|
` it to laser p~zrtl,¢'a~l: zYi ~ c e~of 1 c F our roe e soul ~~~ rdre §'tcr}r<rtr i. r erns r n.{~utr d r-z Let rlv ~r Lender
<br />~ ~~Vta~'kl app),=, no later i.l,sr nttn,cdi~ .e9y l~tricrr ~ z t@tc s,ilc a;t t};e Pr ~,~rt~~ o. tt> are{ zt. flit„un '~,~ I,_mie.. au~it Fund=
<br />Itrltl b~ I,dtnder at the t,irn~t of rtfiphratior, a, s err:~dit. ngairast tlzc tn,= ~~ner ~irrzrl h:• elti_, ~lurtg~3;?e.
<br />J. 14pgliaa~tian of Payments. Linless ' l~:gzlicabic la:v Itrovides acltrrtv',isr.. all pa-vtnent ~. recei*,rerl irry Linder
<br />n~nt~Scr the'~tiote ar}d l~sara~,r.'a}';rhs 1 and 2 ~her<cf sita'dl l,re applied bx~ L~Sndcr first in lzay°ment o6 amotunt p•ti•ahle too
<br />Lerddea• by. Borz~awer tzndea• F'raragraph 2 her~uf, r;hear to rnterest l,av:zblc~~ on the Vote and on Future ,~.lwances•: ~iF
<br />~' any, and then to the principal of the Rote anti to the principal of P•trture :lticances, if any.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments and other charyzes, fines and impositions attritr-
<br />utable to the Property which may attain a priority over this \iortgage. and ground rents, if any, at Lender's
<br />option in the manner provided under paragraph ?hereof or by Borrower making payment, when due. directh• to
<br />the payee thereof. Borrower shall promptly furnish to Lender a)I not-ices of amounts due under this paragraph.
<br />and in the event. Borrower shall make payment directly, Burrower shall promptly furnish io Lender receipts evi-
<br />CL~ deneing such payments. Borrower shall promptly discharge any lien which has priority over this _lortgage; pro-
<br />- ~ vided, that Borrower shall not be required to discharge am• 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 sP~all in good faith contest
<br />such lien by, or defend enforcement of such lieu in• legal proceedings n•hich operate to prevent the enforcement of
<br />n~ the lien ar forfeiture of the Property or any l~~ari thereof.
<br />® 5. Hazazd Insurance. Borrotver shall l:ecp the improcerrrenis now existing or hereafter erected on the Prop-
<br />. ~ ert;y insured against loss by fire, hazards i-tcluded within the Term "extended coverage", and such other izazards as
<br />~ Leader mar require and in such amounts and for such periods ns Lender may require; provided, that Lender shall
<br />" not require that the amount. of such coverage exe?ed that amount of coverage required to pay the sums secured'by
<br />this Mortgage.
<br />The insurance carrier I-rzoviding the insurance slzali be chosen by Borrower subject to approval by Lender;
<br />provided, That such approval shall not be unreasonabl}• withheld. e111 premiums on insurance policies shall be paid
<br />at Lender's option in the nzanuer provided under parugr.3ph 2 hereof or by Borrower making payment, when due,
<br />directly to 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 />s` 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 rate 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 />All instu•ance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard
<br />_t mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold 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 Under
<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 restcration or
<br />repair of the Property damaged, provided such restoration or repair is ecauomicall}- feasible and the security of
<br />this Mortgage is not thereby- impaired. Ii such restoration or repair is not economically feasible or if the security
<br />of this :ifortgage n•ould be impaired, the insurance proceeds shall be applied to the sums secured by this Rortgage,
<br />with the excess, if any, paid to Borrower. TT the Property is abandoned by Borrower or if Borrower faits 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 option either to
<br />restoration or repair of the Property or to the sums secured by this .Mortgage.
<br />Unless Lender and Borrotver otherwise agree in writing, any such application of proceeds to principal shall
<br />net extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change
<br />1 the amount of such installments.
<br />1
<br />if under paragraph f8 hereaf the Property is acquired by Lender, all right, title and interest of B-^rrasver in
<br />sad to any insur:tnee policies and in and to the In°areeds thereof tto the extant of the stuns secured by this iblort-
<br />_ gage immediately prior to such sale or acquisition) resulting from damage to the Property prier to the sale or
<br />acquisition shall pass to Lender,
<br />8, Preservation and Morintenance of property; Leasehalda: Condominiums. Harrower shall keep th€ Prop-
<br />erty iii good repair and shall nut permit ar commit waste, impairment, er deterioration of the Property and shall
<br />ctrply will: the •travisian of s ° leas€, if this ~fartgage is :tn a leasehold, If this :far =age is on a candatniuium
<br />__ unit, Borrower shag nerfonn all of Borrower's obligations tinder the declaration of c~ndaminiuin ur tnasttir d ~~-,
<br />the by-lan•s and regulations of rite cont{ominium project and constituent documents.
<br />7. Protection of Lender's Security. If Borrotver fails to perform the covenants and agt•cements contained in
<br />' this Mortgage, or if any action ur proceeding is conuneucetl tehicli materially affects Lender's interest in the Prop-
<br />1 erty, including, I»tt net limited to, e!ninent douutiu. insale•ency, code enforcement, or arrangements or praeeed-
<br />inge involving a bankrupt or decedent, Then Lender at Lender's apt-lint, upon noticet-o Borrower, zany make such
<br />appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but
<br />3 not limited to, disbursement of reasonable attorney's Fee; and entry upon the Property to make repairs. Any
<br />amounts disbursed by Lender pursuant to this paragraph i ,with interest thereon, shall become additsanal indebt-
<br />edness of Borrower secured by this lfartgagc. Unless Borrower and Lender agree to other tenns of payment, such
<br />amounts shall he payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br />est tram the date of disbursement at, the rata stated in thr Dote unless payment of interest at such rate would be
<br />t contrary to applicable law, in which event- such amounts shall 1 ear internal at the highest rate permi~ibte by
<br />npplieable law. Vathing contained in this la&ragr:tl~it 7 shall require 1.~~der to incur any expense or do any set
<br />} hereunder.
<br />A. Inspection. Lender may make or cause to br m;tdc rcasonahie entries upon and inspections of the Prop-
<br />erty, provided that Lender shall give Borrower notice tvior to nnt• such irz:?lte€tian specifying reasonable cause
<br />' therefor related to Lender's interest in the Property-
<br />9. Coraderanutian. 'fhe praceetls of any award or claim for damages, direct ar consequential, in connection
<br />tc•ith any candemnntion or other, taking of the Property, u!• part thereof, or far ranveynnet: in lieu ai condemn-
<br />Lion, are hereby assigned and sha}i be paid to Lender.
<br />3 In t.ha event of a total taking of the Property, the proceeds shall be applied to the stuns secured by this Mort-
<br />? gage, with the excess, if any, paid to Borrower. In dte event of a partial taking of the Prolerty, unless Borrower
<br />and Lender otherwise agree in writing, there abaft be applied to the sums secured by this :Mortgage such propor-
<br />tion of the proceeds as is equal to that proportion which the amount of the sums secured by this i\fortgage imme-
<br />~ ° diately prise to the date of taking bears to the fair market value of the Property immediately prior to the date of
<br />taking, with the balance of the proceeds paid to Harrower.
<br />If the Property is abandoned by Harrower or if after notice by Lender to Borrower that the condemnor offers
<br />to ztlnke an inward or settle a claim for damages, Borrower fails to respond to Lender within 30 days of the date
<br />of such nottee; Lender is authariaerl to salleet and apply the proceeds at Lender's option either to restoration or
<br />repair of the Property or to ape sums secured by this \Iartesge.
<br />_ Unless Lender and Borrower athsnvfse agree in nriting, any such application of proceeds to principal snail
<br />.-.. ~.;
<br />
|