|
n � • k:.
<br />;p�.ti;v . . .
<br /> .�
<br /> ��L. . . . . . . . . . . . . . . � � ;r -� .
<br />� ' ��: If under p3ragraph 18 hereof thc Yroperty is sold or the F'roperty is otherwise acquired 6�- Leuder, Lender
<br /> shall apply, no later than iininedixtely prim• to the �ylc of the Yro�iert�� or its acquiaition b,y Lender, nn,y Fuiids
<br /> �ield by Ler.;3er at the time of applica,iion ns a credit agaiust. tl�e vum;: secured h�• tl�is \Zortgage.
<br /> 3. Applicaiion ot Payments. Unless applicablc la�r �'irovides other�i�ise, all payments received k�y Lender
<br /> underthe 1�'ote and �zaragrapLs 1 snd 2 I�ereof shall t �c applied by Lender first in pay�neni of simounts payable to
<br /> Lender by Borrower under paragrapli 2 hereof; then t,o interesi, payable mi t1�c i�Tote aml on Future Adva.nces; if
<br /> � any, and then to the principal of the \Tote and to tlie �arinci�>al of ruture �dvances; if any.
<br /> 9. Charges; Liens. Borrower st�ali pay all taxes, flssessments and other charges, fines and impositions attrib-
<br /> utable to the Property which mny attain a E>riority over this lZort.gage, ancl ground rents, if any, at Lender's
<br /> � option in the manner ;provided under ��aragrapli 2 1�ereof or !�y Borro�5�er inalzing payment, whei� due„ directly to
<br /> 1 ; ' the payee thereof. SoTrower shall promptly furi�isli to T,ender all i�otices of aznounts due under tl�is paragraph ,
<br /> � and in the event Borrower sl�all make payment �iirectly; Borrower shall pronlptly furnish to Lender receipts evi-
<br /> � dencing gucli payme�ts. $orrower shall promptly discharge any lien which lias priority over this \�Iortgage ; pro-
<br /> ' � vided, thaG Borrower shall not be required to di5ctiarge any such lien so long as Borrower shall a,gree in writing to
<br /> , u.., the payment of tlie obligation secured by sucli lieii ici :i manner acceptable to Lender, or sl�all in good faith contest
<br /> . � ; � such lien by, or defend enforcenlent of sucli lien in; legaf proceedings �vliich operate to prevent the en£orcement of
<br /> " ; the lien or forfeiture of the Property or any part thereof.
<br /> j ' � 5: Hazard Insur�ce. Borrower shall keep tl�e iu���rovenYents now• existing or hereafter erected on the' Prop=
<br /> j � erty insured against loss by fire, hazards included within the term "extended coverage", and such otl�er hazards as
<br /> Lender magrequire and in such amounts and for such periods as Lender inay require ; prorided, that Lender shall
<br /> not require t}iat the amount of such coverage exceed tl�at atnoimt of coverage required to pay the sums secured 'by ;,�
<br /> � this �Iortgage.
<br /> x The insurance carrier ��roviding tlie insurauce shall be chosen by Borrower suhject to approval by Lender ;
<br /> ? - provided, that such approvui shatt not be unreasonably with.ieid . AII premiums on insurance policies shall be paid
<br /> at Lender's option in the manner provided under p:�ragrapl� 2 hereof or by Borrower malcing 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 r '
<br /> 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 /> � '� � � � � � Ail insurance policies and rene�vals thereof sl�aill i�e in form acceptable to I.ender zind shall include a st.andard
<br /> jmortgnge clause in favor of and in form acceptable to Lender. Lender ,h� ll have the right to l�old the policies and
<br /> i renewals thereof, and Borrower shsll promptly furnish to Lender all renewal notices and all receipts of paid pre-
<br /> miums. In tl�e event of ]oss, Borrower shall give prompt notice to tl�e insurance c�rrier and Lender, and Lender
<br /> may inake �roof of loss if not made promptly by Borrower.
<br /> , r Unless Lender and Borrower othenc•ise agree in writing, insurance proceeds shall be upplied to restoration or
<br /> 3 repair ot the Property damaged, provided such restoration or repair is economically feasible and the security of
<br /> '; this Mortgage is not thereby impaired. If sucl� restoration or repair is not economically feasible or if the security
<br /> of this D4ortguge would be impaired, tlie insurance ��roceeds sliall be applied to the sutns secured by this Mortgage,
<br /> ; wit,h the excess, if any, paid t.o Borrower_ If the Yro��erty is abandoned by Borrower or if I3orrower fails to respond
<br /> ` to Lender within 30 days after notice by Lender to $orrower that tl�c insurance carrier ofters to settle n claim for ;
<br /> . $� insurance benefits, I�ender is authorized to collect and apply tl�e insurance proceeds at Lender's option either to
<br /> restoration or repair of the Property or to t}ie sums secured by this Alortgage. �
<br /> � Unless Lender and Borrower otherwise agree in Svriting, any sueh ilj)�J]ICRE1021 of proceeds to principal shall
<br /> not extend or postpone the due date of the monthly instal6nents i•eferred to in paragrssphs 1 and 2 liereof or change
<br /> x the amount of such installments.
<br /> � ' Ef under paragraph 18 hereof the Yroperty is acquired by Lender, all right, titie and interest of Borrower in
<br /> and to any insurance policies and in and to the proceeds tl�ereof (to the extent of tl�e sums se cured by this 1�1ort-
<br /> � gage immediately prior to such sale or acquisition ) resulting from dawage to the Property prior to the sale or
<br /> ; acqui$ition shall pass to Lender.
<br /> � ' 6. Preservatioa �d Mmnteaance of Property; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> ? erty in good repair and shall not permit or commit waste, impairment, or deterioration of thc Property and shall
<br /> � comply �vith the provisions of any lease, if this llorigage is on a leasehold. If this A4ortgage is on a condominium
<br /> � unit, Borrower shuil perforni all of Borrower's obligations under the declaration of condominium or master deed ,
<br /> i the by-Iaws and regulations of tlie condominium project and constituent documents.
<br /> . � 7. Pzoteetion of Lender's Security. If Borrower fails to perform the covenants and agreements contained in
<br /> this A�Iortgage, or if any sction or proceeding is commenced �vhich inat.erially af�'ects Lender's interest in the Pro�-
<br /> � erty, including, bu£ not limited to, en�inent doinain , insol ��ency, code enforcement, or arrangements or proceed-
<br /> 1 ings involving a bankrupt or decedent, then Lender at Lender's option , U�0I3 IlOtICC t0 Borrower, rnay make such
<br /> appearances, disburse such sums and take such action .as is nccessaiy to protect Lender's interest, including, but
<br /> ' not limited to, disbursement of reasonable attorney 's lees and entry upon t,hE Property to make repairs. Any
<br /> " amounts disUursed by Lender pursuant to this paragraph 7, �vith interest thereon , shall become additional indebt-
<br /> ; edness of $orrower secured by f,his �-lortgage. Unless Borrower snd Lender agree to other terms of payment, such
<br /> ' � amountsshall be payable uj�on notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> est from the date of dist�ursement at the rate stated in the Note unless payment of interest at such rate would be
<br /> contrary to applicable law, in which event such amnunts shall bear interest at the highest rate permissible by
<br /> applicable law. Notliing contained in this parag:•apl� ? shall i•equire Lender to iiicur any expense or do any act
<br /> ` hereunder.
<br /> j 8. Inspection. Lender may make or cau�e to be mndc reasonablc entries upon and inspections ot' the Prop-
<br /> erty, provided that I,ender shall give Borrower notice ��ria• to :� np ;uch inspection specifying reasonable cause
<br /> therefor related to Lender'sinterestin the Property.
<br /> � 9. Gondamnation. ' The proceeds of any a�vard or c!aim fo: c?art:a�es, :ii:ect or cons�quential , in connectim�
<br /> � with any condemnation or other taking of the Propert.y, 01� i�art thereaS, or f�r con�•eyance in lieu of condemna-
<br /> ? tion, are hereby ass:gned and shall be paid to Lendei�. �
<br /> � In tl,e event of a total taking of t.he Property, the p.roceeds eliall be ai�plied to the sums secured by this 1Vlort- '
<br /> j gage, �vith the excess; if any, pa�d to Borrower. In the event of a partial taking of the Property, unless Borroa�er ^"I* � `�"�.
<br /> ' ', and Lender �thenvise agrec in writir.g, ttiere shal! be applied to t4e suins secured by this blortgage such propor- " ;^� �+�a�
<br /> tion o€ the proceeds as is equal to that proportion which the �niount of the sums secured by this �f�rtgage imme- �� '� ��� � :
<br /> � diately prior to tlic date of taking bears to tlie fair market value of the Property iminediately prior to the date of ���.
<br /> taking, with the balance of the proceeds paid to Borrower. „y��
<br /> �> ` If tfie Progerty is sbrsndoned by Borrower or if after notice I�y Lender to Sorro�ver that the condemnor offers ; „
<br /> � to make an award or settle a claim for 'caaniages, liorrower fails to respond to Lender within 30 duys of the date `'�`° '
<br /> ; of sueh natiee, Lender is. authorizeci to c62iect au�i api,ly tLe ��i•ucreun at Lender'n option eiclier to restoration or � " .� ' - r
<br /> repair of the Progerty or to the sums sccurcr! by thi� \iortgage. ,«;;""
<br /> ; Unless Lender and Borrower other�vise agree in ,�vriting, any such application of proceeds to principal shall
<br /> , .
<br /> � , '�, ;�
<br /> � �. �
<br />� �
<br />
|