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<br /> ;" Sf under pa�;3graph 18 hereof thn I'ro��e,rtt� i�, sold or the Prope.r }• is ott� erivi�.e s�•qu ; red t> ,' Lenrler, T.ender .
<br /> � shall a�ply, tio later tlian immediately ��rior to tl�e sulc of the Yropc� ty or it , uqui�ition bp Lauder, :tny I'unds �
<br /> � l�eld by Lender at the tiine of application as a creci�t t.tgf�insL t_l�e sums secured b�• this \�Zoi•bga�e. � �
<br /> 3. Applic�tion of Payments: Unless applicable lan� provides otherc��isc, all pay�nents received by Lender
<br /> under the Note and paragr:apl�s 1 and 2 laereof slisill be y�>� ;l �ed by 1,ender fitst, in payment of amoimt:s psyable to
<br /> Lender by Borrower under p�ragrapl� �2 l�ereof, tlieu to interest payable on� tl�e Noee ;ind on Future Acivances; if
<br /> any; ancl then to the principal uf t,l�e \'otc and to tlie �>rinci�ial oi I�uture Ailvanees , iC any.
<br /> 4. Charges: Liens. Borro�ver sl�alt pay all t.aaes, assessuzents itind other charges, fines and impositions attrib-
<br /> utable to the Property which may attain a priority over tl� is Jiortgage, und ground rents, if :�ny, at Lender's
<br /> r option in the Snanner pi-ovide<1 under paragraph 2 i�ereof or by I3oi•rotver making pa,yment, when due; directiy to
<br /> the payee tlzeieof. Borro�ver sltall promptty furnish to Lender all notices of a�nounts due under tl�is paragraph;
<br /> and in the event Borro�ver sLall �n�,ke payuient directly, 13orr��ver sliall promptly furnisL to I ender receipts evi-
<br /> dencing such payn�ents: Borrowei• shall promJrtly discl�arge anp lien wl�icl� lias j�riority over this �lortgage ; pro-
<br /> vided, that Borrower shall raotbe required' to disciiai•ge any sueG lien so )ong as k3orrower stiall agree in writing to
<br /> �j ' the payment of t}�e obligation se¢ured by such lien in a inanncr acce��table to I.ender, or s}iall in good faith contest
<br /> ; � such lien hy, or defend enforcement of sucli lien in , legal proceedings which o��erate to prevent thc entorceanent of
<br /> � �. the lien or forfeiture of the Property or any 1>art ti�ereof.
<br /> � 5 Hazard Insuzance. Borrower sliail keef� the improvements no�e� exist,ing oi• hereafter erected on tl�e Prop-
<br /> `, erty insured against loss by fire, hazards ineluded �vitl�in the term 'extended coverage", and sucli othez• 6azards as
<br /> cj Lendermay require and in such amounts a�nd for sucli periods as Lender rnay require ; provide3, that Lender shall
<br /> � not require tUat the amount of such coverage exceed tliat amount of coverage reyuired to �>ay the sums secured 'by
<br /> �! this 1Vlortgage.
<br /> �+ The insuranee carrier providing the insuruuce shatl be cPiosen by Fiorrower suE�ject to approval Uy Lender ;
<br /> provided , that sucli approvai shall not be unre�isonably �vithheld . All premiums on insurtsnce polieies sl�all be paid
<br /> at Lender's option in the manner provided uuder pa,ragraph '� hereof or b5� Borro�ver muking payment, �vl�en due,
<br /> ; directly to the insurance carrier.
<br /> f 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 defau2t
<br /> under the terms of this Mortgage.
<br /> AlCinsurance policies and renewals tl�ereof sl�all be in forrn acceptuble t.o Lender 2ncl sha11 include a standard
<br /> mortgage clause in fuvor ot and in form acceptrxb]e to Lender. Lender stir�il have thc right Qo liold the Iiolicies and -
<br /> `, xenewals tliereof, and Borrower shall promptly lurnisl� to Lender all renewal notices and nll receipts of paid pre-
<br /> � miums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender, and Lender
<br /> !. may make proof of loss ii not made promptly by Borrower.
<br /> � Unless Lender and Borro�ver otherwise agree in writ,ing, msurance prooeeds shall be applied to restoration or ,
<br /> � repair nf the Property clarn�ged ,_ provided such restoration or repair is economicaity fe;�sibie and the seeurity of '
<br /> � this llortgage is not tl�ereby impaired. If suc}: restaration or repair is not econoinicully feasible or if the security �
<br /> of this D'Iortgage would be impaired , t.l�e insurance 7�i•oceeds shall be applied to tl�e sun�s secured by this rfortgage,
<br /> with the excess, if any, paid to Borrow•er. If the Yroperty is abandoned by Borrower or if Borrower fails to respond �
<br /> to Lender within 30 days after notice by Lender to Borro«�er tl�nt the insurance carrier offers to settle a claim for
<br /> insurance benefits, Lender is authorized Lo coilect and app]y the insurance proceeds �,t Lender's option either to �
<br /> restoration or repair of the Property or to the sums secured by this \3ortgage.
<br /> Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principat shall
<br /> ; not extend or postpone tlie due date of the monthly instullments referred to in paragraphs 1 and 2 hereof or changc
<br /> � the amount of such installments.
<br /> � If under paragraph 18 hereof the Property is acquired by Lender, xll right, title and interest of Borrower in
<br /> t ; and to sny insurance policies and in anci to the proceeds tl�ereof ( to thc exte��t of the sums secured b}- this h�ort-
<br /> ; gage imniediately prior to such sale or zcquisition 1 result,ing from damagc to tl�e Propert,y prior to the sale or
<br /> acquisition shall pass to Lender.
<br /> 6. Preservation cmd Mmntenance of Property; Leaseholds; Condomiaiums. I3orrower shall keep the Prop-
<br /> + erty in good repair and sl:afl not permit or commit waste, impairment, or detcrioration of the Property snd shall
<br /> comply with tl�e grovisions of �ny lease, if this \lortgage is on a leasehold . If this \loregage is on a condorninium
<br /> unit, Borrower shall perform all of Borro���er's obligations undei• the declaraition of condominium or master deed,
<br /> the by-laws and regulations of the condominiurn project und constituent docuinents.
<br /> 7. Protection of Lendeis Security. If Borrower fails to �>erforru the covennnts and ugreements contained in
<br /> this �4ortgage, or if any action m• proceeding is commenced which materially affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domaain , insol �•ency- , code enfoi•cement, or arrangetnents or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at ].endet•'s option , u�aon notice to Borro�ver, may make such
<br /> appearsnees, disburse suct� sums and take such action aa is i3ecessary to protect I.ender's interest, including, but
<br /> not limited to, disbursement ot re�sonable attorney 's fees and entry upon tl�e Yroperty to mukc repairs. Any
<br /> smounts disbursed by Lender pursuant to this paragraph 7, with interest thereon , shall become additionat indebt-
<br /> edness of Borrower secured by this lfortgage. Unless Bozro�ver and Lender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from I.ender to Borrower reyuesting paymept thereof, and sha11 bear inter-
<br /> est from the date of disbursement at the rAte stated in the ?Qote unless payment of interest at sucl� rate would Ue
<br /> contrary to applicable law, in which event such amoimts shall bear interest 3t tl�e highest rate permissible by
<br /> applicalile lam. Not6ing contained in this p:�ragraph 7 sl�nll i•eryuirr. I,�nrler to incur any expense or do any act
<br /> hereunder.
<br /> 8. 'Iaspeetion. Lender rnay �:nake or cause to f�e inadc i•ea�onnble entries upon and inspeetions of the Prop-
<br /> erty, provided tnat Lender sl�nll give Boi•rou�er notice ��i•ioi• to anr �u�h inspecEiori �pecifying reasonable cause
<br /> therefor relate� to T ca�cr's interest in t1�e Prupert�-.
<br /> 9. Coademnation. The proceeds of any award or claim for damages, direct or consequential, in connection
<br /> with any condemnation or other taking of tl�e Yroperiy , or pait thereof, or for con�•eyance in ]ieu of condemns- �
<br /> tiion, are here6y assigned and s1�a11 Ue paid to Lender_ � a
<br /> i In the event of a total taking of the Yroperty, the proceecl� �:l�all t,e upplied to tl�e sinn� secured by this Mort- +. � �;,
<br /> " e ivith the excess if any �,
<br /> �g , , , paid t.o Borrower. In tlae event of a partial taking of tiie Property, unless Borrower • ' "�
<br /> xnd Isenc�er otherwise agree in �vriting, tliere sl�all be a��}>lied to tl�c swns secured by tliis Alortgage cuch propor- F,"' * ,'�"�
<br /> � tion� of the proceeds as is equal to that proportion w3lich tlie smount of the sums secured by this '_1Sortgnge imme- �"'
<br /> diately prior to tlae date oi taking beais to tlie fsir market value of tl�e Pro�ert}• immediately prior to the date of ��'�'�
<br /> t,aking, with the balance of the proceeds paid to Borrou�er. .�` ��
<br />� If tbe Property is abaxucior�ed by $orrox�er or if .after notice by Lender to Aorroiver tLat the condemnor offers ��' '
<br />� to ma�e an a�i•ard a aettle n uiaiiu icrr damages, Borrow•er iails to res��ond to l.,ender within 30 duys of the dute ' . ,.
<br />"' of such naticc, Lendcr i� :wutl�orize�l lu cul7ecL xnd s�ppiy il�r �az•oceeds ac Le��der's option eithei• io restoration or �- -
<br /> f repair of the Property or to the sums seaured k�y tliis \lort,ga�e.
<br /> s � [3nleas Lender and Borirower other�vise agree in ivriting, any such application of proceeds co principal shall
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