|
If under f?aragraph 1S hereof the Yroperty is sold or the Prapart.v is ocherwi,~e ,acgerircd b~ bender. bender
<br />sFtall apply, no later than immediately priar to the sale of the Propertti~ +:.+r its actluisition !ay It•ude-r, cry homds
<br />tceld by I,r_nder at the time of apl?lication as a credit atgainst the Burns -t~cure~•i ht; ;his Mort-gage.
<br />3. Applica#ion of Payments. Unless apl)licshic law proa'ides otherwise,. all payments receive~a by I,eruler
<br />under the dote and paragraphs I a.nd 2 hereof shall bo applied by !,coda^r first in papm¢nf of ;amounts payabBc to
<br />Lende's• by Earrower ender paragraph 2 hereof, then to interest. payalalc on tlst',~, dote anel on hutum Advanre~,; if
<br />any, and then 'to the principal of the Note and to the principal of h'uturc Adt•anres, if enc.
<br />9. Charges; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions aitrib-
<br />utable to the Property which may attain a priority over t[zis Mortgage, and ground rents, if any, st Lender's
<br />option in the manner provided under paragraph 2 hereof or by Borrower making payment, when due, directly to
<br />the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph,
<br />~,'1 and in the event Harrower shall make payment directly, Borrotver shall promptly furnish to Lender receipts evi-
<br />t~ dencing such payments. Borrower shall prompth• discharge any lien which has priority over this Mortgage; pro-
<br />vided, that Harrower shall not be required to discharge any such 3ien so long as Borrower shalt agree in writing to
<br />the payment of the obligation secured lry such lien in a manner acceptable to bender, or shall in good faith contest
<br />such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent. the enforcement of
<br />the Iicn or forfeiture of the Property or an.. part thereof.
<br />S. Hasard Insurance. Borrower shad keep the improvements now existing or hereafter erected on the Prop-
<br />erty insured against loss by fire, hazards included n•ithin the term "extended coverage", and such other hazards as
<br />~ Lender may require and in snob amounts and for such periods ss bender may require; provided, that Lender shall
<br />not require that the amount of such coverage exceed thae amowtt of coverage inquired to pay the sums seeured'by
<br />t}173 Mortgage.
<br />The rnBtrranCa eal'riCC provldln~ tlla lntilll'allca shall be Chosen by Borrotce-C Snb)eet t-D apllrOVal 1)y I.endCC;
<br />provided, that such approval shall not be uur2asanably withheld. All premiums on insurance policies snail be paid
<br />at Lender's option in the manse. provided under partgraph 2 hereof or by Borrawer making payment, when Bice,
<br />directly to the insurance carrier.
<br />In the event any policy is not renewed an or before ten days of its expiration, the Lender, to protect
<br />its interact, may prot•ure insurance on the irnptnvements, pay the premiums and such sum shall become
<br />immediately rinl~ and payable with interest. at Lhe rate set forth in said note until paid and shall be
<br />st><ureti by this blartgage. Failure by Borrower to comply may, at. option of Lender, constitute a default
<br />tander the term:; of this Mortgage.
<br />all insurance policies and renewals thereof shall he iu form acceptable to Lender and shall include a titandard
<br />umrtgage clauae in favor of and inform acceptable- to bender. Lender shalt have the right to hold the policies and
<br />.....31s t=.ert~::f ...a t?arran•er steal: uramptly furnish to Lender ail renewal notices and ail 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 if noG made promptly by Borrower.
<br />Unless Lender and Borrawer otherwise agree in writing, insurance p', ..coeds shalt be applied to restoration or
<br />repair of the Yrapertc damaged, provided such restoration or repair is economically feasible and the security of
<br />this Ittortgage is not thereby impaired. If such restoration or repair is not economteslly feasible or it the security
<br />of this Mortgage n•ouId be impaired, the insurance proceeds shalt lre applied to the scans secured by this'Vlortgage,
<br />with the excess, if any, paid to Harrower. If the Yroperty is abandoned by Borrower or if $orrower fails to respond
<br />to lender within 3t) days after natiee by Lander to Borrawer That the insurance carrier offers co settle a claim far
<br />insurance benefits, Lender is authorized to collect and apply the insurance Iroceeds at Lender's option either to
<br />restoration or repair of the Property or to the sums secured by this \Lortgage-
<br />Unless Lender and Borrawer otherwise agree in writing, any- such application of proceeds to principal shall
<br />oat extend or postpone the due date of the nrontlrly installments referred to in paragraphs i sod 2 hereof ar change
<br />the amount of such instatlments.
<br />If under paragraph III hereof the Yroperty is sequired b}° Ixn der, all right, title and irrtNrest of Fnrrower in
<br />and t3? Any irrseiranee pnlici~ and in a„,d to ttre prtxeetls thereof !ta tlr:, extent. of thr: surt.s seiur3~rf by this ~Iur't-
<br />gage rmmediately priar to such sale ear arquisieion+ resuttinp; from dama~ to the Yrapertc prior to the sale nr
<br />acyuisition shall pans to Landes.
<br />~, I#rra~rtism and Ivfctlrxten{Brce trt Frppezty, Lsasehaleis; Condortuna~s, Liorrower shalt keep the P*.•al>-
<br />..i e
<br />_y sn i=ce..: ;' ' _:. :t ;:; :n;t cr eu ntnit nos itnl)ainttent ~r nett+rraratran of the Yroperty and $1!411
<br />coruply with the utot i8ian. o! any Ies<,e of tlt?~ \totrmage !s ors a 4easehatd. If this Marti is on a ~r~r.ium
<br />nn;t, Harrower snail t>arfornt alt of Horrowrr`s ubli~stiurrs under the declaratiotr ~+f !`1S:tansninss:en o=* .~Kt~r-vi=a,
<br />the by-]sws end regulatsons at" the eoerdamininn) project- and constituent documents.
<br />T. I'rateetion ai Leader's Security. If Harroter faits to perform the covenants and atreantenta containod in
<br />this ~3ortgage, or it any action or pracecding is eorauuenced which materially affetas bender's interest- in the Prop-
<br />erty, including, but not limited to, eminent acacia, insolvatwy, cads enforcenaeut, or arrangements or praceed-
<br />ings involving a bankrupt or decedent, then Lender at Lender's apkton, ulron notice ter Harrower, stray teaks such
<br />appearances, +iisburse such sums and take such action as is necessary to protect Lender's interest, including, but
<br />oat limited to, disbursement of reasonable attorney's teas and entry upon the I'raperty t.o snake repairs, Any
<br />amounts disbursed by bender pursuant. to this paeagraph i, with interest thank»t, abaft btca[ne additlanai iadebt-
<br />edaess of Burrower sacnretl by this Mortgage. t7niess Borrawer anti !.ender agree to other terms of payment, such
<br />amouritrs shall be payable upon nonce from Lauder to Borrower requesting payment thereof, and shall tear inier-
<br />ext from the dat~~ of disbursement at the rate stated in the Note unless payment of intererst at such rate would be
<br />contrary to applicable law, is wltieth event such atoaunts shall hear inter~at at ehc highest rate pcrmiib~ by
<br />applicable law, Nothing mntaint~t in this paragraph "r shall rertuin? Lender to incur any expense or da any act
<br />hereunder.
<br />8. Insgactan. Leader may make or cause tp he made reasotaa6lc cutrit~~s upon and inspections of the .Pr~p-
<br />erty, prtvided that Lender ,hail give Borrower notiei• crier to -tell` stn 1. inp~tigtt slrecifyita~ r'aa_stnahle cnnstt
<br />therefor related to Lender's inkeresl in the Yroperty. -
<br />;a. Cw-tdevarxation. Tile 17roaeeds of any award or claim for damagu~s, direct. ar consequential, in cannectian
<br />with any condemnation ot• other taking of the Yroperty, ar part thereof, ar for convoyancr in lieu of enndenms-
<br />tion, are hereby assigned and shalt be paid to Lender--
<br />In the event of a total taking of the Property, the proceed, shall he appli+i to the sums scoured by this Mort-
<br />- - , -- gage, with theease~ss, if any°, paid to Harrower. In the: event of a partial taking of the YraperF,y, unless Borrtwer
<br />and Lender otherwise agree in writing, there steal! be applied to the sums secuted by this 4ortgage such propor-
<br />. tSan of the proceeds as is equal to that proportion which the amount of the sutras secured by this Mortgage imme-
<br />diately prior to the date a[ taking bears to the fair market value al• the Property immediately priar to the date of
<br />taking, with the balance of the proceeds paid to Borrower.
<br />If tho Property is abandoned by Harrower or if after notice by Lender to Borrotver that the condemnor offers
<br />to make an award or settle a claim far damages, Borrower fails to respond to bender within 3i1 days of the date
<br />Of seen nntirr. ~ndnr iv a~fh~~rr«e~ tv n a t
<br />eo=.2a~ and alip.y the proceeds at Lender's option either to restoration or
<br />repair of the Property or to the satn~s securt<d by this Mortgage,
<br />TJrless Longs end ?arro ;•er atht:iivise agree in writing, any such application of proceeds to principal shall
<br />
<br />
|