|
4-t ,.:-.Ic+r ~...;.E{„ir~,.3; ~ '1 :,~area~ .a; F"Cr~~r e.- Diu, .w~~,l~~ nr ~P~.r 'f n 3 rrta~ r , ~~oar;; u~ r~u~ic~a r,- i,rr (:r. ~r;l-~. iLe~a~,*.~ll~r
<br />it ~~l' ~ I nr rttir tlti n utia~ rt-u f~ ll~i:4u: a~ rllw, r [ ~ V Ys:e 'rrr °.m Fier i+ G~trfauu re ~r, i~~ & ~rz~irr z i-I~`at~u~dlt,
<br />r~~,Ial a~ , .:e..: tla ilk .,~ .f ~;;,; f :#,z.r'..,;~i ,: .~~i::,a.:~~,t'u,.ir€, t=:+ ,t.iu.~ - ,.r'. I~~ir r., -4lasra~.~t;g~.,
<br />~"r. ~6.Iar+lica~tic~n ol~P~cr!~ntents Ia~,i.lci~i~~ lug:}il'i~r~iruk6g ,axe ~{+nn.~ilz:, +,~t,i~iru~i~.R•, Pall goat~}~nt~erc-0h iai.a'eis^i~t'n,~~ ILauri6liktr
<br />~asrrl~o . ~L--hz,- +irz~tc .zs~a T~tar.x kK .{irks,, Y -~€a a "Z ~ltr.u ~i ~ lu,w!~~S !N w{~{r,l'€~ l.~ veRi:..~ar. ;~ ir, ,ire„rr~nrzonrc~ Ord ,~tri,3t;i~..~t~kt~ti gu~r,yial.rh; t.rc~~,
<br />Len~~~er 7;y Borrowe<_• under ltaragra}=-'~z 2 l~iet~w,,i. *.~Irees to sntr~rest {tayab3e oa: the '<ote and r--~ Put•are A.Ivanees, if
<br />any, and t;^:en to the prir.~ ipal of tlEe \otc and tv tiu~ princi{sal vt Future Arl•: epee=. if an•.•,
<br />4. ~.aarges; Lieas. Borrower shad pac all raze„ ass~~nterts and other charge-. fines and impositions attrib-
<br />atacie to the Praperty which may attain a priority ever ibis ~iorkgage. and ground rent=, if any, at Lender
<br />optiart in the manner provided under Iaragraph 2 hereof or be Burrower making payment, when due. direcil:• to
<br />the payee thereof. Borrower steal{ promptly furnish to I.fnder all polices of amour:ts due under this paragraph,
<br />and in rite even*_ Borrower shaIl make payment directly, Borrower shall promptly furnish tcs Lender zeeeipts ev
<br />deacing suet {sayments. Burrower shall promptly discharge any lien which has priority over fhis Mortgage; pro-
<br />:d~ vided, tea, $orrower shall nut be required to discharge any such lien so long as Borrower shah agree in wrifing to
<br />Y"'~ the payment of the obligation secured by such Lien in a manner acceptable to Lender, or shall in good faith contest
<br />such lien lty, or defend enforcement of such tier, in, legal proceedings «•hich vperate to prevent the enforcemert of
<br />the &e:~ ar fvrfeitur of the Property or any {sari thereof.
<br />5. Hazard Insurance. Borro;er shall keep the- improvements now existing or hereafter erected on the Prap-
<br />erty insured against Loss by fire, hazards included ;vititir. the term "extended coverage", snd such other hazards as
<br />n bender may require and in such amounts and for such periods as Lender map require; pro=-ided. that Lender shall
<br />not require that the amount. of sue}! coverage exceed that amount of coverage required to pay the sums secured'by
<br />this ~efvrtgage.
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender;
<br />provided, that such approval shad not be unreasanabip withheld. All premiums on insurance policies shall be paid
<br />at Lender's o{~tion in the manner provided under paragraph 2 hereof or by Borrower making payment, when due,
<br />directly tv the insurance carrier.
<br />In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect
<br />its interest, may procure insurance on the improvements, pay the premiums and such sum shall become
<br />immediately due and payable with interest at the rage 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 the terms of this Mortgage.
<br />Ali insurance policies and renewals thereof shall he in form accept.abIc to Lender and shat] include a standard
<br />mortgage clause in favor of and in form acceptable to Lender. L ender sha!I have rite right to !ta!d the p alleles and
<br />renewals thereof, and $orrower shall promptly furnish to Lender aIl 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 loss ii 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 rllorLgage is not thereby impaired. If such restoration or repair is not economically feasible ar if Lhe security
<br />of this Mortgage would be impaired, Lhe insurance proceeds shall he applied to the sums secured by this Mortgage,
<br />with the excess, if any, paid 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 />insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's aptian either to
<br />restoratian or repair of the Property or Yo the aunts secured by this .llortgsge.
<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 monthly installments referred to in paragraphs I and 2 hereof or change
<br />the amount of such installments.
<br />If under paragraph 18 hereof the Praperty is acquired by Lender, all right, title and interest of Borrower in
<br />and to any insurance po{icies and in and to Lhe proceeds thereof tto the extent of the sums secured by this Diort-
<br />gage =.tt',mediatElp prior tv such sale or acquisitioni resulting from damage to the Property prior Lo the sale or
<br />scquwitian steal! pass to Lender.
<br />&. Presereation and Maiatenance of Property: Leaseholds; Condominiums. Burrower shall keep the Prap-
<br />erty in g•~od repair and shall not permit or commit waste, impairtnen, ar deterioration of "the Property and shall
<br />co*npl; vita the prvvisiars of ary lease; if this aiertgage is vn a {easehtlil. If this Mortgage is on a condominium
<br />:snit, Borrower shall perfarnt all of Borrawer's obligations tin der the dew Iar°ation of cvndaminiam or master deed,
<br />the by-laws and regulations of the condominium project snd constituent documents.
<br />7. Protection of Lender's Security. If Borrower fails to perform the covertants and agreements contained in
<br />this Jlortgage, or if any action or proceeding is commenced which materially affects Lenders interest in the Prop-
<br />erty, including, but not limited to; eminent. domain, insolvent}•, code enforcement, or arrangements or proceed-
<br />ings involving a bankrupt or decedent, Then Lender at Lender's option, upon petite to Burro;er, raay make such
<br />appearances, disburse such sums and take such action as is necessary to protect Ixnder's interest, including, but
<br />not limited to, disbursement of reasonable attorney's tees srsd entry upon the Property to make repairs. Any
<br />amounts disbursed by Lender pursuant to this psrsgrsplt 7, ;vith interest thereon, shat{ lxcome additional indebt-
<br />edness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other tertns of payment, such
<br />amounts shall be payable upon notice from Lender to Borrawer requesting payment. thereof, and shall bear inter-
<br />est from the date of disbursement at the rate stated in the \ote unless payment of interest at such rate would be
<br />contrary to applicable {au•, in which event such amounts shall bear interest at the highest rate permissible by
<br />applicable law. 'vTotlting sontained in this paragraph i shall require Lender to incur any expense or do any act
<br />hereunder.
<br />$. Inspection. Lender may make m• cause to ht made reasonable entries upon and Sttspections of the Prop-
<br />erty; provided that Lender shall give Berrctwer notice prior to nny suth ins{~ee~iatt ~{tetifping, rea`sttnahle cause
<br />kherefor related to Lender's interest in the Praperty.
<br />9. Candemnaiian. The proceeds of any award or claim for damages, direct or consequential, in connection
<br />with any condemnation or other taking of the-Pro{terry. or part thereof, ot• for couweyanee in lieu of tondemna-
<br />taon, 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 runts secured by this Mort-
<br />- gage; with Lhe excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower
<br />and Leader otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such propor-
<br />tion of the proceeds as is equal Lo that proportion which the amount of the sums secured by this Mortgage imme-
<br />diately prior to the date of taking beats to the fair market value of the Property immediately prior to the date of
<br />taking, with the ltalatice 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 triake an award or settle a claim foi• cll:intages, $orrower fails to respond to Lettder ;vithir. 30 days of the date
<br />of such notice, Lender is authorised to collect ant{ apply the proceeds at Lender's option either to restoration or
<br />regain of Lhe Property or to the sums secured by this Mortgage.
<br />LTnlrsc Tender and Borrower aiherwise agree in ;uniting, any such application of prcceeds to principal shall
<br />~.. ~;
<br />
|