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<br /> �. If tmder paragraph 18 liereof the Property is sold m• the I'roperty is otherwise acquired by I.ender, Lender
<br /> shall appiy, no later thun immediately prior to tlic exle of the Yro��crt�� or its acquisition by Lender, ;Lny S�utids -
<br /> � lield by Londer at tPie tin�e of iap}>licatioii as a cmdit :�gainst the siuns secured by t6is YCortgngc.
<br /> 3. Application of Payments. linless applicablc la�r provide� otherwise, .�ll payments received by Lender
<br /> under the Note and paragraphs 1 ancl 2 hereof shall bc apj�liecl i�y I.enc9c�r first in pay�nent oi amounis payable io i
<br /> Lender by Borrower under paragraph 2, l�ereof, theu t.o in 'terest � r�ynble on tiie \Totr. <� iid on P'uture Advances; if
<br /> �ny, :�nd then to the princiy�al of the Note nnd to the princ � pnl of FaLure Ac9��ances , if any. �
<br /> � 4. Charges: Liens. Borro�ver shall pay all taxes, assessments and other r,harges, fines and impositions attrib-
<br /> C�itable to the Property which may �ittain .� priorit,y over tliis �4ortgage, and bround rents , if �ny, at Lender's
<br /> ''�bption in the manner provided under paragraph 2 fiereof or 1�y Borro�ver makin� paymenti, when due; directly to
<br /> � �he payee thereof. Borro�ver' shali liroinptly furnis6 to Lender :�11 notices qf aTnounts due tmder tl�is paragraph,
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<br /> ' ' �nd in the event Borrower shall make payment directly, Borrow•er sht311 prom}�tly iurnish to I�euder receipts evi-
<br /> ' r 'dencing such payments. Borrower shall prom�>tl,y disctizrge any lien �vhieh ]�a.s priority over this \lortgage ; pro-
<br /> � vided, that Borrower shall not be required to disclint•ge any such lien so ]ong as r3or•rower sliall agree in writing t.o
<br /> the payment of-the obligation secured by such lien in a xnsnner acceptaUle to Lender, orshall in good faith contest
<br /> sucl� lien by, or defend enforcement of such lien in, legal proceedings �vl�ich operate to prevent the enforcement of
<br /> the liezi oe forfeiture of the Property or any 1�arE tl�ereof.
<br /> 5. Hazard Insurance. Borrower shall keep the improyements no�c� 'existing or hereafter erected on the Prop-
<br /> erty insured against loss by fire, ha�ards included within the term "exte�.�ded cover�ge", and such other hazards as
<br /> Lender may require �nd in siich amounts and for such pei•iods .is Lender may require ; provided, tl�at Lender �I�s)1
<br /> not require that the amount of such coveragc e�ceed t1�at amount of coverage required to pay the sums secured 'by
<br /> this Mortgage_
<br /> The insurance carrier ��roviding tlie insura��cc; shall Ue chosen Uy Borro�ver subject to approval by Lender ;
<br /> { ? provided, that such approval shall not be unreasonably withheld . r�ll premiums on insurance policies shall Ue pnid
<br /> ' at Lender's op£ion in the mamier provided under paragraph 13 hereof or by 13orrower making payiuent, when due,
<br /> directly to tlie 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 �rocure insurance on the improvements, pay the premiums and such sum shall become
<br /> ` immediatsly due anc3 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 compiy may, at option of Lender, constitute a default
<br /> under the terms of this Mortgage.
<br /> A11 insurance policies and renewals tliereuP s]itill be in forut acceptable to Lendei• and shalf include it sGan�3ard
<br /> " � mortgage clause' in fsvor of and in form acceptable io Lender. Lender shall l�ave the right to l�old the policies and
<br /> renewals thereof, and Borrowei• shall promptly furnisl� to Lender all renewal notices and all receipts of paid pre-
<br /> tniums, In the event of loss, I3orrower siiall give protnpt notice to tl�e insurancc currier and Lender; and Lender
<br /> may make proof of loss if not made promptly uy Borrower.
<br /> � Unless Lender and Borrower otherwise agree in �vriting, insura,nce proceeds shall Ue applie�l to restoration or
<br /> repair of the Property damaged, provided such restoration or repair i, economicslly feasil�le and the security of
<br /> this 11�Iortgage is not tl�ereby impaired. If such restor.tition or repair is not economic:�lly feasible or if the security
<br /> of this nlortgage wo�ld be impaired, tlie insurance �>roceeds shall be ap7�lied to the sums secured by this Mortgage,
<br /> with the excess, if any, paid to Borrower. If tl�c Yroperty is ahandoned by Boiro�r•er or if Borrower fails to respond
<br /> , to Lender within 30 da.ys after notice by Lender to Borroc;�er that the insurunce carrier offers to settle a claicn for
<br /> insurance Uenefits, I_ender is authorized to collect und apply the insurance proceeds at Lender's option either to
<br /> restoration or repair of the Property or to tl�e sums secured b}� tliis \Iortgage.
<br /> 'y Unless Lender and Borrolver other�vise agree in �vriting, an,y such application of proceeds to principal shall
<br /> not extend or postpone the due date of t.he montlil,v instullments referred to in paragraphs 1 and 2 liereof or chsnge
<br /> the amount oF such installments.
<br /> If under paragraph 18 hereof the Yroperty is acquired by Lender, ail right, title and interest of Borrower in
<br /> and to any insurance policies and in and to the proceeds thereof (to tl�e eatent of the sums secured by this Mort-
<br /> gage immediately prior to such sale or acquisition ) resulting fi•om dacnage to tl�e Property prior to the sale or
<br /> scquisition shall pass to Lender,
<br /> 6. Preservation omd Mcuntea�ce of Property; Leasaholds; Condominiums. I3orrower shall keep the Prop-
<br /> erty in good repair and shall not permit or commit �caste, impairment, or detcrioration of the Property and shall
<br /> comply with the provisions of any lease, if this \-Iorigage is ou a leasehold. If this l�ort.gage is on a condominium
<br /> � unit, Borrower shall perform all of Borrower's obligations under tlie declaration of condominiucn or master deed ,
<br /> the by-laws and regulations of ihe condominium project and constituent docuinents.
<br /> 7. Protection of Lendei s Security. If Borro�ti�er fails to perform the covenants and agreements contained in
<br /> this VIortgage, or if any action nr proceeding is coimnenced which materia lly �ffects Lender's interest in the Prop- °
<br /> erty, including, but not limited to, eminent domain , insol�•ency, code enforce�nent, or arrangements or proceed-
<br /> ' ings involving a bankrupt or decedent, then Lender 1t r.ender', option , upon notice to I3orrower, tnuy make such
<br /> appearances, disburse such sums and take sucl� action as is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reusonable attorney's fees and entry upon the Property to make repsirs. Any .
<br /> amounts disbursed by Lender pursuant to t,liis pssragraph 7 , �vith interest thereon , shall become additional indebtc
<br /> edness of Borrower secured by this liortgage. Unless Borro�vei• a.nd Lender agree to other terms of psyment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requestin� payment thereof, and shall bear inLer-
<br /> est from the date of disbursement at the rate stated in the IQote unless payment oi interest at such rate '�vould be
<br /> i contrary to applicable law, in which event such arnounts shall bear interest at the highest rate permissible by
<br /> applicable law. \Totl�ing contained in thi� parngraph 7 shall re�uire Lender to incur any expense or do any act
<br /> hereunder.
<br /> 8. Ix�spection. Lender may make or cause to be mnde re�sonablc entries upon and inspections of the Prop-
<br /> erty, provided that Lender �liall give Borrower notice � �rior to any such in�pection cpecifving reaaonable cause
<br /> therefor rela 'ted to Lender's inieresi in the Properi,y.
<br /> 9. Condemnation. The proceeds of ssny award or claim ior damages, direct or consequential , in connection
<br /> with any condemuation or other taking oi the Yroperty , or part thereoi, or ior conveyance in lieu of condemnu-
<br /> tion, are hereby assigned and shall be paid to Lender. ,
<br /> In tlie event of a total taking of the Yroperty, the i�roceeds shall be applied to the sums secured by this Mort-
<br /> gage, tivith the sxcess, if any, paid to Borrowe:•. In the event of a partial tnking of tne Yropert}• , unless $orrower ^*� � ,�»,
<br /> and Lender other«�ise agree in writin�, tliere sliall he applied to t6c suins secured by U�is 1Sortgage sucli propor- - ^ ",�
<br /> > tion of the proceeds as is equal to that proportion which tl�e arnount of the sums secured by this Mortgage imrne- �� � '.�'
<br /> diately prior to tl�e date of taking Uears to tl�e fair market value of tlie Property iinmediately prior to tl�e date of `, �
<br /> L taking, with the balance of the proceeds paid to Borrowar. �e "
<br /> If the Property is abandoned by Borrower or if after notice by Lender to Borrower that the condemnor offers
<br /> to make an award or settle a claim for damages; Eorrou�er fails to recpond to Lender witdiin 30 days of the date �
<br />'�; of snch notice, Lender is authorized to collect' and ap��ly tl�e {noceeds :it Lender's option eitlier to re,toration or
<br /> repair of the Propei�ty or to tl�e sums secured by tliis \Tortgage. �"'
<br /> ` �Tnless Lender and Borrower other�vise agree in �;�riting, any such applicatian of proceeds to principai shall
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