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<br />If under paragraph 1R hereof the Property is sold or the Prol+erty s othert~~isa acquired by I ,ntder, Lender
<br />shall apply, no later than immediately pt;m- to the salt. of the Propoec}• or ita ar+tuisitimt by Le•u+_ier.::m• Funds
<br />held by Lender at the time of application ss a credit. agaitst the sump secured 6p this \lortgage.
<br />3. Application of Payments. linlccs applicable lath provides otherwise, all ];ayu:en**-s received by Lender
<br />under t-ire Note and paragraphs 1 and 2 hereof shall he applied b}~ Lenricr @rst iu pa}•mm~t of amounts payable to
<br />Lender by Borrower under paragraph 2 hereof, t-hen to interest- payable en the 1o(c an+i on Future Advances, if
<br />any, snd then to the principal of the ~at~ anti to the principal of Future ~dtsnce=. if enc.
<br />4. Charges; Liens. Borrower shall pac all razes. assessments and other rhargcs, fines and impositions: attrib-
<br />utable Yo the Property which may attsin a nrierity over this Mortgage, and ground rents, if any, at Lender's
<br />option in the manner provided under paragrsl~i: 2 herecf or by Borrower waking psyment, when due, directly to
<br />the payee thereof. Borrower shall oromptlc furnish to Lender all notices of amonnts due tinder ibis paragraph,
<br />and in the event Borrower shalt make uavment direcdp, Bm•rower shall promptly furnish to Lender receipts evi-
<br />dencing such payments. Harrower shall proml+tly discharge anc lien which has priorit}- over this 3ortgage; pro-
<br />vided, that Borrower shall sat 6e required to discharge ant- such lien so long as Borrower sFiall agree in writing to
<br />the payment of the obligation secured by such lien in a manner acceptable tc I-ender, or shall in gaod faith contest
<br />such lien by, or detend enforcement of such lien Sn, regal proceedings cable}; operate to nrerent the enforcement of
<br />the lien or forfeiture of the Property or am• psrt thereof.
<br />5. Hazard Insurance. Borrower si:ali keep the itnl+rocetuerts non- existing m• hereafter erected on the Prop-
<br />erly insured againstioss by fire, hazards included within tine term `'extended coverage", and such other hazards as.
<br />Lender may require and in such amounts and for such periods as Lender mac require: provided, that Lender shall
<br />not require that the amount of such coterage exceed that amount of coverage required to pay the scans secured'b}•
<br />this Mortgage.
<br />1'he insurnnee carrier providing the insurance shat be chosen by Borrower subject to approval by Lender:
<br />provided, that such approval shall not 6e urreasons:tly withlteld.:111 premituns on insurance policies shall be paid
<br />at Lenders option in the manner provided under paragraph `? l:ereot or ]ty Borrower making psyment, when due,
<br />ditesthr to the insursnee carrier.
<br />In the event any policy is not renewed or_ 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 a=ih interest at the rate set forth in said note until paid and shall be
<br />secured by this :Mortgage. Faiittre by Borrower to compl}• may, at aption of Lender, constitute a default
<br />under the terms of this Mortgage.
<br />Adl insurance policies and renewals thereof shall be in form acceptable ro Leader and shall inch;de a standard
<br />mortgage clause in far-ar of and in form acceptsble to Lender. Lender shall hsve the right to hold the policies and
<br />renewals thereof, and Borrower shall protnpth- furnish to Lender all renewal notices and a1i receipts of paid pre-
<br />miums. In the eren*• of loss, Borrower shsii a ~•e prompt notice to the itsurance carrier and Lender, snd Lender
<br />may mace proof of loss if not made promp+_Ic by Borrower.
<br />Unless Lender and Borrower otherwise sgree in writing. insurance proceeds shall be applied sa restoration or
<br />repair of ttie Property damaged, prop;ded such restoration or repair is ceot+omicaily feasible and the securitc of
<br />this ~rarigage is no*.. thereb}- impaired. If Duel: restoration or repair is not economical?}- feasible or if the security
<br />of tdris \lortgage would be impaired. the insurance proceeds sl:sil he anpiied to the sums secured b}• this \lortgage,
<br />R-ith the excess, if env, paid to Borrower. If rite Property is shantioneti by Borrower or if Borroter fails to respond
<br />to Lender within 3t} days ^+ter active by Lender to Barron er *_hat the insurance carrier oners io settle a claim for
<br />insurance benefits, Lender is authorized to collect anti sppi}- the insurance proceeds at Ixnder's optiott either to
<br />restoration or repair of the P!-opert}- or to the sums secured b}- this \lortgage.
<br />Unless Lender anc Borrower otherwise agree- in writing, sm• such application of pn^eeds to principal ehall
<br />cot ext^nd or postpone the due date of the month!}- installments referred to in paragraphs !snd ?hereof or change
<br />she am©unt of such installments.
<br />If under paragraph 18 herecf the Property is acquired by Lender, si] right, title and intemss of Borrower in
<br />and to say insurance policies and in s:::i to rite proceeds thereof tto the ex*_ent of the amps secured by this itlort-
<br />gage immeclisieh• prior to suci, sale or acquisitior.~ resulting =tom dsmage to the Property prior ~o rite sale or
<br />acquiaitaoa shall pas za Lender.
<br />& Preseavafion and Maintenance of Ptypertyr Leasehoida; Condonrinitxtas. $orrower shah keep the Prop_
<br />eriy in gaod repair and shay: rat perm!*. ar commit waste. itnpsirment, cr deterioration of the Property cad shall
<br />•-fly with rhF nrnri=tars of any !ea_ y, if tlti= Atorrgage -; -. 4 leasehold. If r'.^.i• llartgage : on a ~anda^:ir,it...,
<br />unit, Bermwer shall perform alt of Borrott`er's obligations under the declaration of condominium ar master deed.
<br />the by-law's and regale*.ions ei the candomiriant t7tviert snd con_tituent documer:ts.
<br />7, Protection of Lender's Security. If Borrower fsils to perform the covenants and agreements eantained in
<br />this \lortgage, or ii any ac#ion or proceeding is cemr=tented whic't::zta[eriallr• stfeCts I-ender's intetvst in the Pmp-
<br />erty, including, but not limited *.a, e:nincnt clan+atn. iaoltenc}~. code enforcement. or arrangements or nroeeed-
<br />ings irtvalving a bankrupt or decedent. then Lender at Lender=aption. upar. notice to Sarrower. may make such
<br />aptxarances, disburse etc:: su_nxs and take such action ,~ i, t:ecessan- ;a proffer Lender's ir_terast, including, bus
<br />mat litnit~d io, dtsbuisenxnz, of ressonablr sttarnev's ices snd ertn- upon tl:c Properly to make repairs. any
<br />amauats disixnrsed ]tc Lender pursuant to t is psras^ts}:::... ith interest thereo±+, s'.*eall become additiansl ind2bt-
<br />edaeaz of Ber:riwer secured by tlti, Vii,.^,gsgr. L'nic>r;s Bar ~:;ice and I ~Udrr agtoa to ether terms ai paynr:tt. sut•)-i
<br />amounts slrali ae payable upon settee ,~-an; Lemier to Borrower requesting ]tatment thereof, and shad bear inter-
<br />rat from the date of disbursement at The rate stated in the `ore wtless ps}•ment of interest at such rate would be
<br />t»ntrary to applicable law, in which Brent sorb amounts shalt bear interest at the highest rate permissible by
<br />applicable law. \athing ecntaineri in this paragrsl,h sl:ali re~~uire Lender to incur any expense or do asp act
<br />hereunder.
<br />®. Fttspection, Lender mar make ar cause to 't x• made reasonsbic entries upon and inspections of the Prop-
<br />erty, ptovdded that Lender sl~ll giro Harrower satire l+riar to env sorb imltection .pecifyirg ressons6le cause
<br />tfar related to Y.ender's interest in the Pmpertr.
<br />9. Candrmteatioo. 'F}te proceeds of env sward ar claim for damages, direct or consequential, in connection
<br />wiin any condemnation ar ether taking of the P*o}>erzy, or part thereof, or for conveyance in Lieu of condemna-
<br />taaa, are hereby arcvgned and shall he paid zo I:etxler.
<br />In flee event of a satai zaking aI the Pmpert_v, the l;rvreed.~ shall he applied to the sera: sect:red ]ty this A1ort-
<br />gage, with the eseess, if any, paid to Borrower. Ir, the event of a partial taking of Cho Property. wtless Borrower
<br />and Leader otbenvi~ agree is writing, fhere shall be apl}tied to the scans st~rured by this Aiortgagc such propor-
<br />tios of the proceeds as is equal to tfiat proportiar= which the amount of : he sums secured by this Aortgage imme-
<br />diatEly prier to the date ai taking bears to the Sair market rslue of the Yroper[y immediately prior to the datQ of
<br />taI[a~, wit~t tdm balance of the pr~eeds paid ttt $armwer.
<br />If trite Praperrty is abandoned by $orrower or if after notice by Lender to Borrower that the condemnor offers
<br />to male an award or s-ettk a claim for danTag~, Bormw•er fails To respond to Lender within 3d dots of the date
<br />of such nt#iee, Leader is authorized to callert and apply the proceeds at Lenders option eitl+er to restoration or
<br />repair of the Property or 4o the Qums secured b}• ibis liarigage.
<br />Unless Lendez and Borrower othertvisz agree in writing, any suci: application of proceeds to principal shall
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