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If under Paragraph 17. hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no <br />later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of. <br />application as a credit against the sums secured by this Mortgage. <br />3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and <br />Paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to. Lender by Borrower under, Paragraph. <br />2 hereof, then to interest payable on the Note, and then to the principal of the Note. <br />4. Charges; Liens. .Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the <br />Property which may attain a priority over this Mortgage, at Lender's option in the manner provided under Paragraph 2 hereof <br />or by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all.notices <br />of.amounts due under this Paragraph and, in the event Borrower shall make payment directly, Borrower shall promptly furnish <br />to' Lender -receipts -evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; <br />other than prior Mortgage against the Property executed by_Borrowgr i.p fevor of EV�1MS PRODUCTS• COMPANY,_ provided_ Shat. <br />the Borrower shall not be required to discharge any such lien so long as Borrower.shall agree in writing to the -payment of the <br />obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by; or defend enforce- <br />ment of such lien in legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property.or any <br />part thereof. Borrower shall not allow any default to exist under any prior mortgage against the Property. <br />5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured <br />against loss by fire, hazards'included within the term "extended coverage", and such other hazards as Lender may require and <br />in such amounts and for such periods as Lender may require; provided that Lender shall not require that the amount of such <br />coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. <br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that <br />such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid by Borrower making pay- <br />ment, when due, directly to the insurance carrier: <br />All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgagee clause <br />in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower <br />shall promptly furnish to Lender all renewal notices, the policies and any renewals thereof and all receipts of paid premiums. <br />In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender, and Lender may make proof of loss <br />if not made promptly by Borrower. <br />In the event of a loss, the amounts collected shall be payable to the Lender and at the option of the Lender may be used in any <br />one or more of the following ways: (1) applied upon the Indebtedness secured hereby whether such Indebtedness be matured <br />or unmatured; (2) used to fulfill.any of the covenants contained herein as the Lender may determine;. (3) used to replace or <br />restore the Property to a condition satisfactory to Lender; or (4) release the same to the Borrower. Such application of proceeds <br />to the Indebtedness shall not extend or postpone the due date of the monthly installments referred.to in Paragraph 1 hereof or <br />change the amount of such installments. If under Paragraph 17 hereof the Property is acquired by Lender, all right, title and <br />interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property <br />prior to the sale or acquisition shall pass to Lender to the extent of the sum secured by this Mortgage immediately prior to such <br />sale or acquisition. <br />6. Preservation and Maintenance of Property.. Borrower shall keep the Property in good repair and shall not permit or. <br />commit waste, impairment, or deterioration of the Property and shall comply with any restrictions affecting the Property. <br />7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or <br />if any action or proceeding is commenced which materially affects Lender's interest in the Property, including but not limited to, <br />eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender, <br />at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is <br />necessary to protect Lender's interest, including but not limited to, disbursement of reasonable attorney's fees and entry upon <br />the Property to make repairs. Any amounts disbursed by Lender pursuant to this Paragraph 7 with interest thereon shall become <br />additional Indebtedness of Borrower secured by this Mortgage to the extent permitted by applicable law. Unless Borrower and <br />Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment <br />thereof, and shall bear interest from the date of disbursement at the rate of 10% unless payment of interest at such rate.would be <br />contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible by applicable law. <br />Nothing contained in this Paragraph 7 shall require Lender to incur any expense or do any act hereunder. <br />8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property. <br />9. Condemnation. Borrower agrees that all'awards heretofore or hereafter made by any public or quasi -public authority to <br />the present and all subsequent owners of the Property covered by this Mortgage by virtue of an exercise of the right of eminent <br />domain by such authority, including any award for a taking of title, possession or right of access to a public way, or- for any <br />change of grade of streets affecting said Property, are hereby assigned to the Lender; and the Lender at its option is hereby <br />authorized, directed and empowered to collect and receive the proceeds of any such award or awards from the authorities making <br />the same and to give proper receipts and acquittances therefore, and may, at the Lender's election, use such proceeds in any one <br />or more of the following ways: (1) apply the same or any part thereof upon the Indebtedness secured hereby, whether such <br />Indebtedness then be matured or unmatured; (2) use the same or any part thereof to fulfill any of the covenants contained herein <br />as the Lender may determine; (3) use the same or any part thereof to replace or restore the Property to a condition satisfactory <br />to the Lender; or (4) release the same to the Borrower; and the Borrower hereby covenants and agrees to and with the Lender, <br />upon request by the Lender, to make, execute; and deliver any and all assignments and other instruments sufficient for the purpose <br />of assigning all such awards to the Lender free, clear, and discharged of any and all encumbrances of any kind or nature whatso- <br />ever. The application of such proceeds to the Indebtedness shall not extend or postpone the due date of the monthly installments <br />referred to in Paragraph 1 hereof or change the amount of such installments. <br />10. Borrower Not Released. Extension of the time for payment or modification or amortization of the sums secured by this <br />Mortgage granted by Lender to Borrower or to any successor in interest of Borrower shall not operate to release, in any manner, <br />the liability of the original Borrower and Borrower's successors in interest. Lender shall not be'required to commence proceedings <br />against such successor, to refuse to or to extend time for payment, or otherwise to modify amortization of the sums secured by this <br />Mortgage by reason of any demand made by the original Borrower or Borrower's successors in interest. <br />11. Forebearance by Lender Not a Waiver. Any forebearance by Lender in exercising any right or remedy hereunder,, or <br />otherwise afforded by applicable law, shall not be a waiver of or.preclude the exercise of any right or remedy hereunder. The <br />procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to <br />accelerate the maturity -of the.lndebtedness secured by this Mortgage. <br />12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy <br />under this Mortgage or afforded by law or equity, and may be exercised concurrently; independently, or successively. <br />13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained <br />shall bind and the rights hereunder shall inure to the respective successors and assigns of Lender and Borrower.All covenants <br />and agreements of Borrower shall be joint and several. The captions and headings of the Paragraphs of this Mortgage are for <br />convenience only and are not.to be used to interpret or define the provisions hereof. In the event the ownership of the Property <br />or any part thereof becomes vested in a person other than the Borrower, the Lender may deal with such successor or successors <br />in interest with reference to this Mortgage'and the Indebtedness hereby secured in the same manner as with the Borrower without <br />in any manner vitiating or discharging the Borrower's liability hereunder or upon the Indebtedness hereby secured; and in the <br />alternative, at the option of the Lender, Lender may declare that the unpaid balance of the Indebtedness is immediately due and <br />payable. <br />14. Notice. Any notice from. Lender to Borrower provided for in this Mortgage shall be by certified mail to Borrower at the <br />Property address stated below'or at such address as Borrower may designate to Lender by certified mail to Lender's address, <br />except for any notice given io Borrower in the manner prescribed by applicable law as provided in Paragraph 17 of this Mortgage. <br />15. Uniform' Mortgage; Governing Law; Severability. .This form of Mortgage combines uniform covenants for. national' use <br />and. non-uniform covenants with limited variations by jurisdiction to constitute a'uniform security instrument covering real <br />property,., This Mortgage phall be 'governed by the law of the jurisdiction in which the Property is located. In the event that any <br />provision or:clause of this'Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of <br />this Mortgage or the Note which can be given effect without the conflicting provision, and to.this end the provisions of this <br />Mortgage and the Note are declared to be severable. <br />16.. Borrower's Copy. Borrower shall be furnisheda- conformed copy of this Mortgage at the time of execution or after <br />recordation hereof. ;,. <br />