|
<br />tt =.finder paragrapt; fig lrat•eof the Property rs .:r,d '.x rite Pmpet*.y is otherwise acquired by Ixnder. Ixnder
<br />shall apply', ro later limn tmmediateip prior to the sale nt the Yraprrty or its acquisition by Ixnder. any Funds
<br />head try 4.ender at the rim+r of appfiration a? a cre+iit agair:st ti;c ~mns -scored by this }iortgage.
<br />3. Ayp6eoation of 1PaTzeenla. Unless applieabic lau- provides otherw•isc, all payments received by Lender
<br />under tk:e Mote artd paragraph= I atz<d 2 hereof =hail k+,.- applievt he S.etuicr fit§t in payma5nt- of amounts payable to
<br />Leader by Btrrower finder parsgrapit ? ?:ereof, tku~n to tntfn~t i•ayaislc on the tiotc and on Future Advances, if
<br />any, ant; then to the principal of the late and to rite {trirtcipai ni Fuwre Advances, if any.
<br />4 Chm9as; Lames. $orrower shalt pay all taxes, assessments and outer charges. tines and impositions attrib-
<br />utable to the Properly which may attain a pnorify over then 3iongage. and ground rents. if any, at bender's
<br />aptian in the manner provided under {tara.graph 2 hereof or by Borrower making payment; when due, directly to
<br />the payee thereof. Sormwer sttalS pranpttp furntst, to Irnder all ne':ces of amounts due under this paragraph,
<br />and in the event Bormw•er shah make payment directly. Borrower sitsh i;,'omptly furnish to Lender receipts evi-
<br />deneizsg nosh payments. Borrower shall pron;latlq discharge any :fen whit:~ has priority over this liortgage; pro-
<br />vided, that Borrower sbali not be required to dischsrge any sa<•1s lien so lo:ag as Borrower =hall agree in writing to
<br />the payment, of the obligation secured by xuch hen m a manner arcepptmble to Lender, or shall in good faith cot'rtesL
<br />sorb lien by, cr defend enforcement of such lien in. Legal {+rncecdings which operate to prevent the enforcement of
<br />the Kerr or forfeiture of the Property or am• ;,art zheteof
<br />5. Flms¢d Irfsttr~. Borrower shalt kezp the iutpmcements now• existing or hereafter erected on the Prop-
<br />erty insured against toss by fire, haserds included within the fetm "extended coverage", and such other hazards as
<br />Lender may require and in such amounzs end for svc3, per}urfs as Lender enay require: provided, that Lender shall
<br />not require that the ammmt of such coversge exceed that amount of coverage required to pay the sums secured by
<br />this _4ortgage.
<br />The insurance carrier providing the insurance ~hsii Le chosen hy- Borrower object to approval by Under;
<br />prnvidec.'. that suetr approval shall not be unreasonably withhe}d. all. nremitmts on insurance policies shall be paid
<br />at Lenr.~r's vptinr. in r_he manner provided under ,,aragrapit •t itmm~t nr by Harrower making payment, when dsse,
<br />direr:tty to zf[e tnsuranre .•art•isr.
<br />In the evtmt any policy is not rtmewed oxt ar before ten days +rf its expiration, the Lender, to protect
<br />its interest, relay pmcur^e insurance otr the ~pmvements, pay the prematama and such sum shall become
<br />immsrd'aateiy due and ,payable with intermit at the rate set forth in said note until paid and shall he
<br />secrxred by this, \~4ortgage. Failure by Borrower to campiy nosy, at option of Lender, t:anetitute a default
<br />under the Leann of than Mortgage.
<br />,'all msuranee Inelieies anei t?Lnew•ais therrroi s'iuril tar ire tarn trr'regtts+k;lc to I.rn,lrr and strap include a skandard
<br />morLkga~~ge ciuuae in favor ttf and in forest acetrptaP;tls tea Ixndcta. Lurnde~r whn11 lravo rl~urs rrgtut ttr .hold fibs policies rand
<br />renewals zhemot, and Borrower shall promptly furnish to Lender a8 renewal notices and sit receipts of paid pre-
<br />miums. Er: the event of lass. Borrower snail gtye prompt nonce to the msuramr carrier and Lender, and hander
<br />may :Hake proof of loss if not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or
<br />repair of the Property damaged, prayided .=uch restoration or rep;ttr es ecunonncaiiv ic~sik;Ie ;uui the security of
<br />this ~Iortgztge is not thereby impaired. If such restoration ar reps;r s not ecnnomicalh' feasible or if the security
<br />of this Mortgage would he impaired, the. tnsurattce praceeeis shall Ise: appiiecf to th+• sums secured by this Aortgage,
<br />with the excess, it any, paid to Borrow•er_ ti the Yroperty is ahawbme,.i by Barmaer or i± Borrower iaiis to respond
<br />fo L,e,nder within dt3 daps after tcotici: Lit i.endt+r ro Borrower that the ensorauce carr+.er osiers to settle a claim for
<br />insuraraoe at t-, I...~€tdar :s autt:orizx.•i to r,aller:. -t¢et spyt~~ tr.e tns,;raune prcn:_.de at Li a-t r - apt.inn either to
<br />reaUrrs,UOn ur rtrpair of tits Properly or to ti>e cams sentavai I,,c tbta 1 kortgage.
<br />Unless heatde~r aruf Borrowerothona-rsc ugrem nr wrtn;rg. nn}' sue$; slrp,itcauc~+n +..i proceeds Gt principal shall
<br />not ex~tenti m• pcc"ttfmne tfte doe daE~ a! the ~ssoua u - _ ~eilnu nt ; t~rz(arrrr' t - to pa-ag aF:~~hs i .tad w' hereof ar change
<br />the d~enourtt of Huck iustailnieaP,c.
<br />It vndee paxitgraph if: he~reaf the pmpa.'Iwty 'd, ties{usrrri Is>, Ls•n,ft^~r, soli right. tttit. nt:d infersst of Bonvwer in
<br />ar3 La Gov --. ri~c r=a a`s3 f i:., tiiF C6 r §,,r t - r -f i to t t ~Len1 ~ re yusn. T:'r'it rP_ti by .ills 9?O-^•-
<br />gage inanterliaCely priaa• to ouch Hale or :u-e7 m-sitiona sr•au!t itr_C irr~ur r+amc~e ?„ _.r Yrn}x~•rts s;rior to the .81e or
<br />ncgttisi8ioir shad pans to Lrnd2r.
<br />ti. Praaervaztion ~ Mmnbn~cs of PropartY: Laaaeholda: Condomiaiums. Borrower sltail keep the Yrop-
<br />erty in good repair and shall not permit ar commit waste, tmpstrment, or ~ieterioratton of the Property and shall
<br />comply wikh the proviaiaus of any :ease, if this \fortgsge is un :, luasc:hold. L' t hts Mortgage t.= oft a condominium
<br />trait, Borrower shall Irertomt alt of Borrower's obligations under tire ;eclat;slum of co[:damtmum ur master deed,
<br />the by-laws and regulations of lire condominium pmjeet ami oonstnuenz docntnent~.
<br />7. Roiactioa a! Leader's Seeuritp. If Borrower falls to perionn the covenants and agreements enntained in
<br />this \iortgage, ar if ary action or proceeding is commenced which nmtertalip a$ects Lender's intercrt in tkre Prop-
<br />erty, itrciuding, but noz limited to, eminent dmuam, tnwhwuc:y. tale enforcement. ar arraugementa or proceed-
<br />ings intraiving a bankrupt or deeedetrt, then Lender at Lender's option, upan rterire to Borrawer, may make such
<br />appearances, disbunie suci; solos and take such action szy t= necessary to protect. Ixmier's mterest, including, but
<br />not iimiicsd to, dtsbvrsement of reasonable attorney's gees and entry span the Yroperty to make rftpairs. Any
<br />antount~s disbursed by Lander pursuant to thts paragraph ; :rith interest thereon, shall become additional indebt-
<br />etiness fnf Borrawer secureti by this Mortgage. Unless Borrowat' an,i R.ewier agree to other tarots of payment, such
<br />iunounts shall ter payable upan natioe fmnn Lender to Borrower requesting I?ayuteut r_hereaf. an,7 shall bear inter-
<br />abt ftanr, the date of disirursement at tine rate etateti in tine lore uruiess pay°mem of interesi at such rate would t:e
<br />eOnidar9 to applicable law, in whie-It event sue6 amounts shall bear interest at the highest talc permiasibie by
<br />applicable law. 'iothing contained in this Isaragr»plt r shall mriuin:• [ender to incur any expense or do any act
<br />henuntler.
<br />8. L.eiKier may mako or cause to iK made rcar9u++t,io +~ntneo- upor, end nupocuone of the Prrip-
<br />~iv, pr:::;c:>if that Lender >hat3 gi:-e I3orraa~ar rrozi,=v i.,,r,r +., , ,n ., •.,.xkretnn ,Ise,~tiytng reasanaihe cause
<br />thertdor r~iai:ed to Lender's interest in the Froperty.
<br />9. The proaee~#s of any aw•am or c:atm far darnagt~, direct ar carsogw>.ntiai, in cannoatimt
<br />rith aq,~• rortdeznoat~aon or other taking of the Property. or part iixereaf. ar far ronceyartce m lieu of aandettma-
<br />titrtt, ste hereby saatgned and shat) ba paid to Ixnder
<br />Ins=hem=eni of a fatal Making of fhe Ptopetty, the pox c~tt Fisaii !rc atipiseri to the- vent-s =e,_ured key t'ttis ~iort-
<br />a~. ~it~c rise rxeesa, ii aqy, paid to Borrower. fir, t ire event of a parifa[ taizmg of the Ymis-rfy, uuIeas Borrower
<br />seed Lender otherwise agree in writing, there sbail kw applrad n, the _antt. secured k,y tbis Mattgsgz such prolxtr-
<br />iifm of the prosxeds as is equal Lu brat pmportaon which rite amouaz of tkte sun.. ,f;curad by thu iiortgage rmme-
<br />dtat+edp prise to the date of taking ktears xo the fair market slue of the Prtgaerzp tunuedtately prier to the date of
<br />faking, with t.4a ktalanee of tEte pracxds paid to Borrower
<br />Ii the Property is atasttdarteti t'"r Borrower ar if ;etfer :talu:c fry Leta+.ter to Borrower Utai the caudemnnr offers
<br />to rtpuze ate award ar settle a Claim for r.}araagss, Bartnwsr tail= to tw_ p<,r,<t ?c, I eta~jer wiihita rill dawn of t!:e date
<br />of vetch ttwttie€, I.rttdRr is :..:ithor:ze+l !v cosiest an-~ a;,l;Ir k r,e«~-. t. ,::i, _ _„~r+ r~:;!:=r t;, •~.e uratiu:; „r
<br />taprtir of tkse Pxgtetty or to the saena see:rrad by thu. ylon,gage; - - -- -
<br />=ri>as* I..--reiu~ asKi ESerterp-cr ~henvtae agreM t.+. welt ing, any s!;rb applicat;zn,, .=i prt::,:eedz ro S,r; n.~i.:al s.i,a';
<br />
|