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<br /> � If under psragrapl� 18 }�ereof tf�e Yroperty is sold or il�e Property is otherwise acquired b,y I.ender, Lender
<br /> ,hall apply, no Jater thnn immediately prior to the sale of t,he Yropcst,y or its acryuisition by I.ender , any Funds
<br /> held by Lender at tl�e time of applictition as a credit a�ainst fhe sums secured b� tliis Vlor 'tgugc.
<br /> 3. Application of Payments. Unless apl�licablc la�ti� �u•ovides otherwise, all payments received by Lender
<br /> under the Note and paragrapLs 1 ancl 2 hereof shrsll he ap�� lied by Lcndcr first in payuient of amounts payable to
<br /> Lenderby Borrower under paragraph 2 hereoF, tlien to inierest payable nn thc Note tind on Future Advances , if
<br /> any, and then to the principal of the \'ote and to the principal of Futurr, Aciv� ncee, if any.
<br /> 4. Charges; Liens. Borrower slia,ll pay all taxes, assessinents aind other chnrges, fines and impositions attrib-
<br /> rutable to the Property which may � ttain s ��riority over tliis l2oi•t.gage, and ground rents, if any, at Lender's
<br /> ; option in the inanner provided" under, paragraph 2 liereaf oi• by Borrower making �iayment, �vhen due, directly to
<br /> " the payee thereof. Borrower shall j�rom��tly furnisli to I:ender all notices of amounts due uvder ti�is paragraph,
<br /> and in the event Borrower shall �nake payment directly, Borrower shall prompcly furnisli to Lender receipts evi-
<br /> dencing such payments. Borrower shall proml�tty diseLarge any lien which has iSriority over this �lortgage ; pro-
<br /> vided, that Borrower sha11 not be required to discharge any* suclt lien so long as 13orrower sl�all agree in writing to
<br /> the paymenti of the obligation secureci by such lien inh munner acceptabie to Lender, or shnll in good faith contest
<br /> such lien by, or defend enforcement of suc}� lien in , legal proceedings wliich opera.tc to pre��ent the entorcement of
<br /> the lien or forfeiture of t6e Property or any part tl�ereof. '
<br /> 5. Hazard Insurance. Borrolc�er sliall keep the i��iprovements riotiv existing or hereafter erected on ttie Prop-
<br /> erty insured against loss by fire, hazards included within the term "extended covera,ge", and such ott�er fiazsrds as
<br /> Lender may require and in such amounts and for such periods .is Lender may require ; provided , that Lender shall
<br /> not require that the smount of such coverage exceed tl�at amount of coverage required to pay the siims secured 'by
<br /> this NIortgage.
<br /> The insurance carrier providing the insurance shall be chosen Uy Borrower subject to approval by Lender ;
<br /> provided, that such approval shall noi be unreason�bly cvithheld. All premiums on insurance policics shall be paid
<br /> at Lender's option in tlie manner provided under paragrapli 2 l�ereof or by Borrower making 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 znay, at option of Lender, constitute a default
<br /> under the terms of this Mortgage.
<br /> All insurance policies and renewals thereof shall be in form zticeeptable to Lender r�nd shall inciude a standard
<br /> inortgage clause in favor of and in form acceptaUle to Lender. Lender shall have the right to liold the policies und
<br /> ' renewals thereof, and Borrower shull promptly furnish to Lender all renewal notices and all receipts of paid pre-
<br /> miums. In the event of loss, Borrower sh:�ll give prompt notice to the insurance cnrrier suci Lender, and Lender
<br /> may make proof of loss if not made promptly b,y Borrower.
<br /> Unless Lender and Borrower otl�erwise agree in writing, insurance proceeds shall be applied to restoration, or
<br /> � repair of the Property damaged, provided such restorution or repair is economically feasible aud the security of
<br /> this Adortgage is not tl�ereby iinpaired. If such restorativn �r repair is tiot economically feasible or if the security
<br /> of this A�Iortgage would be impaired , the insurance ��roceeds sh:ill be applied to the sutns secured by tliis Mortgnge,
<br /> � with the excess, if any, paid to Sorrower. If thc Yroperty is :�bandoned by Borrower or if Borrower fnils to respond
<br /> to Lender within 30 days after notice by Lender to Borrower tliat the insurance carrier offers t,o settle u claim for
<br /> insurance benefits, Lender is authorized to collect and app15� the insurance proceeds at Lender's option either to
<br /> restoration ar repair of the Property or to the sums secured by tliis Jfortgage.
<br /> Unless Lender and Borrower otherwise agree in writing, an,y such application of proceeds to principal shall
<br /> not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change
<br /> the amount of svch installments.
<br /> If under paragraph 18 hereof the Yroperty is acquired by Lender, all right, title and interest of Borrower in
<br /> and to any insurance policies and in and to the proceeds tliereof Ito tlic ext,ent of the sums secured Uy this n4ort-
<br /> gage immediately prior to such sale or acquisit,ion ) resi�lt.ing from dauiage to tl�e Property prior to the sale or
<br /> acquisition shall pass to Lender.
<br /> 6. Frese:*�ation �d Mmaten�ce of Property; Leaseholds; Condominiums. }3orrower shull keep the Prop-
<br /> erty in good repair and shall not permit or commit waste, impairtnent, or deterioration of Ghe Property und shall
<br /> comply with the provisions of ssny lease, if this 34ortgage is cn s leasehold. If this Mortgage is on a condominium
<br /> s unit, Borrower shall perform nll of Borrower's obligations under t,he decl3ration of condominium or master deed,
<br /> the by-]aws and regulations of the condominiuni projeci and constituent doc�ments.
<br /> 7. Yroteetion of Lendei s Security. If Borrower fails to Iierform the covenants :�nd agreements contained in
<br /> this Mortgage, or if any action or proceeding is commenced whicli �naterially affects Lender's interest in the Prop-
<br /> erty, including, Uut not limited to, eminent doinain, insolrency , code enforcement, or urrungements or proceed-
<br /> ings involving a, banki•upt or decedent, then Lender at I,ender's option, upon notice to 13orro�ver, may make such
<br /> appesrances, disburse sucl� sums and take sucii actioii ss is necesGary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasunable attorney's fees and entry upon the Property to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this paragraph 7 , �vitl� interest thereon , shall Uecome additional indebt-
<br /> edness of Borrower seeured by this \iortgage. Unless Borrower and Lender agree to other terms of payment, such '
<br /> amounts shall be payable upon notice irom Lender to Borrower requesting payment thereof, and shail bear inter-
<br /> est from the date of disbursement at the rate stated in the I�Tote unless payment of int.erest at such rate would be
<br /> contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible by
<br /> applicable law. Notl�ing caitained in tl�is paragraph 7 sl�all require Lender to incur rsny expense or do any act
<br /> hereunder. ,
<br /> 8. Iaspeetioa. Lender may make or cause to he madc reasonablc entries upon and inspect,ions of the Prop-
<br /> ert}•, provided thst Le^der slia!: gi�•e Borron�ei• :�otice ;�2•ior to �nJ• �ucL i:ispection .pecif3�ing ressonsble csuse
<br /> therefor related to Lender'sinterestin the Property.
<br /> 9. Condemna6on. The proceeds of any award or claim for damages, direct or consequential , in connection
<br /> with any condemnatiqn or other taking of the Property, or part thci•eof , or for conveyance in lieu of condemnn-
<br /> tion, are hereby assigned and shall be paid to Lender.
<br /> � . c. .> .
<br /> In the event of a totaI taking of the Property, the �iroceeds sliall be applied to the sums secured by this Mort- ; , � , � `',
<br /> g�ge, �vith the excess, if any, paid i.o Borrower. 3n the event. of a }�artial taking of the Yroperty, unless Borrower �. . �u1 ��..�'
<br /> ' and Lender otherwise agree in w•riting„ there sl�all be applied to tlie suuis secured by thia Dlortgage such propor- �F ` ��
<br /> Ltion of the proceeds as is equal to that proportion whic33 the amount of the sums secured by this �fortgage imme- � '
<br /> diately prior io the date of taking beat•s to tl�e fair market value of tlie Property immediately prior to the date of ' �t � :k
<br />�, taking, wiih the 6a]ance of the proceeds paid to 3orrower.
<br />�, if the I'rqperLy i� abandoned by B�rro�cer or if :iftec nutice Lp Lei�uer to Borrocver tLat tiie condemnor offers
<br /> to make a.n ati;•ard nr sctt:c a claim for dan���es, Borroaer fails to rospond to Lendcr �rithin 30 days of the date �
<br /> of such notiee; Lender is authorized to collect and apply tl�c proceeds at Lender"s option eitl�er to restoration or �
<br /> repair of the Property or to the sums secured by tliis _llortga�e.
<br /> Unless Lender and Borrower othenvise agree in writing, any such application of prooeeds to prinr,Spa] shall
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