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If under ;?aragraksh Ig L•ereaf the k'raperty is sold ar the Yroperi}~ is othm~wise acquirec} icy I~nnder, Lender <br />shr>li apply, ua i,zter than itn,nediat.uly f;t;ar to the afx- of the 1'ro}recto or its arrkuisiiion icy Lender. any I`und <br />held by Lender at the tithe of appiieatian as a crc'lic against the stony ~ccurrd by thin RSort};age. <br />3. ~pSatHaF#ian of Pm~ngr:#a. TTnless appliealae l;zci~ provides atltt?ric;:>e, ttlf };aynken~s rseer.-etf by Lender <br />under the date and paragraphs I and 2 hereof si;a1L ire-applied f,y Louder Piro ut yayment of aatount.5 payable ko <br />Lender by Borrower under paragraph ~ hereof, then town#erest payabh: or; fhc: tiote end au ~'uturc Advances, if <br />any, and then to the principal of the dote ttnrl to khe srincirsal of future Advances, iC any. <br />4. ^ hor~as; tAiet?s. Harrower stroll pay of E taxes, assessments ctnd ocher charges, fines and impositions at.ta•ib- <br />utaGle to the P.-oparty ::°Itieh z,ray certain a prrori%y over this ~YIartgage, anc? ground rants, if any, ai Lender's <br />nra4.ier = .kx,-xxx~x.nar. x~rnr_•~rkar', exnriox• a -„k, ?.ks~rpa( ns~ k1~ i'tnr~n-~•~,r , 04;x..: ~~ ...t,a,~ .t,.~ ,a; e...,a,-, a <br />»~ ___'_° _ ' _--_ -_._.-_ _• ,_~_...__._ .__.,._. rsaragra,... _ ..... -...,..-t .... ........ .t:...-...6 ,,:pyk::tnt, ,.:.;,: ~.,~ ua.c~;~,~ ~o <br />,.,,,, the payee thenaf. Harrower shalt promptly furtrish to Lender all notices of amounts due under this paragraph, <br />"` and in the event Horrower shah make ;iayinent directly, Barraiv:~r shrtil pranaptly furnish t_o I<ender z•eceipt„ evi- <br />denaing such payments. Barrovver shalt promptly discharge any lien which tree priority over this 3loz#gage; pro- <br />- ided that Borrower shall hat oe requsrecl is das^f aige any such lien so tong as Harrower shaII agree in writing to <br />t,.e pa, .~..t of t e eblig t.,,n ~et.rc' t;y sacks rt~.t z,, ,t .ian<ter aeeeptahle to Lender, or si,aii ;r,-good fait h vantest <br />~ stseh lien hy, ar defend enforcement of such Lien in;-legal i;racvedings ;vhieh operate to prevent the enforcement of <br />the tier, ar forfeiture of the Property or any- part tltereof. <br />5. ~tsaord L$sur~ee. Borrower shah keep the impravemenis now existing ar hereafter ereeisti an the Prop- <br />erty irisured against loss by fire, hazards inclsded within the term "extended coverage", and such other hazards as <br />Lender may require and in such amounts and far such periods as Lender tray require; provided, that Lender ahsli <br />` n€at require that the amount of such coverage exceed that amount of coverage required to pay the sums secured`hy <br />this Pdlartgage. <br />The insurance carrier }traviding the insurance shalt be chosen by Harrower snbject to approval by Lender; <br />praF;ded, tl;st sttelz approval shall not be urz•vasanab}y withheld, Ali premiums on insurance policies shall be paid <br />at Lender's option in 'the manner provided under paragraph 2 hereof ar by Harrower making payment, when dtte, <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 insurance on the imgravements, pay the premiums and such sum shall lkecome <br />immediately due and payable vrrith interest at the rate set forth in said note until paid and shall be <br />secured ray this ?t'Iortgage. Failure by Harrower to comply may, at option of Lender, eanstitute a defautt <br />under the tena.s of this Mortgage. <br />..II insurance policies and renewals thereof strait ice in form accept36le is Lender and steal} include a standard <br />n;az~gage clause irk favor of and iu form accei;talrle to Lender. Lender shall have the right to hold lire policies and <br />renewals tltereof, and Borrower shat promptly furnish to Lender al} renewal natives and all receipts of -paid: pre- <br />miums. In the event of }ass, Borrowek• shall give prompt notice to the insurance carrier and Lender, and Lender <br />may choke proof of lass if not made promptly by Borrower. <br />Un?ns Under and Borrower otherwise agree ir: c~-riting, insurance proceeds shalt ba applied to restoration- or <br />repair of the Property damaged, provided such restazatian or repair is evonon;i.::ti}y feasible and the. sevurity of <br />this :vlartgage is not titerehy impaired. if such restoration or repai• is hat ecanendcally feasible or if the security <br />of t?zis liartgage would be impaired; ti:e insurance }z"eceeds shalt i,e applied io the= sums secure-d by this ~Sartgage; <br />with :!:~ °xaess, if any, paid to Borrower. If ilze Prat.-ert_v is abandonocl by Berran•er ar if Harrower fails to ?:,~~,,nsi- <br />to mender within 3£t •=:s-~s after native by I Winder to Harrower ltat the instrance carrier o#iera to settle a alaitrt for <br />ins°.tranca benefits, I,end¢r is authariaed to cotiect end spplc the insurance procec~'s at Lender's optir~n either to <br />restar~tian ar repair of the Property or to the sums secured by this `Iortgagz. <br />Unless Lender and Borrower ather+vise agree in writing, any such application of proceeds to principal shalt <br />hat extend ar postpone the due date of the monthly insiaiiments .referred to in uaragraphs 1 and 2 hereof or change <br />the amount of such installments. <br />If under paragraph 18 hereof the Property is acquired ley Lender, ail right,-title and interes6 of Borrower in <br />and to any insurance policies and in and to the proceeds tltereof ita the extent of the sums secured by this R#art- <br />gaga immediately prior io such sale or «equisitioni resulting froth damage to the Property pr`iar to the sale ar <br />acouisitian shall Hass to I.end~r. <br />6. $reserz:a#larz ~/laizttencazce at Property; i,easahalets; Cartdaminiums. Borrower shalt keep the Prop- <br />erty in good repair and shall hat permit ar commit waste, impairment, ar deterioration of the Property and shall <br />vonpty wi4it tl;e pravisiaus of any l,:ass, if this ziarigage is ar, <. ieaselzold. If this Mortgage is on a condominium <br />tanit, Borravrer shalt perform alt of Borrower's obligations under the declaration of condominium or master deed, <br />the by-laws and regulations of the candaminimn project and vanstittzent davuraents. <br />?. Pro#eetian of Lere3er s Securst~*. If Barro:ver fait, to irerform the revenants and agreements contained in <br />` this tiSortgage, oa- ii r, ;y action or proceeding is eoutmenced icltich traterialh- affects Lender's interest in the Prop- <br />erty, including„ but hat 3imited to, eminent domain; insolvency, c.ade Enforcement, or arrangements or proceed- <br />ings invol~•ing a bankrupt or decedent, then Lender at Lender's eptian, upon notice to Borrower, may make such <br />agpearanves, disburse such sums and take such action as is necessan• to protect Lender's interest, including, but <br />hat, lirakited to, disbt:s•sement of reason :b}e aiiarney's few and entry upon ihF Property t-a make repairs. Any <br />amounts dislsurseu' 6y bender purst:aril to this paragraph 7, :with interest thereon, shat} become additional indebt; <br />edness of Harrower secur~7 by *.his ~iartgage. Unless Harrower and bender agree to other terms of payment; each <br />ama°,nnss shall be payable upon no<.ie<; from Lender to Borrower requesting payment thereof, and shall hear inter- <br />est tram the datg of disbursemsnt at the rate stated in the dote unless payment of interest at suvh rate would lre <br />contrary t4 spplivai;le 3asv, in which event such amounts she}i bear interest at the highest rate permissible by <br />applicable law. ~Iathing contained in this parzgrapir 7 :half require Lender Lo incur atxy expense or do any act <br />ttereuncler. <br />7r3g~rtien- Lend aye .~ ~,. ar rs 4 a !~ lady red anahle entries upon arid-inspections of the Prop- <br />arty, provided- that Lander g?ta}l gtwe Harrower none k}rkar ro ~:nr such inspection specifying reasonable car~se <br />trrerefar razatt:d to Leader s interest in the Property. <br />9. Goxtnuia#ian, The proceeds of-any award or claipz for danrages, direst or consr'quentiai; in canneetiozi <br />cvlt.It any capdemnation ar other +-eking af. the Property , ar hart tlzerecsf, err far vanveyanee Sn lieu. of eondemna- <br />lien; are 1'ici~Ity assigned. send shall he paid to Lender. <br />Znthe event of a total taking of the Pragerty, the }}roeaeds slam! t,e spplieci to the sums scoured by this Mort- <br />gage, with the execc~, if any, geld to Borrower. In- tlae event of a partial taking- of ha Property, unless Borrower <br />arzl'Lendt~.r oLlt nt,;r ~grse izi meriting, 4fiere s}kall be ajk}ilieri to tlta soars"secured by this Yfort$age such prapar- <br />ticiii of the proce~fs as is equal to.that proportion a•Iiivh the amount of the sums scoured by this 1>4artgage imme- <br />rliateiy prii~r to tl;c dale of raking bears-ta the fair market-value of tlae Property immediately- prior to the date of <br />;;±f~ tt ,n_.e ,i + , 1,=~. ~~~ part cCBorra~er. <br />Iz :e ~ rut~er+,v is tsirantianed b~, 13orroRer or if a`ternotice 4y Lender to Borrower that the candemnar offers <br />to maze xr. r,•+rard cr seine a ;laim for damages; Borrower. fails to respond to Lender within 3t3 days of the date <br />of such rn ite,_Lenderisautitu~ed to Collect and ap}sty-tire-j~coceeds at Lender`s option Hither to restoration ar <br />repair of the i-ra>:: i3r ar to the sums secureik by this aortgage. <br />'finless-Lender-end Bociower,otherwise-agree in writing, any such application of proceede to principal shalt <br />