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<br /> � If under paragrapl� 28 l�ereof the Yroperty is sold or che Propert,y is othern�ise acquired by I,ender, Lender
<br /> shall apply, no later than itt��nedintcly prior to tl�c sale of tl�e S'ro} �ert �• oi �ts acquisition by Lezidcr, an�- 1�unde
<br /> held by I.ender at the time of a;�plieation as u credit :igaintii ihe atuns secureci hy this i4ortgage.
<br /> 3. Application oE Payxnents. Unless apl�licablc la�r �uovides oClyerwise, nll pa,yments received by Lender
<br /> under the Note and` para�;raplis 1 and 2 liereof slisll )>c a��l�lied I�y I.ender (ix•st in �>a�y�nent of asi�ounts payable to
<br /> Lendex• by Borrower under ��:a.ragra,pli 2 hereof; tlSen to interc,t pa�ublc on tl>e 1Totc ani9 on FuCw•e Aciv� nces, iF
<br /> any, and then to the principai oi the Note and to the princi>>al of T'uture Advances , 9f any.
<br /> 4. Charges; Liens. Borrower shall pay all taxes, assessments and otl�m• charges, fines and im��ositions attrib-
<br /> ' r utable to the Property which m�y utEain a priority over tliis llort�� ge, and grouud rents, if any, at Lender's
<br /> option in the manner provided ; undei• paragrapfa 2 hereof or by Borrotiver making 'payment, when due, directly t.o
<br /> � the payee thereof. Borrower shali Promptly furnisl� to 7,ender all notices of amocints due uiider t6is paragraph;
<br /> i �i and in the exent Borrower shall make payment directly, Borro«•er s}�all j7romptly furnisli to Lender receipts evi-
<br /> ? dencing sucla payments. Boirower shall proroptly discharge avy lien whicl� has priority over this �lortgsge ; pro-
<br /> �' vided, that Borrower shall not be required to discharge sny such lien so lovg as liorrower sl�nll agree in �vriting to
<br /> � the pq,yment of tlie pbligation secured Ly such lien in ai munner acceptable to Lender, or shall in good faith contest
<br /> � such lien by, or defend enforcement of sucli lien in; legal proceeciings wliich opei•at.e to prevent the enforcement of
<br /> � the lien or forfeiture of'the Property or any pari thereof.
<br /> r 5. Haza;d Insurance. Borrower shall keeptlie iin��rocements no�v existing or hereatter erected on the Prop-
<br /> g�m�, erty insureci against loss by fire, hazards included �vithin the tertv "extended coverage", and such other hazards as
<br /> � I�endermay require ltnci in such a.mounts and for such perio3s as Lender inay reqi.iire ; provided , that Lender shall
<br /> i not require that the amount of such coverage exceed that amota�t oF caverage required to pay the sums secured 'by
<br /> this Mortgage.
<br /> The insuTance cnrrier �iroviding tl�e insurance sliall be chosen uy Borrower subject to approv��l Uy Lender ;
<br /> provided , that such approval shaiT not be unreaisonably a•ithheld. All premiums on iusurance ��olicies shall be puid
<br /> at Lender's option in the manner provided under puragrapli 2 hereof or I�y $orrower �naking payrnent, 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 shali become
<br /> immediately due and payabie with interest at the rate set forth in said note untii paid and shall be
<br /> secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a defauit
<br /> under the terms of this Martgage.
<br /> Ail insurtince policies and renewals thereof �l�all be in Form acceptaUle 'to Lender and shall inchide tti standard
<br /> inortgage clause in favor of and in form acceptable to Lender. I:ender shall have the right to ho3d tl�e policies and
<br /> renetvAls thereof, and Borrower shall prornptly furnish to I ender all rene�val notices and �11 receipts of paid pre-
<br /> miums. In the event of loss, Borrower shall give proinpt iiotice to cl�e ii�surancc essrrier and Lender, and Lender
<br /> may make proof of loss if not inade promptly by Borrower.
<br /> Unless Lender and Borrower otherwise agree in �vriting, insuiance proceeds shaIl be applied to restoration or
<br /> repair of the f'roperty damaged , provided sucl� restoration or repair is econoiuicslly feasible and the securiiy of
<br /> j thie \7ortgage is not thereUy i�npaired. If suc1� restorntion or repair is noG econumicslly feasiblc or if tl�e security
<br /> of this llortgage would Le impaired, the insursnce ��roceeds shall be appiied to the sutns secured by this 14ortgage,
<br /> with the excess ; if any, paid to Borrower. If the 1'roperty is abt�ndone<i by I3orron�er or if I3orrower fails to respond
<br /> to, Lender �vithin 30 days after uotice by I,ender io }3orrower that the insurar.ce carr,er uffer� tu settle x clairn for
<br /> ineurance benefits, Lender is authorized to colleet and apply thc insurance proceeds at I.ender's option either to
<br /> restor$tion or repair of the Property or to the sums secured by tliis \Iortgage.
<br /> Unless Lender and I3orrower othenvise agree in �vriting , any sucl� application of proceeds to principal shall
<br /> � not extend or postpone the due date of the mont.lily instatlments referred to in paragraphs 1 and 2 hereof or chsnge
<br /> " � the amount of such installments.
<br /> - If under parugraph 18 hereof the Yroperty is acquired by Lender, all rig�it, title nnd interest of Borroerer i::
<br /> ;' and to ar.y insurance policies anrl in and to ilie }:roceeds tltereot (to tlic extent of the sums secured by this �Iort-
<br /> gage immediately prior t.o such saie or acquisitionl resultin� Srom damage to the Propet�ty prior to the sale or
<br /> acquieition shall pass to Lender.
<br /> ' 6. Preservation �d Mcdnten�ce of Pzoperty; Leaseholds; Condominiums. I3orrower shall keep the Yrop-
<br /> ert,y in good repair and shall not permit or commit waste, impairment, or deterioration of the Property and shall
<br /> comply with the provisions of nny lease, if this \1ori.gage is on ti leasehold. If this \lortgage i, on a condominium
<br /> unit, Borrower shai] perform all of Borrower's obligations under the declar:�tion of condominiuin or master deed ,
<br /> the by-laws and regulations of the condominium project ai�d constituent documents.
<br /> 7. Protection of Lender's Security. If Borrower f3ils to perforin the covenants and agreements contained in
<br /> this bIortgage, or if anq action or prooeeding is coruiuenced which inateriall�� affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eininent dou�ain , iiisoh�ency, code eiiforcement, or arrangements or proceed-
<br /> ings involving a bankrupt or deeedent, then Lender at I.ender's option, upon notice ta Borrower, may make auch
<br /> appearances, disbui•se sucli sums and take such action as is inecessary to protect Lender's interest, including, Uut
<br /> not limited to, disburseinent of reasonable attorney's fees and entry upon the Property to xuake repairs. Any
<br /> srnounts disbursed by Lender pursuant to this parsgraph 7, �vitl� interest thereon, sl�all become additional indebt-
<br /> edness of Borrower secu;ed by this l-lortgage. Unless Borrower and Lender agree to other tenns oS ��ayment, such
<br /> amounts shall be payabie upon notice from Lender to Borroµ•er requesting payment thereof, and shall bear inter-
<br /> est from the date of disbursement at the rat.e stated in the Note unless payment of interest at suel� rste would be
<br /> contrary to applicable ]aw, in which event such xmount,s shall bear interest �i the highest rate peraiisaible by
<br /> ; applicable ]aw•. Nothing contained in this r>arugrapl� 7 shall require I,ender to incur any expense or do any act
<br /> i hereunder.
<br /> 8. InspecGon. Lender mny make or cause to he inscic reasonable entries upon and inspections of the Prop-
<br /> erty, provided that Lender shsll vive Borro��•er .^.otirc l�rior to :�n�� :,iich in:l;eetion ,��ec,i [ying reasonable cause
<br /> therefor zelated to LendeT's interest in the Property. �
<br /> � 9. Condemnation. The proceeds of ssny award or claim for daniuges, direet or conseqnential, in connection �
<br /> i with any eondemnation or other tRking of the Yroperty , or part t6creof, or Tor convepance in ]ieu of condenmu- f
<br /> ; t.ion, are hereby asaigneci and shtill be naid to Lender. � , - �„
<br /> + In the event of a total taking of the Yroperty, thc procee<ts sGall l �c applied to the snms secured by this Mort- = " .�� -
<br /> ' gage, tivitli the excess, if any, paid to Borrower. In fhe event of s �arGial tal:ing of the Property, unless Borrower � a ;��"
<br /> , `' and Lender otherwise agree in �vriting; there sliall �e applied to tl�e ' cums secured by this �Iortgage such propor- �t
<br /> � , tion of,the proceeds as is equal to that proportion �yhich the amount of the :ums secured by this :4lortigage imme- ���
<br /> �'j diately prior to tl�e date of taking bears Yo the fair market value of tLe Yroperty immediately prior to the date of ,. y
<br /> ; ; talcing, with the bttlance of the }�roceeds paid to $orrpwer. . ,,,
<br /> � '_ I£'the Property is; abandoned �uy Borrocver or if aitei• raotice uy Lender to Borrower that the condeinnor offers , ' •-
<br />� to mt�ke sn award ox �ettle a claim for dama�es, Borrotic�ei• ;ai1; Gu re��,un�l Lu Leuuer within 3U aays oY the date �k
<br /> of such notiee, Lendex is authoriied to collect and a�»ty the �roci>.�ls at ��nder's c;;tio:. e:t?ie: ta restorat:vi; ur
<br /> repair of tne 1'roperty or to the sums secured by tl�is \iortgage.
<br />�€. Uiiless Leuder and :Borrocver other�vise agree in �vrif,ing, any s�,ich anplication of procecds ta principal shalJ
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