|
<br />If tinder paragraph 18 hereof the Property is saki or the Property is otherwise acquired by bender. Lender
<br />shall apply; no later than immediately prim• io the sale of the Prolunty a• its acquieikimz by Lender- any Funds
<br />held by Lender at the time of spplicatian as a credit against the runts secured by this Mortgage.
<br />3. Application of Payments. IInless applicable lain provides otherwise, all payments received by Lender
<br />under the Vote and paragraphs 1 and 2 hereof shall he applied by ],ender first. in t_ayment of ammutts payable to
<br />Lender by Borrower under paragraph ~ hereot, then to interest. payable on the Vote and on i'utnre -~dvsnce~_, if
<br />any, and then to the principal of the Noke and t-a the ]n•inetpal of hut.ure Advances, ii any.
<br />4. Charges; Liens. Borrower shall pay all taxes, sssessntents :uzd other charges, fines and impositions attrib-
<br />utable to the Property which may attain s priority over this Mortgage, snd ground rents, it any, at Lender
<br />option in the manner provided under parsgra]>h '3 hereai or b}- Borrower making payment, n-hen due, directly to
<br />the payee khereoi. Borrower shall promptly furnish to Lender all notices of amounts due uuder this paragraph,
<br />and in the event Barrowershsll make payment directic, Borrower shall promptl}~ furnish io Lender receipts evi-
<br />deneing suet: payments. Borrower shall promptly discharge :tny lien which has pt•iority occr this \iortgsge; nro-
<br />-~ vided, that Borrower shall net be required to discharge any such tier, so long as Borrower shall agree is writing to
<br />the payment of The obligation secured 6y such lien in a msnner acceptable in hender. or shall in good frith contest
<br />~' 3 such Lien by, or defend enfareement of such lien in, legal proceedings n-hich aperatc to prevent the enicrcement of
<br />the Tien or fcrfoiture of 'the Property or any part thereaf-
<br />5. Hazard Iasuranee. $orrow•er shsl: keep tl:e unltrot enzents now existing or hereafter erected an the Prop-
<br />erty insured against loss by tire, hazards included ;cititiu the +.erm "extended coverage', and such other hazards as
<br />Lender tray require and in such amaunts and for such periods as Lender stay requirr, hravided, that Lender shall
<br />Q not regttue that tyre aruaunt ai such coverage exceed that amount of coverage : equired to pry the stints seeured'by
<br />QQ this ifortgage-
<br />'i~te insurance carrier providing the irsurattm shall 6e chases hi- Borrower subject iq approt-at 4,}• Lander;
<br />provided, that such spprorsl shall naa be urtreasansbly withheld. All premiums an insursnee polities shall be paid
<br />st Lenders option i :the msnner pret-idet: under 1,;fragrant: ? ltercoi or be Barron-er nuking payment, when due,
<br />directly io the instrance carrier.
<br />In the event any poLicv v not renewed t>n or hefare ten days of its expiration, the Lender, to protect
<br />its interest, may procure instrance on the improvements, pay the premiums and such sum shall bernme
<br />immediately due sad pa}•altie a~th interest ai the rate set forth in said sots until paid and shall he
<br />scrut+ed by this AfortL:age. Failure by Bormtce: to catrszl}• mac; at cp±inrt of I~ndPr nonst=t>•tQ a defs=~It
<br />wade-r the term. of this ~iorigsge. --~ -
<br />A]1 ~ursnce pplicies and mne>vak thenti~f ~ls}I .>e in ihrnt a,~cepta3tle to LL•micr and shall include a sisndatd
<br />marigsge rlatt`se in incur ai attd in forts arrerxs?>le to hender. Lender shalt hate the right to hold the }rolieies :utd
<br />renewals thereat, snd Barmu•er shall protnptlr furnish to Lender all renews] notices and all receipts ai psid pre-
<br />tttitt:trs. In the went of iaa5. Barrvaer shall gi•.e prom.>t notice to the insurance carrier snd Lender. and Lender
<br />may make prx+i of toss ii not made premptlc by Barrawer-
<br />IItt?ess Lender snd $orrawer otherwise sgr°e in writing, in>utsnce proceeds shall ue applied to restoration or
<br />repair of T.'ne Property damsn~ed- }>rari3e,1 ~ucl, ;c-:tarstion or repair is ironomicall>' ttsssible snd the security of
<br />t~ Aiartgago tai thereby impaired , If such restoration or n l;sir is not ecanauticail}- terrible ar ii the security
<br />ai #;his \tot#gage would be impaired, the insurance }a*cceeds st:::i1 i>c applied to the stuns secured by this \fartgage,
<br />veiilt ike elem. ii any, paid to Borrower. I i thr Pro}erty is sbsndonrd i,v $orrower or ii Bosrawer tails to respond
<br />to Leader within a^tl days slier notice by Lznaer to Barntwer that the insurance carrier offers to cettlt' a claim for
<br />it3&irraaoe benefits, Lender is amhorired to .~alleet snd apply thr itsuranre proceeds st Lender's option either to
<br />restoration ar repair of t3te Psvpertr ar to the sums secttn~t In- this ~Iartgage.
<br />Unl+~s Lender snd Borrower otlzern-ire agree in u-riting, any such spplicstion of nroreed_ to principal shall
<br />not. ezirnd or postpone the Sue date ei the tnanth;c in zallntents referred tx~ in parsgrspl>; 1 and ]tereoi ar change
<br />the amcuat of such insiailments.
<br />ii tinder paragraph S$ hereof tlae Prapertc is acquired t>}• l,rnder.:tll :•igh2. title and infect; t ai Borrower in
<br />~ zo any in--stance ;wlici.~c sr,d in snc! to the p,yeee~cds t?tereoi ~ to t+.t>~ ex*.rnt of the un,s s€r~n~a i~t• thi= \4art-
<br />gage imste3iatelc prior to such sale or acquisition ~ restzitia_ imm <lautsci to the Ym}>rm• prior :,r the sale or
<br />ac~ui3itima shall pass td Lender.
<br />6 sad Ice oI Property; Leasehafda; Caadotaiaituas Barrau•er sltaii keep the Prap-
<br />ets} in gcaar repair and shat` zto*- }>erntit or .•ommit wasu, itrpsinn2nt. or >3e.eriors*_iot: of ;he Property snd shall
<br />Qlr mitt; tL„ ••rvi-icsorY : i ° ;~:;, i, this ?,~.rgs~f ;: ; a ! srL-ulci. ii this i4ortgagc is on s condotuinium
<br />gait, Borrower s ;all perform sit ai Born~wer's .+lligatinrt= under the d~~elsratzan of zondontinium or utaster deed.
<br />-ht x}-iasis snd :egttlattays tri cn~ ecndotniniunr };rae;t snd ~~onstitueat 3ocuntents.
<br />7. of Leader's SeeuxirY. If Harrower ~'sil: to ]teriarrz the : overants ar:d agreements contained in
<br />this liertgttge, or is snr sctian ar pmreodtng is eommerced whiei. nrste*isllr si"teets Lrrdes . ircere`t in the Prop-
<br />ert3, intltaiing, but sat litniied to.:°muten: danzar_^.. insnlrrnc°y, r<kir t-niorceurt~nt, ar arnru};ements ur proceed.
<br />itsgs inrnlvzng a hank-Wept or det~3rnt, then. Leazdtr si ].eni:er's al.+tic>n, upuu nat;r~~ to Harrower, may make such
<br />appearances, disLtuar ;ttch ~;mc and take such artior. s> i, necessary- to }i;trtect Larder's interest. including, but
<br />raft litaitetl ta, 3itsburaentent of tYasanable attorney s tees and erftr}• upor. the Pznperi}• to make repairs. Any
<br />at~tsnia dislsutsed b}• lrnder }>ursuant to this paragrst>!:: , u rtir interest thereon. st,ali became sdditiansl indebt-
<br />t'~ sf Bor:oar~• a~umi l+r = is \,,:-ate'. L.>.tes-, Borru;zt=r snd h,•nder s};te~e to other tarots of gayn;ent, such
<br />atrxttutts sltsil he payshk upon suttee =rum Ixttder to Harrower requesting paptneut theseoi. and shall hear inter-
<br />raW itmn the irate of di=but~tent st tl:e sate st.stcnt in the \ate unless gaymeni aisnterert st such rats would be
<br />cmat#aaxy tin agpiirsble ]aw•- ~ whim ex-ent uel: amounts shall treat interest at the highest race petmi~i6le b}•
<br />s~ isa_ \otltiug rtrt:iaincxl in tltic },ansgrapl: ;shall n-~quire Lender to incur nay expense ar do any act
<br />9r.
<br />8. Lender ns}• ,;,At e as cause to Ix made mssonaldc cntrie zztfan and ins}metians of the Prop-
<br />e~S ; t}aat Leneier rl~ll give L3osraaer native }+riar to :ttac- stun, ir.,l~ertion slseciiving rea3onable cause
<br />tttt r~ateti tis ixnder's inter. ttt fire Pmperts.
<br />9. Caodesmatioe. `The prooneds of any sward ur claim for damages, direct or eansequential, in ronneetian
<br />~x~a ~ osatr taY.'trtg of the Pralrrt4y, or ;tart thereof, or for ranvevarcc in lieu of condemns-
<br />td6Rt, eVe ~bg saSigaad anti shalt be psid to Leader- •
<br />i#l~e.tt:~# Atotal tnkiag of the Prolretty, the praei>t`dx shall he applied to the sums ,et•urrd br this lTort-
<br />i, +vit,it tt:e ext~, ii any, paid to Bartgwer. In tlto event cf s partial taking ai titc Prapert.y, unless Borrower
<br />and Lem#sv otttera•ise agree in writing, there steal] Ile applied to the sutras secured by this 1ortgage >ueh propor-
<br />taem ~ tie pi~ as is Dual u+SStat ptsalsfsrtu~n shirt-; the antovnt of fihe stuns itieauted by this Mortgage imme-
<br />Itt'tss to tr}st~ aI t~-ing t3Parr ts3 the lair stacked value of tlse Property immediately pt•ior to the date of
<br />tack, toi#h?~te bafsaoe of i&e preteeerls paid t~ Borrower.
<br />~7F» absrrdoned b_v Borrower or ii sitar notice br Leader to Borrower that the condemnor offer;
<br />to make as a~t=aref or settle ri e}aitn for damages, Bortaw°ar fai}s tq respond to Lender within 3Li days ai the date
<br />of tee, Lender is agtktorized trr r;,,~ec# .a>;d apply the prareeda ai Lender'e option ritlter to restoration or
<br />napair oI td~e Prvpezty or to the sums seeurzd by tlti llortgagc.
<br />Leader and Borrower otlteasasae agree in writing, any such application of proeesds to principal shat!
<br />
|