|
If tinder paragraph 18 hereof the Property i= >old m~rhe Property is otherwise acquired by Lender, Lender
<br />shall apply, no later Than immediately prior to t6r salt n+.' the I'rcpern° or iv acquisition by Lander, env T'unds
<br />held by Lender at. the time of sppiication ss a Bredit s~ainst the sin^s _~ccurcrl L~; chi= 14origage.
<br />3. Application of Payments. Unless applicabic htev providt;~ athertvise, all payments roc?ivied by Lender
<br />under the Vote anti paragraphs i antl 3 hereof a-hall bB applieri by Lcor':Br first in naymcnt of amounts payable to
<br />Lender by Borrower under paragraph '2 hereof. dmo to inten•st payablo nn !hc Vote amt on Fun:rr• Advances, if
<br />any, and then to [he principal of the Soto and co rite principa:• ct Future Advanc•em, if any.
<br />4. Charges; Liens. Borrorver shah pat all taxes. ascessnxnrts and outer charge;, fines snd impositions attrib-
<br />utable to the Property which may atisin a prim~ity veer this \Im•igage, and ground rent-s, if any, at Lender's
<br />option in the manner provided under paragraph '? hereof or h}- Harrower making }'payment, when due, directly to
<br />,"y t, the payee thereof. Borron•er =,hsll prom;~tly~ iurui=h io Lauder sti notices of amounts due tinder this paragraph,
<br />~, and i^ the event Borrorver shall make payment directly. Borrorver shall prompt?y funsish to Lender receipts evi-
<br />denting such payments. Bm~rower shall p:•omptlc discharge env lien whirh has prim~ity over this \lort.gage; pro-
<br />vided,that Borrower shall not be required to discharge any such lien so long as Borrowr,•r shall sgree in writing to
<br />f:~ the paymenti of the obligation secured by such lien in a manner s^ceptable to Lender, or shall in good faith contest
<br />•7~ such lien by, or defend enforcement of such lien in• legal pro<ecdings a'hir6 operate to prevent, the enforcement of
<br />the lien or forfeiture of the Property or xnv part thereof.
<br />~ 5. Hazard Irtsur~ee. Borrower shall keep the lit:Inovements norr existing or hereafter erected on the Prop-
<br />~ crty insured against loss by fire, hazards included trithin rite term "extended coverage", and such outer hazards as
<br />Lender may require and in loch amounts anti tar sne!i periuds ;.= Lender may require: provided, that Lender shell
<br />' not require that the amount of such atveragc cxceod that amount of coverage required to pay the sums secured by
<br />This Mortgage.
<br />The insurance Barrier providing the insurance shall im Bhose^ by Borrower subject io approvat by Lender;
<br />provided, tlcst such spproyal shall not be unrc~ssanabh withheLi. -UI premiums on insurance policies shall be paid
<br />at Lender's option m the manner pruvLled nndcr larsgrnpit 'hereof or by Bon•o•a~cr making paymmrt, when due,
<br />directly to the insm•ance carrier.
<br />In the event am• uolicy is not renewed on 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 clue and payable with interest at the race set, forth in said note until paid and shall be
<br />secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br />under Lhe tents of this 3iortgage.
<br />_1il vlcuran,,~~ }toiieics snd t~newals thereof ~ha1! 6e in form acceprahie trr l.erder snd shall iuducir~ s standard
<br />rnortg::ce clan>~• m favor of and m form aorepta6le ro Louder. Li^mier ~itul', l::t~'e the right to hold the }policies and
<br />renea:~is ;hen o;. arci Borrotvcr shsil prmnptl}- iurnislt [o I,cn~lzr all rene:r'al notices and all receipts of paid pre-
<br />miums. in rho event of loss. 13mrotver =hall give prouatt notice to the insurance Barrier anti Lender, anti Leader
<br />mat' suske proof si loss ii not made proutptiy b}' Borrorver.
<br />Dnless T.entler :md Borrotvcr otherwise agree in trritiug, insurance proceeds shall be applied to restoration or
<br />iepsir of nc~ Propert.~ 'tan;aged, procidetl suit restmauon or rgwir is retnunuicnlic feasible and the security of
<br />this Mortgage is not thereby nnnaired. Ii such resroraion or repeh- is not rconomicilly iessible or if the security
<br />oC this \Ioagage trauld Le impaired. [he tnsur:urce ;troceeds shall lac sppiied to thB sums secured by this \lortgage.
<br />with the excess, ii :tin', paid to Barron-c r. Ci tfrc PropBrry is ak,nnduucd ity Borrower or it Borrm~'er fails ko respond
<br />to Louder tcithiu :10 dac; liter uotiee itv i.ender rt Borrorver :hat i he msurauce carrier utters ro settle a claim for
<br />insurance benefits, l.endes• is authorized to Boiier-t :uul apply the tnstsrac:ee proceeds st [.endor's option eithee to
<br />~~korstion B,r re}talc ai'_ate Yropcrty or to dtc stuns =t_BUre,i in~ tLis Alurtaagc.
<br />Unleu'LCnder amt Lurtorce!~ othertrist~ a;;rec sn rcritinr, nut >..., appiirttion n_i pruceetis to i?rincipal shall
<br />nut extcttd m' postpone the due Mate of the ;uonthl° iu>talhort;r= rriBrrr~i ' n Vn l~arttgr:gths 1 snd '-' hereof or change
<br />Che amount of such inseaihnenia.
<br />If ender s~aragrauit 18 hereof tine Yraperty i> saquv'e,i ' : i.cuder. it ri;i:,t, title ;tad interest of Borrow°er in
<br />and to env in-r,ranrc }tahcies at:d m :ut~l !u the procee,s sitereoi ,.u tits' rxtant of ihB snarl secured by' thts -lort-
<br />gtsge tins -_i;t~_~~tti , t r -t ,r ch -...~r _< r.u~:~iur~. .t ._. ~ ~at~ ..Et i, _ _,_ ,~ 1 -x.- _, ,ti.rt' in tlse s:tie at
<br />.ietlUl~lttrnl ~ilali I-': a l.r'[u ief.
<br />6. Preservation and Maintenance of Property; Leaseholds: Condominiums. Borrorver siurii keep the prop-
<br />erty in good repair arni shall not i,ermit or ronunii waste. ;umau:reni, o ;c~Bnvr•.uauu of the Properh• snd shall
<br />comply with th'• }„-,•,i..iov.. tai an}~ ice>c, if ohs- Aiortgag~• t, t.. a icaseimhl~ li tin. Aortgage is on a condominium
<br />unit, Ba•ratver,::u`i i~crunn all of Borrowta~:, ubltganan~~ut,ier the derLtruuou of rondouununn or master deed.
<br />the by-tans std r !utiota ui the ~ sdonnu:un; ;oral ect :u u! ,~c?nsuu,eut ,ivcuments,
<br />7. Protection of Lendei s Security. ]f Barroe'er fails tit }=erfatrm t hB covenant, ;uui aktrentcnts crosraiued in
<br />this \Iortgsgc, o:~ ~t :us:' act.iou or prore<~dmg r cuuuuenced whirh m:ueriall• atfert, Lender's iuntrest iu the Prop-
<br />erty, wBludutt;, hw u,a I~nntr'i !a ,~mimvt doui;uu. ;u~olc,•ncy. rodr rniarecux'rd. ra- arr:wFeuteut. ur proeeed-
<br />wgs mro}u-ing xo can`srupt ur .i,,eedeut. then Lender at Lenr,cr'~ optia!s, upon uoti~~c r„ Borrower. ut-yv make such
<br />sppearances.''~.L~:~.,~ ~u,~i, -mo, ntoi utke ~ncli aBtimi as >, rec,•ssan• to praa~ci Lt•mit•r:• tnh•nist, utciuding, but
<br />not iimitca , ,. tit -us -u,ota ,tsonattie nttornu sand oniq~ a}tau ^n• f'ropen~: tt~~ tn;tkc rcp:airs. =\ny
<br />;ttnowtts ~hsi~utstn:''v Leu,l'-r psr>uu:~t 'o tills i~.nagrald~ ., ;cith iuUlrc,~t i6ereuu, shall itrcr'uv additlunni indebt-
<br />ednesd of Itorsow„r ~r,-ur+"i ;,c 'in, Alortgu{„c t'nlosa Rorra.n•r and L; Wier ngrrr :r wirer term. t,( psyntent, such
<br />amomtts sh s::.-- pay; ;f.• c.,,r,t unite=~ irt,ni LBn,1e~ t.. Borrorver rcquesuo4 pavan n _~t_,~•.,' .t , . _aei Lew ~tter~
<br />esc fruttt the irtr , . ,,tat n.. ,rt.tese: at s!s< r,,,r ~ ta1o~1 iu the \04' .tole,.. } :ty=usenr , .r.4c r.. ,N ...,i :ate ti,rttld ha
<br />eontrerv ut apltlrrah;,~ ;an ~ :a r+'luch trout such :uumuils shall hear intere_~[ at tier' !:ikhest rata lu•rmissible by
<br />apphcuhlc low. Autiuu~ rn,:tnme,! ui ti;» j,ar,tgr:tph - =hull rc luirr Lcu'ics n. incur ant c~pense or do any acl
<br />hereuadcr.
<br />• 8. [tsapechan. Lvtnsc•r rosy soak+'-. ~a!~~r~ r, hr uu'i~~ rr;vauahir~ ,t,rtic- uP,n! amt uspectutuc of the prop-
<br />crly, pruvtieti ±nn! i t -ci.•;- I- li };lit- EtnrrowBr nonce "rte is am >-+ ~l_ =_~i,t•ot ~ ,'ecifr s t-' rcasonaLlc coast
<br />~:~ thercl'or related [u 1 aria .n .ntur t. m t-~ Yr_ 1 rty
<br />' , 9. Candemnatron. i'irr sta~.,c t= ry :.w.t. t . ,t:r,s. .,r=issr t}, -. iarrc . --onset}ttcntiai, ut caanrotiou
<br />with any vundemuatintt 'n'utlzer !-tku:~,:t t e Pr..}i,-nv.„ },art i,~,-rt•nt „r (,~r i.rtn ~~r aura in 16•n of condcuma-
<br />tion, urv hereby us,gnoti and .haii~i, pant trt Lrude•r.
<br />In the uveut ai a total ;,tkin~; of uu• 1'ruls,-rty. thr ;~n~reud~• .troll i.o n}tpliB,i s„ tier >uni...r,~iu-Bti ht this Mort..
<br />gage, with the exch. ii any-. j%aid t,r ftitrrunet- It. tt,e went al :. l~arttal htkin}; at ~6r i'raprrty. nula.~ ISorrawt=r
<br />and i,ender othelavisc nyree ,n rt ru iu};_ there .hail 6e alyri u~d to shB .awl w~~nred be ti~,is Alan gage sort: propur-
<br />tiou ui ihv pn~tccedn as is Bqual tt, tint*, proporuon trhtr6 tlx• .unourt ot` the .urns oecurB,i i,c tills Mort };at„B unux,.
<br />~liatelp prior ut thr~ dxte.r, inking hears to rite i:u; :,.arkvt r;tiur~..t thr 1'rr,prn,~ uunu•'Itut"h~ }=our t,, ihr datt• of
<br />taking, with the balance of sht' { °urBrcls p,ti:l ti, Hurrcrcrr.
<br />If the property c; uttaurfunrd by Borrower or if sfter sinner hr Lerdur fo Elarro:vrr th;tt the cooticnmor offees
<br />to make au awar',I ur sctUc a elsum fol• d:unagey, liorrnttrr fatL~ in resl'uscl !o I owha' rritiun ~fU ,kt}~a ui the dstr
<br />of nueh noticr, Lcodat t2 antLui~izcd to ruileot nun s}:}+i}' Ittr ~rrorreti> ai i B:uG•r'~ „pilau riutre i„ n~torutiou m
<br />repair of tlu= Proper,;' or ttt tin: Masts ,court+d }'tans aerigag~-
<br />L?nl€ss Lt aria' :ut~t 14;ar";r et „'het r int~ ague in nritiuf;.:ut}' +ui~l. i} txlicat-tt r : , pio,:e,~ds to i•rnn iu:U ~h!rii
<br />
|