|
r i, . �
<br /> If under paragrnph 18 hereof the Yro�erty is sold or the Property is othenvise ncquired by Lender, Lender
<br /> sha]! apply, no later than immediately priw to thc salc of thc Pro�icrty or its acquisition by Lender, any I�unds
<br /> held by Lender at the time of application as a credit against tlie sums secured by this Martgage.
<br /> 3. Rpplication of Paya�ents. Unless applicable Iza�v provides othenvise, all pnyments received by Lender
<br /> under the Note and puragraphs 1 nnd 2 hereof shall bc applied by Lender first in payment of amounts payable to
<br /> Lender by Borrower nnder paragraph 2 hereof, then to interest pnyable on the Not.e and on Future Ade-ances, if
<br /> nnp, and then tio the principal oP the Diote and to the principal of Future Advances, if ssny.
<br /> { � 4. Chargesr Lieas. Borrower sl�all pay all taxes, nssessments and other charges, fines and impositions attrib-
<br /> � utpble to the Property whicH may sttain s priority over tliis Viortgage, und gromid rents, if any, at Lender's �
<br /> � option in the manner provided under paragraph 2 hereof or by Borrower inaking puyment, when due, directly to ;
<br /> ` the payee thereof. Borrower ahail promptly furnisli to E.ender all notices of umounts due under tl�is paragraph,
<br /> � Q and in the event Borrower shail makc payment directly, Borrower chull promptly furnish to Lender receipta evi-
<br /> ' dencing such payments. Borrower ahall prornptly dischur�e any ]ien which has priority over this DZortgage ; pro-
<br /> % '' vided, that Borrower shall not be required to discharge any sucti lien so long as Borrower shail agree in writing to
<br /> i � the payment of the obligation secured Uy such lien in a manner ucceptuble to Lender, or sliall in good faith conteat
<br /> ' � � auch lien by, or defend enforcement of such lien in, legal �iroceedings which operate to prevent the entorcement of
<br /> the lien or forfeiture of the Property or any part thereof.
<br /> i 5. Hazcrd Insuzaaee. Borrower shall keep tl�e improvements now existing or hereatter erected on the Prop-
<br /> erty insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as
<br /> `;� Lender may require snd in such amounts und tor sucl� periods us I.,ender may require ; provided, tl�at Lender ehall
<br /> not reqaire that the amount of such coverage exceed that nmount of coverage required to puy the sums secured 'by
<br /> ; this Mortgage.
<br /> ; The insurance csrrier providing the insurance shail be chosen by Borrower subject to approval by Lender;
<br /> provided, that such approval shsll not be unreasonably withheld. All premiums on insurn,nce policies shall be paid
<br /> at Lender's option in the manner provided under paragruph 2 i�ereof or by Borrower making payment, when due, . "i
<br /> directly to the insurance carriea
<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 shall become
<br /> 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 /> .� : All insurance policies snd renewals thereof shall be in form acceptable to Lender and shall include a standard i
<br /> ' mortgage clause in favor of and in form acceptable to Lender. Lender shnll l�ave the right to hold the policies and
<br /> 1 renewals thereof, and Borrower shall promptly furnish to Lender ull renewsl notices and nll receipt§ of paid pre-
<br /> � ; miums. In the event of loss, Borrower shall give prompt notice to the insurance carrier ssnd Lender, snd Lender ,'
<br /> � may make proof of loss if not made promptty by Borrower.
<br /> � Unless Lender and Borrower othernise agree in writing, insurance proceeds shall be upplied to restoration or n
<br /> j repair of the Property damaged, pravided sucl� restoration or repair is economically feasible and the security of
<br /> } this Mortgage is not tl�ereby impaired. If sucl� restoration or repair is not economicslly feasible or if the security
<br /> � of this Mortgage would be impaired, the insurnnce proceeds shall t�c spplied to the sums secured by this Mortgage, � ;
<br /> witkthe excess, if any, psid to Borrower. If the Yroperty is abandoned by Borrower or if Borrower fails to respond z�
<br /> to Lender within 30 days after notice by Lender to Borrower thut the insurance carrier offers to settl e a c l a i m f o r ` 'r
<br /> insurance bene fits, Lender is suthorized to collect und apply the insurance proceeds at Lender's option either to ;
<br /> �` restoration or repair of the Property or to the sums secured by this �Iortgage. � � "
<br /> .� Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall � ,''°""""`
<br /> 3� not extend or postpone the due date of the monthly installrnents referred to in paragraphs 1 and 2 hereof or change `
<br /> the smount of such installments.
<br /> � If under paragraph 18 hereof the Property is acquired by Lender, al! right, title and interest of Borrower in
<br /> and to any insurance po]icies and in and to the proceeds tF�ereof ( to tiic extent of the sums secured by this Mort-
<br /> ,�; gage immediately prior to such sale or acquisition ) reeulting from damuge to the Property prior to the sale or
<br /> j , acquieition shall pass to Lenden
<br /> I 6. Prasetvation �d Mmatea�ce of Property; Lease�olds; Condomiaiums. Borrower shall keep the Prop-
<br /> � erty in good repair and shall not permit or commit waste, impairment, or deteriorstion of the Property and ahall
<br /> � comply with the provisions of any lease, if this 3lortgage is on a leasehold. If this liortga�e is on a condominium
<br /> � unit, Borrower shall perform all of Borrower's obli�ations under the declaration of condominium or msster deed,
<br /> the by-laws snd regulations of the condominium project and constituent documents.
<br /> � 7. Protection of Leader's Seeurity. If Borrower tails to perform the covenants snd agreements contained in
<br /> this 1blortgage, or if any action or proceeding is commenced which materially aH'ects Lender's interest in the Prop-
<br /> � erty, including, but not limited to, eminent doroain, insolvency, code enforcement, or arrangements or proceed-
<br /> � in� involving a bankrupt or decedent, then Lender at I.ender's option, upon notice to Barrower, may make such
<br /> i . appearances, disburse sucli sums and take sucl� action us is necessary to protect Lender's interest, including, but
<br /> ' not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br /> Y smounts diabursed by Lender pursuant to this paragrapl� 7, with interest thereon, shall become additional indebt-
<br /> ,� edness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terma of payment, such
<br /> smounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shsll bear inter-
<br /> eet from the date of disbursement st the rate stated 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 higheat rn.te permiesible by
<br /> applicable law. �Tothing contained in this paragraph 7 shall require I.ender to incur any expense or do sny nct
<br /> hereunder.
<br /> ' 8• Iaspeetion. Lender may make or cause to hc madc reaconablc entries upon and inspeccions of the Prop-
<br /> erty, provided that Lender si�all give Borrower notice ��rior to nny sueh inspection specifying resaonable csuse
<br /> tberefor related to Lender's i�tereyt in the Property.
<br /> f , 9. Coademnatioa. The proceeds of any sward or claim for damages, direct or consequentisl, in connection
<br /> with any condemnation, or other taking of the Property, or part thereof, or for con��eyance in lieu of condemnn-
<br /> tion, are hereby essigned and shall be paid to Lender: ,x.fi �' '
<br /> In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mort- � ���"�� + �`
<br /> gage, with Lhe excess, if any, paid to Borro�ver_ In the event of a partial tnking ot the Property, unless Borrower '�
<br /> and•Lender othervqise agree in writing, there si�nll be applied to the suins secured by this �-fortgage such propor- , ' '� t��
<br /> tioa of the proceeds as is equsl to that proportion which tlie amount of the sums secured by this D4ortgage imme- �* '", R
<br /> diately prior to the date of talcing bears to the fair Ynsrket �ralue of tkie Property immediately prior to the date of � '
<br /> ts1c�B, wit��the,balance of the proceeds paid to Borrower. � ;��
<br /> If the Property �g sbandoned 'by Borrower or if:after no-tice by Lender to Borrower that the condemnor offers �y�.� x ��$r
<br /> to, make an awand or;settlu a claim: for dumages�:Borro�ver fails to respond to Lender within 30 days of the date " �- •
<br /> of,siiol� no$ioce; Lender is.authorized .to collect and apply theproceeds at Lender's option either to reNtoration or
<br />� repAir of the.Property ar to the au�na secured by this \lortgage.
<br /> , Y7nlees I,ender ,snd Borrower otheitviBe, agree ia writing, sny euch application of proceeds to principa! shall
<br />�; _ �
<br />�# .
<br /> , �...w
<br /> ;... "
<br /> ,: . _ , �... . , .
<br /> 6
<br />�:'
<br />
|