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<br />3 I4 7~7a2 r..aztron aE p[x~mern~~4a, 1 s ~ B w a ~ . ~ a ~ ~ i s ih, Ibc una , ~ ra~u +t , +t E e r a~ r SCI V v ~ e o u r'. fi,G s r +; ~l ,a ~+ l ,t r. ri4m~r
<br />under tia. _w.~,f,~:..at.rl L~nra3t,a ~~rpl, ~. ? a=n.l w foe. rer ~ ..,,y,l 1. al,+E~l7~ °yri Inx l. -to-~I--u ti. ,t .+~~ 3,sti ~~,a eat rf rondunit~l,ri ..iati~.blz ~sr,
<br />Tender icy Borrcwer under paragrt,lr 2 Hereof, tire„ to interest t „l,lE~ as tl+e ante and ar: Future Advances, ii
<br />any, and teen to the l~,rincipai of fife Sole and to t.- •,rinn_il:al af~Fv~ture ~d n~anrvg. i[ env,
<br />4. Cfiarges; Liens. Borrower sirail pay all taxes, ,assessments and other charges, fines and in;pasitians attrib-
<br />utable to the Property whicie spay attain. a priority aver this lortgage. arr;l grour:d reris, if arty, at Lender's
<br />option in thr manses provided under paragral;h `l 3eereof or i,y Borrawer snaking payment, when due. directly to
<br />the payer- thereof. Borrcwer shall promptly furnish to bender all notices of amaurts due under this paragraph,
<br />r' and in flee event Harrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evi-
<br />.^r3 deneing such payments. Borrower shall promptly discharge any lien crhieh has priority over this Mortgage; pra-
<br />~- vided, chat Horraaer shall not be required to discharge err- suet, lien sa long as Horrower shall scree in wriiine to
<br />~ the paymart of the obligation secured by such lien in a manner acceptable to Lender, or shag in good faith contest
<br />v such lie. by, ar defend enforcement of such lien in, legal proceeding- a i,icir operate to prevent fhe enforcement of
<br />~ rise lien :r forfeiture of the Property or any I=art thereof.
<br />~, liaxttzd Insvi~ee. Borrower shat! keep *_i:e improvements non- existing ar hereafter erected on the Prop-
<br />erty insured against loss by fire; hazards included witi:ir. the term '•extended coverage", and such other hazards as
<br />h i Andes may require and in such amaunis and for suci: l;eriacls as Leader ;ua}- :equine: provided, that Lender shall
<br />not require that the amount of such coverage exceed tir:rt amount of coverage required to pay the sums secured'by
<br />this 3fartgage.
<br />The insurance carrier providing the insurance shall 6e chosen by Horron•rr suhjec' 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 manner urovided under psragranli 2 hereof or by BOirONPr rnnk;noo na}-n,rnt, u.hcn h„p
<br />directly to the insurance carrier. '
<br />In the event any policy is not renewed on ar before ten days of its expiration, the Lender, to protect
<br />its interest, may proc+are insurance on the improvements, pay the premiums and such sum shat! trecome
<br />immediately due and payable with interest at the rate set forth in said notz until paid and shall be
<br />secured by this Mortgage. Failure by Borrower to comply may, at option of bender, constitute a de`::tult
<br />under tht; terms of this Mortgage.
<br />All insurance policies and renewals thereof shall be in fonu acceptable i-o Lender and shah include a standard
<br />mortgage clause in favor of and ip form aceonrabia to T.PndPr. Lender shall trove flee right to bald tare ,, ;icier a ,d
<br />renewals [;:crest, amt Borrower shall promptly furnish to Lender alt renewal r:otices and alt receipts of paid pre-
<br />miums. In the event of loss, Borrawer shall give-prarnpt 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 Borro-.ver otherwise agree in writing, insurance proceeds shall be applied to restoration ar
<br />repair cf the Property damaged, provided such restoration or repair is economically feasible and the security of
<br />this :liartgage is not thereby unpaired. If such restoration or repair is not economically feasible or if the security
<br />of this 3ortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage,
<br />with the excess, if any, paid #o Borrower. If the Properly is abandoned by Borrower or if Borrower fails to respond
<br />to 7,onr?ar within ~ rig Af±u. .,at`^° by Lender .a Ba. ,,..... «h^t «ha ,..mow o.,..~ ~arricr a, ea
<br />- - `•" ' " ""°'°" °"""'"""' ° 'f- s is seine a claim for
<br />hrsuranee benefits; Lender is~authorized to collect and apply the insurance proceeds at Lender's option either to
<br />restarat.ioa or repair of the Property or to the sums secured by this 1lartgage.
<br />Unless Lender and Borrower othervise agree in writing, any _=uch application of proceeds to principal shall
<br />not extend or postpone the due date of the monthly installments referred to in paragraphs i and 2 hereof or change
<br />the amount of such installments.
<br />If under paragraph 1$ hereof the Property is acquired by Lender, all right, title and interest of Borrower in
<br />ass: ~a any insurance palieies and iii and to the proceeds thereof tto the extent. of the sums secured by this Mort-
<br />gage immediately prior io such sale or aquisitionl resulting from damage to the Property prior to the sale ar
<br />acqu:~tian shall pis is I_-.nder.
<br />g. Pteatrvr~an ~d M?•dn#enancs of Property; Le~eholdg; Candorniasurxs. Bormwer shall 'seep the Prap-
<br />cny in goad repair annd shah not. permit ar commit waste, impairment, or deterioration of the Pmper4y and shall
<br />wai41sa~'li` n`:fir fire lira 3rsraa°c of ar" is°ave; if ties :tart"-••-e 3S Jn a leasehaid_ ie .,
<br />-sea r tnis :,_ortgage 's an a eanacmrrrum
<br />uait,~Barrower shall perform all of Borrower's obligations under the declaration of sandaminium ar ry~tar dyed,
<br />the by-laws and regulations of the condominium project and constituent documents.
<br />7. Protection of Lender"s Security. If Borrower fails to perforiu the covenants and agreements contained in
<br />this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Prop-
<br />erty, including, but not limited tc, eminent. domain, insolvency, code enforcement, or arrangements or proceed-
<br />ings involving a bankmpt 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 />not limited to, diabursen:ent of reasonable attorney's fees and enta•y upon the Property to make repairs. Any
<br />amounts disbursed by Lender pursuant to this paragraph 7; with interest. thereon, shall become additional indebir
<br />edcess of Borrower secured by this \-Sortgage. Unless Borrawer 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 hear intxr-
<br />cstfrom the date of disbursement at the rata stated 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 at the highest rate per;riissible by
<br />- applicable law. Nothing contained in this paragraph .shall require Lender to incur any expense or do any act
<br />hereunder.
<br />S. Laspection. Lender may make or cause to be made reasonable entries upon and inspections of the Prop-
<br />erty, provided that Lender sbalE give Borrower notice prior to any such inspection specifying reasonable canrse
<br />thsrefar related to Lender`s interest in the F-'roperty.
<br />S. Candsmnoztian. The proceeds of any a=.vard ar claim for damages, direct er eonsequantial, in connection
<br />with any condemnation or other taking of rise Property, m• part thereof, or for conveyance in lieu of condemna-
<br />tias, are hereby assigned and shall be paid to Lender.
<br />In the event of s total taking of the Property, the proceeds shall be applied to the sums secured by this Mort-
<br />gage, firth the excess, if any. paid to Borrower. In the event of a partial taking of the Property, unless Borrower
<br />-and Lender`o$hervi~~e agree in writing, there shall be aplrlied to the sums secured by this Mortgage such propor-
<br />tion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage 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 balance of the proceeds paid to Borrawer.
<br />If the Properly is abandoned by Bormwer or if after notice by Lender to Borrower that the condemnor offers
<br />to make an award or settle a claim for damages, Borrawer fails to respond to Lender within 30 days of the date
<br />of such notice, Lender is authorized to collect and apply 'the proceeds at Lender's option either to restoration or
<br />repair of the Propertiy or to the sums secured try this \lortgage-
<br />?Tn3r~; L ?nder and Borrower ctliervise agree in writing, any such application of proceeds to principal shall
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