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<br /> � If under paragraph l8 hereof the Property is sold or the ProperGy is otherwise .� cqui.red h�r I.euder, Lender
<br /> shall apply, no later t6nn immediateiy prior to the sale of the Yroperty or ic� ucqui�ition b�� Lender, uny P'wids
<br /> held by Lender 1t the tiiuc of s.pplication as a creciit ��;i�inst, the su�u; �ocured b�� lhis llortg.�ge. � � �
<br /> 3. Application oi Paymenls. Unle�s applicai}lc 1a�c provicies otherwise, uil payments received by Lznder
<br /> � under �the I�Tote and p�ragrapLs 1 �and � 2 hereot shall t>c applied by Lender� fiist in �7ay�nent of amounts �ayable to�� � � �
<br /> Lender by Borrower under paragrapl� 2 liei•eof, then to interest ,� �ay�l�le on tlic i�Tote and on Future A.clvances, if
<br /> any, and then to the pi•incipal of the \Tote ancl io tl�e princip:xl of rutw•e Ad�! lnces , if nny.
<br /> `4. Charges; Liens. Borrower sl�all p�y all t�xes , .�ssessments and other charges, frnes and impositions attrib-
<br /> �' utable to the Property which anay attain u prior�ty over tLis \lortgage, and grow�d rents, if �ny, at Lender's
<br /> option in the inannee ��rovided under 1>ara�ra�3h 2 hereof or by Bm•ro�ver inakin� payrnent, �vlien due; directly to
<br /> ' ' the payee thereof. Borrower shall pron�ptl_y furnish to Lender all notices of au�ounts due under this p�ragraph; `
<br /> and in the event Borrower sha21 make payn�ent direcily, liorroticer sl�all pranptlg furnish to I.encier receipts evi-
<br /> dencing suclYpayments. BorTotiver sliall I>romlitly dischurge auy lien which h� s priorit_v over this \iortgage ; pro-
<br /> vided, that Barrower shall not }�e requirecl to discl�aige :�u�- such lien so loiig as Borrotti-er shall agree in �vriting to
<br /> the payment of tl�e obligation secured by sucli lien in ci mnnuer accept:�b]e to I.ender, or sliull in good faith contest
<br /> such lien by, or defend enforcernent of suc]i lien in , legal pruceedings �vl�ich operate to prevent the eniorcement of
<br /> the lien or forfeiture of the Property or any i�art thereof.
<br /> 5. Hazard Insurance. Bon•o�ver shall keep the improvernents no�v existing oi• hereatter erected on the Prop-
<br /> erty insured against loss by fire , linzards included �vithin the terin "extended coverage", :�nd such othec hazards as
<br /> Lender rnay require and in such amounis and for sucli periods us I.ender inay renuire ; provided , t1�at Lender shall
<br /> not require tUat the nniount of such coverage esceed thnt ainount of r,overage required io pay the sums secured 'by
<br /> t,his Mortgage.
<br /> The insurance carrier providing Liie insw•auce shnll be chosen by I3orrowcr suUject to sspproval by Lender ;
<br /> provided , that such approva l shall not be unreusonably withheld . All premiums on insurance policies shall be paid
<br /> at Lender's option in the manner provided under I�aragraph 2 hei•eof or by I3orrower malcing 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 default
<br /> under the terms of this Mortgage.
<br /> All insurance policies and renewals thereof �l� alf t.�e in Sorrn accepiable io I.en<!er and shall ineludc a standard
<br /> mortgage �clause in favor of and in form acceptable to Lender. Lender �l�all ]�ave tl�e right to l�old tF�e �aolicies and
<br /> renewals thereof, a,nd Borrowex• sl�nll j�romptly furnish to Lender all rene�val notir,e; and sll receipts of paid pre-
<br /> miums. In the event of loss , Borrower sl�all �ive pron�pt uotice io tl�e iusurance carrier and Lender, and Lender
<br /> `' may make proof of loss if not made promptly� by I3orrower.
<br /> Unless Lender and Borro�ver otlierwise agree in �vi•iting, insurauce proceeas shall be upplied to restoration or
<br /> repair of tlie Property damaged, provided such restoration or repair is economicsilly feasiblc and the security of
<br /> this \-Sortgage is not thereby impaired. If suc]i restoraCion or repaic• is not econanica113� feasible or if the security
<br /> of this D4ortgage would be impaired, tlie insurance ��roceeds si�all Le applied to the sunis secured by tl�is i�iortgugu,
<br /> with the excess, if any, paid to Borrower. If the YroperCy is abandoned hy Borrower or if 1�orrower fails to respon�i
<br /> to Lender �vithin 3Q days after notice by Lender lo Borrower that t6e iusurauce carrier offers to settle a claim for
<br /> insurance Uenefits, T.ender is autl�orized to collect snd apply tiie insurnnce proceeds at Lender's option either to
<br /> restoration or repair of the Property or to the sutns secured by tl�is �Iortgage.
<br /> Unless Lender and Borrower otherwise agree in writing, �ny such appliccstion of proceeds to principal shall
<br /> not extend or postpone tl�e due dat.e of the monthly installments referred to in paragraphs 1 and 2 hereof or chsnge
<br /> the amount of such installmenta
<br /> If under paragrnph 18 hereof the Property is acquired by Lender, all right, tit,le and interest of Borrower i❑
<br /> and to any insurance po]icies and in snd to tl�e proceeds tliereof �to tl�e extent of the sums secured by tliis A4ort-
<br /> �age immediately prior to suc�� sale or acquisitioni resiilting f�rom dam:�ge to the Yroperty prior io the sale or
<br /> acquieition shall pass to Lender.
<br /> 6. Preservation �d Mmatenance oi Property; Leaseholds; Condominiums. I3orrower shall keep the Yrop-
<br /> erty in good repair and shall not perniit or cointnit waste, impairment , or deterioraf,iot� uf the Property and shall
<br /> comply �vith the prot�isions of any lease , ii this \fortgage is on a leasehold . If tl�is 3lortgage is on a condominium
<br /> unit, Borrower shali perforni all of Borrower's obligations under the declaration ot condoininium or master deed ,
<br /> the by-laws and regulations of the condominiutn proj ect and constituent �9ocuments.
<br /> 7. Pratection of Lender's Security. If Borrower fail, to perform the covenants and agreements contained in
<br /> this tiSortgage, or if any action or proeeeding is commenced �vhich mai.erially affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, emineirt domain , insol��eney , code enforcement , or arrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender st I.ender's option , upon notice to Borrower, may inake such
<br /> ' appearances, disuurse sucl� sums and take such actioai as i� nece;sary to protect Leu3er's interesC, including, Uut
<br /> not limited to, disbursement of reasonable 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 becor�ie additional indebt-
<br /> edness of Borrower secured by this _llortgage. Unless I3on�ower avd Lender agree to ott�er tern�s of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requesting paytnent thereof, and shall Uear inter-
<br /> � est from the date of disl�ursement at the rate stated in the Note unless payrnent of interest at such rate would be
<br /> � contrary to applicable law, in which event such amoimts sl�all bear interest at the t�ighest rate permissible by
<br /> applicable law. �Iothing contained in this par�grapli 7 sh:ill re<� uire Lender to incur any expense or do any act
<br /> hereunder.
<br /> 6. Inspection. Lender may roake or cau�e to hc m:tdc rca�onnble entrie� upon t�nd inspeciions of the Prop-
<br /> erty, pr�vided that Lender shall give Bon•ou�er notice � �ria• to :uiv :�uch in�peetion �pecifying reasonable cause
<br /> therefor related to Lender's interest in tlie Property.
<br /> 9. Condemnation. The pror.eeds of any award • or claim far damages, direct or consequential, in connection ,.
<br /> with any condemnation or other taking of the Yroperty, oa� parx thereof, or for coneevance in lieu of condemna- �
<br /> tion, are hereby assigned and shal] be paid to Lender. , � � 4 " -0 "�.
<br /> " In tlie event of a iotsl taking of tlie Propert.y , the ��rocce<Is �l�al! I �c applied to the sums secured by this '_bIort- ` � � Ky ,� ',`
<br /> ; gage, �cith the escess, if �ny, paid to Borro�vei•. In the event. of a l�artinl taking of the Property, iuiless Borrower �" ' ��
<br /> � , and Lender othenvise �gree in writing, there shall Ue applied to tl�e sums secured by this �Iortgage such propor- ' ` �
<br /> • ` tion:of the proceeds as is equal to that proportion whicli the amount o1' the sums secured by this �tortgage imme- '"� `
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<br /> diately prior, to the date of taking bears to t,l�e fair ia�arket value of tlie Yropert�• immediately prior tio the date of ` � . �
<br /> ' taking; with the balance �f the a�mce��c �n� id to $orrocver.
<br /> r� If the ProNerty ie abaridoned Ly I3orrower br ii after nutice bp Len�ler to Iiorrower tltat the condemnor offers
<br /> to make an award or settle a cisim for ciamsges; Bnrzo���er fails to respond to Lender witliin 30 days of the date " "� '
<br /> of such notice, Lender' is authorized to collect and ap�>ly : the �rroceeds at I.ender's option either io restoration or
<br /> repair of the Property or to the smns secured by tUis \lorfgage.
<br /> Unless Lender and 13orrocver ptlier�vise agree in avriting, any such application oi proceeds to �arincipai shall
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