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<br />If under paragraph I8 hereof lice Property is sold or Hze Yto{?eriy is ether;vise ncgairect by Lender, Lender
<br />shall apply, na }at,er than in3mediat.t+ly prior to the sale of the Propcrt~• or its acquisition h_v bender, any Funds
<br />held by Lender at the tune of application as a credit- against the sums secured he this 14artgagc_
<br />3. Application of Payments. {finless applicable hew }u•avides athcrwiee, all payments received by bender
<br />under the Nof;e and paragra{size 1 ar>d 3 hereof sizall he applied Izg Lender tiz;tt in }>ayment of arrwurts payable to
<br />Lender by Borrawer under paragraph 2 hereof, then tc intez•ast. payable an tl:c Satc and an Future Advances, if
<br />~ any, and then to the principal of the mate and to the {zrineipal of Future :advances, if any.
<br />~ 4. Ghargesz Liens. Borrower shall pay a}! taxes, assessments and ether charges, fines and impositions attrih-
<br />"'' zat?ble to the Property which may at,t:vitt a priority over this \iortexge, and ground rents, if atop, at Lender's
<br />~ option in the manner provided-under paragraph 2 hereof ar I.y° Rnrra:+er znrtkinn Izayment, e.-hen due, diieetEu to
<br />the payee elserebf. I3arrirwer shall promptly furnish to Lender call notices of amonztts due under this paragraph,
<br />~ and in the event Borrawer siaatI make payment direetdy, Borrower shat} promptly furnish to Lender receipts evi-
<br />~ denting such payments. Barro~vc-r sizall proml,tl}' discharge any lien which has priority over this 4lartgage; -pre-
<br />vided, that Harrower-shall not lie required to diselzarne an}• such tier. sc. long as 13arrotcr>r sizall agree in writing to
<br />the payment of-the obligation secured by such lien in ;< znazzner acceptwlzle to Lender, or shall in goad faith contest
<br />such lien 6y, or defend enforcement of such lien in, legal praceediz;gs which aperatr to prevent. fht enforcement of
<br />the lien ar forfeiture of the Property or ary part (hereof.
<br />5. Hazard Insurance.- Harrower shalt keep t}ze improvements now existing or hereafter erected on the Prop-
<br />erty insured against lass by fire; hazards included within the term "extended coverage", and such other hazards as
<br />Lender ma} require and in such amounts anr{ for stzeh periaels a:~ Z.ender ma}- require : provided, that Lender shall
<br />not require chat the amount of such coverage exceed that amount of caversge required to pay the sums secured'by
<br />` rhis ~fartgage.
<br />The insurance carrier providing ilze insurance shall lze chosen by Barmwer ruble et to approval by bender;
<br />:;rovided, That such approval shall not be. unreasonably withhe}d. gill premiums on insurance policies shall be paid
<br />at Lender's option in Chc manner provided under psrap;raph 2 }zereaf or by Borrower making payment, when due,
<br />directly is the insurance carrier.
<br />7n the event. any policy is eat renewed on ar before ten days of its expiration, the Lender, to protect
<br />its interest, may procure insurance an the improvements, pay the premiums and such sum shalt become
<br />immedia*.ely due and payable with interest at the rate set forth in said note until paid and sha1I be
<br />secured by this Mortgage. Failure by Harrower to campdy may, at option of Lender, constitute a default
<br />under the terms of this IVlortg8ge.
<br />Atl insurance polseies and renewals thereof shall be in form acceptable to I:ender and shall include a standard
<br />' mortgage clause in favor of and iri form aceepiabls to Lender. Leader shall have the right to hold the policies end
<br />renewals thereof, and Borrower shall pranrptly fut•nisla to Lender all renewal not.iees and all receipts of pain pre-
<br />miu;Yas. In the event of loss, Borrower shall give prompt nonce to rise instrance carrier and Lender, and bender
<br />may make proof of loss if not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, irsu*arce proceeds shall tae applied to restoration ar
<br />repair of the Property damaged; provided suck restoration or repair i= economically tensible and the security of
<br />this Mortgage is not thereby Impaired. If such restoration ar repair is no*. tconamirally feasible ar if the security
<br />of this ~iartgage would be impaired, the insurance praceecis she;} be applied to the sums secured by this ~Sortgage; -
<br />withthe excess; if any,-paid is Harrower if the Property is abandoned by Borrower ur if Harrower fails to respond
<br />to Lender within 30 days after notice b}~ Lender to Borrower that the insurance carrier offers to settle a claim for
<br />insurance benefits, Lender is autliarizerl tv calleet and apply the insurance proceeds at. Lender's option either to
<br />restoration ar repair of the Property ar to the sums secured Ly this _lortgage.
<br />Unless Lender and Harrower otherwise agree in writing; any such application of proceeds to principal shall
<br />sot extend or postpone the due data ~f the monthly installments reterred to in paragraphs I and 2 hereof or change
<br />the amotirat aI such installments.
<br />If under paragraph Iff hereof the Property is acquired by Lender. all right, title end interest of Borrawer :v
<br />and to any insurance poi=nice and in end to tfae proceeds thereof Ito tine extent of the sums secured by this Mort-
<br />gage imm~'iately prier io saela sale ar acquisition) rasa:ltitag tram damage. to the Property prior to the sale or
<br />acquisition shall pass to Lender,
<br />B. Preservation ~d Mointeacmce of Properly; Leoseholds; Condominiums. Borrower shall keep the Prop-
<br />erty in good repair and shall eat permit or commit waste, impairment, or deterioration of the Property and shall.
<br />comply with the provisions of any lease, if this Aortgage is on a leasehold. If this -liaYgage is on a cotrdominium
<br />.unit, Borrower shall perform all of Borrower's ahligatians under the declaration of eondaminium or mss`,~r deed,
<br />the liy-taws and regulations of the eondominianzt project anti constituent documents.
<br />7. Protection of Lender s Security. if Borrower fails to perform the covenants and agreements contained in
<br />this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in -the Prop-
<br />erty, including, but not Iirnitecl to, eminent domain. insolvency. jade enforcement, or arrangements ar praceed-
<br />irtgs invaIving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrawer, may make such
<br />apgearanees, disbarse such sums and take such action as is necessary to protPet Lender's interest,. including, tint
<br />not limited ta, disbursement of reasonable attorneys fees and entry upon the Fraperty to make repairs. Any
<br />amounts disbursed by Lender pursuant to This paragraph 7, a«t!t interest thereon, shall become- additional indebt-
<br />edness of Borrower secured by ibis tilortgage. Unless Harrower and Lender agree to other teens of payment, such
<br />amounts shall be payable upon notice (ram Lender to Borrawer requesting payment thereof, and shall bear inter-
<br />est from #.he date of disbursement at the rate stated in the dote unless payment of interest at such rate would be
<br />contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible by
<br />applicable 1aw.:M1roihing contained in this paragraph ;shall require Lender to incur any expense nr do any set
<br />hereunder.
<br />8. )`oagect`stm. Lender may make or cause to ire made reasonable entries upon end inspections of Ilse Prop-
<br />ertg, pt•o,•id~l that Lender shall give Borrower natiee prier to any such inspection specifying t•tasattst~le muse
<br />therefor related to Lender's inte_est in the Property.
<br />'1'he praeagds of any sward or e}aint fns damages, direct or tonsequee.tial, iss tonnettinn
<br />with any condemnation or other taking of-the Property, ar }cart thcreaf, or for canveyanee in lieu of condemru;-
<br />-tine, are hereby aseigned and shall be-paid to Lender.
<br />I Ilea event of a tatsl asking of tl;e Priipertp,-the limteeds strait be applied to the sums secured by this 1Liort-
<br />gage, with the expo, i€az~y; paid to Bm•rou~i~r. Irr the event of apartial-taking ai the Property, emcees Borrower
<br />earl Leas2er otherveiee sgt+ca`z3rifang, that e s!.all be applied to`tlre sums secured by tbii=- mortgage 4uth proper-
<br />tics af't~ pro~eris as is equal to that proportion v:}lich the amount of the sums secured by this ltilurtgage iwtne-
<br />dlately prier to €he date of taking E,naz•s to the Fair marital value of-the Prnpertr-immed*st~ly pr?nr to the date--cif
<br />wi cite ualc3xrce cline (scot@eds pxiri to Bcrtower. -
<br />If G§'e k'tnj~erty isgharxloneil by 2orrower <rr if ratter natice$y Lender to Borrawer that the condemnor offers
<br />to make an :award Qx 5ettle`a claim. for c1az±:;ages, 9orrcwer Pails tc~ respaml to Lender within 3Q days of the date
<br />of. sutlariantiee Lauder is autlaorizcci to collect and aplsl~- t~tze: proceeds at Lender's option either to restoration or
<br />repsit• of the Pr~tperty ar to; the suanir seen zwd by ti:is 1lortgatge.
<br />T7aless. Lender and Borrowee otlaeru tae .agree fir writing,-- any such application of proceeds to principal shalt
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