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<br /> � If under paragraph 1S hereof the Yroperty is sold m• thc Property is othenvise acquirecl by l.ender, Lender �
<br /> sl� all fippiy, no Jater tl�nn immediately prior to tl�e salc of tlie Propert}� or itv accauisitsion b_y I,ender, any Funds �
<br /> held by Lender :�t the tiime of application as a credit ag�iiist the suins ,ecured b�• this l�ortgage.
<br /> 3. Application of Payments. LTnlecs aji�ilieablc latv provides otherwise, all payments received �y Lender
<br /> undertitie Note and ��aragraplisl and 2 I�ereof slixll bc apjalied by I.ender first in pay�nent of aiiiounts payable to
<br /> Lender by Borrower under ��aragra��li 2 l�ereof, then to interest pay:zble on the \Tot.e and on I uture Advances, it
<br /> � any, and then to the grincipal , of the i\Totc ancl to the principal of FLiture Advances , if any.
<br /> 4. Charges; I.iens. Borrower sl�all payall tssxes, assessments and otlier charges, fines and im}�ositions attrib-
<br /> utable to the i'roperty which ma,y attain a }�riority over itiis �forigKge, and grouud reuts ; it any, at Lender's
<br /> ` � option;in the manner provided under F�aragraph 2 hereof or by F3orrower �naking ��ayment, �vhen due,' directly to
<br /> Z� the payee thereof: Borrower' shall promptly furnisl� to Lender all notices of ainounts due under tl�is paragraph,
<br /> , I�° and in ,tl�e event Borrower sl�all make payment directly; Borro�bcr sh�ilt promptly iurnish to Lender receipts evi-
<br /> L'7+ . dencing sucli }�ayments: Borro�ver sha21 promptly �iiscl�arge nny lien which l�as priority over this ��Iortgage ; pro-
<br /> C�'J vided; ,that Borrower shall not besequired to discharge any such Iien so long as Borrower sl�all a,gree in �vriting to
<br /> C the payment of the obligation' secured by such lien in u mn�nner ucceptuble to Lender, or sliall in good faith contest
<br /> C such lien by,:or defend enforcement of -such lien in , legal proceedings which operate to prevent the entorcement of
<br /> � the lien or forfeituse af the Yroperty 'or any 1>art tt�e�'eof.
<br /> � S: Eiazard Inse�rance. Borrower s6a11 keep tLe improvements uow existing or hereafter erected on the Prop-
<br /> � erty insured against loss by fire, Hazards included within the tercn "exticnded coverage", and such other hazards as
<br /> Lender may require and in such amounts and for sucli periods as I:ender may requii•e ; pru��ided, that Lender shall
<br /> ` not require that the nmount of such coverage exceed tl�at amount of coversge required to pay the sums secured 'by
<br /> ` " this Mortgage.
<br /> The insurance carrier providing tlie insuralice sliall be chosen by Borrower subject to spproval by , Lender ;
<br /> provided, that such approval shall not be imreasonably withheld. Ali premiun�s on insurance policies shall be paid
<br /> at Lender's option in the manner provided under paragraph 2 hereof or by $orro�s�er muking payment, when due,
<br /> ' directly to the insurance carrier.
<br /> ? In the event any pqlicy is not renewed on or before ten days of its expiration, the Lender, to protect
<br /> g 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 sha31 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 yolicies and renewals thereof sl�ull bc in form acceptsble to I.endei• nnd shall include u sta�ndard
<br /> ! inortgage clause in favor of and in form acceptable to Lender. Lender sliall have tlie right to I�old the policies and ; `
<br /> ; Tenewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of jiaid pre-
<br /> � miums. In the event of loss, Borrower shall give prornpt notice to tl�e insurance. carrier and Lender, and Lender
<br /> may make proof o£ loss if not made promptly by Borrower.
<br /> � Unless Lender and Borrower otherwise agree in �criting, insurance p.roceeds shall be upplied to restoration or
<br /> ; repair of the Property damaged, provided such restw•ation or rel7air is economically Seasible :.{nd the securit3� of
<br /> this viortgage is not thereby impaired_ If such restoration or repair is not economically feusible er if the security
<br /> � � of this liortgage would be impaired, the inswance }>roceeds shall I�e applied to the sums secured by this Mortgage,
<br /> with t6e excess, if any, paid to Borro«�er. If the Yroperty is aban�3vned by Borro«�er or if Borrower faiis to sespond
<br /> ! to Lender within 30 days after notice by Lender to Borrower ihnt the insurance carrier offers to settle a claim for
<br /> ` insurance benefits, Lender is authorized t.o collect and apply the insurt�nce proceeds :tt Lender's option either to
<br /> � restoration or repair of the Property or to the suins seeured by tliis \Iortgage.
<br /> � Unless Lender and Borro�ver other�vise agree in �vriting, any such application of proceeds to principal shall
<br /> � not extend or postpone the due date of the monthly install�nents referred to in paragraphs 1 and 2 hereof or change
<br /> ti the amount of such installments.
<br /> : If under paragraph 18 hereof the Yroperty is acquired by Lender, aill riglit, title and interest of Borrower in
<br /> � and to any insurance policies and in and to the proceeds tl�ereof (io t.l�e exient of the sums secured by this Mort-
<br /> � gage immediately prior to such sale or acqui,ition ) resultiug fran r.lumage to tlm i'roperty prior ta the sale or
<br /> � acquiaition shall pass to Lender.
<br /> 6. Pzeservation and Mcdutenmice of Property; Leaseholds; Condominiums. Burrower shall keep the Prop-
<br /> erty in good repair flnd shall not permit or commit �vaste, impairment; or deterioration of the Property and shsll
<br /> comply with t}ie provisions of any lease, if this \Iortgage is ori s leasehold. If this \dortgs�ge is on a condominium
<br /> ' ', unit, $orrower shaFl perform all of Borrower's obligations unclei• t,he declaration of coudominium or master deed ,
<br /> j Ghe by-laws and regulations of the condominium project and coiistituent documents.
<br /> ; 7. Protection oi Lender's Security. If Borrower fails to perforrn the covenants :�nd agreements contained in
<br /> ' � this Mortgage; or if ttny action or pToceeding is commenced which rnaterially ai'fects Lender'� interest in the Prop-
<br /> ; erty, including, but not ]imited to, eminent doinuin , insoh•evcy, code enforcement, or airrtsngements or proceed-
<br /> �? inga involving a bankrupt or decedent, tl�en Lender at Lende�'s option , upon notice to Borrower, may make such
<br /> ` sppeuranees, disburse such sums and take such action as is necessary to protect Lender's interest, ineluding, but
<br /> � not limited to, disbuisement of reasonable attorney's fees and entry upon thc� Property to make repairs. Any
<br /> amounts disbursed by Lender �m•suant to tliis paragi•apL 7 , witli interest thereori, shsll Lecome additional indebt-
<br /> edness of Borrower secured by tl�is \4ortgage. Unless Borrower and I.ender agree to other Cemis of payment, such
<br /> � amounts shall t�e payuble upon notice from Lender to Borrower requesting payment thereof, and shall bear iater-
<br /> est trom the date o£ disbursement at tl=_e rate stated in the Note unless paycssent of interest at such rate �vould be
<br /> contrary to applicable law, in whiclt event such �mounts shall bear interest at the highest rate permissible by
<br /> � . apglicabie law. Nothing containe<I in tliis ��aragraph i slinll reryuirc Lender to incur nny expense or do any act
<br /> heceunder.
<br /> ; 8. Inspection. Lender may make or cause to he ina�{c re�eontible entries u}>on and inspections of the Prop-
<br /> ert3r, provided t2iat Lender cliall give Borroi�•er notice ��i•ior to ;i�jc ;ucl � inspectiou apecifyin� reasonable csuse
<br /> theref'orxelated to Lender's interest in the Propert��,
<br /> # 9. Condemaation. T�ie proceeds of any ��vard or claim tor damnges, direct or consequential, in connection
<br /> with ang condemnaLion or other f,aking of the Yroperty, or part tliereof, or for conveyssnce in lieu of condemna-
<br /> tion, are here�y assigned and shall be paid to Lender.
<br /> � . In the event ot a total taking of the Property; the proceeds sl�all 1�e app(ied to the sums secured by Chis Mort- _, j
<br /> i gage; �vith the excess;'if any, paid to Borro�ver. In the event of a partial taking of the Yroperty, unless Borrower " " + �-
<br /> and Lender otherwise agree in writing, there si�all be applied to the sums secured b�• thie 3lorLgage such propor- ' "
<br /> tion of the proceeds as is equal tothat groportion which tlie amount of tlie sums secured by this Mortgage imme- �' µ` ��'
<br /> ,� di&�elyprior to the date of iaking bears tn tlae Tair inarket value of tlie Propert,y i�ninediately prior to the date of �' +e5��
<br /> tskin�, with the Galance of,the proceeds paid to Borrower. „=mr'`"'
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<br /> ? If the Property is abancioned by Borrower or if after noiice by I,ender t,o Borrotiver tliat the condemnor offers " P� "`°
<br /> to make an award ar settle a clsim for dan�ages; I3orrower faii� ko re�}�ond to i ende� within 3Q days 'of the etste '
<br />� of such"notiae, IJender is authorized Yo collect, ana apply CLe ��incee�l. ait. Lender'. o�ii.ion eit.h �r to re�taration or
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<br /> xepair of the Property or to the sums secured by tk�is \Soi•tgage.
<br /> Unless Lender and Borrower othenvise agree in �vriting, any such application of proceeds to principal sl�all
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