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<br /> If under psragraph 18 hercof thc Property is sold or the Property is othenvise acquired by I,ender, Lender
<br /> shall apply, no later t4an immediately prior to the salc of the Property or its acquisition hy Lender, any Fm�ds
<br /> lield by Lender nt the time of applicntion as a credit ngainst tl�e sums secured by this \4ortgage. `
<br /> 3. Applicalioa of Paymeals. Unless apPlicnhic 13tt• provides othenvisc, all payments received by Lender
<br /> under the Note and Psragraphs 1 snd 2 hereof shall hc al�plieci E�y Lender first in payment of amounts payable to
<br /> Lender by Borrower under i�aragrapli 2 l�ereof, tlien to interest payable on Ehc Note and on Future Advances, if
<br /> � uny, and then to f,he �rincipal bf the Note nnd to the principal oP Future Advunces, if any. �
<br /> 4. Chargase Lieas. , Borrower sliall pny nll taxes, ussessments nnd other ch�rges, fines and impositions attrib- �
<br /> utable .to the Property which may nttain u priority over tl�is D�ortgage, and ground rents, if any, at Lender's
<br /> � the �a �eecthereofnBorro�e�a11der paragraph 2 I�ereof or by Borrower making payment, �vhen due, directly to
<br /> � p y promptly furnish to Lender all notices of ninoimts due under this paragraph,
<br /> � upd in the event Borrotiver shall mskc payment directly, Borro«•er shsil promptly turnish to Lender receipts evi-
<br /> � dencing such psyments. Borrower sl�nll promptly discharge nny lien which has priority over this Mortgnge ; pro-
<br /> O vided, thnt Borrower shall not be required to discl�arge any sucli lien so long as Borro�ver shnll agree in writing to
<br /> � thepayment of the obligation secured by such lien in a manner ucceptable to Lender, or shall in good faith contest
<br /> such lien by, or defend enforcement of sucli lien in, legal proceedings �vl�ich operate to prevent the entorcement of
<br /> t the ]ien or forfeiture of the Property or any part tliereof.
<br /> pp S. Hazard Insur�ce. Borro�rer shall keep the iinprovetnents no�v existing or hereatter erected on the Prop-
<br /> ^ crty iasured agsinst loss by fire, hnzurds included within the term "extended covernge", and such other hazards as
<br /> ; Lender �nay require and in such amounts and for such neriods ns T.ender mny require ; provided , that Lender ehal]
<br /> } no£ require that the amount of such coverage exceed td�at amount of coverage required to puy the suma secured 'by ,LL�
<br /> } t6is Mortgage.
<br /> The insurance currier providing tlie insurance c��all be chosen by Borrower subject to approvsii by Lender,
<br /> provided, that such approval shall not be unreusonably �vithheld. All premiums on insumnce policies shall be paid
<br /> at Lender's option in the manner provided under pnragruph 2 I�ereof or by Borrowcr making payment, when due,
<br /> directly to the insurance carrier. ",'
<br /> j' In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect
<br /> _ y its interest, may procure insurance on the improvements, pay the premiums and such sum shall become
<br /> 3 immediately due and payable with interest at the rate set forth in said note until paid and shall be ir,
<br /> 3 secured by this Mortgage. Failure by Bonower to comply may, at option of Lender, constitute a default '`;
<br /> ' under the terms of this Mortgage. ` � '-
<br /> � AII insursnce policies and renewals thereof shnll be in fonn aceeptable to Lender and shall include u sEandard �
<br /> ` mortgage clause in favor of und in fonu acceptable to Lender. Lender sliall have the right to I�otd the policies and ;� ; ,� ;:
<br /> ; renewals thereof, and Borrower shall promptly fumish to Lender all renewa2 notices and all receipts of paid pre- � . ;
<br /> i miums. In the event of loss, Borrower sUall give prompt notice to the insurztncc currier and Lender, und Lender ` �
<br /> � may mske proof of ]oss if not made promptly b�- Borrower. � , '
<br /> ` Unless Lender and Borrower othenvise a ree in �vritin insurance pp � �" �''
<br /> i g g, proceeds shall be a lied to restoration or ,, , ;
<br /> � repair ot the Praperty damaged, provided such restoration or repair is ecanomicnlly feasible snd the security of �
<br /> this Mortgage is not thereby impaired. If such restorntion or repair is not economically tcasible or if the security , : , '
<br /> of this 14ortgage wouldbe impaired , the insurance proceeds s6all be upplied to the sums secured Uy this Mortgage, `-
<br /> ' with the excess, if any, paid to Borrower. If the Yroperty is abandoned by Borrower or if Borrower faila to respoad �`
<br /> � to Lender within 30 days after notice by Lender to Borrower tl�at the insurunce carrier oHers to settle a claim for ,f ' ' *
<br /> � iasuranee benefits, Lender is authorized to collect und apply the insurance proceeds at Lender's option either to ; `
<br /> restoration or repair of the Property or to the sums secured by tl�is \fortgage.
<br /> � Unlesa Lender and Borrower othenvise agree in wriiing, any such applicntion of proceeds to principal shall e �;
<br /> not extend or postpone the due date of the inonthly installments reterred to in paragrsphs 1 and 2 hereof or chsnge
<br /> , , the amoaint of such installments.
<br /> If nnder paragrsph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in
<br /> snd to any insurance policies and in and to the proceeds thereot (to the extent of the sums secured by this D4ort-
<br /> gage im�nediately priar to such sale or acquisition) resuiting from da�nage to tl�e Yroperty prior to the sale or
<br /> soquieitaon shall pass to Lender.
<br /> � 6. Preseroation �d Mmatan�ce of Propezty; Leaseholds; Condomiaiums. Borrower shall keep the Prop-
<br /> � , � erty in good repair and shall not permit or commit waste, impainnent, or deteriorsstion ot the Property und shall
<br /> comply with the provisions of any lease, if this \Iortgnge is on a leusehold. If this �4ortgage is an tt condominium
<br /> unit, Bozrower shall perform all of Borrower's obligations under the declarntion of condominium or master deed ,
<br /> ' the by-Iaws and regulations of the condominium project and constituent documents.
<br /> ! 7. Protection of Lendei s Secuzity. If Borrower fails to perfor�n the covenants and agreements contained in
<br /> � this l4ortgage, or if any action or proceeding is commenced which mstteri�lly nffects Lender's interest in the Prop- '
<br /> � erty, iacluding, but not limited to, eminent domaiu, insol�•ency, code enforceinent, or atrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such
<br /> ±� sppearances, disburse sucl� sums and take such action as is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonnble attorney's fees and entry upon the Property to make repairs. Any
<br /> smounts diabursed by Lender pursuant to this parsgraph 7, �vitli interest thereon, shall become udditional indebt-
<br /> edness oi Borrower secured by this \4ortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Bonower requesting payment thereof, and shali bear inter-
<br /> eat froas the date of disbursement at the rate stated in the ATote unless payment of interest at such rate would be
<br /> contrary to applicable law, in which event �uch amounts shall beer interest at the highest rate permisaible by _
<br /> ' � applicable law. TTothing containeci in tUis paragrapb 7 shall reryuirc Lender to incur any expense or do any act
<br /> i � hereunden ,
<br /> 8. Iaspectioa, Lender may make or cause to he mnde. reseonablc entries upon and inspections of the Prop- "
<br /> erty, provided that Lender sl�all give BorroWer notice prior to �tin�• sucl� in.pection specitying reasonable cause
<br /> tY�erefor related to Lender's interest in the Property.
<br /> 9. Coademnatiwn. The proceeds ot nny a�vard or claim for da�nages, direct or consequential, in connection
<br /> � with any condemnation or other taking of the Property, or part t4creof, or for conveyance in lieu of condemna-
<br /> ` ' tion, are hereby sssigned and shall be paid to Lender. ��
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<br /> ` In t�e event of a total taking of the Property, the proceecis sl�all be applied to the sums secured by this Mort- ry � ;
<br /> +�� � ,gage, with the excess, i£ any, paid to Borrower. In tl�e event of a partial taking of the Property, unless Borrower
<br /> � `and Leader otherwise ree in writin tliere sl�all be n �lieci to tl�e sums secured b this illort a e such
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<br /> � g, PI Y S B propor- S ,
<br /> , , tion of t,i�e proceeds as is equal to thst proportioa which the nmount of the sums secured by this Mortgage imme- �s�, , < '
<br /> ;,� d�ately,�arior to the date of taking besra to the fair �narket ��alue of tl�e Property immediately prior to the dste of �� ta
<br /> , ' tsk�ng, with Lhe balance oPthe proceeds paid .to Borrower_ Nr �,
<br /> E If t�teProperty is�sbandoned 6y Borrower or if after notice by Lender to Borrower that the condemnor offers � � , _''� ,
<br /> `�" '� to,make?`an "sivai3 or `settle s claun for damagea; Borrower faii� to respond to i,ender within 30 duys of the date �' �
<br /> <' S of $uch:.notice,;I.ender is'euthorized to colleet and apply the proceeds �t I.ender's option eitl�er to restoration or
<br /> ' .� r�epasr oE;the Propertp or to the sums secured`by this liortgage.
<br /> s ;� IInless Lender'snd Bociovver othernise sgree in �vriting, . any such applicstion of proceeda to principal shatl �
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