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<br /> �"'t, I under T�aragraph 18 hereof the Property is sold or the Property is otherwise acquimd by I,ender, I,ender
<br /> shall ztpply, no later than itnmediately prior io thc salc of the Yror�crty or its acquisition b,y I.ender, any Funds
<br /> held by Lender at the time of application as a credit zg:sinst the smns secured by t}iis :Yfottgage.
<br /> 3. Application of Payments, Unless , applicablaJ:�rv �>i•ovides otherivise, all payinents received 1>y Lender
<br /> under the Note and Iaaragraplis 1 and 2 hereof sl�all l>c a�>��lied by T,ender fir;t in payment of amounts }�ayable to
<br /> Lender by Borrower under paragraplr 2 hereof; then to interest jiayable on the Note and on Futurc Advances, if
<br /> any; and then to the principa! of the Note und tb the �irincipal of Futurc Advances, if any.
<br /> , � 4. Charges; Liens. Borrower sha]L pay All taxes, assessments .�nd otl�er charges, frnes snd impositions attriU-
<br /> utable to the 'Property which may attain � prioxity over tliis \Zortgage, and ground rents; if any; at L 'ender's
<br /> option in the mariner ;provided under ��aragraplt 2 hereof or by Borrower �naking pa,yment, when due, directly to
<br /> the payee Chereof. BoTrower shall promptiy Suri�isl� to Lender all notices of a.mounts due under tl�is paragraph,
<br /> and;in the event Borrower shall makc payment directly, I3orro�c-er sLall proniptly furnish to Lender receipts evi-
<br /> dencingsucl�; payments. Borrower shall ��rompCly discliarge avy 7ien which ha,s priority over this 14orLgage ; pro-
<br /> vided; tl�aC Borrower shall not be rec�uired to discl�arge any siicli lien so ] ong as Iiorrower shall agree in writing to
<br /> the payment of the obligation secured by such lien in a mamier acceptable to Lencier, or shall in good taith contest "
<br /> such jien by, or defend enforcement of such'tien in , legal ��i•oceedings w1�iclY operste to prevenG the entorcement of
<br /> � the lien or farfeiture of the Property or any part thereof.
<br /> - 5., Hazard Izssuraace. Borrower shall keep the iinprovements now existing or hereafter erected on tLe Prop-
<br /> ' erty insured against loss by fize, hazards included witl�in the t.erm "extended coverage", and suc2i otlier hKzards ns
<br /> ; Lender may require and in such amounts and for such periods as I,ender may require ; groyided, that Lender shall
<br /> not require tt�at the amount of such coverage exceed t6at amount. of coverage required to pay the sums secured "by
<br /> this Martgage,
<br /> The insurance carrier providing the insurauce shall ue cliosen by I3orrotiver subject to approcul by Lender ;
<br /> provided, that such approval shall not be unreasonably withheld. All premiurns on insurance policies shall be paid
<br /> at Lender's option in the manner provided under paragraph 2 hereof or hy 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 premiums and such sum shail become
<br /> immediately due and payahle with interest at the rate set forth in said not2 until paid and shall be
<br /> secured by this Mortgage. Failure by Borrower to comply rnay, at option of Lender, constitute a default
<br /> ' under the terms of this Mortgage.
<br /> ; All insurnnce policies anii renewais thereof shall be in fo:•iu acceptable to Lender and sh:ill includc a standard
<br /> niortgage clause in favor of and in form acceptable to Lender. Lender shall h:�ve the right to hold th'e policies 3ud
<br /> , , renewals thereof, and Borrower shali promptly furnish to Lender all renewal notices and all receipts of paid pre-
<br /> ; miums. In the event of ]oss, Borrower shr�ll give prompt notice to the insurance carrier and Lender, and Lender
<br /> msy make proof of loss if not made promptly by Borrower.
<br /> Uniess Lender and Borrower otherwise agree in writing, insurance proceeds shall 6e upplied to restoration or
<br /> repair of the Property damaged, pi•ovided sucli restoration ar� repaii• is economically feasible �nd tlie security of
<br /> ' , this l4ortgage is not thereby impaired . If sucl� restorxtion or repa.ir i� ne! e��oi:omicslly ScaSible or ;f the sacurity
<br /> of this lTortgage would be impaired, the insw•ance ��roceeds shall 1>e applied t.a the sums secured by this i�fortgage,
<br /> ; ' �vith the excess; if any, paid to Borrok�er. If the Property is abandoned by Borrower or if Borrower fails to respond
<br /> ; to Lender within 30 days rsfter notice by Lender to Borrower that the insurance carrier offers to settle a claim for
<br /> t insurance benefits, Lender is autUorized to collect nnd ap}�Iy tlie insurance proceeds ut Lender's option either to
<br /> restoration or repair of the Property or to the sums secured by this .1�lortgage.
<br /> � � Unless Lender and Borrower otherwise agree in �vriting, anv such application of proceeds to przncipal sh$il
<br /> � not 'extend or posLpone the due date of the montlily installments referred to in pAragraphs 1 und 2 hereof or change
<br /> the amount of such installments.
<br /> F If under paragraph 18 hereof the Yroperty is acquired by Lender, all rig}it, title and interest of Borrower in
<br /> }' and to any insurance policies and in and to tdie proceeds thereof ( to tlre extent of the surns secured by this Mort-
<br /> gage immediately prior to such sale or acquisition ) resulting froin dnmage to tl�e Property prior to the sale or
<br /> acquieition shsll pass to Lender.
<br /> 6. P'reservaGon mid Mmnten�ce of Psoperty; Le¢seholds; Condominiums. Borrower shall keep the Prop-
<br /> erty in good repair and shail not pertnit or commit tivaste, i�npairment, or deterioration of the Yroperty and shall
<br /> ; comply with the provisions of any lease, if this \lortgagc is on a leasel�old . If this ilZortgage is on :� condominium
<br /> unit, Borrower shall perform ull of Borrower's obligatioiis under the declaration of condominium or master deed,
<br /> the by-laws and regulations of tlze condominium project and constituent documents.
<br /> 7. Proiection oi Lender's Security. If Borrower fails to perform the covenunts and agreement.s contained in
<br /> , � this D4ortgage, or it any action or procecding is commenced whicti materially affects Lender's interest in the Prop-
<br /> � erty, including, but not limited to, eminent domain, insoh�ency, code enforcement, or arrangemer�ts or proceed-
<br /> , , ings involving a bankrupt or decedent, then Lender at I.ender', option, upon notice to Borrower, may make sucl�
<br /> ' appearances, disburse such sums and take such action as i; necessary to protect Lender's interest, ia�cluding, but
<br /> not limited to, disbursement of reasonable attorney's fees and entry upon the Property to inxke tepairs. Any
<br /> � amounts disbursed by Lender pursuant to this paragrapl� 7, �vith interest thereon , shall become additional indebt-
<br /> i edness of Borrower secured by this �fortgage. Unless Borrower and Lender Agree to other terms of psymenG, such
<br /> amounts shall be payable upon notice from Lender to Borrower requesting payinent thereof, and shall bear inter-
<br /> est from the daEe of disbursement at the rate stated in tlie IQote unless payment of interest ut such rate would be
<br /> contrary to applicable law, in which event such ainounts shall Uear interest at the highest rate permissible by
<br /> applicable Iaw. Nothing contained in tliis paragrapl� � shall require Lender to incur any expense or do anv uct
<br /> hereunder.
<br /> , -8. Inspection. Lender may �n$ke or enuse to hc madc reasonat>le entries upon and inspections of the Prop-
<br /> ' ' erty, provided that Lender slia.l give F,orruwer noiice ��rior co an�� ,uc6 inspection specifying reasonuble cause
<br /> ' ' therefor related to Lender's interest in the Property,
<br /> 9. Condemaatioa. The proceeds of any award or elaim for datnages, direct or consequential , in connection
<br /> with any condeinnation or other taking of tlie Yropert_y, or pxrt tliereo[, or for conveyance in ]ieu of condemna- a
<br /> tion, are herebv assignecl and shall Ue paid to Lender. .u�
<br /> ; In the event of a total taking of the Propertv, the j�roceeds sl�ail be applied fo t.he simis secured by tl�is Mort- "' ' , ` y ;�w
<br /> gage, with the excess, if any, paid to Borrotiver. In td�e event of a parti�l taking of the Property, unless Borrower �' � �
<br /> and Lender otheawise agree in writing, there shall }�e applied to tlie sums secured by this \lortgage such propor- � ;;��'
<br /> ; tion of the roceeds as is Y � g �� :
<br /> P equsi to that proportion whieli tl�e anaount oF the sums secured b tl�is \4ort a e imme- A�? ,
<br /> diately prior to the date of Sakingbears to tl�e fair inarket value of 2Le Property itnmediately prior to the date of '
<br /> � � ; � � � taking, �vith ,the�baIance of� the proceeds paid to�Boi�rower. �� �� � � � � � � � �� , � �' ;, ; �
<br />�` ` If the ProperLy 3s,abaucioned 'oy Borrower or if nfter not.ice by Lenderto Borron�er that the condemnor oHerh � �
<br /> ' to ma�G, a.n ar:a�r3 ,or ;ettle r� ulaiw; ivr elaiz:uges, $orraH•er faiis to respond to I;ender within 30 days of the date � �
<br /> � of such notice, Lender is authorized to collect and apply the proeeede xt Lender's option either to resta�ation or
<br /> repair of the Property or to the sums secured by tliis \Sortgage.
<br /> Unless Lender and Rorrowc-r other�z�ise 'agrec in 'tiraiting, any such appIivabiuu of proceeds to principal shall
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