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<br /> � ' If under paragraph 18 l�ereof the Property is sold or tlre Yroperty is othenvise acquired by Lender, Lender ! , �
<br /> sta�,ll apply, no luter than irnmediately prior to the salc of the Property or it5 scquisition by l:,ender , any Funds �
<br /> field by Lender at the time of upplication as a credit ugainet the smu� secured by tliis �lorigage.
<br /> pGr 3. Applicalion of Payments. Unless applic�sblc lii�r provides other�i�ise, all payments received by Lender
<br /> �. under the Note und puragra,pLs l anci 2 lieieof s6a11 be applied hy Lender first in payn�ent of ;smounts pr�ya,ble to
<br /> �,r Lender by Borrower under perugra�,� �° :�a-cof, tl7e i to : nteresY ;r�ya6le on the i�'otc aiid oti TuLure Advances, if �
<br /> �� nny, and then to the principnl of the iVote nnd to tlie ��rincipal of Future Advances, if any.
<br /> G;. 4. Charges; Liens, Borrower slial] �>sy all taxes, assessinents anci other cl�arges, 8nes and impositions attrib- �
<br /> ,;,;- ut�ble to the Property whicl� may atiain a pTiority over tl�i; 37ortgagc, anil ground rentc, if any, at Lender's
<br /> � � option in the manner provided under ��nragraph 2 hereof ar by Borrower makic�g payment, w hen due, directly to
<br /> � the payee thereof. Borrower shall promptly furnisl� to Lender all notices of amounts due under this paragraph ,
<br /> and in the event Borro�ver shall inake payment directly , 13a•ron•er shall promptdy {urnish to Lender receipts evi- �
<br /> dencing such payments. Borrower sha21 promptly disch� rge any lien which l�as priority over thi� ::crtgag� ; pr�-
<br /> vided, that Borrowershall not be required to discl�arge any sucl� lien so ] ong as I3orrower sl�all agree in writing to
<br /> the payment of the obligation secured by sucli lien in :� uzanuer acceptable to I.ender, or shall in good faith contest
<br /> auch lien by, or defend enforcement of sucl� lien in , legal proceedings �vl�ich operate to prevent the entotcement' of
<br /> the lien or foTfeiture of the Property or any part tl�ereof.
<br /> 4SEE RIDER 5. HazardInsurmsca.
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<br /> tk�i�tr#Eerb�etrge
<br /> The insurance carrier providing ti�e insurance shati be chosen by Borrowcr suhject to approvat by Lender ;
<br /> ' I i . provided, that such approval shall not be unreasonaUly �vithheld. All premiums on insurance policies shall be paid
<br /> ' by f3orrower making payment, when due,
<br /> directiy 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 os the improvements, pay the premiums and such sum shall become
<br /> t 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 renew� ls thereof shall be in i'orm acceptable to Lender and shatl include a standard
<br /> mortgage clause in favor of and in form acceptable to Lender. Lender sl�a! 1 have the right to hold the policies and
<br /> renewals thereof, and Borrower sl�all promptly furnish to Lender all renewa] notices and all receipts of paid pre-
<br /> miums. In the event of loss, Borrower shall give proinpt uotice to the insurnnce c�rrier and Lender, and Lender
<br /> may make proof of loss if not made promptly by Borro�ver.
<br /> Unless Lender and Borrower otherwise agree in writing, insurance �iroceeds shall be applied to restoration or
<br /> repair of the Property damaged, provided such restor�tion or repair is econoinically feasiUle and tl�e security of
<br /> this DZortgage is not ttiereby impaired . If sucti restoration or repair is not econornically teasible or if the security
<br /> of this n4ortgage would be impaired, the insurance j�roceeds sliall be spplied to the suins secured by this Mortgage,
<br /> with the excess, if any, paid to Borrower. If the Yroperty is ak>andoned by Barro�ver or if }3orro�;�er 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 thc insurnnce proceeds at Lender's option either to
<br /> restoration or repair of the Property or to the sums secured by tl�is \lortgage.
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<br /> =..- _-_. 12a1nsc .I.e�der. . w�ci_.F3nrspssre�_.�t.he._rivigE��.ur�e_itLvtritiun anv ci ��h s�iCSt10I1 �.00 pl'OCCC(.�S t0 pnnClpal Sh811 � _ �- �
<br /> not extend or postpone the due date of the �uonthly installinents referred to in paragraphs 1 and 2 hereof or change -
<br /> the amount of such installments.
<br /> If under paragraph 18 hereof the Property is acquired by Lender, �Il right, title and interest of Borrower in
<br /> and to any insurance policies and in and to tlie proceeds tliereof (to tl�e extent of the sums secured by this Mort-
<br /> gage immediately ��rior to such sale or acquisition ) resulting from damage to the Property prior to the sale or ;
<br /> acquisition shall pass to Lender.
<br /> i 6. Preservation �d Mcantenance of Property; Leaseholds; Condomisuums. Borrower shall keep the Prop-
<br /> erty in good repair and shal] not permit or commit waste, impairment, or deterioration of the Property and shall
<br /> comply with the provisions of any lease, if this \Iortga�e is on a leasel�old. If this Mortgage is on a condominium
<br /> unit, Borrower shall perform all of Borrowei's obligations under t.he declaration of condominium or master deed ,
<br /> the by-laws and regulations of the condotninium project and constituent documents.
<br /> 7. Protection of Lendez"s Security. If Borrower fzils to perForm the covenants and agreements contained in
<br /> this b•iortgage, or if any action or proceeding is commenced whicli materi�lly affects I�ender's interest in the Prop- �
<br /> erty, including, but not limited to, eminent domaiu , insoh�ency , code enforcement, or arrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at 7.ender's option , upon notice to Borro�ver, may make such
<br /> appearances, disburse sucli sums and take sucii action as is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonable attorney's fees and entry upon the Yroperty to mrske repairs. Any
<br /> amounts disbursed by Lender pursuant to this paragrapt� 7 , with interest thereon , shall become additional indebt-
<br /> edness of Borrower secured by this �Sortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> est from the date of disbursement at the rate stated in the IQote unless puyment of interest at such rate wouid be
<br /> contrary to applicable law, in which event such amounts shal] bear interest at the highest rate permissible by
<br /> applicable ]aw. Nothing contuined in this paragraph 7 sl�nll i•equirc Lender to incur any expense or do any act
<br /> hereunder.
<br /> 8. Ix�spection. Lender may �nake or cau�e to He tnadc i•easonablc entries upon nnd inspections of the Prop-
<br /> erty, provided that Lender shsll give Borrower noticc 7 �i•ia• to nn�� �uch ins�>ection �pecifying reaconable cause
<br /> therefor re2ated to Lendcr's iaterest in the Property.
<br /> 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential , in connection
<br /> with any condemnation or, other taking of the Property , oi• part thereuf, or for conveysnce in lieu oF condemna-
<br /> tion, are hereby assigned and shall be paid to Lender.
<br /> In the event of a total taking of t.he Property, tl�e proceeds shall be applied to the sums secured by this Mort-
<br /> gtsge, �vith the excess, if any, paid to Borrotver. In the event of a partial taking of the Property, unless Borrower "� � r�`�
<br /> ; and Lender otherwise agree in writing, .there sliall be applied to tt�e sums secured by this ?�fortguge such propor- ,`',x �N �„ "
<br /> � tion of the proceeds as ia equal to that proportion �vhich Llie a:nount of the suins seeured by this 1�1orLgage imme- � ��
<br /> diately prior to tl�e date of taking bears to tlre fair market �•alue of Ul�e Yroperty immediately prior to the date of � �;
<br /> � taking, with the halance of the proceeds paid to Borrower. ;;%� .�; '',
<br /> If the Property is 'at�andoned by Sorrower or it after notice Uy Lender to Borrower that the condemnor offers � ` � � '
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<br /> to inal�e au award or sett3e h c3aiiu fur uxulagea, Bursower iails Lu res}�ou�? tu Len3er witl�iv 30 days oi the date
<br /> ' of 'such naticc, Lend:.r is autbariied ia collect ai;J ap�,ly tLe }}ioueels at Len�iei•'s up6iun eitlier Lo restoration or
<br /> repair of the Property or to the sums secured by this 1lortgage. " '
<br /> Unless Lender and Borrowei• othenvise 'agree in rvriting, any such application of proceeds to principal shail
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