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<br />"'- � if t�nder r�aragraph 18 hereoY the Yroperty� is sold or the f'roperty is oiiicrwise acquireci u,y Leuder, i.ender ^^j
<br /> shall apply, no later t6� n iinmediately prior to tlie ssle of tlie Propcitv oc• its acyuitiition hy I ender, any Funds • �
<br /> l�eld by Lender at the time of application as a creciit ngsinst the� suu�5 sec�ured bv this tilortgage. �
<br />� 3. Anolication of Payments. Unless applicuble 1 .���� provides other�vis�, .ill puyments received by Lender
<br /> under the 1Vote and �>aragrapLs 1 and 2 hereof sl�all he applicd by Lcncier tirst in payinent o1 amounts payable to
<br /> Lender Uy Borrower under parugraph 2 liereof, then to interest payable on the Noic an�i on Future Advances, if
<br /> any, and then to the principal of i,he 1Tote and to tiiE �irinci�7al of Future Advances , if any.
<br /> 4. Charges; Liens. Borrower sl�all pny all t� xes, assessments and other charges, fines and impositions attrib-
<br /> utable to the Yroperty which may attain a priority over this titortgage, nnd grounci rents; ii any, at 3:ender's
<br /> � option in the manner provided under paragraph 2 Lereof or by Bon•o�ver �naking �>ayment, when due, direct]y to
<br /> i tlie payee thereof. Borro�ver sha11 }.�romptly furnish ta Lender all notices of amounts due under this paragraph,
<br /> C� and in the event Borrower shall make payment directly, 13orrower shall pron�ptly furnisli to Lender receipts evi-
<br /> r"" . . . . . s. . . s � Ti�:r�:yop ,l:g1l nrr.rn»tl.r :3:cn{iaron gn:.- ]ja;i ivhinh lia.�. nrinritv nr t.hic � \�Inrf,oaon � prn_
<br /> � �� CtELliuiT.� ou�... � y`.^.g . �..�..��. ., i•' .."'�" "., . _ . ""' o' "� _ ' . 7V " ' - . - . �
<br /> G� videfl, that Borrower shall not be required to disct�aige any such lien so long as Borrower shall agree in writing to
<br /> e.*' the payment of tl�e obligation secured by suclr lien in a manver acceptaUle to Lender, or sliall in good faith contest
<br /> C' such lietr by, or defend enforcement of such lien in; legal proceedings wl�ich opera�te to prevent the enforcement of
<br /> �' ihe iien ur ivrieiiui•a �i �aic � i.'I'vy"ci y vi u7:y j)II;� �:;C:CC:. �� � . . � .
<br /> 5. Hazard Insuranee. Borrower shall keep the improveinents no«• existing or hereatter erected on the Prop-
<br /> i � erty insured against loss by fire, hazards included zvitl�in tlie term "extended coverage", and such other liazards as
<br /> � I,ender may require and in such amounts und for such periods as Lender may require , provided, that Lender shall
<br /> not require that the amount of such coverage exceed that amount of coverage required .o pay the surns secured 'by
<br /> this Mortgage.
<br /> The insurance carrier providing tlie insurance shall be chosen by Borrowr,r subject to approval Uy Lender ;
<br /> provided, that sucl� approval shall not be unreasonably withheld_ All premiums on insurance policies shall be paid
<br /> at Lender's option in tlie manner provided under paragr�sp6 2 liereof or by Borrowe�• making payinent, when due,
<br />� directly to the insurance carrier.
<br /> `; Z.—. .::e �vsr.t a.^.y rUlia•; is �ot 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 this Mortgage. Failure by Borrower to comply may, at option o£ Lender, constitute a default
<br /> ` � under the terxns of this Mortgage.
<br /> ` AIl insurance I�olicies and renewals tl�ereof shr�ll be in fonn acceptaF>le to Lender and shall include n standard
<br /> mortgage clause in favor of and in form acceptuble to Lender. Lender sl�all have the right to liold the policies nnd
<br /> renewals thereof, and Borrower shall promptly furnisli tu Lender all renewal notices and all i•eceipts of paid pre-
<br /> miums. In the event of loss, l3orrower shall givc prompt notice to the insurance c�,rrier and Lender, and Lender
<br /> may inake groof of loss if not inade promptly by Borrower.
<br /> Unless Lender and Borrower otherwise agree in �ariting, in -surance proceeds shall be applied to restoration or
<br /> repair of the Property damaged, provided such restm�ation or repair is economically feasible and the security of
<br /> this Nlort�age is not thereby impaired. If such restoratimi or repsir is not economica�lly fcasible or if the security
<br /> of this nlortgage would be impaired, the insw�ance proceeds sliall be applied to the suws secured Uy this Mortgage,
<br /> with the excess, if any, paid to Borrower. If tl�e Yroperty is abandoned by Borrower or if Borrowr.i• 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 und apply the insur� nce proceeds at Lender's option either to
<br /> restoration or repair of the Property or to the sums secured Uy tl�is \Iortgage.
<br /> ; Unless Lender and Borrower otherwise agree in �vriting, any such application of proceeds to principal shall
<br /> `, not extend or postpone the due date of the uzontlily instzllments referred to in paragruphs 1 and 2 hereof or change
<br /> the amount of such installments.
<br /> If under paragraph 18 hereof the Yroperty is acquired by Lender, all right, title and interest oF Borrower in
<br /> and to any insurance policies and in and to tlie proceeds tl�ereof (to the extent of the sums secured by tl�is Mort-
<br /> gage iimnediately prioi• io sucl� sale m• acyuisition ) resulting froiu da�nage to tl�e Yroperty prior to the sale or
<br /> t�cquisition shall pass to Lender.
<br /> ' 6. Preservation and M.::ntenance of Property; Lease:�nlda; Condominiums. Borrower shall keep the Prop-
<br /> � erty in good repair and shall not permit or coinmit waste, impairment, or deterioration of the Property and shall
<br /> comply with the provisions of any lease, if this 1lortgage is on a leasehold . If this 34ortgage is on a condominium
<br /> unit, Borrower shall perforin all of Borrower's obiigations under the declaration of condominium or tnaster deed,
<br /> the by-Iaws and regulations of the condominiun� project and constituent documents.
<br /> 7. Protection of Landei s Security. If Borrower fails to perform thc covenants and agreements contained in
<br /> this lSortgage, or if any actiai or proceedin� is connnenced which materially affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domain , insol�•ency , code enforcement , or arrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at Lender 's option , upon notice to Borrower, may make such
<br /> appearances, disburse sucl� sums 3nd take sucl� action cas is necessary fo protect Lender's interest, including, but
<br /> not limited to, disbursement of ressonable attorney 's fees and entry upon the Yroperty to make repairs. Any
<br /> amounts disbursed Uy Lender pursuant to tlzis paragrapli 7, �vitli interest thereon , shall becoine additional indebt-
<br /> edness of Borrower secured by this �lortgage. Unless Borrower x�nd Lender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requesting pay�nent tl�ereof , and shall bear inter-
<br /> est from the date of disbursement at the rate stated in the ATote unless payment of interest �t such rate would be
<br /> � contrary to ap�licable la�v, in which event such amounts shall bear interest at the highest rate perrniesible by
<br /> applicable law . \Totl�ing contained in this parsgraph 7 shall requi�•e I.ender to incur any expense or do any act
<br /> hereunder.
<br /> 8. Inepeetion. I,ender may make or cause to be made reasonablc entries upon and inspections of the Prop-
<br /> ei�ty, provided that Lender shall give Borrower notice ��rior to any �u<�l� ir�epection specifping reasonable cause
<br /> therefor related to Lender's intcrest in the Property.
<br /> 9. Condemaaiion. Tl�e proceeds oi uny awarci or claim ior cixm�ges, direci or consequeniial , iu connection
<br /> with any condemnation or other taking of the Yroperty� , or p:�rk thereof , or for con��e,vance in lieu of condemna-
<br /> tion, are hereby assigned and shsll be paid to Lender.
<br /> In tl�e event of u total taking of the Yroperty, the proceeds �I�all be applied to the swvs secured by this iVIort-
<br /> gage, �vith the excess, if any, paid to Borro�Ler. In the event of a partiz�l taking of tlie Property, unless Borrower ,; ,� �
<br /> ` and Lender othenvise agree in �ariting, there shall be applied to t,he sums secured by this llortgage such propor- ' ' ' " ` �
<br /> tion of the proceeds as is equal to thst proportion which the amount of the sums secured by this l�iortgage imme- i' � :�"%�'
<br /> �� diately prior to the date of taking bears to t3�e fair lnarket value oF tlie Property immediately prior to the date of "'
<br /> taking, with the balance of the proceeds �sid to Borrower. " '' t ��
<br /> If the Property is abandoned Uy Borrow er or if after notice bv Lender to Borro�ver tl�at the condemnor offers �� �'
<br /> to make an award or settle a claini for damsges, Borrower fails to i•e�pond to I.ender �vithin 30 days >of the date
<br />�' of' sueh noti¢e, i.ender iE authori2ed to collect and apply the i�roceede at I,ender's option either to restoration or
<br /> repair af the Property or to the sums secured by this �Iortgr�ge. ��•.
<br /> Unless Lender and Borrower otherrvise sgree in writing, any such application of proceeds to principal shall
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