|
Y{ rrn.~gr n _~oranh i$ hargni tbn Prnpr-ri.y is ~niri ar the Prang rty is OthFrc•i~a ~cr}r~irrr! by i nndgr, L rndrr
<br />shall apply, no )ater than immediately priarto ilm axle of rise Prolsercy a ~= acquisition by 7.ender. ;rnr• Fund4
<br />held b}> Lender at the time o*` aplrlieation as a credit againa the 4ums secured Fn- r{ris llortua5c.
<br />3. Appiicatian of Paym®ssfs. Unless alrpiicablc l;nr ]tro.-itles athcnvi~e, all payments received by Lender
<br />under the Tote and }saagrapbs I and 2 Hereof shal3 he applir_d fry Lender first in payment- of anraunts payable to
<br />L-ender by $orrower under paragralitt 2 hereof, then to interest payable an the tiote and an Futatre :~dvanc~„ if
<br />any; and than to the principal of the Itiote and to the I>rineipal of Future Advances, if any.
<br />~. 4. Ciaarges;"Liens. Borrower shall pay al! #aces assessments and other charges, fines and impaaitions attrih-
<br />utable to the Prol3erty which may attain a priority over tfus 4ortgage, and graurtd rnnts, if any, at Lender's
<br />aptiau in the manner"provided under paragraph 2 hereof or by Harrower making payment, when due, directly to
<br />the payee iliereaf: DOrro~er sreaii promip[iv fuinish is ioitdrr fail nviicC°s of anu;ctrsts d:r~ i;nder this paragraph,
<br />~ acrd itr rho event~arraiver shall make asyment directly. Borrarc-er shalt pramrrtIy furnish ter bender receir~ts evi-
<br />'' deneing sircls paj<mezrts. Barran•er shall promptly-discharge any lien which lras priority aver this 3°lartgaga; pm-
<br />'+-^ vided, that Borrower shall not be required to discharge. any such Hers so long as Borrower shat! agree in writing to
<br />~. ttre payment of rtes obligation seEtrred by such her. !n a manner acceptable to bender, or-shall in goad faith aont~t
<br />~ sash lien hy, or defeaul enforcement of suelr lien in, legs! }rtaceedings which opomte to prevent the enforcement of
<br />~ the lien or Forfeiture of the Property ar any part thereof.
<br />'~ S. Eiazard Lrsuraece. $orrower steal! keep the irnprorements now existing ar 'rereafter erected on the-Prop--
<br />~p arty insured agairist loss by fire, hazards included within the term "extended coverage", and such- other hazards as
<br />~ Lenderinay require and in such amounts and for such periods as Lender may require; provided, that Lender shall
<br />Hat require that the azrra2rnt o£ such coy mss? AYeee~J that amount of coverage required to pay the sums secured'by
<br />this ~IOrtgage.
<br />The insurance carrier providing the insurance shah be chaser, by Borrower subject to approval by Lender;
<br />_ proviaad, that such approval shall not tre unreasonably withheld. AI! premiums on insurance policies shall be gain
<br />at Lender's option in the manner provided under paragraph 2 hereof or by Borrower making payment, when due;
<br />direetly to the insurance carrier.
<br />In ttie event any policy i$ sot renewed on ar before ten days of its eagiratian, the Lender, to protect
<br />its interest, may procure insurance on the improvements, pay the premiums and each sum shaft beLOme
<br />immediatay due and payable witty interest at the rate set Earth in said note until paid sad shad be
<br />se-eared by flue llrtartgage. Failure by Borrower to comply may, at option of Leader; constitute a default
<br />larder the terms of this Itrlartgage.
<br />All insurance policies and renewals thereof steal! 're in form ace€ptable to Lender and shall include a standard
<br />mortgage clause in favor of and in form acceptable to L~der. Lender shall have the right to hold tine policies and
<br />renewals thereof, and Horrower shall promptly iurnisla to Lender all renewal notices and al! reaeipts of paid. ztre-
<br />miums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Leader, and Lender
<br />may make proof of loss if not made promptly try Harrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds Shall he applied tp restoration or
<br />repair of-the Property damaged, provided such restoration ar repair i~ ecanomicalti- feasible and the security of
<br />this i4gortgage is not ttrereby impaired. if such restoration or repair is Hat econamiealiy feasible or if the security
<br />o£ this ~fartgage would be impaired, the insurance pracaeds steal! be applied to the sums second by this 36lort},..v~,
<br />with the excess, if ary, Hold to Borrower. If the Property is aliaruloned by Borrower or if Borrower fails ~ €espariii
<br />ter ILender v.5thin ~tl days after notice by L ender to La?~ra~ver that the ir+Gurance carrier offers to settle a claim tar:.
<br />insurance benefits, Lander is authorized to r_alieet and apply the insurance pra~-•neds at Lender`s- option either to
<br />restoration ar repair of the Prapert}° ar to the sums secured by this Mortgage.
<br />iTnless Under and Borrower otherwise agree in writing, any such apgticatian of proceeds to pr7aeipsl stroll
<br />not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 liereaf or change
<br />the aarouat of such installments.-
<br />- If under paragraph 1$ hereof the Property is acquired by Lender, all right, title and interest of Borrower in
<br />and to any insurance policies and in and to the proceeds thereof {to the extent of the soars secured by this -biorf
<br />gage immediately prior to such sale ar acquisitianl resulting from damage to the Property prior to the sale ar
<br />aequiaitian shall pass to Lender.
<br />t:. 1'r~r~on ~ a~r~9ze~.#~ of Prar~~•t;; L.hss}ds; ~.:adrn~-nres Borrower shall Its the Prop-
<br />erty in good repair and shall Hat permit or commit wa,-te, impairment, or deteriora"lion of the Property and shall
<br />enmply with the grovisians of any 1=aye, if this 3fortgage is on a leasehold. If this ltiortgage is on a candominiurn
<br />unit, Harrower shall perform all ai Borrower's obligations under the declaration of condominium or mastRr deed;
<br />'Lha by-}awe and regulations of the eondominiunr }rroject and constituent documents.
<br />?. P4at~tum of i ~d~'s ~nritg= If Harrower fails to ;,erforn; the covenants and a,;..,ements ecntained in
<br />this J?ortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Prap-
<br />arty, including, bui Hat limited ta, eminent domain, insolvency, code enfareemeat, or arrangements or proceed-
<br />. _ inga invatving s bankrupt or decedeni, then Lender at bender E option, upon notice to Hortower, may make such
<br />appearances, disburse such sums and take such action as is nece~:ary to protect Lender's interest, including, but
<br />not limited to, disbursement of reasarable attamey's fees and entry upon the Property to make repairs. Anp
<br />srtto€tnt~€ disbursed ay Lender pursuant. tot is paragraph 7, with interest. thereon, s'-call baeame addithona! indabt-
<br />ednESS o£ Bornrwer secured 6y this Mortgage. Unless Borrower and Lender agree to other terms of payment, such
<br />amounts shelf be payable upon notice from Lender to Horrower requesting payment thereof, and siratl bear inter-
<br />est from-the date of disbursement at the rata stated in il:e tiote unless payment of intermit at streh rate wiiuiti be
<br />contrary to applicable Isw, in wlrieh event such amounts shall hear interest at the- highest rate permis_sihte by
<br />agpiicslrle law. ~otlring contained in ttx"ss paragraph 7 sl:ail require Lender to incur any eepense or da any act
<br />Iisttreunder:
<br />8. #usgectirnr. Lender may make or catise to ire made reasonatrle entries opera and inspeatfa~ u£ the I~xig-
<br />arty, provided •thst Lender shall give Harrower nonce }u•ior ta. any such inspectioa ~peeifying reasonable cause
<br />_ t}rer_ efor related to I.,ender`s;utere=t iu the Property.
<br />4. Csrndearnutiou. The`groceeds of any avtard or-claim ier damages,. direct or ennsequential; irr aonnectian
<br />- with a~ dandemnatian ar other taking of the Property; oc part thereof;. or far conveyance in lieu of candemna-
<br />tian, an hereby assiatred sad shalt tae paid. to Lender.
<br />drr the event of a total taking of the Property, the proceeds shall Ile applied ,tic the earns secured Icy €iris Tort-
<br />-gage,°+vith the exec, if an}-, paid. to Bgrrots:r. lri,fhe event-af a parf3al_ taking of the Prupertg, uule~ Borrgl~er -
<br />atxi 1~ader vthermi~ agree ire ~triting, there she fl l?e- apglierl to the srnx.. cctrred tsy this mortgage finely pmp+ur-
<br />tioii of the proceeds as is eR'-T~ to that proportion n h~eh the amount of the ,inri scoured 1>y ttris Mortgage imnre-
<br />diately prior to the date of taking trears to the farr snorkel value of-.the l'rope~c~ inrtnetiiateIy prior to the date o£
<br />tt-kirg, avitt~ t_he balance of the praceeds.paiil to Borrower:
<br />I3 the a•rr~rertJ is absntltzrrea, h Htrran'z:• +;r >-after ntkii:e ty Iignder tv Borrower that the candemriax offers
<br />to 3uaite an reward ar <_ettl= a elaini for damage, Iiorroa'eY ;ails to respaird to Lender.~ithin 3J days of the date
<br />of such nonce, Lender is autliorizea to collecf and apple-the prioceeds at Lender option either io restoration or
<br />repair of the Property or to the stuns eeiured h}- this- -1-lortgage.
<br />(tr:less Lender and Harrud•~r othertise agree in writing, any such ailpiicatian of .proceeds to principal shall .
<br />
|