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is ;;nays ,~~.~ ~nr,h rR hereni rh:r hrnprrti~ ;,- <~,Ll ar the Pnu?erty is athenvisc :uuluired i?y I,r?tu'lcr. Larder
<br />;......g...,..-
<br />shalt apply, uo later than iuu'nedrratafy prim- to the Ovate of the proparn- or ire sux}nisition by' l,ende!.:ury Fund,
<br />held by Sender at the time of :ap{rlication as :t onclit a~aur>! the >uur. secured by thr, A-lort{!age•_
<br />3..~ppBeation of Payments. Zinlesr apphrut;Ic I:cty providt~ otherwi~c. alt psymerrt.~ received by Tender
<br />~ under Hte tints and paragra{>h~ ]and 2 hcr+.o! _r it ~c e,rph~rti h}- Lutdrr Ya:a in p tvcnetrt of rurrount (: 'iCablc io
<br />Leuder by Borrower under paragraph2 heron., .hcu to mt~re-t p:,psb{c on rho Notc and on Fur-tn•c 1rh'tnces, if
<br />RtJ~ any, and then to the princi{?st of the Note ant{ to t!!e p.^incipai of Fnture ,4drances, i£ any.
<br />;, 4. Charges: Liens. Borrower shall pa}- all taxes, ass~sn,ents anti other ctrarges, fines and impositions att.rih-
<br />utable to the Property which may attain. en priority over this :Ltor[gage, and grotmd rents, if any, st Lender`s
<br />~$~ option in the manner provided under paragraph `1 hereof or 1,>~ Rarrotver uraking payn~rnt; when du?, direetly to
<br />,' ?~+ the payee thereof. Borrneccr .hail promptly farni;h to ler,dcr aIt notices of an?annis due under this paragraph,
<br />~^s ~ ~ ~,a in thy, r,,.arit_ tzor,~ar shat] !!aakc! }ravment direct]}-. Barlrteer shall prnrnptiy fw•nish t-o Lender receipts ev~i-
<br />7 denting such payments. Bort•awer Thal{ prom{? h- disurargc any lien tvirich has priority aver this .`.•tortgage: pra-
<br />,~y`~ vided, that I3orrow-er shall not be regained *o d_rschar•ge an} such lien so Iang as 73arra?;~er sha{1 agree in writing to
<br />~ the payment of the obligation secured by such Iien in a msnuer acceptable to bender. or shall in good faith contest
<br />-•,^h l~en l>•~ n*,,}cr'en~i enforcement of such lien h;, legal proeeedin«s xitich a{>eratc to prevent the enforcement of
<br />~ the 3ien or tarfei"cure of the Property- or any part Thereof.
<br />~ 5. Hazord Insurance. Harrower shall keep the improvements not. exrturg or tcereaiter erected on 'the Prop-
<br />erty insured against loss by fire, hazards included within the terns °extcnded coverage"; and such ether hazards as
<br />Lender may require and in such amounts and for such period= a~ Lander m:ty require; provided. that Lender shall
<br />not require that the amaunt of such eaverage exceed that- a=.rot!rt of coverage required to pay the Burns secured'by
<br />' thils lortgage.
<br />The insurance currier providing the insurance shall be rhnser: t'}- Barrotver sell}jeer to a{?prove] by Lender;
<br />provided, that such approval shall not he unreasonably- tvithheld.:~ll premiums err insurance policies shall be paid
<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 />is the event any policy is pat renewed on or before ten days of its expiration, the Lender, is prated
<br />its interest, may procure insurance on the improvements, pay the premiums and such sum shall become
<br />immediately due and payable with interest at the rate set forth in said note until paid r-rd shall be
<br />secured by this Rortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br />under the terms of this 1ortgage.
<br />All insurance policies and renewals thereof sitali he in fora! acceptable to Lend€r and shalt include a standard
<br />mortgage clause in i-aver of and in form acceptable to Lender. Lena er shall have the right ±o hold the policies and
<br />renewals thereof, and Borrower shall promptly furnish to lender all renewal notices and all receipts of paid pre-
<br />miums. lu the event of Ions, Borrower shall give promt?t notice to ttte insurance carrier and Lender. and Lender
<br />may rrske praaf of lass if not made prompt'rp i>y Borrower.
<br />Unless Lender and Borrower cthenvise agree is writing,. insurance proceeds shah be applied is restoration or
<br />repair of the Property damaged, provided such restoration ar !-cpair is ecomm~irally feasible and tho security of
<br />8his ,Mortgage is not thereb}• impaired. Ii such resioratiorr ar rennin is nor. eforaamicaliy fcasihle or if the security
<br />of this ;liartgage would be impaired, the insurance proceeds sirali {,e applied to the sums secured by this Mortgage,
<br />with the excess; ii any, paid to Borrower. ff the Property is abandoned by Bm•rower ar if Borrower fails to respond
<br />to Lender within 3fi days after notict by lender to Borrower that the insurance carrier offers to settle a claim for
<br />,-,_ ~.. hv_nsfits; Lender is authorized to failed and apply the insurance proceeds st Lende 's aptinn either to
<br />restnratan or repair of the Property ar Ta tlae sums socure+I b}• this Jortgage.
<br />Unless Lender and borrower otherwise agree in writing, _ny such application of proceeds to principal shall
<br />pat extend or postpone tree due date of the monthly installments referred to ir• paragraphs 1 and 2 hereof or change
<br />the amaunt of such installments.
<br />If under paragraph l8 hereof the Property is acquired by lender, all right, rifle and interest of Harrower in
<br />and to any insurance policies and in arrl to the proceeds thereof t±o the extent of -the sums secured by this '_4iort-
<br />gage immediately prior to sue}? sale or acquisitianl re.=trlting from damage to the. Proporty prior to the sale or
<br />aeauisition shall pass to Lender.
<br />6. Preservation emd i++`tcssatencmce of Property: Leaseholds; Condominiums, Borrower steal] keep the Prop-
<br />' erty in good repair and shall not permit ar cammic waste. irnpairr<~ent, ar deterioratio n of the Property and shall
<br />comgiy with tl?e provisions of any lease, if this \Ior*.gage ~~ an s Ieasahold. If this Mortgage is on a condominium.
<br />unit, Harrower shall perform all of Borrower`s obligations under the declaration of condominium nr master deed,
<br />tine by-laws and regulations o± the condominium project gad constituent documents.
<br />~. Protection of Lender's Security. li Borrower faits to perfor; the covenants and agreements contained in
<br />this Mortgage, or if any action or proceeding is commenced which msterially affects Iender's interest in the Prop-
<br />. erty, including, but not limited to, eminent dmnsin. insah-ene}•; toile enforcement, or arrangements or proceed-
<br />ings involving a bankrupt or decedent, then Lender at f.endcr's option, upon. notice to Borrower, may make such
<br />agpearanees, disburse such sums and take ouch action as i~ necessary to protect Lender's interest, including, but
<br />not limited to, disbursement of reasonable attorney's tees and entn~ upon the Property to !Hake repairs. Any
<br />amounts disbursed by Lender pursuant to tdtis paragraph 7, with interest thereon, shall become additional indebt-
<br />edness of Borrower secured by this 3ortgage. Unless Borrower and Lender agree to other terms of payment, such
<br />amounts shall be payable upon notice t""nom Lender to Borrower requesting payment thereof, and shall bear inter-
<br />- estfrom the date of disburser.?ent at the rate stated in the Nate unless payment of interest at such rate would be
<br />contrary to applicable law, in which e.~ent such amounts shall bear interest st the highest rate permissible by
<br />- applicable taw. ~Iatl;ing contained in this paragraph i shall require Lender fo incur env expense or do any act
<br />hQreunder.
<br />$. iaspeetion. Lender may make or cause is he made reasonable entries upon and inspections of the Prop-
<br />erty, provided that Lender shall give Borrower native {trior to env Buell hrspection specifying reasonable cause
<br />therefor-related to Lender's interest in the Property.
<br />9. Canusr„nation. The p-oeeeds of any award ar claim for damages, direct ar consequential, in eonne„~afln
<br />with-any vndetnrration-or other raking of the Property, or part thereof, or for canveyanc2 in lieu of sondemna:-
<br />tian, sra lie~ehy assigned and shalt lre paid to Lender. -
<br />;;n $Iia~v~nG oI a fatal taking of the Property;. the proceeds shall be applied to the sums secured by this R1ort-
<br />-. g;:ge, i~~ith the exc-ess, if any, Paid to Barro~ver. In the event, of a partial taking of the Property, unless Borrower
<br />-and :{..ender otltern~ise-agree ig turtling, there slrall'be applir?ct to the Burns secured by-ibis Mortgage such propor-
<br />tiers of the.praceeds as is equal to that-pioportian ntiich the amount of the sums secured by this Mortgage imme-
<br />diately prior to the.daie of taking bears to the iriir market value of the Property itntnediately prior to the date of
<br />taking, wikltthe balance of the pzoceeda pail] to Barrotcer.:
<br />T` tl;e P.aper£y is ahandotiscl 1?z° Bor°,a5ecrar it after-native by Lender d~ Barcawer that the condemnor afters
<br />to melee an sward o; settle a. claim-far dsm3g~, Borrower faits to •espcind to Lender within 30 days of the date
<br />of suClr?totiee, bender is aut6orize<i '_o colieer aril apply ilre proeee#ls st Lender's option either to restoration or
<br />repsu of the Property or to tkre shins ~.ecured b}T this ~iortgsge:
<br />tiniess Lender and Barrawer otherwise agree in arriting, any such. appliaatiarr of proceeds to principal shall
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