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<br /> If under pnragraph 78 hereof thc Property is sold or the Property is othenvise, acquired by I.ender, I.ender '
<br /> shall upply, no later than immediutely prior to thc salc of tlie Pronerty or its itequisition Uy Lender, any Funds
<br /> held by Lender at the time of applicution as a creclit against the :�ums secured by this vIortgaga
<br /> 3. Applicction of Pay�a�ents. Unless upplicablc ln�r provides otherwice, nll payments received by Lender
<br /> under the Note nnd parsgraplis 1 and 2 hereof shall be applied by i_ender first in pay�nent of amoimts paysble to
<br /> Lender by Boriower under parsgraph 2 liereof, then to interest payablc on tl�e ATote nnd on Future Advances, if
<br /> � any, and then , to the principal of the Note and to tl�e principal of Future Advances, it nny. ,
<br /> � 4. Ch�gese,Liens. Borrower sliall pay all taxes, assessments and other charges, fines and impositions attrib-
<br /> 0 utpble to the Property which may attain a priority over this Mortgage, and ground rents, if any, at Lender's �'
<br /> � option in the manner provided under parsgraph 2 hereof or by Borrower making pssyment, when due, directly to �,
<br /> , .'� � the payee thereof. Borrower shall promptly furnish to 7,ender all notices of amounts due under this paragraph,
<br /> and in the event Borrower shalI make payment directly, Borrower shall promptly iurnish to Lender receipts evi- j -
<br /> `# � dencing aucli psyments. Borrower shall promptly discLarge any lien which has priority over this �rlortgsge ; pro- "
<br /> � � vided, that Borrower shall not be required to discl�arge any sucl� lien so long as Borrower shall agree in writing to f
<br /> + �' the payment of the obligation secured by such lien in :ti manner acceptnUle to Lender, or shall in good faith contest
<br /> Op aucfi lien by, or defend enforcement of such lien in , legal proceedings which opernte to prevent the entorcement of °
<br /> j � the lien or forfeiture of the Property or any part thereof. r
<br /> � 5. Hazard Insuraace. Borrower shull keep tlie iinprovements no�v existing or hereafter erected on the Prop- `
<br /> � erty inaured agsinst loss by fire, hazards included �vithin the term "extended coverage", and such other hazards as t
<br /> � Lender may require und in such amounts nnd for such periods as I.ender may require ; provided , that Lender shall
<br /> not require that f,he amounE of such coverage exceed tl�nt amount of coverage required to pay the sums secured 'by
<br /> ; � this Mortgage.
<br /> The insurance carrier providing tl�e insurauce shall be chosen by Borrower subject to approval by Lender ; '
<br /> : � provided, that such approvol shall not be unreasonably withlield. All premiums on insurance policie, shall be paid
<br /> at Lender's option in the manner provided under paragrapl� 2 hereof or by Borrower making payment, when due,
<br /> � directly to the insurance carrien
<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 ahall become
<br /> ` � immediately due and payable with interest at the rate set forth in said note until paid and shall be a
<br /> 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 /> i All insurance policies and renewals tLereof s2isll be in form acceptable to Lender and shull include a standssrd 4
<br /> ; mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and
<br /> � renewals thereof, and �orrower shall promptly furnish to Lender all renewal notices and sxll receipts of paid pre-
<br /> miuma. In the event of loss, Borrower shall give �rompt notice to the insurance carrier and Lender, and Lender ,
<br /> ,`j may make proof of loss if not made promptly by Borro�ver.
<br /> ,a Unless Lender and Borrower other�vise agree in writing, insurance proceeds shall be applied to restoration or i
<br /> ,� repair of the Property damaged, provided such restoration or repair is economically- feusible and the security of
<br /> this Mortgage is not tliereby impaired. If such restorntion or repair is not economically feasible or if the security
<br /> # of this Mortgage would be impaired, the insurance proceeds shall be spplied to thc sums secured Uy this Mortgage, ;
<br /> with the excess, if any, paid to Borrower. If the Yroperty is sbandoned by Borrower or if Borrower fails to cespond
<br /> to I.ender within 30 days after notice by Lender to Borrower thnt the insurance carrier offers to settle a claim for ?
<br /> ineurance benefits, Lender is uuthorized to collect and apply thc insurance proceeds at Lender's option either to
<br /> restoration or repair of the Property or to the sums secured by this \3ortgage. �
<br /> '� Unless Lender and Borrower othenvise a ree in writin any such a lication of � -
<br /> � pp proceeds to principal shall
<br /> not extend or postpone the due date of the inonthly installments referred to in paragraphs 1 and 2 hereof or chsnge
<br /> the amount of such installments.
<br /> `' F If under paragraph 1S hereof the Property is acquired by Lender, al! right, title and interest of Borrower in
<br /> � and to any insurance policies and in snd to the proceeds thereof (to the extent of the sums secured by this Mort-
<br /> gage immediately prior to such sale or acquisition ) resulking from damage to tlie Property prior to the sale or
<br /> acquieition shall pass to Lender.
<br />� f 6. Preservatioa �d Mmaten�ce of Property; Leaseholds; Condomiaiums. Borrower shall keep the Prop-
<br />� '� erty in good repair and shall not permit or commit waste, impairment, or deterioration of the Property and ahall
<br />� � comply with the proviaions of any lease, if this \Iortgage is on a leasehold. If this Mortgage is on A condominium
<br /> r � unit, Bonower shall perform ull ot Borrower's obligations under the declaration of condominium or master deed ,
<br />� the by-laws and regu]ations of the condominium project and constituent documents.
<br />` � 7. Proteetion of Lender's Seeurity. If Borrower fails to perform the covennnts and agreementa contained in
<br /> this vlortgage, or if any action or proceeding is commenced �vhich materially affects Lender's interest in the Prop-
<br />} � erty, including, but not limited to, eminent domain , insoh•ency, code enforcement , or urrangements or proceed-
<br /> ings involving u bankrupt or decedent, then Lender at I,ender's option, upon notice to Borrower, may mske such
<br /> appearances, disburse sucli sums and tske such action :tis is tiecessary to protect Lender's interest, including, but
<br />'. ; � not limited to, disbursement of reasonable atton3ey's fees and entry upon the Property to make repairs. Any
<br />!` � amounts diebursed by I,ender pursuant to this paragraph i, witl� interest thereon , shall become additional indebt-
<br />, � edness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> amounts ahall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> eet from the date of disbursement at the rate stnted 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 permissible by
<br /> applicable law. �Iotl�ing containecl in this paragraph 7 shall require Lender to incur sny expense or do any act
<br /> hereunden
<br /> 8• Iaspeetioa. Lender may make or cause to be madc reasonablc entries upon and inspections of the Prop-
<br /> erty, provided tbat Lender shall give Bornower notice �u•ior to an}- euoli inspection specifying reasonable cause
<br /> therefor related to Lender's interest in the Propert�-.
<br />-� 9. Coademaation. The proceeds of nny awarci or claim for damages, direct or consequential, in connection
<br /> with any, condeinnation or other taking of the Property, m• part thereof, or for conveyance in lieu of condemna-
<br />�� tioa, sre hereby sasigned and ahall be paid to Lender.
<br />�, In the event of a total taking ot the Property, the proceecis sl�all be applied to the sums secured by this Mort- _, .
<br />; . gage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower
<br />; and Lendei: othexwise agree in writing, tliere ahall be applied to the sums secured by this :�fortgage such propor-
<br /> tion of the proceeds as is equal to that proportion which the amount of the sums aecured by this Mortgsge imme- J
<br /> � diateiy prior; to the date of 4aking bears to tl�e Ssir market value oi tLe Property immediately prior to the date of
<br /> k tslang,-with(the baIance of:the proceeds paid to Borrower. -
<br /> c , If the��ropertyis, absndoned by Borrower or if after notice by Lender to Borro�ver that the condemnor offers
<br /> W make sn; sward or settle a claim for damagea, Borrower fails to respond to Lender within 30 days of the date
<br />;� of such notice; L- ender is -suthorized to collect and apply the procceds at Lender's option either to restoration or
<br />.,� repair of ,t1�e Properf,y or to the aums secured by tl�is \tortgage.
<br />� Unlees Lender and Borrower othenviae agree in writing, any such application of proceeds to principal shall
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