|
<br />If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by J,ender. Lender
<br />.hall apply, no later than immediately prior to the side of rho Propertc m' its acquisition by Lender, any Funds
<br />held by Lender at the lime of application as a credit against the sums secured be ti+i> J-tort age.
<br />3. Application of Paymenis. Unless applicahic Ina- proaides othenvisc. all payments received by Lender
<br />under the Nate and paragraphs I and 2 hereof shall he applied by- Lcndrr cleat in payment of amounts payable to
<br />Lender by Borrower under paragraph 2 boreal, then to interest payable on the Soto and rnr Future Advances, if
<br />any, and then to the principal of the Tote and ro the principal of Tutun• Ach~anecs, if any.
<br />4. Charges; Liens. Borrower shall plc all lases. assessments :vtd other ch:uges, fines and impositions attrib-
<br />utable to the Property which cony attain a priority oeer this ~~Iortgage. and ground rents if any, at Lenders
<br />option in the manner provided under paragraph P ~tereol or by }3orron-er making pa7ntent, when tine, directly to
<br />the payee thereof. Borrower shall promptly famish to i.endcr all notices of amounts due under this paragraph,
<br />and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evi-
<br />deneiug such payments. Borrower shall protttptiy discharge any lien e-hie6 has prioritc acct ibis \'Iortgage; pro-
<br />~ vided, that Borrower shall not be required to discharge any such lien so long as Harrower shall agree in writing to
<br />the payment of the obligation secured by such lien iu a manner acceptable to Lcuufer- m' shall in good faith contest
<br />C' such lien h}', or defend enforcement of such lien in, legal proceedings which oper;tte to prevent the enforcement of
<br />v the lien or forfeiture of the Propertc or an}- part *.hereof.
<br />~ S. Hazard Insur~ce. Borrower shall keep the improvements note existing or hereafter erected on the Prop-
<br />' eery insured agaust 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 aS bender rosy require: provided, that Lender shall
<br />~ not require that the amount of such caverage exceed that smouot of rocerage required to pat the sums secured'by
<br />this ?mortgage.
<br />The insurance carrier providing the irsurancr shall be chosen br Borrasaer subject to approval be Lender;
<br />provided, that such approval shall not 6e unreasonable withhetd.:\!I premiums on insurance policies shall be paid
<br />st Lender's option in the manner provided :racier psragrap!: ° hereci or by Barron•er tusking payment, when due,
<br />directly to the insurance carrier.
<br />Ir, 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 />irmediately due and payable µith interest at the rate set forth in said note until paid and shall be
<br />sectued by this Iliortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br />under the terms of this 35ortgage.
<br />all insurance policies and renewals thrn•ui ~h a i,c io form acceptable to Lender :md shall include a standard
<br />mortgage clause in lacer of and in iomt acceptabk• ro Lender- Lender shall have the right to hold the policies and
<br />renewals thereof, and Borrower shall prempt7} furnish to Lender all renewal notices and ail receipts at paid pre-
<br />miums. In the eceni of lass, Borroner sltaii gi<'e prompt notice to the insurance carrier and Lender, and Lender
<br />may make proof of loss ii not made prom}?tly in- Borrower.
<br />Unless Lender and Botronu at'.:ena ise agree in writing. insurance proceeds shall he applied to restoration or
<br />repair of the Propem- damaged. unn-ided Lucy restoratooa: _~. repair is ecomm~ically- feasible and the security of
<br />ibis _lfortgage is not thereu}• impaired. Si wci: restoratio:: or repair is trot econonticaliy- feasible or it the security
<br />of this Zlottgage would be impaired, lire ~usursnce proceeds ;hall be applied to the sums secured by this Mortgage,
<br />ai[h the exceb, if any-, paid to Bon-oeer- ; the Property- is abandoned in' Borrawer ar ii Borrower fails to respond
<br />W Lender within 30 days liter native be Lender to Borrower that the insurance carrier offers to settle s claim Iar
<br />insurance benefits, Lender is authoriaeti to rolled and apply tits insurance proceeds at Lender's optima either to
<br />restoration or repair of the Property or to the stuns secured by this \lorigage.
<br />Unless Lender and Borrower othernise agree in writing. any such spp]ication of proceeds to principal shall
<br />not extend or postpone the due date of the ananthh- instailtnems referred to in paragrs}ihs 1 and 2 hereof or change
<br />the 8n10Uni Of Sueh 1n5t5l1IDenLS.
<br />If under paragraph 36 hereof the Yropenv is acquimd by Lender, all right, title and interest of Borrower in
<br />ar:d to ant insurance }xtlicies and in and to tlee prareeds thereof cto tine extent e? cite sums se: c. r~ti by this ~Iort-
<br />gsge immediately prior to sucl°: sale or ac<~ui-ttor.~ resutit:; from damage to the Propem' prior to the sale or
<br />acquisition shall pass to Lender.
<br />& Pzeservatioa sad Mm:tteamrce of Property; Le~eholds; Condomiaitrms. Borrower shall keep cite Prop-
<br />erty in good repair and shsi] not },enri; o: ronurtit :taste- impsirn:ent. er deterioration ai the Property- and shall
<br />comply with the provisions of any- lease. ii chi.. \longst;e is +':: a ':easaholci_ If this Mortgage is on a condominium
<br />trait,Borroa-ershall periom: ail of Baro:vcrs o~ig°.:ions :;odor the deciaratio.^. of canaantinium nr master deed,
<br />the by-laws and regulation. oft <- can+ion::ni»n, ;,tore: .... ,orsrituent documents
<br />A Protection of Leadei s Soeurity. It Borrower is... to nerfcru: the covenants and agmemenis contained in
<br />this \iartgage. cr ii any action or pra+_•eedrnc :< cann:enc,.i sis~ ;..nateriall} affects I-order's interest in the Pro}+-
<br />ertv, including, but not ]in:aeci ta, rn:u:en: dott:.:n: -_ _....ra- ~,.., ~~nta~crnuan. or arrangement= or prot•eed-
<br />ings involving a bankrupt or deef-dent. t e:: L<•.,~:rr -.. ...-_.<: ~ o},era:,. cpc+u notice to Borrower, may make such
<br />apprarant~, disburse anti, >utiL anri a ~xi ,.-.~-..,. - „ : >-a:,' to pmtcet Lender's interest, including, but
<br />rant. limited fa- disbtusemert of >~2;onab:t- stcor!:ry,+ _•,.. :un :po.. 'lie Prnpen~,- to make repairs. Anv
<br />atnountsdisburr-eri by Lender'`+ur-gar,=, n, t}.: ;+sr gra::~., ,>~rti: ;.ace,-st therzc>n- shall become additional indebt-
<br />edness of Harrower secured be chi, liortt:age L-rile-s= i3orrowrr s::~i I-~•nder agree to other temie of payment, such
<br />amsanf;c:i;all be payable ut;cn t..,.ice fro:.: Le•n i~r t;; B:,rr,uzr rvyuE~t.ttg nayrn2n; thereat, and shall bear intcr-
<br />Qart from tLe date of disbursement at the tyre -tate~; :r...,t> \ota mess psy-ment of interest at such rate would be
<br />contrary- to applieab}e }ax, in which event -uci: ars.eu:.ts >!ta:: lea: ;nterest st the highest rate perruissible by
<br />applicable law. \o;iring rantsinc>,i m ti:r- }~arng?slit:: _.,... rc+;u;r<• 1-<-t;der t,. iaru.* stye' expense or do an}- act
<br />hereunder.
<br />8. Iaspraeiioa. Lender mac make or esu_~ to '.n :.,...+ -ra<o^.sk:i< ~.:.ne> a}+on am inspecrion€ of the ProP-
<br />erty, provided that Lender shall glee Borrower na,:rr~:~r~o: •:, a:~.y~ -u:-1: ir.~nc-:•tion ~peciirirg reasonable cease
<br />fherefar related to Lender's interest. in the Pro}erty .
<br />9. Coadsasaatiaa. The proceeds of any acsari ar ~ lain: f,.r rsmsge-, direct ur .onsequential. in connection
<br />with any condemnation or other taking of the Yra}x-r. y-_ or }~.an tL.•n•uf. c,r for runc~eance in lieu of cundenma-
<br />tiaa, s„ her-°l.}° ab;gned and shall be paid to Lender.
<br />In the event of a total taking of cite Property. the }~rocet~to shsi! lx- appiir<i to the >uns secured by this 'iiort-
<br />gage, with the excess, if nay, paid to Harrower. In the evert of a partial taking of the Yrol,rrte, unless Borrower
<br />and Lender otherwise agree in a-riting, there shall t,e ap}slied to ti:e aunts secured Ly this \iongage such propor-
<br />tion of the proceeds as is equal to that proportion which the amount of the .ants secured t,y this \iortgage imme-
<br />diately prior to the date of taking bears to the lair market slue of the Propeny immediately prior to the date of
<br />taking,1sith the balance ai the pmeeed^ paid *.a Borrower.
<br />if trite Property is abandoned by Borrower or ii niter notice i,c Lender to Borrower that the condemnor offers
<br />to make an award or settle a claim for damage`, Borrower fair *.o respond to Lender within 30 Jaya of the date
<br />of such notice, Lender is authorized to collect and apply the proceed> at Lender's option either to restoration or
<br />repair of the Property or to the earns secured by this ortgage.
<br />unless Lender and Borrawer otherwise agree in writing, an}• such application of proceeds r print ipai shall
<br />
|