|
••,
<br />}. I i I ;. e. i 1qE ., .. -J., :. , ~r~F ~ . r-;r_~R - - ,,ry- _ IG S~ e CJ .'l . '....t?1 J ~ ..,'~ _ t' ,.ro' x4.. liR;l ~"sg~
<br />'arl:~ ~, 11, =:,e„r 1„r.{.I r -+s.r.. ~..{. ~..~Y '} J'rp.{,r e •~ „ yJ +ri ttt,r ~' er{.R't, n ;;arc a -t_-_- *, {.--i:.J-.• tt _ wr,r9==
<br />it s~ilsr~.}urcr.tltdcara of 'P+~yraxea#s. irrt,.-•, r_ri, r.za,lfi. i.~1v iaror,=~ , at_,~i,,, ..; z~,, r:,c.,~ i~<t~iyc,1 _ ;Lena•bp:r
<br />ra.;r~lae~c ,h.M ~.tn~ltb ka,axl ,,,~,a,~.,,,...~ 1 ~:ia :.' ~ .,;,! ~ ._al'@',I t,u-~, t,_ Lc-a-Jlrr t i t .c.1 a ~':.._ -;, .xn.raa,~R a=1,,.r31u~ *,.~~
<br />I'...r,t>: , _, ~ar;ascr' cncYer paragrafl. ,. 1,e'rzz':- :l.w~t = ..'st ,_t ,> ,at~ic° arc. rf'. "tiui{~ acrd or: leritter=° .~r'l;anre<. if
<br />a.~y, ~.;,i ;. i-n to t. i;.cipai of tl;~. '_~air rtes! _ ~..:; principal of I•'utura.° ;3~1'; once=, f ary.
<br />~. C lsrrges. iSens. Borrower slaii l:av al tams, a=see.=.manis :tnd ot't;er raa.*ges, errs a^.d 'im;sositierr attrib-
<br />utable is the Yrol;erty whif;lc may retrain a priority over ts,is lortgage, and ground rents, ii ary, at Lenders
<br />optio:: in the manner provided ender paragraph 2 hereof or by $orra;ver rr;akin, nayr'ient, when dne, directly io
<br />the payee thereof. Borrorver shall promnily furnish to Lender all notices of amounts due under Phis paragraph,
<br />and in the event Borrower shah make payment directly, Borrower shall 1>ramutiy furnish to Lender receipts evi-
<br />dancing such ,;ayments. Borrorver shall prantptl~; diseliarge any lien which has priority over this tiiortgage; pro-
<br />vided, that Borracwcr shall not be required io discharge any sueii lien sa long a= Borzatiti•er shah agree in writing to
<br />the paymen, of the obligation secured by such lien in :i manner aceeptabte to Lender, or shall in good faith contest
<br />such lien say, or defend enforcement of such lien in, legal lroceeding. rvliicli operate to prevent the enforcement of
<br />the lien or forfeiture of the Property or any part *. hereof.
<br />4 5, liozard Iasuronce. Borrocs•er shall keep rile improvements now existing or hereafter erected an the Prop-
<br />i arty insured against Ions by fire, hazards included within the term °extended coverage", and such ether hazards: as
<br />~ Lender rr;ay require and in such amounts and far such periods as Lender may require: provided, that Lender shall
<br />t` eat require that. the amount of such coverage exceed that amount of coverage required to pay t're sums s~trred'by
<br />t thus ilerigage.
<br />The irsurance carrier pror•iding the insurance shall be chosen by Borrower subject to approve! by Lender:
<br />provided, that such approval shall not be unreasonably withheld. Ali premiums on insurance policies shall be paid
<br />at Lender's option iu dre manner provided under paragraph 2 hereof or by Borrower making payment, when due,
<br />directly to the insurance carrier.
<br />In t~,a event any policy is not renewed on or before ten days of its expiration, the Lendtr, to protect
<br />its interest, may procure insurance on the improvements, pay the premiums and such stun shall become
<br />immediately due and payable with interest at the rate set forth in said note until paid and shalt be
<br />secured by this Rortgage. Failure by Borrower to comply may, at option of bender, constitute a default
<br />under the terms of this Mortgage.
<br />A11 insur~nc•e policies and renewals thereof shall be in form acceptable to Lemier and shall include a standard
<br />._:o,.}gaga clause in fever of and ;n Torn, acccptahie to Lend?!•-Lender shall have the right to hold the oalici~s and
<br />renewals thereof, and Borrower sha31 promptly furnish to Lender all renewal notices and all receipts of paid pre-
<br />miums. In the event of loss, Borrorver shall give prompt 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 Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or
<br />repair of the Property damaged, provided such restoration or repair is economically feasible and the security of
<br />this Rortgage is eat thereby impaired. If such restoration or repair is not economically feasible or if the security
<br />of this Mortgage would be impaired. the insurance proceeds shall be applied to the sums secured by this Rortgage,
<br />with the excess, it' any, paid to Borrower. If^the Property is abandoned by Borrower or ii Borrower fails to t~spond
<br />to ; °°nder with;a'3 days after natLCe b3' Lerldel` LV Bol"1"ewer" that the insurance carrier ofers to settle a cisim for
<br />insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to
<br />restoratior. or repair of the Properly or to the sums secured by tdris 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 date of the inontlily installments referred to in paragraphs 1 and 2 hereof or change
<br />the amount of such installments.
<br />If under paragraph 18 hereof the Property is acquired by Lender, all right., title and interest of Borrower in
<br />-and to any insurance policies and in and to the proceeds thereof ito the extent of the sums secured by this Rlort-
<br />gage immediately prior to such sale or acquisitions resulting from damage to the Property prior to the sale or
<br />aequisitian shall pass io Lender.
<br />g_ p,r~c_e:vc_ri3or~ acrd ivluiatenemce of Pr4per#y; Lepseholds; Condominiums. Harrower shall 'seep 'the Prop-
<br />erty in goad repair and shalt not permit or commit waste, impairment, ar deterioration of the Property and shall
<br />comply with the previsions of env lease, if this mortgage is on a leasehaid. Ii tTeis '.iartgage is art : cartdornninium
<br />unit, orrower sicail nerfearm all of Borrower's abiigatians under the declaratiar: of condominium ar master did,
<br />the by-laws and regulations of the condominium project and constituent documents.
<br />fi. Protection of Lender's Security. If Borrower faits to perform the covenants and agreements contained in
<br />this Rortgage, or if any action or proceeding is conuneneed which materially r,ffects Lender's interest in the Prop-
<br />erty, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceed-
<br />ings involving 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 />not limited to, disbursement of reasonable attorney's fees and entry upon the Property to male repairs. Any
<br />amounts disbursed by Londer pursuant to this paragraph i, with interest thereon, shall become additional indeht-
<br />edness a# Borrower secured by khislfortgage. Unless Borrower and Lender agree to other terncs of o&ymera, such
<br />amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and slcail bear inter-
<br />est from the date of disbursement at the rate stated in the Dote unless payment of interest at such rate would be
<br />contrary tq applicable law, in cwhich event such amounts shall hear interest at the highest rate permissible by
<br />applicable law. \totlting contained in this paragraph ;shall require Lender to incur any expense or do any act
<br />herermdrr.
<br />8. LiepecSoa. Lender tnay make or cause to be made reasonable entries upon and inspections of the Prop-
<br />sri=s, provided that Lender sh all give Barra:ver uctice prior to any such inspection :=p~if}-ing reasonable ,--.sure
<br />theres"or related to Lender's interest in the Property.
<br />9. Condemnation. The proceeds of any award or claim for damages, direct or eonsequentisl, in connection
<br />with any condemnation or other taking of the Property, or (tart thereof, or for conveyance in lieu of cendenura-
<br />tion, are hereby assigned and shall 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 'vlort-
<br />gage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower
<br />end Lender otherwise agree in writing, Ehere stiall be applied to the sums secured by this 3ortgage such propor-
<br />tion of the proceeds as is equal to that proportion which the amount of the sums secured by this Rortgage imme-
<br />diately prior to the date of taking bears to the fair market value of trio Property immediately prior to the date of
<br />taking, with the balance of the proceeds paid to Borrorver.
<br />If the Property-is abandoned by $orrou-er or if after notice by Lender to Borrower that the condemnor offers
<br />to,,,ake an award of settle a clatu for damages, Bor-rower fat}s tv respond to Candor within 30 days of the date
<br />of such notice, Lender is authorised to colieet and aptily the proceeds at lender's apiion either to restoration ar
<br />repair of the Pi•opr~y or to the s~.~ns s€~ur~e ay this Rortgage.
<br />Unless Lender and Borrower otherwise agree in writing, any atrch application of proceeds to principal shall
<br />
|