|
._ _ ` �
<br /> If under paragraph 18 hereoC thc Property is sold or the Property is othenvise acquired b_y Lender, Lender
<br /> � ! shall. apply, no later than immediately prior to tlie salc of the Property or its acquisition I�y Lendcr, nny I'unds
<br /> held by Lender at the time of sspplicntion as a credit agaiust ihc sums secumd by this D�fortgaga
<br /> 3. Application oE Paymanta. Unless applica.blc la�s• provides othenvisq all paycnents received by Lender
<br /> under the Note and paragrapl�s 1 and 2 hereof shall bc applied by I.ender first in payinent of amounts payable to
<br /> Lender by Borrower u,nder naragrnph 2 liereof, then to interest p�yable on tLc ATote nnd on Future Advances, if
<br /> , i nny, nnd then Lo the principal of the Note and to the principal of I'uture Advances, if any. i
<br /> � 4. Chargas; Liens. Barrower sl�all pay all taxes, assessments and other charges, fines and impositions attrib- �,'
<br /> r �.,� utable, to the Yroperty which msy attain a priority over t4is Mortgage, and ground rents, if any, at Lender's `
<br /> � option in the manner provided tuider paragraph 2 hereof or by Borrower msking payment, �vhen due, directly to .`, ;
<br /> � .� � the payee thereof. Borrower shall promptly furnisl� to 7,ender nlf notices of amounts due under this paragraph,
<br /> ,' and in the event Borrower shall make payment directly, Borro�cer shall promptly furnish to Lender receipts evi- +
<br /> ; � dencing sucl� payments. Borrower shall promptly discl�urge any 7ien which hns priority over this vlortgage ; pro- � '
<br /> � � vided;. that Bonower shall not be required to discharge any sueli lien so long as Borrower shnil agree in writing to
<br /> � Ehe payment of the obligation secured by such lien in �� manner ncceptuble to Lender, or shaH in �ood faith conteet ?
<br /> . . ( auoh lien by, or defend enforcement of sucli lien in, legal proceedings which operate to prevent the ent'orcement of '�
<br /> � the lien or forfeiture of the Property or any part tl�ereof.
<br /> 5. Hazard Insur�ee. Borrower shall keep t12e iinprovements now existing or l�ereafter erected on the Prop- r'
<br /> erEy insured against loss by fire, hazards included �vithin the term "extended coverage", and such other hazards as
<br /> Lender may require and in such smounts and for sucl� periods as Lender may require ; provided, that Lender shaIl
<br /> not require that the amount of such coverage exceed tlint amount of coverage required to pay the sums secured 'by
<br /> � this Mortgage.
<br /> The insurance carrier providing the insurance shall Ue chosen by Borrower subject to approvul by Lender,
<br /> provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid
<br /> aat Lender's option in the manner provided under paragrnph 2 hereof or by Borrower making payment, when due,
<br /> dicectly 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 i
<br /> its interest, may procure 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 /> secured by this Mortgage. FaiIure by Borrower to comply may, at option of Lender, constitute a default a
<br /> under the terms of this Mortgage. n
<br /> �� All insurance policies and renewals thereof shaIl be in form �cceptable to I.ender und shull include a standard
<br /> mortgage clause in favor of and in form aeceptnble to Lender. Lender shall have the right to hold the policies and
<br /> j renewals thereof, nnd Borrower shull promptly furnish to Lender ull renewa! notices und all receipts of paid pre- i
<br /> ' { miums. In the event of loss, Borrawer shall give prompt notice to the insurance cnrrier and Lender, and Lender �
<br /> I may make proof of loss if not made promptly by Borrower. } �`
<br /> iUnless Lender und Borrower othenvise agree in writing, insurance proceeds shall be applied to restoration or a `
<br /> r repair of the Property damaged, provided such restoration or repair is economically feasible and the security of J
<br /> j this Mortgage is not thereby impaired. If such restorntiwi or repair is not economicslly feasible or if the security r > '
<br /> i of thie Mortgage would be impaired, the insurance proceeds shall be applied to the sums secuted by this Mortgage, �
<br /> '' � with the excess, if any, paid to Borrower. If the Yroperty is abandoned by Borrower or if Borrower fails to reapond �'r �
<br /> to Lender within 30 days after notice by Lender to Borrower tl�at the insurance carrier offers to settle a claim for ` ' >
<br /> ineurance benefite, Lender is authorized to collect snd apply thc insurnnce proceeds at Lender's option either to 4
<br /> � restoration or repair of the Property or to the sums secured Uy this \Iortgage. 1 �
<br /> Unless Lender and Borrower othenvise agree in �vriting, any such application of proceeds to principal shalI !
<br /> not extend or postpone the due date of the monthly instaliments referred to in paragraphs 1 and 2 hereof or change i
<br /> ! the amount of such installments. �
<br /> { '-� If under paragraph 18 hereof the Property is aequired by Lender, all right, titte and interest of Borrower in i , �
<br /> and to any insurance policies and in and to the procecds thereot (to the extent of the sums secured by this Mort- °
<br /> gage immediateIy prior to such sale or acquisition ) resulting from damage to the Property prior to the sale or ;
<br /> � acquieition shall pass to Lender. E
<br /> � 6. Preservation �d Mmntea�ce of Property; Leaseholda; Condominiums. Borroaver shall keep the Prop- '
<br /> erty in good repair and shall not percnit or commit waste, impairment, or deterioration of the Property and ehall '
<br /> � comply with the provisions of uny lease, if this �Iortguge is on a leasehold. If this Mortgage 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-]aws and regulations of the condominium project and constituent documents.
<br /> 7. Protection of Lender's Secarily. If Borro�ver tuiis to perform the covenants and agreements contained in
<br /> this vlortgage, or if uny setion or proceeding is commenced whicl� materially uffects Lender's interest in the Prop-
<br /> erty, including, but not ]imited to, eminent do�nain, insoh•ency, code enforcement, or urrangementa or proceed-
<br /> inge involving a bankrupt or decedent, then Lender at I.ender's option, upon notice to Borrower, may make such
<br /> - � appearances, disburse sucl� sums and take sucl� action as is neceesary to protect Lender's interest, including, but �
<br /> x not limited to, diabursement of ressonable attorney's fees and entry upon the Property to muke repaits. Any
<br /> ? smounte disbursed by Lender pursuant to this pnragraph 7, witlt interest thereon, shall become additional indebt-
<br /> � ednesa of Borrower secured by this �iortgage. Unless Borrower and Lender agrec to other terms of payment, such
<br /> 't smounts shall be payable upon notice from Lender to Barrower requesting payment thereof, and shall bear inter-
<br /> : ; eet from the date of disbursement at the rate stated in the I`Tote unless puyment of interest at such rate would be
<br /> , contrary to applicable law, in which event such amounts shall bear interest ut the highest rate permiasible by
<br /> � applicable law. Notliing contained in this paragrapl� 7 shnll !•equire Lender to incur any expense or do any ssct
<br /> � - � hereunder.
<br /> 8. Iaspection. Lender may �nake or cause to be mndc reasonablc entries upon and inspections of the Prop- '
<br /> erty, provided that Lender shall give Borroa•er notice �n•ia• to nny such inspection specifying reasonable cause
<br /> '' # therefor related to Lender's interest in the Property.
<br /> # 9. Coademaation. The proceeds of nny awarcl or claim for dsmsges, direct or conseyuential, in connection
<br /> with: any condemnation or other taking of the Property, or part thereof, or for conveysnce in lieu of condemna-
<br /> t"aon, are hereby assigned and shall be paid to Lender. ; '
<br /> In the event of s total taking of the Property, the ��roceeds shaU t,e npplied to the sums secured by this �Iort-
<br /> �; gsge, with the e�ccess, if any, paid to Borro�ver. In the event of a partial taking of the Property, unless Bonower � �
<br /> snd Lender otherwise agree in writing; there shall be applied ta tl�e suma secured by this \3ortgage such propor-
<br /> ' ' tioa of the proceeds as is equal to that proportion whicl� the amount of the suma secured by this Mortgage imme- � „.'t;'
<br /> '-� diately prior to, the ,date of tsking- bears tothe fair �narket valuc of the Property immediately prior to the date of J x;sk�
<br /> s t.�ag, wt£hhhe balsnce of;the proceeds paid to Borrower. ,
<br /> -' If-t4e:`�opertyia abandoned byBorrower or if after notice by Lender to Borro�ver that the condemnor offers
<br /> to�make ati,awaYd or settle a claim for damages; Borro�ver fails to respond to Lender within 30 days of the dste ,� "' '"
<br /> - of gua5=ilotide, J.ender is suthorized Eo "coliect and apply the proceeds at I,ender's option eitlier to restoration or �� � '
<br /> „ - rePau' af tha Property orto theaums secuted by tliis \iortgnge_
<br /> �a�e.. ..ti.
<br /> ,
<br /> -,� Qa1e$s-I.eiider and Borrower:othenvise agree in writing, sny such application of proceeda to principal sliall
<br /> � V �� �
<br /> ', $ ' ' � _.,>
<br /> ,. �
<br /> ,,.,_ . ._ . , .,. . � . _ ,. _ �. _,
<br /> : � , _ . . _ ,_
<br />
|