Laserfiche WebLink
<br />v y <br />,~ <br />...,r <br /> <br />C31 . <br />n <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 <br />