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<br /> Ii under �aaragraph IS hereoi the Property is sold m• the Yiroperty is other�vise acquirea by Lender, Lender
<br /> shall apply, no later tiian immediately prior to tlm, sale of il�e Property or it, acyuisition by I.ender, any Funds
<br /> held by Lender at tlie time, of application as a credit uguinst tlie swns secured by � his Mortgage.
<br /> � 3. Application of Payments. Unless applicuble !a«� provides otherrvise, all payments received U,v Lender
<br /> � under the ATote and j�aragraC�lis 1 snd 2 hereof sliall be applied by I.ender first in paymenG of amounts payable to
<br /> �ra Lender by Borrower under paragraph 2 hereot, the�i to- interest payable on the �Tote and on i'uture Advances, if ` . '
<br /> V� any, and then to the principal of the 1'ote and to tl�e principat of I'uture Advtinces, if sny.
<br /> �`✓ 4. Charges; Liens. Borrower sl�all pay all taxes, assessments �nd other cha�rges, fines und impositions attrib-
<br /> � utsble'ta the PrQperty �ahicti ins3� attai:� a p:iority over tt3is \4o;tgage, a�d �round rents, if any, ' at LCnuer's
<br /> + j'� option in the manneT provided under l7aragraph '2 3�ereo€ or by I3orrower muking pc�yment, when ciue; directly''to
<br /> � � the payee thereof. Borrowea• shall prpmptly furnisl� to T,ender all notices of' anzotmti, due under tl�is paragraph,
<br /> , ; ' and in the event Borrower sl�all make payment directly, Borrower shall prompt.iy furnish to- I,ender receipts evi- ` ` j' ,
<br /> dencing sucli payments: Borro�ver shsll promptly di�chsrge any lien whicl� has priority over this llortgsg�; pro-
<br /> vided; that Borrower sha11 not be required to disciiarge any sucli lien so long as I3orrower shall a�ree in writing to , ' `' ;
<br /> the payment of the obligatinn 5ecured by sucti lien in i� manner accepta6le to Lencter, or shall in good faith ' contest
<br /> ' � ' such iien by, or defend 'enforcement of such lien i �i, legal proceedings ivliich operate to prevent the entoicement of '
<br /> ' ; khe.lien ar forfeituTe of the Property 'or any ��art thereof. ' '
<br /> 5,' Hazard tnsurance. Borrower shail keep tl�e iinprovements no��• existing 'or hereafter erected on the Prop-
<br /> ; erty insured against loss by fire; hazsrds included �vithin the term "extended coverage", a,nd such othei• liuzards as
<br /> ` . { Lender may require and in such amounts and for snch pe�•iods ar Lender may require ; provided, that Lender shal]
<br /> not require thabtheamount of such coveruge exceed tfiat amounC of coverage required to pay the sums secured ' by
<br /> i this Mortgage. �
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<br /> { The insurance carrier providing tlte insw�ance shall be chosen by Borrower sul�ject to approval by Lender ;
<br /> ; ' provided , that such approval shall not be unreasonably withheld. All premiums on insurance policies shafl be paid
<br /> at Lender's option in the manner provided under paragrapli 2 liereof or by Borrower making pn.yrnent, 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 /> 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 IvIortgage.
<br /> All insurance policies and renewals tl�ereof shall be in for�n acceptable to Lendei• and shall include a standard
<br /> ! mortgage clause in favor of and in fortu accePtable to Lender. Lender shall l�ave the right to 11o1d the policies und
<br /> ' renewals thereof, and Borrower shall promptly furnish to Lender all rene�val notices and all receipts of paid pre-
<br /> ; ; miums. Zn the event of loss, Borrower sl�all give pro�npt notice to tlie insurance carrier a�nd Lender, and Lendei•
<br /> ; may make proof of loss if not made promptly by Borrower.
<br /> Unless Lender and Borrower otherwise agree in writivg, insurance proceeds shall he applied to restoration or
<br /> ; repair of the Property damaged , pi•ovided such restoratiotY or repair is economically feasible and the security of
<br /> � , this \,ertgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security
<br /> � of this 114ortgage would be impaired, tl�e insurance ��i•oceeds shall 1>e applied to the siuns secured by this Mortgage, ;
<br /> � with the excess, if any, pnid to Borrower. If the Yroperty is abandoned by Borro�rer or if Borrower fails to respond
<br /> to Lender within 30 days after notice by Lender to Borrower tliat the insurunce carrier offers to settle a ciaim for
<br /> insurance benefits, Lender is authorized to collect and apply tlte insurance proceeds at Lender's option either to
<br /> restoration or repair of tlie Property or to the sums secured by tliis �Sortgage.
<br /> � Unleas Lender and Borrower otherwise agree in writ.ing, any sucli application of proceeds to principal shall
<br /> ? not extend or postpone the due dute of the monthly installments referred to in paragraphs 1 and 2 hereof or change
<br /> the amount of such installments.
<br /> � If under paragraph lS hereof the Yroperty is acquired by Lender, :ill right, title and interest of Borrower in
<br /> Gand to any insurance policies and in and to the proceeds tliereof (to ihc extent of the sums secured by this Mort-
<br /> � gage immediately prioi• to such sale or acquisitionl resulting frotn da�nage io tLc Property prior to the sale or
<br /> acquisition shall pass to Lender.
<br /> 6. Preservation and Mcantenance of Property; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> �' erty in good repair and shall not permit or commit waste, itnpairment, or deterioration of the Property and shall
<br /> > comply with the provisions of any lease, if this \Iortgage is on a leasei�old . If this �4ortgage is on a condoininium
<br /> ' � uait, Borrower shall perform all of Borrower 's obligations under the declaration of condominium or master deed,
<br /> 3 the by-laws and regulations of ttie condominiuin project and constituent documents.
<br /> G 7. Protectioa of Lendei s Security. If Borrowei• fails t.o perform the covenants and sgreements contained in
<br /> ;j this Afortgage, or if any action or proceeding is coinmenced which inat.erially affects Lender's interest in the Prop-
<br /> t erty, including, but not limited to, eminent do:uain, insol��ency, code enforcement, or arrangements or proceed-
<br /> i' ings involving a bankrupt or decedent, then Lender at Lendei's opt.ion; upon not.ice to Borrowei; may make such
<br /> i appearances, disburse sucii sums and take such action :as is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonable attorney'� fees and entry upon the Property to make repairs. Any
<br /> amounts disbur�ed by Lender pursuant to this paragrapl� 7; witli interest thereon , shall become additional indebt-
<br /> edness of Borrower secured by this \-lortgage. Unless Borro���er and Lender ngree to other terms of payment, such
<br /> amouuts shali Ue payable upon notice from Lender to Borrow•er requesting payment tliereof, and shall bear inter-
<br /> est from the date of disbursement at the rate stated in the A'ote unless payment of interest at such rate would be
<br /> contrary to applicaUle la�i�, in which e��ent such nmounts shall Uesr interest at the highest rate permissible by
<br /> applicable law. Nothing containeci in this parf�grap6 7 shnll require I.ender to incur any expense or do any act
<br /> hereunder.
<br /> � 8. Iaspectioa. Lender �r�ay make or cause to he inade i•easonablc entries upon and inspections of the Prop-
<br /> erty, provided thut Lender shall give Borron•er noticc ��i•im• to ati�� ,uch iusF�ection specifying reasonable cause
<br /> therefor related to Lender's interest in the Yropert.�•.
<br /> ; 9. Condemaation. The proceeds of any award or claim for dainages, direct or consequential , in connection
<br /> ; with any condemnation or other taking of the 'YroperGy , or part thereuf , or for conveyance in lieu of condemna-
<br /> tion, are hereby assigned and shalt be paid to Lender. �
<br /> = In the event of a total taking of the Yroperty, the proceed� sirull be �pplied to the sums secured by this Mort-
<br /> ? gage, �vitii the excess, if any, paid to Borro�c�er. In the event of a p� rtial taking of the Property, unless Borrower " '� � ` �r �+.
<br /> ' and Lender otherw�ise agree in n�riting, tl�ere sliall be zp��lie�i to tl�c �ums secured by this �iortgage such propor- ;;E � ;;�y�"
<br /> ti tion of the proceeds as is equal to tl�st proportion whir.h the amount of the sums secured by this 3lortgage imme- s � ��
<br /> . � diately 'prior to' tlie date of taking bears to tlie fair inarket ratue oC tlie FroperGy im�nediately prior to the date of 4:� e, ,
<br /> � taising, with the balanee of the proceeds paid to Borrower. � "�''
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<br /> _. It the Property is abandoned by Borrower or if after notice �y Lender to Borrotiver that the condemnor offers �
<br /> % to mai�e sn sward or settle a elaim for damas;es, Aorro«�er fxils to res��ond to Lender cvithin 30 dsys' oI the aste ' '� � ' x` �
<br /> of such .notiCe, .Lender isautltorized to c�llect a1�i9 ap�>l�� the proceeds ut I,ci�der'� opt.im� eii.her t� re�i.orrtt.ion or -
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<br />� : repair of the Property or to 6he surns secured by tiiis \Iortgage.
<br /> ; Unless Lender and Borrower othezwise agree in writing, any suel� application of proceeds to principal sl�all
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