|
If unda~,tr }i~artgrapir 18 hereof t}qe F'ray~}arty i- sohi ar the Prot~s~er:r_= a~stiu~nr;=e ak~rx=~ir~I 1,7• Ltyr,~~iFr, Lenrier
<br />e~~~€ga~~s91 apply„'rro ?ate~r th2gn immediately prior trs rcfq+t s ~c of tt:= ?rnr~rY=~ t r att- rcr}ui-itirn f,, I ~ratlcr ;:ny Furgd
<br />ltei¢! by Lender st tIIY time of apphcaxiolq a~ m s•rcdit e~,sin+¢ r; tlllrcet _ a # i i~c r? q~ `~'[ortgage.
<br />3. iPlpplicxztioa of Paymeats. Ln?ess applirablr law }gro~tde. oth~rnq.~e., :~i. payrne~n#~a gereivu~rl by Ler,¢ler
<br />ands; the N'~ota and paragraphs 1 and 2 hereof shall lac aps~~li~„ ity I,tlndrc>r :i~r?,t in nayan~nt of atrtaunis payable to
<br />Lender by $arrower under }:aragraph 2 hereof, then to interest paya?sle on xige ':`etc and on Fsture Advances, if
<br />aay, and then to the principal of the :kale and to thY principal of Ftaturc Ad=antes, if any.
<br />4, Charges; Liens. Borrower s?Tall pay all taxes, assessments and other charges, fines and impositions attrib-
<br />~-arable to the Property which may attain a priority over this ~fortgat;e, and ground rents, if any, at Lender's
<br />~ option in the manner provided under paragrapl: 2 hereof or by Borrower quaking payment, when due, directly to
<br />~ the payee thereof. Borrower shall promptly furnish to Lender at} notices of amounts due under this paragraph,
<br />~ and fn the event Borrower stall make payment directly, Borrower shall prompih• furnish to Lender receipts evi-
<br />~ dancing such paymenfs. Borrower shall promptly discharge aay ilea which ha priority over this Mortgage; pro-
<br />r}d viaaa, that $orrower shall not be required to discharge anc• such lien so long as Borrower shall agree in writing to
<br />Q, the payment of the obligation secttred by such lien in a manner acceptable to Leader, er shall in good faith contest
<br />t'~ such lien by, or defend enforcement of suclq lien in, legal ltroceedings w•lgich operate to prevent the enforcement of
<br />the lien or forfeiture of the Property or any part thereof.
<br />SEE RIDER 5. Hasard Insuraxue.
<br />Th~ ce carrier providing the insurauce shall be chosen by Borrower subject to approval 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 Borrower making payment, when due,
<br />directly to the insurance carrier.
<br />In the event any policy is not renewed on or before ten u:<ys of its expiration, the Lender, to protect
<br />its interest, may procure insurance on the improvements, pay the premiums and such stun shall become
<br />'_ immediately due and payable with interest at the rate set forth in said note until gold and shall be
<br />secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br />under the terms of this Mortgage.
<br />tlt insurance policies and renewals thereof shall be in form acceptable to Lender and shall iuelude a standard
<br />mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and
<br />renewals thereof, and Barrowel• shall promptly furnish to Lender all renewal notices and all receipts of paid pre-
<br />- miums. In the event of loss, Borrower shall give prompt native to the insurance carrier and Lender, and Lender
<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 Mortgage is not thereby impaired. If such restoration or reuair is not economically feasible or if the security
<br />= of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Rortgage,
<br />with the excess, if any, paid to Borrower. If'the Property is abandoned by Borrower or if Borrower fails to respond
<br />to Lender within 30 days after notice by Lender to Borrower that the insurance carrier offers to settle a claim for
<br />insurance benefits, Lender is authorized to collect and apply tlge insurance proceeds at Lender's option either to
<br />restoration or repair of the Property or to the sums secured by this \lortgage.
<br />Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall
<br />not extend or postpone the duo date of the monthly installments referred to in paragraphs 1 and 2 hereof ar change
<br />the amount of such installments.
<br />If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in
<br />and to any insurance policies and in and to the proceeds thereof i to the extent of the sums secured by this Dinrt-
<br />gage immediately prior to such sale or acquisitiont resulting from damage to 'the Property prior to the sale or
<br />acquisition shall pass is Lander.
<br />&. Presereatioa sad M®nieaaace of Property: Leaseholds: Coadoggninit»qns. Borrower shall keep the Prop-
<br />_ arty in good repair and shall not parmit• or commit waste, impairment, or deteriorsiion of the Property and shall
<br />comply with the provisions of any lease, if this Mortgage is on a leasehold. If this \lortgage is on a condominium
<br />unit, Borrower shall perform all of Borrower's obligations under the declaration of condominium or master deed,
<br />the by-laws and regulations of the condominium project and constituent documents.
<br />7. Proteetioa of Lender's Security. If Borrower fails to perform the covenants and agreements contained in
<br />_ this i4lortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Prop-
<br />' arty, including, but not limited ta, eminent domain, iasoh•ency, code enforcement, or arrangements or proceed-
<br />lags involving a bankrupt or decedent, then Lender a± Lender's option, upon notice to Borrower, may make such
<br />appearances, dsburse such sums and take such action as is necessary to protect Lender's interest, including, but
<br />noG limited to, disbursement of reasonable attorney's fees and entry upon the Property io make repairs. Any
<br />amounts disbursed by Lender puI•suant to this l;aragt•aph 7, with interest thereon, shall become additional indebt-
<br />ednesa of Borrower secured by this Aortgage. Unless Borrower and Lender agree to other terms of payment, such
<br />amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br />est from the date of disbursement at the rate stated in the Note unless payment of interest at such rate would be
<br />r contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible by
<br />i applicable law. Nothing contained in this paragraph 7 shnl? require Lender to incur any expense or do any act
<br />_ hereunder.
<br />s 8. hnpection. Lender may make or cause to he gnadc reasonable entries upon and inspections of the Prop-
<br />: arty, provided that Lander shall give Borrower notice briar to am• suq•h inspection specifying reasaaable cause
<br />tharafor related to Lender's interest in the Property.
<br />' 9: Coztdsmnatioa. Z'he proceeds of any award or claim for damages, direct. or consequential, in connection
<br />"; with any condemnation or other taking of the Property, oq part thereof, or for rom•eyanee in lieu of condemna-
<br />tion, are hereby assigned and shall be paid to Lender.
<br />In the event of a total taking of the Property, the proceeds shall be anpiied to the sums secured by this &lort-
<br />t gage, wStdl tli@ $qts," if aay, paid to Borrower. In the event- of a partial taking of the Property, unleq;s BOrrawar
<br />and Lender otherwise agree in writing, there shall be applied to the songs secured by this \lortgage such propor-
<br />tiara of tkte proeestla aq3 is equal to that proportion which the amouat at the sums secured by this Mortgage itnma-
<br />distely prior to the date of taking bears to the fair market value of tlge Pro}sarty hnmediateiy prior to the date of
<br />[: CBIWt3tr, wilt the baltltKa of the proceeds paid to Borrower.
<br />I'f tk ~opart~~,e eh;~ by BosTUwer or if after notgee bt I.ectdar to Borroaar that the condemnor offers
<br />angkai an Yward or settle ~clatrrt for datuagea Borrower farts to q•espond io 1 enact within 30 days of the date
<br />"~ ~ ~ ..si'srA;.., L~,~,::.r .a ..s::tur-;c~Yt eti ~a a ~Itrl a,flpgy tl~e nrn~ r'ds yt L--ends: _ option •ttg2er t 7 r rioration pr
<br />repstr of the Property or to the sums secured by thiti \lortgage.
<br />t'nle#a I.endar and. Barrowar otherwise agree to tenting, any surh application of lgroceeds to }~~gncgpai ?hail
<br />
|