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<br /> j 77- ao �� 35'°'"
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<br /> ( 7f tmder parag:aph 18 hereot the Yrol�ert,y is sold or the Property is otherwise acquired by Lender, Lender
<br /> shall apply, no later tl�hn immediately �>rior to tlic s�lc of id�c Yrof�er't}• or its acyuisition by Lender, any Funds
<br /> held by Lender at the time of agplication as a cmclit agHin�i tlic sinns �ecured hy thi5 \�tort,gaga
<br /> 3. Application o4 Payments. Unless applicable lai�r iirovides otherwi=e, alt payinent,s received b,y Lender
<br /> under t1Te Note and ��aragranlis 1 and 2 hereof shall I>e apiilied by I.endcr first in Frayment of ninounts puyaUle to
<br /> Lencler by Borrower un�{er paragraph 2 hereof, then #o interest l �ayzl�lc on the Not.e and on I'utw•e Aclvances, if
<br /> any, and then to tfie pcincipal of the \Tote and to tlie principul of I'uture Ad� a�ices, if an„y:
<br /> 9. Chargess Liens. Borro�ver sl�all ��ay ali taxes, assess�nents .�nci otlier char�es, fines anil impositions attrib-
<br /> r ' utabie to tl�e Property which may tittain a i�riority over this �lortgage, and grouud rents , if any; st Lender's
<br /> option in t6e n�aimer provided under 7�aragrapl� 2 liereofl or by I3orro�ver making ps,y�nent, when due, directly to
<br /> ` the payee thereof. Borrower ahall promE>tiy furnish to Lendcr all notice� of atuoimts r3ue under, tliis paragraph ,
<br /> and an tlie event Borrower shall makc l�ayment directly, I3orro�ccr sha1T proinptly :furnish to Lender receipts evi-
<br /> dencing sucl� r�nyments. Bori•ower shall prom7rtly� dischsrge a�iy lien wliich hns E>riority over this Dlortgage ; pro-
<br /> vided, t6at BoTrower shall not be re�uired to discl�urge any s�ch lien so long as I3orro�ver shall agree in writing to
<br /> thepayment of the obligation secured by, sucli 9ien in a �nanner acceptiible to I.etider, or shssll in good faith contest
<br /> sucli 7ien by, or defend enfoi•cement of such )ien iu , legul proceedings }vhich operate to prevenG the entorcement,of
<br /> � the lien or forfeiture of the Property or any pari thcreof:
<br /> 5. Hazard Insurance. Borrower shflll kee�� t6c improvemcnis no�v existing or l�ereafter crected on the Prop-
<br /> erty insured' sgainsE loss by fire; ha�ards included �i•ithin tl�e term "extei�ded coverage", �tind sucli ottier hazards 2s
<br /> Lender may require aiid in such amowits and for sucli periods as I�ender may require ; prnvided, that Lender shall
<br /> r notrequire that the Amount of such coverage exceed t,lisi acnount of coveragc required to pay- the sums secured 'by
<br /> this ?vlortgage. '
<br /> The insurance ctirrier providing tlie insura,z�ce shall be cl�osen by 13orrower sutijecC to approvai Uy Lender ;
<br /> proaidetl , t1�at such apl>iroval shull not ue unreasonably rvithheld. All premiums on insurance polioies sha11 be paid
<br /> at I,ender's option i�i tlie mssimer provided undei• pnragrapli 2 hereof or b,y Borro�vei• muking payinent, when due,
<br /> ` direetly to the insurance carrier.
<br /> In the event any policy is not renewed on or before ten days of its expirat.ion, the Lender, to protect
<br /> its interest, may procure insurance on the improvements, pay the pYemiums and such sum shall become
<br /> ' immediately due and payable with interest at the rate set forth in said note untii 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 /> �ll insurance policies anit renewals thereot shall be in iorm acceptable to I.en<ler and shall include n standard
<br /> �nortgage clause in favor of tind in forin acceptable to Lender. Lender shall have t.he right to liold the policies und
<br /> renesvals thereof, and Borro«�er shall pro�ripk,ly furnisl� to Lender al} renewal noticr.s and all receipts of paid pre-
<br /> miums. Tn the event of loss, Borrower sh�ll give prompt notice to the insurance carrier and Lender; snd I,ender
<br /> � may inake proof of luss i: not made promptly by 13orrower.
<br /> Unless Lender and Borrower otherwise agree in �vritind, insursnce proceeds shall be applied to restoration or
<br /> repair of the Property darnaged, provided suct� resEorntion or repair is cconomically feasible tind the security of
<br /> this �Zortgage is not tliereby iinpaired. If such restorat:ion Ur repair is not economicully feusible or if the security
<br /> of this �lortgage would be impaired, tl�e insurance proceeds sl�all be ap��lied to tlte siuns secured by this ?vlortgage,
<br /> ! with the excess, if any, paid to Borrower. If the Yroperty is abancloned by Borrower or if I3orrower fails ko respond
<br /> to Lender within 30 days after notice Uy Leiider to Borrower CLi3t tlie insurance carrier offers to settle a claim for
<br /> insurance }�enefits, I.ender is autliorized to collect snd apply tlic insurance proceeds a�t i.ender's option either to
<br /> restoration or repair of the Property or to the sums secured by tl�is \Iortgage.
<br /> Unless Lender and Borrower otherwise agree in �vriting; any such applic�tion of proceeds to principal sUall
<br /> not extend or postpone the due date of tl�e inontl�ly installments reierred to in paragraphs 1 and 2 hereof or change
<br /> the amount of such installrnents.
<br /> If under paragraph 18 hereof tlie 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 ('to t,lie extent of itie suins secured by tliis i�3ort-
<br /> gage immediately prioi• to such sale or acquisitionl resulting froin damage to il�e Property prior to the sale or
<br /> acquieition shali �ass to Lender.
<br /> S. Aresezvation �d Mcdntenmzce of Property; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> erty in good repair and shall not permit or commit waste, impairment, or deierioration of the Property and sliall
<br /> comply with the proti�isions of any lease, if this \Iortgage is on a leaseiiold . Ii tliis l'Iortgage is on �. condominium
<br /> unit, Borrower shall perform all of Borrower's o�ligations under thc declaration of condominium or master deed ,
<br /> the by-lawsand regulations of tlie condominium projeci, and constituent documents.
<br /> 7. Proteetion of Lender's Sewrity. If Borrower Saiis t.o perform the covenants and a�;reetnents eontained in
<br /> _ this Mortgage, or if any nction or procecding is commenced which naaterially affects T.ender's interest in the Prop-
<br /> erty, including, Uut not limited to, emineni domuin , insolrency, code enforcement, or arrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at T.ender's option , upou notice to }3orrower, rnay mnke such
<br /> appearances, disburse sucl� sums and take such action as is nece5sary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonable attorney's fees aud enfry upon the Property to make repairs. Any
<br /> amounts disUursed by Lender pursuant to tliis para�raph 7 , �vitl� interest thereon , shaU become additional indebt-
<br /> edness of Borrower secured by this �lortgage. Unless Borrower and Lender agree to otl�er terms of payment, such
<br /> amounts shal] be payable upon notice froin Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> est from the date of disbursement at the rste stated in the Note unless payment of interest at sucli rate would be
<br /> contrary to applieable law, in which event such amounts sLali bear interest at the I�igiiest r•ate perniissible by
<br /> applicabte law. Notl�ing contained in this paragrapli 7 shnl � require I.ender to incur :iny expense or do snY act
<br /> hereunden
<br /> 8. Inspec6oa. Lender cna,y inake or cau�e to bc inacic reasonable ent.ries upon .snd inspections of the 1'rop-
<br /> erty; provided th�tt Lender �ha11 give I3orrower notirr. ��rior to iuiy such inspection specifying reasonxble cause
<br /> therefor related to Lender's interest in the Property.
<br /> . 9. Condeauiation: " The proceeds o{ uny award or ciaim for damnges , direet or consequential , in connection
<br /> withany condemnation or other taking ot" tl�e YroPerty , or part there<�f , or for com�eyavice iii lieu of condemna- w
<br /> '. tion, are hereby assi�ned and shall be paid to Lender.
<br /> � In the event of a totai taking of the Propert,y , the ��roceede shall be �ipplied to the sums secured Uy tLis 1�Iort- � � ' � a.
<br /> gxge, wiLh Lhe excess, if sny, pr�id to Borro�ti•cr_ In tl�e eveiit of s purtial taking of tlic Pro��ert,��, unless Rorrower � � ` � ,� -;°�^�'
<br /> i and Lender otherwise agree in writing, there shnll be aj>�>lied to the sums secured by tliis tlortgage such propor- �
<br /> � tion of the proceeds as is equal to that proportion whicli tlie aiuount of tlie �uxns secured by this �Zortgage imme- - `z �,R
<br /> diately prior to the date af taking l�eai� to t1�e Sair n�tirket ralue o£ t,he Property immediately I�rior to the date of ' ° ' �°�
<br /> ( taking, with the balance of the proceeds F�aid to Borrower. �'=
<br /> . ' If the Yro;�*�y is sbandone�3 by Borrnwer or 9f nft.er r��tice h�� Lender to Borrower thati• the condemnor offers w � �
<br /> ' te rnake t�n award �r sett7e iL claim for �3xiiiages, Borro�ver fail, to resjiovd to Lendcr ct•ithin 30 d2ys of t.he date r ' ' °
<br /> of such notiee, Lender is authorized to collect and ap��ly the proceeds at. Lendcr's option eitl�er t.o restor�tion or
<br /> repsir of the Property or to the ,sums secured by tl�is \lortgaga
<br /> Uniess Lender ui�d Borrowex other�vise sgree in �vriting, any such spplication of proceeds to principal shall
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