|
I ur,de*• graragrt:plr ig t,e',reat tout I'rolr~~rt?r ,~ sod or the I'ropa;rty ~.° athcar¢a fir, acr,tri„~~d k;tr Linder. Lcsr':aie~e,.
<br />shall apply, nra later thanu~mrnedtat~e[}~ lrrior t<'t ttaa salt^, of tiro Pralreu-t;° or it, ~rsi^rIU'~witirr^ l:ry' Lanrtr,x mr i~u7,~d.
<br />held, i:ry Londe^.r acs tta¢! timt= of appGc:~~tti~ar¢ a a trecki~t against the =ants -a^<i reef h7- iluis `~lorth~age•.
<br />3. ~ppfication of Pagxxre~nts. Unless nl°~plica'llric few pro+i~des crttttrttr-e, a:19 yruvot,rt=nt, ri~,er:~ivrrcl ltp• La~t,d,~er
<br />wu~Ier the ~n4~e and par:r~gra~p]vs 2-aria °~ tuere,of slGtal,p 7>c applied I~ty Lender &rxt i€r, pa'~iy~ar~e~nt o^b' amounts payable t~a~
<br />Lender by Borrocn•ep~r vndes• ;ys~ragraplt'? ~Itereof, tl,ie;n to. idteres~,t dray^alsl<!~ or, the ~,ota~r :.arrrl acv Futurrr ;kdvar,ces, if
<br />any, and then to the principal of the Noic 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 />ut~ble to the Property s•hich may attain a priority over this ortgage, and ground rents, if any, at Lender's
<br />option in the manner provided under paragraph 2 hereof or by Borrower making paymeni, when due; directly to
<br />~ the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts clue under this paragraph,
<br />and ir, the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evi-
<br />denting such payments. Borrower shall promptly discharge an}. lien which has priority over this Mortgage; pro-
<br />vided, "that Harrower shall not be required to discharge any 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 Lender, or shall in good faith contest
<br />such lien b_v, or defend enforcement. of such lien. in, legal proceedings which operate to prevent the enforcement of
<br />the Iien yr forfeiture of the Property or any part thereof.
<br />5. Hazard Itssurance. Borrower shalt keep the improvements no+v existing or hereafter erected on the Prop-
<br />01 arty 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 and for such periods as Lender may require: provided, that Lender shall
<br />not require that the amount. of such coverage exceed brat amount of coverage required to pay the sums secured'by
<br />this Mortgage.
<br />The insurance carrier providing the insurauce shall be chosen by Borrower subject to approval by Lender;
<br />provided, that such approval shall not be uureasonablc withheld. All premiums on insurance policies shall be paid
<br />at Lender's option in the manner provided under paragraph 1 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 />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 149origage. Failure by Borrower io comply may, at option of Lender, constitute a default
<br />under the terms of this Mortgage.
<br />All insurance policies and renewals thereof sl-,all he in form acceptable to I~nder and shall include s standard
<br />mortgage elau'ac i^ 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 tarnish to Lender all renewal notices and all receipts of paid pre-
<br />miums. Lt the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender, and Lender
<br />may make proof of loss if not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in n•riting, insurance pc;aeeds shad be applied to restoration or
<br />repair of the Property damaged, provided such restoration or repair is ect?nonticall}- feasible and the securit}• of
<br />this Mortgage is not 'thereby impaired. If such restoration m• repair is not etonontically feasible or if f.he security
<br />of this Mortgage would 6e impaired, the insurance proceeds shall he applieia t-0 the sums secured by this A'Iortgage,
<br />with the excess, if any, psid to Borrower. It the Yroperty is abandoned by Bm•ro+ver or if Borrower {ails 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 insurauce proceeds at Lender's option either to
<br />restoration or repair of the Propert}= or to the sums secured lty this \Lortgage.
<br />Unless Lender and Borrower oiherwise agree in writing, any such application of proceeds W principal shall
<br />not extend or postpone the due date of the monthly instalments referred to in psragraphs 2 and 2 hereof or Change
<br />the amount of such installments.
<br />If under paragraph 28 hereof the Property is acquired by Lender, all right, title and interest of Borrower in
<br />and to any insurance policies and in and to the praeeeds ttiereaf tto the exient of the sums scoured b}• this Mort-
<br />gage immediately prier to such sale or acquisition i insulting from damage to the Yrnperty prior to the sale or
<br />acquisition shall pass to Lender.
<br />6. Freaervatian and Maprttenance et Property; Leaseholds. Coadotniniums. Borrower shall keep the Prop-
<br />arty in good nlaair and shall not permit m° cotnntit waste; inipairnrent, or deteriaratiati nt Cho Property and shall
<br />- ; omnly with the uravisians n. ° least, if this Mortgage i. ° leasehold. If flue ~fartgage is or. a condominium
<br />an_ an W
<br />_-_ - -_ _ _ unit, Lorrower sh_alI perform :ell of Ilvrrower'= obligations under the declaration of condominium or master deed,
<br />-the by-laws and regulations of the condominium project :uul constituent documents.
<br />7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in
<br />this ~Iortgsge, or if any action or proceeding is commenced which materialh• affects Lender's interest in the Prop-
<br />erty, including, but not limited to, eminent domain. insolvency, eerie enforcement, or arrangements or proceed-
<br />ings involving a bankrupt or decedent, Then Lender at Lender's optimt, upon notice to Harrower, may make such
<br />appearances, disburse such sums and take such action as is nccesssr}• to protect bender's interest, including, but
<br />not limited to, disbursement of reasonable attorney's fees and entry upotr the Property to make repairs. Any
<br />amounts disbnrsed by Lender pursuant to this paragraph i, with interest thereon, shall become additionaltndebt-
<br />edness of Horrownr secured by this Mortgage. Lin-ess Borrower and bender agree to other tetZrte of payment, such
<br />amounts shall be payable upon notice (rout Lender to Borrower 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 lsw, in which event. such amounts shalt bear interest at the highest rate pertttissible try
<br />applicable law. Nothing contained in this paragraph 'r shall regstire I:ender to incur any expense or der any act
<br />hereunder.
<br />6. Its>mpec8ott. Lender may make or cause to be made reasonable entries upon and inspections of the Prop-
<br />erty, provided that Fender shall give Borrower notice prior to any such inspection specifying reasonable cause
<br />therefor related to Lender`s interest in Clio Property.
<br />9. C6bdetauxaiicsa. The prvteecis of any award or claim far damages, direct or eonsequeatial, in eottneetion
<br />with any oondentnatiatt or other taking of the Proptrt-y, yr part thereof, or for canveyanne in lieu of condemn-
<br />- lion, are hereby assigned and shall be paid to Lender.
<br />In the evenf. of a total taking of the Property, the proceeds shall be applied to the sums secured by this ;tfort-
<br />- gage, with the excess, if any, Iwici fo $urroFVer. In Cleo ovent of a partial taking of the Property, unless Borrower
<br />-`and Lender otherwise agree in writi~,g, there shall be applied to the sums secured by this 3lortgaga such propor-
<br />• tion of the 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 Property immediately prior to the date of
<br />taking, with the balance of the proceeds paid to $orrower.
<br />I£ the Property is abandoned by Borrower or if after notice by Lender to Borrower that the condemnor offers
<br />to make an award err settle a claim for damages, Borrower Tails to respond to Lender within 30 days of the date
<br />of such notice, Lender is authorized to collect and apply the proceeds at I.ettder's option either to restoration nr
<br />repair of the Property or to the sums secured by this \Sortgage.
<br />TlntPs-s Lender and Borrower otherwise agree in svrit~ing, any such applicatior. of proceeds to principal shall
<br />
|