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85 000493
<br />TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances, rents, royalties,
<br />mineral, oil and gas rights and profits, water, water rights, and water stock, and all fixtures now or hereafter attached to the property, all of which, in-
<br />cluding replacements and additions thereto, shall be deemed to be and remain a part of the property covered by this Mortgage: and all of the forego-
<br />ing, together with said property for the leasehold estate if this Mortgage is on a leasehold! are herein referred to as the "Property ".
<br />Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Prop.
<br />erty, that the Property is unemcumbered, and that Borrower will warrant and defend generally the title to the Property against all claims and
<br />demands, subject to any declarations, easements or restrictions.
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />I. PAYMENT OF INDEBTEDNESS. Borrower shall promptly pay the Indebtedness when due alwl according to its terms.
<br />2. APPLICATION OF PAYMENTS. All payments received by Lender maybe applied by Leader in any order or manner of application which
<br />Lender, in its absolute discretion, deems appropriate.
<br />3. CHARGES: LIENS. Borrower shall pay all taxes. assessments and other charges, fines and Impositions attributable to the Property which
<br />may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, by Borrower making payment, when due, directly to the
<br />payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make pay.
<br />ment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any Hen which has
<br />priority over this Mortgage: provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree In writing to the
<br />payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such Hen by, or defendant enforcement
<br />of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
<br />0. HAZARD INSURANCE. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by
<br />fire. hazards included within the term "extended coverage ", and such other hazards as Lender may require and in such amounts and for such periods
<br />as Lender may require: provided. that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the
<br />sums secured by this Mortgage.
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, that such approval shall
<br />not be unreasonably withheld. All premiums on insurance policies shall be paid by Borrower making payment. when due. directly to the insurance car-
<br />rier.
<br />All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage Clause in favor of and
<br />in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall prompty furnish to Lender all
<br />renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender
<br />may make proof of loss if not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged,
<br />provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. if such restoration or repair is
<br />not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this
<br />Mortgage. with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30
<br />days from the date notice is mailed by Lender to Borrower that the insurance carrier otters to settle a claim for insurance benefits. Lender is authoriz-
<br />ed to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mort
<br />gage.
<br />Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due
<br />date of the monthly installments referred to in paragraph I hereof or change the amount of such installments. If under paragraph 17 hereof the Pro.
<br />perty is acquired by Lender, ail right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulting from
<br />damage to the Property prior to the axle or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to
<br />such sale or acquisition.
<br />5. PRESERVATION AND MAINTENANCE OF PROPERTY: LEASEHOLDS: CONDOMINIUMS: PLANNED UNIT DEVELOPMENTS.
<br />Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply
<br />with the provisions of any lease if this Mortgage is on leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Bar
<br />rower shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit develop
<br />ment, the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or planned unit
<br />development rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider shall be intor
<br />posted into and shall amend and supplement the covenants and agreements of this Mortgage as it the rider were a part hereof.
<br />6. PROTECTION OF LENDER'S SECURITY. If Borrower fails to perform the covenants and agreements contained in this Mortgage. or if
<br />any action or proceeding is commenced which materially affects Lender's interest in the Property, including, but not limited to, eminent domain, in
<br />solvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent. then Lender at Lenders option. upon notice to Bor-
<br />rower. may make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest. including, but not limited to,
<br />disbursement of reasonable attorney's fees and entry upon the Property to make repairs. It Lender required mortgage insurance as is condition of
<br />making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such insurance in effect until such time as the re-
<br />quirement for such insurance terminates in accordance with Borrower's and Lenders written agreement or applicable law.
<br />Any amounts disbursed by Lender pursuant to this paragraph 6, with interest thereon, shall become additional indebtedness of Borrower
<br />secured by this Mortgage. Unless Borrower «rid Lender agree to other terms of payment, such amounts shall be payable upon notice from lender to
<br />Borrower requesting payment thereof, and shall hear interest from the date of disbursement at the highest rate of any then existing Indebtedness of
<br />Harrower to Lender. Nothing contained in this paragraph 6 shall require Lender to incur any expense or take any action hereunder.
<br />7, INSPECTION. Lender may make or cause to be made reasonable entries upon and Inspections of the Property, provided that [,*rider shall
<br />give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property.
<br />b. CONDEMNATION. The proceeds of any award or claim for damages, director comequenlial, In connection with any condemnation or other
<br />taking of the Property, or part thereof. or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender.
<br />In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid
<br />to Borrower In the event of a partial taking of the Property, unless Forrower and Lender otherwise agree in writing, there shall he applied to the
<br />s:.:ms secured by this Mortgage such proportion of the pnmerds as is equal to that proportion which the amount of the sums secured by thin Mortgage
<br />inmedistely prior to the date of taking hears to the fair market value of the Property immediately prior to the dale of taking, with the balance of the
<br />prrweods paid to Borrow *r .
<br />it ?he Property is ahanrlonpd by Ilorrnwrer, or If, after notice by Lender to Morrow *r that the condemner offers to make an award nr settle a
<br />�sRlfo for damaa *s. Borrower fails to respond to Lender within 30 days after the dale such notice in mailed, Lender is authorired tr. collect and apply
<br />ha Pr,.peda. At Lender i n,ptinn, egher to rpsturation or repair of the Prnllerty or to the puma sprureti by this Mortgage.
<br />I., ^n.ler And Itorrowpe ,-t PipPW up axrpie in wrrtinx, any such application of proceeds to principal shall t —t-1 „r p,.xt pone the ,Inv
<br />'o4e ,f the
<br />d natallmpntr rplerrwl to in paraaraph I hpreof tie chance the amount of such installnrpntx
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