|
<br />If under paragraph IF hereof the Proper[}- is soLl m' ~hc I':ropert~~ is ot.!teru-i"• acgmred b}~ Lcndcr. Lender
<br />shall apply, no Ifter than imnrediatelc prior io rho style ul rile Property- nr iL arqui itinn L~ Leodcr.:un Fund=
<br />held by Lender sf the time of application as a credit :,gsinsr ibr sums srcurc,! Irv this AIorta;::~,c.
<br />3. Application of Payments. Unless applicable Late procidos athenei>c, ^11 p.„-,„t•,.t,~ re,•;~ive:i !;: I;•.Itdcr
<br />~ under the Vote and paragraphs 7 and 2 hcrcat s!;all he a~,plicd by Lender tu:<t in payulent of auwunts pavahh~ io
<br />'~ Lander by Borrower under paragraph '2 6creof, thru to imcres[ !+:nahlr on tix, Sots and on P1nut^: :Arh-ances, ii
<br />art}-. and then to the principal ai the Vote ,uui to the ~mmcipn! of Funu•c :A,!c:ur,•c~, ii any.
<br />4. Charges; Liens. Borrower shall pal ail taxes. assessments and oti)cr chsrgce. fines and impositions attrii;-
<br />uisble to the Property nhioh may attain a prioritc Deer this \Inrtgage, sari ground yen*.s, ii an}-. at Lender's
<br />Ca option in the manner provided under paragraph ° hereof or by Barro,cer naakiog pad nu•nt. when due. directh• to
<br />1 Lhe payee thereof. Borrotcer snail prampth~ fur:i~a to Tender all notices of mnauots due under tills paragraph,
<br />and ir. the event Borrower shsL' make payment d,rectty- Borru,ver =6a!' ~,roa:ptiv +.-urntsh to Lender receipts evt-
<br />.~~ der.cing such payments- Borrower shall prom{;th- r.iwatarge at:~ lien n hir~h itss ~,riorit,~ o,~rr this ltorigage: pro-
<br />vided, that. Bormwer shall net be ragaired ro disehar_c auv snBh lie:, sl,+ !one ss Borro,cer >hal! agrer it: writing to
<br />the payment of the obligation secure;! by such lien in a ntanuer :u•ceptahle u, Lender, or shall in good faith contest
<br />surh lien L}-, or defend enforcement of each lien in- legal prucca,iin,~s r:hich o!+erate to prc,~e+tt utc enforcement of
<br />the lien or forfeiture of the Yrapertc or any part thereof.
<br />5. Hazazd Iasuremee. Borrower shall k^e:, the is ,pnlcentents no,v c~iann~ or hen oiler rrectcd on the Prop-
<br />en}- lnsttred against loss be hre, hazards included tit°ithin the term "este::ded coverage". amt iuch other I;azarde as
<br />Lender may require and il; such amounts and for sue:-i ; clods as Lcndcr nrt} rec,aire: provide,-i, that Tender shall
<br />not :•equire that the amount of sac}: coverage exceed ti;at :cmomtr of cnecrage reyttired to !st the s==-uns secured'by
<br />:his Mortgage.
<br />The insurance r-trrier prucitiing tLe ins,lral:ca suali i+e chosen be Borra,vrr ;ubiect [o aoprova! i>t- Lender;
<br />uovide~i. ;!tat sac'.: appnws! shall trot he urressonabh- ,vitl:held.:1i1 premiums m; instrance policies shall be paid
<br />st Leader's action iu the manner providr`d under ;e;rar;aph ° hereof m by Bm~rower mssking psytnant. ashen due.
<br />direetIc to Lire insurance carrier.
<br />In the event am police is not renex-ed on or before ten days of its expiration, the Lender, to yrotect
<br />its interest, ntay- procure insurance on the improvements, pay the yremiums and such aura shall become
<br />itnsztediately due and parable with interest at the rate set forth in said note until laid and shall he
<br />secured by this ifarigage- raiiure b}- isonoxerto campic may, at action of Lender constitute a default
<br />under the teLms of this \Sartgage.
<br />Vii! insuranca I,olicirs and rene;vais u:creni s]:si! be it; farm :le,•eptahle to Lrv,ier and shall include a starnisni
<br />at;angage ciswse in *.'scur ai and in ;amt sn•e•ptab!e to Lender- l.rn•ier shall ]race th.e ri_l:z to hold the policies :Ind
<br />renew's!s tsareoi, and BarroTCer sitaii nn~nlltt!}- iunnsh to Lender at! r2neu ai erotic.=_ and aIl receipts ui paid pre-
<br />tuiu*ns. in :he z-vetn of loss. Barrarer si;a!i ~ ;rontpt ::Drive t, *he in=urauce currier anti Lender, and Lender
<br />*.:sr r:?slte proof ci :ass ~: not n;aae t,ramptiy• i,y Barawc-.
<br />- ~n?ess Lender erne Barrowe_ o;C~arn lacer - . _..:crib: . insussnre ;~ruceeds .hall I : a}tpi.ed tier restoration or
<br />repair of .,a Pre'--y dan:aeed. ~ iiir - -cxtcrau ., o rt' :air t. c+o.,, ..,., ~ !:, .... :md the security o=.
<br />this ]Sengage is not t!:arein -mnsirr,: I -,; ~. -i_,It m~:ep.,,r :. ~~,t::,.t:., _is~il.:,• or a Lae ,ecurity
<br />of thns 1lortgsge n-ou!d lte attpsired...., ;a: ra>.~ -rote , . .. • a:. 'e-c o ...t -,,rr secttr«. i=}- tLis 3Ion a
<br />with the excess, Si sty}-, paid to Bcro~,-,-tr. i::•iu• Yrop2rtc is ahsn,htne,: by Bor:o-a-,~r or if Borrscar fails to respond
<br />w Lender within 3ti days liter nonce ,} I_e:;uer r., Barmuer t!t:tt the tratrsne2 Barrier otter< to settle a claim =="or
<br />insurance •trenehts, I-et:der i sntltarised ro collect and anph th, itsur:acr prnct•cris a*. Lender', option either to
<br />re_torstion or repair ai rite Prupenr ur to rite suns s,~ ;r3i L-c this Martgagr.
<br />Unless Lender and Burrower otieennse sgrer in •.critiue. 3t1r suci: spp!icsrat: ~ ,roceeis to , rincipa! shall
<br />ant mend err postpone the due rite ai the nrontiilc instaihrsrnt referrer, to is paragraphs l attd 2 hereot or change
<br />the amotmt ai such insta!Imerts.
<br />Ii under psr>_raph I~ !:ereaf ~..,~ Yropenti- is stymied uc l.e ;der. a., cagier. title and inrerest of Borrower in
<br />-
<br />and to an} insuraL:. ;~3lries s_a _.~ at:' t,t rise ;so+a-.._ -, {ter .-. ~ _et_... th, . --.,, : ~.:red by this \fort-
<br />gage ant rclii.e;r ;,r-or -a -:.-.. .3. <, r, ,.i..,.~.. :, .:;. ~ .. u. , ,s, t-:_~ a tL, Ynmrnc _ or to t?)e nsie or
<br />:.cgnisition slaali nsss to I_eadrr. -
<br />& Preservation wad Mamteaance of Property: Leaseholds: Condominituns. Borrmcer si;a!I kern rite Prop-
<br />erty in<'ut,d re- ~r girls:: c -_. :nnli „sac.: _ ,..l.c... .fora=.ie:: ai ti:r Yrape^.r and n'rall
<br />-
<br />~ump,; -..- : c ;~r, rvic..; .t ..- ;ease .. ,:<_ \i- _:,_; e , ;<:,_,. o-~ i ti:i~ \iort,a_e is on a roudominium
<br />unit. $e :rower >is!i : _.:, -.-.... f Borrotc. -- , . _ _ _... .,..~. .. ._, -;anator: ui coy,?amt^,..... , . ntaner deed.
<br />the !a\-.-A .,. ^c~'-. :.A::-..:-,~ _... - ....,. ., .. :rt~,.,.,c.._.-
<br />7- Protection atLendeisSectrty. t Ks--c _.-t t+.,r. ,.. .o,.tatr - =t:d a,;neu:2nts tartsined in
<br />this _liargagr -• st;e s t_. yr ; ~o:,< , .. , ..- _. r ..~ , .;~ a.._ t .,_er> icte,~., ;r. the Prap-
<br />. , :r.
<br />ertr-,rr~a.:.r.~. `. ,. im.t-:. .,. ,., I~.•.~,,. ,. :,, .. .. -.t.,amc.r_,n :a.l„ens-n,~ or p~rceed-
<br />angs tr-cill-v.g 3 i,-:^sr~;u ~.. cer~aent tie.. I_t-ncr-r a: 7.~:.nc-> ot~ ;oTt- ai•or: ,tnticc to Isar*o;t-er. u:av make surh
<br />appearan'-r- ~ .=nr _.. ,_. - s _., tak -..r....--.-_. -,. .. ,,...,.} ~ ; n., ~•ader, irterrst. ine!udmg, but
<br />ant linnet -i. ;star .r..... .: rra,or. .. .,.,i. :z} - - ,t-~ .~^.t n- „i,-. :,t), Yn,pe:tc t.. .cake repair;. Anc
<br />amv~.mt.,us ,rte } L.,:ver t -'. .....- t.:-,; :. ....:. .:rest ti:ereon. -?tsl.: ~c.nn.- ad~r,iona't indabt-
<br />£",~.&E.l .^,: BJ.^, .vii Yr rt-:_ - SIC __ 1 ... _ i5_ .iti' s.-. i- .. -.I r: 3gr~t' tU at t•2r iYr. a' Ira\'n •rli ~ll C'.:
<br />ama131;L =~:3.:: ;73t'a G.~E~ is}•U=: -_tiCi' u.,. i-[-I `~72I tJ Bi?."'.,:, rr :2f1':l Lllt~, }:Srment '„1CSeai, a::.2 _.ta~i Ilea: i^Ier-
<br />C6t. Iro1n t!.`e aa:~ V: 11L~'.:t~Crn@'. ~c ._.: ~i~... -. -:) ..._ ~1Ot. UII:P3~ !avlnrnt O: :`-Terei2 at .- ,Cn reLe i'allsC ha
<br />cantrarc• to apy!:cab}~- lain.:: u`i:irl; event we::?vtro:tt;ts -.t.?; hear ittterz ~ st the highest -art- perntissibic he
<br />apglieabie law-. ~ct!tirle; car:tsmei iu tht- t~angra;,i, _Ia:i :<-;tu:r,- 1-:=nder to mrur am expc•t:;e o,- der ar:v art
<br />hemunder.
<br />8. Iaapaetion. Lender msv make err cause u, he user,?r *.raw,v->i:,, r::rrir= upon sr,~i tr:~,,eetton> of t!:e Pron-
<br />ertc, _r+rc>.ide3 teat Leger shall give $orrower r-ot;.•.~ :,rior ro :arse ,ur;i iny,ertir,r. -;,eritrtt:_* rrssC)nsi>ie eau=e
<br />therefor related tc Londe- raLerest in the Pry-,ern-
<br />9. CoademnaYion. The ptaceeds ai any a ,oni err claim for damages. direst ur coo-equertia! in rotmecUor.
<br />a-it~ • v ~;rd=z~i;naii-vas a:r other is'riing ai the Yr~s}xnr_ err ;,arz tilrreuf. or for ,~onrecaurr :r: hru ai condemna-
<br />tion, rare bevel+r ass_gned and shalt Ila gaiLa to I.ti~ndrr
<br />In the event of a total tsk:ng ai tt*e YroL.eny. ut2 glraee~ds ,!tali Lc appltrd [u th,~ mums servr«1 b} this 1(ort-
<br />gage, n-iih the excess, ii am-, paid to Borrower. I;: tl:r event of a partial taking of the Yroprrty. ur,!ess Borroxer
<br />and Lender otherwise agrce in wasting, there alai! be applied to the auras secured by thi= `.torteage : uch propo,--
<br />tion of the prnc~ds as is equal to that proportion which the anioum of the sum= secured in ti:is Mortgage imme-
<br />diately Briar to the date of takirtg {rears to rite lair market value of tlee Property irttn:r;iiateh yritr to the date o1
<br />taking, vviikt the balance of the proceeds paid to Burrower.
<br />If Lhe Properly is abandoned be i3orrox-er or ii :after notice l;y Lender to Borra,ver drat the randemnor offers
<br />to make an award err settle a claim for _ntnages, Borrower is:?. to resyond to Lender tcithin 30 dais of the date
<br />ai tuch notice. Lender is authorised to e-olleet and apply the proceeds at Lender's sptioh eith<~r to restoration or
<br />_ repair of the Property or to the sums; sectked by t.hi; 1lortgsge-
<br />JJnless Lender and Borrower otherwise agree in xriiing, any such application o proceed; to principal shall
<br />
|