|
�
<br /> , � �
<br /> If under paragraph 18 hereof the Property is sold or t6e Property is otherwise acquired by I.ender, Lender
<br /> shall apply, no later tl�an immediately prior to thc salc of thc Property or ite acquisition by Lender, nny Funds
<br /> held by Lender at the time of npplication as a credit against tl�e sums secured b�• this Vlort�age.
<br /> ' 3. Application of Payinents. Unless applicablc l:rn• provides othenvice, all payments received Uy Lender
<br /> ( under the Note and paragraplis 1 and 2 hereot sl�sll bc spplied liy Lender first in payment of amounts payable to
<br /> Lender by Borrower underparagrnph 2 hereof, then to interest payable on the ATote and on Future Advances, if
<br /> � any, and then to the principal of the iVote und to the principal of Future Advances, if any. f =
<br /> '� 4. Charges; Liens. Bonower sLall pay all taxes, assessments and other charges, fines and impositions attrib- � � r }T�e
<br /> ut�ble to the Property which may attain a priority over tBis Vlortgnge, and ground rents, if any, at Lender's "�°'
<br /> ,,� option in the manner provided under paragraph 2 hereof or by Borrower making payment, when due, directly to � ':
<br /> � the payee thereof: Borrower shall promptly furnish to .Lender all notices of amounts due under this paragraph , �
<br /> i� � and in the event Borrower ehall make payment directly, Borro�cer shall promptly furnish to Lender receipts evi-
<br /> � dencing sucl� paymenta. Borrower shall promptly disctiurge nny lien which has priority over this \�Iortgage ; pro- . ;
<br /> ,r.� vided, that Borrower ehall not be required to discliarge any sucli lien so long as Borrower shali agree in writing to
<br /> Q the payment of the obligation secured by such lien in :ti inttnner acceptable to Lender, or sliAll in good faith contest r .
<br /> ,� auch lien by, or defend enforcement of such lien in , legal proceedings which operate to prevent the en{orcement of
<br /> t6e lien or forfeiture of the Property or any E�art tl�ereof. , ;
<br /> � 5. Hazard Insar�ce. Borrower shall keep the imFrroveme�rts now existing or hereafter erected on the Prop- r
<br /> � erty insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as �'
<br /> Lender may require and in such amounts and for such periods as I.ender may require ; provided , that Lender shall
<br /> , � not require that the amount of such coverage exceed tk�at amount of coverage required to pay the sums secured 'by `'
<br /> this Mortgsge. "
<br /> The insurance carrier providing the insurauce shall be chosen by Borro�ver subject to approval by Lender ; `"
<br /> provided, that such approval shall not be unreasonably �vithheld. All premiums on insurance policies shall be paid :
<br /> at Lender's option in thc manner provided under paragrapli 2 fiereof or by Borrower making payment, when due, ' �
<br /> d'uectly to the insurance carrier. ,� ;;
<br /> In the event an Lc is not renewed on or before ten da s of its ex iration the Lender to ` `
<br /> Y Po � Y Y P� . . Protect .i.
<br /> ita interest, may procure insurance on the improvements, pay the premiums and such sum shall become 7
<br /> immediately due and payable with interest at the rate set forth in said note unti! paid and shall be ' ' %Y`
<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 insLrance policies and renewals thereof shall be in for�n ucceptable to I.ender und shall include a standard "
<br /> mortgage clause in favor of and in form acceptable to Lender. Lender shall huve the right to liold the policies and �� �''
<br /> renewals thereof, and Borrower shall promptly furnish to Lender all renewal noticPs and all receipts of paid pre- r
<br /> miums. In the event ot loss, Borrower shall give prompt notice to the insurance carrier and Lender, and Lender ; ' ;
<br /> may make proof of loss if not made promptly by Borrower. f'
<br /> Unless Lender and Borrower otherwise ugree in �vriting, insurance proceeds shall be applied to restoration or g
<br /> repair of the Property damaged, provided such restoration or repair is economicnlly- feusible and the security of
<br /> this Mortgsge is not tl�ereby impaired. If such restorntion or repuir is not econo�nically feasible or if the security ;,
<br /> of thie D4ortgage would be impaired, the insurance proceeds shall bc applied to the sums secured by this Mortgage, i=
<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 that the insurance carrier offers to settle a claim for = � � a fi� s.
<br /> insurance benefits, Lender is suthorized to collect ssnd npply the insurance proceeds at Lender's option either to
<br /> restoration or repair of the Property or to the sums secured by this \fortgage. � �;
<br /> Unless Lender and Borrower othenvise agree in �vriting, an}� such application ot proceeds to principal shall a 'i
<br /> not extend or postpone the due date of the montlily installments :eferred to in paragrsphs 1 and 2 hereof or chsnge Jl;
<br /> the amount of such installments, � ' _�
<br /> If under paragraph 18 hereof the Property is acquired Uy I,ender, all right, title and interest of Borrower in 4�
<br /> and to any insurance policies snd in an<I to the proceeds thereof (to the extent of the sums secured by this Mort-
<br /> gage immediately prior to such sale or acquisition ) resulting from da�nnge to tlie Property prior to the sale or
<br /> acquiaition shall pass to Lender.
<br /> 6. Preservation �d Mmatea�ee of Property; Leeseholds; Coadomiaiums. Borrower shall keep the Prop-
<br /> erty in good repair and shall not permit or commit waste, impairment, or deterioration of the Property und 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 ��roject nnd constituent documents.
<br /> � 7. ProteMioa of Lender's Security. If Borrower fails to pertorm the covenants and agreements contained in
<br /> this Mortgage, or if any action or proceeding is commenced which �naterially affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domain, insoh•ency, code enforcement, or arrangements or proceed-
<br /> ings involving a bank:vpt or decedent, then Lender st 7.ender's option, upon notice to Borrower, may make such
<br /> appearances, disburse sucl� sums snd take such action as is necessary to protect Lender's interest, ineluding, but
<br /> not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this parsgrapl� 7, �vitli interest thereon, shall Uecome additional indebt-
<br /> edness of Borrower secured by this �fortgage. Unless Borrower snd Lender agree to other terms of payment, such
<br /> � amounts shsll be payable upon notice from Lender to Borro�ver requesting payment thereof, and shall bear inter-
<br /> ' ; eet fmm the date of disbursement at the rate stated in the �Tote unless payment of interest at such rate would be
<br /> ;� contrary to applicable lnw, in which event such amounts shall bear interest at the highest rate permiasible by
<br /> applicable law. Nothing contained in this paragrupU 7 shnll reryuire Lender to incur any expense or do any act
<br /> '� hereunder.
<br /> 8. Inspaction. Lender may inake or cauee to he inadc reaeonable entries upon and inspections of the Prop-
<br /> erty, provided that Lender shall give Borroa•er notiec ��riw• to nn�- �url� inspection specif3•ing mnsonable cause
<br /> therefor related to Lender's interest in the Property_
<br /> ; 9 Coademaatioa. The proceeds of uny award or claim for damages, direct or consequentisl, in connection
<br /> � ' with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemna- �
<br /> tion, sre hereby assigned and shall be paid to Lender. ¢,,,., i:'
<br /> In the event of a total taking oF the Property, the praceeds sl�ali be applied to the sums secured by this Mort- -a �"`.
<br /> _� gage, ryith the excess, ii any, psid to Borrower. In tl�c event of s partisl taking of the Property, unless Borrower , , µfi
<br /> and Lender otherwise agree in writing, tliere shall be applied to the sums secured by this A•Iortgage sUch propor- I �A ' `
<br /> ' tion of the; proceeds 'ss is equal to that proportion which tl�e amount of the sums secured by this Mortgage imme- J '
<br /> diately prior to the date of taking bears to the fair .inarket value of -tl�e Property immediately prior to the date ot �;�;� •,_'
<br /> , ta�ing, wit� `t,he �aYance of,the proceeds'paid to Boaower_ � ;;�
<br /> I�thle �..roperty: is abandoned byBorrower or. if .qfter notice by Lender to Borrower that the condemnor offers '* '
<br /> , � to mske an:sward or aettle a elaim for damages, Borrower fails to respond to Lender within 30 dsys of the date `�, •E,°�`
<br /> o£ such 'noLice, Lender ie authoriaed to collect.and sppiy the procceds at Lender's option either to restoration or
<br /> repsis of tha Property or to the sums secured by tl�is \fortgage.
<br /> �� T,Tnleas 'I.ender snd Borcower othernise agree in writing, anp such application of proceeds to principal shall
<br /> y � . . . . a... .
<br /> Fti� �
<br /> :,.,•i
<br />� ;.. . . „ . , _. , ...,. . . , . . . .
<br />`
<br />
|