|
If under paragraph 18 hereof the pro;~ert.y is sold or the Properf~' is ctherxi,e acquired ilv Lender, [.ender
<br />shall apply, no Ister than nnmediatele pciur to the sale of the Pn,peri~' or its acyui~~ition by Lender. anc Funds
<br />held by Lender st. the time of application as a credit against the su,tis ~ecurcri b~~ thisl[ortgage.
<br />3. Application of Payments I?nless altplicablr lsa~ provides athernise; al! pa~-meuts received ]ty Lender
<br />uuder the lore and paragraphs I an<I 2 herevi shall be applied h~ Lender first in 1~>a1-me~t of amounts payable tr~
<br />Lender by Borrower tinder paragraph 2 hereoi, xhcu to i:tterost p:;}'able an tha Sate sad an Future ~dyances, it'
<br />any, std then t9 the principal ai < <r San' :=rd to the rncipal of Future Advances. ii snv.
<br />9. Charges; Liens. Borrower shall pad :tilt taxes. assessments and other charges, fines and impositions atkrih-
<br />F'°l arable to the Propert}- which utay attain : nna.^av ever this \Iortgsge. and Ground rents, it :ut}•, at Lender
<br />'..~ option in the manner pn,videtl under parsgra;+ii ' ::- .. or b}- Borre\ver making pay;nent. when due, directly io
<br />the payee tltereoi. Borrower shall neon;pti_: iurnisi; t I.eudcr all notices of amount: due under this paragraph.,
<br />and in xhe event Harrower si:a!: ;Hasse ;uty*:sent vii*eet'}-. Borronzr =ital! prmnptl}- iu.nish to Lender reee;pt= eci
<br />.+.
<br />dancing suet: osytnents. Berromer s!a:i arom;:uc ,itscnarge en}- lien \chich has nrim•it}' over this \[ortgage: pra-
<br />sided, Last B^rrnw~ -- - .t r ~t ! a - - v t-ch !tats =o leap as 2'arr n c* shsl: agree tr: writing to
<br />the paentenz ai the or tea io , c a rc~ ' \ u~u i mvmer actyrtab!e to Lenntr or Loll m good taith contest
<br />~ sash lien hy, ar ueic..d vn., ..~.._~a: ~. t., ,. :c .t :, ego! ro et,,:ngs e lnch oiler ue w nreyeni the enforcement of
<br />e,., ,
<br />!~ the lien ar forfeiture ai the Fro;:=art} e: a::v •s:t r.. r,. _.
<br />b. Haaard Insuraaee. Bot-ra,n°r>-..,, :: t:r _~ tnace:neuts na\\ esistins ar hereslter erected on the Prop-
<br />erty t°.u.e~l sgav.,t , ..} ...~}..:.:. ...tr; she term °exiended coverage".:trd such other hassrds ss
<br />Lender may r:,}wire ats::...~, ar.:oat,Ts s.-,.., , .. crio:is ;t; Lender ntay regvirc: provided, that Lender shall
<br />ant r~tquire that t?:~~ an:o ..; c.. ~i.. tor,°rsce ~~~eeu :.,.:t amount ui coverage required to psv the =ums secured'bl•
<br />tltic liangsge.
<br />The insu:~rce esrrter :~ . iding ;-. .r ~t:n::.-i c -.sii im chosen b}' Borrower sa}tjec± to approval b}- Lender:
<br />nrayided, slat .„..- ;lppan aiYsi;ail rot is t :,reason:n:\ ccirhheld..~i premiums on insurance palicSes <hall 6e paid
<br />sL Lender; e^*.te::. i.....e tnsr~er : _~ ,ter.. -.- .,~ _ _ragrs; i, ' hereof or h~- Borran-er making payment, when due.
<br />directly to the :nsu*;:;re csrrer.
<br />In the areal wry policy is not renewed an er betorc ter. days of its expiration, the Lender, to prate.^t
<br />its intrl-az, may prarute insurance on the impro:•ements, pay the premiums and such cum shall become
<br />im*nediately due and parab}e with interest at the rate set faith in said Hate until paid and shah be
<br />secured b\• this \Iarfgage. Faiture by Borrower it, oomph' may, at option of Lender, cansiituie a default
<br />~,__~y
<br />tmu'er ine ic-rlc~*- of lion _, rcgs~r.
<br />al[ insurartrv ,oiicie> and renewals theri=ai st:;v'.: i,~ x: iar,li a z+~ptside to Len.icr ami shall inciudi~ a statnis~[
<br />martg~e 1•isnse ir, Is,ror tai and a. ion: seceptal+lr t~, }-.~ttder I_rn,ler shs!i hav~r +. hr ri::Lt to Ir,;:.i the poiirirs sni'
<br />r~ewals t!:ereai. s?_ti $arramer sha':1 prompt?~~ fnrnisl=-=- to Lcu~?er all rent°,cal natives and all receipt, of said pre-
<br />lnitltn_s. la the f\'ent of less. Barr9wfr shall gi~:c :'santpt r,a:sce :o t;:e h:sttrsrce carrier and I;ender. and Lender
<br />:,tae make pre.ai of ion ii not made pmmntl}• be Borrower.
<br />Unless Lender and Borrowu othen•ise s,rce ir.:vriting. ;..aura :ce proceeds sllsil be applied to restoration or
<br />rer^~a'=.= .- :_.e Prol-~r\ =dsmsge3. nro-,-idz,: sue:: ._tors*.io:: t. epsir is :ro:too.:caii~- ea<it' . ns: tltc security ai
<br />ibis lioti.gage is not therei+c -mi?sired. Ii such n-s*.er.u~a^ e- repair ie .,t ecmurntrtli} iesii~]e ar ii the security
<br />ai this _liortgage would be itnaairei, rise i.. _ ^cc l.rocee.is :al! i.e app;lei to xh. sun,, secured 1»' this ~forgage,
<br />with tkte excess, if snti•, paid *.a Borrawe: ~ T;,e Yro;,erg i_ :,i,sn,ionz.+ in• Bt,*ro,ce- or ii Borrow er tails u\ respond
<br />to Lender \ether. 3Ct days niter notice b\ Ler,::er to Borraa fr ti:st rite insurance carrier afi'e=v to set*.le a claim f9r
<br />insurance bznetlts. Lender s authorises to ca;sec*. sni spl~lr the insurance pm;erds st Lender'. optia:t either to
<br />r+~torsxian or repair ai the Prapery ar to the sum; s-cured [:~- tills \Sortgsge.
<br />L;nless Lender and Barrawer atherni=e agree ir. •,yntit:g, at:~- :u.i~ spplicstian o proceeds to principal shall
<br />Hat u-tend ar pa;tpane the due ~dste ai the :uorteh- instsliments referred to in paragraphs 1 wn;i ° hereof or change
<br />the amount ai sue < installment.;.
<br />Ii under parsgt•Qph i8 hereof t..e Prrpe*..~- is acquire:: i>~ I-ender. Yll right, title wad interest of $orrawer in
<br />and t~o luny az`~uranea poliei~_= ~ . ir~s;:c to t}tc nrxeeds tl:rraai ;ta d•.,~ evcrnt a ate sums s..ure: b}' this ~lart-
<br />gage tml;.ediateh prior io suci~ ssr ,,. ..,ctuisitit•*, rrsu.tin ~rtm.i5:t;age t,, ,tc Prapertc [+rtc. to the sale ar
<br />aequi¢itian shEll pass to Lauder.
<br />6. Pnaae:vation rind Maiateaaace a: Property: Leaseholds: t'.ondaminitrtas. Barroaer shall keep the Prop-
<br />e.'~• in pail,,' re;\sir and shsi::.,; I:nnt; < t~mmit us:*.e i:rps:m:>at. ~> ,eterioration of the Property and shall
<br />zomp'v \rith the rrcn-isians :. sae :ease .i t~ni: `.i. rtgsg=~ :: ,_.:, ease;:ai }i this \fongage is on w condominium
<br />unit, Bart•9wer ~nsl; pe*sa.^.t: s!! of Bar:a\yer: ~igst:on: ` n er t:;e :i~.~.erstlor, of condo+ninium or taster deed.
<br />the by-t_sx-s sad r°a :iatio ~ ci ._.e ro .ioniiriun_ ; - ,;,~i : ~ st:tci?rt day in;e;;__.
<br />7. Proteetica of Lender`s Security. Ii Barrage-ri:tiffs to l,eriorm the ror~nar..ts :,:,i :,;,~reeznen~w eontaiaed in
<br />this 3fangage. ar ii sni• sctton o ,ratfe•dine is ~o:r::;tn~c•.i tci:sir!::::a*.erisiy wt`*r;t> }-c•t;df.r's interest in the Pr9p-
<br />erts, inrluding,'i-,. , ..:nitai to. en;irent •iars:,i::.:.._~.•:,•rzr, . ~.:aretr,~-,:.. ,. rrnngen:etas or proceed-
<br />ings isyelying a bsnkr~;•*. ar secede3t. t__er. L,-::der >..-,.. er • o[+tir~r:. - .. notice :.: 13arrower. may male such
<br />spuearanee~, disburse sate: gums sr,•? tale -acs's anion :._ . ..r.e-ssn : =n,trct Lender's interest, including, but
<br />ant ;:n,;Lad to, dishtv~emer:t e. ressonai,ie stterl=ec . ~,-~ and entt~ u:,oa ..-r Propertti' to tuske repairs. anti°
<br />slTiattnL£ dirhtltscsl bl- Lender Icars_:.,:-: t~ t%~ts ;:srsgra~'f ; - ,-: ill, mter~-t t#terf~:::., ;gal:t,ereme additional it-debi-
<br />tiness of $arrower secured br t......~n.gdge. I'nies, Barrar,er st:rl Lender agree to athet terms of payment. such
<br />amoants s :all L,f payable upon :,~.,., imp: 1rde: -o Bar-o\\er reyue,~ing pa}-:Went thereai, and shall bear inter-
<br />est. irnm t}a>_ date ai dam'+u-•sez_•e-t stc_, rata -tsti•L i_. toe \atc unl-_ esi-n?en, ~, ietere,;t tit*.. suct^ rate would be
<br />contrary to spnlicawalc Is-fl, :n aaich crest =_..::,mt.:,r,t; sisal: i+ear :nteres*. st the =,ighest rate permissible 6y
<br />sltFtaes4le saw- Setiting gattslnzi! :.. ..._ Wgrl+:: _.:.... ,4;~ }.~-nde: -,::ncu.* any expense or do an}• scl
<br />htr~,lnder.
<br />B. ~ i~-^•tar : sv ,.~ cz =•s_>r +._ -.: t:;::.9t res.=.,-=able ,._.-,rs rho=: sr } nspeetiare 9i the Prop-
<br />~*iy, prn'ldc<d tilsz L;:~uF~ _-~-: E..,- ?3 ,*ivcr: ~ - . ., ,•:\ r.;*;:t-s.... ,;:cr,ttiina r..s,onablt~ eau=e
<br />therefor relatt~ti to Lender - nte:~e:-x P°s~nen y
<br />,-
<br />9. The proer's.3s of 3 ~- assn: t. -?stns far dal?rsges.:iirect or consequential, in eonnertion
<br />wit-h sin' rrar_dern-rlavian a. 9Uler ts~,.T ,_~_ ,.,.. 4a _.[„--r,~- =- -" t'.:.~r.+,t . ... ......... ? xn._ .n !;,._ „i cenlamns-
<br />t:ian, are heaehp ssstgned and nt.:sll ',t• [:rtl Evader ,
<br />in the event ai n torsi tailing of tae Pro}.erty. tc: ;,rzroceedr shall i+e anphrd to the -ums sev:ared 1n- this \iort-
<br />gage„ a-itkl Lha excess, if any. psi+j to $arre:\er- Ir: t:,e areal of a [,atrial taking of the Proprrt~, unlev Borrower
<br />and Leader atlrera-ise agree in wnttng. there ,.:si! ter apl:?iii to t!:e s:.uas secured h~,• ti;is tfartgug~ such prapor-
<br />raian of the proceeds as ;_c equal to that prapvniar: w>ach tee amount of the sums =scared by this \fartgage imme-
<br />diaiely pflar LB Lhe date of Iaking uE&!S to Lllc Ifllf 1tlJiilft \'31ll:' of Ihf PI`at)frii' lIDmC~j lAtl4' pr19S t4 Sl1e date aI
<br />taking, with the balance of xhe praeeeds Fund t o Batrawer.
<br />If tlse Properly iS abandoned by rarmwer ar ii alter Wooer by I-ender to Borrower that the aandeznnor offers
<br />to make an award or setile s claim far damsger, 8artt>aer iati- tv rfsi~ond is I-ender within 30 c!a}s at the date
<br />of such rmtiee, Lender n suthoriaetf to .alleet atr7 apply x}te proeetus at Lender's option eititrr to restoration or
<br />repair ai the Property ar to the Bans securr~rl by zlti,s \lartgage.
<br />Unless Lender and Borrower athern'ise agree in writing, any such application of proceeds to principal shall
<br />
|