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Home My WebLink About1012 . . . l; pon pa~ ment in fuU of ali wms secured b~ this !~fongage, Lender shall prompily retund to Eturrow•er any Funds held by Lender. 1(under paragraph IK tirrcof tht Property i~ wld or tttr Property is otherwise acyuired by Lender, Lender shall apply, no later than immcdiately prior to th: saic of thc Propcny or its acyuis~tion by l.ender, an~• Funds held by Lender at the time of application ac a credit against the sums secured by this hlortgage. 4. APPI.ICATION OF PAti'!11ENTS. Unlesi appiicable law provida otherwise, all payments received by Lender unJe~ the Note(s), and paragraphs 2 anJ 3 hrrcof shall br applied by L.ender first in pa}•ment of amounts payable to Lender by Bonower under paragraph 3 hcreof, then to interest payable on the \ote(s~, then to lawful charges, and last to the principal of tht I~ott(s). 5. CHARGFS; LIENS. Borrower shali pay aii taxes, assasments and othe~ charga, fina and impositions attributable to the Property K•hich may attain a priority orer this Mortgage, and Itasehold payments or grounds rents, if any, in tho manner provided under paragraph 3 hereof or, if the pro~ isions in paragraph 3 ha~e bten waived b}~ Lender, by Borrowe~ making payment, when due, directly tothe payetthereof. Borrowershall promptly turni~h to Lendcr all notica of amounts duc under this paragraph, and in the event Borrower shall make paymcnt direct, Borrower shall promptly furnish to Lender receipts evidencing such payments. 8orrowtr shall promptly discharge any lien which has priority over thu Mortgage; pro~•ided, that Borrower ~hall nat be reyuirzd to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such (ien in a manner acctptable to Lender, or shall in good faith contest such lien by, or defend en(orcement oisuch lien in, legal proceedings which operate to pre~ ent the rnforcemrnt of the lien or forfeiture of the Propcrty or any pan thercof. 6. HAZARD InSLRANCE. Borrower shall keep the improvtments now existing or hereafter ereaed on the Propcrty insured against loss by fire, ha~ard~ included within the term 'extended co~erage', and such other hazards as Lender may reyuire and in such amounts and for s~ch periods az Lender may reyuire; pro~•ided, that Lcnde~ shall not reyuire that the amount of such coverage exacd that amount of coverage roquired to pay the sums secured by this Morigagc. The insurance carrier pro~ iding the insurance shall be chosen by Borrower subject to appro~al by Lender, provided thai such app:o~~al shall not be unreasonabl~• withheld. All premiums on insurance policia shall be paid in the manner pro~~ided under paragraph 3 hereof or, if not paid in such manner, bp Borrower making payment, when due, directly to the insurance carrier. All insurance policies and rencwals thereof shall be in form acttptable to Lender and shall include a standard mongage clause in fa~•or of and in form ~cceptable to Lender. Lender shatl have the right to hold the policia and rentwals thereof, and Borrower shall promptly furnish to Lender all renew•al notica and all reocipts of paid premiums. In the e~ent of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not mado promptly b}• Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Propcny damaged, provided >uch restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security of t his Mongage would be impaired, tht insurantt procetds shall be applied to the sums secured by this Mortgage, w ith the excas, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to rapond to Lender within 30 days from the date notice is mailed by Lcnder to Borrou•cr that the insurance carrier offcrs to settle a claim for insurance benefts, Lender is authorized to oollect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage_ Unless Lender and Borrower othervvise agree in writing, any such application of proceeds to principal shall not extend or postponethe due date of the +nstallments rcferred to in paragraphs 2 and 3 hereolor change the amount of such installments. 1[ under paragraph 18 hercof the Property is acquired bp Lender, all right, title and interest of Borrow•er in and to any insurance policies and in and to the procetds thereof raulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the cxtent of the sums secured by this Mortgage immcdiately prior to such sale or aoquisition. 7. PRESERVAT1011~ AND MAINTENANCE OF PROPERTY. Borrow~er shall praerve and maintain the Propeny in good condition ~ snd repair. Borrouer shall not remo~~e, demolish, alter, or change the use of any building, or other improvement Qraently or hereafter on thc land v.ithout the prior written consent of Lender. Borrower shall not permit, commit, or suffer any waste, impairment or deterioration of the Propert}• ur an}• pan thereof, and uill not take any action which will increaze the risk of fire or other hazard to the PropMy or to any part thereof. ~ Except as otherwise procided in this Mongage, no 6xture, personal property or other pan of the Property, shall be remo~ ed, demolished or altered, without the prior written consent of the Lender; provided, how•ever, that Borrow~r may sell or otherwise dispose of, free from the licn of this ~lortgage, furniture, furnishings, eyuipment, tools, appliances, machinery, fixtures or appurtmances, subject to the licn hereof w hich ma}• become worn uu~, undesirable or obsolete d the} are replaced immed~ately w~th sim~lar items o( at least equal value which shall, w•ithout futher action, becomesubject to the lien of this Mortgage. i Borrowcr w ill promptl~• comply with all present and fuwre laws. ordinances, rula and regulations of any governmental authority affeaing a Property ~ . or any part thereof. i If al{ or an~ part of th: Propert~~ shall be lost, damaged, or datroyed by fire or any other cause, Borrower w ill give immediate written notice to Lendcr t and shall prompl~• restore the Propert}• to the equivalent o! its original condition regardlas of whether or not there shall be any insurance proceeds j therefor. If a part of the Propem• shall be lost, physicaUy damaged, or destroyed through condemnation, Borrower K ifl promptly restore, repair, or alter !he remaining Propert~~ in a manner satisfactor~• to Lender. s ! If any w ork required to be performed under this paragraph in~ oh es an estimated expenditure of more than one percent (1 of the amount of the Note, i ; no work shall be undertaken until plans and specifications therefor, prepared by a duly licensed architect or engineer, hace becn submitted to and ~ f approtied in writing b} Lender. t ~ kt. PROTECTION OF LE\DERS SECURITI'. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action ar proceeding is commenced a~hich affects Lender's interat in the Propen~, including, but not limited to, eminent domain, insol~~ency~, cade ~ enforcement, or arrangements or proceedings invol~ ing a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make .uch appearances, disburse such sums and take such action as is necasary to protect Lender's interest, including, but not limited to, disbursement of ~ € reasonable attorne}s' and paralegal fees, costs and expenses, and cntn~ upon the Property to make repairs. If Lender required mortgage insurance as a ~ condition of making the loan secured b~ this Mongage, Borrow~er shall pa~~ the premiums required to maintain such insuranee in effect until sueh time ac ~ che reyuirement (ar sach insurance terminates in accordance with Borrow•er's and Lender's written agreement ur applicable law. Borrowershall pay the ~ emu~nt of all mortgage insurance premiums in the manner pro~ided under paragraph 3 hereof. Am amounts disbur~ed b~ l.ender pursuant to this paragraph S. w~ith interest thereon, shall become additional indebtedness of Borrower secured bq ~ ~ ?h~s ~1ortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall tx payable upon notice from Lender to Borrower reyuesting pa~ ment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the \ote unless pa~ment o( interest at such rare would be cor.trary to applicable law, in which e~ent such amounts shatl bear interest at the highest rate ~ermissible under applicable law. tiothing contained in this paragraph 8 shall require Lender to incur an}• expense or take any action hereunder. 9. OTHER INDEBTED\ESS SECI'RED. This Mortgage is also giren as secvrity for any~ and all other sums, indebtedness, obligations and ~ liabilities of any~ and e~cry kind now or hereafter, induding al! lines of credit, during theterm hereof owing and to become due from Borrower to Lender, ~ howe~er created,incurred, e~idenced, acyuired or arising, whethtr under the Note or this Mortgage, or any other instrument, obligation, contract, ~ agreement or dealing of any and e~ en~ kind now or hereafter existing or entered into betwcen Borrower and Lender, or otherwise as amended, modified - ~~r supplemented from time to time,and whether dired, indirect, primary•, secondary, fixed or contingent, and any and all renewals, modifications or e~tensions o~any or all of the foregoing Propert} (security) securingother Ioanswiththe Lender will alsosecurethis loan, unless prohibited by law. Any ~ ; ~ecurih pledged to the I_ender on another loan which was subject to the right to rescind (cancel) or would cause this loan to be subject to the right to t..~ ~ rescind (cancel) is not security for this loan unlas Borrower has recei~ed notice of right to rescind (cancel) this loan as it relatcs to that securit~~. ~ ~ 10. PERFOR;N/FliLFILL COYENANiTS. Borrower covenants that it shall perform and tulfill promptly all covenants in superior or inferior 4 ~ encumbranca on any and all of the mongaged property. If Borrower shall [ail to do so, Lender may, at its election, perform or fulfill such co~~enant, ~ t wit hout wai~ ing or affecting the option to (oreclose or any other right hereunder, and the rnst thereof, togethet with interest from thedatt of payment at r' ~i t he maximum interat rate permissible by the law, shall be secured hereby. The failure of Borrowa to pay said superior or infaior mortgages when due and in accordance with its tcrms or failure by Borrower to abide by the terms of said supaior or inferior mortgages shall be damed a breach of this Qo I ~1 ortgage, and the Lender, at its option, may immediately or thereafter declare this Mortgage and all indebtedntss hereby securtd to be due and payable. o°m' Sorrower shall not apply for, accept or cause to be made, future advanca under any superior or inierior mortgage so long as this Mortgage to Lender rncumberingthepropertydacribedhereinremainsinforee. Borroweracknowledgaandagrasthatintheevantitbrcachesthucovrnant,sameshallbe an es2nt of default under this Mortgage, and in such event, Lender shall have the right to exercise those rsmed:es p-ovided far her~in. ~ - a~ : ,M - ~ - _