|
<br />ff under paragraph itt t:rr>"itit the Praf,erty t o3n s+- the Ptapenv i< r#herav>re :serlusred irv Ixnder. Lender
<br />=7:zI4 apply, nu iatPr tl:arr tmmrais+trty poor to tta- sale ref ti,~ Proport}° nr st< nr•;uL~tion by Ie•naier. any Funds
<br />i~rid sn• fe~neer :at the time of application ss a ereeiit apaiuei rive ,utn,~ wrureai b~ thta \iott¢¢gr.
<br />3. 1[yplieatiwt ~ Papmenta. I"niee4 anpCicafie law proviales ax,herwi,ce, all payntenG received by Lender
<br />under the Vnte anal paranraplzs 7 and :szereoi shah ?>,~ applieat Cry Ixnder first in irayment of amounts payable to
<br />lender :•y Borrower wester paragrps 2 tsereof, then to imFresrt {sayable on rite Vote and on Future Advances, if
<br />any, and then to the pnncipa) of the \ate anal to tlxe priruipai of Future Advances, if any.
<br />~. t;,}r~gea; Liana. Borrower slzaCl par sit taxes; aasea~trents attd rather charges, fines end imp~itions attrib-
<br />utable rn the Property which tray attain a priority raver this Siortgage. amt grourrri rents. if any, at Lender's
<br />option its the manner Irroeided under paragraph ?hereof or Isy Bos7ower making payment, when due. directly to
<br />the payee thereof. Borrower shall promptty furnish to bender ail notices of amamts due under this paragraph,
<br />~' and in the e-:ent Borrower shall make payment directly, Barroa•er >halt prompt}}' furnish to Iender receipts evi-
<br />(~~} dtnotng such payments. Borrower shall ;?tromptly discharge any lien which has priority over this ~Sorigage; pro-
<br />vided, that Harrower sitaC! sat be required to discharge any suet, lien so long as Borrower shall agree in writing to
<br />' the paynrtnt of the obligation secured Coy suck 'lien in x rnsnner acceptable to Lender, or shall in good faith contest
<br />such lien hy, or defend enforcetneni of star;: ;ten m. legal ;,t•occedings which operate to prevent the enforcement of
<br />the lien or iarfeiture of the Property nr an-. ;+art thereof
<br />S. Hurd I:taur®ce. Borrower =hail keep the iurpravements noa• existing or hereafter erected on the Prop-
<br />O eery instnKi against !oss by fire. hazards Included within the term "extended coverage", and such other hazards as
<br />~ Ixnder may require and in such amounts aril for such l+eriods ss Lender may requim: provided. that Ixnder shall
<br />~. rant requtm that the amount. of >uch coverage exceed t}:at amount of coverage required to pay the sums secured'by
<br />this :ilortgage.
<br />The insurance carrier prov?ding the :neurauce shall be chosen by Borrower subject to approval by Lender;
<br />provided. drat .;uch approval sha11 not t?e unreasonable withheld. A1C premiums on insurance policies shall be paid
<br />at Lenders uphon ,n the manner provtdeci under Iaragraph 2 hereof or by Borrower making payment, when due,
<br />directly to the ?nsurarce carrier.
<br />In the event any Cxrlicy is not renewed on or before ten days of its ezpiration, the Lender, to protect
<br />its intetevt, may procure insurance on the improt[ements, pay the premituns and such sirrrr shall become
<br />immediately due and payable with interest at the rate set forth in said note until paid and shall be
<br />secured by this 4fottRage. Faiitue Icy Bat•tawer to comply tray, at option of Lender, constitute a default
<br />under the terms of this :16artgage.
<br />.iii Insurance poiirier• and mnewals thereof =ha!! he m form acceptable to Lender :md s1rall include a standard
<br />mortgage clause to favor of and an form acceptable to Lender. Lender shah have the right to hold the policies and
<br />renewals thereof, atzd Harrower shall promptly furntsh to Lender all renewal notices and all receipts of paid pre-
<br />miums. in the eaeut ui loss, Borrower sfiali gt~~° i:rom;n notice to the Insurance carrier and bender, and Lender
<br />may make proof of loss if not made promptly iiy Borrower.
<br />unless Lender and Aarrower aihetu•ise agree m writing, ilssurauce emcee+is shall ue applied to restoration or
<br />repair <. the Frapeny damaged, {~ravided -uch restoration or repair i. ercrnomr.•aily feasible and the security of
<br />this \iortgage is not thereby impaired. If .:uch restoration ur repair is not economically feastble or if the security
<br />of this Mortgage would he impatreai, thr• u?suras;ce proceeds .shall I,e replied to the sutras secured by this :Liortgage,
<br />with the excess, if an}•. paid to Borrow, r. It : he Property ;s abanduneci by Borrower oc if Borrower fails to respond
<br />to Lender rvithir. 3f) Mays alter notice by Lander to Borrower that the insurance carrier offers to settle a claim for
<br />insurance benefits, I.ctider is authorrted w colfet:t. and apply the insurance proceeds at bender's option either to
<br />resWration or repatr of EC:e Property or u; the Burns secured C>y thss ~iottgage.
<br />t'aiess Lender tared Harrower othern-tae agree :n renting, oral' such apphcatson of {iroceeds to principal shall
<br />not extend o,* sostpone the due date ai the monthly irsstatlment.s referred to in paragraphs 1 and 2 hereof or change
<br />then amount of such it?staflmeut~.
<br />If under paragraph C$ hereof file Property is acgmred by Ixnder, nit ngin, citYe and interest of Aonower in
<br />and tt any mtiuran.•r ?roltei~ anti to au to the prrxeeds tfterrot : to the cart=rat of the runt se,:urc~ Irv (his ~~Iort-
<br />gage ;rot ediatxiy ltncr tc, tot. ;air= Vr :.er;utstt ion+ resuiung tram damage to the Property #xmr to the sate nr
<br />acquisition shat` ,,aw; to Lender.
<br />6. e'rrearntiticur ~ ate of Property: Lanaeholda: Cendoatiniuma, liarruwer shall ]seep the Prop-
<br />erty !.t ;;alai rYI>_sir steel siiali toot Leer:::t! or t•omtntt waste, itnLia.nnent. ar :iet~r?orauun of the Pro;rerty end tltail
<br />comply with the provisions ni acy lease, ii this Mortgage v rm a ieasehaid. If this Mortgage is on a crosdommium
<br />umt, Harrower wall Iierfornt off Cif Borrower"= obhgauon. tinder ii~e der(aratlon of candurmnium nr master need.
<br />the b}•-taws and trgulatians of flee condomir•.iurt 1*ra{ect ,Ind consat.uent documents.
<br />T. Preletction of Lendei a Seeu[ity. If Harrower lets co perform the covenants and agreements rant-wined in
<br />this .'•Iortgage, or if any acttots or praeeeding is commenced whici: tttatenaiEy stTecw fender s interest in the Prop-
<br />erty, ?nciuwng, but not limited to, eminen_ domaut, ueauisenoy, calr +•nforcentent, or arraugementa nr }>roceed-
<br />usgs involving a bankrupt ar decadent, than Lender at Ixnder'= opton, upon notice «r Borrower, may make .=.uch
<br />appeatanarc~s, dtsbutae such autos atxd take suels actiut; ax I~ netcessary io protect Lender's interest, including, ixtt
<br />not lsnuted w, disbursement of reasonable attorney's ;cos :end entry upon the Property to :hake repairs.:\ny
<br />amounts d?sbursed by Z+ender pursuant to this paragrspiz 7. with Interest thereon, ;hall became additronaC indebt-
<br />edness of Borrower scouted by this 1lort•gage. finless Borrower at?d I.rnder agree to other terms of payment, such
<br />antauats shelf ht: payable upoa notice from I,a;nder to $orrower eequesting payment thereof, and shall bear inter-
<br />~t trots tfse date of disbur~tnent at the rate stats:i in the Vote unless paytuent of interest at such rate would be
<br />contrary to app}tcsble law, ?u which et°ent such amountti aha11 hear irteresi ax the highest rate permissible by
<br />applrcaGle law. \tathint eantaineii in this paragraph i shalt requin: Gender to incur any expense or do any set
<br />hereunder.
<br />- $. ~ I,et:der :tiny :na%e ur cas>~ to tat tns2a{+; rcasotiahii: rntritz s;pvn and inspections of t:re Prop-
<br />- eery, pr«ti°xied tl.at Louder -hat, glee Borrower nc7tire ;+r~or to ;ink- =u+°h ,nspeetioa ~tieetfti?tom reaaarra6le cause
<br />therefor re#ateai to I.~ender =interest in r.be Pt•a;rerty-
<br />9. C~tadenapatiea, 'i`Ite pr~eed: at an_r- awanl ur olsim for damages, direct or consequential, in connection
<br />' sloth Buy czauienzrwtsan or other takitx;; of the Ptnperty. ur part thereof, err fur em,i eyata•e in lieu of r•atzdennsa-
<br />tton, are hereby asatgaed anti sisaii 1~ paid to Ixnder.
<br />In t4s+a event of a r¢ty} taking s>f tFe Property, ±hr ,>roreedt that{ Sc= ,.pphe.i to the sums serared ti} the 3fort-
<br />ga$e, :vita the exa~a, tt any, ;~s<f to Harrower. in tt:or event c.t a t+artial tak?ug ui the Frapen y, unless IIOL'rowei
<br />end, fsl,#er otherwzyf wee sn wrttuzg, Lhe~rr s1:ai1 t~ aphired :+~ the, sums 5c our+vY P.y this \lartgagc much itro;xrr-
<br />ts`on of tfac prexzetla na zn c~uxi to that pra;wrtion winch Site atnitunt +rt the suuu secured try this ylort{{age tmmr-
<br />diately prier =o the date r+i takreg brace to tit., late +:iaiicct vaia._- ut ttst Pro{+ctrtr :nunrxiiateiy prior to t6r~ +iat 3 :,C
<br />tskipga wtth ttrg faslanet of tCre;; pr[seeexl: paxi ra Itarrovrr
<br />If tree Properly ra abatxsotrsi t>y F3orrawa;r oar +f :alter <rlrtree i:y i Hntier tta Harrower ti:at th? condemnor +itlers
<br />to rnxsp zr; a*Rarsi air !~tE iE a +=ia?n: for ,i%1At1yt45, YtarrOw-e ~ 'a i* :+~ z€r;total t;r [ etufer ee ttlt na :31) ~iava :it file datz
<br />rt Such ritttxc,;. L~txier is awthortxeel cal roi:eet axsai a;ipiy a ;+rs,+rx~exl. .. i.en.#er ~ :eels u . +tt:r; 'u rexturatsnn ^r
<br />seipmtr ssf tfu; : r9:e7RCLY ar to tG+s-sts+tt~ ~.tra~j ix}° rf+xF +i;.n gtigr .
<br />tlnl~ , ~~,a,~r u+:-ai #3grryp~t ~~tratesse ts~trr .. ~+rs+sng, Wit?}- -~;tr-ia rappbesti,ia ~rl pr+sceras !+ ,,rue,; Ip:.; ~ia:r
<br />
|