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Is' order )> ragraiu: i$ :,erect =itr. Yropc .. ... ,. 4?tr~. -- _,._. ,ft r„ .. f -;,; _. •r-n lqr
<br />„~ ..
<br />=half apply, no later tu~an .mine<Ii.s-c;. prig: to ,,. s. •, Yro.,, _, ,. .-at-actor: %s;• Lct„ _:..::,. I,...
<br />Geld 4y Lender at. the t~anc of aglri,cat rori : , ~iit ~ _i,;-, ,.. :,-_ .. - - Alnrr;~_i~r, .
<br />3. Application o£ Payments i rite;. >,, :. ,; o*~, o t ¢ ~ - • ,x , t r av~ i i;v bcnriYr
<br />under thelote and paragraphs 1 and 3.ue eu ~.,... -: a),,rii,- s L_r,:, .r_t in) }naer, o, a,ua,unr, payab.c to
<br />Lender by Borrower under paragraph 2 l:ereoi~ tiro: u; intere-Y. lr;tyaizL~ o±; tlzc \ote and an Future 3dsances, if
<br />any; and then to the nrincipai of the tote oral w tin, „rinctl,al of F'urure ~,aanee-. ii env.
<br />4. Charges; Liens. Borrower shelf pay a;i taxes, assessments and other citargr=. hnes~ and impositions attrib-
<br />utable to the Property which may attain a r;r:aritti veer ii:is Slarcgage.::nti ~ro!..;,i re;:r an}~, at Lender•e
<br />option in the manner pru+^ded under paragraph 2 hereof or irv Borrow er maknnl; payment, +vhen 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 Borrotiver shall make payment directl}-, Borrotscr sl:aii pranpth- iurnisi, to Lender receipts evi-
<br />dencing such payments. Borrower shall promptly discbarge an+- lien which teas prioritc oser the.=. \tongage; pro-
<br />vided, that Borrower shall not be reouired to discharge any =ur1: lien so Tong as Borrower shelf agrr_e in writing to
<br />Q the payment of the obligation secured by such lien in :; man,,er acecptsbie to Lender. ar shall in good faith contest
<br />she such lien by, or defend erforcetrent of such :fen in, legal procecdingw n~hich operate to present the enforcement of
<br />~j the lien or forfeiture of the Property or uuy part thcrecf.
<br />~ 5. Hazard Insurance. Borrower shall keep the imnrocr:nents now existing or hereafter erected on the Prop-
<br />~ erty insured against loss by tire, hazards included within the term "extended coverage•'. and Eacl: other hazards as
<br />,~ Lender may require and in such amounts and for staclt ;?eriods as L<-rider may rcrluire: provided, that Lender shall
<br />not require that ±he amount of such coserage exceed that amount of coserage required to pay the sums secured'by
<br />this Mortgage.
<br />~ The insurance carrier providing the insurance ,hall be chosen 'rc Borrower subject to approval by Lender;
<br />provided, that such approval shall not be unreasonably withheld. All premiums at insurance policies shall be paid
<br />at Lender's option in the manner provided under paragraph °2 hereof or by Borrow er 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 protect
<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 and shall be
<br />secured by this Mortgage. Failure by Borrower to comply may, at option of hinder, constitute a default
<br />under the terms of this Mortgage.
<br />All insurance policies and renewals thereof sball be in form acceptable tti Len,ier anti shall include a standard
<br />mortgage clause in favor of and in forth acceptable to Lender. Lender shall have the right to hold the policies and
<br />renewals thereof; and Borrower shall prompt!+- fttrrish to Lender all renewal notices and ail receipts of paid pre-
<br />miums. In the event of loss, Borrower shall give prnalpt notice to the insurance currier and herder, and Lender
<br />may make proof of loss it 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 econamicaly feasible and the security of
<br />this Mortgage is not thereby impsired. If such restoration or repair is not ecouomicalh• feasible or if the security
<br />of this Aortgage would be impsired, the insurance proceeds shat! he applied to the sums secured by this '~4ortgsge,
<br />with the excess, if any, paid to Borrower. if the Yropertc is abandoned by Borrower or if Borrower fails to respond
<br />to Lender within 34 days after notice by Lender to Borrower that the insurance carrier offers to seine a claim for
<br />insurance benefits, Lender is authorized to cvllect and apply the insurance proceeds at bender's option either to
<br />restoration or repair of the Property- or to the sums secured by this Mortgage.
<br />Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal strait
<br />not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change
<br />the amount of such installments.
<br />If under paragraph IS hereof the Property is acquired by Lender, a!I right, title and interest of Borrower in
<br />and to any insurance policies and in and to the proceeds theeeof ito the extent. of the sum; secured by this i4lort-
<br />gage immediately prior to such ale or acquisitions resttiting from damage to the Yropert.y prior to the sale or
<br />sequisitaon shalt pass to Lender.
<br />B. Preservation cad R'Isunteaaace of Property; Leaseholds; Condomittituns. Borrower shall keep the Prop-
<br />erty in good repair and shall not permit or eomn:it waste i.?:lsir,ren`.. ar 3i•terior.,tier, of the Yrapcrty and shall
<br />comply with the provisions of any lease, if this ]tortgage is on a leasehold. If this ~SortgAge is on a condominium
<br />unit, Burrower shaCl perform all of Borrower ~ obligation, ender the declr.ration of condominium or master deed_
<br />the by-laws and regulations of the eondotniniuu, project and constatuem doeumerit:~.
<br />7. Protecti.a of Lendei s Security. If Borrower fails io perform the revenants and agreements contained in
<br />this Mortgage, or ii any action or proceeding is commenced which materially affects Lender's interest in. the Prap-
<br />erty, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceed-
<br />ings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such
<br />appearances, disburse such sums and take such action as is necessan• 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 paragraph 7, t+•ith interest thereon, shat{ become additional indebt-
<br />ednese of Borrower secured by this Mortgage. Unless Borrower and lender agree to other ternts of payment, such
<br />amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall treat inter-
<br />est from the date of disbursement at the rate staicd in the Note unless payment of interest at such rate would be
<br />contrary to applicable law, in which event such amounts shall bear interest alt the highest rate permissible by
<br />applicable law. Nothing contained ir. this paragraph ;shall require Lcntfer to incur any expense or do any act
<br />hereunder.
<br />8. Inspection. Lender may make or cause to he made reasonable entries upon and inspeet.ions of the Prap-
<br />erty, provided that Lender shalt give Borrower notice prior to nn}• such inspection specifying reasonable cause
<br />therefor related to Lender's fntetest in the Property.
<br />g. Candsmnution, The proceeds of any award or claim for datr,ages, direct or censeruential, in connection
<br />with any condemnation or other takutg of the Property, or part thereof, or for conveyance in lieu of condemns-
<br />. lion, are hereby assigned and shall be paid to Lender.
<br />In the event of a total taking of the Property, the proceeds shall 6e applied to the sums secured by this i4lort-
<br />gage,_with_the excess, if any, paid to Borrower, In lire event of a partial taking of the Property, unless Borrower
<br />and-Lender otherwise agree in writing, there shalt be applied to the sinus secured by this Mortgage such gropor-
<br />• lion of the proceeds as is equal to that proportion which dre amount of the sums secured by this Mortgage itrune-
<br />diately pence to-rho date of taking bears to the fair market value of the Property immediately prior to the date of
<br />taking, with the balance of [he proceeds paid to Borrower.
<br />If the Properly is abandoned by Borrower or if after notice by Lender to Borrower that the condemnor offers
<br />to make sn award: ar settle a claim for damages, IJorrawer fails to respond to Lender within 34 days of the date
<br />of auoti notice; Lender i8 authorised to collect and apply the proceeds at Ixnders option either to restoration ar
<br />repair of the Property or to the sums secured by this Mortgage.
<br />CTnless Lender and Borrower otherwise agree in writing, shy such application of proc~,ds to principsi shall
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