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<br /> + If under parsgraph 18 hereof thc Property is sold or the Yroperty is otherwise acquired by Lender, Lender •
<br /> shall apply, no later than immediately prior to thc salc of tlic Property or its acquisition Uy Lender, any Funds
<br /> held by Lender at the time of application as a credit against tlic swn. ,ecured by this Mortgage.
<br /> 3. .Applieatioa of Paymeata Unless applicable in�.• provides otherwire, all payments received by Lender
<br /> under the Note nnd pacagrapl�s l and 2 hereof shall be upplied by 7.ender first in payment of amounts payable to
<br /> Lender by Borrower under paragmpl� 2 hereof, then to interest �iayable on the I�Totc and on Future Advances, if
<br /> ; sny, nud then to the principal of the Note and to tl�e principal of Future Advances, if any.
<br /> ; 4. : Ch�ges; Lieas. Borrower shall pay ail tuxes, nssessments and other charges, fines and impositions attrib- � � <
<br /> � utpble to the Property which may attain a priority over tl�is vtortgage, and ground rents, if any, at Le�der's 1 ,�'�
<br /> � 'option in the manner provided 'under paragraph 2 heeeof or by Borrower making pnyment, when due, directly to � `'
<br /> �- o the payee thereof: Borrower shall proroptly furnish to Lender ull notices of amounts due under this paragraph, w
<br /> and in the event Borrower shall mske payment directiy, Borrower ahall promptly furnish to Lender receipts evi-
<br /> , . �- � dencing sucli payments. Borrower shall promptly dischurge any lien which has priority over this btortgage ; pro- � ��
<br /> � vided, that Borrower shall not be required to dischar�e any such lien so long as Borrower shal! agree in writing to ;
<br /> the payment of the obligation secured Uy such lien in :ti manner acceptable to Lender, or 'shall in good faith conteet `-'�'
<br /> � � such lien by, or defend enforcement of sucli lien in, legal proceedings which operute to prevent the en#orcement of
<br /> , 1 the lien or; forfeiture of the Property or any part thereof.
<br /> ; ; � S Hazard Iasw�mee. Bonower shall keep the improvements noa• existing or hereafter erected on the Prop-
<br /> i erty insured against loss by fire, hazards included within the term "extended covemge", and such other hazsrds as
<br /> � Lender may require and in such amounts and for sucli periods as Lender may require ; provided, that Lender ahall
<br /> , � not require that the amount of auch coverage exceed tliat amount of coverage required to pay the sums secured 'by
<br /> t this 1Vlortgage. '
<br /> � The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender,
<br /> � provided, that such approval shall not be unressonably withheld. All premiums on inaurssnce policies shall be paid
<br /> at Lender's option in the manner provided under paragrapl� 2 hereof or by Borrocver making payment, when due,
<br /> � direetly to the insursnce carrier.
<br /> � In the event an lic �s not renewed on or before ten da s of its ex iration the Lender to
<br /> ; Y Po Y � S P , , Protect -
<br /> , � its interest, may procure insurance on the improvements, pay the premiums and such sum shall become .` '
<br /> immediatel due and a able with interest at the rate set forth in said note until rV`'
<br /> 3 Y P Y paid and shall be
<br /> i secured by thia Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br /> � under the terms of this Mortgage.
<br /> � All insurance policies and renewals thereof shnll be in Conn acceptable to Lender �nd shall includc a standard
<br /> 3 inortgage cIsuse in favor of and in form acceptable to Lender. I.ender ehall have the right to t�old the policies and
<br /> � renewals thereof, nnd Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid pre-
<br /> ? miums. In the event of loss, Borrower shall give prompt notice to thr, insurance carrier and Lender, and Lender ����
<br /> � may make- proof of loss if not made promptly Uy Borrower. '
<br /> Unleas Lender and Borrower othenvise agree in writing, insurance proceeds shall be applied to restoration or , ,.
<br /> ; ; - repair of the Property damaged, provided such restoration or repair is economically feasible and the security of -l�
<br /> � this Mortgage is not thereby impaired. If such restoration or repair is not economically fenaible or if the security
<br /> � of this vlortgsge wouid be impaired, the insurance proceeds sliull bc applied to the sums secured by this biortgsge,
<br /> { with the excess, if any, paid to Borrower. If the Yroperty is abandoned by Borrower or if Borrower fails to respond � ,
<br /> � to Lender within 30 days after notice by Lender to Borrower tl�at the insurance carrier offers to settle a claim for ' �
<br /> i inaurance benefite, I.ender is suthorized to collect and apply the insurance proceeds at Lender's option either to w ".
<br /> ' restoration or repair of the Property or to the sums secured by this \�Iortgage. ,y;
<br /> � Unleas Lender and Borrower othenvise ngree in �vriting, any such application af proceeds to principal shall " �
<br /> notextend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change `
<br /> � the amount of such installments. � i
<br /> If under paragraph 18 hereof the Property is acquired by Lender, nll right, title and interest of Borrower in '
<br /> ! and to sny insurance policies and in and to tl�e �roceeds tliereof (to ti�e extent of the sums secured by this Mort- �`�,
<br /> � gsge immediately prior to such sale or acquisition ) result.ing from damage to the Property prior to the sale or .
<br /> � acquieition shsll pass to Lender.
<br /> 6. Preservatioa mid Mtaatea�ce of Pzopezty; Lecsaholds; Coadominiums. Borrower shali keep the Prop-
<br /> erty in good repair snd shall not permit or commit waste, impairment, or deterioration of the Property and shall
<br /> '� comply with the pro��isions of uny lease, if this \Iortgage is on a leasehold. If this 14ortgage is on a condominium
<br /> unit, Borrower shnll perform all of Borrower's obligations under the declaration of condominium or master deed,
<br /> � the by-laws and regulations of the condominium project a.nci constituent documents.
<br /> <; 7. Proteetion of Lender's Seeuzity. If Borrower fails to perform the covenants and agreements contained in �"
<br /> ' 1 this Mortgage, or if any action or proceedin� is commenced �vhich materially affects Lender's interest in the Prop- ,�
<br /> : � erty, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceed-
<br /> 1 ings involving a bankrupt or decedent, then Lender at 7.ender's option, upon notice to Borrower, may mske such
<br /> 1 appearances, disburse sucli sums nnd take sucli uction ns is necessary to protect Lender's interest, including, but
<br /> � not limited to, disburaement of reasonable attorney's fees and entry upon the Pmperty to make repairs. Any
<br /> ; amounte disbursed by Lender pursuant to this paragrapA 7, �vitl� interest thereon , shall become additional indebt-
<br /> � edness of Borrower secured by this �fortgage. Unless Borrower and Lender sgree to other terms of payment, auch
<br /> amounts sha1l be payable upon notice from Lender to Borrower requesting payment thereof, and ahail bear inter-
<br /> � est from the date of disbursement at the rate ststed in the Note unless 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 permissible by
<br /> applicable Taw. Nothing containeci in tl�is paragraph 7 slinll irquire I,ender to incur uny expense or do ssny nct
<br /> heseunder.
<br /> 8. Iaspectioa. Lender may uiake or cause to he mnde ceasonable entries upon and inspections of the Prap-
<br /> ' erty, provided that Lender shall give Borrower notice prior to am• such inspection specifying reasonable cause
<br /> ,;, therefor 7elated to.Lender's interest in the Property.
<br /> 9. Conde�aaation. The proceeds of any award or clsim for damages, direct or consequential, in connection
<br /> z: � with,any condemnation oz other taking of the Property, or part thereof, or for conveyance in lieu of condemna-
<br /> -,� tion, are hereby assigned and shall be paid to Lender.
<br /> In the event ot a total taking of the Property, the proceeds sl�all be applied to the sums secured by thia Mort- � � '
<br /> ,, gage, with the excess, if any, paid to Borrower. In tl�e event of a partial tnking of the Property, unless Borrower '" �-^"�"` � Y��
<br /> ;,- � �and .Lender.otherwise agree in writing, tliere sl�sll be applieci to tlie sums secured by this �Iortgage such propor- ,
<br /> �•. tion of the proceeds as is equsl to that proportion which the amount of the sums secured by this Mortgage imme- ;� �."
<br /> �� diately prior to the date of taking beare to the fair inarket value of tt�e Property immediotely prior to the date of �! ,
<br /> n � 1 t.
<br /> � tslung, wi�Ys�the bulunae of;the proceeda paid to Borrower. ��w, � r,
<br /> �'�, �the Pxrc�perty` is abandoned' by; Borrower or if after notice by Lender to Borro�ver that the condemnor offers ^;q 3
<br /> Lo ane b a�;sfmsrd':or'settle>o claim for damagea, Borrower fuils to respond to Lender within 30 days of the date �"
<br /> o£ suc� iiottCO;>Lender is suthori2ed to collect and apply the proceeds at Lender's option either to restoration or � r-�''T, f -��
<br /> �,� repair of.the Property or to the aums aecured by this ltortgage. �f
<br /> , ..� Uc3ess Y.end'er and Borrower otheryvise agree in writing, any such application of proceeds to principal shall
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