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<br />>~ a+.aisle to th:, ProF4erty t~hzch may ~ttait; ~t !.riarty aver t ur Sfartg~;?[ snd ~rf, Y.a r_nt ?arty. ar I:ertder"s
<br />option in *he manner provided under l:aragrapi; 2 Hereof or »v Borrower z!,aking ;;ag'raon*, when dne, diraciiy to
<br />the payee thereof. Harrower shall promptly iurr.isl! to Lender all notiec~ rf amaurt= <ls!e under this paragraph,
<br />°"` snd ;'n t'tze e-:err Bcrrowcr shall make pay zont d=,rectSy, 13orro:ver strati };romltti=: #urrisfi to Len,ier rereipis ev-
<br />_ dencing such pay!noris. Bcrrowcr shsii promptly discharge any lien which las priority over this lfor',gage; pro-
<br />- vided, than Harrower shall nor be rPauirea to disciarge an such hen sa tang a~ Porra+ser -,iaati agree sn belling io
<br />~'~' the payment of the oliligaUOU secured fry uch lien !n :! manner acceptable to I,en 4er, or sLali in goad fails contest
<br />~ 5uci! pert 1>}', or defend enforcement of sorb lien in, }egai lu,ceedings ;wiiici: of=crate to prevent the enforcement of
<br />I+.. the lien ar forfeiture of tl?e Yroper2.r ar any- Bari tl:ereaf
<br />5. Haztxrd Insurance. Harrower shall keep the iml~~rovenzerts non- existing or heresiier erected on the Prop-
<br />erty insured against lass by fire. hazards included +wit}r,!: the tern: `'extended coverage'', and ouch other hazards s-s
<br />- Lender may require and i.. su.l: amounts and fur si.el, i,e!•iods as Le!zder may require: provided, t.bat Lender shall
<br />' not require that the amount. ai such coverage exceed that amount. of coverage required to nay the sums secured'by
<br />this Mortgage.
<br />- The insurance crrriei• providing rise insurance shall be chosen by Borro=.wer subject to approval by Lender;
<br />provided, tizat sue}: approval shall rot be unreasonably withheld. All premiums or, insurance i,oiicies shall be paid
<br />at Lender's ofition in the manner uravideu under paragraph 2 hereof or i>y Borrowwer making payment, when due,
<br />_ directly to tine insurance esrrier.
<br />In the event any pcrfiay° is not renewed on or before ten days of its expiration, the bender, 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 ~l:all be
<br />secured by `his 1rlartgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br />_ under the terms of this l~fartgage.
<br />All insurance policies and renewals thereof shall be in fonn acceptable to fender and shall include a siandartl
<br />- !norteaee clause in favor of and in form accetrtablc to Lender. Lender shall hate the richi to hold the aoiicies and
<br />renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid pre-
<br />. miums. In the event of loss, Borrower shalt give prompt nonce io the insurance carrier and Lender; snd Lender
<br />may make proof of Ioss if not made promptly try Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration ar
<br />repair of the Property damaged, provided such restoration or repair is economically feasible and the security- of
<br />this Mortgage is not thereby impaired. If such restoration or repair is not ecanamir<tlh• feasible ar if the security
<br />of this Mortgage n-ould be impaired, ilie insurance proceeds shall be applied to the sums secured by this Mortgage,
<br />with the excess, if any, paid to Bo.*ro+ver. If the. Property is abandoned by Borrower or if Borrower fails to respond
<br />_ to Lender within. 30 days after notice by Lender to Borrower ihai the insurance carrier offers to settle a claim for
<br />insurance benefits, Lender is authorized io collect and apply the insurance proceeds at Lender's option Dither to
<br />restoration or repair of the Property ar to the sums secured by- this Mortgage.
<br />Unless Lender and Borrower otherwise agree in :writing, any such application of proceeds to principal shall
<br />not extend or postpone fhe 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 paragraph 18 hereof the Property is acquired by Lender, all right, iiiie and interest of Borrower in
<br />and to any insurance policies and in and to the proceeds thereof ito the extent of the Bums secured b this ~Sort-
<br />- gage immediately prior to such sale ar acquisitionr resu}tirg from damage io the Property prior to the sale or
<br />acquisition shall past is Lender.
<br />_ fi. rreservatian turd Islaintenance of Property; leaseholds, Condomixxiums. Harrower shall keen the Prap-
<br />erty in goad repair and shall not permit. ar commit waste, impairment, ar deteriaraiior. of the Properly and shall
<br />eonzpiy wins rice pro: isians of any lease, if this ~Iartgage ~ on a leaseiaald. If this liargage is an a coridantiniu:n
<br />_-- unit, Harrower s}isi };e,-iornz all of Barro+yer's obligations under the decarstion of condominium ar master deed.
<br />- the by-laws and regulations of the condominium project and constituent documents.
<br />7. Protection of Lender`s Security. If Borrower fails to perform the covenants and agreements contained in
<br />this Mortgage, or ii any action or proceeding is commenced which materi3lf}- affeeis Lender's interest in the Prop-
<br />. erty, including, but not limited ta, eminent domain. insolvency, code enforcement, or arrsngements or proeeed-
<br />ings involving a bankrupt er decedent, then Lender at Lender's option, upon notice to Borrower, may make such
<br />spnearsnces, disburse such stuns and take such action as is necessary to protect Lender's interest, including, but
<br />not hm.,ited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br />amounts disbursed by L2nde. pursuant to this paragraph 7, with interest thereon, shall become sdditionaI indebt-
<br />edness of Borrower secured try this 3Sortgaga. Unless Borrower and Lender agree to other iernis ot" payment, such
<br />amounts shall he payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br />- est from the date oI disbursement at t:he rate stated in the mote unless payment of interest at such rate would be
<br />- contrarw to agpl=sable law, in :which event such amounts shah hear interest. at the highest rate permissible by
<br />applicable 1aw_ Vothing contained in this paragraph 7 shall require Lender to incur any expense or do any act
<br />hereunder.
<br />8. Inspection. Lender may make or cause to 6e made reasonable entries upon and inspections of the Prog-
<br />~fly, grotiidev that Lender shall giro $arra~cer notice i,riar is any> uvh inspeetiar, s}zecifying t•oasonable cause
<br />t}teres"or related to lender's interest in the Property.
<br />9. Condemnation. -The proceeds of any award or claim for damages, direct or consequential, in connection
<br />=- -_ with any condemnation or other taking of the Property, or part tltareaf, or for canveyanee in lieu of condemna-
<br />- tiara; ale hereby assigned and shall be paid io Lender.
<br />In the event of a iotai tsking of the Property, the proceeds shalt be applied to the sums secured by this Viort-
<br />[ gage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower
<br />Itr... and Lender-otherwise agree in writing, Uiere shall be applied to the sums secured by this \iortgage seep propor-
<br />tiori of the proceeds as'is equal to t.zat proportion which 'the amount of the sums secured by this ~Sortgage imme-
<br />diately prior to the date of taking bears to the fair zi+arket value of Gl!e Property immediately prior to the date of
<br />taking, with the balance of the proceeds paid to $orrower.
<br />If the Property issbandoned by Borrower or if after notice Isy bender to Borrower that the condemner offers
<br />to make an awsrrs or settle a maim for damages, $orrawer fails to respond to Lender within 3fl days of the date
<br />of such notice, Lender is authorized fa +:ollect and apply-fhe pronaeds at Lender's option either io restoration or
<br />repair of ilie Prapeity or to the sums se+Lttred ~y this Mortgage.
<br />Unless Lender and $orrower otherwise agree in writing, any such application of proceeds to principal shall
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