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<br /> � If under paragrnpli IS hereof the Yroperty is sold or the F'roperty is otherwise acquircd by 7,ender, I.ender I �
<br /> � shali apply, no later than immediately prior tc� Yl�c sale of t�he 1'ro��er��� or itti ucquisit.ion l�y Lender, :ury 1�unds �
<br /> � � held by Lencier a�xt the tiine ot applicstion � as a m•edit. ��gain,t tlie su�n; �ecur•ed h�� this \�1ort�;age: � � �
<br /> 3. Application ot Payments. Unless applicflblc la«' pi•ovides otliertivi :;e, :ill payinents i•eceived by Lender
<br /> � � � � under the Note and paxagrapl�s 1 and 2 hereof shsll hc ap�ilied hy I,ender first, in payment of arnounts payable to
<br /> Lender Uy Borrower under � �� ragraph 2 liereof, the�i to interesi ��ay:161e o�i ilie \Tvte and on Fiit,u7•c Advances, il'
<br /> any, and then to the principal of the 1Totc and to tlxe lirint+ij�al of Puturc. :lcivances , if any.
<br /> 4. Charges; Liens. Borrower sl�all pay all ta�es, assessnients fLud otl�er charges; fines nnd impositions attrib-
<br /> � utable to the Propet•ty �vhich may attain a priority over tLis Viortgage, and ground rents, if any, at Lender's
<br /> c�c; option in tl�e munner provided under �>aragraph 2 hereof or I�y T3orrower making payznent, when due, directly to
<br /> pq the payee tliereof. Borrotivei' shall promptl,y furnisl� to Lender all notices �f amounts duc under tiiis paragraph,
<br /> �j and in the event $orrower shal! makc payment directly, L' orro�cer sh:ill promptly furnish to Lender receipts evi-
<br /> �j dencing suclr paynients. Borrower sliall promptly discharge any lien which has priorit�• over this 1lortgage ; pro-
<br /> p vided, thatBorrower shail not be required to discharge any sucl� lien so long .�s }3orrower shall agree in writing to_
<br /> � ` t� the payment of the obiigation secured Uy such lien in ;� manner scceptable to 1.ehdei•, or shall in good fuith contest
<br /> � such lien by, or defend enforcernent of such lien in , legal proceedings �t�Lich o�'>ersCe to prevent tl�c entorcement of
<br /> ' ; �; the lien or forfeiture of tlie Yroperty oi• flny ��a�rt thereo£.
<br /> � � �`r„ 5. Hazard 7nsurance. Borrower shall keep tl�e improveinents no�v exisiing o�• l�ereafter erected on the Prop-
<br /> crty insixred against loss by fire, huzards included �vithin the term "extended coverage " , and sucl� other -l�azards as
<br /> � ' Lender may require und in such amounts and for sucl� period� :i, T.en�er ma,y require ; provided, that Lender shall
<br /> not require that the nmount of sueh coverage exceed tliat atnount of r.overage requireci to F�ay tlie sums secured 'by
<br /> , i this Mort,gage.
<br /> The insuranee e¢�rier providi��g ilie ii7surance shRll be et�osen �iy Borro�i�er ;uhject to approvnl by Lender;
<br /> ��rovided; that such approval shall not be mireasonably withheld. All Premiunis on insurance policies s1�a11 be paid
<br /> atLender's option in the m�nner provided under p.�ragrapli 2 hereof or by Sorrower makiug 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
<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 defaulti
<br /> under the terms of this Mortgage.
<br /> All insurance policies and mnewals tl�ereof shall be in forni acceptable t,o Lend�r und sl�all include s standard
<br /> � inortgage clause in fuvor of �nd in form <� ece��table to Lender. Lencter sl�uli have tl�e riglit to hold thc policies and
<br /> renewals thereof, and Borrower shall proniptly furnisli to Lender a11 renewa,l noticr.s and :�11 receipts of paid pre-
<br /> miums. In the event of loss, Borrower shail give prompi votice to the insurancc carrier snd Lender, and Lender
<br /> may make proof of loss if not made promptly by Borrower.
<br /> Unless Lender and Borrower otherwise agree in tirriting, insurance proceeds shatl be applied to restoration or
<br /> repair of the Property damaged, provided sucli restoration or i•ep:iir is econumically fe.�eible <�nd the security of
<br /> this 17ortgage is not tl�ereby irnpaired. If sucl� restorntion or ref�3ir is not econwnically fei�sible or if the security
<br /> of this \lortgage would be itnpaired, tlie insurance }�roceeds �l�all l�c appliecl to tlie sucns secured by this Mortgage,
<br /> with the excess, if any , paid to Borro�i�er. If the Yroperty i� abandone�9 by f3orrower or if Borrower iails to responcl
<br /> to Lender within 30 days after notice by Lender to Bon•ower tliat ihe insurance cnrrier offcrs to settle a claim for
<br /> insurance benefits, Lender is authorized to collect and apply t.hc insurance proceecis at Lender's option either to
<br /> restoration or repair of the Property or to the sums secured b�• tl�is \Ioi�tgage.
<br /> }' Unless Lender and Borrower other�vise ugree ]Il \Y17C1C1�, a�ny such upplicntion of proceeds to principal shall
<br /> not extend or postpone the due date of the montl�ly installments referred to in paragraphs 1 and 2 hereof or change
<br /> the amount of such installments.
<br /> � If under paragrapl� 18 hereof the 1'roperty is acquired by I.ender, all riglit, title and interest of Borrower in
<br /> and to any insurance policies and in and to the proc.eeds thercof � to tlie extent. of tlre sums secured by this bfort-
<br /> ; gage imrnediately prior to such sale or ucyuisit.ion ) resulting from datuage to the 1'roperty prior to the sale or
<br /> acquieition shall pass to I.ender.
<br /> $. 6. Preservation �d Mmnten�ce of Property; I.easeholds; Condominiums. Borrower shalT keep the Prop-
<br /> erty in good repair znd shall not permit. or commit waste , impa.irmeni, or deterioratiun uf the Property and shall
<br /> comply with the provisions of any lense , if t.his \lortgage is on a leasehold . If thia \lortgage is on a condominium
<br /> j: unit, Borrower sha11 perform all of Borro«�er's obligations uncler tLc declaraiiou of condominium or master deed,
<br /> the by-laws and regulations of the condominium projeet :znd consiitueni documents.
<br /> � 7. Protection o! Lender's Security. I{ Borro«�er iails to perfortu the covenunts and agreements contained in
<br /> this Mortgage, or if any action or proceeding is conui�enced �vhicli �uaterially affecls Lender's interest in the Prop-
<br /> ' erty, including, Uut not limited to, eminent doinain , in,ol ��c�icy, code enforcement, or ar•rungements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender �t Lender's option , upon noticc to I3orro«�er, m�y make such
<br /> appearances, disbur�e such sums and take such action as is necessary to protect. I.ender's interest, including, but
<br /> not limited to, disbursement of iteasonable attorney's fee� and entry upon the Yropert;; to �nake repairs. Any
<br /> amounts disbursed by Lender pursuant to this paragrapli 7, witl� interest thereon , shall become ndditional indebt-
<br /> edness of Borrower secured by this �1ort.gage. Unless Borro�ver ancl Lender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requesting payment t,hereof, and shall bear inter-
<br /> est from the date of disbursement at the rate ststed in the Note unless payment uf interest at such rate would be
<br /> contrary to applicable law, in �vhich event such amounts shall bear interest at the highest rate permissible by
<br /> applicable lsw. Vothing contained in this j�ar3grapli 7 shall require l.ender to incur any expense or do any act
<br /> fiereunder.
<br /> 8. Iaspeetion. Lender ma,y anake or cause to he macic rea,�onable entries upon Znd inspections oF the Prop-
<br /> erty, provided that Lender shxll give Borro�rer uotiee �rrior to �in}� �url� inspection �{�ecifpin�* reasonable caune
<br /> therefor re!sted to T er.dez's interest in t!ic Prope±•t�•.
<br /> ' 9. Condemnation. The proceeds of anp a�vard or claim for dainages, direct or consequential , in connection
<br /> with any condeinnation or other taking of the Property , or ��art tl�ereof, or for conveyance in ]ieu of conde�nn�-
<br /> tion, are herebyassigned and shall be paid to Lender.
<br /> ; In the event of a total takin� of the Yi•opert.y, the proceed: :hall l�e applied to t.he sum, sec.ured by this i��ort- .
<br /> . gBa e with the excess, if an >aid to Borrpccer. Li tl�c event of a �artial takin oi 'tnc Pro �ert�• unless Borrower ^.^ 4
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<br /> and Leuder otlierwise agree in tivritin�, there shall be applied to t he �u�ns secured I�y t3�is \Iortg�ge such propor �� t;l ' �,
<br /> �l tion of the �roceeds us is equal to tt�at proportion ��>hich the �� mount of the sums secured Uy this ATortgage imme- , �'�
<br /> diately prior to the date of taking bears to tl�e fair �na:•ket value of tl�e 1'ropert�� iminediately prior to tl�e date of ` � �� '
<br /> taking, with the t�alsnce of the proceeds paid to Bo�•rower. � r�^:"`
<br /> ; - If the Property is abandoned by Borrower or ii atter notice by Lender io IIorrower that tl�e condemnor offera ; � ; , `
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<br /> , to ma2:e nn a�•..rd or settie u c:uitu for du��.ages, 33ono��er fuii: iu r�spuiil to Luud�r wiciiic, 30 uays of tLe u�t,<; �
<br /> of suc:� aoticc, Lcndcr is authorized to r.ollcct �s:d a.pi�l}• �l�c procccds at Lc:idci•'s opLi.�n cit!�ci• to rest.oration or , ,� '
<br /> repairbf the Property or to the sums secured by tliis \lort�Age.
<br /> Unless Lender and Borrower otl�ercvise agree in �vriting, any such application oi proceeds to principal shnll
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