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<br />If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br />shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds
<br />held by Lender at the time of application as a <:redit agai,""t the SUIllS secured by this Ylortgage.
<br />3. Application of Payments. Unlcss applicable law provides otherwise, "II payments received by Lender
<br />lIn<ier the Note and paragraphs 1 and 2 hereof shall he applied hy Lender first in paymcnt of .mlOunts payable to
<br />Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note and on Future Advances;ii
<br />any, and then to the principal of the Not" and to the principal of Future Advances, if any,
<br />4. Charges:U....... Borrower shall pay all taxes, assessment.. and other charges, fines and impositions attrib-
<br />utllble to the Property which lDay aUain a priority over this Mortgage, and ground rents, if any, at Lender's
<br />option in the manner provided under paragraph 2 hereof or by Borrower making payment, when duc, directly to
<br />the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph,
<br />and in the event Borrower shall make payment directly, Borrower shall promptly jurnish to Lender reeeipts evi-
<br />dencing such payments, Borrower shall promptly discharge any lien which has priority over this Mortgage; pro-
<br />vided, that Borrower shall not be required to dischar@;e any such hen so long as Borrower shall agree in writing 'to
<br />the payment oj the obligation secured by such lien ill a manner acceptable to Lender, or shall in good faith contest
<br />such lien by, or defend enforcement of such lien ill. legal proceedings which operate to prevent the enforcement of
<br />the HEm or-iorfeiture oi the Property or any part thereof.
<br />5. Hazard Insurance. Borrower shall kcep the improvements now existing or hereafter erected on the Prop-
<br />erty insured against loss by fire, hazards included within the teml "extended coverage", and such other hazards as
<br />L-endermay require and in such amounts :md for !Stich periods as Lender may require; provided~ that Lender shall
<br />not require that the amount of such eoverage ex('<,ed that amount of coverage required to pay .the sums secured 'by
<br />t.his Mortgage,
<br />The insurance carrier providing the in$urancc .:-;hall be ('.hosen hy Borrower subject to approval -by Lender;
<br />provided, that sueh approval shall not be unreasonably withheld. All premiums on insurance policies sball be paid
<br />at Lender's option in the manner provided under l';:tragraph 2 hereof or hy Borrower making payment) when due,
<br />directly to the insurance carrier.
<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 illSurance on the improvement.s, pay the premiums and such sum shall become
<br />immediately due and payable with inte.....t 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 Mort.gage.
<br />All insurance pollcics and renewaiF rhe-n:of .~haH lw in form :leecpl-ftbk [I) Lelid{~r and shall include a standard
<br />mort-gage clause in favor of ~\nd in forni arceptahle- to Lender. Lt~Ilder shaH have the ngilt to hold the policies and
<br />renewaJs t~reoi. and Borrower sha.ll promptly furnish to Leudt'-f all renewal notices and all receipts of paid pre-
<br />lniUms. In the event of loss" Borrower $haH gi\'t~ prompt not iN> tl) iht~ insuranel' carrier and Lender, and Lender
<br />may make proof 01 1(J;SS if not made promptly by Borrower
<br />Unless Lender and Borrower ot.11envise agrt'~" In writing, tll~UnH1Cl~ prucet.~s shall be applied to restoration or
<br />repair of the Property damag\"'t.l, pl'f)vidl.J ~H['h restonJi.iDn ur I'eptiil' i~ e('onomically fC3.sibl(' and the security of
<br />this Ivtortgage is not therehy irnpaicr-d_ If :"urh fl"Stomtion or repair IS not. t'conomiealJy ft.'risible or if t.he security
<br />of this ~lort-gage would be impaired. tiw !lh!UranC-C pn.."\t.:e\~d~ ::i'baiJ i.e applied to the sums secured by ihis ~ ,- -.-tgage,
<br />with the excess, if any, paid to Borro-wer, H t.hl' Property j-; abandoned hy Borrower or jf Borrower iails to _.espond
<br />to Lender within 30 days afte.r notice by Lender to Borrower that I ill' insurance tarrier offers to settle a claim for
<br />insurance henefits, Lender is authorized to foHcf,'! and 3.ppiy llw insuf<.\uc-e pro;--:.:.?ds at Lender's option eitber to
<br />restoration or r-epai:r of the Property or to dw ~um.s t'-t'(>lJrt.xl by tln~ ~IQrtgagt.'.
<br />Unless Lender and BorrO\-\'(l.r otherwlS(' agree m wrHing, an;." f!t1ct: application of proceeds to principal shaH
<br />not extend or postpone the due dat(~ of the mOllthly in~tallme!lts rd~~rred to in paragraphs I and 2 hereof or change
<br />the amount of sueh instaHment.,:"
<br />If under paragrapll IS hereof !.he Property!,:: acqUired by Lcnde,', Il.ll right.. til-le- and interest of Borrower in
<br />and to any insursnce pOliCl~ and m and to th(~ pro('€'his t!wn'of I to tht.' exh"lH- of the sums secured by this :i\Iort.
<br />gage immediate-ly prior to SUdl sa-h--'- or :L(~qui::..;itlOIH n,,.ultlng. (t"{)n\ dauui.ge t-I) tlip ,Property prior to the sale or
<br />acquisition shan 1''''''' to Lende'.
<br />S. ~rvation and Ma:intenanc.. 01 Property; Leasebcld&; Condcmlniums, Borrower,' ,all keep the Prop-
<br />erty in good te.pair and ~hali Hot pt:rmn or c-ommlt waste, impairment. or deterioration of the Property and shaH
<br />''''rnply ,,'it}, the pro\'lsion' 01 any lea"". ,I thi. )'lortgage I, on a ieasehold. I [ t.his Mortgage is on a condominium
<br />unit, Burrower shaH perionH an oi Borrower's ohllgation~ under the declaration of condominium or master deed.
<br />t.he by.law$ aud regulalion~ Qi the eondomilUUltl proje(.t and \~onst.ituent d,Qcuments.
<br />7. Protection of Lender's Secu.rity. Ii Borrower iaib to pedorm the covenants and agreements contained in
<br />this ),lortgage, or if any action or proceeding IS conHl.ell.'",1 ...hkh malerially affects LCllder's interest in the Prop-
<br />erty, lnc1uding! but. not limited to, eminent domaw. 111::iolvcncy, ('ode t'nforcement; or luraogements or proceed-
<br />ings involving a bankrupt or decedent. then Lender at Lcnder'~ option. upon notll..'!e to Borrowerj may make such
<br />appearances, disbui'$e such sums and take such action as is Jlel'es~ary t.Q prot.ecJ Lender's interest, including, but
<br />not limited to, disbunement of rearonable attonl-C-Y's fee5 and entry upon the Property to make repairs. AllY
<br />lUIlounts disbUl'lled by Lender pursuant to this psragraph 7, with interest thereon, shall beeome additional indebt~
<br />~ of Borrower seeuretl by this )'lort,gage, Unleso Borrower and Lender agree to other tenllS of payment, s\lch
<br />amounts shall be payable Ilpon notice irom Lender to Borrower requesting payment thereof, and shall bear inter-
<br />eat from tbe date oj di.bun;elnent at the rat" stated in the Note unless payment of int""'"t at s\leh rate would be
<br />contrary tll applicable law, in which event such amO\lnts shali bear interest. at the highest. .rate permissible by
<br />appUeable law. ~othing c-ontaint'''d in thl~ paragraph 7 shal! reqUire Lender to ineur any expense or do any art
<br />bel'$.lnder,
<br />8..._ ~ Lender- ma)' make or {"a.U.H~ t.o !w madl;' ri,'asonabk ~'ntri-es upon and iU$pe-ctions of the Pl'Op~
<br />erty~ provided -that. Lfnd~r shalt give Borrower nOfi~'(' prior to any ~Hdl inJ";peetion i'pt.'cifyin~ reasonahlE'- cause
<br />therefor ....laUd to Lender's intereM in tJle Property.
<br />9._~ The proceCtis of any award or {'!aim for damagesl dire(~t. or consequential, in connection
<br />witb a~y -<<mdE'~tw-n or other ta.king of the Property, 01' part thereoL or for ('onVt;-yt.\n(~t" in lieu of r.onde-nHui~
<br />t.ion, _ helehy AsOigued and s},alt be paid to Lender.
<br />In the evellt of a tot.a] taking oi t.he PHlpe.rt~., the proceeds shall he appiled to the sums secured by t.his Mort-
<br />ea&<', "'lt11 lb. ex,,-, if allY. paid to BQrrow~r, In the e"cnt oi .. partial t.aking 01 lhe Projl.-rty, unt.,.. Borrower
<br />~<l Lende.r otherwille agroo in writing, thel"" .hajj b. applied lv the "Ulls ,ecu.retl by this )'Iortgage ."c.h prupor-
<br />tlOll of the p~.... is e<lu..! to that proport.ion which the ..mo"nt 01 the sum. secured by this . Mort.gage imme-
<br />diatelr ~r to. the date of lakmg b<lal'O to the iair market. v..lue or tl.., Pr,,!,<,ny illln",diiltel~' pnor to the date of
<br />~ with ~ balAIle<l ltlt.lw pto<:....u. plOid to .Borrower.
<br />1f tile ~y1t&b!lnd<>lled by il<IrrowflJ' or il ..iter notwt. by L.",<I"r t<> Borrower that the "ondcmno, offen
<br />to,~ A':t-a-wA,td l)r ~~.-a cJal~.f(}t d.anl~) Borrower ia_iI~ to rt~"pond to Lender_ ~'ithin 30 dayt; Qf UU~ date
<br />of.~b ~.~lA>1td-et ~$, A>>tnoril:f!"d to l~QUec-t *oct al~ph' t.he' pr9C{'(:'-ds {It Lcnd:er'~ QpnUh tntht~r to 'f(~:;.t"ro.tion ()f
<br />~ 111~ ~>' or l<> t.be "",no K-iZuood by Ihi< 11ut1oil"1l'"
<br />tl~ ..L\!~ ...'\<1 BorfOW~ t>i.lwrw.... lIilf"" III writintt, any stlch"l'rbll&t.ion 01 P'OCl>l'<i. l" prmct!,,,l .1.IOJI
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