|
Zf undea• saragraplx 18 hereof the Property is sold m• 'the- Praoertw is at-6ar+,rse acquired h+' Lender, lender
<br />shrill apply, no inter 'than immediakely Prior to the sale of the Property or its acquisition by Lender, any 1' ands
<br />held by ,Leafier at-the time of applicatinu as a ered'tt against tLc sums si;c~.tred by this .A-lortgage.
<br />~. A.pplfcation of Payments. I)nless a{iplicable lace provides otherwise, all payments receieed by Lender
<br />under the I~ot~e and paragraphs 1 anal 2 hereof shad be applied by Lenddfr !first itc payment of amount= payable to
<br />bander fay ,iiorrowcr under lraragraptr 2 hereof, then to interest, payatalc on the \Tote and on Ftutttre Advances, if
<br />any, and then to the principal of the Note and to the principal of Future Advances, if any.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attrib-
<br />utable to the Property +vhich may attain a priority over this Mortgage, and ground rents. if any, at Lender's
<br />option in the manner provided under paragraph ?hereof or by Borrower making payment, +vhen due, directly to
<br />the payee thereof. Borrower shall promptly iurnis6 to Lender all notices of amounts clue under this paragraph,
<br />and in the event Borrower shall make payment directly. Borrower shall promptly furnish t.o Lender receipts evi-
<br />~, deneing such payments. Borrower shall promptly discharge any lien whici: itas priority over this Mortgage; pm-
<br />.r vided, that Borrower shall not be required to discharge an}• such lien so long as Borrower shall agree in writing to
<br />the payment of the obligation secured by such lien in a manner acceptable to bender, or shall in good faith contest
<br />"t"~ such Lien by, or defend enforcement of such lien in, legal proceedings +clrirh operate to prevent the enforcement of
<br />the lien or forfeiture of the Property or any part thcreoi.
<br />"~ 5. Hazazd Insurance. Borrower shall keep the tut{irovements no+w existing or hereafter erected on the Prop-
<br />eriv insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as
<br />Lender may require and in such amounts anti for such periods as Lender may require; provided, that Lender shall
<br />net require that the amount. ot" such covcragr exceed first amomxt of coverage. required to pay the gums secured'by
<br />this Mortgage.
<br />The insursnce carrier providing the iusurani•a sitatt be chosen by Borrower subject to approval by Lender;
<br />provided, that such approval shall not be unressonabh• withheld. All premiums on insurance policies shall be paid
<br />at Lender's option in the manner provided under paragraph 2 hereof or by Borrower making payment, when den,
<br />directly to the insurance carrier.
<br />In the event any policy is net renewed on or before ten days of its eapiratian, the Lender, to protect
<br />its interest, may procure insurance an the improvements, pay the premiums and such stun shall beeoma
<br />immediately due and payable with interest at the rate set forth in said note until paid and shall be
<br />secured by tlis I~3ortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br />under the forms of this Mortgage.
<br />All insure nc:e policies and renewals thereof shall 6e in fornt accept-abk to l.euder and shall include a standard
<br />mortgage clause in favor of noel in form acceptable to Lender. Lender shall have the ritrht to hold the policies and
<br />reneti•als thereof, and Borrower shall prompti}• furnish to Lender ail renewal notices and all receipts of paid pre-
<br />n~inms. In the event of loss, Borrower shall give prompt notice to the insuratce carrier and Lender, and Lender
<br />may make proof of loss if not made prmnptly by Borrower.
<br />Unless Lender and Borrower otherwise agree itx writing, insurance pn_eeds shall be applied to restoratimr or
<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 reetot:ition or repair is not ecanomicslly feasible er if the security
<br />of this Mortgage would be impaired, tl,e insurance proceeds shall be 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 Bottawer fails to respond
<br />to Lender within 30 days after notice by Lender to Borrower that the insursnce carrier offers to settle a claim for
<br />insaraac4- benefits, lender is authorized to caltect and apply the insurance prviceeds at bender's option either to
<br />restoration or repair of the Froperty or m the sums secured by this Mortgage.
<br />Unless Lender and Borrower otherwise agree in writing, any such application at proceeds to principal shall
<br />not extend or postpone the due date of the monthly installments reietred to in paragraphs t and 2 hereof or change
<br />the amount of such installments.
<br />Ii under paragraph IS hereof the Property is acquired by !,ender, aft r[ght, title rind interest of Hcrrower in
<br />and to env insurance poiicirs and in an,i to the lxrorc~ds thereat' ita the extent of tirr sums aeeure,i by this \Iiart-
<br />~ge immediate!}- prior to stteh sale cr arquisttionr ruling frtun damage tv the Froperty prior tv the sale or
<br />acclni6itlvit ahsill pass ti7 l.x:niii?r,
<br />6. Pr>a#ar~atiari d i=Sa3atatta~s'a rsl Ptop*'~ I~t~elsal~: Candamiaivm~ Burrower shall i'~n s'
<br />_ _ne Prnp*-
<br />erty fir. go+xl '~l:=.tr 9r,d sttttit not per,z-;it. or i•onttr,it waste, iru;?airrnent, er deti•riarat,on of ti;c Pro~xi'rty rind matt
<br />s:+'~x~i~ij% w~s. xx .t:c tf. c. x.,aCi.s-. *~- axxy crzze, le titi~ ~x~r t-~~~r .~ ui: s e3,3Cl:V:d. II t;.t5 .wlor[gagC' t5 an a COnflOt[3m3llni
<br />-tlt~i, ;3vtro~e~ shr~ti f;crfvrrr, till of Bart~gwet`•s uSii~StiGrta ruder file dc.ciar:etiost of omSlatoimtunt or master deeei.
<br />the by-laws and regulations of the condominium project an« constituent documents.
<br />7. Protection of Iwnder's Security. If Borrower tails tq perform chic eoveuants anti agreements contained in
<br />this Mortgage, or if any action or proceeding is eonameneect which [materially atffects Lender', interest in the Prop-
<br />erty, including, but oat limited to, eminent domain, msoh•eoey, axle enforretnam. ar arraugemente or praee.ed-
<br />inge involving a bankrupt or decedent, then Lender ai Lender's optima, upon notice to Bottower, may make such
<br />appearances, disburse such sums and take such action as is neceasar~• to protaet Lender's interest, including, but
<br />not limited to, disbursement of reasonable attorney's fees aril entry upvn the Property to make repairs. ,any
<br />amounts disbutaed by Lender pursuant to this paragraph ;,with interest t.hetran, shall becamma additiotaal indcbt-
<br />acltnss of Borrower secured by this Mortgage. Unless Borrower and Lender agree La ether terms of pavnae:e±, such
<br />amounts shall be payable upon notice from Lender to Barrawer requcating payment thereof`, ant! shall hear iuter-
<br />est irom the date of disbursement at the ratr: stated in the \'ot© unless payment of interest at such rate would he
<br />contrary to apf>iieahle law. in which avant sorb amounts shall bear interest ttt the Etigheat rate permissible by
<br />applicable law_ `Iothing contained in this paragraph ;shalt rc~u+re Lender to incur an}' expense ar da any set
<br />hereunder,
<br />g. Ltopuetian, Lender may make qt~ cause to be mttdc r<~asanahle entries upon sad inspectiatta of the Prou-
<br />cTey, j%ri. icixtl that f,~tidt~r chaff gl ~a 13'i)rrfTwer ttttfier prtar rr~ any snhtt tnsp@cttt)n sp~clfYin~ cz'ar'@n~itli* c~r~
<br />t.h4srefr_rr rnlatexi to Lender`s interest in the- Froperty.
<br />9. Candatnnation. The }araceeds of any aware! or claim far datmages, direct or rottsequential, in eonneetion
<br />with tiny eondetmnation or other taking of the Property, i:r part thereof, or far con+°eyancc iu lieu of condetnrta-
<br />6ion, are hereby ussiRneci atxd shall be paid is Lender.
<br />In the event of a total taking of the Property, the proceeds shall be applii•ei to the aunts secured by this hSart-
<br />gage, wi+~ the excess, if any, paid to Borrower. In the event of a partial taking aC flu Froierty, unless Barreawer
<br />and Lender otherwise agree in writing, there shalt be applied to the sums secured by this Mortgage such propor-
<br />tion of the proceeds as is equal to that proportion which the amaunt of the sums secured by this ortgage imme-
<br />diately prior to the date of taking bears to the fair market value of ttte Property immediately prior to the date of
<br />taking, with the balance of the proceeds paid to Borrower.
<br />If the Property is abandoned by Barrawer or ii after notice by Lender to Borrower that the condemnor offers
<br />to make an award or settle a claim for ditmages, Borrower fails to reslwnd to Lender within 30 days of the date
<br />of such notice, Lender is authorized to collect and apply the proceeds :it Lender's option either Go restoration or
<br />repair of the Property or to the soma secured by ibis \lortgage.
<br />IJniess L.endet• and Borrower otherwise agree in writing, any such application of proceeds to principal shall
<br />
|