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<br />;;. rtlpphcatiu;m csf 'Pa~'~,r~taett'~fa, ~, ~Iv'~- .~ u,.~is¢,; I„cr iro~c~wi.~igu,. nrr:,a,•rr~~e:-e., a:ll pi, u'„s,.tts. si ~ i ~,-,r,~i_6sip fi rt:wq'.tes'
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<br />under P€,e ~ivte aru s7a'rmdri^a}rlt, i and .. a',z,re,oi ,.i, t1I Zia"• alrg,sra~r~ b~ I.mr.ur+lr x : a -rr g;,a~r ht'r{ c,~ of ;.iirnrl,aiiliw F~sr dlrle troy
<br />Lpteder Borrower sender pac"er";,h L isere,f. rise=.; so snt:•rest gr_ at;tc an t_,c .• c,e anrt ar. 1'•utur*• Adsances, of
<br />anv; wn„ than to the principal of the _^:ote anv, ro tlse ,,rinr•ipai of Fut..trr~ :~~;~;anrr. ii any.
<br />4. Charges; Lieas. Borrower shah f,ac ail taxes, assessments and other charge<. fines and itnpo€itions atkrib-
<br />utabls t the Property which may attain a priority over this lfortgsge. and ground rent, if an,-, at Lenders
<br />aptio=: i:V the :tanner provided under paragraph 2 hereof or by Borrower ::;along payment, when due, directly to
<br />the payee thereof. Borrower shall promptly furnish to bender all notices of amounts due under this paragraph,
<br />~ and in t-he event Borrower "hall make payment directl3•, Borrower sltail Trompz-iy furnish to Lender reeetpts eri-
<br />C,~ dancing such payments. Borrower shalt promptly disc•Itsrge any Tier, c;-high etas ;Jroority over this _llortgage; gro-
<br />~"`- vided, that Borrower shall not be required to discharge anv such lien sc Ion;; as Borrower shall agree in writing to
<br />r« the payment of the obligation secured by such lien on a manner acceptable to Lender, or steal} in good faith contest
<br />,:,,,f such lien :,~y, or defend enforcement of sorb lien ott, 3egai p!nceedings which o;•erate to prevent YI:e enforcement of
<br />~ the lien ctr forfeiture of the Property m• any };art tisereof-
<br />5, Htrzard tasuranee. Borrower shall keep the irinrot•ements now existing or hereafter erected on the Prop-
<br />erty inst:red against Lass by fire, hazards oncluded within the Term ~`exterded coverage", and such other hazards as
<br />tT1 Leader map require wad in such amounts and :for suet; }ler lode as Lender mar rc-quire: provided, that Lender shall
<br />P ~ not require. that the amount of such coverage exceed that amount of coverage required to pay the sums secured'by
<br />this Mortgage.
<br />The irsuranee carrier providing the insurance slsai; be clio~eu b. Bi,rruaer subject Ei, approval by Leader;
<br />provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid
<br />at Lender's option on the manner provided under paragraph 2 hereof or by Rarrower making payment, when due,
<br />directly to the irsuranee carrier.
<br />Tn the event any policy is not renewed on or before ten days of its eaporation, the Lender, to ptoteci
<br />its interest, may procure insurance on the improvements, pay the premiums and such sum shall became
<br />immediately due and payable with interest at the rate set forth in said note until paid and shall be
<br />secured by this IMortgage. Failure by Borrower to comply may, at option of Lender, constitute a defa~_lt
<br />under the terms of this Mortgage.
<br />All onsurance patio=.e; and renewals thereof site!! be in form acceptable to bender and shall include a standard
<br />aortgage cl:i.t~e in fever of and in form acceptable to Lender. Lender shall have the right to hold the polocoes and
<br />renewals th=::::a, anr. Borrower shall promptt3- furnish to Lender all renetva[ notices and all receipts of paid pre-
<br />mizuns. In ' hoe event of loss, Borrower shall give prompt notice to the insurance carrier and Lender, and Lender
<br />map make proof of toss if not made promptly F,3• Borrower.
<br />Uniecs Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or
<br />repair Oi the Yraperty damaged, provided such restoration or repair is economically feasible and the security of
<br />rhos Mortgage is not thereby impaired. If such restoration or repair is not economocally feasible or of the security
<br />of this aortgage would be ompaored, the onsurance proceeds shall be applied to the sums secured by this :vlortgage,
<br />with the excess, if any, paid to Borrower. If the Yropetty is abandoned by Borrower or if Borrower fails to respond
<br />to Lender within 30 days after notore by herder to Ron-nwer ihat the insurance carroer offer to sert.le a claim far
<br />insurance benefits, Lender is authorized to collect. and apply the insurance proceeds at Lender's option either to
<br />restoration or repair of the Property or to the sums secured br rhos Mortgage.
<br />Unles€ Lender and Borrower otherwise agree on writing, any such application of proceeds to principal shad
<br />not extend or postpone the due date of the monthly installments referred to on paragraphs o and 2 hereof or change
<br />the amount of such installments.
<br />if under paragraph 1S hereof the Yraperty is acquired by Lender, ail right, title and interest of Borrower in
<br />a.sd tv arty ~n e policies a. d in and to the proceeds thereof fro the extent of Lh¢ sums secured by this \,jart-
<br />gage immediately prior to such sale or acquisition! resulting from damage to the Property prior to the sale or
<br />aequi;ition shall pass to Lender.
<br />5, Preservation and RSain#enaace of Property; Leaseholds; Coadomiaiums. Borrower shall keep the Prop-
<br />~rty in good repair a. d shall not- pe^.nt o ;cmmit :;Y~. .mpairment, or date oratiot; of the Prapert3' sztd shall
<br />comply wit?; the nrm•is_iong gf any lease, i?~ this \Inrraaoe is nn a Iv_a cv_hnld. If this \Rnrt~age is nn a rnndnmini,•xm
<br />uIIIL, Borrower shall pertOrm all OT BOrrOR'er'a OIJ11gatIOnS Under the declaration of condominium or master deed,
<br />the by-laws and regulations o2 the condaminiun, project and constituent documents.
<br />7. Protection of Leadei s Security. If Borrower fails to perform the covenants and agreements contained in
<br />this \-Iortgage, or of any setion or proceeding os commznced which materially affects Leader's interest In the Prop-
<br />erty, including, but not limited to, eminent domain. onsoh•encc, code enforcement, or arrangements or proceed-
<br />ings invoicing 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 necessary to protect Lender's interest, including, but
<br />oat 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 i, with interest thereon, shat! become additional indebt-
<br />educes of Sorrawer secured by this \3ortgage. Unless Barra)ver and Lender agree to other terms of payment, such
<br />amounts "teal! he payable upon notice from Lender to Borrower requeQting payment thereof, and shall bear inter-
<br />ast fn)tt7 the cute of disburneuteui ai 'elte role stated in rise NOte iiiiiess payiiien't Of inieresi at such vale tsouid be
<br />contrary to applicable law, in which event such "m"oot" shall hear interest at the highest rate petzttissible by
<br />applicable law. Nothing contained in thus paragraph 7 shat( require Lender Lo incur anv expense or do soy act
<br />hereunder.
<br />B. Inspection. 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 sorb inspection s}iecifying reasonable cause
<br />ts;e~f~ ~lateu to Ler:de?'a interest in the Property.
<br />3. Csadetaaatian. The proceeds of any award or claim for damages, direct or consequential, in canneetion
<br />with way condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of eondemna-
<br />tion, are hereby assigned and shall be paid to Lendor.
<br />in the event of a total taking of the Property, the proceeds shall Ire applied to the sums secured by this itlort-
<br />gage, with Lhe excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower
<br />and Lender otherw~e agree in wrotiing, there shall hg applied to the sums secured by this 3lortgage such propor-
<br />tion of the proceeds as is equal to that proportion which the amount of Lhe sums secured by this !lortgage imme-
<br />diately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of
<br />taking, with-the balant~. of the proceeds paid to Borrower.
<br />If the Property is abandoned by },orrower or of after notice by Lender to Borrower that the condemnor o$ers
<br />tv make an award or settle a claim for damages, Harrower fails to respond to Lender within 3Q days of the date
<br />of such notice, Lender os authorized to collect arc! apply Lhe fsroeeeds at Lender's optior. either to restoration or
<br />repair of the Property or trr tree aims ses:tired by tlios _llortgagc.
<br />Unle~ Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall
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