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<br /> If under paragraph 18 hereof the Yroperty is sold or the Property is otherwise acquired by T,ender, Lender ` �"� ' ' ` � ° ���
<br /> shall apply, no later than immediately prior to thc salc of the Property or its acquisition b,y Lender � �" `� +' ° �"' f �
<br /> held by Lender at the time of application as a credit against the swns secured by this Vlort�age. ' 'i°y Funds �� r � t y ��,.��,��1
<br /> 3. A hcation oi P j p � y ��° �^ ;
<br /> PP � ayments. Unless a � licnble 1nN� �rovides otherwise, a❑ pay�nents received b Lender ��"`' � ,c�' �';�s"r-�'
<br /> under the Note nnd paragraphs 1 and, 2 hereoLshal[ bc applied by Lender first in payment of umounts payable to '�� ��k`� 4`��`�� '• ,
<br /> Lender by Borrower under paragraph 2 liereof, then to interest � >ayable on the Note nnd on Future Advances, if � €K��^F�' �
<br /> any, and then to the principal of tlie Note and to the principal of Future AdvAnces, if any. ��z��`t �
<br /> s.� ^'a�wx � + a
<br /> t.1 4 Charges; Liens. Borrower sliall pay ull taxes, ussessments and other charges, fines and impositions attrib- ° "�x'�" '� �
<br /> i �3 � ��1 ��
<br /> � utable to the Property which may uttain n priority over tl�is viortgage, and ground rents, if any, at Lender's �nFt 'A'� ""� �`��'�W'�'�x4 r �
<br /> p opt�on in the manner provided under paragraph 2 hereof or by Borrower making payment, when due, directly to � +`��`d+����r,Y��
<br /> � the payee thereof. Borrower shall promptly furnisli to 7,ender all notices of amounts due under this paragraph, r'� ;�h� Mx, ;T��` ��'" '
<br /> � and in the e�•ent Borrower shall make payment directly, Borrower sl�all promptly furnish to Lender receipts evi- �`-��,h1 h ?'��`��4 ,„ ;
<br /> � dencing sucl� payments. Bonower shall promptly discharge any lien which has priority over this \�Iortgage ; pro- ,«"� , � r, rt, �`��.��s� �
<br /> vided, that Borrower shall not be required to dischnrge any such lien so long as Borro�ver shall agree in writing to � " '` � `}y " iG�`?i"j* 3
<br /> I the payment of the obligation secured by such lien in :i inanner acceptable to Lender, or shall in good faith contest + `� > �„ 1
<br /> y � such lien by, or defend enforcement of sucli lien in , legal proceedings wl�ich operate to prevent the entorcement of , � z `�F,`r����
<br /> the lien or forfeiture of the Property or uny purt tl�ereof. ` ;, w� � : � �n
<br /> ' r � , . � �� "�y�£ .
<br /> 5. Hazard Insur�ee. Borrower shull keep the improeements no��• existing or hereafter erected on the Prop- " ,, ; ,�� �5�t� �+��v?,^?_
<br /> ` erty insured ag$inst loss by fire, hazsrds included rvithin the term "exten@ed coverage ", and sucli otfier hazards as �, , � x.?�r { �r����'
<br /> Lender inay require and in such amounts nnd for siich periodc as Lender may require ; provided , that Lender ahall :a'.t° � ,�"���,�� w�4}
<br /> not require that the nmount of such coverage exceed tLut amount of coverage required to pay the sums secured 'by £ � + �+,�r,. ���
<br /> thia Mortgage. � ` ������� :
<br /> � The insurance carrier providing tl�e insurance shall be cl�osen by Borrower subject to approval by Lender ; t �A' '�'� � '� � •
<br /> <:
<br /> provided, that such approval shsll not be unreasonably withhe]d. Ali premiums on insurance policies shall be paid ;: ' �;`�"�"��Y� �'�. n
<br /> ;, at Lender's option in the manner provided under pnragraph 2 hereof or b $orrower makin , � + �a{; �u�r� '�; s "�
<br /> directly to the insurance carrier. y g payment when due , w ���,,.��,=y � � ;
<br /> x� � •(4�� ,�v�„ � �/
<br /> In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect < �,��� ' �,T`e�"�
<br /> ita interest, may procure insurance on the improvements, pay the premiums and such sum shall become ��x. 4�`�<�'�����o�
<br /> immediately due and payable with interest at the rate set forth in said note until aid and shall be "�� ` �� E' ' �+�� �'
<br /> P �w,a `�f�'����'� ^;` .
<br /> �� u aer ahe terms of�h�s Mo tgagee by Borrower to comply may, at option of Lender, constitute a default �'�„�ve ; h,�� � ,
<br /> � < , F .,
<br /> 2,� All insurance policies and renewals thereof chall be in fonn acceptable to Lender and shall inc lu de a standard r�i�,���a,�,��r 5�'i'
<br /> :,, inortgage clause in favor of and in form acceptable to Lender. I,ender shall have the right to ho]d the policies and �; �j"'�"'�s�'�%�`�''� '
<br /> renewals thereof, and Borrower shalt promptly furnish to Lender all renewnl notices and all receipts of paid pre- �".�, * ��u�` ``7'� "
<br /> y<' hY
<br /> miums. In the event of loss, Borrower shall give prompt notice to the insurance carrier �nd Lender, and Lender ��u� tr` �,�.�y*`
<br /> may make proof of loss if not made promptly Uy Borrower. � ^�
<br /> ���n�'�`� � �� �
<br /> Un]ess Lender and Borrower otherwise agree in �vriting, insurance proceeds shall be applied to restoration or ,
<br /> repair of the Property damaged, provided such restoration or repair is economically feasible and the security of ' �.�"� `� '.'
<br /> this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security `r`�4'g '�
<br /> of this Mortgage would be impaired, the insurance proceeds shull be applied to tlie sums secured by this Mortgage, ; d�;'�:� ` '
<br /> with the exceas, if any, paid to Borrower. If the Yro��erty is abancloned by Borrower or if Borrower fnils to respond
<br /> to Lender within 30 days after notice by Lender to Borrower thut the insurance carrier offers to settle a claim for ��� � .
<br /> inaurance benefits, Lender is suthorized to collect and apply the insurance proceeds at Lender's option either to �`�;'' �
<br /> restoration or repair of the Property or to the sums secured by tliis Jfortgage. ,�� �r:+ � .-'�
<br /> Unless Lender and Borrower othenvise agree in �vriting, any such application of roceeds to p y
<br /> P Princi al shall L ��;��;�t� `�«;
<br /> not extend or postpone the due date of the monthly installments referred to in pnragrsphs 1 and 2 hereof or change c rv
<br /> the amount of such installments. � t*����,�ns , r
<br /> If under paragraph 18 hereof the Yroperty is acquired by Lender, sll right, title ssnd interest of Borrower in 'e`` y�'"���'
<br /> t�s� w� �. .
<br /> and to any insurance policies and in and to the proceeds tl�ereof (to the extent of the sums secured by this Mort- `"��'��-;;�y-�
<br /> gsge immediately prior to such sale or acquisition ) resulting frorn dnmage to the Property prior to the sale ar `r�� i �`' i �^ `
<br /> acquieition shall pass to Lender. �, c5,��`�''��
<br /> 6. Preservatioa �d Mmatea�ce of Pzo ert Leaseholds; Coadoaiiniums. Borrower shall keep the Prop- `��,a � ���� x
<br /> P Y: � � � i�x c� �`
<br /> erty in good repair and shall not permit or commit wsste, impairment, or deterioration of the Property and ahall '� -t�t � $�"'��
<br /> comply with the provisions of any lease, if this \iortgage is on a ]easehold. If this J4ortgage is on a condominium � � ` h s�k��-�'� '
<br /> unit, Borrower shall 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. ; x � �`� i�,��^, ` ."
<br /> 7. Proteetion of Lendei s Seeurity. If Borrower fails to perform the covenants and agreements contained in ,+ '�'�'e�^t�`"�'
<br /> this Mortgage, or if any action or proceeding is commenced �vhich materially affects Lender's interest in the Prop- " ' ;.�, ;,a,'��''
<br /> erty, including, but not limited to, eminent domain, in�ol�•ency, code enforcement, or arrangements or proceed- , " ° `� �F2'a ��`��'
<br /> ings involving u bankrupt or decedent, then Lender at T.ender's option, upon notice to Borrower, may make such '} �����* "
<br /> appearances, disburse sucl� sums and take such action as is necessary to protect Lender's interest, including, but ` =4 " "���`�` � '
<br /> � r y9���
<br /> aot limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repsirs. Any � ; t lr ����� '
<br /> amounts disbursed by Lender pursuant to this parsgraph 7, �vitl� interest thereon, shall become sdditional indebt- V
<br /> � � '�� ntv��rr
<br /> edness of Borrowersecured by this �fortgage. Unless Bonower and Lender agree to other terms of payment, such ` �` �"���"��``"`r�
<br /> amounts shsll be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter- ' � ��s'"`�''� sA"� � ,
<br /> ��� � � � +,ra,;>�.�, �
<br /> eat from the date of disbursement at the rate stated in the Note unless payment of interest at such rate would be .s ir 'y � �r��:""r�'�'',
<br /> contrary to applicable law, in which event such amounts shall bear interest at the highest rate permieaible by � � �.�
<br /> � � {�
<br /> applicable law. �Totl�in containeci in this y p Y �-•N a �� �'�ti� �pt� , .
<br /> S parsgrapti 7 shnll require Lender to incur an ex ense or do an act .„ ,,. , , , , , ,,r �, , F "
<br /> hereunder.
<br /> 8• InsPeotien. Lender may make or cause to be mndc rearonabic entries upon and inspections of the Prop- s� ' ����
<br /> erty, provided that Lender shall give Borroa�er noticc ��rior to nn�• sueh inspection specifying reasonable cause " � `'��'^ ` "� ;�..
<br /> therefor related to Lender's interest in the Property. , �', , � '" ���":
<br /> 9. Coademnation. The proceeds of nny award or claim for damages, direct or consequential , in connection � ��` " t '' � `
<br /> with any ,condemnation or other taking of the Property, or part tliereof, or for conveyance in lieu of condemna- ^r -^
<br /> tion, are hereby assigned and shall be paid to Lender. � . �� � �
<br /> In the event of a,total taking of the Property, tlie proceeds shali be applied to the sums secured by this Mort- � �F ` W
<br /> , " gage, with the excess; if any, paid to Borrower. In tl�e event of a partial taking of the Property, unless Borrower ��� ` � �'�
<br /> ,.t and Lender otherwise agree in writing, there sl�ull be app]ied to tl�e aums secured by this �fortgage such propor- �,�r ' � � ' � '
<br /> tion of tHe proceede as is equal to thatproportion whic6 ' the amount of the sums aecured by this Mortgage imme- ��,,,'�` `' ` ' `
<br /> distely prio; to the date ,of taking bears to tl�e fair market value of the Property immedistely prior to the date of � �
<br /> taldng, vtnth.;the balsqce of the proceeds paid to Borrower. :� . � : `
<br /> If the P'roperty,.is: abandoned byBorrower or if after notice Uy Lender to Borrower that the condemnor offere y � � �
<br /> •,-. • .
<br /> to make an;awnrd 'or settles clai�v for damsges, Borrower fails to respond to Lender within 30 days of the date " '""%�'
<br /> of such nuEice, Lender is lauthorized to colIecti and a �1 the ` N
<br /> pi y �roceeds 'st Lender's option eitl�er to restoration or �
<br /> repsu of the prpperty or to the eums secured by this \iortgage. , ,,
<br /> J Unless Lender`and Borrower othenvise agree in writing, any such uppficntion of procee3s to principnl shall �
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