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<br /> t If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by T.ender, Lender -
<br /> ''h shall apply, no later thran immediately prior to tlic ealc of the Property or its acquisition by Lender, nny I'unds
<br /> held by Lender at the time of upplication. as a credit against the sums secured by this tilortgage. ; i;
<br /> ,� 3. ' Applieatioa ot Payments. Unless anplicaUlc law provides othenvise, all payments received by Lender ,, :`- t N �
<br /> '� underthe.Note and ,pa;agrapLs , l- and 2 hereof sl�all bc applied by Lendcr first in puyment of amounts payable to M
<br /> � Lender. by Sorrower underparagraph 2 liereof, then to interest ��ayablc on the Note and oa Future Advances, if � $�
<br /> '� any, and then to ,tha principal of the Note and to the principal of Future Advnnces, it any. � ,t . � ," ,��
<br /> 4. Ch�ges:;Ziens. Borrower sliall pay all taxes, sasessments and other charges, fines and impositions attrib- , � ^ A=
<br /> utgble ta the Pro ert which ma attain a riorit over this vIort a e and round rents, if an at Lender's � `z'�t
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<br /> � option in the mannerprovided under parag;sph 2 hereof or`by Borrower msking payment, when due,. direetly to ; � „ _,
<br /> � the payee tfiereof. Borrower shall promptly furnish to Lender All notices of amounts due under this paragraph, ��
<br /> and in the e�ent Borrower ehall make puyment directly, Borro�cer shall promptly furnish to Lender receipts evi-
<br /> tl, � dencing such payments. Bocrower shall promptly discliurge uny lien which has priority over this Mortgage ; pro-
<br /> -j � vided,:that Borrower ahall not be required to discharge any sucli tien so long as Borrower shali ngree in writing to '
<br /> � p the payment of the obligation secured by such lien in :L manner accept�ble to Lender, or shall in good taith contest �
<br /> �-�- such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the entorcement of
<br /> � the lien or forfeiture of the Property or any part thereof. ` '
<br /> -� 5. Hazard Iasuranee. Borrower shall keep the i�nprovements no�v existing or tiereafter erected on the Prop- ` ' � �
<br /> � � erty insured againstloas by fire, hazardsincluded within the term "extended coverage", und such other hazards as j
<br /> ;� Lender mey require ssnd in such amounts and for sucli periods us Lender may require ; provided, that Lender shall r �'
<br /> r j fiot require that the amount of such coverage exceed tliat amount of coverage required to pny the sums secured 'by �;
<br /> 3 this Mortgage. " '
<br /> .�; The insnrance carrier providing tl�e insurance shall be chosen by Borrower subject to spproval by Lender ; � ., x
<br /> provided, that such approval shall not be unreasonably withheld. All premiums on insurttnce policies shall be paid - + , ;
<br /> ; � at Lender's option in the manner provided under paragraph 2 hereof or by Borrotiver making payment, when due, ' r,",t
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<br /> g directly to the insurance carrier. r ; , „?
<br /> o- 4 In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect ? ' ' �u�,;
<br /> :� its interest, may procure insurance on the improvements, pay the premiums and such sum shall become , „ . ,
<br /> : y immediately due and payable with interest at the rate set forth in said note until paid and shall be
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<br /> f secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, conatitute a default , �
<br /> ` � under the terms of this Mortgage. r . �'';
<br /> ' i All insurnncepolicies and renewnls thereof shall be in form acceptable to Lender and sha ll include a standard x '' ' + �Pi
<br /> � mortgage clsuse in favor ot and in form acceptable to Lender. Lender shall have the right to hold the policies and :, 4 x ?�
<br /> renewals thereof, and Borrower shall promptly furnish to Lender stll renewal notices and nll receipts of paid pre- s � ' t }`�?
<br /> - � miums. In the event of losa Borrower shall ive rom t notice to the insurance carrier and Lender and Lender � ; �"��F`'
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<br /> may make proof of loss it not made promptly by Bonower. v , ��,;
<br /> Unless I.ender and Borrower otlienvise agree in �vriting, insurssnce proceeds shall be applied to restoration or + " ;.',�,�r..
<br /> repair of the Property damaged, provided such restoration or repair is ewnomically feusible and the security of ,� � � �+
<br /> this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security ' ` � � rr�.z;
<br /> of this Mortgsge would be impaired, tl�e insurance proceeds shall be applied to the sums secured by this Mortgage, � �,=� ` �"�rc�'„
<br /> with the excess; if any, paid to Borrower. If thc Praperty is abandoned by Borrower or if Borrower faifs to sespond ; �;��+�,
<br /> to Lenderwithin 30 days atter notice by Lender to Borrower that the insurance carrier offers to settle a claim for ' � x ,?��.
<br /> ' insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to ` , � ,� �Xrw
<br /> ` reatotation or, repair of the Property or to the suma secured by this �4ortgsge. _: � ` _ "^�'
<br /> :. � IInless I.ender and Borrower othenvise agree in writing, any such application of proceeds to principal shall
<br /> not extend or postpone t5e due date of the inonthlyinstallments referred to in paragraphs 1 and 2 hereof or change � .
<br /> the amount of such inatallments.
<br /> If under paragraph 18 hereof the Property is acquired Uy Lender, all right, title and interest of Borrower in
<br /> snd to any inaurance policies and in and to the proceeds thereof (to the extent of the sums secured by this Mort-
<br /> gage immediately prior to such sale or acquisition ) resulting from damage to the Property prior to the sale or �
<br /> acquieition: sbsll pass to Lender. r ' 4y
<br /> 6: Preservatioa �md Mmaten�ce of Property: Leaseholds; Condomiaivms. Borrower shall keep the Prop- � i='
<br /> erty in goo?2 repair and shall not permit or commit waste, impsirment, or deteriorution of the Property and shall � `,
<br /> comply with the provisions of any lease, if this �4ortgage is on a leasehold. If this Mortgage is on a condominium = :
<br /> unit, Borrower ahall perform all of Borrower's obligations under the declaration of condominium or master deed, ' � �'
<br /> the by-laws and regulations of the condominium project and constituent documents. t�'
<br /> 7. Protection of Lendei s Secuzity. If Borrower fnils to perform the covenants nnd agreements contained in ;
<br /> w�` this Nlortgage, or if sny action or proceeding is commenced whicli materially affects Lender's interest in the Prop- ':
<br /> erty, including, but not limited tq eminent domain , insol�•ency, code enforceinent, or arrangements or proceed- �
<br /> :. � inge involving a bankrupt or decedent, then Lender at T.ender's option, upon notice to Borrower, may make such
<br /> a appearances, disburse sucli sums and take such action as is necessary to protect Lender's interest, including, but
<br /> ' noti limited to; disbursement of ressonable attorney's fees and entry upon the Property to make repairs. Any F�2,
<br /> smounte-disbursed by I.ender pursuant to this paragraph 7, with interest thereon, shail Uecome additionsl indebt-
<br /> ednese.ofBorrower secured by this �fortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> amouats ahall be payable upan notice from Lender to Borrower requesting payment thereof, and shall bear inter- ;%
<br /> est from the date of disbursement at the rate stated in the Note unless pnyment of interest at sucli rate would be
<br /> ��,,, contrary, to .applicable law, in which event such amounts ahall bear intereat at the highest rate permieaible by `
<br /> appGoable Iaw. �Tothing contained in this psrugraph 7 shhll require Lender to incur any expense or do any act
<br /> �'� � herepnder.
<br /> , �� 8. Inspactioa. Lender may mske or cause to be inadc reasonablc entries upon and inspections of the Prop-
<br /> `, _'� erty, provided that Lender shall give Borrower notice ln-im• to any such inspection specifving ressonable csuse i ^ i"
<br /> sr� therefor telated to.Lender'e intereat in the Property. _
<br /> ;_ '. 9. Coh�derimatioa The proceeds..of . nny s�vard or clsim for damagee, direct or conaequentiat , in conneetion ' '-
<br /> `^ with any.co�deinnation or,oLher taking of the ProperLy, or part tl�ereof, or for wnveyance in lieu of condemna- �V`
<br /> �u ; tion, are hereby ,assigned and.shall be paid to Lender. � ;
<br /> A � In the event`of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mort- "" - -
<br /> `�' a �Jith t1�e exceas if an sid to Borro�ver. In the event. of a artial takin of the Pro ert unless Borrower
<br /> 8. B'e. , Y� P P 8 P Y, � ` `
<br /> 'apd'-7.end�r owheiwiaC agree in. writing, there ahall` be spplieil to tl�e sums secured by thia Mortgsge such propor- " ..?,�,� , ` �
<br /> :xion,of the,procGe3s"as is equaLto:.that p�oportion ,which tl�e amount of the sums secured by this Mortgage imme- �.,� Ka`.�,
<br /> diately pnor toXthe dat4eyof;talnng bears to the fair �narket va►ue of tl�e Property immediately prior to the date of `=� x
<br /> � talonB� w�E� ttlan�e�o�:f,he proC,eed$ pa.id=to Borrower. �,'",�
<br /> �,�' ; If,ti�ie�} .t�i' . �B`abandoned by Bor'rower or if. nfter notice by Lender to Bonower that the condemnor offers r���,,,,,
<br /> ` to mNIZ''�'a�aW$'�id"`or aeLtlg a cls3m'"for da;nsgea, Borrower faiis to respond to Lender within 30 days of the date '^"`` " ""
<br /> """-`'� ot'-�iob iiu ie0';t:ender is authoi�ised fo collect snd 'sp}>ly the l�roceeds at Lender's option eitlier lo restoration or ~
<br /> `'� "� repa�r ofnthe Pr6pex�y or to;.the sums eeaured by til�is 1lortgage.
<br /> ` Vn'�e8s 3��ndeir and Borrowex. othettviae sgree iu .writing, any. such application of proceeda to principal shall
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