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<br /> ` If under paragrapl� 18 hereof the Property ic .o1d or the Yroperty is otluiw �tie acquired by T.ender, Lender ;
<br /> shull apnly , no later tt�an immediately prior to thc �.ilc of the Pro��ert�� or it� acyuisition by 7 ender, :iny Funds � ,
<br /> 6eld by Lender �it t:he tiTne of application as a credit .i�;ain�t thc. suuis �ccum<� bp this blortg2ge.
<br /> 3. Applicatioa of Payments. ' Unless applicahle la«- provides othcrwi�e, all pa,yinent� received by I.ender
<br /> under the tiTote nnci paragraplis 1 anci 2 hi.reof sl�all he u��plied 1>y I,encler first in payment of c�mounts paya.ble to
<br /> Lender by Borrower under pa�ragrapl� 2 hereot, tlien to interest IxLyab3c on thc \'ote and on I'uturc Advances, if
<br /> any, und then to the principal oi ti�e Iv�ote and to tl�n principal of I'uture Ad� �nces, if any. '
<br /> 4. Charges: Iaens. - Borrowen sliall pay all taxes, assess�uents und other chnrgts, fines and impositions atirib-
<br /> � utable #o the .}?roperty which may :�ttain a priority over th�s �9ort.gage, finu gruuud r��ita, i : wi:,, a+ T.�,�der's �
<br /> � �1 option in tl�e manner provided under ��aragraph 2 liereof oi• by Borro�ver inaking payinent, wlien d�r., directly to —
<br /> G''� the pttyee tt:ereof. Borrower sha11 pron�}itly furnisl� to I:ender all notices of amounts duc under this paragraph ,
<br /> � �,n@ in +hP !���Pnt R�rmivP�• sha (l make iizyment directl_y, I3orrower sl�all promptly f�rnish to Lender receipts evi- �
<br /> �✓ dancing sueli paytnents. Borrower shall �>romptly disc6arge any lien �vhich }ias ��riority over t.tiis `Iortgage ; F�r�-
<br /> � vided, that Borrower shall , notbe required to discharge any suoh lien so long as 13orrower shall agree in writing to
<br /> the 'payment of the obligation secured by sucli lien in u munner acceptaUle io Lender, or shall in good faith contest
<br /> h such lien by, or defend enforcenient of such lien in; legal proceedings rvLich operste to preeent the enforcement of
<br /> �.,\ the lien or forfeiture of the Property or any part thereof.
<br /> S, Hazazd Lnsurcmce. Borrower shall keep the improvenient.s no�s• existing or hereafter erected on the Prop-
<br /> erty insured against loss by fire, hazards included witl�in the term "extended coverage", and sucli otlier i�azards as
<br /> "' Lender muy require nnd in such amounts und for sucl� periods as I.ender muy require ; provided , that Lender shall
<br /> � not require ti�ut the arnount of svcl� coverage excced ihat amounC of co��erage re�uired ta r�ay the sums secured 'by
<br /> ;� this biort�age. ' '�
<br /> The insurance carrier providing tlie insurance shalt be chosen by I3orro�i�er suirjeci to a�;proval by Len�er ;
<br /> provided, tl�at such approval shall not be unreasonably �cithheld . All premiums on insurance policies shall be paid
<br /> at Lender's option in the manner provided under pzragrapl� 2 hereof or by Borro�ver making psyment, when 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 /> i:nmediately 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 tl�ereof sl�ttll bc in fonn iicceptable to Lender �nd shall include :a standard
<br />� ;� mortgage clause in fuvor of anci Sn form acceptable; t�o Lei�cier. Lendcr si�ull h�,ve tlie r;g1;L to liold the polir.,Ses and � � �
<br /> ' renewals thereof, and liorrower shnii rom ti iurnisti to i.encier uii i'eue�vai „ot;ce� a:.d a;: :c � '�� ^i ^A ;�1 nre- �
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<br /> miums. In the event of loss, I3orrower shall give prompi notice to tl�e. insurance carrier and Lender, and Lender
<br /> may make proof of loss if not made prompLly by Borrower.
<br /> Unless Lender and Borrower otlierwise agree in writing, insurancc proceeds sha11 be applied to restoration or
<br /> repair of the Yroperty damaged , provided such restor�ition or repair i� economicnlly feasible and the security of
<br /> this Vtortgage is not Chereby impuired . If such restoratim� or repair is not economically feasible or if the security
<br /> � of this i��iortgage �vould be impaired, t6e insurance ��roceeds shall I�e applied to the sui,�s secured Uy this niortgage,
<br /> with the excess, it any, paid to Borrower. If the Yroperty is abandoned by Borro�rer m• if I3orroiver fails to respond
<br /> to Lender within 30 days after notice by Lender to Borrower tl�ut the insurnnce carrier offers to settle a claim far
<br /> ; inaurance benefits, Lender is authorized to collect snd apply the insurance proceeds :�t Lender's option either to
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<br /> restoration or repair of tl�e Property or to the suins secured bp t.his \ Iortgage.
<br /> - . . � _ . _ , __. � : ... : .... „r .... ��.� � +.� n inr.ioa.l shall
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<br /> ? not extend or postpone the due date of the month]y instalhnents referied to in paragraphs 1 �nd 2 hereof or change ---
<br /> the amount of sueh installments.
<br /> If under paragrapl� 18 hereof the Yroperty is acquired by Lender , :ill right, title and interest of Borrower in
<br /> and to any insurance F�olicies and in avd to tlie proceeds tliereof (to the exteni of Che surns sFcured by this r�Iort-
<br /> gage immediately prior io sucl� sale or acquisition ) resulting fi•om damtige to tl�e Yroperty prior to the sale or
<br /> acquisition shali pass to Lender.
<br /> 6. Preservation mid Mcrintenance of Property; Leaseholds; Condomiaiums. I3orrower shall keep the Prop-
<br /> c erty in good repair and shall not permit or commit waste, impairment, or deterioration of the Property and shall
<br /> ; comply with the provisions of any lease, if this \Iortgage is on s leasehold . If tl�is Mort,gage is on a condominium
<br /> unit, Borrower shall perform all of Borrower's obligations under the declaration of condominium or master deed ,
<br /> the by-laws and regulations of the condominiutn project and constituent documents.
<br /> ` 7. Protection af Lender's Security. If Borrower fails to pertorm the covenflnts and agreeinents contained in
<br /> this Mortgage, or if any action or proceeding is comrnenced mhicli �naterially affects Lender's interest in the Prop- �
<br /> ,' erty, inciuding, but not limited to, eminent domain , insolvency , code enforcement, or arrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at I.ender 's option , upon notice to Borro�ver, may inake such
<br /> appearances, disburse sucli sums and take such acti�n a�s is necessary to protect Lender 's interest, including, but
<br /> ' not limited to, disbursement o£ reasonable attorney's fees and entry upon the Yroperty to make repairs. Any
<br /> acnounts disbursed by Lender pursuant to this paragra��h 7, with interest tl�ereon , shall become additional indebt-
<br /> edness of Borrower secured by this 1-Iortgage. Unless F3orrower and Lender agree to other terms of payment, such
<br /> � amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shali bear inter-
<br /> est from the date of disbur�ement at the rate stated in the I�'ote unless payinent of interest at such rate would be
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<br /> contrary to applicaUle law, in which event such �mounts sh�l1 ]�ear interest at the highest rate permissible by
<br /> applicnbie law. Nothing contained in this paragraph 7 shall i•equirc Lender to incur any expense or do any act
<br /> hereunder.
<br /> '' S. Inspection. Lender may make or cause to be madc reasonable entries upon and inspections of the Prop-
<br /> erty, provided that Lender shall give Borro�ver notice �u•ipr to am• �ueh in�pection ���er,ifving reasonable cause
<br /> thereforxelated to Lender's interest in the Pi•opert,y .
<br /> 9. Condemnation. The proceeds o1 uny award or clsim ior dainssges, direcc or conseyueuiiai , in conx�ec�im�
<br /> ' with any condemnation or other taking of the Pro��erty , or part tLereof, or Cor canveyance in lieu of condemna-
<br /> tion, are hereby �,ssigned and shall be paid to Lender.
<br /> In the event of a total taking of tl�e Property, tl7e ��roceeds shall Le applied to the sums secured by this hlort-
<br /> gage, �vith the excess; if any, paid to Borrower. ln tLe event of a ��artial takiug of tl�e Proper 'ty , unless Borrower ' � • _ �
<br /> and Lender othenvise agree in writing; there. sliiill be npylicd to the suius secured by this Alortgage such propor- x �'`
<br /> tion of the proceeds as is equal to that proportion �vhich tlie amount of t,he sums secured by this A�ortgage imme- ��` p � ,�"`
<br /> � ', ` diately prior to the date of taking k�ears to the fair inarket value of tlie Property immediately prior to the date of �
<br /> �.� taking, with the balance of the proceeds paid to Borro�ver.
<br /> if the Property is abandoned 6y Borro�yer or if after notice by Lender to Borrower tLst the condemnor offers ' '�' �
<br /> to make an award or' settle u clai+n 'for damages; Borrower fails t.o respond to Lender within 30 days of tlYe date
<br />� ' of such not3ce, Lender is authorized to collect and apply the proceeds 2t Lender's option citlier to restoration or ` R .
<br /> repair of the Property or to the sume secured by tliis \Yortgage. �>'
<br /> Unless Leiider and Borrower other�vise agree in tvriting, any such application of proceeds to principal shall
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