|
_ r- � -, :
<br /> If under paragrsph 18 hereof the Property is sold or the Yroperty is othern•ise ;wquired by 7,ender, Lender �
<br /> shall apply, no later than imroediately prior to thc snlc of thc Yropertp or its ucqtiisition by Lenden any Funds
<br /> held by Lender at the timc of npE�licntion as a credit u�aimt the sums ,ecured by this V[ort�aga
<br /> 3. Applieation o! Paymeats. Unless applicable la�c provides othenvi,e, ull paymenGs received by Lender
<br /> under the Note and pnragraphs 1 and 2 hereo[ shall hc applied by Lendcr first in psy�nent of amounts payable to
<br /> Lender by Borrower under Paragrup6 2 I�ereof, tfien to interest puyable on tLe Note and on Future Advances, i[
<br /> any, and then to the principal of the Note and to tl�e ��rincipal of Futurc Advances, i [ any.
<br /> 9. Cl�arges; Liene. Borrower sLall pay nll taxes, assessments and other charges, fines and impositions attrib- '
<br /> ; utpble to the Property which may attain a priority over tl�is Vfortguge, and ground rents , if any, at Lender's � `
<br /> option in the manner provided under paragraph 2 hereof or by Borrower �naking payment, when due, directly to
<br /> the payee thereof. Borrower ahall prompt[y furnish to Lender all notices of amounts due under this paragraph ,
<br /> and in the event Borrower shall make pssyment directly, Borro��•cr shall proroptly furnish fo Lender receipts evi-
<br /> dencing such payments. Borrower shall promptly disc63rge any lien which has priority over this >Zortgage ; pro-
<br /> vided, that Borrower shall not be required to discharge any such lien so long us Borrowe}� shalJ ugree in �vriting to
<br /> the payment of the obligation secured by sucl� lien in :� mnnner acceptnble to I.ender, or shfll! in good faith contest
<br /> ? such lien by, or defend enforcement of such lien in , le�al proceedings whicli operate to prevent the enforcement of
<br /> the lien or forfeiture of the Property or any part tliereof.
<br /> i 5. Hazard Insur�ee. Borrower shnll keep the iui�ro�•ements no«• existing or hereatter erected on the Prop-
<br /> � erty insured against loss by fire, hazards included within the tern� "extended coveruge", und such otl�er hazards as
<br /> ! Lender inay require and in snch amounts and for such r�eriods ns I.ender ma_y require ; provided, thaL 7.ender shall
<br /> not require thnt the amount of such coverage exceed that nmount. of coverage required to puy the sums secured 'by
<br /> thie Mortgage.
<br /> ' ' The insurance carrier providing the inyurance �hall be chosen by Borro�cer subject to approval by Lender;
<br /> � provided, that sueh �pprovul shall not be unreasonably withheld. All premiums on insurance policies shall be paid
<br /> at Lender's option in the manner provided undcr paragrapL 2 hereof or by Borro�ver making pnyment, when due, _
<br /> directly 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 /> ` i its interest, may procure insurance on the improvements, pny 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. Failure by Borrower to comply may, at option of Lender, constitute a default
<br /> under the terms of this Mortgage.
<br /> All insurance policies �nd renewals tl�ereof �Lall be in forin ncceptahlc to Lender and shall include u standard
<br /> � tnortgage clause in favor of and in form acceptable to Lender. I.ender shnll have tlie rigl�t to Lold the policies and
<br /> renewals thereof, and Borrower sh� ll promptly furnish to Lender all renewal notices nnd all receipts of paid pre-
<br /> > i miums. In the event oi loss, Borrower sliall give prompt notice to the insurnncc currier and Lender, and Lender
<br /> ' � may make proof oF loss if not made promptly by Borrower.
<br /> ' � Unless Lender and Borrower other�vise agree in �criting, insurance proceeds shsll be applied to restoration or
<br /> repair of the Property damaged , provided such restoration or repair is economically feusible and the security of
<br /> � thia Mortgage is not thereby impaired. Ii such restoration or repsir is not economicall}- feasible or if the security
<br /> - � M of thie VIortgsge �vould be impaired, the insurance proceeds shall be applied to thc sums secured by this Mortgage,
<br /> �j with the excess, if any, paid to Borrower. If the Yroperty is abandoned by Bon•ower or if Borro�ver fails to respond
<br /> ,—{ to Lender within 30 duys uEter notice by� Lender to Borrower that the insurance carrier offers to settle a claim for
<br /> � insurance benefits, I.ender is authorized to collect und apply the insurance procceds at Lender's option either to '
<br /> � restoration or repair of the Property or to the sums secured 6}• this \Iortgage.
<br /> � Unless Lender and Borrower othenvise agree in writing, any such application of proceeds to principal shall
<br /> not extend or postpone the due date of the xnontlily installments referred to in paragrophs 1 and 2 hereof or change
<br /> the amount of such installments.
<br /> ,� Orp If under paragrapli 18 hereof the Yroperty is acquired by Lender, flll right, title and interest of Borrower in
<br /> ' ^ and to any insurance policies and in and to the proceeds thereof lto tLe extent of the sums secured by this Mort-
<br /> ' � gage immediately prior to such sale or xcquisition ) resulting fron� �iama�e to the Yroperty prior to the sale or
<br /> � ucquisition shall pass to Lender.
<br /> 6. Preservation �d Mmaten�ce of Properiy; Leaseholds; Condominiums. Borro�ver shall keep the Prop-
<br /> erLy in good repair and shall not permit or commit �vaste, i�npairment, or deterioratiai of the Property and shall
<br /> " j comply with tl�e provisions of nny lease, if this �Iortgage is on s lessehold . If this lfortgage is on a condominium
<br /> , i unit, Borrower shall perform all of Borro�ver's obligations under the declaration of condominium or master deed,
<br /> � the by-laws and regulations ot the condominium project nnd constituent documents.
<br /> 7. Protectioa of I.eader's Security. If Borrower fails to ��erfonn the covenants und agreements contained in
<br /> i this Dlortgage, or if any action or proceeding is cominenced a•hicl� materially affects I.ender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domain , in�ol�•ency , cude enforcement , or arrangements or proceed-
<br /> � ings invoiving a bankrupt or decedent, then Lender st Lender's option , upon notice to Borrower, may make such
<br /> I appearances, disbutse sucli sums and take such aciion as is necessary- to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonable attorney's fees and entry upon the Property to inake repairs. Any
<br /> � amounts disbursed by Lender pursuant to this paragraph 7, «-itli interest thereon, shn❑ Uecome additional indebt-
<br /> � edness of Borrower secured by this blortgnge. Unless Borrower ai�d Lender sgree to other tenns of payment, such
<br /> - � amounts shail be paysble upon notice from Lender to Borrow•er requesting payment thereof, and shall bear inter-
<br /> ; ; � est from the date of disbursement at t6e 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 permiasible by
<br /> applicable law. �7othing contained in tiiis psragrapli 7 slinll rec�uire I.ender to incur any expense or do uny act
<br /> hereunder.
<br /> � 8. Inspeetion. Lender may make or cause to be madc rea�onablc entries upon and inspections of the Prop-
<br /> erty, provided that Lender shall gire Borroa•cr notioc � �rio�• to nm• surh inspection �pecifpin� reasonable cause
<br /> : � therefor related to Lender's interest in the Property.
<br /> 9. Condemaatiaa. The proceeds of any nward or claim for damages, direct or consequential, in connection
<br /> with any condemnation or other taking of the Yroperty . or psrt thcreof, or for conveyance in lieu of condemna- ,
<br /> tion, are hereby assigneci and shall be paid to Lender. '
<br /> In the event of a total taking of the Property, the proceed� �l�sll be applied to the swn, secured by this Vlort- ��,
<br /> gage, �vith the excess, if any, paid to Borrower. In the event of a partinl taking of the PropertY, unless Borrower r: } : '
<br /> and Lender otherwise sgree in writing, there sliall be ap�>lied to Hie sums secured by this \fortgage such propor- T� � 9 '
<br /> " tion of the proceeds as is equal to thst proportion which the amount of the sums secared by this Mortgage imme- J ,` 4, '
<br /> � ; � � W
<br /> distelg prior to the dste of'taking beare to the fair inarket value oL tlie Properiy immedintely prior to the dste of �_, . ,i.
<br /> tsking, with the balance of the proceeds paid to Borrower. t ` :
<br /> + . If the Property is s6andoned by $orrower or it nfter notice by Lender to Borrower that the condemnor offers ;,. ^ �;��, �
<br /> ,,� to make su award ,or settle a claim for damsges, Borrower fails to respond Lo Lender within 30 days of the date . r , �,4
<br /> :, of such-notica; Lendet is authorized 3o coliect nnd apply thc proceeds at Lcnder's option eitlier to restoratior. ar ` "M ":
<br /> '; repeir of the Propetty or to the sums aecured by tliis �iortgage.
<br /> � UnIess Lender and Borrower other�vise sgree in writing, any such application of proceeda to principal shall
<br /> :' •i
<br /> � . . �
<br /> j • �y...�' �,r'
<br />
|