|
1'`
<br />
<br />01
<br />II under paragraph 13 }tereot the Property is sold or the Propcrtc is otherwise acquired 6c Lmtder. Lender
<br />anal? apply, no Later tEtan immediately prior to the safe of the Yrupeety ur its acquisition b.• Lender. any Funds
<br />held by Lender at the time of appEicatian ar a medic against f he soots secured h~- this \lortgagc.
<br />3. AppHeation of Payments. Unless applicable laic prociiles othertei>c, all payment_~ received by Lender
<br />under the Note and paragraphs I and ? hereof shall he applied ht- Lender tirst in 1>ac~,tent of mnoants payable to
<br />Lender by Borrower under paragrslth 2 hereof, tires to interest. pa}•sEtle on the Sote and on Fuhtro adeances, ii
<br />any, and then to the principal cf the Note. and to the principal of Future :ldcxnces- ii ant-.
<br />4, t~ttages: lr`ens. Borrower shall pay all taxes, assessments anti uttter charge;, fines +tnd impositions attrib-
<br />utable +to the Property which may attain at priori}' Deer this \lortgage, and ground rents, ii :un-, at Lender's
<br />option in the manner provided under paragraph 3 ?:erect or 6y Borroner ataking paynxstt, n•hen tine, directly to
<br />the payee thereof. Borrower alts]] promluic furnis?s to L ec:der all notices of amottuts due under this paragraph,
<br />and in the event: Borrower shall make pacntcnt directly. Barroom shall prompt]}' iurnisl; to Lender receipts e,~i-
<br />deneing such 1?syment.~. Borrower shall protupt?}- tiisc?targc anc lien which has priority Deer this tlortgage; pro-
<br />.•ided, that Borrower shall not. be required to disc harzc one such lien sa long as Borrower shall agree in writing to
<br />the payment of tltA obligation scoured by often lien in a utautfer aceepcz161e to I ind er. ar alto?1 in good faith contest
<br />such lien br, or defend enforcement oC such ]left in, legs] proceAdings n-hich operate to l?reeettt the enforcement of
<br />the lien yr forfeiture of the Property or :a:n- l:sn t itemui.
<br />S. Iimozd Iasuranee. Barmci-er snail ]:cep the improceme:tts non- existing ar hereafter erected on the Prop-
<br />erly insttreti sgaiact lo_s by tire, Etszsrds included within the term '"extended coverage". and such other hazards as
<br />Lender may require and in such amounts cud far ~ttcl. ;t;-ritxis as ].ender mac require; pnn-ided. that bender shall
<br />nit require iitat the arnourt of sorb cet-erage cxceeu that amount of coverage rot}aired to pay the sums secured'by
<br />this 3fortgage.
<br />fine insurance car*_•ier itn4ciding the irsurant~e sl.a?1 he c?town by Borrot~t-r subiect to spprot~sl by Lender;
<br />prncided, that suc;t approval snail not be unressonah?y withheld. all premiums on insuranre policies shall 6e paid
<br />at Lender ~ option in the nasnnAr provided u:nier ,,arsgranl. ^ herAaf or h}- Borrower tusking pa}•:uent, when due,
<br />direeily ao the irtsuranee carrier.
<br />In the event any policy is not renewed on or before ten days of its ecpiration, the Lender, to protect
<br />its interest, may procure insurance on the imprarements, pay the premiums and such sum shall become
<br />immediately due a*td payable ~•ith interest at the rate set forth in said Hate until paid and shall be
<br />servred by this Mortgage- Failure by Borrower to comply may, ai option of Lender, cronstitute a default
<br />llrYder the ter711s of ihlS 111flr't ga,[P.
<br />~tll insurance policies and rcneuals therc-oi ~1ts?': ix ir, inns acct•ptal,lr ttt L. t:~irr and shall include a stsndand
<br />ulvrtga~ clause in favor ai and in fa>nt arr-ty~aair;.> to l.endAr- l.tat,iex ;b~l? nice *,hr right to I;olti the policies snd
<br />:,raea-als thereof, and Born~wer alts]] pmntntly iurrislt to 1_ender all renrtt•a? notic,~s snd s?I tereipts of paid pre-
<br />mituus. In the eteut of lv..s. Borrower ,s?S giro prannpt raticc to tt:r it:surarrc carrier and Lender. snd Lender
<br />mac make prtwi of loo ii rot *_nade promptly icy Bormwer-
<br />riales: Lender snd SarrawAr ctlterxise rrr,~ it; itntin. insurturt> proceed; shall bt° applied io restoration or
<br />:e;sair vi *.he Propeaty dsmageai, prot'i3ri sue::. restvrati-,tt or repair is t~cononticall}• teasih?. and the security of
<br />tdtiS Mortgage is Hat titerebr itt~nairc~ti. I* such :ixtvt:ttiar. a repair is not econumicallr icauble or if the seauritr
<br />of iais'_ilot*.gage would hA intpsired, t.;r ;~ urance l,rviceeis shall 1>i• appliAti to the soots secured lay this llartgage.
<br />with trite excess, ii anr, paid to Ziturower. ii *.l;e Yrapert}- is abandoned h}• Earroa er er ii Bozrewer fails to respond
<br />trn Lender wit3tia ~ days situ r:aure 1?y Lender to Borrower that the insurance carrier offers to settle a claim tot
<br />i~3~ benefits. Lender zs xuthanztri to collect and app]}' the insurance proceeds at lender's option either to
<br />restoration ar repsir of the Pro}»tr ar to fate ums soured by th \longage-
<br />rnh~ Lender and Borrower atmrni;e agree in writinn, any :ash sppliestion of pretceeds to principal chili
<br />rat e:tead or postpone the due .fate of the ttxrnthly installments rAferred to it: ;tarsgraphs 3 anti '2 hereof or titange
<br />td'e amount of such instalhuents.
<br />if umier paragraph 1S herrni 21,A :'rapenr is arquiretl by Lender. iii right, title snd interest of Borrower in
<br />sad m am inatrsaee paiieic, ant: in aai tv the pn:rec'tis tlten~vf ;to the ea-tert of the soots sec:;rad be this ifort-
<br />gags iatunediate3r prior to inch vale ar aiquisitivn ~ resulting from damage to thr Yrapenc vrtvr tv the sale or
<br />saqu3nacaon shall pass to Lender_
<br />6 Prxa~ation tune] M of Property: I.easehaJda: Coadcr~miums. Borrower shall keep ±he Ptop-
<br />erty in ga:xa repair and :itsll not permit or canunit wastA. itnpsir_nent, ar deterioration of the Properly and shall
<br />ocampls with the prviiaaas of an}• lease, ;i this ~fongage is ar. s lzs.~hold. li this ~forgage is an a condominium
<br />;;,.i',,, ~-roa~•~11 ~*te'^~ -~13 •,* BorTM?a-Ac's ,~h', r;nr, under the .3ri^laration of ;cndominiunt a* tua~ter did;
<br />'-~--
<br />7}it bj-ISY"3 and regtliatit~nn t>I ti3e exlndOntiraillnt projefit :and rarstitnent ducittnents.
<br />7. Froleetinn of 7,endes's S,ecwity li Borrower fail- tv mrtarm the- eviceaiaut. and agreements eontsinad in
<br />tl>~ ~lartgage, or if any action or prvt4>ir94r=g is eort;mrared which *t~steriaIIy sfl'cets Larder a interest is the Pmp-
<br />eatc, iaclutliag. but Hat limited te. eminent dwnsw itt:K~lccncy, ca,it rnfurcetrtAn;, ur srrsngements or proceed-
<br />iAgs inti~titng a banltzupt or azar+dr~t, then Leader at lender's optietu, u}wr: suttee to Barrotrer, may make such
<br />vgpParattees, disbuxx such sntr,s and tale such action :ts is nere~a.n• to 1>tvtee2 Lender's interest, including, but
<br />rrtt litaiteal ta, dishur_;einent of r?s_utnahle attomer s !YZ'i cud entri- upatx the Ptv}cony to make repaits. Any
<br />ataoonts disbursed by Lender ptL~.sut to tiffs paragraph :. wit]; interest ilnetettn, ;hall become additional indent-
<br />rrifarss rd l3arros°er serus~i by th:s ~longage- L'nle~ Bt~rn~a-cr snd I.erder agree to other tett-u, of payment, ouch
<br />as*~ ~+:sll >3e psl:^ u~. notice f:~nt Le^~ez to ?3arrewAr _ _~ Ming pa}un~At ti.ereci, and shall hear int~r-
<br />eet faaaa tlt't tlaie of disbarsement at the rate sta*.od in the Note urJess pa}went o*' interat at such rate would be
<br />oaa+tasrr to applirab'eA Tars, in whicL erect such snnaunts shall bear interest at the highest rate permissible by
<br />apse ]sat-. \athir~ cantsinexl in this },ntragra}?h 7 s1v511 ri~utre Ixnder to incur am expense ar da any set
<br />iyeresmdcr•
<br />E. Leader mar utale or cause to lr utade reasvnahie entries upon and inspections a; the Prnp-
<br />etsp, psroaafed that Lender slraIl gime Barrara•er notim 1+rior to any such inslsectian yteritying reasonable cause
<br />thee~efenr related to I esda a interest an tl}e Pro7~ertc_
<br />9. proceeds of any award ar claim for damages, dim.^t oz consequential, in connection
<br />aiih atop ~+ or other takitng ai the Pr~erty, or ]tan thenAOf, or for rancryance in lieu of eondemna-
<br />i3m, ace Y amigned anti sltali be paid to I,ender.
<br />Ia t~ Brent of s fatal taking of the Pragterty, the ltmreed~ -shall 3,e spplsed to t-he sutne aeeured hr this ySart-
<br />gfye,lrith the camas, ii snr, pattl to Barmwer- In the ereut of a partial taking at the Pra}xny, unless Harrower
<br />cad I.asades';s~r,ee in tarctin8, thttm shall he apl?]ied to the aunts secured fiy this ~lortgsge n-uch propor-
<br />t~7ut of tlx ptiaceeds as ~ equal to tlsat Ivarpaaaion whiclc the amount of the sums secured by this 'tlortgage imme-
<br />disffply prsmr to t~ date of taltiuag bears to the fair usarltet t-alue of the Yzoperty immediately prior to the date of
<br />tt, » of the prts paid ttt Borroa°er-
<br />If iba >~y is ~ by €5ortorrer or if titter notice by Lender to Borrower that. the condemnor offers
<br />to make as award or settle a Haim for d,anrsgae, Borrower fai}s to respond to ],ender within 3fl days of the date
<br />of suelt reai~ee, I,~der is atrthoriaed to collect an<l apply the proceeds at Lender's option either to restoration or
<br />t'~• of the Prnparty or to the sofas secured by this 11 ortgage.
<br />I'rnleac I.endes and Borrower otherwise agree in writing, any such application of proceeds to Iarineipal shall
<br />
|