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<br /> � If under paragraph 1 $ hereof the Property is sold m� t,he Property is otherwise acquired by Leuder, Lender �
<br /> shall apply, no later than iinmediately prior to the �ale qf the Pro��erty oi• its acquisition by ` Lender, any Furids
<br /> lield by Len�ier atthe time of sspplication as a� credit against the suins secw�ed b�• this Vlortgage_
<br /> 1 3. 'Application of Payments. Unless applicablc la�+� ��roti•icies other�visc, ull payments received by Lender
<br /> _ under the Note and naragrapLs I and 2 }iereof shall be applied by Lendcr first in payinent of umounta pssyable to
<br /> _ Lender by BorTower under �aragraph 2 l�creof, then to interest puyal�le on the ?dote anci orY rutiure Advances, if,
<br /> any, and then to the; principal of' theNote and to the principnl of Future Advances; if any.
<br /> 4, Charges; Liens. Borrower stiall i�ay uli taxes, assessments and other charges, fines and'irnpositions attrib-
<br /> � utable to the Property wl�ich muy attain a priority over tl�is \4ortgage, and ground rents; if any, at Lender's
<br /> � option in the manner provided under paragraph 2 hereof or by Borrower mukin� payment, when due, directly to
<br /> � ' � . the payee thereof: Borrower shall prompCly furnisli to 7�ender all notices of amounts due under ttiis paragraph , �
<br /> and in'the event Borrower shall makc payment directly, Borrower shall prompcly furnish to Lender, receipts evi-
<br /> � � dencing such payments Borrower sl�all I�rmnl�tly disclaarge ;any lien which l�as priority over this Mortgage ; pro-
<br /> * , � ` vided;'that Borrower shall not �e required,to discl�arge nriy sueh lien so long us I3orrower sl�all agree in writing to ' '
<br /> y , ' the payment of the obligation secured bysuch lien in u inanner accef3taUle to Lender; or shall in good faith aontest
<br /> ; � �.,` such lien by, or defend enforcement of sucli lien i�i, lega] pi•oceediiigs �vliich operate to prevent the entorcement of
<br /> ; � . the lien or forfeiture of 'the Property or any i�art tI�ereof. :
<br /> ° S.` Hazard Insuraace. Borrower shall keep tilie improvemenLs now existing or hereafter erected on the Yrop-
<br /> � ' j erty insured against loss by fire; hazArds included �vithin tkie term "extended ' coveTage", and sucli other haaazds as °
<br /> ". � Lendermay require a�nd in such an�ounts uiid for sucli periods as Lender may requirc ; provided, that Lender shsll '
<br /> not require tt�at the smowit of such coverage exceed that amount of coverage required to pay tlie sums secured'by
<br /> z this Mortgage,.
<br /> j The insurance carrier providing the insurance sl�all be chosen by I3orrower subject to approvat by Lender ;
<br /> + ' provided, that such approvaI shail noE be unreasonably withheld. :�tI premiums on insurance policies shal[ be paid
<br /> � at Lender's option in the manner provided under IaAragrapl� 2 hereof or by Rorro�ver making payment, when due,
<br /> `` � directly to the insurunce carrier. •
<br /> In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect
<br /> r its interest, may procure insurance on the improvements, pay the premiums and such sum shail become
<br /> unmediately due and payable with interest at the rate set forth in said note until paid ` and shall be
<br /> : ` secured by this Mortgage. Failure by Bonower to comply may, at option of Lender, constitute a default
<br /> under the terxns of this Mortgage.
<br /> All insurance policies and renewuls tl�ereof slial] be in fonn acceptablc to I,ender and shall include a standard
<br /> ' inortgage clause in favor of and in forni acceptable to Lender. Lender shalI have the right to l�old the policies and
<br /> � renewals thereof, and Borrower shall promptly turnish to Lender all renewal notices and all receipts of paid pre-
<br /> ' miums. In the event of loss, I3orrower shall give prompt notice to tlie insurance carrier 1nd Lender, and Lender
<br /> ; may make proof of ]oss if not made promptly Uy Borrower.
<br /> � LTnless Lender and Borrower otherwise agree in writing, insurance proceeds shall Ue applied to restort�tion or
<br /> � , repair of the Property damaged, provided such restoration or repair is economically fcasible and the security of
<br /> this Mortgage is not tl�ereby impaired. If sucli restaration oi• repair is not economically feasible or if the security
<br /> � of this Mortgage would be impaired, the insurance ��roceeds shall be applied to the ,sutns secured by this 1�4ort�age, '
<br /> r with the excess, if any, paid to Borrower. If the Yroperty is abandoned by Borrower or it Borrower fails to respond
<br /> to Lettder �vithin 30 days after notice by Lender to BQrrower thnt the insurance carrier offers to settle a claim for
<br /> �� insurance benefits, Lender is authorized to collect and apply tl�e insurance proceeds at Lender's option either to
<br /> + restoration or repair of the Property or to the sums secured by tl�is \Iortgage.
<br /> � Unless Lender and Borrower otherwise agree in writing, any such application o£ proceeds to principal shaA
<br /> + � nat extend or postpone the due d�te of the montlily installinenfs referred to in paragraphs 1 and 2 hereof or chsnge 9
<br /> � ' the amount of such installments.
<br /> ? If under paragraph 18 hereof t6e Property is acquired by Lender, all right, title and interest of BorTower' in
<br /> � and to any insuxance policies und in and to Clie proceeds tl�ereof (to tlie extent of the sutns secured by this Mort-
<br /> gage immediately prior to such sale or acquisition ) resulfing from da.mage to the Property prior to the sale or -
<br /> a acquisition shall pass to Lendex. ;
<br /> e 5. Preservation �d Mcantenance of Pro ert Leaseholds; Coadomiaiums. Borrower shall keep the Prop- }
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<br /> j erty in good repair and shall not perinit or commit waste, impairment , or deteriorntion of the Property and shall
<br /> ; comply with t,he provisions of any lease, if this \4ortguge is on n ]easeliold_ If this D'Iortgage is on a condominium
<br /> � unit, Borrower shall perform all oF Borrower's obligations under the declaration of condominium or master deed , ` '
<br /> ` k the by-laws and regulations of the condominium project and constituent documents.
<br /> ,� 7. Proteetioa of Lender's Security. If Borrower Fails to perform the covenants and agreements contained in
<br /> ;n this �ortgage, or if any action or proceeding is commenced which materislly sffects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domain, insol��ency, code enforcetuent, or arrangements or proeeed-
<br /> ings indolving u bankrupt or decedent; then Lender at Lender's option , upon notice to Borrower, may make such
<br /> ; appearances, disburse such sums and take sucli action ns is neaessary to protect Lender's interest, including, but
<br /> � not limited to, diabursemeni of reasonable atiorney's fees snd entry upon the Property to mske repairs . Any
<br /> amounts disbursed by Lender pursuant to this paragi•apl� ?, �vith interest thereon , shaIl become addit.ional indebt-
<br /> edness of Borrower secured by this 1-lortgage. Unless Borrower and Lender n�ree to other terms of payment, auch
<br /> � amounts shall be payable upon notice from Lender to Borro�ver requesting payineTit thereof, and shall bear inter-
<br /> est from the date of disbursement at the rate stated' in the IQote unless payment of interest at such rate would be
<br /> � contrary to applicable law, in which event such amounts shall Uear interest zt the highest rate permissible by
<br /> applicuble law, �Totliing contuined in this paragrapl� 7 slxall require Lender to incur any expense or do any act
<br /> ' ", ' hereunder.
<br /> � $. Inspeetion. Lender may make or cauee to he m�dc reasona6le entries upon and ins�ections of the Prop-
<br /> ' erty, pi�ovided thnt Lender slialt give Borrower notice ��rior to am• such inspection specifying reasonable cause
<br /> therefor related to Lender's interest in the Property.
<br /> �. Con3emaafion. The proceed; of anp atirard or claiiii for damages, direct or con�equeutial, in cunneution
<br /> with any condemnation or other taking of the Pro�iert,y , or part tl�ereof, or for cou�•eyance in lieu of condemnu-
<br /> , tion, are hereby assigned and shall be �aid to Lender. �
<br /> � In t,he event of a total taking of t.he Property, the proceeds sliall t�e applicd to tlie sums secured by this Mort- �
<br /> gage, with the excess, if sny, paid to Borro�c�er, In tl�e event of a partia] takin� of the Pro�erty, unless Borroa•er �. �"�,
<br /> � and Lender otherwise agree in writing, there slialt be ap�>lied to tlie sums secured by t,his bTortgage sueh propoT- � ;r �'*° w
<br /> ; tion af the proceeds as is equal to that proportion which tl�e amount of the sums secuTed by this r4ortgage imme- +a � u;µ
<br /> I � diately prior to the date oS taking bear^ to tl�e fair naarket ��alue of ttie Property iinmediately prio^ t•o the dste of "� �
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<br /> t,� taking,:with the balance of the proceeds paid to I3orrower.
<br /> If the Pn,perty is a6andoned bp Borrower or if after notice bg Lender to Borro�r+er that the condemnor offers "� �,
<br /> � ' to nnake an award ar settle a claim for damages, Horro�ver fails, to respond to F;ender within 30 days of the date ' , " " "
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<br /> , of suel� notiee,-T.ender is xuvi�orized to collect anci a�ply the ��roceeda at Lender's option either to reatoration or
<br /> ; rapair, of Lhe E"ro3;erty,oi• to tue su�us se�ureii Uy tliis llortgage. ' �, ; '
<br /> Unless Lender and Borrower .other�vise agree in avriting, any such applicotion of proceeds to priucipal shall
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