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If unde~rparagratrt, iR iiertnni tlu~ i'rol,erty c~ so!si „~ ~ ~ !'eol~ierte :rf5.•r~.aa „~~{=:at~~@ ~ ~ !.,=nder. E.en~;:er <br />~;hal! apply, too Ir+ter t%:an ruunedtately !+rior to tl~~• caela ref tits Yroi~ertr car rt> ar,ic E'.inc. L~~ l~~~,~~I~r aaF~• F'r,rr+~L- <br />held by Le~im' ~,r tFsc~ time of al:rphrraCtttr. ar. a ori,cbd against tlcrz u~u ~_ ~,ur_~t try ~..,, \l,~r*t•,.~,- <br />3. Appldcatiaa of payrnomtr. Un!e,.> aplriicablc~ lefts prus•ide~ vthcrn~tac. all ;>atyment.h received tbs.- Lcndzr <br />under the Mute and paragraphs :and 2 !serevf Iual1 ix• altplird !>y Landry first in p~aytr,er,=, ut amuu=it i,lrVSt:,!<t to <br />Lender by Borrower under paragraph 2 hereof, then to interest payable on the :vote and on Future A~is•aaxs. i! <br />any, and then to the principal of the Mote and to the Irrineipal of Future Advance , ii any. <br />1. tftagor, Boos. Borrower shall pay al! fazes. aesesarrrenta aad Mher charges. fines and impoaitiona attrib- <br />utable to the Property which may affair, a priority over this 4fortgagr and ground renis, if any. at Let~eie <br />M option in tht trunner provided under paragraph 2 hereof or by Borrower freaking payment, when due. ditsectly to <br />~ the payee thereof. Borrower chaff prmrptly furnish to Lender sli notices of amounts due under this paragraph, <br />~ aad is the event Borrowu shall make payment dimetly, Borrower shall promptly furnish to Lender receipts ovi- <br />~ denaing such psymeats. Borrower shall promptly discharge any lien which !us priority over this Mortgage; pta- <br />vtdM, that Borrower shall not be required to discbarge any sucb lien so Mng ax Borrower shall agree iu writing to <br />the payment o! the obligation secured !ty xnch tier, in a manner acceptab!: to Lender, or she!! in good faith twnteat <br />each lien by, or defend entoreement of xuch tie±t m, legal I,roeeetfings which operate to prevent the enforeernent of <br />' the lien of ftxteiture of the Property or any !tart thereof. <br />pt 5. Haa~d Imwrtmeo. Borrower : hati keep the improvements now rxtxting or 6ereetter erected on the Prop- <br />t~ arty insured against loos by fire, hasarda included within the term "extended coverage", and such other hataarda u <br />Lteoder »tay require and in :uch amounts and for such periods as Leader may require: provided, that I.ettder shall <br />, ntk regelre that the amount of such coverage exceed that amount of coverage reg3ired to pay taN stmt n+enrett'by <br />Shia Mortgage. <br />1'he insurance, carrier providing the msurance shell be chosen by Borrower xubject to approval by Lender, <br />provided, that srteh approval shall not be unreasonably withheld. All prsmiutm on insurance policies atoll be paid <br />at Leader e option iu the manner provided under paragraph 2 hereof or by Borrower ma'~ing payment, what due, <br />dinstfy to the inuurance earriu. <br />L tM arrest aay policy is net rsrwsd oa or before ten days of its espieatisa. the I,sadsr. fan pevlaot <br />its interest, may ptecttre insurance oa the improvenssnta, Par the prtrminros and stech sum af4aq basooe <br />immsdiatety doe and payable with intsrsst at tfae ttte set forth is old acts tmiii paid aad aba6 6s <br />seemed by this Mortgage. Failure by Borrower to comply may, at option of Lerttlee, ooestlttrie a defaalt <br />ttedar ffie tarty of this Mortgage. <br />All iaettrance policies aad renewab thereof Mall be m form acceptable to Landry and shall itteluds • standard <br />marlgyn etaues is farm of and in form acceptable to Larder. Larder shall have the right to hold the ptt~nts asd <br />rertawda Nerasf, and Harrower shalt promptly famialr w Lender all renewal notices aad all receipts of paid pa- <br />aatttaas. In the want of loo, Borrower abaft pee prompt notice to the insurance rsrriec and Larder, and Leder <br />afar attab pa~od of tea it act nude promptly by Borrower. <br />(Tt#lsre Lender attd Bo:rowu otherwise agree in writing, iasunncx proceeds shn11 be applied to resleratiaa rx <br />repair of the Property damaged, provided vetch restoration or repair ig etbuomieslly teatriWe and the tneuriLjr et <br />ahia 1for1/s~s y trot thereby impairod. It scab restoration or repair is not economically fnaibie or it the oatrity <br />et Ibis f-foelpls tvoaid be impaired, tM iawrsace proceeds shall Ile applied to the trtttrtr aerated by Nis YprsfOs, <br />wiN flee etttxes, if ~+, pod to Borrower. It the Property is abandoned by Borrower or if Borrower faits to papoad <br />to Leader within Iq days attar notice by Lender to Borrower that the tmunaer comer oSen to settle a eaaim ter <br />inauraaae beetefits, Lender u atathociaai w rnllect aad apply the insurance proceeds st [.cadet's option artist to <br />rostaewtioa or repair of the Propeety or ro the etttttr aecureti by tltu Mortgage. <br />Uaisas Leader and Borrower otherwise agree is venting, any such rpphcateon of proceeds to principal sluff <br />apt astead or part{rase the due date of the »toMhly installments referred to m paragraplra l and 2 Itaretr( or ehaags <br />ties t ad >~ itatallmtwtta. <br />if t>stdtar pats~ntpb i!t lie-root t~ Pt~of+~ty ~ a~rred by I,ntdrr, a!! t~ltt, tits *txl iat+arrt4t ~ Ha~rrawar is <br />aad Io aay ittaueaaae poiisiatt and is aad to ttu protxalr tlwreof i to U>r extent of the aorta seettred Dy Ntie Mort- <br />gagr imtnadialety prior to such sale or aegeiaitieet retultirtg arum dunsae to the t'rafterty prior w rate yak or <br />rhsll {oar to L.-tKter. <br />~. ~ tffid Ctt !4`Qyaa~fY• f~-' Cuatet. +twfS arts!! kr+rf+ the ` ` z'- <br />aty is good nosh anti sluff sot permit or cotntnrc wore, unpatrment, or detrnonuan ui the Property and sisal <br />eesrpiy with the provrrtons of sap !essr. tt thu '•longagr to err a Irrarhold tt ttrta \iartgaae ra on a coatm <br />trait, Borrossr shall ;xxtortn ace: ai Basrawer`s abliptton- umter the deeireatton of eorntotnintum as tttarter ddd. <br />tht ~-laws aad regulations of the eendoenennun protect rntt conalrtuent docuraenG. <br />haMaliw ad Wsa°s Ilsatrilp. If Borrower iaiL to perform the eovenutta and agrosaoeots casNaiaed ra <br />this :Nortgya, or it aay action a peoeeeding is tmetntencod which materially u7eets l.encier i isWrset is tM Prop.. <br />erly, including, but cwt limKed to, emtaent domain. tosolvenry, case raforrentent. or srrattgetaeatr or proessd- <br />iap involvtag a brrtkrvpt or deerdeat, thrn [.,ender rt Ixnder'a option, upon rwtice to Borrower, mry males stae6 <br />aPpeuaoess, disburse such twtm aad tatte ~urh aeons as .s nertwaty tv prvtrrt Lender's rnteteat. rncludarg: but <br />net tirsitsd to, di+bw'.ameat of reasonable attorney's teex and entry upon the NropeKy to make r'spa-ts- Any <br />ataotrsls dirbursed by i.ender pursuant to this parajraph ~ , with iMertrat thereon. shall beeoeu aiditioed ieddt- <br />rtfuNaa of Borrower seeuretf by that laort~ llnLeas ttorrowrr and Leader aErae to other rarer a1 paymatt, aste6 <br />rmousls shall be luyaLle upon notice trap l.rndrr to Bomtwrr reyuesttag paymrrrt thareol, oar! shall bear mtor- <br />arrt Irom the date ut d'uburrement -t the raft 2tate.t ut Wte Note ualew pryntrnt of mcereN at rtteh ttsUt would be <br />oaatrsay to rpplicabl~ Iaw, to vehtett event xuch aawunta eha11 hear interest at the hiei,ea rate parsaiwldr ba <br />taw. Vothtng txwtataed to tlu± Iurtgraph 7 shell rrttutx l.rrnier to tneur any e>si+euse or de aay sat <br />VaWlf. <br />~. ~sM/I4 Lrndsr ma~ auks or carte to he made teuocatbk entr+as tpron aad iafapseliseta at Ile ~!- <br />~ty, ptu€sded :bat I.€~ttsz s~,s:a gi=e $orrcrrr ncai~c pew: tc an_> ~ru-!: instwoli~n ifyiaa rhsr titrte <br />tisraf~t ttaiald to Lasader'a itetaessi to the Property. <br />~. CratsisaaaaWas. TM proceeds of aay award or claim for damages, direct ar eonasgtttmttat, is raaasetios <br />w1N ay /ssdlsanatioa w ostau tal~g of the Property, or !twit thrrhut, ar for rvtaveyaace is tic+v of eondamaa- <br />iia4, rss -seabg tt~igaed aad alall M paid f4 I.srtder. <br />Ice IM want of a trrtal taki+K of tM Property. the ttroceedr sift!! be applied to the rims eeottred by Chia \tort- <br />1~, with W eantrsr. if arty, paid to Berttawor. In the avast of a pretrial takirtg of the Property. tmler Borrower <br />tilg ~e apw in writing, Hisnr shaft M applied to the tataa. secured 6Y lhir ~torlgrge each peopor- <br />tisa ~tistof~dlla- N etp,al to ebat propselisn wbie6 tis a»twnat sf tM aatas secured by this lfatpge iatms- <br />dfaatly prier to tie dace o- .+~t Man o the fair market value of the Property itomedtately prior to tltr elate of <br />taking, t+Wligtt! fte~iasts of tM paeaattds paid to Ben.tewr. <br />~~1~a it abantioapl by Herrorat' or if ettler Holies by Lads to Borrower ;hat the condemnor afters <br />to at>~tiip caned or saltla a r ~ rlslattimt, Bartvw+ee faN to respond to Leader within 90 Jaya of the date <br />of swdt risiieE, Leader is rutbctraed to cdlset and apply thO proreeda at Leer's uptimt either tv reetontion or <br />rsP>dr of the PTnptrty ~ to f# ttutaa aarurad b; thin ~, <br />Uaieer Leader and Horrower otborwias agtae in wriuag, aay such application of procaede c~nnecpai xirali <br />..+ ..- <br />