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<br /> � If under paragrapii 18 hereof the Property is sold or the Property is ot3ierwise acquired b,y Lender, Lender �
<br /> sliall apply, aio later tl�an immediately prior to tl�c snic oi the Prop�crt,r' or iks ricquisition by l�ender, any I'unds '
<br /> held by Lender at the time of applic�tion as a creciit aLgain�t tlie sums secureci by iliis 1Rortgage.
<br /> 3. Application of Payments. Unless applicablc law provides otherwise , all pHyments received by Lender
<br /> under the ATobe and paragrap}�s l :ind 2 hereof s6all bc ap��liect by Lender� first in p�y�nent of iinounts pssyable to
<br /> Lender by Rorrower under paragrapli 2 liereof; tdieii to interest, p.ayal�le on thc :�'ote and on Futurc Advances , if
<br /> any; and then to the principal of the i��ote and to tl�e principnl of P'uture Advances , it any.
<br /> 4. Charges; Liens. Borrower shall pay all tases, assessments and other charges , fines and impositions attriU-
<br /> utable to the Property which may attain a priority over t.l�is �lortg�ge, and grouud rents, if any, at Lender's
<br /> � O option in the manner provided under �aaragraph 2 hereof oi• by I3orroti��er making paymenC, wl�en due, directly to
<br /> , , � the puyee thereof. Borrower shall promptly furriisl� to l,endcr all notices of amounts duc under tl7is paragraph;
<br /> � and,in the eyent Borrower sl�all make p:�yment �lirectly, Borrower shall promptly furnish to Lender receipts evi-
<br /> � dencing such payments. Borrower shall promptly discharge any lien which 3,ws priority over this \Tortgsge ; pro-
<br /> : v,aea, thut'Borrower shail not be reyuired to discharge any such lien so tong as 13orrower shall xgree in writing to
<br /> ; �= the p�tyment 'of the obligation securecCby sucli lien in a manner acceptable to Lender, or shall in good faith contest
<br /> � such lien k�y, or defend enforeement of such lien in, legal p1•oceedings which operate to prevent the entorcement of
<br /> � the lien or forfeiture of the Property or any parb thereof.
<br /> � 5. Hazard Insur�ce. Borrower s4alf keep the iinprovements naw existing or l�ereafter erected on tlie Prop-
<br /> erty insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as -
<br /> Lender may require und in such amounts and for sucl� periods as Lender may require ; provided , that Lender sha1L
<br /> j not require that the ainount of suc}i covei•age exceed tliat amount of coverage required to F�ay the sums secured 'by
<br /> � this ibfortgage.
<br />� ` The insurance carrier providing tl�e insurauce shall be chosen by Borrowcr subject to approvai by Lender ;
<br /> provided , that such approv�l shall not be unreasonably �vithUeld. Al] premiums on insurance policies sliall be paid
<br /> at Lender's option in t.l�e manner provided under paragraph 2 hereof or by Borro«�er in�king payment, when due,
<br /> directly to ttie insurance carrier.
<br /> Tn the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect
<br /> its interest, may procure insurance on the improvements, pay the premiums and such sum shall become
<br /> immediately due and payable with interest at the rate set farth in said note until paid and shall be
<br /> secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br /> under the terms of this Mortgage.
<br /> All insurance poliiies and renewals thereof shflll be in imvi acceptable to Lender ��.nd shall inelude a standard
<br /> inortgage clause iu favur of and in form a�eceptaUle to I,ender. I,endcr shall havc the rigl�t to hold the policies and
<br /> renewals thereof, and Borrower shall promptly furnisli to Lender a,l] renewal notices and all receipts of paid pre-
<br /> ' miums. In the event of loss, Borrower sliall give prompt notice to the insurancc carrier and Lender, and Lender "
<br /> may make proof of loss if not made pronzptly by Borrower.
<br /> ; Unless Lender and Borrower otherwise agree in writin�, iusurance proceeds shall Ue applied to restoration or
<br /> repair of the Property damaged, provided such restorstion or i•epair is econo:nically feasible xnd 'che security of
<br /> this \�ortgage is not thereby impaired . If such restoration or repair is not econoinicslly feasible or if the security
<br /> ;� of this 117ortgage would be impaired , tl�e instirance proceeds shsll be applied to thc sutns secured by this Mortgage,
<br /> with the excess, if any, paid to Borrowei•. Tf the Yropei•ty is abandoned by Bor:•o�vei• or if Borrower fails to respond
<br /> i to Lender withim30 days after notice by Lender to Borrower tl�at the insurance carrier offers to settle a claim for
<br /> insurance benefits, Lender is authorized to collect snd appl}� thc insursnce proceeds at Lender's option either to
<br /> ; restoration or repair of the Property or to the surns secured b5> this \Iortgage.
<br /> .y Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall
<br /> x not extend or postpone the due date of the montl�ly installme�ts i•eferrecl to in paragraphs 1 and 2 hereof or cl�ange
<br /> the amount oF sueh instailments.
<br /> � If under paragrapl� 18 hereof tt�e Yroperty is acquired by I,ender, all i•ight, title .�nd interest oi Borrower in
<br /> , $ and to any insurance policies nnd in and to the proceeds tLereof � to the extenL of the sums secure�l by this Mort-
<br /> ' gage immediately prior to such sale m• acquisition ) reeulting irom damage to the Yroperty prior to the sale or
<br /> �� acquisition shall pass to Lender.
<br /> 4 6. Pzeservatiom m�d Mmnten�ce of Property; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> � erty in good repair and shall not permit or commit waste, itnpairment, or deterioration uf the Property and shall
<br /> `; comply, with the provisions of any lease, if this �Iortgage is on a leasehold. If this �4ortgage is on a condominium
<br /> i unit, Borrower shall perform all of I3orrowe3•'s obligations iander t,he deelaration of condominiuin or master deed ,
<br /> E the by-laws and regulations of the condominium project snd constituent docuxnente.
<br /> � 7. Proteetian of Lender's Sscurity. If Borrower fails to E�erfor;ii the covenants tind agreements contained in
<br /> this vlortgage, or if any action or proceeding is cominenced which mnteri�lly affects Lender's interest in the Prop-
<br /> # erty, including, but not limited to, eminent douiain , insoh•ency, code enforcement, or arrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender .it I.ender's option, upon notice to Borrower, may make such
<br /> appearances, disburse sucl� sums and take such action ns is nccecsary to protect Lender's iuterest, including, but
<br /> not limited to, disbursement of reasonab]e attorney 's fees snd entry upon the Property to make repairs. Any
<br /> amounts disUursed by Lender pursuant to this paragraph 7 , with inierest thereon , shsll become additional indebt- '
<br /> � edness of Borrower secured by this 1lortgage. Unless Borrotivei• aud Lender agree to other teruis of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requesting I.>ayment thereof, and shall bear inter-
<br /> est irom the date of disbursement at the rnte stnted in the '.�'otn unless pnyment of interest at sucl� rate would be
<br /> contrary to applicable ]aw , in which event such amounts shall Uear interest at tlie highest rate permissible by
<br /> applicable law. Not6ing contained in this paragrnpl� i shall require Lender io incur uny expense or do any act
<br /> ' hereunder.
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<br /> 8. Inspectiott. Lender may +nake or cause to he msdc reason�ble entries u{�on and inspect.ions of the Prop-
<br /> erty, provided thut Lender sl�all give Borrotiver notice �n•ior to tinti• surl . inspectinn �peci [}�ing reasonable cause
<br /> " therefor related to Lender's interest in tLe Property .
<br /> 9. Coademaation. The proceeds oi :iny award or claim ior dainages, direct or consequential , iu conneetion
<br /> _' with any concieu7nai,ion or other taking o£ the Yroperty , oi• pai•t ihereof, or for coii�•eyance in lie,u o1 coudeuinu-
<br /> , � , tion, are hereby ssssigned and shall be paid to Lendei: k
<br /> ; In the event of a total taking oi Lhe Property, the proceed� sliall be applied to t.he sums secured by this D4ort-
<br /> j; gage, with the excess, if a,ny, paid to Borran�er: In the eve�rt of u partial taking of the Property, uules� Borrower , A� `- ,,`ry A ,
<br /> and Lender otherwise agree in ��riting, there sh31t he apl�lied to the su�ns sec. ured hv this "�iortgage such propor- � ` °>
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<br /> '', tion of the proceeds as is equal to that proportion whic,h tlie ainount of the sunis secured by this bfortgage imme- � ` ;,
<br /> diately prior to the date of talting bears to the fu:r market value of the Property immediately prior to t.he date of ''` .
<br /> � ' taking, wzth the balance of the proceeds paid to Borrower. '; ,;, "
<br /> t If the Propei•ty is abancioned by Borrower or if after notice by Lender to Borro�ver that the condemnor offers °
<br /> to make an awa�sd or settle a elaim firr �iamages, Borro�ver fails to respond to Lender within 30 days of the date
<br /> " of such notice; Lender is authorized to collect and a�piy thc proeeeds at Lende�'s option citl�er to restoi•ation or "" '
<br /> ' repair•of the Property or to the sums secured'by this \Sortgage, '"
<br /> ` Unless Lender and Borrowar otherwise agree in writirig, any svch application of proceeds to principal shall
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