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<br /> j If under paragraph 18 l�ereof the Property is sold or the I'roperty is othcrwise :icquired by I,ender, Lende.
<br /> d shall upply, no later tl� an ilnmediately t�rior to the s:�lc oP thc Yroperty br its � cquisition by Lender, any Funds
<br /> IieId bY Lender at the timc of applicntion as a credit agaiiist tl�c stnns .ecw•ed by th:s \4ortgaga
<br /> 3. Application of Payments. Unless applicablc lac�� �irovides otl�erwise, all payments received by Lender
<br /> under the Note;and pnragrnpl�s l and 'l hereof shall bc ap�ilied b,y T.endcr 8rst in �>ayment of amounts payable to
<br /> Lender by Borrower under 1>aragrapl� 2 liereof, tl�en to interest i�ayabie on tlic IVote anc3 on Future Advances, if
<br /> any; and then to the principal of the \Tote andto the principal of P'uture A<tvances, if any.
<br /> � 4. Charges; Liens. Borrower sGall pay all taxes, assessments and other charges, fines and impositions attrib-
<br /> � � O utable to the Property wliich rnay attain a priority over this ti4oi•tgage, aiid grouud rents, if any, at 7.,ender's
<br /> option in tfie tnanner provided under paragrap6 2 hereof or I>y Borrower �naking i�ayment, wtien due, directIy to
<br /> P' the payee thereof. Borrower sl�all promptly furuisl� to ].ender a11 notices of aiiiounts ' due under this paragraph,
<br /> � and in the event Borro�ver shall makepayment directly; Borro�ser slzttll pro�nptly fw•nish to Lender receipts evi-
<br /> � dencing such payments. Borrower shall procnptly discl�arge ari,y lien tivhich has priority over this 1'tortgage ; pro-
<br /> � vided, that BorroweT shall not be requirec3 to discharge any such lien so long as Sorrower sUa.11 agree in tivriting to
<br /> � the payment of the obligation secureci by sucli lien in zi manner ticceptable to Lender, or shall in good faif,h contest
<br /> i� such'lien by, or defend enforcement of such lien ' in , le�al proceedings wl�ich opera�te to prevent the en#orcement of
<br /> ,h� the lien or forfeiture of the Property or any ��art tl�ereof.
<br /> 3. Hazard Insurance. Borrower shall keep the iinprovetnents now existing or hereafter erected on the Prop-
<br /> ertyinsured against ]oss by fire, hazards included within the term "extended coverage", and sucli other hssaards aa
<br /> ' Lender inay require and in such ainounts and for sucl� ��eriods as Lender �n�,y require ; provided, tl�at Lender shall
<br /> ' not require that the amount of such coverage exceed tliat amount of coverage required to pay the sums secured 'by
<br /> this Mortgage. '
<br /> The insurance carrier providing tlre insurauce shall be cliosen by Borrower subject to approval by Lender ;
<br /> provided , thzt such approval shall not be unreasonably witl�held. All premiums on insurance policies shall be paid
<br /> at Lender's option in the manner provided under paragrapl� 2 hereof or by* Borrozver making pssyment, 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 became
<br /> immediatiely 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 ssnd renewals thereof sh�ll be in forni sicceptahle to Lender and sl�all include � stnndard
<br /> mortgage clause in favor of and in fonn acceptable to Lender. I,ender shall have the right to l�old the policies and
<br /> renewals thereof, and Borrower shall promptly fw•i�isli to Lender all renewul notices und all 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 if not made promptly lay Borrower.
<br /> Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or
<br /> repair of the Property damaged, provided such restm•ation or repuir is econouiically fe�sible and the security of
<br /> this il4ortgage is not tl�ereby impaired. If such restorntion or re}.�air is not economically feasible or if the security
<br /> of this n�fortgage would be impaired, ttie insurance ��roceeds shall be applied to the suu�s secured by tl�is Mortgage,
<br /> with the excess, if any, paid to Borrower. If tl�e Yroperty is ubandoned by Borrower or if Borrower fails to respond
<br /> to Lender within 30 days after notice by Lender to Borrower tl�at the insurance carrier offers to settle a claim for
<br /> insurance benefits, Lender is authorized to coilect and ap}�ly tlie insurance ��roceeds at Lender's option either to
<br /> restoration or repair of the Property or to the sums secured by this \4ortgage.
<br /> Unless Lender and Borrower otherwise agree in \vriting, anp such applicntion of proceeds to principal shall
<br /> not extend or postpone the due date of the monthly installinents referred to in paragraphs 1 and 2 hereof or change
<br /> the amount of such instaliments.
<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 thercof (to ti� e exteni of the sums secured Uy this Mort-
<br /> gage immediately prior to such sale or acquisition ) i•esulting from da�nuge to t];e Property prior to the sa]e or '
<br /> acquisition shall pass to Lender.
<br /> 6. Preservation �md Mainteaance of Property; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> ertyin good repair and shall not permit or commit waste, impairment, or deterioration oi the Property and shaH
<br /> comply with the provisions of any lease, if this llortgage is on a leasehoJd. If this Mortgage is on a condominium
<br /> ; unit, Borrower shall perform all of Borrower's obiigations under t,he decluration of condominium or master deed,
<br /> the by-laws and regulations of the condominium project atind constituent documents.
<br /> 7. Protection of Lendei s Securi4y. If Borrower fails to perform the covenants und agreements contained in
<br /> this 1�Iortgage, or if any action or proceedin� is commenced �vhich materially affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent dotnain, insolvency, code enforcement, or arr3ngements or proceed-
<br /> + ings involving a bankrupt or decedent, tlien Lender at I.ender's option , upon notice to Borrower, may make such
<br /> � appesrances, disburse such sums and take such uction as is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonable attorney 's lees and entry upon the Property to make repairs; Any
<br /> amounts disbursed by Lender pursuant to this ps�ra�rapl� 7, �vith interesC thereon, shall become stdditionaI indebt-
<br /> ednesa of Borrower secured by this Mortgage. Untess Borrower and Lender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> est from the date of disbursement at the rate stated in t.he �'ote unless payment of interest at such rate would be
<br /> contrary to applicable las;�, in which event such amounts shall bear interest at the highest rate permissible by
<br /> applieable law_ Nothing contained in this paragrapl� 7 shall require Lender to incur any expense or do any act
<br /> hereundez
<br /> 8. Iaspection. Lender may �nake or cause to he madc reasonahle entries upon and inspections of the Prop-
<br /> erty; provided tl�at Lender sliall give Borrower noti�e �n•ior to am� such in�pection �t,ecifying rea�onabie csuse
<br /> therefor related to Lender's interestin khe Property,
<br /> "` 9. Condemaation. The proceeds of any asvard or ciaim for darnages, direct or consequential, in connection
<br /> with any condenmation or other f,aking of the Property , or part thereof, or for conveyance in lieu of condemna-
<br /> tion, are hereby assigned and shall be paid to Lender,
<br /> In the e�ent of a totai taking of the Property, the �iroceeds shail be applied to the sums secured by this Mort- �` * '� '
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<br /> gage, �vith the exces�, if any, paid to Borro�cer. IiY tl�e eveni 4f s partisl taking of the Property , unless Borrower tiF, rv e+� ���w.'�
<br /> ; snd Lender otherwise agree in writing, tl�ere sl�all 6e ap��lied to the surns secured by this Dlortguge such propor- � ��'x;
<br /> tion of the proceeds as is equal to that proportion which tl�e amount of the sums secured by this Mortgage imme- �: �'�„
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<br /> � diately prior to the date of taking bears to tlie fair market i--alue of the Property immediately prior to the date of ;'��� '
<br /> , - taking; with Lhebalance of the proceeds paid to Borrower. <,�
<br /> If;the Property ie abandoned bv BoTrowe�• or if after noti�� by I en�3er to Borron•er that t2:e condemnor offers
<br /> to make an award or settls a clsim for dama�es, Borrowei• fails to re,pond t,o I ,enc�er within 30 da}�s of thc date � "
<br /> ; of snch notice, l:ender is suthorized to collect and ' apply the proceeds at Lender's option eitlier to restoration or
<br /> •, repair of the Frope�ty or to the 'sume seoured by tl�is \Iortgage.
<br /> Unless Lender and $orrower other�vise agree in ivriting, any such appIication oF proceeds to principal shall
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