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~lf ru?der luaragrals'~h Ih h~crsof t°:e i'rrrr~f,-rr i« iai'o-l~it ni r:r~r: T'r~oporty li:!; Y•~}itrrwi~F aa_ct~:;~fid fw L=~rur3eu• i..es7~r'rr
<br />P°ial'1 apply, rm later t'9i.~ar: rr u..~edhatui: 1',rior to th~~ s~~iu~ih ;rl' r_Vmt'^, F'ropns•ry of a,, ae:,tt.i.~trian l~~y I t¢trit~o•, sns h?,rtds
<br />hr~hd +,,, ' ~r,ndtr .~t- ti~.c tittles: a, :~~ptaiit,ttsot. ,c: „ „r~:r}i~t ~ra~i~,.rru,vt k:}re+ ,,,ns -t~c~~ua•eri Par t I ~ :ilortga~M..
<br />3. A,pptir.ation of Pmr-uteats. Lnlt ~~~i?, a~ } hrstFrol,rk Ibrwc~ lrt^~cnvi~6f nt,iiet~ ,:~, :rll payments rr,re;•iverl'~ tray hu±nrL~r-
<br />ctnz'lcr [h<'~ \ote and pi3r.s{,raphw 9 :tn,i 2 hc'r'eo sh ttl h,t:~ ~,aprvg,~piric8 by Tends u^ first iu paytnent. <)t ,tan+:n.tnt f~ay~aFtlc':~ io
<br />Le~i'tder by Borrower rtnrlet 'p ~mtagrap , 'L lu~prrc~:af, tP'~I,zm,? tear n~i,t,, ra+,iuit l~~sayabh: on tiho lrote and or, 'p"crt~ure girl ~ane~es. if
<br />any, and then to the principal of the Note snd to ripe principal of Future Advances, if sny.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments aad other charges, fines and impositi^ns attri~-
<br />utable to the Property which may attain a priority over this \To~,,gage; and grotntd rents, if any, at Landers
<br />apiion in the manner provided under paragraph 2 hereof or fry Borrower making payment, when due, directly to
<br />the payee thereof. Borrower shall promptly furnish fo Lender all notices of amounts due under this paragraph,
<br />{~ and m the event Borrower shall make payment direciiy, Borrower shat} promptly furnisl: to Lender receipts evi-
<br />deneing such payments. Borrower shall pramptlyy discharge any lien which has priority over this 1ortgage; pro-
<br />vided, That Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to
<br />the payment of [he obligaticn secured by suet? Lieu in a manner acceptable to Lender, or shall in good faith contest
<br />.'"~~ such lien by, or defend enforcement of surh lien in, legal proceedings which onerat.e to prevent. the enforcement of
<br />.~. the Len or forfeiture of the Propety or any part thereof.
<br />5. hazard Insurance. Borrower shall keep the improvements now existing ot• hereatter erected on the Prop-
<br />~1 erty 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 that amount of coverage required to pay the sums seeured'by
<br />this iFTortgage.
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender;
<br />provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shalt be paid
<br />at Lender's option in the manner provided under paragraph Z hereof or by Borrower making l,ay-?nent, 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 Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br />under the terms of this Mortgage.
<br />All insuranr<• policies and renewals thereot" shall 6e in Conn acceptable to Lender and shall include a standard
<br />mortgage clause. in favor of and in forth acceptable to Lender. Lender shall have the right to bold the policies and
<br />renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid pre-
<br />miurns. 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 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 restorafion or repair is economically feasible and the security of
<br />this Mortgage is not thereby impaired. If such restoration or repair is not e.,onomicalty feasible or if the security
<br />of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this A-Sortgage,
<br />with the excess, if any, paid to Borrower. If the Yronerty is abandoned by Borrower or if Borrower fails to respond
<br />to Lender within 30 days slier 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 Iender's option either to
<br />restoration or repair of the Property or t.o the sums secured by this Mortgage.
<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 os" the monthly installments referred to in paragraphs 1 and 2 hereof or change
<br />the amount of such installments.
<br />If under paragraph 18 hereof the Property is acquired by Lender, ail right, title snd interest of Borrower in
<br />and to any insurance policies and in and to the proceeds thereof tto fhe extent of the. sums secured by ibis ~Iort-
<br />gage imtnadiateh• prior ut such sale. er acgttisitioni resulting from damage to the Property prior to the sale or
<br />aequ=:s?taco chaEl pass tc Z.Nnder.
<br />' &, Preaersration smd I+rIair_tenancg of Property; Leaseholds; Candarninittrr~s. Borrower shall keep file Prop-
<br />erty nt good repair and s}:sli no± permit or commit waste, impairment, or detet•ioration of the Property and shall
<br />r-Einply ~=th 2 _• provisions of arty lease, it this _aortgage is on a leasehold. If this \fortg&go is on a candominiurn
<br />- unit, Be ower shall I?erfert*.: all of Berrotver's obligations under t.lre declsratton of cendominiumm or ms~ter deed.
<br />the by-lav.•s snd regulations of the cot:dominium project and constituent documents.
<br />7. Protection at Lender's Security. Tt Borrower tails to perfman the. covenants and agreements contained in
<br />this \Sortgage, or if any action or proceeding is commenced which materialh• a[Tects Lender's interest in the Prop-
<br />erty, including, but not limited to, eminent domain. insolvency, code eaforeemeut. or arrangements or proceed-
<br />ings involving a bankrupt ar decedent, then Lender at bender's option, upon notice to Borrowrer, may make such
<br />appearances, disburse such sums and take such action as is ueressary to protect Lender's interest, including, but
<br />not limited to, disbursement of reasonable attorney's fees and entry upon the Properly to make repairs..1ny
<br />amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebt-
<br />ednesa of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such
<br />amounts shall be payable upon notice from Lender to Borrower requesting paytnent thereof, and shall bear inter-
<br />est from the date of disbursement at the rate stated in the Note unless payment of interest at snob rate would be
<br />contrary to applicable law, in which event suet? amounts shall hear interest at the highest. rats permissible by
<br />applicable laa•. tiothing contained in this paragraph i shall require Lender to incur any expense or do any act
<br />hereunder.
<br />g. L~tspectian. l.eacler utay make or cause to he made reasonable entries upon and inspections of the Prop-
<br />erty, erovided that I_endr-r shall give Borrower notirc pritu• to an}• sur!? in>pec=t-ion laocifying reasonabl€ esus~,
<br />therefor related to T,ettder's interest in the Property.
<br />~. Gondemnation. The proceeds of nay award or claim for damages, direct, or consequential, in connection
<br />with any condemnation or other faking of the i'roperty, m• part thereot, or Ior conveyance in lieu of condemna-
<br />tion, are hereby assigned and shall be paid to Lender.
<br />In the event of a total taking of the Property, the proceeds shall he applied to the sums secured by this Mort-
<br />- gage, with the excess, if any, paid to Borrower. Tn the event of a partial faking of the Property, unless Borrower
<br />and Lender otherwise agree in writing, there shall he applied to the sums secured by this Aortgage 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 elate of taking bears i ~ the fair market value of the Property immediately prior tc the date of
<br />taking, with the balance of the proceeds paid to Borrower.
<br />If the Ptaperty is abandoned by Borrower or iE after notice by Lender to Borrower that the condemnor oBeers
<br />to make alt award er settle a claim for damages, Borrower fails to respond to Lender within 30 daps of the date
<br />of such notice, Lender is authorized to collect and aplily the }rroceeds at T.ender`s option either to restoration or
<br />repair of the Property or to the sums secured by this Mortgage.
<br />'Unless L-ender and Borrower otherwise agree in writing, eay such application of proceeds to principal shall
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