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<br /> <�f�' i If under p.nr�gr�pli 18 hereoi fhe 1' roperoy ia sold nr [hn Nropertp� i5 oChori��i,�� •i��quired b�� Lender, Lcude-r
<br />�� ,�r shm111 apply, no later t�han iinmediatcl}� lrrior to tlx �il< <:if tlic J' i•opi � � � u > > t � ic�aui itu>n by Lcuuer. ;a � ��' Fun� 1 , �
<br /> . held byI,enderat thet,i�ne of np� �) irt.bien i - � c :e 1 .! :.h:_, . . ! t!.. . _�w, ; .. � ,. ,� ��i I �� thi. ..�iur 'tq.i�,c. �
<br />�, � 3. Applieafion of Payments. LJnless :�Ji�ilicablc luti�• �� rovicies oth��r���i�c, ;�L11 �,ia}�ment�s receive�,l by Len�ler• ��
<br /> under the �'ote and pnragrapLs 1 and 2 hereof sl�zill I �r, applied by i.ender iit:,f in pa}�ment; of a�nouuis �>ayable ro
<br /> Lender fay � Borrower uncier paragraph 2 hereof, thcu to interest ��ayablc on tlie Notr a,ii+ 3 on Fnturi° rldvances, if � � i
<br /> � any, and then to t.he principal � of ti�e �Not.e and to � Yl�e principal of FuCurc Ad � ances , if any. � � �
<br /> �-- 4. Charges; Liens. Borrower sliall pay all taxes, assesstnent5 unci ather charges, fines and irnpositions mtittrib -
<br /> � , Lta�le to LI:e Property �vhich may attain ri priority over tLis ��Iortguge, and bround rents, if any , ai Lender's
<br /> opti4n in the inatiner provided under �iairagrnpl� 2 hereof oi• l�y 13orrower ivaking payment, �vhen due, directly i�
<br /> Ehe payee thereof. Barrower s}iall prom�>tly furi�isli to Lender all notices of ainounts duc under this paragr�,ph, _
<br /> and in the event ]3orrower shall make �i<Lyment directly, Borro�cer sha1S promptly turnish ta I.ender receipts evi -
<br /> dencing such payments. l3orrower shall promptly discl�arge �ny lien which has priority over this 1Tortgage ; pro-
<br /> vide� , that BaTrower shali not l�e required to discl�arge auy sucli lien so long as I3oi•rower sl�all agree in writing to
<br /> � the payment of the obligation secured by sucli lien in :ti inaraner acceptsaUle to Lender, oi• shall iu good faith contest
<br /> such lien by, or defexad enfo*eeznent of sucli lien iri , legal j�r�ceeclinga w;ii�;i opera.ia Lo ��re��ent ihe eniorcement of
<br />� the lian orforfeiture �f the Property or any part thereof.
<br /> ri 5. Hazard Insurance. Borrower shall keep tl�e ini��rovements no�i� existing or hereafter erected on the Prop-
<br /> Z� erty insured against loss by fire; ha�ards included �vithin the term "extended coverage", and such other tiazards as
<br /> Q7 Lender may require and ' in sucli amounts �nd for sucli periods ;ls Le.nder msy require ; provided , tl�at Lender shall
<br /> l!� not require that the umounC of sucli coverage exceed t,hat amount of coverage reRuired to pa,y the sums secured 'by
<br /> "S�.^ this Mortgage.
<br /> O The insurance carrier providing tl�e insurancc� �hall bc chosen by ]3orrower subject to approval by Lender ;
<br /> provided, that such anproval shall nof, hr LS�TAACO:�nL�� .� S���he;,�'. . �ll pr�r:u:n; on iiisui�ance poiicies siiaii ne paid '�
<br /> � ut Lender's option in ttie inanner provided under patragrapl� 2 ]�ereoF or !�y Borrocver rn:�king 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 shail become
<br /> immediately due and payable with interest at the rate set forth in said note until paid and shaA 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 Mortgage. �
<br /> � All insurunce policies and rea�ewals t.hereoC shall be in forira ncce��t� ble to L�>nder and shall include a standard � � �
<br /> inortgage clause in favor of and in Yorrn acceptable to Lender. I,ender sl�all have tl�e riglit to l�old thc policies and 1.
<br /> cenewals thereof, and Borrower shr�ll promptly furnish to Lender all renewal notices and ail receipts of paid pre-
<br /> miums. In the event of loss, Borro�vei• shall give ��roenpt notice to the insuranee cai•rier and Lender, and Lender
<br /> may make proof of loss if noE made promptly by Borrower.
<br /> ` Unless Lender and Borro�ver othenvise agree in writing, insurance proceeds shall be applied to restorution or
<br /> repair of the Property damaged , provided such restoration or i•epair is econanically� feasible .�nd the security of
<br /> this Mortgage is not thereby impaired. If such restoration or repsir is not economic�ally feasible or if the security
<br /> of this \1ort.gage would be impaired, ilie insurance ��roceeds shal ! be applied to the sums secured by this l�iortgage,
<br /> F' �vith the excess, if any, paid to Borrower. If the Yroperty is abancloned by Boirorver or if Sorro�ver fails to respond
<br /> to Lender �vithin 3p days after notice by Lender to Borrower that ihc insurunce carrier offers to settle a claim far
<br /> iinsurance benefits, Lender is authorized to eollect und apply the insurince proceeds at Lender's option either to
<br /> restoration or repair of tlie Property or to the sums secured by t.l�is \Sortgage_
<br /> t Unless Lendet and Borrower othenvise agree in writing, an,y such application of proceeds to principal shall
<br /> not extend or postpone the due dttte of the monthl,y- installments referred to in paragrAphs 1 and 2 hereof or ehange
<br /> the amount of such installments.
<br /> , If under paragrapU 18 hereof the Property is acquired by Lender, all right•, title and interest of Borrower in
<br /> and to any insurance policies and in and to ihe proceeds tl�ereof ( to tlie extent. of the sums secured bv this �Sort-
<br /> goge immediately prior to such sale ur acquicition ) resulting froin damage to the Property prior to the sttle or
<br /> ucquisition shall pass to Lender.
<br /> S. Preservation and Mmntencmce bf Property; Leaseholds; Condomiaiuxns. Borro�ver shall keep the Prop-
<br /> erty in good repair and shall not permit or commit waste, impnirment, or deEerioration of the Property and shall
<br /> komply with the provisions of �ny lease, ii this \lortgage is on a lessehold. If this \?ortgage is oa a condominium
<br /> unit, Borrower shall i�erforan all of Borrower's ohligations under the declarntion of candominium or master deed ,
<br /> the by-laws and regulations oi the condominiuin project and constituent docunients.
<br /> '. 7. Protection of Lender's Seeurity. If Borrow•er fails ta pertorru the covenants snd sgreements contained in
<br /> � ' this �fortgage, or if any action or proceedin� is conimenceci �r•hict3 materisslly affecis Lender's interesU in the ProTr
<br /> erty, including, but not limited to, emineni dornain; insolvecicy, code enforcement , ur �rr�ngements or proceed-
<br /> inga involving a bankrupt or decedent, tlien Lender at Lender's option, upon notice to I3orrower, may make such
<br /> . j appearances, disburse such sums and take such aciion 3s is necessary to protect Lender's interest, including, but
<br /> � not ]imited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. An,y
<br /> amounts disbursed by Lender pursuant to tl�is paragrapl� 7 , with interest thereon, sl�all become additinnal indebt-
<br /> edness of Bor:ower secured by this \-iortgage. Unless Borro�ver and Lender agree to other f,erms of payment, such
<br /> amounts sha11 be payable upon notice from Lender to Borrocver requesting F�ayment t.hereof, and shail bear inter-
<br /> est frorn the' date of dis6ursement at the rate sinted in the I�'ot.e unIess payrnent of interest at such rate w�ould be '
<br /> contrary to applicable law, in which event such a,mounts shall bear interest at, the highest rate permissible by
<br /> applicable law: Notl�ing cont�sined in this parn�raPl� 7 sh�ll require Lender to incur uny expense or do any uct
<br /> hereunder.
<br /> 8. Inspeetion. Lender may make m� csu�e to he madc rea�onnhle entries upon and inspections of the Prop-
<br /> ertY, Proyided thnt Lender st�al! giz�e Bo:rosce.• notice � �ri�, t .� a;; � :u,li : n�pect,;on �peeiftiiug r<�asonal�;e cause
<br /> � therefor related to Lender's interest in the Property.
<br /> 9. Condemnation. The proceeds bf any award or claim Por damages, direct or consequential, in connection
<br /> with any condemnation or other taking of the " Proj�erty, or purt thcreof, or for con�•e�•unce in lieu of con�emna- ;
<br /> { tion, are hereby assigned'Rnd shall be paid to Lender. � _ ,
<br /> In the e��ent o£ a total taking of flie Property, tl�e ��roceeds sl �all be .ipplied to the sums secured by this Mort- ` ``�
<br /> � . gage, tivith the excey� , if any, paid to Borroi��e�. In zhe event of s ��artial tal;ing of the Property, unless Borrower �+•j; #;4 �!�`
<br /> �
<br /> and Lender othenvise agree in wi•iting, il�ere sl�alt be a�i�ilie�l to the sums secured by this \4ortgage such propor- *_' '
<br /> � tion of the proceeds as is equal to that proportion which tlie amount. of t6e sums secured by this 3lortgage imme- < ;;x
<br /> diately prior to the date of talcing ' bears to the fair i�rsrket �'alue of the Pi•ot.�erti}• irncnedisstely prior to the date of :'�•� `
<br /> ; taking, with the balance of tfie praceeds pAid to Bortowei•.
<br /> If �he Pro�ertp :s abandaned k;y I3orrawei or if ieiter n<�yicc i�y 7,enuer to Borrosver tizat the condemnor oi�ers
<br />� k � � ��� to make an aw��grd or settte � cia,im for damages, B�rrox�ei- f�,il� to � .t,pui�d i,v � Leuder wiciiiiz 30 dsys oi tihe date ,�,.�� . _�- ��
<br /> ; of such notiae, Lender is `asstHorized to collect and al�ply the �>roceeds ut Lender's option eit,her to restorat.ion or
<br /> - repair of the Property or to the sums secured by tl�is J1orLgage.
<br /> Unleas Lender and Borrower ott�envise. agrPe in writing, nny en�h appizcatio�3 of proceeds to principn: shali
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