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<br /> � If imder paragraplt 18 liereof the Yror�erty is solci ar rl,e Propert�� is ott� erwise :�cquired by Lender, Lender �
<br /> shall apply, no later than inimediately prior tb thc sale o [ the Yro��crL,v or it� ;iccjui:aition b}> Lender, any I'uuds
<br /> � held� by Lendei'� at the� time of � �spplication as a� cred�t �� �g.�inst tiie 5wn �ecured b}� chis A4ortgage. � �
<br /> ' 3. Application o£ Payments. Unles' ai>��licnblc la��� ��rovides otherwi�c„ all p.i,ynients received by Lenc:er
<br /> under ttie I�Tote and �iarugrapl�s 1 ancl `2 tiereot slisll I>e ap��lied I,y l.eii�ier fir�t in ��a���nc nt of n�nounts payable to
<br /> Lender by Bbrrower under pai•�tigrapli 2 liere�f, tlien t.o iirteiest }�ayaGlc on ilie �Tote and on P'uture aclvances; if
<br /> any, and then: to the rSrincipal of tlie ATotc and to tlie j�riizcipa] of, I�uture aci�-ances; if any,
<br /> Lf� 4. Charges; Liens. $orrower shall pay all taxes , assessments and other charges, fines and impositions attrib-
<br /> C� utable to the Property whiciv may attain a ��rioi•it5• ovex• tLis \-fortgage, and ground rents, if any, at Lender's
<br /> r � option in the manner p3•ovided under paragra�zh 2 hereof or by Borro�ver �naking gayinent, �vhen due, directly to '
<br /> M Che, payee thereof. �orrowcr sha11 ��romptly furnish t.o Lender ali not.ices of :�mounts due mider this paragraph ,
<br /> ; Q and 1n tlie event Borro�ver shall make payment directly;fI3orro�ser slaall prom�ztly furnish to Lender receipts evi-
<br /> ''�J dencing sucli payments: Borrower sliall promptly discl:srge any limi which l�as prioi•ity over this �4ortgage ; pro-
<br /> vided, that }3orro�ser shall not be z�ec�uired to discl�iirge anv sucli lien sn ]ong as I3o1•rower sUall sgree in writing to
<br /> , < � the paymetlt of the obligation secured lay such lien in :� is�anner acceptable to I.ender, or shall in good faith contest
<br /> � � such:lien Uy, :or defend enforcement of such lien in , legal proceedings �vh3cti operate ta prevent the entorcement of
<br /> ,' the lien or forfeiture of the Property oi• any part. tl�ereof.
<br /> ' S. Hazard Insurance. ` Borrower shall kee�� thc im�xovements now existiiig or hereafter erected on the Prop-
<br /> �" erty insured against loss Uy fire, liazards includecl �vithi�i t,he term "extended coverage", and such otlier hazards a5
<br /> � Lender m�tiy require and in such umounts an�9 for such �iei�iods as I.,ender may require : }�rovided , ttiat ' Lender she❑
<br /> � not require that tlie amount of such coverage e�:ceed tl�at ainount of coverage required to pay the sums secured by
<br /> r, this Mortguge.
<br /> , 'i'he insuiance carrier providing tlie insurance shnll be choser� I>y Borrower subjer,t f,o approvat by Lender ;
<br /> , provided, ti�ut such approval sl�all not be uureasonnbly withlielci. all premiums on insurance policies shall be paid
<br /> at Lender's option in the munner ��rovided undcr paragi•apli 2 hereof or ]�y Borrower inaking payment, �vhen due,
<br /> directly to the. insurance carrier.
<br /> , In 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 forth in said note until paid and shall be '
<br /> secured by tt. =s D'Iortgage. Failure hy Borrower to comply may, at option of Lender, constitute a default
<br /> � under the terms of this Mortgage.
<br /> � t111 insurance policies and renewals thereof sliall bc in forin aceeptable to I.ender and ,liall include a standard
<br /> mortgage clause in f�vor of and in Iorm acceptable to Lender. I.ender shall ha�•e thc right to huld the policies and
<br /> $ renewaxls thereof, and Borrower shall promptly furnish to Lender all renewal notices and .ill recei�ts oi paid pre-
<br /> „ > miums. In the event of loss, Borro�ver shall give pruinpt notice to the insurance carrier and Lender, and Lender
<br /> � maymake proof of ]oss if not made promptly by Borrower.
<br /> ; Unless Lender and Borrower other�i�ise agree in writing, insurance proceeds shall be applied to restoration or
<br /> ; repair of #.he Property dainaged; proti•ided sucl� re.taration or repair is economically feasible and the security of
<br /> -, } this` l�ortgage is not thereby impaired. If such restoraltion or re�.>air is not ecoriomicall}• feasible or if the security
<br /> of this ASortgage would be impaired , the insurance proceeds shall l �e applied to the sums secured by this A4ort.gage,
<br /> j with the excess, if any; paid to Borrower. If the YroperLy is abaudoued by Borrower or if Borrower fails to tespond
<br /> i to Lender within 30 days after notice by Lenc9er io Borrower ihat t6e insurauce carrier offers to settle a claim for
<br /> q � inaurance benefits, Lencier is authorized to colleet znd apply the insurance proceeds at Lender's option either to
<br /> j restoration or repair of the Property oi' to the smns secured Uy� tliis .11ortgage .
<br /> `, Unless Lender and Borrower otherwise asree in �vriting, any such applicatioii of proceeds to principal siiali
<br /> ; not extend or postpone the due date of the monthly instalhnents rePerred to in paragraphs 1 ancl 2 hereof or change
<br /> ' the amount of such instailments. "
<br /> � If under paragraph 18 hereof the Yroperty is acquirecl by I.ender, all rigl�t, title snd interest of Borrower in `,'
<br /> w and to any insurance policies and in and to the proceeds tl�ei•eof ( to t,i�e extent of the Eums secured by this Mort-
<br /> °' gage immediately prior to such sale or acyuisitionl resulting from dauiage to the Property prior ta the sale or wV'
<br /> ? acquisition sha11 pass to Lender.
<br /> 's, 6. Preservation �d Mmntenance of Pzoperty: Leaseholds; Condominiums. Borrower sha11 keep the Prop-
<br /> ri erty in good repair and shall not permit or commit waste, impnirment, or deterioration of the Property and shall '
<br /> ; comply with the provisions of any lease, if fi,his �lortgage is on a 3easehold. Ii this �lortgage is on a condominium
<br /> `; unit, Borrower shall perforni ull of Borrower's obligations undcr the declaration of condominiuin or master dee3 ,
<br /> � the by]aws and regulations of the condominiuin project and wnstituent docutnents.
<br /> _:1 7. Protection of Lendei s Security. If Borrower fails to perforui the covenants .�nd ugreements contained in
<br /> � this Mortgage, or if any action or proceeding is co�umenced �vhicli mt�terially affects Lender's interest in tl�e Prop-
<br /> � erty, including, but not limited to, eminent doinain , in;oh�ency , code enforcement, or a�rangernents or proceed-
<br /> ' ings involving a Uankrupt or decedent, then Lender at Lender's optiou, upon notice to Borrower, inay make such
<br /> j appearances, disburse such sums and take such action as is necessary t,o protect Lender's intereat, including, but
<br /> • e not limited to, disbursement of reasonablc sttorney 's fees and e�itry upoi� th2 Property to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this paragruph 7, �vith interest tliereon , shall become additional indebt-
<br /> edness of Borrower secured by this �iortgage. Unless Borro�ver and Lender sgree to other terins of payment, such
<br /> ; amounts sha21 be payabie upon notice from I.ender to Borro��er requesting payment thereof, and shall bear inter-
<br /> o est from tiie date of dis}�ursement at the rate stated in the Note unless payment of . interest at such rate �vould be
<br /> y contrary to applica�le law, in which event such uinounts shall 1�ear interest at. tl�e higl�est rate permissible Uy
<br /> :} applicable7aw: Nothing contained in tliis paragrapl� 7 shall reqUire I,ender to incur any expense or do any act
<br /> j hereunder. '
<br /> 8. lnspectioa_ Lender mav make or cause to be �nadc rea�onuble entries upon nnd inspectionc of the Pmp-
<br /> erty, provided that I.ender shall gire Borro���er noticc ��rior to am� sucl� in �pection ���ecifying rea�onnble cause
<br /> � therefor related to Lender's interest in che Propercy.
<br /> ' 9. Condemnation. The proceeds of any a�ti�nrd or clain� for datuages, direct or consequential , in connection
<br /> ;- . . with any condemnation or otl�er taking of the Propertp , m• E�art thcreof, oi• for conveyance in lieii of condemna-
<br /> ; ' 1 tion, a;e hereby assigned and shall Ue paid to Len�ier. +
<br /> � �,., In the event of a total taking of the Property, tihe proceeds slxall be ai�plied to the sums secured by this �ort-
<br /> ? � gage, �vith the excess, if any, ��aid to Borrower. In the event of a partial tnking of the Property, unless Borrower , ,a �. '
<br /> 2 and Lender otherwise agree in writing, there shall be applied tu the sums secured by tliis R4ortgage such propor- �,� k �y ,����
<br /> ' tion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage inune- `�
<br /> � diately pripr to the date of taking bea3�s to tl�e fair nzarket value of tlie Property iminediately prior to the date oi � � ��n,�
<br /> s taking, with the balauce of the proceeds paid to Borrower. ��-t
<br /> .. .z If the Progerty is absndoiied by Borrower or if after notice by Lender to Bnrrot��er that the condemnor offers
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<br /> � to mske an a?vard qr settte a claim for damages, l3orro�er iails to respond co Lender within 30 days ot tiie ciate
<br /> of suc�'i notiee; Lender is au�liorized to eallect and apply tt�e procee3s at Lender's optioi, eii;her Lo re�Loratiu�i or
<br /> < repair of the Property or to the sums secured Gy il�is �1lortgage. `�`' '
<br /> IJnless Lender and Borro�ver othenv�se agree in writiug, uny such application of proceeds t,o principal shall
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