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<br /> ` If under paragraph ] 8 hereof tl�e Yroperty is sold or tlie Property is otherwise acquired by Lender, I.ender
<br /> shall apply, no ]ater t-Lan innnediately prior to thc salc of tl�e Yroperty m• its acqui�ition by Lender, nn� Funde
<br /> held by Lender at t.he time of �piilicution as a ci•edit ugainst. th� surns secured hy this 12ortg� ge.
<br /> � 3. _Application oi Payments. Unlees api>licabte l:i�e pf•ovicles other�vise, all payments receiveci by Lender
<br /> a- under tlie I�Tote and t�aragrapLs l and 2 liereof sl�uli bc a �i�ilie�i by Lendei• fir�t in pay�ne,nt of amounts pnyable to
<br /> «; Lender ' by Borrower under paragzapli 2 liereof, t]ien lo intei•esf, l>uyable on tlie �Tote and on I�ut.ure Advances� if
<br /> �y any, aqd then to the ;n•inciyal of lhe i�Tote and to the principsl of I'uture Advctnces, if any. ;
<br /> r � 4. Claarges; Liens. Borrower sl�all pay all taxes, assessiuents nnci other charges, fines and impositions attrib-
<br /> ` , utable , 'to the Propercy whicl� may uitain n prioriiy over ihis l-Iorigage, and ground rents , `if uny, at Lender's
<br /> ' . � y� option 'in the manner provided under paragraph 2 Itereof or b,y Iiorrower n,uking payinent, when due, directly to i
<br /> ` ; � the payee thereof. ,Borrower ehall ; promptly furnisli to Lender ail .notices of uinounts due under this paragraph, ;
<br /> } and in the eventi Borrower shalt inake j�a�yment clirectly, I3orroicer shall pron�j�tly� fui•nisL to L"ender receipts evi- 3
<br /> � denCin such a ments. ,Borrower sl�nll rom rtl discl�ar e an lien which has �rio�•i6 uver this 3lort a e • ' ro- =
<br /> Pi PY P I Y . �' . Y I Y S �' , P
<br /> " � '' vided, tliatBorrower shall not ue required to discharge any such lien so long as Borrowrer sliall agree in tvriting to F
<br /> , s the payn}ent of the obligation secul•ed by aucli ]ien in ai �nanner acceptable to Lender, or shall in' good faith contest ;
<br /> F .such lien by, or deFend enforceinent ot �ucli lien i» , leb:il proce;edings wl�icl� operate tc,'prevent the enforcement of �
<br /> ; - the lien or forfeiture of the Property or any i�art thereof. �
<br /> 5. Hazard Insurance. Borroiver shall keep tlie im��s•ovements no�t� existing or l�erea,fter ereeted on the Prop- �
<br /> ' i erty insured against loss by fire, liazards included withiii the term "e�ctended coyerage", and sucli othei• hazards as x
<br /> ? Lender anay require and in such aniounts and for such periods :is T.ender �riay require;; provided; tl�at Lencler' shail �
<br /> � not require that the aniount of suoh coverage exceed tliat amount of coverage required to ��ay the sums secu;ed by ;
<br /> ; this Mortgage.
<br /> ; The insurance cari•ier ��roviding tl�e insurauce s}ia�ll be; cl�osen by Borrower subject to approval by �ender ;
<br /> - � provided , il�at such approval shall not Ue unreasona6ly �a�ithlield. A]1 premiums on insurance policies shall be paid i ':
<br /> , at Lender's option in the inanner provided under ri.�ragru��l� 2 I�ereof or f>y Borrower makinb payment, when due,'
<br /> ' i directly to the ii�surance carrier. °, ' -
<br /> = In the event any policg 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 become '
<br /> d immediately due and puyabie 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 /> i under the terms of this Mortgage. ° ;
<br /> ; ; ;
<br /> � � All insurance policies and rene�v� ls tl�ereof s1�211 be in for�u acceptaUle to Lencier and shaIi include a standard
<br /> inortgage elause in favor o£ and in focni acceptable to Lender. I:ender siiall ht�ve the rigl�t to liold the policies ,and
<br /> � renewals thereof,`itndBorrower shall promptly furnish to Lender all renewal notices and all receipts of paid pze- ; !;
<br /> t miums. ' In the event of Ioss, Borrotiver sl�all give prompt notice to the insurance carrier and I.ender, and Lender i �
<br /> � ' may make proof of 3oss if not macie promptly by Borro�i•er. f ,;'
<br /> Unless Lender and 13orrower otfierwise agree in �vriting, insiai•ance proceeds shall be app'.ied to restoration or � �
<br /> ? re air of the Pro ert dama ed `
<br /> p p y g , provided such restoration or repair is economically feasible and the security of !
<br /> ' :� this Mortgage is not thereby itnpaired. If such restoration or repaii• is not economically feasible or if the security �
<br /> � of this n�fortgage �vould be im�sired, the insurance ��roceeds shall 1>e ap��lied to the sums secured by this`I4tortgage, �
<br /> � with the eucess, if any, paid to 13orrower. If tlte Yrope�•ty is ibandoned t�y Borrower or if Borrok�er fails to respond ` �
<br /> , to Lender yvithin 30 days after notice by Lender Eo Borro�ver tl�at the i�isurance csrrier offers to settle a claim for i �
<br /> insurance benefits, Lender is authorized to collect. and :tpply the insurance proceeds at Lender's option either to
<br /> ? restoration or repair ot tlte Pro�erty or to the sums secured by tliis ;�Iortgage. r �
<br /> ' Unless Lender and Borrower btherwise agree in tivriting, any such ar�plication of proceeds to principal stiall
<br /> � not extend or postpone the due date of the monthly installments referred to in parugraphs 1 and 2 hereof or ehange ;
<br /> the amount oF such installments. `
<br /> ° � � If under paragraph� 18 hereof the Nroperty is acquired by Lender, �all right, title snd interest of Borrower in ` �
<br /> ` s and to any insurance policies and in and to t.he proceeds tl�ereof (to the extent of the sums secured by this Mort- �
<br /> � gageimmediately prior to such sale or xcquisition ) resulting from dainage to the Yroperty prior to the sale ar ;
<br /> i acquisition shall pass to Lender.
<br /> � , 6. Preseroatioa and Mmntenance of Property; Leaseholds; Condomiaiums. Borrower sha(I keep the Prop- `
<br /> eriy in good repair and shall not permit or commit waste, impnirment, or deterioratiorr of the Property nnd shall `
<br /> , > comply with t.he provisions of any ]ease, if this �lortgage is on n leasehold. If this Mortgage is on a condominium ;.
<br /> 6 unit, Borrower shtzll perform all of BoTro�vcr's obligations under the declflration of condominium or masterdeed ,
<br /> , � the by-laws and regulations of the condominium project and constituent. documents.
<br /> 9 7. Proteclion of Lender's Security. If Borrower fails to perform the co�•enants and agreements contained in ,
<br /> { this �lortgage;or if anysction or proceeding is com�nenced �vhich anaterially affects S:ender's inteTest in the Prop-
<br /> erty, including; Uut not limited to, eminent dom3in , insol�•ency , code enforcement., or arrangement.s or prxeed-
<br /> j ings involv3ng a bankrupt or decedent, t}ien Lender Rt Lender's option , upo4i notice to Borrower, may make such
<br /> appearances, �isbursc such sums and take sucii uction as is necessary to protect Lender's interesb, including; 6ut
<br /> ; not limited to, disbursement of reas4nat�le attorney's fees and entry upon the Property to make repairs: Any
<br /> F timounts disUursed by Lender pursuant to this para�raph 7, �vith interest. thereon , sliall become ndditional indebtc
<br /> � edness of Borrower secured by this 1lortgage. Unless Borro�ver snd Lec3der agree to other terms of payment, such
<br /> � amounts shall be paynble, upon notice from Lender to I3orrow•er requesting payment tliereof, and sl�all bear inter-
<br /> � est from.the date of disbursement at the rate stated in the Note unless payment of interest at such rate wo�?ld be
<br /> contrary to applica6le law; in which event such amounts shall bear interest at the liighest rate permissible by �
<br /> � applicabie law. Not3�ing conta4ned in this puragrapli 7 sl�nll require' I.ender to incur aiiy expense or do any act
<br /> i hereunder. '
<br />� " 8. Irispection. ' Lender rnay rnake oi� cau�e t,o l �c inadc reusonabic euti•ies upon anci inspeciions of the Prop-
<br />€ � erc �ruvided tk�at Lender shall �ve Borrow•er notice �c•ior to ar�y such ins �ection s �ecif in zeasonable cause
<br />� ; Y, } g 1 I I 3'� �
<br />� ; therefar relsted to Lender's interest in tl�e Property.
<br /> � � 9. Coademnation. The proceeds of any a�vard or claim Sor damages , direct or consequential, in connection
<br />� � with any co�ideinnution or other taking of tl�e Yroperty , oi• part tiiereoS, or for conveyance in ]ieu of condemna-
<br /> � tion, are hereby assigned and sliall be �aid ta Lendei�. . A�,� " '� '+,
<br /> + In tl�e, event of a total tt�king oi tlle Yroperty, the proceeds �liall be applied to the sutns seeured b�• this �3ort- •,;",;,�' '
<br /> • f gage, �vitli tl�e excess, if any, paid to Borro���er. In ti�e event of a partial tnking of the Property, unless Borrower �` �'v` ' '
<br /> ��� �:
<br /> and Lender other�Yise agree in �vriting, there sl�a]! be' ap>>lied to tlie sums secured by this �14ortgage such propor- ,�;�
<br /> '� tion of ttie proceeds as is equal to that proportion which the an�onnt of the sums secured by this nlortgage imme- *��
<br /> diately prior to tlie date of taking bears to tlie fsir ii�srket value of LLe ProYertp iinmediately ,prior to the date of ` "'� �"'
<br />� ,' taking, with the balanee o£ the proceeda }�aid to Borrower. � - �`^ -+
<br />� � Sf the Property is abandoned' by $orrower or if ,3fter notice by' Lender to Borro�ver that the condemnor offers � - ^ '` �
<br /> ` _.,: ,a�, ,..
<br />� • � co make an awardror settle ;a clainz :for damages, Borrow�er fails to resj�ond to Lender �vithin 30 days of the date
<br />� ; of such n¢tioe, T,ender is suthorized- to eollect and apply the proceeds at Lender's option either to restoration or
<br />= � repair of the Ptoperty or to the sums`secured ,hy this \Sortgage. '
<br /> R Uz�lcss Lender �nd Borron�ei• otl�eiwi5a agr�e ii� ivri6iug, any �ucli applicaiion of proceeds to principal sl�al�
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