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<br /> � If tmder paragraph 18 hereo[ the Yroperty is sold or f.he Yropert�� is otherwise acquired by Lender, Lender �
<br /> shall npply, -no later tl)nn immedisstely prior t� thc safc af ti�c 7'roperLy or iis acquisition by I,ender, c� ny Funds
<br /> l�eld by Lender at the time oi ap��lication 2s a credit sgain.�t. tlie suins secured by tlii, �9.ortgage.
<br /> 3. Application of Payments. Utiless applicnble lii�c provides otherwi�e, all payments reeeivc;d hy , Lender
<br /> under'the Note und paragrnphs 1 snd 2 hereof sl�all hc ,:,nplied h,y 7;enc3er first, in payment of amounts y�uyable to
<br /> Lender Uy Borrower ugder paragrapli 2 laereof, Ll�eri to interest ��ayable on tl�c i1Tot,e and on Fut.ure Advances, if
<br /> any, and then Go the principul o[,the Note and to tk�c principal of Futurc Ac�vances, it any.
<br /> 4. Charges; Liens. Borrower sl�atl pay all taxes, assessments and other oharges, fines and impositions attrib-
<br /> ut,able to the PFoperty which may attain a priority over tAia �iort�age, and grouud rents, if any, at Lender's
<br /> � ' �o optipn ,in the mamier provided under parugraph 2 'hereof vr by I3oriower ,�naking Iiayment, when due, directly ;to , '
<br /> � - the payee thereof. Borrower shull promi�tly furnisli to 7.ender all notices of amounts due under this paragraph ,
<br /> ; � ^ and in the event Borrower sha11 'Inake p�.yment directly, Borro�eer sh:ill promptly ,furnish to Lender receipts evi-
<br /> � '' dencing such �i$yments. Borrower shall promi>tly disctiaTge an,y lien which has priority over tl�i5 \4ortgage ; pro-
<br /> � ; ' � vided, that Borrower shall not be required to discl�arge any sucli lien so long as Iiorro�;�er shall agree in �vriting to � ' '
<br /> � ' the payment of: the pbligation secured by such lien in a xnai�ner :icceptable to I.ender, or st�all in good faith contest
<br /> ' � such lien by, or defend enforcement of such ]ien iii, legal proceedings which operate to prevent the ent'orcement of
<br /> � d'�, the lien or forfeiture of the Property or any part tl�ereof. `
<br /> h S. Hazard Insurance. Borrower s17a11 keep the iml�rovements no��• ezisting or hereafter erected on the Prop-
<br /> , ; ; erty insured against loss by fire; linzards included �vitl�in the term "extended coverage", and such otlic�• hazards as '
<br /> � , Lender may require and in such ainounts �nd for sucla periods as Lender may require ; ��rovided, that Lender shall ,
<br /> i ` not require that the amount of such coverage exceed that antount of coverage required to izay the sums secured 'by
<br /> # this Mortgage. '
<br /> � The insurance currier procidin� tl�e insura;ncc shall be chosen by Borrower subject to approval by Lender ;
<br /> pcovided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shali be paid �
<br /> at Lender's option in the rnanner provided under pnragrapii 2 l�ereof or by Borro�ver making payment, �vhen due,
<br /> � directly to the insurance carrier. � ;
<br /> s' In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect -
<br /> ' a- its interest, may procure insurance on the improvements, pay the premiums and such sum shall become
<br /> < immediately due and paya6le with interest at the rate set forth in said note until paid and shall be ; , : <;
<br /> � secured by this Mortgage. Failure by Borrower to cornply may, at option of Lender, constitute a default
<br /> ` under the terms of this Mortgage.
<br /> ` s All insurance policies and rene�vals thereof sh�ll be in form :icceptablc to Lender and shall include a standard
<br /> ; q mortgage clause in favor of and in form accepta,ble to Lendei•. Lendec• sh�ll liave the right to l�old t,he ��olicies and
<br /> f renetvals thereof, and Borrower shall promptly furnish to Lender all rene�val notices and ull receipts of paid pre- `
<br /> miums. Tn the event of loss, Borrower shull give prompt notice to t.he insurance carrier and Lender, and Lender
<br /> $ may make proof of loss if not made promptly by Borrower.
<br /> ; ,. Unless Lender and Borrower otherwise agree in wi•iting, insui•ance proceeds shall be applied to restoration or «
<br /> � ropair of t.he Property damaged, provided` such restoration or repair is economically feusible and the security of
<br /> t this blortgage is not thereby impaired. If such restorntion or repair is not econoinicnlly feasible or if the security
<br /> = of this hlortgage wouid be impaired, the insurance proceeds sliali be applied to tl�e suuis secured by this Mortgage, �
<br /> ' with the excess, if any, paid to Borro�s�er. If the Yroperty is abundoned by Borron-er or if Borrower faiis to respond
<br /> ' to,J.ender within 3� days after notice by Lender to Borro�ver that the insurance carrier offers to settle a claim for
<br /> ` ineurance benefits, Lender is authorized to collect and apply ti�e insurance proceeds at Lender's option either to
<br /> frestoration or repair of the Property or to tl�e sums secured by t.l�is \Iortgage.
<br /> , Unieas Lender and Bozrower otherwise agree in writing, an,y sucli application of proceeds to principal shall
<br /> � not extend or postpone the due date of the monthly installments i•eferred to in paragraphs 1 and 2 hereof or change ;•
<br /> the amount of such installments. '
<br /> � If under paragraph 18 hereof the Yroperty is acquired by Lender, all right, title and interest of Borrower in 3�
<br /> . � and to any insurance policies and in and to the proceeds thereof (to tl�e extent of tlie sums secured by Ghis Mort- , ;
<br /> � gage immediately prior to ,such sale or acquisitionl resulting fi•om dainage to tl�e Property prior to the sale or ;
<br /> � acquisition shall pass to Lender.
<br /> � 6. Preservation cmd Mmnten�ce of Property; Leaseholdsr Condominiums. Borrower shall keep the Prop- � -
<br /> � erty in good repair and shal! not I�ermit or commit waste, impairment, or det.erioration of the Yroperty and shall
<br /> j comply with t,lie provisions of any lease, if this \furtgage is on a leasehold. If this \lortgage is on a condominium
<br /> ; unit, Borrower shall perform all of Borrower's obligations under thc declaration of condominium or master deed ,
<br /> j - the by-laws and regulations of tlie condominium project and constituent documents.
<br /> 7. Protection oE Landei s Security. If Borrower fails to perform the covenants and agreements contained in
<br /> � this l4ortgage, or if any action oi• proceeding is commenced �vhich anaterially affects Lender's interest in the Prop-
<br /> � erty, including, but not limited to, eminent domain , insolvency, code enforcement, or urrangements or proceed-
<br /> � ings inbolving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borro�ver, may make such
<br /> ; appearances, disburse sucli sums and take sucli uction as is neeessary to protect Lender's interest, including, but
<br /> . � not limited to, disbursement of reasonable attorney's fees and entry upon the Yroperty to make repairs. Any
<br /> amonnts disbursed by Lender pursuani to this para�rapl� 7, �vith interest thereon , shall become additionat indebt-
<br /> edness of Borrower secured by this �4ortgage. Unless Borrower and Lender agree to otlter ternis of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> � est from the date of disbursement 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 amounts sliali bear interest at t6e liighest rate permiesible by
<br /> , i , applicable law. Nothing contained in this par�graph ? shnll require Lender to incur any expense or do any act
<br /> , !' hereunder.
<br /> ' 8.; Ia�spection. Lender may niake or cause to he inadc reasonablc entries upon and inspections of the Prop-
<br /> erty, provided that Lender chall give Borrower noticc � u�ior to an�� �uch in�pection specifying reasonable cause
<br /> ; therefor related to Lender's intecest in tl�e Property.
<br /> J. Condemnatioa The proceeds oT any s�vard or claim for damages, directi or consequential , in connection
<br /> with any condemnation or other taking of the YroE>erty , or part tl�ereof, ur for conveyance in ]ieu oi condemna-
<br /> { ' tion, are hereby assigned and shall ue paid to Lender. �
<br /> � Inthe event of a totai taking of the 1'roperty, the ��roceeds sliall be applied to the sums secured by this Mort- � , �,
<br /> gage, ivith the excess, it any, paid to Borrower. Im tl�e event of a I�arti�l taking of the Property, unless Borrower - ,,.. * •
<br /> � and Lender otherwise agree in writing, tliere shall be apl�lie�9 to the awns secured by this Dlortgage such propor- �' ""�`'
<br /> + tiou of the proceeds as is: equal to that proportion which tlie amount of tl�e sums secured by this DZortgage imme- �" � �,�
<br /> diatel rior to the date of takin bears to 'tl�e fair uiarket value of tLe Pro erty immediatel rior to the date of "'` "
<br /> r � YP � g P Y P � � �rg, .
<br /> , taking, with the balance rs£ the proeeedspaid to Borrower.- ' �c��;,^,
<br /> . e ; If t�e Property is abandoned by Borrower or`if- after notice by Lender to Borrower that tlie condemnor offers
<br /> s to niake an axvard nr settle a alauu for damages; $orrower fails t.o respond to Lender within 30 days of the date .
<br /> ' � ' of Quch^ notice, T�ender is :authorized to eollect and' appiy the }>roeeeds 'at Lender's option either to restoration or ' ' ��`
<br /> repair of the Yroperty or to the sums secured by L3�is ]iortgage.
<br /> T7aless Lender and Borrower otherwise agree in writing, any such application of pro�eeds to principal shall
<br />` � � � ��,s � � � � �;,,�a �
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