|
�
<br /> ,
<br /> ;_,._._ � ~ �
<br /> �
<br /> If underparagraph 18 hereof the Property is sold or the Property is otherwise acquired by I,ender, Lender
<br /> shall apply, no ]ater than immediately prior to the aulc of tl�e Pro�erty or its acquisition by Lender, any Funds
<br /> held by Lender at thc time of application as a credit against tLe sums secured by this i�fortgage. 4�.`
<br /> 3., Appliaation of Paymeats. Unless applicablc ln�r• provides otherwise, all payments received by Lender , :;
<br /> under the Note and paragrapUs l and 2 hereof sliall bc applieci by I,ender first in �syment of nmounts payable to -
<br /> # Lender 6y Borrower under paragrapl� 2 hereof, then to interest ��ayable on tl�e Note and on Future Advancea, if ' ` ,z
<br /> , � any, and then to the principul of the Note and to the principal ot Future Advances, if any. � ' ;`'
<br /> r-1 4. Ch�ges; Liens. . Bonower shall pay a(] taxes, asseasments nnd ' other chasges, fines and impositions attrib- 4
<br /> Gp utable :to the Property which may attain a priority over this Mortgage, und ground rents, if any, at Lender's r �;
<br /> ` � �j option in'the manner provided under paragraph 2 hereof or ' by Bonower making puyment, when due, directly to ,.
<br /> p , the payee thereof. Borrower ahall promptly furnish to Lender all notices of amounts due under this paragraph, t ` �-
<br /> , p and in the event Borro�ver shall make payment directly, Borrower shall promptly furnish to Lender receipts evi- A '
<br /> ; � � dencing such payments. Borrower shall promptly disctissrge s+ny lien which has priority. over-this 1lortgage ; pro- r � `�
<br /> vided, that Borrower shail not be required to discharge any suc3i lien so long us Borrower shall a�ree in writing to
<br /> Op the payment of the obligation secured by sucl� lien in :i manner acceptabte to Lender, or sliall in good fsith contest , .; � f
<br /> � � auch lien by, or defend enforcement of sueh lien in, legal proceedings which operate to prevent the entorcement of 7 ,
<br /> ; the lien or forfeiture of the Property or any part tl�ereof. f, ,:
<br /> - i 5. Hazard Iasuzaace. Bonbwer shall keep tl�c improvements no«• existing or hereafter erected on the Prop- �a `
<br /> > erty insured against loss by fire, hazards included within the term "extended coverage", and such otlier hazards as „ -
<br /> i Lender may require and in such amounts and for sucli periods as Lender may require ; provided , thst Lender ahsll °.
<br /> ,,
<br /> � not require that the amount of such coverage exceed that amount af coverage required to pay the sums aecured 'by
<br /> 4 this Mortgage.
<br /> The insurance cnrrier providing tlie insurance shall be chosen by Borro�ver subject to approvnl by Lender; t
<br /> '� provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid
<br /> '; � at Lender's option in the manner provided under paragraph 2 hereof or by Borrower making payment, when due, �
<br /> directly to the insursnce carrien "�
<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 suru shall become
<br /> ' 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 insurnnce policies and renewals thereof shall be in form acceptable to Lender nnd shull include a standard ' j
<br /> mortgage clause in favor of and in form acceptable to Lender. Lender shall l�a�•e the right to liold the policies and r,�
<br /> � renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid pre-
<br /> ? miums. In the event of loss, Bonower shall give prompt notice to tl�e insurance carrier and Lender, and Lender C � '
<br /> � may make proof of loss if not made promptly by Borrower. j �,
<br /> Unleas Lender and Borrower otherwise agree in writin�, insurance proceeds shall be applied to restoration or ` y � ;
<br /> repair of the Property damaged, provided such restoration or repair is economically feasible and the security of y h
<br /> , .:� this vlortgage is not thereby impaired. If such restoration or repnir is not economically feasible or if the aecurity ' r �
<br /> ; of this Mortgage wauld be impaired, the insurance proceeds shall be ap�lied to the sums secured by this Mortgage, �
<br /> � with the excesa, if any, paid to Borrower. If the Yroperty is abandoned by Borrower or if Borrower fails to respond t , ;
<br /> � to Lender within 30 days aiter notice by Lender to Borrower that the insurnnce carrier offers to settle a claim for ; ;
<br /> insurance benefits, Lender is uuthorized to collect and apply the insurance proceeds at Lender's option either to > "� ��
<br /> restoration or repair of the Property or to the sums secured by this \-fortgage. x , ,
<br /> Unlees 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 monthly installments referred to in paragraphs 1 and 2 hereof or change ; = xz
<br /> the amount of such installments. ' `
<br /> If under ara h 18 hereof the Pro ert is ac uired b Lender all ri ht title and interest of Borrower in f
<br /> ; . � P �P P Y 4 Y � B � F �-
<br /> and to any insurance policies and in and to the proceeds tl�ereof (to the extent of the sums secured by this Mort- ; 9
<br /> j gage immediately prior to such sale or acquisition ) resulting from damage to the Property prior to the sale or }
<br /> 3 acquieition shall pass to Lender. ' ;t:
<br /> , � 6. Preservatioa �d Mmaten�ae of Property; Leaseholds; Condominiums. Borrower shall keep the Prop- �
<br /> 4 erty in good repair and shall not permit or commit waste, impairment, or deterioration of the Property and ehall � �
<br /> comply with the provisions of any lease, if this Vlortgsge is on a leasehold. If this Mortgage is on s condominium ,"
<br /> � unit, Borrower shall perform all of Borrower's obligations under the declaration af condominium or master deed, ;
<br /> ' � the by-laws and regulations of the condominium project and constituent documents.
<br /> s 7. Proteetion o! Leadez's Seeurity. If Borrower fnils to perform the covensnts and agreements contained in
<br /> ? this �fortgage, or if any action or proceeding is commenced which materiallp 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 /> ings involving a bankrupt or decedent, then Lender at I.ender's option, upon notice to Borrower, rnay make such
<br /> � appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but
<br /> � not limited to, disbursement of reasonable attorney's fees and entry upon the Property to malce repairs. Any
<br /> amounts disbursed, by Lender pursuant to this paragraph 7, �vitl� interest thereon , shall become additional indebtc
<br /> . � ednese of Bonower secured by this �fortgage. Unless Borrower and Lender agree to other terms of payment, auch
<br /> amounts ahall be payable upon notice from Lender to Borrower requestin� payment thereof, and shall bear inter-
<br /> ,> s est from the date of disbursement at the rate ststed in the Note unless payment of interest ut such rate would be
<br /> 1 contrary to applicable law, in which event such amounts shall bear interest at the highest rate permiesible by
<br /> ;� applicable law. Notliing containecl in this paragraph 7 shnll require Lender to incur sny expense or do any act
<br /> hereunder.
<br /> ;°;� & Inspeetion. Lender mag make or cause to lie madc rea.sonablc entries upon and inspections of the Prop-
<br /> erty, provided that Lender sl�all give BorroH•er noticc prior to nnp ,ucL inspection �pecifying reasonuble cause
<br /> ` `� therefor related to I.ender's intere.st in the Property.
<br /> < i� 9. Coademnatioa. The proceeds of any award or claim for damages, direct or conaequential, in connection 4
<br /> with sny condemnation or other taking of the Property, or part tliereof, or for conveyance in lieu of condemna- "
<br /> � tioa, are hereby asaigneci and shall be paid to Lender. , � `�•�
<br /> `' , �� ` In the event of s total taking of the Property, the proceeds shall be applied to the sums secured by this Mort-
<br /> � ;, g,age, with the excess, if sny, paid to Borrower_ In tl�e event of a partisl taking of the Property, unless Borrower
<br /> x ` ' snd Lender otherwise agree in writing, there sl�sll be applied to the suma secured by this :�Iortgage such propor- �, �• ;,
<br /> rj tion •o€ the proceeds as ia equal to that proportion which the amount of the aums secured by this Mortgage imme- �� , , ,,
<br /> � fl�ately pnor to the date of takingbears to the fsir market value of tlie Property immediately prior tio the date of � ,��^
<br /> K ,�q' tslang, wit� t"6� baTsnce.of the proceeda paid to Borrower. - ��� .
<br /> �s1 ' If the PsoperG�r' �6 absndoned by Borrovver or if nfter notice by Lender to Borrower that the condemnor offers _�;;' �,, ,
<br /> � :`� tomak�;an;a.W�id":br aettle a cIa'irin"for damsges, Borrower fails to respond to L.ender within 30 days of the date
<br /> «rn� o£ suchrnolac:e;� f;ender is svthorized to 'ooilect and" apply the' proceeds at Lender's option eitl�er to restoration ar
<br /> R,„ , i+epa� of;the Properby qr to the aums securcd iby this tiortgage:
<br /> � Unless Lender snd Borrower' o6herniae agree in writing, any such application of proceeda to principal shall
<br /> � _ . . . �
<br /> � • �� `�
<br />
|