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<br /> � If tmder paragraph 18 hereof tlie Yroperty is sold or the Yroperty is otl�erwise .tcquired by I,ender, Lender �,
<br /> shall apply, no later than itnmedia�tely prioi• to the Salc of the Yropert�� oi• its ;equisition by Lender; 3ns I'unds j
<br /> held by Len¢er �t the tiine of applicntion as .n c�redit against the surus tiecured by this �Iorkguge. � � � f
<br /> 3. Application of Payments. Unless ap�>lieablo- la�e , provides otherwise, all pnyments a•eeeived hy� Lender j
<br /> und�r the i�7�te a�;d �;uragraplisl and 2 hereof shnit bc applied i�}� T.endcr first in paqment of amounts papable to �
<br /> Lender tiy Borrower under paragraph 2 hereof, then to intemst payal�le on tt�c Note a,nc9 on Future Adva,nces, if
<br /> sny, and then to the principal of the Note anci to the princi��zl of I'uture Adv�» ce� , if any_ -
<br /> 4. Charges; Liens, Borrower s1�alI pay all taxes, as�essinents and ntlzer cl�arges, fines and impositions attrib-
<br /> r utable ta the Property which may' attain a pi7ority over tl�is 17ortgage, and grouiid rents, ` if any, at Lender's '
<br /> 1 : ` option in the manner provided under par�grapli 2 liereof or Gy Borro�ver making payment, when due; directly to ;
<br /> the payee thereof: Borrower shall 'promptly furiiisli to Lender ali not;ices of amounts due under this paragraph , !
<br /> � and in the event Borrower shall make payment direetly, Borrocr•er sl�all promptly furnisl� to Lender receipts evi- �
<br /> � dencing suchpayments. I3orrower sha11 �ii�omi7tiy dischurge ac�y lien whieh has priority over this \lortga�e ; pro-
<br /> R ' � vided, tHat Borrower shall not be required to discl�arge any sucir lien so 7ong as Borrower shall agree in �vriting to ''
<br /> � the payment of tlie obligation secured by such lien irr .i manner accepta6le to Lender, or shall in good faith contest
<br /> � d such lien by, or defend enforcement of sucl� lien in, Iegnl �ir�ceedings ryhicli operste to prevent the entorcement of
<br /> _ � Ehe lien or forfeiture of the`Property oi• any part tliereof.
<br /> ' � ` 5. Hazard Insurance, Borrower shall keep tf�e improvecx�ents »ow existing os• hereatter ereeted on the Prop-
<br /> ; `.,� erty insured against loas by fire, hazards included within the term "extended coverage", and such other hazards as
<br /> ' Lendermay require nnd imsuch amou�it-s and for siic6 periods as Lender may require ; I�rovided , tliat Lezider shat]
<br /> ' not require that the amount of such coverage exceed t.hat �niount of coversge required to pay the sums secuTed 'by
<br /> this Mortgage.
<br /> The insurance carrier providing ilie insurance sha[I be chosen Uy Borrower subject fo approvat by Lender ;
<br /> provided; that such apj�rovul shall not be unreasonably withheid. All premiums on insurance policies shall be paid y
<br /> at Lender's option in tlie ma,nner provided undei• paragrapli 2 l�ereof or by Borrower making payment, when due; �
<br /> directly to the insuiance carrier. , j
<br /> In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect I
<br /> its interest, may procure insurance on the improvements, pay the premiums and such sum shall become 1
<br /> immediately due and payabie 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. J
<br /> All insurance policies and renewais tliereof sliall }�e in for�u acceptable to Lender und shall include a standard �
<br /> ;; mortgage clause 'in f�tvor of and in forin acceptable to Lender. I:ender shall hnve the right to l�old thc policies and �
<br /> ' �
<br /> renewals thereof, and'Borro�ver shall pron�ptly furnish to Lender all renewal notices anci all receipts of �>sid pre-
<br /> miums. In tl�e event of loss, Borrower shall give prompt notice to the insurance cnrrier and Lender, and Lender
<br /> may inake proof of loss if not made promptly by Borrow•er.
<br /> a Unless Lender and Borrower othencise agree in writing, insurance proceeds shall be applied to restorstion or
<br /> repair of the Property damaged; provided such restor.�tion or repflir is econoinically feasible and the security of
<br /> this Mortgage is not thereby impaired. If such restor:�tion or repair is not economic�.11y feasible or it the security
<br /> of this Mortgage would Ue impaired , the insurance �>roceeds shal! be applied to the sums seeured by tl�is Mortgage,
<br /> with the excess, if any, paid to Borrower. If the Yroperty is abandoned 1.>y Borro�ver or if Borrower fails to respond
<br /> to Lender within 30 days after notice by Lender to Borrower that the insurance carrier offers to settle a claim for
<br /> ' i insurance benefits, T.ender is authorize� to collect and spp15• tl.a insarance proceeds at Lenuer's opiion ei 'ttter t�o
<br /> , f restoration or repair of the Property or to the sutr�s secured by tl�is liortgage.
<br /> ; Unless Lender and Borrower otherwise agree in writing, an,y such application of proceeds to principal s6a11
<br /> not extend or postpone the due date of the vionthly installments referred to in paragraphs 1 and 2 hereof or change
<br /> the amount oE such installments.
<br /> ' If under part�gruph 18 hereof the ' Yropert.y is acquired by Lender, a11 right, title and interest of Borrower in
<br /> and to any insurance policies and in and to the proceeds thereof (to tl�e exteni of t6e sums secured by this Mort-
<br /> gage` immediately prior to such sttle or acquisition ) resulting irom damage to the Pronerty p-ti.or to the sale or
<br /> acquiaition shall pass to Lender.
<br /> 6. Preservation �d Mmntenance of Properiy; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> < <, erty Sn good repair and shall not permit or commit waste, impairment, or deterioration of the Property and shal!
<br /> comply w;th tlie provisions of any lease, if this �Iortgage is on a leaseliold . If this VIoi•tgage is on a condominium
<br /> unit, Borrower shall perform all of Borrowei's obligations under the declaration of condominium �r master deed ,
<br /> the by-laws and regulations of the condominium project and constituent document,.
<br /> ; 7. Protectioa of Lender's Security. If Borrower Pails t,o perform the covenants and agreements contained in
<br /> this Vlortgage, or if any sction or proceeding is cominencecl whici> >uaterially afTecCs Lender's interest in the Prop-
<br /> erty, including, Uut not limited to, eminent dornaiu , insoh�ency , code enforcement, or urrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lencier at, Lender', option, upon notice to Borrower, may make such
<br /> appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonaUle sttorney's fees and ent.ry upon the Property to make repairs. Any
<br /> amounts disbursed by Lender pmsuant to tl�is p�ragraph 7, �vith interest thereon , shail become �dditional indebt-
<br /> ednesa of Borrower secured by this �Sortgage. Unless Borrower and Lender agree to other terins of payment, such
<br /> amounts shali be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> est from the date of disbursement at the rste stated in the ?�'ote unless payment of interest at such rate would be
<br /> i contrary to applicable law, in which event such amounts st�all bear interest at the highest rate permissible by '
<br /> applicable law. Natlting contained in this paragraph 7 shnll rec�uire Lender to incur any expense or do any act
<br /> z hereunden
<br /> 8. Iaspection. Lender inay inake or cau�e to be madc rea�onablc entries upon and inspections of tl�e Prop-
<br /> erty, provided that Lender shall gire Borron-er notice ��rior to an}� �uch inspection �pecif��ing reasonat�le cause
<br /> theretor relaied io I.encier's interesi in cI�e Property.
<br /> 9. Cottdemaation. ; The proceeds of any sward or claim for damages, direct or conseyuential, in connection
<br /> with any condemnstion or bther taking of the Property , a• part thereof; or for conveyance in lieu of condemna- f
<br /> tion, ara her2Uy s�i�ned and snall l�e paid to Lender. y
<br /> In the event of a total Laking of tl�e Property, the proceecls �Lall Le tapplied to tl�e sums aecured by tl�is Mort- f ' ''",,��,,
<br /> gage, �vitU the excess; if any , paid to Borrower. In t.hc event of a ���rtial taking of the Property, unless B�rrower ��' �y ;� %'
<br /> � and Lender otherwise agree in writing, there sliall be applied to tl�e suius secured b,y this '�Sortgage such propor � " ��;, ,
<br /> f tion oF the proceeds as is equal to that proportion which the amount of t,he sums secured by thia �4ortgage imme- ��.
<br /> 1 diately pripr to tl�e date of #aking bears to tl�e fair �narket value of tLe Property iinmediately prior to the date of ti�, ��
<br /> taking, with the balance of the proceeds paid to Borrow•en '" • �
<br /> If the Property is abandoned by $orrower or if after notice �y Lender to Borrower that the condecnnor offers
<br /> � to make an award or settle a claim for dainagee, 13orrower fails to respond to Lender �vithin 30 daye of the dnte "
<br />� � of such notiee, Lender is aathonzed to cotlect and ap�aly the }�roceeds at Lender's option eitlier to restoration or �
<br /> repair of the Property or to the sums secured by tl�is 1lortgage: _
<br /> ZJDI@s.g T.an�ar.��un.i R 're• •7 ,,,6.�,�, a.a . �:: 11a1iig� &i]y 9uGj7 BPjJllc&LIUri OI proceeds to principaI S�1&1� . �
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