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<br />f,„enr3~r~, L~,, £orn~~~ei.r .,4ir,~i2r-,raalzra,.a 2 f~~,ac~li. ;'ant:u ~tC .In.it:.;~t { a~ lot;idr rtr.. :.r_ ~.,tr ails= on I'ukur+° :~,t~~ cnne~~. iL
<br />env, at.d thz ~ to "ilr• Inirci{ia; ai t..:- fat+• :..,.~ tc; r,.r prirelpal r~f l~Ut;lrC~ .',=i~aancc. if any.
<br />$ Clt~gss; Liens, Borrnwer siral! Ilan ;ci! taxes, assessments and arl/er c•ilarge-=, fine= and ;mpps;6ians atrrit,_
<br />usable tr, the Property which may :itiaia :1 priarit~.• aver fills ~iorgag€. snd ground rents. if any, at Lender's
<br />option in *.he manner provided under para}:ral;h ? hereof ar by Borl•awer making payment, when due, direr*_h• to
<br />the payee thereof. Borrower shall prampQ3• furnish to I,errfer all notices of amorists due under this paragrap> .
<br />and ir. *.he event Borrower_hali make pa}•melit directly, Barrow•er shall nramntl}• furnish to Lender receipt= evi-
<br />dencing such payments. Borrower ~fzali promptly discharge ally lien ~rhich has priority oser this Mortgage; pro-
<br />vided, that F.orrower shall not be required to discharge any such lien so long as Borrower sL-all agree in writing to
<br />the paymenti of the abtigat.ion recurad by such lien in :i manner acc°epiabie to i,and€r. or shalt in good faith contest
<br />such lien by, ar defend enforcement nI such lien in, Legal proceedings which operate to prevent the enforcement of
<br />the lien or forfeiture of floe Yraperty or any pari thereof.
<br />5. hazard Iasureaace. Borrower shall k€ep the improvements now exisiing or hereafter erected on the Prap-
<br />eriy insured agairstloss by fire,hatardsincluded within the term "extended 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 l;ay the sums secured'by
<br />' this ~°Iorigage.
<br />The insurance carrier providing the insurance shall be chosen b}' Borrower subject to approval by Lender;
<br />provided, That such approval shall not be unreasonably withheld. x111 premiums on insurance policies shall be paid
<br />at Lender's option in the moon€r provided under paragraph 2 hereof or by Borrower slaking payrnent, when due,
<br />directly to the insurance carrier.
<br />In the event any policy is sat renewed on or before ten days of its expiration. the Lender, to prot€€t
<br />its interest, may procure insurance on the improvements, pay the premiums and such sum shall becom?
<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 i:he terills of this Rortgage.
<br />All insurance policies and renewals thereof shall be in form acceptable to Lenci€r and shall ineIude 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 tllereaf, and Harrower shall promptly furnish to Lender all renewal notices and sii 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 snake proof of loss if not made promptly by Borrower-
<br />Ilsless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration ar
<br />repair of the Property damaged, provided such restoration or repair is economically feasible and the security of
<br />this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security
<br />of this 1Sartgage lvould be impaired, the insurance proceeds shall be applied to the sums secured by this I4iortgage,
<br />with the excess, if any, paid to Borrower. I~ the Property is abandoned by Borrower ar i f Borrower fails to respond
<br />to Lender within 30 days after notice by Leader to Borrower that the insurance carrier offers to settle a claim for
<br />insurance benenfs, Lender is authorized to collect and apply rite insurance proceeds si Lender`s option either to
<br />restoration or repair of 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 dais of the monthly installments referred to in paragraphs 2 and 2 hereof or change
<br />the amount of such installments.
<br />If under paragl-agh IR hereof the Property is acqu*~•ed by Lender, all right, title and interest of Borrower in
<br />and to any ir,surane€ pa'-.i€i€s and in snd to the proceeds kller€af !.to file extent of Ills sums secured b, this ~tart-
<br />gage immediately prior to such sale or acquisitions resulting from damage to the Property prior to the sale or
<br />acatlisitian shall pass ko Tender.
<br />fl: Pr~ervatioa and 1!~taiateaance of Property. Leaseholds; Condominiums. Borrower shall keep the Prop-
<br />eioy ill good reilair and s„A gat p€rnlit ar cam it waste, irli;airtilen,., ar deterioration ot" the Prap€ y u ,d shall
<br />..~.nl~. ~;f 11 rho :;rnyecinn~ ni,nnv Iraca, if t.}lic linzt~agr is nil a !rn_seilnld- if tilic 1Qnrtgage is nn a rnndnmi_niurn
<br />nn~t,'Barrawer shall lien??rnl all Ol BOrroiVer~s ObhgflLlons nndeT the de('la7'atlOIl nl CO11dUIrillllnm Or master deed,
<br />the by-laws and regulation= of the candominiuni project and constituent doc'ulnents.
<br />7. Proteetioa of Leader's Security. If Borrower fails to perform the covenants and agreements contained in
<br />this \lortgage, or if any action or proceeding is commenced which materially affects Lenders interest in the Prop-
<br />erty, including, but sat limited to, eminent dolllain, insoh•encv, code enforcement, or arrangements or proceed-
<br />ings involving a bankrupt. or decedent, then Lender at lender`s aptiml, upon notice Lo Borrower, may make such
<br />appearances, disburs€ 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, shalt become additional indebt-
<br />edness of Borrower secured by ibis 3fartgage. Unless Borrower and Lender agree to other terllla of payment, such
<br />amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear iricer-
<br />est from the date of disbursement at the rate 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 permissible by
<br />applicable law. Nothing contained in this paragraph i shall require Lender to incur any expense or do any net
<br />hereunder.
<br />®. 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 no±ice In•ior to am• such inspection specifying reasonable cause
<br />theizfor related to Lender's interest in the Property.
<br />t;. C darraa`aaa '1'hs proceeds of nay award or claim far damages, direct or consequential, in oonn2etian
<br />with asp condemnation or other taking of the Property, or part thereof, or for conveyance in Lieu of condemna-
<br />tion, are hereby assigned and sha}1 be paid to Lender.
<br />In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mort-
<br />gage, wi4h the eaeessTi# any, paid to Borrower. In the event of a parti8l taking of the Property, tmless Borrower
<br />and Lander atllenvise agree in writing, there shall lie applied to the swiss secured by this Mortgage such propor-
<br />tion of the proceeds as is equal to thai proportion which the smaunt of the some secured by this bortgage imme-
<br />(fiatelq 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 lzalattce of the proceeds paid. to Barmwer.
<br />If t'Ie Property is abandoned lay 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 ~ucli notice, Lender is authorised to collect snd apply the pmeeec3s at Lender's option either to restoration or
<br />repair of the Prapeiry or to the sums st3eured by this \Inrtgage.
<br />Unless Lendel• and I3aItiower otlserwisa agree in writing, any such application of proceeds to principal shall
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