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<br /> � � If under Pnrayrsph ! ? hereof the Property is sold or the Property is otherwise acquired by Lender , Le�der shall apply , no . . : . .
<br /> . � later than immediately prior to the sa�e o( the Property or its acquisition by Lender , any Funds heid by lender at the time of ' . � � � . �
<br /> . � application as a 'credit against the sums secured by this Mor[gage . � � . � �
<br /> . . . � � 3. Appliwtlon of Payments . � Unless applicable law provides otherwise, ntl payments received by Lender under the Note and . .
<br /> � . Paragraphs � 7 and� 2 hereof shall be applied by� Lender Tirst In payment of amounts p0yable to Lender by Borrower under Paragrapb � . . . �
<br /> �. � � 2 hereof, then to interest payable on the� Note, and then to the principTl of the Note. . � � � �. . . �
<br /> � . � � �.� 4.. �Cfiarges; Llens . Ba�rower shall pay ali� taxes , assessments and other charges, £nes and impositlons attributabie to the �� � . �
<br /> . . , � Property which may� attain a priority over this Mor[gage, at Lender' s option In Ihe mannerprovided underParagraph 2 hereof � , . . .
<br /> � � �or by Borrower roaking payment.,� when due, directly to tFae�payee thereof. Borrower shall promptly �furnish to Lender all notices .
<br /> : of amourtts due underthis Paragraph and, tn�the� event Borrower shall make payment directly,� Borrower shall promptly furnlsh
<br /> � � � ,to Lender receipts evidendng :such payments . Borrower shali prompUV discharae a�v lien which has oriorltY a�+er. this Mortgage; �
<br /> �provided [hat tiie BorroWeY shall not : be requlred to� dEscharga. any such lien so long as Borrower sball agree In writing � . .
<br /> �. `0 . �. � to the payment of: the� obliga[ion sewred by such ❑e� in a manner acceptabte to� Lender, or shali in good �faith contest � � � � � -
<br /> � �. � � � �� such lien by ; or defend� e��rcemenl �oi such IienJn ,legal proceedings whicN operate to .prevent the enforcement of �the � . � . . � �
<br /> . .� Iien or forfeiture, of :the Property or any part thereof. � � . � � � � � � � � � � . . � � � . � � . �
<br /> : . C � 5 , Hazard Insurance. Borrower shaL. keep.the improvemeMs now exisdng or hereafter �erected on the Property insurad � � . .
<br /> � . �,against loss by fire, hazards inciuded within the term "eoctended coverage" , and such other hazards as � �ender may requlre and . .
<br /> �< in such �amounts: and for such periods as.�Lender may� �equire; provided that Le�der shall not require that the amount. of such �
<br /> �,�. coverage ezceed � lhat �amount of coverage required eo pay ihe��sums secured by this Mortgage. � � ' � � � � . � . � � �
<br /> 7he insurance carrler providing� the insuraoce shall be chosen by Borrower subject to approval by Lender; proWtled, that
<br /> � �, sucN approval shall not be� unreasonably witi'�held . All premlums on Insurance policies shall be paid hy Borrower makinq pay-
<br /> . � � ment, �when due , dtrectly to the insurance carrier. � � � � � . . . � � �
<br /> � � � All Insurance policies and renewals thereof shall be irt form acceptable to lender and sNall include a s[andard mortgagee clause . . � : �
<br /> In favor of and in form accepWble t� � �-:ander . Lender shali have the right to hold the poficies and renewals thereof, and Borrow¢r � � ��
<br /> � � � shall promptly furMsh to Lender all renewal notices , the policies. and any renewals thereof and ail receipts of paid premiums . � :
<br /> -..�. � � � � M the evenY of 3oss, � 8orr�wer sha!! gFve prompt nofice .[o the insurance carrier and Lender, and Lender may make proof of loss � . �
<br /> � � � if not matle promptly by Borrower . � � � � � � � � � �
<br /> � � . � � � In the event of a loss , [he amounts collected shall be payable to the Lender and at the option of the Lender may be used fo any � � � .
<br /> . � � one or more of the following� ways: ( / ) appl ied upon the indebtedness secured hereby wbether such Indebtcdness be matured � � �
<br /> � . � or unmatured; � (2) used to fWffll any of the covenants contai�ed hereln as the Lender may determine; (3) used to reptacebr � � � �
<br /> � � � . � .restore the Properly m a wndit[on satisfactory to Lender;.� or (4) release the same to the Borrower. Such app Iw��^ pf proceeds � � � . � � �
<br /> - � . � � to the Indebtedness Shall not exiend or postpone the due date of the monthty)nstalimen[s referred to in Paragr::�h , - =reof or � . . � �
<br /> � � . change the amount of such installments . � !f under Paragraph 17 hereof the Property is acquired by Lender, all right, Litle and , � � � � �
<br /> � � interest�of Borrower in and to any insurance policies and in and [o the proceeds thereof resWUng from damage to tbe Property � � � �
<br /> � � � � prior to the sale or acquisition shail pass to Lendar to the exlenR of the sum sewred by this Mortgage immediately prior to such � . � � . � . � �
<br /> . . . sate or acquisition . � . � � � � � �
<br /> � � 6. Preservation and Maintenance of Property . � Borrower shail keep the Property in good repair and shall not permtt or � . �
<br /> � � � � commit waste, impairment, or de[erloratio� of the Property and shall comply with any reslricllons affecting the Property . . � . �
<br /> . � 7 , � Protection of Lender's Security . If Borrower� faiis to perform the covenants and agreements contained in thls Mortgage, or � �
<br /> � � If any action or proceeding is commenced which materially a(fecls Lender' s interes[ in the Property, including but not Iimited to, � . �
<br /> � � eminent domain , insolvency , code en/orcement, or arrangements or proceedings involving a bankrupt or decedent, lhen Lender , � � �
<br /> t` � . � � at. Lender's option, upon oo[ice to Borrower, may make such appearances , disburse such sums and take such action as Is . � . � � �
<br /> � � � necessary to protect Lender's �interest, induding but noi limited ta, disbursement of reasonable attorney's fees and enlry upon � � �
<br /> � . � . � . the Properry to make repairs . Any amounts d(sbursed by Lender pursuant to this Paragraph 7 with Interest thareon sball become � � � .
<br /> . � additbnal Indebtedness o( 6orrower secured by this Mortgage to the extent permitted by appiicable law . Unless. Borrower arid . � .
<br /> � � Lender ag+•ee to other terms of payment. suct� amounis shall be payable upon notice from lender to Borrower requesting payment � . �
<br /> � � thereof, and shall bear interest from the date of disbursement at the rate of 10$ unless payment of interest at such rate would be � � � � � �
<br /> � � � contrary to applicable lew , in which event such amounts shall bear interest at the Fiighest rate permisslble by applicabie law . � � � . . .
<br /> � � � � . Nothing conWined �in this Paragraph ) shali require Lender to incur any expense or do any act hereunden � � ��� �
<br /> . . � . 8 . � (nspection . Lender may make or cause to be made reasonabie�entries upon and i�specUons of the Property . � �
<br /> . � 9. Contlemnatlon. Borrower agrees that all awards heretofore or hereafler made by any public or quasi-public autMrity to � .� . �
<br /> � � the present and all subsequent owners of the Property wvered by this Mortgage by virtue of an exerc7se of the right of emtnent . . � � . .
<br /> � � � domain by such authority, including any award for a taking of title, possesslon or right o( access to a pubifc way , or for any � � �
<br /> � . change of grade of streets affecting said Property , are hereby assigned to the Lender; and the Lender at its option is tiere6y .
<br /> � author{zed, directed and empowered to collect and receive the proceeds of any such award or awards from the authoritfes making � � : ..
<br /> � the same and to give proper receipts and acquittances theretore , and may , al the Lender's election , use such proceeds In any one � � � �
<br /> � or more of the followiog ways : ( 1j apply the same or any part thereof upon the indebtedness secured hereby, whether such �. � �
<br /> � Mdebtedness then be ma[ured or unmatured; (2) use the same or any part thereof to fulfill any of the covenants contalned herein . �� �
<br /> � � as �the Lender maydetermine; (3) use the same or any part thereof to replace or restore the Properry to a mndition saiisfactory � � � . �
<br /> � � � � to the Lender;. or (4) release the sama to the Borrower; and the Borrower hereby covenants and agrees to and with t}ie Lender, . � � � . �;;�-;
<br /> upon request by the Lender, [o make, execute, and deliver any and atl assignments and other instruments sufficient (or the purpose � � .
<br /> � . of assigning all such awards to the Lender lree, clear , and dlscharged of any and al� encumbrances of any kind or nature whatso- � � . � . �
<br /> � . ever . The apptication of such proceeds to the Indebtedness shall not extend or postpone the due date of the monthly installments � � � � . �
<br /> � � � : referred to in Paragraph 7 heroof or change the amount of such installments . � - � � � �
<br /> � � � � 10. Borrower Not Reieased . Extension of the Iime for payment or modification or amortization of the sums secured by thls . . � . . � . �
<br /> � � . Mortgage granted by Lender to Borrower or [o any successor in In[erest o( Borrower shaii not operate to rel^ase, in eny manner , . . � � . .. � �
<br /> . � � the Ilability of the originat Borrower and Borrower's successors in � nterest . Lender shall not be requiretl [o commence proccedings . � �
<br /> � against such successor, to refuse to or to extend time for payment, or otherwise to mod� fy amortizatiun of the sums secured by thi5 � . � . �
<br /> . � �' � . � . Mortgage by reason of any demand made by the oNginal Borrower or Borrowor's successors (n interest . � �
<br /> � . � 11 , Forebearanre 6y Lender Not a Waiver . Any forebearance by Lender in exercising any right o� remedy hereunder, or � � � .
<br /> �. .� � � � � otherwise af(orded by applicable law , shail rrot be a waiver of o� preclude [he exercise of a�y right or remedy hereunder. The , �
<br /> , � procurement ot insurance or the payment of taxes or other Iiens or charges by Lender shall nof be a waiver of Lender's right to � � .
<br /> � . � � accelorate the mawrity of the 1 ndebtedness secured by this Mortgage . . � . � �
<br /> . � , 12 , Remedies Cumulative . All remadies prpvided in th�s Mortgage are distinct and cumulative to any other rightor remedy , �
<br /> � under this �Mortgage or afforded by law or e4uity , and may be exercised concurrently , independently , or successively�. . � ��, . . � . � .
<br /> � 13. Successors and Assigns Bound: Joinl and Several liability; Captions . � The coveoants and agreements herein conlalned �� � � �
<br /> . � � �� . . shali bind and the .rights hereunder shall inure to the respective successors and assigns of Lender and Horrower . � Alt covenants . . . � �
<br /> . � � � �and agreemenis of Borrower shall be joint and several . The captions and headings o( the Paragraphs ot this Mortgage are �fnr �� � � � � � � �.
<br /> . . � convenience anly and are not to be used to interpret or deFne the provisions hereof. In. the event lhe ownership ot the Property . � . . � �. . � �
<br /> � � � or any part [hereot becomes vested in a person other [han ihe Borrower , [he Lender may deal with such successor or successors � �
<br /> . � . �n inlerest wlth reference to this Mortgage and the Indabtedness hereby secured in the same manner as with the Borrower without � . . �
<br /> . in any manner vitiating or discharging the Borrower's liability hereunder or upon [he Indebtedness hereby secured; and in the
<br /> � alternative, at thebption of the Lender , Lender may dedare that the unpaid balance of the inde6[edness is immediately due and � �. .
<br /> � ; . -. . � Payabip. �. . � � . � � . . . . .
<br /> -i 14. Nofice: �Any notice from Lender to Sorrower provided for in this Morlgage shell be by cenified mail to Borrower a[ the �, . .. . .
<br /> � � � � � Property address 5tated below or at sucfi address as Borrower may designate to Lender by certified mail to Lender's acldress, � ; � � �
<br /> � � . � except for any notice�given to Sorrower i� the manner prescribed by aAPl� rable law as provided in Paragraph 17 of this Mortgage . � . . � � � - �
<br /> � I5. Un7torn� Stor:gaQe; Go.zr�tinA 1-aw; Severabi : ity . This form of S'.ortga�c :,.ambin.s .:aifor:a covenan2s .'or natic�al use . . �
<br /> � � � � � and nomun�form covenants with limitetl va�iations by jurisdiction to constitute a uni/orm security instrument covering reai � : �� � �
<br /> � � � � property _ 7'bis Mortgage shali be governed by the !aw of 2he jurisdiction in which the Property is located . I� the event tAat any . . � � � .
<br /> . � � � provision or clauseof this� Mortgage or the Note conflicts with applicable faw, such rnnflict shail not affecl other provisions pf . � . .
<br /> this Mortgage or the Note which can ba given effect without [he conflicting provision, and to this end the provislons of th(s . . . -
<br /> � � Morlgage and �the Note ere dedared to be severable. � � �
<br /> � . . � �� � 1.6. �Borrower' s� �Copy . Borrower shall be lurnished a conformed copy of this Mortgage at the time of execution or after � � N •� � �" >`,�'�,
<br /> � recordation hereof. . p ' � ,.�. �' �'�".,,
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<br /> �� � �� � � ORIGINAL RETURN TOPLYMOUTH; BORROWER RETAIN CAPV I
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