|
I'f under l;rarsgra}at: 78 hereof the Yrapc,rtry :., sn;r ,~~Q. tit°ia f"rapert;y- is otV~aern•i=c! acgnirc~~l ixu Lender. Lender
<br />.J::;;13 r~Ypply, atr,'i later t,kran inunediately hr4or t.€.u cl'lr_ s,ilc t:rf fife 9'roix'r:~ty oA :t~.~ ac+'lursiiion 't'sv, ] u:~~':tler, arnF P"ends
<br />held by f.cntBer rtt. the t-ime of apphctation as t a_rc•r,iif~, aga;irr~t the ruins; tin^r_ r'ar.~B Eay- thSs ''s'Iortgrrga~~.
<br />3. ,Pl,gap}ication of Pa~yinents. Ilnlese: rtp,}'rlicatrk• tans }'uru~utcs o~„ht!r,~r:r,,,. all }I,~a,yrnerat.: rc~ctt~i~•ed by I,ealder
<br />imt:her rut ltiet+/ snc:l paragraphs 1 anil 2 hc^repf slrarll be iu}'rnl7i4,o(i by Lcn~lcrr d'nr~t rn p~yrnent <rf .unt}tints }>rryablr, to
<br />Lender by Borrawer under paragraph 2 hereof, then to interest. payable on the emote and on Future Advances, if
<br />any, and then ko the principal of the \otxz anti io the principal of Tutus :ldvanees, if any.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attrib-
<br />utable to the Property which may attair. a priority over this \lortgage, and ground rents, if any, ~t Lender's
<br />~~' option in the manner provided under paragraph 2 hereof or by Borrower making payment, when due, dirertiy to
<br />the payee thereof. Borrower shall promptly tarnish to Lender all helices of amounts due urlder ibis paragraph;
<br />and in file event Borrolver shall make payment directly, Borrower shall promptly furnish to Lender receipts evi-
<br />deneing such }rayments. Borrower shall promptly discharge any lien which teen priority over this \lortgage; pro-
<br />QQQ vided, chat I3errower shah 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 by, or defend enforcement of such lien in, legal praceedings which operate to present the enforcement of
<br />~ the lien or forfeiture of fire Properly or any part thereof.
<br />~' S. Hazard Insurance. Borrower shall keep fife improvements now existing or hereafter erected on the Prop-
<br />•a 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 }.ender may require; provided, that Lender shall
<br />not require t-teal the amount ot" suc12 coverage exceed that amount of coverage required to pay the awns secured'by
<br />this ;Vlartgage.
<br />The insurance carrier providing the insurance shall be ChOSP,il by Borrower subject to approval by Lender;
<br />provicie~i, That such approval shall hat be unreasonahiy withheld. Ail premiums en insurance policies shall be paid
<br />at Lender's option iu 'the manner provided under paragraph 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 />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 14fortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br />under the terms of This Mortgage,
<br />911 insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard
<br />mortgage cl ease in favor of and in form acceptable to Lender. Lender shall have file rigid io held the policies and
<br />renews}s thereof, and Borrower shall promptly furnish to Lender all renewal notices and sU 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 not made prornpt.h' By Borrower.
<br />Unless Lender and Borrawer otherwise agree in writing, insmsuce proceeds shall be applied to restoration or
<br />repair of the Yroperfy damaged, provided suet; restoration or repair is economically feasible and the security of
<br />this itIortgage is not thereby impaired. If such restoration or repair is . at economically feasible or if the security
<br />of this Mortgage would he impaired, the insurance proceeds shall be applied to the snms secured by this Mortgage,
<br />with the excess; if any, paid to Borrower. If the Property is abandaned by Borrolver ar if Borrower fails to respond
<br />to Lender within 30 days after notice by Lender ro 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 \Iorigage.
<br />Unless Lender an<i Borrower otherwise agree in writing, any such application of proceeds to principal shall
<br />not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change
<br />the amount of such installments.
<br />If under {laragraph lg hereof t}re Yr -ty- is acquired by Lender, all _*ight, title and interest of Boaro++°er in
<br />and to any insurance policies and in an. ire proceeds thereof ito the extent of fire sums ,scared by thin Rtort-
<br />gage imlediately prioa• to such sale ar acyuisiiioni resulting from damage to the Property prier to the sale or
<br />ac~~uisitian shall pa~~ to Lender,
<br />g. ~irae~atio: ~d IyIaiatt=nc~rce of Property; Leaseholdsr Gandaminiuxi3s. Rerro;ee=e s, all keep ills- Y:~p-
<br />erty in seed reuair sad shall not nercuit ar commik waste. intuairment. or deierioratimr of the Pronerty and shall
<br />eornpiy with the precisions of any- leas€, if thi.~ ttortgsge is an a ieasehoid. I£ tlus Mortgage is on s condominium
<br />unit, Borrower shall perform all of Barroner's ahligatians under the declaraiioEr of condominiumm nr master deed,
<br />the by-taws and regulations of the condominium project. and constituent documents.
<br />7. Protection of Lender's Security. Ii $orrower fails to perform the covenrults and ngrrements contained in
<br />this Mortgage, or if any action or proceeding is commenced which materialk affects bender's interest in the Prop-
<br />erty, including, but not limited to, eminent dmuaiu, iusoh•eucy, code enforcement, or arrangements or proceed-
<br />ings involving a bankrupt or decedent, then Lender at !•ender's optimr, upon notice to Borrower, may tnske such
<br />appearances, disburse such sums and take such action as i necesssrv to }'protect Lender's interest, including, but
<br />not Bruited ta, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Sup
<br />amounts disbursed by Lender pursuant to this paragraph c, with interest thereon, shall become additional indebt-
<br />edness of Borrawer secured by this lSortgsge. Unless Borro~*'er and Lender agree to other terms o; psymert, such
<br />amounk5 shall be payable upon notice Iron bender to Borrower sec}nesting payment Chereof, and sltsll hi~ar inter-
<br />est frorrr klre dace of disbursement at the rate stated in the Note unless payment of interest at such rate lsould be
<br />contrary to applicable law, in :vhich event such amounts shall bear interest at the highest rate permissible by
<br />applicable lrscv. Vothing contained in this paragraph i shnll requu•c -.ender to incur any expense Or d0 any sot
<br />hereunder.
<br />8. Inspaetian. Lender may make or canes to Im made reasonalrlc r-niries upon and inspections of the Prop-
<br />i:ity, prtn idt~r} that Lender 5hsll give Rorrau-er n+?ticr ltr'ior tc, rtr,}° .such ins},ectiou speei£yint; reasariable catrsr
<br />therefor xlsteci to bender's interest in the Prapert-,y.
<br />9. Condsnusatfon. Tire proceeds of any award or claim for damages, direct or consequential, in connection
<br />with any condemnation or tither taking of the Yroperfy. or part thereof. or fur c•om-cysnee in lieu o£ cnndemna-
<br />tion, are hereby assigned and steal} be paid to Lender.
<br />Tn t-he event. of a total taking of the Property, the proceeds steal} bo applied to t-hN sums secured by this ,4tort-
<br />gags, with the c?cceSs, if any, paid to Borrower. In *.lre eve;ri of a partial taking of the F'ro}>erty, unless Borrower
<br />and Lender otlerwise agree in writing, there shall be applied to the stuns secured by this liorigage such proper-
<br />. tion of the proceeds ns is equal to that proportion which the amount of the sums secured by this Mortgage imme-
<br />diately prior to 'tile date of taking oear•s to the fair market value of the Yroperfy immediateh' prior to the date of
<br />taking, with the balance of the proceeds paid to Borrower.
<br />If the Properly is abandgned by Borrower or if after notice by Lender to $orrower that the condemnor offers
<br />io make an award or settle a claim for damages, Borrolver faits to respond to Lender within 30 days of the date
<br />of suet notice, Lender is authorised to collect and apply the proceeds at Lender's optian either to restoration or
<br />repair of the Property or to the sums secured by this lfort.gage.
<br />Unless I:ender and Borrower ot}rertvise agree in writing, any such sppHcation of proceeds to principal shall
<br />
|