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11f under parsgrepl; lii hpr±roi tfi.c f'ro,rerty i; ~,_.: ~,., •~ Ps~ee:^.y :~, ntE.artwcsr arr~:,Eired ~, i<n~°er. I.~c*.•a~er
<br />ahalV a;J>ply, no lager tlasn irnn_~rliately ;ro~tissr ro !sl,c 3€lr. o, s;e v~~~ ~ *.rr ifs aetJu a .car: 'r Ler~~~r. ~ :,- F,~„rig
<br />laehil'Ith;' L+'esnsler a: the time of apptitatio!a as a rrw~?ax as,~a.-_ i tic- -.~~,. .ra:.'*+r,? is~r Y',~.a l~torLgagc-.
<br />~g'. g,glpliicatious of Pnymem!Is. hnl~s alp{,lii~'sl~?~ iaR q,ro~it.~ otaerrr~i~.we. ads gat}~rnenLtr rrmeuvc-ri b} Lend~e!r
<br />unm3r m"1'•he ltiote and paragraphs l and 2 hlPreP,rt ±'lairll Fui a,n"ES~I i;> i.=•~~lisr hm9!t lirh, llaat:*a s,FS?t o,i arrsurrts payalcle ir;
<br />Lender by Borrower under paragraph 2 hereof, tlver ;;; i;.zFrca. l~ayal,lr on tlx '.wore an.3 on Future Advances, if
<br />any, and then to the principal of Lhe tote and to else t~nncipal of Fufuze Advances, if any.
<br />~ d. Charges: Liens. $orrower sl3al2 pay all taxes, ssaesssner.;s and other cisarges, fines and impositions atLrib-
<br />3 utabk Lo the Property which naay attain a priority over tlfi ~iorLgage, and ground rents, it any, at Lendarra
<br />option in the manner provided under paragraph 3 hereof or by Borrower rnaking payment, when due, directly to
<br />v"'1 the payee thereof. Borrower shall promptly furnish t4 Lender all notices of amounts due under this paragraph,
<br />~ sad in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evi-
<br />~ denting such payments. Borrower shall promptly discharge any lien which hsa priority over this Mortgage; pro-
<br />r vided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to
<br />n~ the payment of Lhe obligation secured by such lien in a manner acceptabi^ to Lender, or shall in good faith contest
<br />f'~ such lien by, or defend eufGrc~R.^.L of s,:cl. '•ieR ir, legal proceedings which operate to prevent the enforcement of
<br />the ]fen or forfeiture of the Property or any past thereof.
<br />SEE RIDER S. Hard Insurance.
<br />,. ~.
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approve! by Lender;
<br />provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid
<br />at Lender's option in the manner provided under paragraph 2 hereof or by Harrower making payment, when due,
<br />directly to the insurance carrier.
<br />Irt the event any policy is not renewed on or before ten days of its ezpiration, the Lender, to protect
<br />its interest, may procure insurance on the improvements, pay the premiums and such sum shall becrome
<br />immediately due and payable with interest at the rate set forth in said note until paid and shall be
<br />secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, oonstatute a default
<br />under the terms of this Mortgage.
<br />All irffiurance policies and renewals thereof shall be in Conn acceptable to Lender and shall include s standard
<br />mortg~ else in favor of ~ in dorm acceptable Lo Lender. Lender shall have the right w hold t hz poliei® sad
<br />renewals thereof, and Borrower shall promptly famish to "Lender all renewal notices and all receipts o: paid pre-
<br />mium. In the event of loss, Borrower shall give prompt notice to Lhe insurance carrier and Lender, and L+~rder
<br />may make proof of loss if not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or
<br />repair of the Property damaged, provided such restoration or repair is economically feasible and the security of
<br />- this Mort~-ge is not thereby impaired. If such restoration or repair is not economically feasible or if the security
<br />of this Mortgage would be impaired, the insurance proceeds shall I>e applied to the sums secured by this Mortgage,
<br />with the a:ceas, if any, paid to Borrower. If the Property is abandoned by Borrower or if Borrower fails to respond
<br />to bender within 30 days after notice by Lender to Borrower that the insurance carrier offers to settle a claim for
<br />inauuance benefits, Leader is authorised to collect and apply the insurance proceeds at Leader's option either to
<br />rrstmstion or repair of the Property or to the sums secured by this Mortgage.
<br />Unless Lender and Borrower otherwise agree in wrtang, any such application of proceeds to principal shall
<br />pat extend or postpone the due date of the monthly installments referred to in paragraphs i and 2 hereof or change
<br />the amount of such installments.
<br />11 user paragraph i8 hereof the Property is acquired by Lender, all right, title sad interest of Harrower in
<br />and to any insurance policies sad in and to the proceeds thereof (to the extent of the sums secured by this Mort-
<br />gage imm..i;ns ly prior to such sale or acquisition} resulting from damage to the Property prier to the sate or
<br />acquii~em shall pass to Lender.
<br />6. ~ rmd I++i+rat of Propsrtyr Leaseholds: Coadomzniums. Borrower shall keep the Prop-
<br />erty is gaud repair and shall not permit or commit waste, impairment, or deterioration of Lhe Property and shall
<br />~y w the prsvigiorss of any lease, if this Mo_*tgsge is on s leasehold. If this Mortgage is on s condominium
<br />unit, Hotrower shall perform all of Borrower's obligations under Lhe declaration of condominium tar master deed,
<br />Wee by-Laws and regulations of the condominium project and constituent documents.
<br />7. Protection of Lendai s Security. If Borrower fails to perform the covenants and agreements contained in
<br />this Mortgage, or if any action or proceeding ie commenced which materially affects Lender`s interest in the Prop-
<br />erty, ine~udiag, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceed-
<br />iags involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such
<br />appear'aaces, disburse such same and take such action as is necessary to protect Lender's interest, including, but
<br />not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br />amounts disbursed by Lender pursuant to this p:ragraph ?, with interest thereon, shall become additional indebt-
<br />ednees of iorrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, duels
<br />amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br />est ftaa tbe date of disbursement at the rate stated in the Note unless payment of interest at such rate would be
<br />contrary to applicable law, in which event aueh amounts shall bear interest at the highest rate permissible by
<br />applicable law. Nothing contained in this paragraph ? shall require Lender Lo incur any expense or do any set
<br />heteuader.
<br />E. Lsyseetioa. Lender may make or cau.4e to he made reasonable entries upon and inspections of the Prop-
<br />ezty, provided that Lender shall give Borrower notice prior to any sorb inspection specifying reasonable cause
<br />theref~ related to bender's interest in the Property.
<br />~& fiction. The pmxeda of say award ar claim for damage, direct or consequential, in connection
<br />with any eoademnation or other taking of the Property, or part Nsereof, or for conveyance io lieu of eondemna-
<br />titHI, are hereby aseigaed and-shall be paid to Lender.
<br />In fbe event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mor't~
<br />~, exca~y. if ate, grid to Harrower. In the event of a partial taking of the Property, unless Borrower
<br />and et~asgzee in writing; there shall be applied to the sums scoured by this Mortgage such propor-
<br />tion of tht pro¢xds as is equal to that proportion which the amount of the Bums secured by this Mortgage imme-
<br />diately prior to the date of taking 6eara to the fair market value of tlse Property immediately prior to the date of
<br />taking, with the baLsnee of t3sse proceeds paid to Hormwer.
<br />If t8se I'tapsrty is abandoned by Borrower or if after notice by Lender W Borrower that the condemnor offers
<br />to make ast award or settle a claim for damages; Horrnwer fails to respond to Lender within 30 days of the date
<br />of aa~x, Lzad~ io autltariiad to ealtect and apply the proceeds at Lender's option either to restoration or
<br />rspalr o4 tbe Property ~ to the sums secured by this \iortgage. ,
<br />Usti L~r and Borrower aWserwsse agree in writing, say such application of proceeds to principal ahap
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