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<br /> If underpsragraph 18 hereof the Property is sold or the Property is atherwise acquired by Lender, Lender �
<br /> shall apply, no Iater than immediately , prior to the salc oi tl�e Property or its ticquisition by Lender, nny Funds `
<br /> 1 lield by Lender at the time of npplicstion as a credit agsinst the sums secured by this Vlortgage.
<br /> ± 3. 'Applicafion ot ' Paymeists. Unless applicable la«• nrovides othenvise, all payments received by Lender {
<br /> • under the Note,and naragrapl�s. l and 2 hereof sliall be applied by I.ender first in payment of amoants payable to '�
<br /> � 1 Lender:by Borrower under paragrapt� 2 Iiereof, then to interest �iuyable on tlie Note and on Future Advances, if
<br /> �'' any, and then to 'the principal of the Note and to tlie principal of Future Advances, if any. �
<br /> 4. Charges; Liens. , Borrower shall psy all taxes, assessments and other charges, fines and impositions attrib-
<br /> � utghle :to the Property which may sttain a priorit over this Mort a e and � ° ;
<br /> `� Y g g , �round 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 furnisli to Lender ull notices of amounts due under this paragraph,
<br /> ,.f , � and in the event Borrower ahall make payment directly, Borrower shnll promptly furnish to Lender receipts evi-
<br /> p dencing sucli payments. Bonower shsll promptly discharge any lien which has priority over this Mortgage ; pro-
<br /> ' vided, that Borrower shall noE be required to discharge any suc6 lien so long ss Borrower shali agree in writing to
<br /> ' ,s � the payment of the ob]igation secured by such lien in � manner ncceptable to Lender, or shall in good faith contest
<br /> � � such lien by, ordefend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of
<br /> the lien or forfeiture of the Property or any ��art tl�ereof.
<br /> t � ' S. Hazard Insuraaee. Borrower shall keep the improvements now existing or hereafter erected on the Prop-
<br /> t � erty insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as
<br /> � pp Lender may require snd in svch amounts and for such periods as Lender may require ; provided, that Lender ahall
<br /> n not require that tfie amount of such coverage exceed that amount of coverage required to pay the sums secured 'by
<br /> ' this Mortgage. �,
<br /> 3 The insurance csrrier providing the insurance shsll be chosen by Borrower subject to approval by Lender ;
<br /> , � provided, that such approval shall not be unresssonably withheld. All premiums on insurance policies shsll be paid
<br /> ± at Lender's option in the manner provided under puragrapl� 2 liereof or by Borrower making payment, when due,
<br /> directly to the insurance carrier.
<br /> ' i In the. event any policy ia not renewed on or before ten days of its expiration, the Lender, to protect
<br /> } ,. its interest, may procure insurance on the unprovements, pay the premiums and such sum shall become
<br /> r immediately due and payable with interest at the rate set forth in said note until paid and shall be j
<br /> � secured by this Mortgage. Failure by Bortower to comply may, at option of Lender, constitute a default
<br /> ;' under the terms of this Mortgage.
<br /> i All insurance po]icies and renewals Uiereof shall be in fonn acceptable to Lender and shall include a standard
<br /> , � mortgage clause in iavor of and in form acceptable to Lender. Lender shall have the right to hold the policies und
<br /> � ': renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and atl receipts of paid pre-
<br /> ,j miums. In the event of loss, Borrower sl�all give prompt notice to the insurance carrier and Lender, and Lender
<br /> = may make proof of loss if not made promptly by Borrower.
<br /> { ! Unless Lender and Bonower othenvise sgree in writin�;, insurance proceeds shall be applied to restoration or +
<br /> � : repair of the Property damaged, provided such restoration or repair is economically feasible and the seeurity of
<br /> a ; this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security '
<br /> of this Mortgage would be impaired, the insurance ��roceeds shal ! be applied to the sums secured by this Mortgage, r
<br /> with the excess, if any, paid to Borrower. If the Yroperty is abandoned by Borrower or if Borrower fnils to reapond a
<br /> ' � to Lender within 30 days after notice by Lender to Borrower that the insurunce cnrrier offers to settle a claim for " -
<br /> ineurance benefite, Lender is suthorized to collect and apply tlie insurance proceeds at Lender's option either to �
<br /> , ; restoration or repair of the Property or to the sums secured b3• tl�is diortgage.
<br /> , . Unleas Lender and Borrower otherwise sgree in writing, any such application of proceeds to principal shall
<br /> �, notextend or postpone the due dute of the inonthly installments referred to in paragraphs 1 and 2 hereof or change
<br /> � the amount of such instaAments.
<br /> ` . i If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in '
<br /> sad to any insurance policies and in snd to the proceeds thereof (to tl�e extent of the sums secured by thia vlort- '
<br /> � gage immediately prior to auch sale or acquisitionl resulting from damage to the Property prior to the sale or
<br /> acquisition shall pass to Lender.
<br /> 6• Preservation �d Mmaten�ce of Property; Leaseholds; Condominiums_ Borrower shall keep the Prop-
<br /> '� erty in good repair and ahall not permit or commit waste, impuirment, or deterioration of the Property and ahall
<br /> comply with the provisions of any lease, if this \iortguge is on a leasehold. If this Mortgage is on a condominium
<br />� �w � unit, Borrower ahalI perform all of Bonower's obligations under the declaration of condominium or master deed,
<br /> the by-laws and regulations of the condominium
<br /> ,! project and constituent documents.
<br /> �• 7. Pzotectioa of I.eadei s Security. If Borrower fnils to perform the covenants and agreements contained in
<br />� i� this Mortgage, or if any action or proceeding is commenced �vhich materially affects Lender's interest in the Prop-
<br /> r t� erty, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceed-
<br />' ings involving a bankrupt or decedent, then Lender aE I.ender's option, upon notice to Borrower, msy make such
<br />; � . appearances, disburse such sums and take such action ns is necessary to protect Lender's interest, including, but
<br /> ,`� not limited to, disbursement of reasonsble attorney's fees and entry upon the Property to make repairs. Any
<br /> a� smounts disbursed by Lender pursuant to this parsgraph 7, �vith interest thereon, shall become additional indebt-
<br /> ;i edneas of Bonower secured by this tiiortgage. IInless Borrower and Lender agree to other terms of payment, such
<br /> ; amounts shall be payable upon notice fram Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> �; , est from 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 such amounts shall bear interest at the highest rate permissible by
<br /> ;� applicable law. Nothing contained in this �sragrapli 7 shall requirc Lender to incur uny expense or do any act
<br /> hereunder.
<br /> 8• 7nspection. Lender may make or cnuse to be �nndc reasonablc entries upon and inspections of the Prop-
<br />�� erty, provided that Lender shall give Borroa•er notice ��rior to an}• �uch inspection specifring reasonable cause
<br /> $ therefor related to Lender's interest in the Property.
<br />�} 9. Condemnation, 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 thereof, or for conreyance in lieu of condemna-
<br /> tion, are he;eby assigned and shall be paid to Lendea "'_
<br /> w� ' In the event of a total Eaking of the Property, tlie �iroceeds shall be applied to the sums secured by this Mort-
<br />" ��. gage, with the excess, if any, paid to Bor;o�vea In the event of a pnrtial taking of the Property, unless BorrowEr J
<br /> t , � and Lendex',uther'ryase agree-in w;iting, there sl�all be applieci to the aums secure8 by this i�Sortgage such propor-
<br /> tign of �6e pmeeeds-as ia equel to that proportion which the amount of khe sums secured by this Mortgage imme_
<br /> d"sately pnor to the date af tsking bears to the fair �uarket �alue of tlie Property immediately prior to the date of
<br /> " tai�n8i w�tfs�,';�he�a}aace'of the; proceeds paid to Borrower.
<br />` If the �'operty 'ss abandoned by Borrower or if after notice by Lender to Borrower that the condemnor offers
<br />`� to it3�CG,�eri'9Ward o%;aettle a.claim for dsroagee, Borrower fails to respond to Lender within 30 days of the date
<br /> o�eucFi nott�pe, i�ende.� is authoriEeB fo collect and appiy the }�roceeds at Lender's option eitl�er to restoration or
<br /> rep�r of tlie ProperEy`or 'to the aums aeCured by tl�ie JYortgage.
<br /> 'TJnlees I:ende.►� and Borrower othertivise 'agree in writing, any auch application of proceeds to principal shull
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