|
. . � �
<br /> $ .
<br /> If under paragraph 18 hereof the Property ie sold or the Property is othenvise ncquired by I.ender, Lender
<br /> shall apply, no later than immediately prior to [he salc of tlie Property or its acquisition by Lender, nny Funds
<br /> held by Lender at the time of upplication as u credit against the swns sccured by this Mortgage.
<br /> 3. Application of Payments. Unless applicsblc late provides othenvise, all payments received by Lender
<br /> under the Note nnd paragraplis 1 and 2 hereof shull I�c applied by Lender first in puyment of amounts payable to ;v
<br /> I.ender by B,orrower under paragrapli 2 hereof, then to interest linyablc on tl�e 1\Tote nnd on Future Advances, if
<br /> any, and then 'to the principai of the Note and to the principal of Tuture Advnnces, if any. � •I
<br /> � 4. Chargess Lians. , Borrower shall pay all trsxes, assessments and other chsrges, fines and impositions attrib- % ' ;
<br /> 9 utable to the Pro e which ma nttain u riorit over thia Mort a e, and round rents if an at Lender's �'
<br /> P �Y Y p Y g B S � Y.
<br /> '. ? option in the manner provided under paragrnph 2 hereof or Uy Borrower making payment, when due, directly to
<br /> the payee thereof. Borroaver shall promptly .furnisl� to Lender all notices of amounts due under this paragraph,
<br /> � nnd in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evi-
<br /> � dencing such payments. Bonower shall promptly discharge any lien which has priority over this VIortgage ; pro-
<br /> � vided, that Borrower shall not be required to diseharge any sucl� lien so long us Borrower shall u�ree in writing to ,,�
<br /> � the payment of the obligation secured by such lien in n manner acceptsble to Lender, or shall in good faith contest
<br /> � such lien by, or defend enforcement of such lien in , legal t�roceedings �vl�ich operate to prevent the entorcement of `
<br /> � the lien or forfeiture of the Property or uny part thcreof. �
<br /> 5. Hazard Insur�ee. Borrower shall keep the improvements now existing or heresfter erected on the Prop-
<br /> � erty insured sgaiust 2oss by &re, hazsrds included within the term "extended coverage", and such othei• ]�naards ae
<br /> � ^ Lender may require and in such amounts and for sucl� periods as Lender may requirc ; provided, that Lender shsll ��
<br /> = not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured 'by
<br /> ; this Mortgage.
<br /> i The insurance carrier providing thc insuraiice shall be chosen by Borrower subject to approval by Lender; ;
<br /> ' provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be psid `
<br /> st Lender's option in the manner provided under paragrapli 2 hereof or by Borrower making payment, 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 /> f its interest, may prowre insurance on the improvements, pay the premiums and such sum shall become
<br /> � immediately due and payable with interest at the rate set forth in said note until paid and shall be �"
<br /> j secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default '
<br /> 1 under the terms of this Mortgage. `
<br /> : ; All insurance policies and renewuls thereof shall be in ror�„ a����canie co r,ender etnd sliall include a standard
<br /> mortgage clause in favor of and in form acceptable to Lender. Lender shall hnve the right to liold the policies and
<br /> , � renewals thereof, and Borrower shall promptly furnish to Lender ull renewal notices and all receipts of paid pre-
<br /> j miums. In the event of loss, Borrotiver sl�all give prompt notice to the insurance currier and Lender, and Lender ;
<br /> may make proof of loss if not made promptly by Borrower. t
<br /> - ! Unless Lender and Borrower otherwise agree in writing, insurnnce proceeds shall be applied to restoration or r .,,,.
<br /> repair of the Property dsmaged, provided such restoration or repair is economically fcasible and the security of
<br /> � this Mortgage is not thereby impaired. If such restorntion or repair is not econo�nically feasible or if the security �
<br /> of thia Mortgage wouId be impaired , the insurance �roceeds shull I�c applied ta the sums secured by this Mortgage, `
<br /> , � with the excess, if any, paid to Borrower. If the Yroperty is abondoned by Borrower or if Borrower fails to respond
<br /> to Lender. within 30 days ufter notice by Lender to Borrower thut the insurunce carrier offers to settle a claim for
<br /> � inaurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to .Y
<br /> restoration or repair of the Property or to the sums secured Uy this �Iortgage.
<br /> Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall � ��
<br /> � not extend or postpone the due dute of the �nonthly installments referred to in paragraphs 1 and 2 hereof or change
<br /> ,� the amount of such installments. ;
<br /> � If uader paragraph 18 hereof the Property is acquired by Lender, nll right, title and interest of Borrower in N
<br /> and to any insurance policies and in and to the proceeds thereof ( to tl�e extent of the sums secured by this Mort- t
<br /> � gage immediately prior to such sale or acquisition ) resulting from da�uage to the Property prior to the sale or �
<br /> acquisition shall pass to Lender. i
<br /> ' � 6. Preaervation �d Mmatea�see of Propezty; Leaseholda; Condominiums. Borrower shall keep the Prop- ;
<br /> erty in good repair and shall not permit or commit wAste, impuirment, or deteriorution of the Property and shall '
<br /> comply with the provisions of any lease, if this \lortgage is on a leasehold. If this Nlortgage is on a condominium �
<br /> � unit, Boaower shall perform all of Borrower's obligations under the declaration of condomiuium or master deed, '
<br /> � the by-Iaws and regulst.ions of the condominium project und constituent documents.
<br /> 7. Protection of Leader's Seeurity. If Borrower fuils to perform the covenants and agreements contained in
<br /> , � Lhis NIortgage, or if any action or proceedin� is commenced which materially affects Lender's interest in the Prop-
<br /> � erty, including, but not limited to, eminent domain, insoh�ency, code enforcement, or 3nangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at 7.ender's option , upon notice to Borrower, may mske such
<br /> appearances, disburse such sums and take sucl� action as is necessary to protect Lender's interest, including, hut '
<br /> not limited to, disbursement of resaonable attorney's fees and entry upon the Property to make repairs. Any
<br /> amounte disbursed by Lender pursuant to this paragraph 7, �vith interest themon, shall become sdditional indebt-
<br /> edness of Borrower secured by this 1-fortgage. Unless Borrower and Lender agree to other tcrms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requestin� payment thereof, and shall bear inter-
<br /> � eat from Lhe date of disbursement at the rate stated in the Note un(ess payment of interest at such rate would be
<br /> contrary to applicable law, in which event such amounts shall bear interest at the highest rate permisaible by
<br /> �, � applicable law. Nothing containec! in this paragraph 7 shnll require Lender to incur any expense or do any act
<br /> f
<br /> hereunder.
<br /> �, . 3 8. Inepeetion. Lender may make or cau=e to bc inadc reasonablc entries upon and inapections of the Prop-
<br /> , � erty, provided that I.ender shall give Borrower notice priw• to anp such inspection specifying reasonable cavse
<br /> therefor related to Lender's interest in the.Property_
<br /> ' g; . Condemaatioa. The proceeda of any awarcl or claim for damages, direct or consequential, in connection � -
<br /> �:; with any condemnstion"or other taking of ttie Property, or part thereof, or for conveyance in lieu of condemna-
<br /> _ ;., ;
<br /> ', � tion, are hereby assigned and shall be paid to Lender. ` " s
<br /> ' 4 In the event of a f,otal taking of the Property, the proceecis shall be applied to the sums secured by this Mort- �"``��'` � �
<br /> '�' e �vith the excess if aa sid to Bor;ower. In. tiie event of a artial takin of the Pro ert unless Borrower - � � . ;
<br /> �, 8$B , r Y, P . < N B P Y, <,:� _ <.
<br /> ; and-Lender otherwiae .agree in wnting, t}iere sl�all be applied to the suma seeured by this �Lortgsge such propor- *.� �
<br /> : ` ,
<br /> � tion of"the proeeede as ia.equal to :thst proportion which tUe amount of the suma secured by this Mortgsge imme- �'" z "'
<br /> i i diately pnor to the date of, taking ,bears to the fair 3uarket value oF tlie Property immediately prior to the date of , „;r: �:
<br /> ��B: w"s� �he'balance'oY:;tha proceeds paid to Borrower. P ;;,
<br /> n
<br /> ,�"�� . ' � tdi� P�,#op�Y' t� is abandoaeil by �errower,or if.after notice by Lender to Borro�ver that the condemnor offers .�' �
<br /> to mnke an award or settle, a cla�m for dumages, Borrower fails to respond to Lender �vithin 30 days of the date '" ' ` " '" �
<br /> � ',� of snclY�=notice, �:ender �a suthonset� to 'collect and apply the )�roceeds st Lender's option eitl�er to reatoration or
<br /> � � . repetu�,of;tl�e Projserty,or to`the,sums aeenred:by.,this Jiortgage:
<br /> �, � � Unless Lendez? and Borrower:othertvise s�ee .in -�vriting, any suah applioation of proceeds to principal shall
<br /> �s - �� � ' �
<br /> � .
<br /> , ,3
<br />
|