire, liazards included ryithin the term "extended coverage" , and such other hnzards as
<br /> Lender inay require nnd in such umounts and for sucli periods ss Lender may require ; provi�led , tliat Lender shall
<br /> not require that the amount of such coverage exceed ttiat atnount of aoverage required to pay the sums secured 'by
<br /> this Moitgage:
<br /> The insurance carrier providing tlie insurance sliall be chosen by Borro�ver subjeet to approval by Lender ;
<br /> provided, that such approval shai2 not be unreasonabty cvithheld. All premiums on ins�rance polieies shall be paid
<br /> at Lender's option in the mamier provided under parAgraph 2 hereof or by Borrower rna�king payment, wl�en due,
<br /> directly to the insuranee earrier.
<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 /> irnmediately 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 tf�ereoP shall be in for�n acceptable to Lencler and shall include a standard
<br /> mortgage clause in favor of and in iorm accepCaUle to Lender. I.ender shr�ll have the right to liold the policies and
<br /> � renewals thereof, and Borrower shall promptly furnish to Lender sll renewa.l notices and all receipts oi paid pre-
<br /> a �niums. In the event of loss, I3orro�ver sha11 g�ve prompt iiotice to the insurance carrier and Lender, and Lender �
<br /> � inny inake proof of loss if not made promptly by Borrower.
<br /> , Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or �
<br /> repnir of tlie Property damaged , provided such restoration or repair is economically feasiUle and the security oi
<br /> ;t this A4ortgage is not thereby impaired. If sucl� restorztion or repair is not economict�llp feasible or it the security
<br /> of this b4ortgage would be impaired , the insw•ance l�roceeds sliall be applied to tlie suu�s secured by this Mortgage,
<br /> with the excess, if any , paid to Borrower. lf the Yro��erty is abandoned by Borrower or if Borrower fails to respond
<br /> to Lender within 30 days after notice by Lender to Borrower tiint the insurance carrier offers to settle a claim far
<br /> 1 insurance benefits, Lender is authoiized to collect and apply the insw•ance proceeds at : Lender's option either to
<br /> x restoration or repair of the Property or to the sums secured by this �Iortgage.
<br /> h Unless Lender and Borrower otherwise agree in writing, any such 3ppllCfltlOI1 of proceeds to principal shall
<br /> not extend or postpone the due date of the maitkily installments referred to in paragraphs 1 and 2 hereof or change
<br /> ' Ghe amount of such instailments.
<br /> ; If under paragra}�h 18 hereof the Yroperty is acquired by I.ender, nil right, title and interest of Borrower in
<br /> and to any insursnce policies and in and to the proceeds tliereof (to tl�c extent of the sums secured by tltis Mort-
<br /> gage immediately prior to such sale or acquisition ) reeulting from dama�e to the Property prior to the sale or
<br /> acquieition shsll �wss to Lender.
<br /> 6. Pzeservation cmd Mmnten�ce of Propezty: Leasenoids; Candaminiur.is. Borrower shall keep the Prop-
<br /> ' erty in good repair and sliall not riermit or comrnit waste, impairtnent, or deterioration of the Property and shall
<br /> comply with t.he provisions of any lease , if this �lortgage is ori a leasehold . If this �4ortgage is on a condominium
<br /> unit, Borrower shAll perform all of Borro�ver's oUligations under the declaratiai of condominium or master deed ,
<br /> the by-laws and regulations of the condominium ��roject and constituent documents.
<br /> � i .�_ ._ _._ __ . . _..a .. y��_::�., Tf �Cr.��xrgr f�jly tn ne�fctrap t.he covenants and a�reements contained in
<br /> . sssalauuaisa 'va uc.+�s2.�� ..i .
<br /> this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent doxnain , insolvency , code enforcement, or arrangements or proceed-
<br /> ings involving a Uankrupt or decedent, then Lender at Lender's option , upon notice co Borrower, may make such
<br /> appearances, disburse sucl� sums and take sucli action t�s is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonable uttorney's fees and entry upo❑ the Property to make repairs: Any
<br /> smounts disUursed by Lender pursuant to this paragi�aph 7, �vith interest thereon , shall become additional indebt-
<br /> 'i edness of Borrower secured by this D4ortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> a, smounts shall be paysble upon notice from Lender t Borrower requesting payment thereof, and shall bear inter-
<br /> est from the date of disbursement at the rate stated in tlie A�ote unless payment of interest at sucl� rate would be
<br /> contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible by
<br /> applicable laK•. �Iotkiing contained in tl�is paragrapli 7 shnll reryuire I.ender to incur an,y expense or do any act
<br /> hereunden
<br /> _ 8r Iaspeetion. Lender may make or cause to bc made reaGonable entries uE�on nnd inspeetions ot the Prop-
<br /> erty, provided that Lender shall give Borroe�er notice ��ria• to nn�� such inspectiur. �pecifyin; reascngble csuce _
<br /> tF.ereior relsted to Ler,der's interest in the Propert�- .
<br /> �J. Condemaation. Thc procceds of sny ��v3rd or ctaim i<�r c!amages , direet or consequential , in connection
<br /> '; ' with any condemnation or other taking of the Property , or part thereof , or tor con�•eyance in lieu of condemna-
<br /> ; tion, are hereby sssigned and shall Ue paid to Lender.
<br /> , In the event of a total taking of the Property, tl�e ��roceeds shall be spplied to the sums secured by this AZort- ';
<br /> gage, �vith the excess, if any , paid to Borro�ver. In the event of a partial taking of the 1'roperty, unless Borrower � � � ��
<br /> and Lender othertivise agree in writing, tltere s11aIL be applied to the su�ns secured by this \iortgage such propor- ;,, h` *��;,
<br /> � tion of the proceeds as is equal to that proportion which tl�e amount �I the smns secured by tl�is :�Sortgage imme- ( � y� '
<br /> diateiy prior to tl�e date of taking bears to the fair ii�arket ��alue of tLe Property immedi�tely prior to the date of .`"�
<br /> taking, with the-`balance of the praceeds paid to Borrower_ y M �'`
<br /> If the Pkoperty is abandonea by Borrower or if atter notice by Lender to Borrocver that the condemnor offers �'w
<br /> � to make sn awsrd br settle a blaim for damages; Borrower fails to respond to Lender within 30 days ot the date
<br />� of such a�otice; �ender i� aucl�urizeu Lo u�iiect a,n�: apj;ty the procec3s at Leade;'s cption ci!her to r�toration or
<br />� i�e�au �f tLc Pra�;erty ui to the su:ns se�ured bs' tliis liortgagc.
<br /> Unleas Lender and Borrower ot6erwise agree in �rriting, any such application of proceeds to principal shall
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