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<br />i,f +ander paragral'~riz lfC lrerelrf tizaa ~F'ropez rt' is sold ar ilar. i'roprdrty i~s atlzerswi;;r• strra~.zireri 'bu L.etzder, l.~etui~ler
<br />tilrr~~rli ztppiy, rd~a inter ilartn~ zrutrt~~liately.p~~riatr ~tcr ttrcy ~t6r czf~ t'ha 1"roltt~~r~,p or il~,s as,~itri;itiion by* Lerrd~er~,.tzzp hrazrrls
<br />held by I,~.nditr at t,-]ze iimlt of s%}~}rlica, ic;~n as :fie vrs~dpi-af;rs"rn~t the uzn.:~rrured lr}• ~ilu, ;t~1r+r~t-f;~'~s~ts.
<br />3, Aplslicatien o~ Paymenfs. IJnlr •s,tzgtlrliy~~,k~rli~ itrx, l;irawides athera'i~r~ alb pa}ztraants; rc~Keitfed by Lert,rl~er
<br />zrnder the Not?:¢nd pa;ragrrtpha'I and 2 hi~rr>.af fi~h:all lye at,~a}gliesl itv Lcrttdt•r first in,,payorrant; of arrtaunts, payalrlei to
<br />Lender !ty Borrower under paragraph 2 l:ereof, then to imerest payable on the Notc and on Future Advances, if
<br />any, and then to the principal of the \ote and to the principal of Future Advances, if anc.
<br />4. Chcsges; Liens. Borrower_shall pap all taxes, assessments and other charges, fines and impositions attrib-
<br />utable to the Property which may attain a priority over this lfortgage, and ground rents, if any, at Lender's
<br />option in the manner provided under paragraph 2 hereof or by Borrower making payment, when due, directly to
<br />~ the, payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph,
<br />and in the event Borrower shall make payment directly, Borrower ;hall promptly furnish to bender receipts evi-
<br />'~ deneing such payments. Borrower shall promptly discharge any lien which has priority over this liortgage; pro-
<br />~ vided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to
<br />~ the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall iu goad faith contest
<br />~ such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of
<br />the Tien or forfeiture of the Progeny m• any part thereof.
<br />5. Harrttd Insurance, Borrower shall keep the improvements now existing or hereafter erected on the Prop-
<br />erty insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as
<br />Lender may require and in such amounts and for such periods zts Lender may require: provided, that Lender shall
<br />` not require that the amount, of such coverage exceed that. amomtt of coverage required to pay the sums seeured'by
<br />this Mortgage. _ .
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender;
<br />provided, that such approval shall not be unreasonably twithheld. All premiums on insurance policies snail be paid
<br />at Lender's option in the manner provided under paragraph ?hereof or by Borrower making payment, when due,
<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 pr:'..o.
<br />its interest, may procure insurance on the improvements, pay the premiums and such sum shall l~:come
<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 nzay, at option of Lender, constitute a default
<br />under the terms of this Mortgage.
<br />911 insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard
<br />mortgage clause in favor of and in form acceptable to Lender. I.encter shat! have the right to 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. In the event of loss, Borrower shalt give prompt notice to the insurance carrier and Lender. and Lender
<br />may make proof of lass if not made promptly by Borrower.
<br />UnIeas Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or
<br />repair of the Properly damaged, provided such restoration or repair is ecmromicallp feasible and the security of
<br />this ~Sortgage is not thereby impaired. If suetz restoration or repair is not economically feasible or if the securitp
<br />of this ilfortgage would be impaired, the insurance proceeds shall Lc applied to the sums secured by this Mortgage,
<br />with the excess, if any, paid to Borrower. If the Properly is abandoned by .Borrower or if Borrower fails to respond
<br />tq Lender within 3ti days after notice by Lender to Borrower that the insurance carrier offers to settle a claim for
<br />insurance benefits, Lender is authorized to cailect and apply the insurance proceeds at Lender's option either to
<br />restoration or repair of the Property or to the sums secured by this \iortgage.
<br />Unless Lender and Borrower othenvis2 agree in writing, any such application of proceeds to principal shall
<br />not extend or postpone the due date of the monthly instalhuent referred to in paragraphs I and 2 hereof or change
<br />the amount of such irstallmeats.
<br />If under paragraph 18 hereot the Properly is acquired Fay Lender, all right, title and interest of Borrower in
<br />and to any insurance policies and in and to the proceeds thereat tto the extant of the sums secured by this Dlon-
<br />gage immediately prior to such sale or acquisitioni resulting frcim danutKc to the Property prior to the sale or
<br />aaglzisitiaa shall pass to bender.
<br />~. tvatioa and Meat#sat~ce of Irzopierty; Laasaholda; Condoxitigiu~, L orroswer steal, keep the Prop-
<br />erty in goad repair acrd shalt not permit or commit waste, intpainnertt, or tleteriorniian of ttrc Property and shall
<br />eaatply with tlta pravisians of any leap., ~f this liortgage is on s ieaseltahl. If this Mortgage is on a rondaminiunt
<br />unit, Barrttwer sftall perform all of Hatrawer~ abligatians under ttre deciaratian of condorttinhutt ar master deett,
<br />the by-Iowa and regulations of the condominium project nud constituent documents.
<br />7. Proteetioa of Lender s Security. If Borrower tail. to pertorzn the covenants and agreements contained in
<br />this Mortgage, or if any action or proceeding is eonuuenced which materially affects Lender's interest in the Prop-
<br />erty, including, but not limited to, eminent domain, insolvency, cotlc enforcement, or arratrgements or proeeed-
<br />ings involving a bankrupt or decedent, then Lender at Lender's option, upon notice. to $arrower, Wray snake such
<br />appearances, disburse such sums and take such ztction as is necessary to protect. Lender's interest, including, but
<br />n~! limited to, disbursement of reasonable attorney's fees and entry upon the Properly to make repairs. 9ny
<br />amounts disbursed by Lender pursuant to this paragraph 7, tvitlr interst thereon, shall become additional indebt-
<br />edaess of Borrower secured by this \fartgage, Unless Borrower and i.ender agree to other terms of payment, such
<br />amounts shall be payable upon notice front Lender to Borrower requesting payment thereof, and shall bear inter-
<br />estfrom the dato of diabureement at the rate stated in the mote unless payment of interest at such rate would be
<br />contrary to applicable law, in which ewent• such amaunts shalt hear interest at the highest rate permissible by
<br />epplioeble lnw. Nothing contained in this paragraph "shall rrquirc Lender to incur any expense or do a»y act
<br />hereunder.
<br />6. Iaspecli4ra. bender may make m• cause to lk made reasanablr entries ~ulwn and inspections of the Prop-
<br />erty, provided that Lender eltsll give Borrower troticc prior to :tny ~ucl: inxpeetion sltecifving reasonable csttse
<br />therefor related to L•ender`s intetes6 in the Property.
<br />• 9. F~atdemnation. The proceeds of any award ar claim for damages, direct or consequential, in connection
<br />with say candemnatian or other taking of the Property, ar part th~;reof, ar far conveyance in lieu of eondemna-
<br />tion, ere Itoreby assigned and shall he paid to Lender.
<br />In the event of a total taking of lira Property, the proceeds shall he applied to the sums secured by this Mort-
<br />gage, witlt4lte i;ic-i#nsny, paid to Horrawer. In the event of a lrania} taking of the Property, unless Harrower
<br />sad Leadee othererist, agree to writing, there altall be applied to the sums secured by this Mortgage such propor-
<br />tion of the proceeds as is equal ~ drat proportion which the amount. of the sums secured by this ~fartgage imme-
<br />diately pries to the date of taking bears to the fair market value of the Properly immediately prior to the date of
<br />taking, with-the bah3rtc~ bf the prvc-eras-paid to Bartnswer.
<br />If the Praperts is abandoned by Harrower or it after notice by Lender to Harrower that the condemnor offers
<br />to make as award or seEtlo a clutti for dattirgss Borrower fails to respond to Lender within 30 days of the date
<br />of an_oh aot,~es; Lender i~ authorisgtt to er+llect -srpply rho proceeds at Lender's al:tion either to restoration. or
<br />repeiir of tiro Property or to the sums secured 6y this \Iartgage.
<br />TlnIeas Leader and Basrawer othPrty~ scree in writing, any such application of pror~is to principal shall
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