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<br /> If under paragraph 78 hereof the Property is sold m• the Property is othenvise acquired by 7,ender, Lender
<br /> � shall apply, no later than immediately prior to thc salc of tLc Pro��erty or i[s acq�isition by I encler, nny Funds
<br /> held by Lender ut the time of aFplication as a creciit ugainst thc su�ns secured by this vfort.gage.
<br /> 3. Applic¢tion of 'Pdpxnaats. Unless applicable Ia«� provides othenvise, all payinents received by Lender
<br /> under'the Note and paragrupl�s l and 2 hereof sl�all bc ap�ilied I�y I.ender first in payment of amounts payuble to
<br /> Lender by $orrower under paragrnplr 2 hereof, then to interest payablc on thc Nute and on Future Advances, if
<br /> ; any, snd then to the ,principai of the \iote and to the principal of I'uture Advances, if any. �'
<br /> � � 4. Claarges; Lieas. Borrower sl�all pay all taxes, ussessments anc� otl�er charges, fines and impositions attrib- t; r '
<br /> � utable to the. Property which may attain a priority over this Mortgage, and ground rents, if any, st Lender's
<br /> r � aption in the manner provided under Paragral�h -2 hereoS or ir y Borrower �n a k i n g p a y m e n t, w h e n d u e; d i r e c t l v to �
<br /> � � t h e p ayee t hereo f. Borrower s hsll promptIy furnisli to Lender all notices of amounts due under this paragrap h;
<br /> Q an d in t he event Borrower sl�all make payment directly, Borroiver shall promptly furnish to Lender seceipts evi-
<br /> � .i � dencing .&uch psyments. Borrower shall promptly diacliarge any Iien which has priority over this Vlortgsge ; pro-
<br /> r vided, that Bonower shall not be required to �iiscl�arge any such lien so long as Borrower sl�all agree in writing to
<br /> Y t '' the payment oE the obligation secured by such lien in a manner acceptable t,o Lender, or shall in good fsith contest
<br /> j p� euch lien by;or defend enforcement of �uch lien in, lega! procecding, �vhich operate to prevent the entorcement of ,
<br /> a 1� the lien or forfeitare of the Property or any part tl�ereof.
<br /> � 5• Hazard Insnzaace. ' Borrower shall keep the improvements now existing or l�ereafter erected on the Prop- i
<br /> i erty insured against loas by fire, hazards included �vithin the term "extended covernge'; and such other l�azards as
<br /> Lender may require and in such amounts and tor such periods as Lender rnay require ; provided , that Lender shall
<br /> � � not require that tl�e amaunt of such coverage exceed that amount of coverage required to pay the suxns secured 'by
<br /> j this Mortgage.
<br /> ] The insurance c$rrier providing the insurauce sha11 be chosen by Borrower subject. to approval by Lender;
<br /> � provided, that such approval shall not be unrensonahly with4eld. All premiums an insurance policies sl�all be paid
<br /> � at Len�ler's option in the manner provided under paragraph 2 hereof or by Borrower making payment; when due,
<br /> directly to the insurance carrier.
<br /> ' In the event an ,
<br /> y policy is not renewed on or before ten days of its expiration, the Lender, to pratect F "
<br /> ; its interest, may procure insurance on the improvements, pay 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 /> ' ' j secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default `
<br /> under the terms of thia Mortgage. ' '
<br /> � All inaursnce policies and renewals thereof shall be in form acceptable to Lender and sliall include a standard
<br /> `� mortgage clause in favor of and in form acceptable to I.ender. Lender shall have the right to hold the palicies and �
<br /> I renewals tihereof, and Borrower shall promptly fLirnish to Lender all renewal notices and sll receipts of paid pre- �
<br /> ' ; miums. In the event of loss, Borrower sl�sll ive : � j ,
<br /> g prompt notice to the insurance carrier and Lender, aad Lender r;
<br /> 3 inay make proof of loss if not made promptly by Bonower. ? �e
<br /> � Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or %
<br /> ? repsir oE the Property dnmaged, provided such restoration or re�air is economically feasible and the security of ' �' -�
<br /> � this Mortgage is not thereby impsirecl. If cuch restoration or repnir is not economicnlly feasible or if the security � "
<br /> fof this vTortgage would be impaired , the insurance proceeds si�all be applie3 to the sums secured by this Mortgage, E �
<br /> with the excess, if any, paid to Borrower. If the Yroperty is ubandoned by Borrower or if Borrower fuils to respond � � ` ` ti�
<br /> � to Lender within 30 days ufter notice by Lender to Borrower that the insurance carrier offers to settle a claim for 1� %
<br /> ineurance bene&t�, Lender is suthorized to collect and npply thc insurnnce proceeds at I.ender's option either to � ` ,
<br /> i restoration or repair of the Property or to the aums secured by tliis �fortgage. '
<br /> Unleas Lender und Borrower otherwise agree in �vriting, any sucli a lication of � }'
<br /> � € ,
<br /> PP proceeds to principal shall
<br /> ;� : not extend or postpone the due date of the monthly installments referred to in parngraphs 1 and 2 hereof or chsnge � ' +` -
<br /> : the amount of auch installments. � ,
<br /> � If under paragraph 18 hereof the Property is acquired by Lender, a11 ri�ht, title and interest of Borrower in f � �;
<br /> ; and to any insurance policies and in anci to the proceeds thereof (to tl�e extent of the sums secured by this Mort- �
<br /> gage immedi$tely prior to sucl� sale or acquisit.ionl reGulting from dumage to the Pro ert r
<br /> ' � acquieition shall psss to Lender. P Y Prior to the sale or '
<br /> 6• Preservation �td Mmntea�ce oi Property; Leaseholds; Condominiums. Borrower shall keep the Prop- �
<br /> � erty in good repair and shall not permit or commit waste, impairment, or deterioration of the Property and shall
<br /> comply,with the provisions of any lease, if this �lortgage 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-]aws and regulstions of the condominium project and constituent documents.
<br /> 7. Protection ol Leader's Seeurity. If Borrower fails to perform the covenants and agreements contsined in '
<br /> this Mortgage, or if any action or proceeding is commenced whicl� materially 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 /> ` inge involving u bankrupt or decedent, then Lender nt 7.ender's option, upon noticc to Borrower, may make such
<br /> appearances, disburse� such sums and take sucl� action as is necessary to protect Lender's interest, inciuding, but
<br /> . not limited to; disbursement of ressonable attorney's fees and entry upon the Property to make repairs. Any
<br /> smounts disbursed by Lender pursuant to this paragraph 7, witli interest tl�ereon, shall become additional indebt-
<br /> edness of Borrower secured by this �iortgage. Unless Borrower and Lender agree to other terms of psyment, such
<br /> smounts shs11 be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> est from the dste of disbursement at the rate stated in the I�Tote unless payment of interest at such rate would be
<br /> contrary to app)icab]e Iaw, in which event such amounts shall bear interest sst the highest rate permissible by
<br /> spplicable law. Nothing contained in tliis paragrapl� 7 sh1❑ require I.ender to incur uny expense or do any act
<br /> heteunder.
<br /> 8• �aPeet+oa. Lender may make or esure to be made ressonable entries upon and inspections of the Prop_ �,
<br /> erty, provided that Lender sha11 give Borroa•er noticc ��rior to nny such inspection specifying reasonable cause
<br /> therefor related to I,eader s interest in the Property.
<br /> 9. Condemaation, The proceeds of nny 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 conveyance in ]ieu of condemna-
<br /> tion, are hereby assigned snd shall be paid to Lender. ,
<br /> In the event of a total taking of the Property, the proceeds sliall i�e npplied to the sums secured by this Mort- �`
<br /> 88Be,•K'��-t1?e excess, if any, paid to Borro�ver. In the event of a partiul tsking of the Property, unless Borromer � '
<br /> �dLendet vtherwise agree �n writing, there ahall be applied to tl�e swns secured by tl�is vlortgage such pro or- �
<br /> tion of the proceeds as is equsl to that proportion which t]�e amount of the sums secured by this Mortgage imme- I * �'
<br /> diately prior to the date. of,taking beare to the fair market value of tf�e Property immediately prior to the date of r �i ��<'
<br /> tsking, w�ttr.�he�balance af,the_proceeds paid to Borrower.
<br /> ,.' If t1le �roper6y'is abandoned by Borrower or it after notice by Lender to Borrower that the condemnor offers �;+i' - M `
<br /> to�ma�t��n;,sit�ard `or` settle a claim for: d'smages, Borrower fails to respond to Lender within 30 days of the date
<br /> o£'duch no�ice� 7,ender is ,auyhorized to '.collect and apply the proceeds at Lender's option eitl�er to restoration ar r���� '�
<br /> �R��' � ,f�h,e I'ropeity or to the.gums eecured by this \iortgage.
<br /> L�nl+eas. i.endei und Borrower .oLhersvise .sgree in writing, any such application of proceeda to principal shall
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