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<br /> ` If under paragrapli 18 hereof the Property is sold or the Property is othenvise acquired by Lender, Lender � I , � � `
<br /> shall apply, no later tlian immediately ��rior to t hc sa lc o f t lte Yroper ty or i ts �ic q u i s i t i o n b y L e n d e r, a n y F u n d s
<br /> ' held by Lender at the time of application ns u creclit against tLe sums secured hy this VIartgaga
<br /> i} , 3. Application of Payments. ._Unless applicable Inw' provides othenvise, all payments received by Lender ' ;.
<br /> ? under ttie Note and paragrap6s 1 and 2 hereoC sl�all I>b aF�P��� ��Y I.ender first in I�ayment of amounts payable ta , K
<br /> 3 : Lender' by Borrower under paragrapI� 2 liereof, tfieu to interest puyaf�le oi� t6e Note and on Future Advances, if `'
<br /> " ony, unsl then to the principal of the Note and ta the principal of Future AdvAnces, if any. � , , ��r
<br /> � 9., Charges; I.ieas. Borrower shall pay all taxes, assessments and other chsrges, fines and impositions nttrib- ,�
<br /> dy utptile ,to , the PFoperty which may attain u priority over tteis Mortgage+ and grannd rents, if any, at Lender'a � ' �+�rf��
<br /> � pQ pptioa in the manner provided under psragrnph 2 hereof or hy Borrozver inakin� payment, when due, directly to � � � x7 ,�;�
<br /> 0 the payee:'thereof. Bormwer shail pramptly furnisl� Eo Lender ail notices of nmounts due under tliis paragraph; w �'' '' ` ; °
<br /> � 0 and in the event Borrower shall makc payment directly, I3orro�ver s1�n1I promptly furnish to Lender receipts evi- �� ' �'��
<br /> " :� dencing such payments. ,Borrower sha31 pramptly diacharge nny lien cvhich l�as priority over this \4ortgage ; pro- �� �; � �Y
<br /> Qided, that Borrower shall not be required to discIiarge any sucli lien so long as Borrower shall agree in writing to + , � �' '
<br /> r the payment of the:obligation eecured by such lien in u manner neceptable to Lender, or shull in good faith contest ' ' � ;k�,
<br /> � suah lien by, or defend enforcement of such lien in, legal proceedings wtxich operate to prevent the entorcement of 5, . � ; .�' a '
<br /> ^ the lien or forfeitvre of the Property or any part thereof. r� ' '� ry
<br /> � 5. Hazard 7nsur�ce. Borrower shall keep the improvements no�v existing or hereafter erected on the Prop- ' � f � � L'
<br /> erty insured againat loas by fire; hazarda included within the term "extended coverage", nnd such other hazards as 3�;
<br /> ' � Lender may require and in such amounts and for sucl� periods as Lender may requ9re ; provided, that Lender shall ; ^
<br /> # not require thaL Lhe amount of such covesage exceed that nmount of coverage required to pay the sums secured 'by ; ;; ; �� '
<br /> i this Mortgage. # � � Yf`
<br /> y
<br /> The'insurance currier providing tlie insursuce shall be chosen by Borro�ver subject to spprovai by Lender, ;,
<br /> � provided, tha4sueh approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid 'r, 'a,
<br /> ; _.� at Lender's option in tfie manner provided under pAragraph 2 hereof or by Borro�ver making payment, when due, � , ,; ''
<br /> ; f ditectly to the insurance camer. � 'r '
<br /> � _ �,��;
<br /> r 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 /> ' ,� immediately due and payable with interest at the rate set forth in said note until paid and shall be C ` ° �`�k
<br /> secured by this Mortgage_ Failure by Borrower to comply may, at option of Lender, constitute a default C ;` .,�
<br /> ; -:� ' _ a < <� �.
<br /> under the terms of this Mortgage. M
<br /> All insurance policies and renewals thereof �hall be in fonn ncceptaUle io S.ender and shall include a standard � � ��*�
<br /> � mortgage clavse in favor of and in form acceptable to Len der. I.en der s hu l l have tlie right to hold the policies and �° +�y�:
<br /> � renewals thereof, and Borrower shall promptly furnisli to Lender all rene�val notices und ull receipts of paid pre- � •r ,�, ,�'
<br /> miums. In the event of loss, Borrower shall give prompt notice to ti�e insurance currier and Lender, and Lender
<br /> may make proof of loss if not made promptly by Borrower. � ' ` �' �
<br /> Unless Lender and Borrower othenvise agree in �vriting, insurance proceeds shnll be applied to restoratioa of t`." t`, , y:�
<br /> ' � repair a t t h e P r o p e r t y d a m s g e d, p r o v i d e d s u c h r e s t o r a t i o n o r r e p a i r i s e c o n o m i c a l l y f e a s i b l e a n d t h e s e c u ri t y o , , � ,� ,;r �
<br /> :� this Mort g a ge is not tl�ereby impaired. If such restorntion or repair is not economically feasible or if the security �" �� , ^���
<br /> of this Mortgage would be ixnpnired, the insursnce proceeds shall be applied to the sums secur e d by t his Mo r tgage, , , < , � ,
<br /> with the excess, if nny, paid to Borrower. It tl�e Property is ssbandoned by Borrower or if Borrower fails to respond � ; �'r� '��'�"
<br /> to Lender within 30 days after notice by Lender to Borrower thnt the insurance carrier offers to settle a claim for �`. " � %`F,�
<br /> inaurancebenefits, Lender is authorized to collect and apply thc insurnnce proceeds at Lender's option either to , taa r�;
<br /> restoration or repair of Lhe Property or to the sums secured by this \fortgage. � , ' , , + �,�
<br /> Unleas Lender and Borrower othenvise agree in �vriting, any such application of proceeds to principal shall � . KH � ' �*;r�:
<br /> not extend or postpone tke due date of the monthly installments refened to in paragraphs 1 and 2 hereof or change � ' ��
<br /> r '� the amount of auch installments. � ' �`�
<br /> If underparagraph 18 hereof the Property is acquired by Lender, atl right, title and interest of Bonower in E
<br /> and to any insursnce policies and in and to the proceeds tliereof (to tlie extent of the sums secured by this Mort- § �
<br /> i `�� gsge immediately pnor to such sale or acquisition) resulting from damage to the Property prior to the sale or ( , �a,
<br /> ` acquisition shall pass to Lender. s � ' F ''�c
<br /> � 6. Preservatioa �ad Mmatan�mce of Pzopezty: Leaseholds; Condamiaiums. Borrower shalI keep the Prop- � , � � `�
<br /> ,; � erty in good repair and ahall not permit or commit wuste, impairment, or deterioration of the Property and shall � ' ' .�� ;
<br /> comply with the provisions of any lease, if this �Iortgage 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-laws and regulations of the condominium project and constituent documents. ,'
<br /> 7. Pzoteetion of Lendei s Sacurity. If Borrower faiis to perform the covenants and a�reements cantained in r
<br /> this ��'fortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Prop- ; :.r
<br /> erty, including, but not ]imited to, eminent domnin, insol�•ency , code enforcement, or arrangements or proceed- � ��
<br /> ings involving a bankrupt or decedent, then Lender at 1.ender's option , upon notice to Bonower, may make such � � , .
<br /> appearances, disburse such sums and take such nction as is necessary to protect Lender's interest, including, but '
<br /> not limited to, diabursement of reasonable attorney's fees snd entry upon the Property to make repairs. Any ;
<br /> , -amounts disbursed by Lender purauant to this paragraph 7, with interest thereon, shall become additional indebt- � ^ ; :;
<br /> edaese of $orrower seeured by this Viortgage. Unless Borrower and Lender agree to other terms of payment, such ` "`:.
<br /> amounta'shall be.payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter- 'rt;
<br /> est from the date of disbu�ement at the rate stated 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 permieaible by �,a
<br /> Y,'� ' applieable law. iVothing contained in tl�is paragraph 7 shnil require Lender to incur rsny expense or do any act ;
<br /> hereunder. , ,
<br /> � 8. Inspectioa. Lendes may make or cause to he mndc rea�onable entries upon and inspections of the Prop-
<br /> ,f , � erty, provided that Lender shall give Bonower noticc l�rior to an� =urh inspection specifving reasonable cause
<br /> therefor =elated to Lender's interest in the Property.
<br /> �, Coademaation. The proceeds of any award or claim for ciamages, direct or consequentisl , in eonnection
<br /> �*;� with any condemnativn or other taking of the Property, or part theceof, or for con��eyance in lieu of oondemna- '_
<br /> '� � tioa, sre hereby sssigned and shaIl be paid to Lender. t : `
<br /> �.,Y,, In the event of a total taking ot the Property, the l�roceeds shall be applied to the sums secured by this Mort- ' '
<br /> t yy:
<br /> .,� gage, with the excees, if any, paid to Borroner. In the event of a partinl taking o[ the Property, unless Borrower ; ....� ,; �
<br /> � ;,Enfd, Ledder'otherivise agree im writing, tliere shall 'be applied to tlie sums secured by this vlortgage such propor- � ;�
<br /> `tion of,tlie pmceeils as is,equal to thst proportion which tlie umount oE the sums secured by this Mortgage 3mme- �%
<br /> _..
<br /> dietely pi'ior to the date of taking bears,to the fsir u�arket valne of tl�e property iminediately prior to the date'of {- -�. '�
<br /> � k �.
<br /> talnng, wxf,h'�.f,he��isI6nc� of �he proceeds paid to Bonower. . " r,
<br /> ry� It tii,�e+��i�opez�y ia sbe�doaed by Borrower or ii siter notice by Lender to Borrower that the condemnor offers ,��- �?
<br /> to mske�s�#at�..ar `settle a cisim for 'dac►%ages, Borrower fails to respond to Lender within 30 days of the date :�
<br /> ,W«�� of euctuinofiace �;ender is.suthorizeil - to aollect. and a I the. proceeds at Lender's o tion either to restorntion or `^"��' '�
<br /> � Pp Y. P ._.�.� ,. • s,, i
<br /> � eep�a�r of"the Property or bo the sums secured by tl�is \iortgage
<br /> � IInl`er�.'ss Lender and Borrower :otl�ernise' sgree in �vriting, a��y+ sueh application of proceede to principal ahall
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