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- Upo~ payment i~ full of all suma aecured by this Mortgage, f
Lender shall promptly zefund to Mortg~gor any Fu~ds held by ~
I.ender. If under paragraph 19 hereof the Property is sold or the i
Property is otherwise acquired by Lender, Lender shall apply, no
later than immediately prior to the sale of the Property or its ;
acquisition by Lender, a~y Funda held by Lender at the time~of
applfcation as a credit against the sums_aecured by this Mortgage. ;
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3: A~lication of Pa ments. Unless applicable law provides i
otherwise, a payments rece ved by Lender under the Note and
paragraphs 1 and 2 h~reoE shall be applied by Lender first in
payment of amounts payable to Lender by Mortgagor under paragraph
2 hereof, then to interest payable on the Note and then to ~the ~
prin~ipal of the Note. -
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4. Char es, Liens. Mortgagor shall pay all taxes, assess- ~
ments an ot er c arges, fines and impositions attributable to
the Property which may attain a priority over this Mortgage, and 4
leasehold payments or ground rents, if any, in the manner provided
under paragraph 2 hereof or, if not paid in such manner, by
Mortgagor making payment, when due, directly to the payee thereof.
. Mortgagor shall promptly furnish to Lender all notices of amounts
d ue under this paragraph, a~d in the event Mortgagor shall make
payment directly, Mortgagor shall promptly furnish to Lender
receipts evidencing such payments. Mortgagor shall promptly j
discharge any lfen which has priority over thfs lrbrtgage; provided ~
that Mortgagor shall not be required to discharge any such lien so
long as Mortgagor shall agree in writing to the payment of the
obligation secured by such lien in a manner acceptable to Lender,
or shall in good faith contest such lien by, or defend enforcement
~ of such lien in, legal proceedi~gs which operate to prevent the
enforcement of the lien or forfeiture of the Property or any part _
thereof. ~
5. _Hazard Insurance. Mortgagor shall keep the improvements
- now exist ng or ereafter erected on the Property insured against -
~ loss by fire, hazards included within the term "extended cover-
~ age", and~such other~hazards as Lender may require and in such
amounts and for such periods as Lender may require; provided that
Lender shall not require that the amount of such coverage exceed
that amount of coverage required to pay the sums secured by this
Mortgage. f
The insurance carrier providing the insurance shall be chosen ~
by Mortgagor- subject to approval -by Lender; provided that such ~
approval shall not be unreasonably withheld. All premiums on ~
insurance polfcies shall be paid in the manner provided under
paragraph 2 hereof or, if not pai-d in such manner, by Mortgagor '
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making payment, when due, directly to the insurance carrier. ;
Al1 insurance policies and renewals thereof shall be in form
acceptable to Lender and shall include a standard mortgage clause }
in favor of and in form acceptable to Lender. Lender shall have
the right to hold the policies and -renewals thereof, and Mortgagor ~
shall promptly furnish to Lender all renewal notices and all . ~
receipts of paid premiums. In the event of loss, Mortgagor shall ;
give prompt~notice to th~ insurance carrier.and Lender. Lender ' '
may make proof of loss if not made promptly by Mortgagor.
Unless 'Lender and Mortgagor otherwise agree in writing,
. insurance proceeds shall be applied to restoration or repair of
the Proper~ty damaged, provided such restoration or repair ~is
economically feasible and the security of this Mortgage is not
thereby impaired. If such restoration or repair is not economi-
cally feasible or if the security of this Mortgage would be ~
impaired, the _insurance proceeds shall be applied to the sums
secured by this Mortgage, with the excess, if any, paid to ~
" Mortgagor. If the Property is abandoned by Mortgagor, or if x
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