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<br />H ai.lur;;w, s rrci iuttrrr tl-s~'i.;,.aarr Ili.„~,q;,q~~ Ii.;~rY,u~~gar L~ _,- ~i ra .- •il~ rrm it ~k~~r'a~ asi.•, ar, IC..,-ieir ,r- JF'i.~1.,,9'~
<br />r ~,Iltl I •, .~.,;I:i err, it€re tirul.gr o as{i{uili~ictl'~atxauu •3"„ m~~a a ri -: ~,,,~r i ii •3i,nrs ~„ a,^,.ar~ . Ira ^•.ii, "v'[ ~t*gt,im,{,^r.
<br />III. dlll6'ccrtiir~u of P~c•y,~sen~~ta~. !LrilN ~ap~,,w~~,lrliar,•-°.. IauW {^'i+ra~'a~i r,IlGi~ld!r~ui ,;r;ll jp~~n~.srae¢aass n r,ii.t:..i ~kna, l.e~.xr,~tihr
<br />] I, , .tgt} r ~] a'
<br />u~t~I+:~ kllr 'a, c, t7rp r Ra irmtt i. 3 r;a.~# ~ 1ue~ta~nulC'r ii tl ., ~tlrr li,, e u ~ r ', irii ir~fii,~ui .ru. +:rif i~u rzr~rrnt-. { 7~ rkri~. i,t7
<br />I....._.. z. rSL..,ae. ^ .,,rgr4p1, a 1, .eaf..s,e,t t.~ i-.--- e ,4n,, nr: r ,tr_rr> Acl ar.raE. if
<br />any,und then to :`.he principal of rte :tiatc and m the princinai of 1••uture 3,ivanc~. ;; inv.
<br />4. Ch~ges; Claris. Borrower shall ra ~ aI3 taxes, assess:nenta and o±hc, ri,argt-s. fines and impositions attrih-
<br />utabie to tl;e Property which may attain a priaritr ever this ~Iartgage_ and ground rents, if any; at Lrrder's
<br />v option in t}ae ; .inner I7rm•ided under paragraph `l hercrof or l,y Barraa•er making payment, when due, directly to
<br />the payee thereof. Borrower shall promptly furnish to (,ender all roxices of amounts due under this paragraph;
<br />4"'j and in the -.east Borrower shall crake payment directly. Borrower shall promptly furnish to Lender receipts evi-
<br />dencirg such payments. Borrower shaII promptly <ifscharge env lien wvhich has priority over this Mortgage; pro-
<br />vided, t at Borrower shall not be required to discharge any such Tier, sa long as Borrower sha?3 agree in writing to
<br />the payment of the obligation secured by such lien in a manner acceptable tp Lender. or shall in good faith contest
<br />such lien by, ar defend enforcement of such lien in, legal praceeding.~ which operate to pre:•enk the enforcement of
<br />the lien ar iarfeiture of the Property ar any- };ar thereof.
<br />5. ~asar3 T~.urcmce, Borresver shzP, keep lire un,,rwements no:v existing or };ereafter erected on tite Prop-
<br />erty insured against loss by fire, hazard.=, included cvithir the term '`extended coverage", any? such other hazards as
<br />Lender may require and in such ar.:ourts and far st:clt , eriods as Lender may require; provided, that Lender shall
<br />not require that the amount of such coverage exceed that amount of coverage required to pay the Bums secured by
<br />this :Mortgage.
<br />The insurance carrier {n•oviding lire insurauce shall be chosen be Borrower subject to approval by- Lender:
<br />provided, that such approval sha[I not be unreasonably withheld. All premiums on insurance policies shah l,e paid
<br />at Lender's option in the manner provided under paragraph 2 hereof or by Borrower mzking payment; when: Niue,
<br />directly to the insurance carrier.
<br />In the event any policy is not renewed on or before ten days of its expiraiion, the Lender, to protect
<br />its interest, may procure insurance on the improvements, pay the premiums and such stun 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 ~4ortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br />under the terms of this Mortgage.
<br />.III insurauce policies and renewals thereof ;hall he in forth acceptable to Lender and shall include a standard
<br />.na; ~gag~ clause in (sear of ar,d in far„r scael~table to Lender. Lender shah have tiie rigi~t to itotd the policies and
<br />renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all 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 make proof of lass if not made promptly ]sy Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shalt be applied to restoration or
<br />repair of the Property damaged, provided such restoration or repair is economieatiy 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 tiiortgage would be impaired, the~insurance proceeds shall be applied to the sums secured by this Dlortgsge,
<br />with ±.he excess, if any, gold to Borrower. If the Property is abandoned by Borrower or if Borrower fails to respond
<br />to Lender within 30 days after notice by Lender to Borrower that the insurance carrier offers to settle a claim for
<br />insurauce benefits, Lender is authorized to collect and apply cite insurance proceeds at Lender's option either to
<br />restoration or repair of the Property ar to the sums secured icy- this Mortgage.
<br />Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall
<br />pat exiend ar postpone the due date of the monthly 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. a{t right, title and interest of Borrower in
<br />and io any insurance policies and in and to the proceeds thereof Ito the extent of the sums secured by this A3ort-
<br />gage immediately prior to such sale ar ac•goisiiionr resulting from damage to the Property prior to the sale or
<br />acquisition slraIl pass to Lender.
<br />S- Ps•aaerxstioIl ~d it'I~:o4,aacs of ?roperty; ~aseltolds; Conder:.iztiu Borrower she]? ]teep tF,e arap-
<br />eriy in goad repair anti shall not Hermit or commit waste, impairment; or deterioration of the Property and shall
<br />comply wit:~t rite provisions of any ]ease, if this ::tortgage is or, a leasehold. If this Mortgage is on a condominium
<br />unii, Harrower shall perform all of Borrower"s obligations under the declaration of condominium or master deed.
<br />the by-laws and regulations of the condominium project and constituent documents.
<br />7. ProteeGon of Lender's Security. If Borrower fails to perform the covenants and agreements contained in
<br />this \iortgage, ar if any action or proceeding is commenced which materially affects Lender`s interest in the Prop-
<br />erty, including, but not ]united ta, eminent domain, insoh-ency, code enforcement, or arrangements or proceed-
<br />ings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Rorrawver, may make such
<br />appearances, disburse such scans and take such action tts is necessary to protect Lender's interest, including, but
<br />not limited to, disbursement of reasonable attorney's fees and entn> upon the Property to make repairs. Any
<br />amounts disbursed by Lender pursuant to this paragraph 7, tcith interest thereon, shall become additional indebtc
<br />edness of Borrower secured by this \Sortgage. Unless Borrower and Lender agree to other terms of payment, such
<br />amounts shall be payable upon notice from Lender t.o Harrower requesting payment thereof, and shall bear inter-
<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 la:v, in which event such amounts shall bear interest at the highest rate permissible by
<br />applicable law. Nothi+tg contained in this paragraph Z shall require Lander to incur uny expense or do any act
<br />hereunder.
<br />8. Inspeetiord. lender may make or cause to rte made reasonable entries upon and inspections of tho Prop-
<br />..--. erty, pravid?d drat Lander shat. give Borrower notice prior is :tut such inspection slr~;ifying reasonable cause
<br />therafar related to Lender's interesf in iha Property.
<br />9. aoademnution. The proceeds of uny award or claim for damages, direct or consequential, in connection
<br />with any condenmation or other taking of the Property, or part thereof, or for conveyance in lieu of condemna-
<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 Mort-
<br />gage; with the excess, if any, paid '.o Borrower. In the event of a partial taking of the Property, unless Borrower
<br />and Lender otherwise agree in wasting, there shall be applied to the sums secured by this Mortgage such propor-
<br />lion of ±he 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 Propettiy immediately prior to the date of
<br />taking, wiih the balance Of the proceeds paid to Borrower.
<br />If the Property is abandoned by Borrower or if after notice by Lender to Borrower that the condemnor offers
<br />to make an award or settle a els;:ri -for damages, Barrox•er fails to respond to Lender within 30 days of the date
<br />of such mbtiee, Under is authorized to collect and apply the proceeds at Lender's option either to restoration or
<br />repair of the Property or to the sutus seeut~d by this 3lertgage.
<br />unless Lender and Borrower otherwise agree in writing, any such application ~f proceeds to principal shall
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