|
� ;1 . r.�,.r . . . . , ..
<br /> '1" , "ti' Jw 'A, :.'�.�^ . wi ;b' .. . � � � . u,i. n � . w ..' �: w ua:,� a� . ryErF`.or .�,r . .:.; t e2 :� ;:r ,. ., :.0 .. , _ .
<br /> wF.� �* . ..5., � ,y
<br /> �
<br /> � I
<br />� � � � {
<br /> � If imder paragraph l8 licreof tl�e f'roperty i� sold or the Property is otheiw �sc acquireci by Lend.,r, Lender '
<br /> shall upply, no later th:�n immediately prior to tlic salc of tlie Yrof>crty or its acquisition by 1 ender, an,y I'unds �
<br /> held by Lender at thc tiine of a�iplication ss a credit against the suins ,ecured by this l4nrtgage.
<br /> 3, Applieation of Payments. Unless applicuhlc le��j- ��rovi<les otherwise, all pnyments received by Lender !
<br /> under the Note anci paragrapl�s 1 and 2 hercof slaall bc ai���ilied f>v Lcrider first in �iayment of nmounts payable to �
<br /> Lender by Borrower under ��aragrapli 2 I�ereof, tlieu to int.erest }t:iyable on the �ote ancl ai Futurc Advauees , if
<br /> any; and then to the j>rincii�al of- t}ic 1?ote anii to tlie principal of Futurc 3dvances, if any.
<br /> 4. Charges; Liens. Borrower shall pay all taxee, assessments and ot6er cliarges, fines acici impositions attrib- '
<br /> r utable to the Property which :nuy attain ss priority over this �tortgage, anci ground rents, if any, at Lender's '
<br /> ; ` option in the manner procided under 1�arugra��h 2 hereof or by i3orroH�er �x�aking payment, when due , directly to I
<br /> the payee thereof. Borrower shall promjztly furnish to Lender all notices of amounts due under this paragraph, �
<br /> and in the event Borrower shall ma,kc payment directly, F3orro�ser shal ! promptdy furnish to Lender receipts evi- �
<br /> *'� dencing sucl� pxyments.' Borrower sliall promptly diecharge any lien whicii I�as priority uver this \�ortgage ; pro-
<br /> � �ided,; that Borrower shalt not be requii•ed to discliarge any sucli lien so long as 33orro�ver siiall n�;ree iiz writing to ;
<br /> . L` the payment a# �he oUligation secureci l�y such lien in a mannei• e�cceptable to Lender, oi• shall in good faith eontest �
<br /> f ltJ such lien by, or defend enforcement of such lien in, legal proceedings wl�ich operate to prevent the enCorcement of ,
<br /> O the lien or forfeiture of the Property oi� any part thereof. ' ;
<br /> � ' S. Hazard Insur�ce. Borrower s4a11 kee�� tl�e improvements now existing or Lereufter erected on the Prop- ;
<br /> s erty insured against loss by fire, hazards included ivithin the term "extended coverage"; and sucli other hazards as ;
<br /> a'�, Lender may require tind in such amounts and for such periods as Lender may require ; provided , that Lender shall
<br /> i'�, not require that the amount of such coverage exceed that amount ot coveruge required to nay the sums secured 'by ,'
<br /> this Ivinrtgage. `
<br /> The insurance caTrier providing the insura,nce sl�all be chosen by Borrower subject to approval by Lender ;
<br /> �rovided, that such approval shall not be unreasonaUly withheld. All premiums on insurance policies shall be paid
<br /> at Lender's option in the manner provided under par�graph 2 hereof 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 pcerniums and such sum shall become
<br /> iminediately due and payable with interest at the rate set forth in said note until paid and shall be
<br /> } secured bp this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br /> under the term5 of this Mortgage.
<br /> 4 All insurance policies and rene�i•als thereof shall be in form accept.able to Lendei• and shall include a standard
<br /> ; mortgage clause in favor of und in form acceptatale to Lender. I,ender shall have the right to l�old the policies and
<br /> renewals thereof, `and Borrower shali promptly furnish to Lendcr all renewal notiees � nd all receipts oi paid pre-
<br /> miums. In ' the event of loss, Borrotver shall give prompt notice fo the insurance carrier and Lender, and Lender
<br /> 1 may make proof of ]oss if not made promptly by Borrower.
<br /> � Unless Lender and Borrower otherwise agree in writing, insurance ��roceeds shall be applied to restoration or
<br /> � repair of the Projrrty damaged , provided such restoration or repair is economically feasibie and the security of
<br /> this Mortgage is not thereby impaired. If sucl� restoration or repair is not economically feasible or if the security
<br /> of this i�Sortgage would be impaired, the insurance a>aroceeds �lial] bc applied to the sums secured by this Mortgage,
<br /> with the excess, if any, paid to Borrotver. If tlie Yroperty is abandoned I�y Boiro���er or if Borrower fails to respond
<br /> i to Lender within 30 days after notice by Lender to Borrower that the insurance carrier offers to settle a claim for
<br /> $ insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to
<br /> „ restoration or repaiYof the Property or to the sums secured by this liortgage:
<br /> " Unless Lender and $orro�ver otherwise agree in �vriting; any 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 smount of such installments.
<br /> If under paragraph 18 hereof the Property is acquired by Lender, nll right, title �nd interest of Borrower in
<br /> and to any insurance policies 1nd in and to tlie proceeds tliereof (to tlie extent of tlie sums secured by this Mort-
<br /> gage immediately prior to such sale or acquisition) resulting from damage to the Property prior to the sale or
<br /> acquieition shall pass to Lender.
<br /> 6. Preservation cmd Mcuntenmice of Property; Leaseholds; Condomiaiums. �3orrower shall keep the Prop-
<br /> t erty in good repair and shall not permit or commit waste, impairment, or deterioration of the Property and sl�sll
<br /> , comply with tl�e provisions af any lease, if this :\lortgage is on a leasehold. If this �lortgnge is on a condominium
<br /> unit, Borrower shall perform all of Borrower's obligations under the declar�tion of condominium or master deed ,
<br /> the by-laws and regulations of the condominium project and constituent dociunents.
<br /> 7. Protection of Lendei s Security. If Borrower fails to perform the covenants and agreements contained in
<br /> this Vlortgage, or if any action or proceeding is commenced �vhicli inaterially affects I,ender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domain, insolvency, code enforceinent, or xrrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrocs•er, may mske such
<br /> appearances, disburse sucl� swns and take such aetion as is necessary to protect Lender's interest, including, but
<br /> ' not limited to, disbursement of reasonable attorney's fees snd entry upon the Property to make repairs. Any
<br /> amounts disbursed by Lender .pursuant to this paragrapli 7, �vith interest thereon, shall become udditional indebt-
<br /> edness of Borrower seeured Uy this 14ortguge. Unless Borrower and Lender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requesting paymeizt thereof, and shall bear inter-
<br /> eat from the date of disbursement at the rate stated in the i`'ote' unless payment of interest at such rate would 6e
<br /> ` contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible by
<br /> applicable law. Nothing contained in tl�is pnragrap]i 7 shaiU i•eryuire Lender to incur any expense or do any act
<br /> hereunder. .
<br /> 8. Inspection. Lender �na,V make or cause to he inadc i•c:aconable entries upon nnd inspeetions of t-he Prop-
<br /> 1�' ert,y; provided that Lender �hall eive T3orron�er noticc �n•ior to an�• .urh inspection �pecif3�i.^.g rcasar.sblc cause
<br /> therefor'related to Lender's interest in the Property_ �
<br /> 9. Condemaation. The proceeds of any award or claim for damages, direct or consequential , in connectjon �
<br /> with any condemnation or other taking of tlie Property, or part tliereof, or for eoneeyance it� lieu of condetnna-
<br /> tion, are hereby assigned and shall be paid to Lender: �� �� '
<br /> � In tl�e evento£ a total taking of the Property, ihe proceeds sl� all be applied to the �sums secured by this Mort- ���:,� �+ , � µ��� � �
<br /> ��gage, xvith tl�e ea�cess, if ��a,ny, paid to Borrower. In the event of a partial tnking of the Yroperiy , unless Borrower ��� * ��
<br /> � � snd Lettder other�vise agree in w;iting, fliere shall �be applied to t.lie� sums� secured by �� this :��Iortgage such propor- ���,�,ti. �
<br /> tion of the proceeds as is equal to that proportion which the amaunt of the sums secured by this Mortgage imme- ry��
<br /> diaCely prior to t}ie date of taking bears to 61�e fair �uarket ti�alue of tLe Property� immediately prior to the date of
<br /> taking; �vith the balance oi the proceeds paid to Borrower.
<br /> I£ the Progerty is ab3ndoned k�y BorroR-er or i� :ifter notice Uy� Leiir3ea• to Borruwer Liiaf, �i�e uonuemnor offers
<br />� ' to make an awsri3 4r settde a cluim for dsmages, Borra«•ez .ail; 'to respor.d to Lcn3eT zvitliin <^,0 days of tLe dai.0 �-.` -
<br /> of such notice, Lender is authorized to colieot and ap�>iy the proceeds at Lender's option either to rectoration or
<br /> repair of the Property or to the swns secured. by tl�is \fortgage.
<br /> Unleas Lender and Borrower ,other�vise a�ree im writing, anv sueh anplication of pmc.eed� .t.n princiPal <hall
<br /> � . �x � / • �
<br />�
<br />�
<br />
|