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<br /> If under paragraph IS CiereoE the Pro�erty is sald or che Pro}serty is otfierwise ucc�uireri by (.encler, Lek�der
<br /> shsll npply, no l .ater 'ttaan immediaCely �>rior to tlac azlc of tlie Fropertv oc its ttc:7uisiCiqn by Lender, any Funds
<br /> ,� I�eId by Lender at the time of a:pnlicat:inn as a cree(it agninst til�e stuns secured lry t}iis ;4[ortgage. i - ,;
<br /> 3. Applicc:tion oi Paymeats, Unless eip�licalilc la�c• proviale� other�vi�e, u11 Payme.rat:� received by Leader
<br /> ! under tHe Noie tind paragrupl�s 1 �nd 2 hereof s4n11 }�c nppliecl I�y Lender first i�i psyment of nmounts pa,ysble to r":
<br /> ; Leader by Borzower un�ter parsgrapti 2 hereof, then Co intereat ��ayable on tlio- Note and on I"�turc� Advi�nces, if � .
<br /> k ��y�4.nC2scrges� Liens.1nBorrowertsl�11 c aa allttax'ea �as es�f�al of Future Aelvt�nces , if anY. � J ,;.
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<br /> ' - p y , sments and other charges, fines and imposit�ons attrib- s
<br /> � ut�ble to the Pro ert which inu nttsin a riorit over lhis �Lo�•t o e and round rents if an at I,eader's
<br /> P Y Y p Y gB , K > Y�
<br /> option in the manner prRrvided under i�sragraph 2 hereof or C>y I3orrower �nnking p�yment., wl�en due, directly to
<br /> �-,� the payee tihereof. ,Borrower shall prom;ixtly furnish to T.ender aFi notines of amoun 'ts due nnder ttiis paragraPh, ` ,..`
<br /> � snd in- the event 2ionower shall make puyrnent directly, Borco�cer s'hall prom}�tly fnr�uish to I.eneler receiptci evi-
<br /> � (p dencing, sucli payments. Borrower sha11 prom}�tly disclxurge any lien �vhich has priority pver this J�ort�age ; pro-
<br /> # � v'tded, t.hat Borrower shall not be reqnfired to dischar�e uny sucli tien so long as I3orrower sliall agree in cvriting to
<br /> p the paymeat of the obligation secuted by such 3ien in n mum�er ncceptable to I;ender, �r shall in good faith oonteat
<br /> � p such lien by, or defend enforeement of sutli lien in , legal procecdipgs wliich orer:tte Co prevent the enforcement nf
<br /> '• r Ghe lien or forieiture of tCie Property dr any ��arC tl�ereof.
<br /> 5. Hczard l�sur�ce, Borrower shall kee�� the iin��ro��emenis no�v existing or 3iereafter erected on the Prop-
<br /> ° � � erty insured sgainsti los.s by fire, hazards 'rncluded �vithin the term "extende�i coxerage", snd such ather hazards as
<br /> 'y Lendec may require ana in such amounts i�nd for sucli Periocis as Lender may require ; provideci, ihat I,ender shali
<br /> '� not requise thati the smaunL af such couertr�e exceed Cf�at uinount of coverage required to p9y the aums secqred 'by
<br /> thi� Mortgsge.
<br /> The insurahce carrier pcavici 'tng tlie insursuce shall be chasen t?y $e?rru�+'er subject to approvaS by Lender ;
<br /> provided, tihut such approval ehall n�t be u.nreasonably withheld. Alt premiva{, on insur$nce policies s1�aC1 be paid
<br /> ' i; at Lender's o�tipn in the maxiner grovidad undei� ��ragra�h 'l ]rereof or hy I3orroFver makins T�eyment, when due, �
<br /> ` directly to the insurance csnier.
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<br /> In the event any policy is not renewed an or before ten days of its expiration, the Lender, Co protect
<br /> ' its interest, may pracure insurance on the improvements, pay t2ie, premiums gnd such sum sha11 become ,:
<br /> 1 imrnediately due and payable with 9nterest at the rate set forth in said note unt�l paid and shail be
<br /> ' '3 secured by this Mortgage, Failure by Boraower to eomply may, at option of I.encler, constitute a default
<br /> ; under the terms of this Mortgage.
<br /> . � A'll insurance pplicies and renewuia thereof al�nll he in forim :�cceE�tiable tn Lender nnd �hall inclucie a stundard °
<br /> } �nortgaSe clause in favor of and in form ucceptsble ta Lender. i.,ender shall trave the rigf�t to l�old the policies und, { ..,�`
<br /> , � cenewuls thereof, and Borrower shall promptly furnistr to Lender nll senecval notices and all receipts u't paid pre- r +;'`
<br /> . >; miums. In the event of loss, Borrower shnli gi�•e pxocsa�t notice to tlie insurance cnrrier and Lender, snd Lender " � '''r
<br /> ; may make proof of loss if not made promptly �y Borrower. � ��
<br /> ' a Untess Lender and Borrower otl�ern•ise agrnt in writin�, i:�surance proceeds shall be applied to reaioration or � 4 �;;;:
<br /> ' repsir of the Prvperty damaged, Nrovide� snch restoralion or repair �s econqnrically feasible an�l r,he securitv nf '
<br /> '� Ehis �Iortgage is not tt�ereby impaired. If such resttirztion or repair is not ecanomicslly fcasible ar if the seourity k `, �n:
<br /> . � of thie 1bSortgage would be impaired, the insarance pcoeeefls shall be applied t:� tlae siiu�s secured by Ehis NTortg'age, s :�,
<br /> : ,� witdi the e�ceess, if any, paid Ca Borro�ver. Tf tl�e Yro�ierty is abandorrect I,v Borrower nr ii Barrower fail's to respond � i ' > �
<br /> t to Lender within 30 dsys after notiae by Lender to Borto�ver tl�ni the insuranee carrier r�ffers to sr.ttle a cisim for ' `
<br /> i insuranee benefitis, Lender is suthorized to collcet and ap�ily tlac insurance proceeds at Lendee's opt'ion either to � "
<br /> frestoration ar repair of the Property or to the sums secured Uy tlii5 \Iortgage. t �
<br /> as3.
<br /> # UnIess Lender and Borrower othenvise agree in writing, any such application oF proceeds to principal shali � f�-
<br /> not extend or postpone the due date of the inonthly installments referred to in parugraphs 1 and 2 hereof or change r �:� �
<br /> - the amount of such installments.
<br /> If under parsgraph 28 hereof the Property is acquired by Lender, all right, title and interest of Borrower in _
<br /> snd to any insursnce policies and in und to the proceeds thereof (to the extent of the sums secured by this Mort- r �Y
<br /> , ,� gage immediately prior to such sale or acquisition ) resulting from dsmage to the Property prior to the sale or
<br /> � acqaiieition shall paes to I,ender. F ;
<br /> 6. Preservatioa �d Mmaten�ce of Property; Leaseholds; Condomiaiums. Borrower shall keep the Prop- ( ;
<br /> ,>� erty in good repair nnd shall not permit or commit waste, impairment, or deterioration of the Property and sball '
<br /> � comply with the provisions of any lease, it this \Iortgage is on a leasehold. If tl�is Mortgage is on a condominium
<br /> � unit, Borrower shall perform all of Borrower's obligations under the declaraiion of condominium or master deed,
<br /> the by-laws and regulations of the condominiurn project and constituent documents.
<br /> � 7. Protectioa oI Lendei s Security. If Borrower fails to perform the covenants and agreements contained in
<br /> � this Mortgage, or if any action or proceeding is commenced �vhich materially uffects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceed-
<br /> :� • ings involving a bankrupt or decedent, then Lender at I.ender's option, upon notice to Borrower, may make such
<br /> ; � appearances, disburse such sums end take such action as is necesssry 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 /> ' � smounts disbursed by Lender purauant to this paragraph 7, �vith interest thereon, shall become additional indebt-
<br /> edaese of Bonower secured by this �iortgage. Unless Borrower and Lender agree to other terma of psyment, such
<br /> ,. � amounts ahall be payable upon notice from Lender to Borrower requesting payment thereof, and ahall bear inter-
<br /> �� est from the date of diabursement at the rate stated in the Note unless payment of interest at such rate would be
<br /> contrary to applicable law, in which event such nmounts shall bear interest at the highest rnte permiesible by
<br /> � applicsble law. Votl�ing contained in this paragrap6 7 sh111 require Lender to incur nny expense or do any act ,}
<br /> hereunder.
<br /> �� , 8. Iasp�etioa. Lender may make or ca��e to he mude ressonable entries upon and inspeetions of the Prop- -,
<br /> ertp,, pravided fhst Lender sl�atl give Borrow•er notice prim• to au�}• �uch inspection :pecitying rexsonable cause • ,;
<br /> '° Eherefor relat� to. Lender's interept in the Property.
<br /> , j` 9. Condemaatioa. The proceeds of any award or claim for damages, direct or consequential, in connection
<br /> witta any conde[nnation or oCher taking of the ProPerty, or part thcreof, or for conveynnce in lieu of condemnn- ,, �� ;
<br /> tion, are hereby assigned snd shall bepaid to Lender. '� �"" -
<br /> In the event of a total taking of the Property, the proceeds shall be aPplied to the sums secured by this Mort- � ,,4`
<br /> gage, with'Lhe excess, if any, paid to Borro�ver: In tl�e event of a partiul tsking of the Property, unless Borrower � ' . �:��" t
<br /> and Lander othersvise agree in writing, tl�ere aha!1 be ap��lied to tlie sums secured by this �Iortgage such propor- ;- �„'
<br /> ' tiQa of the proceeda.as is equsl to that proportion which the amount of the sums secured by this Mortgege imme- k ' " '�
<br /> , ; ', diatgly prior to the;date of:taking besrs to the fair market valc�c of t�e Property immedintety prior to the date of ���; >
<br /> talung, with 4he ba]ance of the proFeeds paid ,to Borrower. a' � �'
<br /> °- If t3ie'Property is sbandoned by Borrower or if nfter notice by Lender to Borrower that the condemnor offers f�'�' '"`
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<br /> , rt'� to make aa" aWard'or settle a cisim for damages, Borrower fails to respond to Lender within 30 davs of the dste
<br /> . 'j of'suoh'-noL9ca, L'ender is'=suthoriaed to collect and ';apply the :proceeds ut Lender's option either to restoration or
<br /> ? repair of the Property or to the sums aecvred $y this \Iortgage.
<br /> , `� Unleas Lender:and Borrower othernise agree in cvriting, any such application of proceeds to principal shail �
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