|
- If under ara ra h 18 hereof thc Yro ert , �
<br /> P g P p y is sold or thc Property is otherwise acquired by I.ec�der, I.ender
<br /> s shall apply, no later than immediately prior to tl�c �alc of the Property or its acquisition by Lender, any Funds
<br /> held by Lender at the time of application as u credit against tlie sums �ecured by this VIortgage.
<br /> 3. Applieation of Payments. Unless applicable la�c provide. ntherwise, all payments received by Lender
<br /> under the Note and paragrapLs 1 and 2 hereof shall hc n�iplied by Lendcr first in payment of amotmts payable to
<br /> Lender by Borrower under paragraph 2 hereof, then to intereat p:tyable on tl�c Note and un Future Advunces, if
<br /> uny, and t6en to the principul of the �iote nnd to tlie principul of Future Advunces, if uny.
<br /> 4. Ch�ges; Liens. Borrower sl�all pay ull taxes , assessments and other cliarges, fines and impositions attrib-
<br /> utable to the Property which may Attain a priority over this Mortgnge, and ground rents, if any, at Lender's � ;.
<br /> � ; pp option in the manner provided under paragraph 2 hereof or by Borrower making puyment, when due, direcWy to
<br /> i �j the payee thereof. Borrower shatl promntly furnish to 7.ender all notiees of amounts due under this paragraph , i '
<br /> ; nj and in the event Borrowershall mnkc payment direetly, Borro�cer sLall nromptly Curnish to I.ender receipts evi- �`
<br /> Q denoing such payments. Borrower shall promptly disclmrge any lien which has priority over this il4ortgage ; pro- '-`:
<br /> ,�r�, vided, that Borrowershall not be required to dischnrge any such lien so long as Borrower shall agree in writing to t "
<br /> ; � the payment of the obligation secured by such lien in a manner acceptAble to Lender, •or sliftl! in good faitli contest '-
<br /> ; such lien by, or defend enforcement of sucli lien in, legal proceedings �vlcich operute to prevent the en(orcement of �'
<br /> � the lien or forfeiture of the Property or any part thereof. 4 '
<br /> � S. Hazard Insuzaaee. Borrower shsll keep tlie improvements no�v existing or hereafter erected on the Prop- � `
<br /> � erty insured agsinst loss by fire, hazards included within the term "extended coverage", and such otlier hazards as 7" `_
<br /> Lender muy require and in such amounts and Sor sucl� pm•iods as Lender muy require ; provided , that Lender shaD �
<br /> notrequire that Lhe amoant of such coverage exceed tf�at amour�t of coverage required fo pny thc sums secured 'by �� '
<br /> � this Mortgage.
<br /> � The insurance carrier providing tl�e insurauce shall be chosen by Borrower subject to approval by Lender ; �'
<br /> provided, that such approval shall not be unreasonubly withheld. All premiums on insurance policies shall be paid
<br /> at Lender's option in the manner provided under paragrapl� 2 hereo[ or by Borrower making pnyment, when due, r
<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 shall become `. '
<br /> j immediately due and payable 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_ �
<br /> All insursnce policies and rene�vals thereof s6all be in fonn acceptable to Lender and shall include a standard
<br /> mortgage clause in fnvor of and in form acceptnble to Lender. Lender shalI liavc the right to hold the policies and `
<br /> + renewals thereof, und Borrower shall promptly furnish to Lender all rene�val notices and all receipts of paid pre- �'
<br /> ; miums. In the event of loss, Borrower shal( give prompt notice to the insurance carrier and Lender, and Lender ;
<br /> i may make proof of ]oss if not made promptly by Borrower.
<br /> ! Unless Lender and Botrower othenvise agree in writing, insui.3ncc proceeds shall be applied to restoration or � p
<br /> ; repair of the Property damaged, provided such restoration or repair is econornically ieac���e and the security of °
<br /> ; - this l�fortgage is not thereby impaired. If such restoration or repair is not economically feasibie or if the security �
<br /> ` of this �4ortgage would be impaired, tlie insurssnce proceeds shall Lc applied to the sums secured by this Mortgage, j
<br /> r with the excess, if uny, paid to Borrower. If the Yroperty is abandoned by Borro�ver or if Borrower fnils to respond '
<br /> � to Lender within 30 days after notice by Lender to Borrower tl�at the insurunce carrier offers to settle a claim for `
<br /> ineurance benefits, Lender is suthorized to collect snd apply thc insurance proceeds at Lender's option either to � '
<br /> i restoration or repair of the Property or to the sums secured by tliis \Sortgage.
<br /> ? Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall ti
<br /> aot extend or postpone the due dute of the monthly installments referred to in parngraphs 1 and 2 hereof or chsnge '
<br /> the smount of such installments. z
<br /> If under paragraph 18 hereof the Property is acquired by I.ender, nll right, title and interest of Borrower in
<br /> ` and to any insurance policies and in and to the proceeds thereof jto the extent of the sums secured by this Mort- ;
<br /> � gage immediately prior to such salc or acquisitionl resulting from damage to thc Property prior to the sale or ii '
<br /> x acquisition shall pass to Lender. �
<br /> � 6. Preservation msd Mmnten�ee ot Property; Leaseholds; Condomiaiums. Borrower shall keep the Prop- ^
<br /> j erty in good repair and shall not permit or commit waste, impairment, or deteriorution of the Propehy and ehall ?
<br /> comply with the provisions of any lease, if this \fortgage is on a teasehold . It this �lortgage is on a condominium � _
<br /> � unit, Borrower shall perform all of Borrower's obligations under the declaration of condominium or master deed,
<br /> � the by-lsws and regulations of the condominium project and constituent documents.
<br /> i 7. Pzoteetion oE Lendei s Security. If Borrower fails to perform the covenants and agreements contained in
<br /> ; this Mortgage, or if uny action or proceeding is commenced �r•hicl� tnaterially affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domuin, insol�•ency, code enforcement, or arrangements or proceed-
<br /> ; in� involving a bankrupt or decedent, then Lender at Lender's option , upon notice to Borrower, may make such
<br /> " 4 appearances, disbutse such sums and take such uction as is necessary to protect Lender's interest, including, but
<br /> ` { not limited to, diebursement of reasonable sttorney's fees and entry upon thE Property to make repairs. Any
<br /> i amounts disbursed by Lender pursuant to this poragraph 7, a•itli interest thereon, shall become additionat indebt-
<br /> i edness of Borrower secured by this �fortgage. Unless Borrower snd Lender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Bortow•er requesting payment thereof, and ahall bear inter-
<br /> est from the date of disbursement at the rate stated in the Arote unless p$yment of interest at such rate would be
<br /> � contrary to applicable law, in which event such amounts shall bear interest at the highest rate permiasible by
<br /> j spplicable law. Nothing contained in this paragraph 7 shnll require I,ender to incur nny expense or do any net
<br /> ° hereunder.
<br /> � 8• InsPeelioa. Lender may make or cause to bc made rea�onable entries upon and inspections of the Prop-
<br /> s erty, pravided fhat Lender gha11 give Borrower noticc � �rim• to nn}• su��h inspectian specifying reasonable cause
<br /> ,� therefor relsted to Lender's interest in the Property.
<br /> , � 9. Condemaation. The proceeds of any awarci or clnim for damages, direct or consequential, in connection
<br /> ' � with any condemnstion or other taking of the Property , or part thereof, or for conveyance in licu of condemna-
<br /> ' tion, are hereby assigned and shall be paid to Lender.
<br /> t In the event of a total taking of the Property, the ��roceeds s6a11 be applied to the sums secured by this Mort- ..r �
<br /> gsge, with the excesa, if any, paid to Borron•er. In tLe event of a partial taking of the Property, unless Borrower '" �`' � �.
<br /> : � , and Lender otheraise agree in writing, there ahall be applied to the sums secured by this �Iartgage such propor- +z .;, re �
<br /> ` � tion of the proceeds as is equsl to that proportion which tl�e amount of the sums secured by this Mortgage unme- •' = d '
<br /> x ,� diately prior to the date of taking bears 2o the fair market value of tl�e Pro ert immediatel t " �
<br /> taking, with'the bslanee of the proceeds paid to Borrower. p Y Y prior to the date ot ,
<br /> z , � � � ,�
<br /> `� If the Property is abandoned by Borrower or iE atter notice by Lender to Borrower that the condemnor offers s _ �
<br /> ' � to make an award' or settle a elaim for damsges, Borrower fails to respond to Lender within 30 days of the date - ' � =*��,
<br /> ' � ? of such notiCe, I�nder, is authorized to collect and apply the proceeds at Lender's option either to restorntion or 9 T`"
<br /> � rep8ir of the Property or to the eums aecured by tl�is \Iortgage. µ " �
<br /> .' , � Ubless Lender and Borrower othexKvise agree in writing, any such application of proceeda to principal sl�all
<br /> ,
<br /> ;
<br /> i S
<br /> , .... ,�-�' 1
<br /> Y. � �
<br /> � . .. . . .. . . . .. . ._ . ...:q: .. ... .� � ��. . ... . . ._ , . .. . . . . . . .��
<br />
|