|
_ � � . � ,
<br /> If under paragraph 18 hereof the Property is sold or the Property is othenvise acquired by Lender, Lender
<br /> shall apply, no later than immec9istely prior to thc sule of tbe Yroperty or its acquisition by Lender, any Funda
<br /> held by Lender at the time of application us s eredit ugainst the smns secured by this Mord:gabe.
<br /> ' 3. Rpplieation oi Paymeats. Unlesss applicablc law �irovides othenvise, all payments received by Lender
<br /> underthe Note and paragrnplis 2 and 2 hereof sl�all brapplied by Lender first in payment of amounts pnyable to
<br /> ' Lender' by Borrower underparagraph 2 hereof; then to interest pnyahle on thc Note und on Future Advances, iF
<br /> ;: any, and then to t.he principal of the Note and to the principal of Future Advances, if any.
<br /> . f;� 4• Char4esr,LieAs- Borroti•er shnll pay ali taxes, assessrnen�s and other churges, fines and impositions attrib-
<br /> ut�.ble to the Property which may attain a priority over tlais Mort.gage,, ond ground rents, if any, at Lender's
<br /> } optiori in the manner proyided under paragTaph 2 hereof or by Borro�ver making payment, when due, directly to
<br /> , the payee thereof. Borruwer ahall �romptly furnish to Lender all notices of amounts due under thia paragraph,
<br /> �. snd in the event Borrower shal! make pnyment directly, Borro�cer shal! promptly furnisli to Lender receip�� evi-
<br /> � dencingauchpayments. Borrower shall promptly dischnrge any lien which hns priority over this ��ortgage ; pro-
<br /> Op vided; Chat Borrower shall not be required to diycliarge nny such lien so long ns Borrower sl�all agree in writing to
<br /> r--� the payment of the obligation securect by such lien in n manner ucceptable to Lender, or shall in good faith contest
<br /> p such lien by, or defend enforcement of such lien in, legal proc�edin�s �vhich o�erate to prevent the en£orcement of
<br /> � the lien or farFeiture of the Property or any part tl�ereof.
<br /> ; 3. Hazard Inauz�ee. Borrower shall keep tl�e iinprovernents now existing or hereafter erected on the Prop-
<br /> � erty insured against loss by fire, hazards included within the term "extended coverage", and such oCher hazards as r ; ,
<br /> pp Lendermay require and in such amounts nnd for such periods as I.ender mny require ; provided, that Lender ahaD
<br /> � not require that the amount of such coverage e,cceed that amount of coverage required to pay the sums secured 'by
<br /> this lbiortgage. E •
<br /> The insurance carrier providing the insurance shal! be chosen by Borrower suUject to upproval by Lender ;
<br /> ; provided, thnt such apProvza,l shall not be unreasonsbly withheld. dll premiums on insurance policies shall be paid
<br /> ; at Lender's option in the msnner provided under pAragraph 2 hereof or by Borro�ver making payment, when due, ° �
<br /> directly to the insurance carrier.
<br /> ` In the event any poIicy is not renewed on or before ten days of its eapiration, the Lender, to protect `' s, :
<br /> � its interest, may procure insurance on the improvementa, pay the premiums and snch sum shall become "
<br /> f 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 /> .'�jl insurance policies snd renewals thereof shall be in forni acceptable to Lender and shall include a standard
<br /> ` rnortgage clause in favor of nnd in form acceptable to Lender. Lender shall have the right to hold ttte policies und +s � :'
<br /> renewals ' thereof, and Borrower shall promptly fttrniah to Lender ali rene�val notices and all receipts of paid pre- t
<br /> I miums. In the event of loss Borrower shall p p �
<br /> i , give rom t notice to the insurance currier snd Leader, and Lender }' � „;�
<br /> � may make proof of loss if not inade pramptly by Borrower. ; ' , ,, ,,:
<br /> ' ; Unless Lender and Borrower"other�vise agree in writing, insurance proceeds shall be applied to restoration or
<br /> t repairbf the Property dsmaged, provided such restorntion ar repair is economicsslly feasible an�i the security of `�'
<br /> # this ��ortgage is not tl�ereby impaired. If such restorntion or repair is not ewnomically feasible or if the security = ' '
<br /> of this Mortgage would be impaired, tl�e insueance p�roceeds sliall be applied to Ehe suu:s secured by th'rs Martgage, � , �';
<br /> with the excess, if any, paid to Iiorrower_ If the Yroperty is abandoned by Borrocver or if Borrower fai]s to respond ` ,
<br /> to Lender within 30 dnys after notice by Lender to Borro�ver thnt the insurnnce carrier offers to settle a clsim for �
<br /> insurance benefits, Lender is n,uthorized 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 by this \iortgsge. < i
<br /> IInleas Lender and Borrower otherwise agree in writing, any such applicution of proceeds to principal shall
<br /> not extend or, postpone the due date of the montl�ly installments referred to in paragraphs 1 nnd 2 hereof or change
<br /> the amount of 'suoh installments. $ �
<br /> If under paragrsph 18 hereof the Property is acquired by Lender, all right, tit]e snd interest of Borrower in
<br /> and to sny insursnce policies and in and to tl�e proceeds thereof (to tl�e extent of the sums secured by this Mort- '
<br /> gage immediately prior to snch sale or acquisition) resulting from damage to the Property prior to the sale or
<br /> acquieition shall pass to Lenden
<br /> 6. Presetvatioa �d Mmatea�ce of Property; Leaseholds; Condomiainms. Borrower sP,all keep the Prop-
<br /> m
<br /> erty in good repsir and shall not permit or commit waste, impairment, or deteriorution of the Property snd ahall
<br /> comply with the provisions of nny lease, if this �Iortgage is on a leasehold . If this �fortgage is on a condominium
<br /> unit, Borrower shall perform all of Borrower's obligations under the declarntion of condominium or master deed,
<br /> the by-laws and regulations af the condominium project and constituent documents.
<br /> 7. Protectioa of Lender"s Security. If Borrower fails to perform the covenants and agreements contained in
<br /> this Mortgage, or if any action or proceeding is commenced which materiuily 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 /> , ;$ in$s involving a bankrupt or decedent, then Lender at I.ender's option, upon notice to Borrower, may make such
<br /> � j• appearances, disburse sucli sums and take such action as is necessary to protect Lender's interest, including, but
<br /> - { not limited to, diabursement of ressonable attorney's fees and entry upon the Property to make repairs. Any
<br /> 1 amounts disbursed by Lender pursuant to this paragruph 7, �vith interest thereon, shall become additional indebt-
<br /> � edness of Borrower secured by this �iortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> 1 amounte shall be payable upon notice from Lender to Borrower requesting payment thereof, and shsll bear inter-
<br /> � est from the date oi disburseinent at the rate stated in the Note unless payment of interest nt such rate would be
<br /> contrary to applicable law, in which event such amounts shall bear interest at the highest rate permisaible by
<br /> applieable ]aw. �Tothing contained in this paragraph 7 shnll require I.ender to incur any expense or do any sct
<br /> hereunden
<br /> " 8-`Inspectioa: Lender may make or esuse to Iic madc rea.sonable entries upon and inspections of the Prop-
<br /> esty, provided _thst Lender shall give Bonower noticc �n•ior to anp su�h inspection s�ecifying reeaonable cause
<br /> therefor related to I,ender's interest in the Property.
<br /> � : 8- Condemaation. The proceeds of any award or claim for damages, direct or consequential, in connection
<br /> •t with any;condemnation or ot1�e; taking of, the Property, a• part thereof, or [or conveyance in lieu of condemna-
<br /> ;� tion, are hereby sssign¢d and aha11 Ue paid to Lender. ..!s� `
<br /> .,.� In the event of a total taking of the Property, the proceeds shall I,e applied to the sums secured by this Mort- w L ^
<br /> =� gage;,with the excess, if any, paid to Borro�ver. In the event of a partiat taking of the Property, unless Borrower r <
<br /> ° snd'T,ender otheiwise agree in writing, there sliall 'be applied to the sums secured b thia ibIort a e such ��"
<br /> Y 8 B Propor- I � .
<br /> tion, ofthe proceeds 'as is'equsl to that propbrtior, which the amount of the sums secured by this Mortgage imme- �', ���
<br /> digtely prior tp the date of taking .bears to tlie fair market value of the Pro ert immediatel �'- "
<br /> � ' P Y y prior to the date of � - �'
<br /> �+n6, � ,�e bslance of�the proceeda paid fo Borrower. x ;,� , „
<br /> ' . TfrtLh@°.,,EssbpeL7ty:ae, abandoned bq Bonomer or if after notice by Lender to Borrower that the condemnor offera t�„�•�^ `�,`
<br /> to ms�cs 8n=as�Vs'td'dr setElea elaun for dsmages, Borrower fails to respond to I,ender within 30 days of the date
<br /> �.� of suci%nof,iceg• E;eader•is sutborized': to collecE and , spply the proceeds at Lender'R option either to restorntion or
<br /> i ,� reg8zr of £he Propetty or to the sums aecured by thie,\Iortgage.
<br /> - r�Jnleea .I,ender; and Borrower othernise agrye in writing, any,such application of proceeds to principal shall
<br /> r '....� �,r,' J
<br />
|