|
. r � �
<br /> It under Para�rnnCi 1 $ iiereqf the Property i5 sold or the Yr�perty ,is otihenvise ar,yuired by L.ender, Lender
<br /> shall ayply, no Iater f,lian immediately prior to thc s€+.Ic u.f t.Mc �'roperty ar its ucyui_ition t�y 7.crrder, any Fu .n�ls
<br /> held by 'Lender at the tiene of nppl�cation as n emdit a�;ttin_C the sums secum<3 h�� thi� VIortgage.
<br /> 3. Applieatian of Pagmeats LTnles<, aPnlicnbl'c Int4• r?rovides �CMerwise, aill pay�nents rec�ived 1.ty Lender
<br /> un�er the Note 8nd paragrapl�F 1 und 2 liereot slrall bc a�t��lied hy I,e.ncder first in ��ay�arent c�t amounts ,payable to
<br /> Lenderiby Iiorcower under paragrapl� 2 liereof, tlrcn to intereat ��uy�lile on tl�c Note und ot� Futurc Advances, if
<br /> any, and then tb the principsl of the Vnte nnd ta t!'�e prineiy�al uf Future Arlvnnces, if any.
<br /> 9. Ch�ges: I.iene, Borrower eliall puy all taxes, assessanents and uther e.harges, fines a-nd impositions atbrib-
<br /> �' � utable Co the Property which m. ay n.ttain a priority over t;l'us y7ortgage, und grouzi�3 rents, iS any, at Lender's
<br /> option in tl:e manner p,cqvided under pnnngraph 2 Fiereof or by I3orrower inakinR payment, when dtie, directly to
<br /> the payee tliereof. Borrower sl�al'1 promptly furnislr to I.ender all noiices of sn�ounts 3ve under this pacagrsph ,
<br /> � and in tiUe eveut $orrowrer ahal:) tr�ake }+ayment directly, Born�«•er shull pronl}�tly� furnisia to Lender receipts evi- '
<br /> �'J dencing ruch payment;s. Borrower shall Prom��tly dischnrgc .zny licn wl»r,h 1»:; �ariuriby over this �'Iortgag� ; pzq-
<br /> Q vided, that Borrowe.r sliall not !�e requb.recl to cii�eV�arge any such ]ien so long as Bat•ro�ver sirall agree in writing to
<br /> CLZ Ehe payment qf the abli�atiion sec�rrecl t�y such lien in u manner acceptal�lc to I.ender, ur sha,tl in �ood faith eonbest
<br /> O such ]ien by, oc de4end enforcernent of sucli fien in, legal ��roceeclin�e ctid�ich a��eraie tio preventi the enForcement oF
<br /> � tbe lien pr forFeiture of the Property or nny i�art tl�ere�f. .
<br /> 5: Hazard Insuzaaca, Borrower slrnll keep Gl�e ina��rovemenks a�ow existinq or h;ereafter erected on the Prop-
<br /> �' erty insua�d against loas by fiae, hszards included with,in tihe term "extf;nded covetage", and such other hazards xs
<br /> Gap Lender may zet�tiire r�,n@ ir� sueh arnourtts und far sttcll ticrioels as I,erai3er mav re�ciire ; provaded, t}rat Zender shsit
<br /> � not require thaC the amount ot Buch cpvernge exoeed tlaat nrnount of eoverage requirc�i to pay bhe sums secured 'by
<br /> th9s Mortgage.
<br /> T6e insurAnce carrier psoviding tl�c insurat�c,e slisl! hc chosen bv $nrrower sut�ject ta nn�raval by Lender ;
<br /> provided, thtct such a�p,rov�l shal;l not be unrea.sonahly wit.hheld . ACl �remiums u�n i�suranr,e rolicies shalt be �aid
<br /> at Lender's apEion 9n the ma�rner providec! under puragrapl� 2 l�creof or by 8orrocver making paymenk, when due, '
<br /> directly to the insurance carrter.
<br /> In the event any policy is npt renewed on o� before ten daya of its expiration, the I.ender,- to proteet
<br /> its interesti, rtiay psocure insurance on t.he imptovements, pay th� preminms and such sum shall become
<br /> ` ;' imtnediately dne end payabie with interest at the rate set forth in .said note un:tii paid and sha11 be t' '
<br /> secured by thia Mortgage. F�lure by Borrower to comply may, t�t option of Lender, constitute a defawlt
<br /> under the terms o€ this Ivlortgage.
<br /> ACl insusance pbliaie.4 and cenewuls thereof slaall he in torni :ice,eptable t� Le�ader an�i sl�ali include a stan:larcl
<br /> ; mortgage rlause in favor of and in f�rm aice�e�rtxble to 7.enaer. Lender eha11 f.iave the ri�ht Lu l�old the }�ol'ivies and _ . ;
<br /> ; reuewals t,hereof, and Borrower shall �romptly furnish ta Leii.�3er a11 re-ne�val n6tices nnd ati receiPts nf paid pre-
<br /> i auums. In the event of ]oss, Borrower �hali give proiyi}�t n�tice to tihe insiprancc aarrier and Lender, and Lender
<br /> ; may n�ake groot of loss if not made prqmptly Uy $orrower.
<br /> ; Unless Z.ender and Borraa�er o'thercvise ugree in wsit9n�, insurarsec� proeeeds shall be �ppl�ed ta restoratian or ;
<br /> repair of the Pioperty d�maged , prnvided such restorahion or repair is econc;micully feasible n,nd t:he veeurity oS
<br /> ; t this h'iort�gage is not thereby impai,red. It� sucFi restorlti�n ar repair ie »ut �c�rnomieally ieasibl�c� or� �iP the security ' � � � :��
<br /> E of thi9 \1orGgage �v.ould be impnired, ttae insmrsiice �troceeds shnli Ix� up�tied to tl�e sums serured by tl�is MorEgage, ?
<br /> . .,
<br /> ; with the eyccess iF an
<br /> �
<br /> " , y, paid to Btrrrower. If tl�e Yr�percy is ubam3nned by Borcotiver or iE Eiorro��er fails tp respond
<br /> f to Lender within �0 days aiter notice by Lemder lo Borra�ver that the insurance earrier otTers to settle a clsim tqr
<br /> r, ineurance benefits; Lender is authorized to eolleci �nd apply tlre� insuru,nce proceeds at Lender's option either to
<br /> . •;.� restorstion or repair of the Property or to the sums secured by this \Iortgage.
<br /> + IInless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall
<br /> { not extend or postpone the due date of the monthly, installments reterred to in paragraphs 1 and 2 hereof or change
<br /> a the amount of such installments. ° � s<<.
<br /> . fi ,
<br /> If under paragraph IS hereof the Property is acquired by Lender, all right, title and interest of Borrower in
<br /> � and to any insurance policies and in and to the proceeds tiiereof (to the extent of the sums secured by tbis 11-Iort- :'
<br /> � gage immedistely prior to such sale or ncquisition ) resulting from damoge to the Property prior to the sale or x
<br /> ; acquisition shall pass to Lender.
<br /> ' � 6. Prasasvation �d Mmaten�ca of Pzoperiy; Leaseholds; Condomiaiums. Borrower shali 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 uny lease, if this \lortgage is on a leasehold. If this vIortgage is on a condominium ''
<br /> unit, Borrower ahall perform all of Borrower's obligations under the declnration of condominium or master deed,
<br /> j the by-laws snd regulations of the condominium project and constituent documents.
<br /> .� 9_ Proteclioa o! I.eadei s Seeurity. If Borrower fssils to perform the covennnts snd ugreements contained in
<br /> this 1vlortgage, or if 4ny action or proceeding is commenced which materially affects Lender's interest in the Prop-
<br /> - � erty, including, but not limited to, eminent domnin, insoh•ency, code enforcement, or urrangements or proceed-
<br /> , i in� involviug a bankrupt or decedent, then Lender at I.ender's option , upon notice to Borrower, may make such
<br /> - i appearances, diaburse auch sums and take sucl� action ns is necessary to protect Lender's interest, including, but
<br /> � not limited to, disburaement of reasonable attorney's fees and entry upon the Property to make repairs_ Any
<br /> j amounts disbureed by Lender pursuant to this paragruph 7, witl� interest thereon, shall become additional indebt-
<br /> i edness of Boaower secured by this �iortgage. Uniess Borrower and Lender sgree to other terms of psyment, auch
<br /> � amouats shati be payable upon notice from Lender to Borrower requesting payrnent thereof, snd shail bear inter-
<br /> est from the date of disbursement at the rate stated in the Note unless payment of interest at such rste would be
<br /> 1 contrary to applicable law, in which event such nmounts shall bear interest at the highest rate permiesible by
<br /> � applicsble law. Nothing contained in this paragraph 7 shnll requirc I.ender to incur uny expense or do any act
<br /> - �� hereunder. � �
<br /> '�` 8- Iaspeation. Lender msy make or cause to be inndc reaconable entries upon and inspections of tihe Ptop-
<br /> erty, provided that Lender sha11 give Borroa�er noti�c ln•ior to nm• �uch insrection specifying reasonabte cause
<br /> .; j therefor related to Leader's interest in the Property.
<br /> , � 9_ Coademaatioa. Theproceeds of any award or claim for dsmagea, direct or consequential, in connection !
<br /> with say condemnation or other taking of the Property, or psrt thereof, or for conveyance in lieu of condemna-
<br /> ;.. � tion, aze hereby assigned and shall be paid to Lenden �:
<br /> �,.� In the event of a totaI taking of the Property, the ��roceeds shall be applied to the sums secured by this Mort- �
<br /> gage, with the exeess, ii any, psid to Borro�ven In tlie event of a partial taking of the Property, unless Borrower �• `.
<br /> + and I.ender otherwise agree in writing, there shall be applied to the sums secured by tliie \Iortgage such propor- �; f'` 1' <
<br /> �,� tion of the proceeds as is equal to that proportion which tlie umount of the sums secured by this Mortgage imme- �;
<br /> r dtately prior io the date of taking bears t3 the fairinarket value of tl�e Propert� iinmediately prior to the date of '
<br /> r tsking, w3tlr�e balsace of -the proceeds paid to Borrower. ,� ' � . �
<br /> ,;`� , If the Propetty is abandoned by Borrower or if after notice by Lender to Borrower that the condemnor offers �� .���
<br /> . ,. j to mske an.award :or settIe a claim tor damages, Borrower fails to respond to Lender within 30 days of the date ` �'-"•'^' '
<br /> ' .; of suchnotice, Lender is authorized to collect;and appIy Ll�e proceeds at Lender's option either to restoration or
<br /> % ; repair of tlie Property or to the sums secured by tliie \iortgage.
<br /> " i Unless Lender ,snd Borrower .ofher�vise agree in writing, any auch application of proceeda ta principat shall
<br /> � i. � . , . . . . . .. . � . � �.
<br /> � F*,� �
<br /> ��
<br />
|