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<br />If under;luaragrapl: 18l;ereof tine Prop'~rt~.• ~ . .r 1'r~~:ert a- r.i~t:r~.-,r:ii.•s ~a+-<.:,.,r~xl },ti L:~,rndc:r. i_~F=3afrer
<br />,,I~u~rtel arl?I}', ny later tha^ immediately I,r~dor 1:ct t1i - .: s~~:° ~t ~tis4r YrotK•r~_+. r:r i~ ss-r~ui is ion s>g Ir r~dti~r..tni- I~~oe:dr
<br />dui~ld Bry a csnda~,:r st rlut', time of application a.e .n n -f et u~!_: n t ~',~ ,,,~ :ra~. - r v ¢l:i> 11e~rtuaar•-
<br />3. AP,p~Viucstion aFf Paynreats C'-ral+~ apltlli~°ai,i:~ ia:r provirir oth{,~+u=r_•, a,ll na,.~rnents ru;c+ci;'e;~ 't',,c I~er'aui~er
<br />uiide~r the N'otc and Itaragraplts 1 and 2 hereo6 *:d:;til 1,;- applied by I ~•nd<_~.* trust i*u h~aymcnt oC amounts laavab'-e~ to
<br />Lender trv Borrower under paragaap: 2 hereof, rhea to interest payable on the ~:otc and or: Purace Acivsnces, if
<br />any, and 'then to the principal of the tiote arnl to the principal nC 1••a;turc- .~•la~anets, if an}•.
<br />¢, t:hazges; Liens. $orrower shall par ail taxes, assessments auci ot1rer charges, fines and impositions attrib-
<br />'~~ ut$ble to the Property which may attain a priority aver this lfot#gage, and gro;nul rents. if an_r•, at Lender's
<br />~ option in the manner provided under paragraph 2 hereof or In- $orrower making navment. when due. directly to
<br />'"' the payee thereof. Borrower shad promptly furnish to Ixnder all notices of amour*.s due tinder this paragraph,
<br />~' and in the event Borrower shall make payment directly. Borrower shall promnth• furnish to Lender receipts evi-
<br />'-~ dancing such payments. Borrower spoil promptly discharge anv lien which has {priority over this Mortgage; pro-
<br />vided, that Borrower shall not le required to discharge any sucl: lien so long as Borrower shall agree in writing to
<br />~, the payment of the obligation secured by such lien in x mamter acceptable to Lender, or shall in good faith contest
<br />~ each lien hy, or defend enforcement of sucl: lien in, legal proceedings which onerste to nrerent the enforcement of
<br />~ the lien or forfeiture of the Property or any part thereof.
<br />5. Hazard Insurance. Borrower shall keep the improvements roa• existing or hereafter erected an the Prop-
<br />erty insured against loss by fire, hazards included withint.he term "extsnded coverage", and such other hazards as
<br />Lender may require and in such amounts and for such periods as Lender may require: provided, that Lender shall
<br />' not require that the amount of such coverage exceed that amount of coverage required to pa:: the gums secured'by
<br />this Ytortgage.
<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 withheld. all premiums on insurance policies shall be paid
<br />at Lender's option in the main-ter provided under paragraph 2 hereof or by Borrower making payment, when due.
<br />directly rA 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 Lender, constitute a default
<br />under the terms of this iVlortgage.
<br />All insurance policies and renewals thereof shall be in forth acceptable to Lender and shall include 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 Borrower shall promptl}• furnish to Lender all renewal notices and ail receipts of paid pre-
<br />miums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender, and Lender
<br />may make proof of loss if not made promptly by Borrower.
<br />Unless Lender and Harrower 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 anri the security of
<br />this i<Iortgage is not thereby impaired. If such restorat-ion or repair is not economicaly feasible or if the security
<br />of this \~Iortgage would he impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage,
<br />with the excess, if any, paid to Borrower. If the Yro}}ert}• is abandoned b}• Borrower or if Borrower fails to respond
<br />to Lender within 30 days after notice by Lender to Borrower chat the insurance carrier offers to settle a claim for
<br />insurance benefits, bender is authorized to collect and apply the insurance proceeds at Lender's option either to
<br />restoration or repair oC 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 shall
<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 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 fire proceeds thereof Ito the extent oC the stuns secured ly this Mort-
<br />gage immediately prior to such sale or acquisition) resulting from damage t.o the Property prior to the sale or
<br />acquisition shall pass to Lender.
<br />6. Preservation and Maiatena<rce of Property; Leaseholds; Condominiums. Borratver shall kaep the Prop-
<br />erty in goad repair and shall not permit or commit waste, impnirrnent, or deterioration of the Property and shall
<br />comply with 'the provisions of any lease, if this Mortgage is an a leasehold. If this ~Iort.gage is on a condominium
<br />unity 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. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in
<br />this Mortgage, or if any action or proceeding is commenced which materially affects Lenrer's interest in the Prop-
<br />erty, including, but not limited to, eminent domain. insoh•eucy, code enforcement, or arrangements or proceed-
<br />ings involving a bankrupt or decedent, then Lender at Lender's option, upon notice t.o Borrower, may make such
<br />appearances, disburse such sums 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 paragraph 7, with interest thereon, shall become additional indebt-
<br />edness of Borrower secured by this ~Sortgage. 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 />estfrom the date of disbursement at the rate stated in the A`ote unless payment of interest at such rate would be
<br />contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible by
<br />applicable law. Nothing contained in this paragraph i shall require Lender to incur any expense or do any act
<br />hereunder.
<br />8. Inapeetion. Lender may make or cause to he made reasonable entries upon and inspections of the Prop-
<br />erty, provided that Lender shall give Borrower notice prior to any such inspection ytecifying reasonable cause
<br />therefor related Lo Lender's interest in the Property.
<br />9. Condemnation. The proceeds of any award nr claim for damages, direct or consequential. in canneotion
<br />with any condemnation or other taking of the Property. m' part thereof, or for conveyance in lieu of condemns-
<br />tion, are hereby assigned and shall be paid to Lender.
<br />In the event of s total taking of the Property, the proceeds shall 6e applied to the sums secured by this Mort-
<br />gage,with-the excess, if any, paid to Burrower. In the event of a partial taking of the Propert}•, unless Borrower
<br />and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such propor-
<br />-Lion of fJro=proceeds as is equal to that proportion which the amount of the sums secured by this Dlortgage imme-
<br />diately`priorta ttie date of taking bears t~ the fair market value of the Property immediately prior to tdre date of
<br />taking, with the balance of the. proceeds paid to Borrower.
<br />If the property is abandoned by Borrower or if after notice by Lender to Borrower that the condemnor offers
<br />to make°an award or'settle a claim-for damages, Borrower faits to respond to Lender within 30 days of the date
<br />of such notice, Lender is authorized to collect and apply-the proceeds at bender's option either to restoration or
<br />repair of the Property or to the scans secured by this Mortgage.
<br />Unless bender and Borrower otherwise agree in writing, any such application of proceeds to principal shall
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