|
_ r " � -,
<br /> If under paragraph 18 hereof thc Property is sold or the Property is othenvise ncquired b,y Lender, Lender
<br /> shall apply, no laten than immediatelyprior to thc salc of thc Property or its acquisition by Lender, any Funds
<br /> held by Lender at the time of application us a credit against the smns .eciired tay this �3ortguge.
<br /> J 3. Application of Paymeats: Unless aphlicablc In��� provides othen+•ise, ull payinents received Uy Lender �;
<br /> under the Note and paragcapLs 1 nnd 2 hereof shnll bc npplied by Lendcr first in payment of amounts payable to
<br /> Lender by Borrower under pamg;aplf 2, hereof, then to interest payable on the Note nnd on Future Advnnces, if � ' `" '
<br /> � ' any,, and then to the principal of the iVote nrid to, the principnY of Future Advances, if any. �'
<br /> ' 4. , C6�gea;:Liens. Borsoweasl�all puy all taxes, assessments und othercharges, fines aqd impasitions attrib-
<br /> � utable to tFae Property which may uttsin a priority over Chis vlort�age, and ground rents, iG any,. at Lender's ` z r,P�'
<br /> 1
<br /> � ' � option in ttxe manner provided uuder paragraph 2 hereof or by Borrower muking payment, �vhen due, direetly to Es>
<br /> ; � the payee thereof. Borrower shall promptly furnish to 7.ender al1 notices of amounts due under this paragraph, , -:
<br /> � snd in the evant Borrower shail make payment directly, Borrower shull promptly furnish to Lender receipts evi- , .
<br /> `' � , � dencing such payments. Borrower. shall promptly discharge any lien which has priority over this 14ortgage ; pro- F t
<br /> � � vided; that Borrower shall not be required to diacliar�e any sucl� lien so long as Borro�ver sl�all ugree in �vriting to
<br /> t ttie-payment of the obligstion secured by such lien in u �nanner acceptable to Lender, or shall in good faith contest x
<br /> 1 3 � such lien by, or defend enforcement of sucli tien in, legal proceedings which operate to prevent the en#orcement of �-`�.' , �
<br /> ; ^ the ]ien or forfeiture of the Property or any part tBereof.
<br /> ' � S. FIazard Insuraace. Borrower shall keep tl�e improvements now existing or hereafter erected on the Prop- � t ,
<br /> ; - erty insured against ]oss by fire, hazards included within the term "e�ctended coverage", and such other hazards as ;; :
<br /> Lender may require and in such amounts and for sucl� peitiods as Lender roay require ; provided, that Lender shalI F r':
<br /> ; I notrequire that the amount of such coverage exceed that sinount of coverlge required to pay the sums secured 'by ' -' �
<br /> � ' this Mortgage.
<br /> �
<br /> � The insurance currier providing tl�e insurance shall be chosen b} Borro�ver subject to approvnl by Lender; �
<br /> ; provided, that such approval shall not be unreasonably withheld. All premiums on iasurance policies shnll be paid
<br /> t►t Lender's option in the manner provided under paragraph '2 hereof or by Borrower making payment, when due, �.`
<br /> , � d'uectly 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 /> 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 shaIl be � ' t
<br /> � ' secared by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default �
<br /> � �i � under the terma of this Mortgage. � ��
<br /> 71 All instuance policies and renewals thereof c��8]� be in fomi :tcceptable to Lendcr and shall include a standard %"
<br /> 3 ' mortgage clsuse in favor of and in form acceptnble to Lender. Lender shall have the riglzt to liold the policies and � �''
<br /> renewals thereof, snd Borrower shall promptly furnish to Lender nll renewal notices and all receipts of paid pre- ;
<br /> miums. In the event of loss, Borrower shal! give protnpt notice to the in3urniice carrier and Lender, and Lender � r :
<br /> may make proof of loss if not made promptly by Borrower. i C
<br /> Unless Lender and Borrower othenvise agree in writing, insurance proceeds shall be applied to restoration or j � rv
<br /> { repair of the Property damaged, provided such restoration or repair is econon�icnlly feasible and the security of s -;�
<br /> ; thia Mortgage is not thereby impaired. If such restorntion or repair is not economically feasible or if the security ;
<br /> of t6is Mortgage would be impaired, tl�e insurance proceeds shall bc applied to the sums secured by thia Mortgage, ! � w `�
<br /> with the excess, if any, paid to Borrower. If the Yroperty is abandoned by Borrower or if Borrower fails to respond � ; r ,` +=`.'',
<br /> to Lender within 30 days after notice by Lender to Borrawer tl�at the insurance cArrier offers to settle a claim for
<br /> ineurance benefits, Lender is authorized to collect and spply the insurance proceeds at Lender's option either to � � � >`
<br /> �� restoration or repair of the Property or to the sums secured by tl�is \Iortgage. �, , w '
<br /> = Unless Lender and Borronwer otherwise agree in �vriting, any such applicntion of proceeds to principal shalI F z
<br /> � not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change i. r ';
<br /> j,. the amount of such installmeats. �� ,�
<br /> �� If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in � . F�
<br /> 4. . and to any insurance policies and in and to the proceeds thereof (to the extent of the sums secured by this Mort- � F"
<br /> "'; gsge immediately prior to such sale or acquisition) resulting from da�nage to the Property prior to the sale or � ; �
<br /> acquisition sball pass to Lender. � ' r�t.
<br /> 6. Preservatioa �d Mmatea�ce of Property; Leaseholds; Coadominiums. Borrower shall keep the Prop- C " ?
<br /> erty in good repair and shall not permit or commit waste, impairment, or deterioration of the Property and shall �
<br /> comply with tl�e provisions of any lease, if this \Iortgage is on a leasehold. If this �Zortgage is on a condominium :
<br /> � unit, Borrower sha11 perform all of Borrower's obli�ntions �mder the declarntion of condominium or master deed, !
<br /> the by-laws and regulations of the condominium project and constituent documents. � F ' �
<br /> 7. Protectioa of Lendez's Seeurity. If Borrower fails to perform the covenants and agreementa contained in ;
<br /> this blortgage, or if any action or proceeding is commenced �vhich materially affects Lender's interest in the Prop- �
<br /> ertq, including, but noL limited to, eminent domain, insol�•ency, code enforcement, or arran�ements or proceed- ;
<br /> ,` ings involving a bankrupt or decedent, then Lender at T.ender's option, upon noticc to Borrower, may make such
<br /> � appearances, disburse sucli aums and take sucli uction as is necessary to protect Lender's interest, including, but `
<br /> ,,y; not limited to, disbursement of reasonnble attorney's fees and entry upon the Property to make repairs. Any
<br /> i', amounts disbursed , by Lender pursunnt to this paragraph 7, witli interest thereon, shsll become additional indebt-
<br /> �` edness of Borrower secured by this �iortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> amounts shall be payablc upon notice from Lender to Borrower requeeting payment thereof, and shall bear inter-
<br /> �; est from the date of disbursement at the rate stuted in the Note unless payment ot interest at such rate wauld be
<br /> contrary to applicable law, in which event such amoimts shall bear interest at the highest rate permiesible by
<br /> applicable7aw. Nothing contained in this parugrsph 7 shnll require Lender to incur any expense or do any act
<br /> hereundes
<br /> 8. Inspaction. Lender may inake or cause to tie madc reaconablc entries upon and inspections of the Prop- �,
<br /> erty, provided that Lender ehall give Borroa•er notice ��rim• to nnv sueh inspection specifying reasonable cause
<br /> therefor related to Lender's interest in the Property.
<br /> 9. Cond�mnation. The proceeds of any award or claim for damages, direct or consequential, in connection
<br /> �;� with any condemnation or other taking of the Property, or part thcreof, or for conveyance in lieu of condemna- �
<br /> � - tion, are tiereby ass�gned and shall be paid to Lender. '
<br /> �" � In tlie event of a total taking of the Property, the proceeds s1�all be applied to the sums secured bv this Mort- ' �
<br /> '� � F s e svitfi the excess if an y c�
<br /> ,,, g ,. g , , y, paid Lo Borrower. In the event of a partial taking of the Property, unless Bonower .M
<br /> � ' asd Lender otheravise agree in writing, theresliall be s�plied to the sums secured by this tIortgage such propor- ,
<br /> x - tion of the proceeds ss is equal to that proportion which tl�e amount of the sums secured by this i�fortgage imme- ( �" �
<br /> ' � dsately p;iqr to the date of taking beare to the fair inarket value of tlie Property immediately prior to the date of �,�;
<br /> tsking, with�he balanco of�4he proceeds paid to Borrower. **�
<br /> s �.� ; If th�`P� e . � � � � � �s ". , i
<br /> � r6y,:ssabandoned by Borrower or it nfter notice by Lender to Borrower that the condemnor offers ��"`` . hf '`
<br /> �'-=5 - to mske amsward or`aeLtle a claim for damages, Borrower fails to respond to Lender within 30 days of the date " �. � ''
<br /> `;� o£ suckl u"otiCe; �ender is authorized to coIl`eat_ and apply the Eiroceedc, at Lender F option eitlier to restoration or '`�
<br /> � repair of the Property or to the sums aecured by t4is \Iortgsge.
<br /> Ualess Lender:;and Borrower: othernise agree in writing, any suc2� applicstion of proceeds to princiRnl ahall
<br /> s_ 3 . . . . � . � . _ . . . . . .
<br /> < � � ' • . � � � �
<br /> . � . � � �� � : )
<br /> , ..� .
<br /> �,..�o
<br />
|