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<br /> If under paragrapit 18 l�ereof the YroperL,y is sold or tlie 1?roperty is otl�er�visc acquired b,y Lendei•, Lender
<br /> shall apply, no later t.L� n immediately prior to the salc of tl�e Property or its ncquisition by Lc:nder, any i�w�ds
<br /> held by Lender at t}ie time of spplicatioii as a c�redit against tl�e sums �ecured b�� tl �is \Iortgage.
<br /> 3. Application of Payments. Unles� apt�licabte lati�• tirovides otherwi�c , :ill �r.iyments recei��ed Uy Lender
<br /> under the Note and paragraphs 1 und 2 hereof shall }>c ap��lied by 'I.cndei• first ici iiayment of 3mounts payable to
<br /> Lendar ' ,, r ��raGcver under paragrapli 27iereof, tGeu to interest � �uycible on the �Tot.e anct on Future Advances, if
<br /> anq, anc3 then to the nrincif�al of t.he �'ote :�nd to tLe priiicipal of Tuture Adv.�nces, if any.
<br /> ' 4. Charges; Liens, Borro�ver sliallpay all f;axes , assessinents and other charges, fines and impositions attrib-
<br /> utab7e to the Pro�erty wl� ich inay zttain a priority over tl�is l4ortgage, snil groui�d rents, if arry; aE Lender's i
<br /> option in the manner provided under paragrapli 2 hereof or l�y F3ori�o�ver �naking'I�ayment, when c9ue; directly to
<br /> the payee thereof. Borrower shall promptly furtiisli to Lenc9er alt notices of amounts due under tliis paragiaph ,
<br /> and in the event Borrower shall inakc jiayn�ent direct]y; Borrot��er shall promptly fvrnish to Lender Teceipts evi-
<br /> ; ` dencing sucii payments: Borrower sliall proiiii�tly discharge :�uy lien which hac j�i•iority over this 1Sortgage ; pro-
<br /> ' ; < vided , that 13orrower sl�ali not be require�i to discl�urge any such lien so 1o�ig as ]3orrower sl�al] asree in writing to
<br /> the payment of the obligatioai secured l�y sucli lien in a inanner acceptal�le to Lender, or shall in good fait}r contest
<br /> &ueh lien by, or defend enforcement of such lien in, legal �>roceedings �vhich o�ierntc to preveni the entorcement of
<br /> the lierror forfeiture of the PToperty or nny part thereof:
<br /> i 5. Hazard Insurance. Borrower s}iall kee�y tlie iznproti>ements no�v eaisiing or hereafter erected on the Prop-
<br /> " erty insured against loss by fire, hazards inciuded witl�in the term "extended coverage", snd such otlier hazards as
<br /> Lendermay require and in such amounts and for such peri�ds as I..ender may rec�uire ; provided , that Lender shali
<br /> not require that the amoimt of suoh coverage exceed th;�t an�owit of coverage rnquired to pay the sums secuzed 'by
<br /> � this Mo�tgage.
<br /> , � ' The insurance carrier providing tl�e insurauce shall be chosen by Borro�s�er subject to apt>roval Uy Lender ;
<br /> ��rovided , that such approval shail not be unreasonably withheld. �Il premiums on insurance policies s11a11 be paid
<br /> ' at Lender's option in tt�e manner provided under paragraph 2 licreof ur by Bori•ower rnnking puyment, when due,
<br /> ' ' direetly 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, rnay 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 Lendez, ,constitute a default
<br /> under the terms of this Mortgage.
<br /> F All insurance policies nnd renewals tdiereof sL:�ll be in fvrni acceptable to Lender and sl�all include s stan�iard
<br /> mortgage clause in favor of anci in form acceptt�ble to Lender. Lendc:r sl�all have the right to l�olcl the polir,ies and
<br /> renewals thereof, and Borrow�er shall pron�ptly furnish to Lender all renewal notices snd all receipts of paid pre-
<br /> miums. In the event oi loss, Borrower sLall give prom�t notice to tl�e insurance currier and Lender, and Lender
<br /> may make proof of loss if not made prom�t]y by Borrower.
<br /> Unless Lender and Borrower otl�erwise agree in ��•riting, insur�vice piroceeds shall be applied to restoration or
<br /> repair of the Yroperiy dainaged , provided such restorstion or i•epair is econo�nicaIIy fea.sible and tdie security of
<br /> '; } this \�ortgage is not tl�ereby impaired. If such restoi.� tion or repsir is not econanically feasible or if the securit}i
<br /> of this \Iortgage would be iarpaired, tlie insurance ��roceeds sliall 1�e s��plied co tlre smns secured by thie Rlortgage,
<br /> ; ' with ttie excess, if any , paid to Bon•ower. If tl�e Yroperty is abandoned by Borrower or if Borrower fails to respond
<br /> . ; ' to Lender �vithin 30 days after notice by Lender to Borrower that the insurance carrier offers to settle u claim for
<br /> insurance benefits, Lender is authorized to collect and apply tl�c insurance proceeds at I.ender's option • either to
<br /> restioration or repair of the Property or to the sum� secured by tLis \Iortgage.
<br /> Unless Lender and Borrower otherwise agree in writing, an,y such applicatiou of proceeds to principal shall
<br /> not extend or postpone the due date of the inont,lily installments referred to in paragrsphs 1 and 2 l�ereof or cl�ange
<br /> the amount of such instailments.
<br /> If under paragraph 18 hereof tl�e Property is acquired by Lender, all right, t.itie and interest of Borrower in
<br /> , , ; and to any insurance policies and in and to tdie procee3s tl�ereof ( to tlie estent of the sums secured by this Mort-
<br /> gage immediately ��rior to such sale or �cquisition ) resultin� from damage to the Property priar to the sale or
<br /> � acquisition shall pass to Lender.
<br /> 6. Preservation �uad M�anteacmce of Property; Leaseholds; Condo:niniums. Sorrower shall keep the Prop-
<br /> erty in good repair and shall not permit or commit. waste, irnpairrnent, or deterioration of the Property and shall
<br /> comply with tl�e procisions of any lease, if this \Iortgage is on a leasehold . If tl�is �iortgage is on n condominium
<br /> unit, Borrower shu11 perform all of Borrower's obligations under the declar�tion of condominium or master deed ,
<br /> the by-laws and regulations of the condominiwn project and constituent documents.
<br /> t; 7. Protection of Lender's Security. If Borrower faiis to perform tlie covenants and agreements eontained in
<br /> this A4ortgage, or if any action or proceeding is commenced �vhich mat.erially affects Lender's interest in the Prop-
<br /> � erty, including, Uut not limited to, eminent domsin , insoh-ency, cocl� enforcement, or arruugements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at Lender's option , upon notice to Borrower, inay make such
<br /> appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonable attorney's fees and entry upon th¢ Property to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this paragrapli 7, ���ith interest thereon, shall Uecome addit.ional indebt-
<br /> edness of Borrower secured by this 1lortgage. Unless Borrower ancl I:ender agree to other tertns of payment, such
<br /> � amounts sh�ll be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> � eat from the date of disbursement at tlie rate stated in t.he �Tote imless payment of interest ut such rate «�ould be
<br /> ' contrary to applicable law, in which event such amounts shall bear interest at the higheat rate permissible by �
<br /> applicable law. �Tothin� contained in this parssgrapl� 7 shall rec�uire I,ender to incur an_y expense or do any act
<br /> hereunder. r
<br /> 8. Iaspecfion. Lender i��ay make or cause to he rr�adc reasonnble enkries upon and inspections of the Prop- �
<br /> erty; nrovided tViat Lender sha11 oi��e Borm�l�er noti�e �n•ior to :tn}• �uc? : inspection specif3�in� rcasonable cause
<br /> therefor related to Lender's interest in the Propert��: �
<br /> 9. , Coadexnnation. The proeeeds of any s�vard or claim for da�nages, direct or consequential, in connection C
<br /> N ' with any eondemnation or other taking of the Propert,y, or l�art thercof, or for con�-eyance in ]ieu of condemna- �
<br /> ; tion, are hereby asaigned and shall be paid to Lender. �.
<br /> ' _` Tn tl�e event of a total taking of the Property, the proceeds sliall be ap��lied to the sums secured by this Mort- - N "�"�;, `
<br /> � gage, n�ith the excess, if any , paid to Borrower. In il�e event of a paiKial taking of t1�e Yroperty, unless Borrower � ' � �� + , *�. ,.
<br /> � and Lender othern ise a ree in �s ritin tliere shall be a > >lieci to tl�e su�ns secured b tliis 1lort a e such
<br /> g g, I I Y g K Propor- � ', '��a, .
<br /> � Lion of the proceeds as is equal to ttiat �ro�ortion zvhic3l tl�e amount of tl�e sums secured by this 14ortgage imme- a��s� .
<br /> diately-prior to the date of taking bears to t1�e fair inarket vutue of the 1'ropert,y itntnedi�.tely prior to the date' of � '"
<br /> ' taking, with the`balance of the proceeds paid to $oirower. .'� �`:�
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<br /> If +he Pmpert.y is s�asn�'oned' by Eorrorrcr oi if after noticc b�- i,ender tu Bur•ro�cer tl:a,i iiie condemnor ofi'ers w .�� -
<br /> t.o make an awnrd or eettle s cisizn for c!amages, i3orrotieex• fa.ils ta res�or.d ta Lender « itl�in 30 clays of tl;e 3ate , .
<br /> - of such notice, Lender is suthorized to collect and ap�31g tlie }�roceeds at Lenders option eiti�er to restoration or �?=� '
<br /> ' ' repair of the Property or to the suis�s secua•ed �y tl�is \Tortgnge.
<br /> ' . Unless Lender and Botz•ower othenvise sgree in �vritin�, any such application of proceedF to prinoipal chall
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