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<br /> � If under paragraph 18 hereof the Yroperty is sold oi• tl�e ProperGy is othertvise acquired by I.ender, I ender
<br /> shall a�pply, no later than immediately prim• to th� shle ' of tl�c Prot>erty or its acquisition b,y Lender, sn,y Funds
<br /> lield by Lencier 3t the time of ap��lication as a credit u�e� inst, t6e sums secured by this \-Iortgage. I
<br /> j 3. Application of Payments. LTnIess applicul�lc lazs >>rovides otl�erwike, all payments receivecl by Lender
<br /> under the Note and paragrai�lis l and 2 hereof sliaill hc. ,applied by I.ender first in pa;yrueat of amounts paynble to
<br /> Lender by Borrower under paragraph 2 ,liereof, tl�en to interest paycable on tl�e \Tote and on I+uLure Advances, if
<br /> any, and then to the princiPa! oL the Note and to the ��rinci��al of Tutut•e Advtances , it anyc -
<br /> 4. Chargess Liens. $orrower sllalIjray all taxes; assesscnents and other ciiarges, fines and im��osifions attrib-
<br /> utable to the Property tivhich may attain a }�riority over tl�is \4ortgage, and ground rents, if any, at Lender's
<br /> � ' � option in the manner provided und�r ;�aragrat�h 2 : hereof qr t�y Borro�rer 2naking payment, when due; directly: to :
<br /> ; the payee ttiereof. Borrower shall ��romptly furnisG to Lender all notices o3' umounts due under tl�is paragraph, ; -
<br /> ; a ' � and in;the event Borro�ver shall make ��ayment directly, Borrolser shu11 promptly furnish to Lendcr receipts evi-
<br /> 0 dencing such �ayments. Borrower shall promptly discliazge any lien whic}i has 'priority over this i\Iortgage; pro-
<br /> '�� vided, that Borrower shall not be required to discl�arge any sucli lien so lotig as I3orrower s1�a11 a6ree in �vriting to
<br /> � the payment of the ob]igai,ion secured by such lien in a manner ncceptable to Lender,'or shsil in good faith contest
<br /> ,
<br /> ;"• , , ' � such lien by, or, defend enforcement of sucli lien in , legal j>roceedings �vliich operate to prevent the entorcement of
<br /> _ � the lien or forfeiture of.the Property or any parE tl�ereof. `
<br /> y � 5: Hazard Insurcmce. Borrower shsll keeri the i�nprovenients now existing or hereafter erectea on the Prop-
<br /> � crty insured against loss by fire, liazards included within the term "extended coverage", and such other hazards' as
<br /> ' ; Lendermay require und in such umounts und for sucti peripds as Lender may require ; provided , t1�at Lender shall
<br /> notsequire that the amount of suGh coverage exceed that timount of coverage required to �>a,y the sums secured 'by
<br /> � this Mortgage.
<br /> The insurance carrier ��roviding tl�e insurance shall be cl�ose» by Borro�ver su:hjeot to approval by Lender ;
<br /> � provided, thatsuch approval shall not be unreasonably withheld. All premiums on insurance ��ulicies'sl�all be paid
<br /> r At Lender's option in the ma�nner provided under paragrapl� 2 l�ereof or by Borrower �Y�aking payment, tivhen due,
<br /> ;, a 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 /> j its interest, may procure insurance on the improvements, pay the premiums and such sum shall become
<br /> i ' immediately 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 Borrower to comply may, at option of Lender, constitute a default
<br /> under the terms of this Mortgage.
<br /> ; : All insurance policies and renewals thereof sl�ull be in forn� acceptable t.o I,ender nnd shall include a standard '
<br /> ; mortgage clause in favor ofand in form acceptable to' I,encter_ I.ender shall have tlie right to l� 01�1 the policies siid
<br /> ,' renewals tliereof, and Borrower shall promptly furnis}t to Lender all renewal notices alid all receipts of paid pre-
<br /> � miums. In the event of loss, Borrower si�all give prompt notice t.o the iusurance carrier and Lender, and Lender
<br /> ' ; may make proof of loss if not made promptly by Borro�;�er.
<br /> a Unless Lender and Borrower otherwise agree in writing, insurancc proceeds shall be applied to restoration or
<br /> ' repair ot the Property damaged , provided such restoration or repair is econanically feasiUle and the securitg ot
<br /> r � this Mortgage is not thereby impaired . If such restoration or repair is not economicully feasiUle or if the security
<br /> ; ;' of this b4ortgage would be impaired , tlie insur�nce proceeds shall be applied io the sunls secured Ly this Mortgage,
<br /> with the excess, if any, paid to Borrower. Tf the Yroperty is ahandoned by Borroa�er or if Borro�ver fails to respond
<br /> to Lender within 30 days after notice by Lender to Borrower that the insurance carrier offers to settle a claim for
<br /> insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to
<br /> i ' restoratior. or repair of tl�e Property or to the sums secured by tLis \Iortgage.
<br /> Unless Lender and Borrower otherwise eLgree in writing, any such a�plicatioa of proceeds to principal shall
<br /> � not extend"or postpone the due date of the monthly iiistallinents referred to in paragraphs 1 �nd 2 hereof or change
<br /> r, the amount oF such installments.
<br /> ; If under paragraph `18 hereoi the Property is acquired by Lender, all right, title anci interest of Borrower in
<br /> ` = and to any insurance policies and in and to the proceeds tliereof (to the extent of tlie sums secured by this Mort-
<br /> gage. immediately prior to such s�le or acquisition ) resulting from damage to the Yroperty prior to the sa,le or
<br /> acquisition shall pass to Lender.
<br /> 6. Preservation �d Mmnten�ce of Property; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> erty in good repuir and shall not permit or comn;it waste, impsirtnent, or deterioration of the Property and shall
<br /> comply with fhe provisions of any lease, if this lIortgage is on u leasehold . If this ;lZortgage is on n condominium
<br /> i unit, Borrower shall perform all of Borrower's obligations undcr tlie declaration of condominium or master deed , i '
<br /> the by-laws and regulations of the condominiun� project and constituent documents.
<br /> 7. Pzotection of Leader's Security. If $orrower fails to perform the covenants and .igreements contained i❑
<br /> tl�is ylortgage, or if any action or proceeding is cornmenced �vhich inaterially affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eininent domaiin, insoh�euc}�, code enfoi•cement, or arrangement.s or proceed-
<br /> ings involving a hankrirpt or decedent, then Lender at I.ender 's option, upon notice to Borrower, may inake such
<br /> appearances, disburse sucl� sums and take such RCL3QI7 as is nececs�ry to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonable attorney's fees and entry upon the Yroperty to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this paragraph 7, +vitl� interest thereon , shall �ecome addit.ionat indebt-
<br /> ednesa of Borrower secured by this :13ortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> , smounts shall be payable upon notice from Lender to Borrower requesting pa,yment thereof, and shall bear inter-
<br /> iest from the date of disbursement at tUe rate stated in the Note untess payinent oF interest at such rate would be
<br /> cotttrary to applicable larv, in which eeent such amounts shall bear interest at the highest rate pern�issible by
<br /> ' applicable law, Nothin� contained in tl� is i>aragrapl� 7 sl�all require Lender to incur any expense or do any act
<br /> � hereunder.
<br /> � 8. Iaspection. Lender inay �nake or caure to be �nndc re2sonubic entries upon and inspections of the Prop-
<br /> � erty, provided that Lender sl�all give Iiorro�cei• notice � �rior fo nn}- .uc�li inspection specifving reasonable cause
<br /> - therefor related to Lender's interest in the Propert��.
<br /> 9. Condernaatioa. The proceeds of any a�vard or claim for dama�es; direct or consequential; in connection
<br /> - with any condemnation or other taking of the Praperty; or 1�arC tliereof; or foa• con��eyance in lie�C of condemna-
<br /> tion, are hereby assigned and shall be p$id to Lender. a
<br /> j In the event of a toti;l taking of the Property, the �rroceeds shall be applied to the sums secured by this Mort-
<br /> ; gage, �vith the excess, if any , �aid to Borrower. In tl�e event of a partial tsking of the Property, unless Borrower � - , :� --> F� ' '"'
<br /> and Lender otherwise a,gree in ���riting, thete cl�all be s�pl>lied "co the suins secured by this 1�Iortgage such propor- „� , '
<br /> � tion of the proceeds ss is equal to that proportion which the nmount of the sums secured by this i�tortgage imme- �' ,��
<br /> diately prior to the date of taking 6ears to the fair markeb v�lue of tLe Propert,y immediately prior to the date of �'r �",.
<br /> I
<br /> taking, with the balnnee of the proceeds paid to Borrower. r ,
<br /> If the Property is abandoned by Borrower or if after notice by Lender to Borrower that ttie condenlnor offers '� "t
<br /> ' to make an award or settle a �laim for dainages, Borrom�er fai?s to res�ond ta Lender ccithin 3� daya of ti�e daie � ' �
<br /> of such notice, I;ea�der ia aUtl�orized to ec�llert and ar�.jy i,i�e l�rpceeds at Lcn�cr's option cither Lo restoratioti or " ,� , ;
<br /> repair of the Property or to the sums secured by ti�is \iortgage. �
<br /> Un3ess Lender and Borrower othernise agree in writing, any such application of proceeds to principal shall
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