HomeMy WebLinkAbout0982 Upon payment in full of all s~lms secured by this Mortgage,
Lender shall promptly refund to Mortgagor any Funds held by
Gender. If under paragraph 19 hereof the Property is sold or the
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, any Funds held by Lender at the time of
application as a credit against the sums secured by this Mortgage.
3. Application of Payments. Unless applicable law provides
otherwise, all payments received by Lender under the Note and
paragraphs 1 artd 2 hereof shall be applied by Lender first in
payment of amounts payable to Lender by Mortgagor under paragraph
2 hereoE, then to interest payable on the Note and then to the
principal of the Note.
4. Charges, Liens. Mortgagor shall pay all taxes, assess-
ments and other charges, fines and impositions attributable to ~
the Property which may attain a priority over this Mortgage, and i
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 tc Lender all notices of amounts
dve under this paragraph, and in the event Mortgagor shall make
payment directly, Mortgagor shall promptly furnish to Lender
receipts evidencing such payments. Mortgagor shall promptly '
discharge any lien which has priority over this Mortyage; provided i
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 Iien in a manner acceptable to Lender,
or shall in good faith contest such lien by, or defend enforcement
of such lien in, legal proceedings 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 existing or hereafter erected on ~the Property insured against
loss by fire, hazards included within the term "extended cover -
age", and such other hazards as Lender may req~ire and in such
amounts and for such periods as Lender may require; provided that
Lenc3er sha21 not require that the amount of such coverage exceed
that amount of coveraye requir~d to pay the suins secured by this
Mortgage.
The insurance carzier 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 policies shall be paid in the r~anner provided under
paragraph 2 t~ereof or, if not paid in such manner, by Mortgagor
making payment, when due, directly to the insurance carrier.
All insurance oolicies and renewals thereof shall be in form
acceptable to Lender and shall include a standard mortqage 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 renewa2 notices and all
receipts of paid premiums. In the event of loss, Mortgagor shall
give prompt notice to the insurance carrier and Lender. Lender
may make proof of loss if not made ~romptly by Mortgagor. ~
Unless Lender and Mortgagor otherwise agree in writing, (
insurance proceeds shall be applied to restoration or repair of ~
the Property 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 insuran~e 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
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