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<br />� � � If under paragrapli 18 liereof the Yroperty is sold oi• the Property is otherwise ar,quired by Lender, Lender �
<br /> siiali iip}rly, ,.o ;at�:• tl:a^ immediately prior to thc salc of tlie Prorerty or its :�C(�lllSlti011 b,y Len�ier, :iny I'unds �
<br /> held by L,ender at the time of upr>lication as a r.redit again�t il�e swns secured 'n,y this �iortguge .
<br /> 3. Application of Payments. Unless npplicable Jaw provides oil�erwise, .�Il pay�nents received by Lender
<br /> ' C'7 under the Note .und puragrapl�s 1 and 2 l�ereof s1iK11 1>c a�i7iliec3 b,y I.ender first in paymeni ot atnounts pa.yable to
<br /> C�2 Lender by BorroweT under paragrapl� 2 hereof, tlien to interest pay�ble on the Note and on rucu�•� aa�a�,��s, if
<br /> CYJ uny, and then to the principnl of the Note and to the �zrinci� �al of Future Advances; if any:
<br /> r.,++ 4. Charges; Liens. Borro�ver shall pay all taxes , assessinents' a�nd otlier r,harges, fines and im�ositions attrib-
<br /> , � C utable to the Property which may sttain a priorit,y over this �fortgage, and ground rents, if any, at 3,ender's
<br /> , � option in the inanner provided under paragrapfi 2 hereof or by l3orrower making payment, «�hen due; directly to
<br /> � � the payee inereaf. Boi•rawer shall p*omptly ' furnisl� to Lender all notices of ainounts due under tliis` parsgraph , ' ' '
<br /> � and in the eqent Borrower shxll u3akc I>ayn�ent directly; Borrower shall pxomptly :iurnish t� Lc-�ider rec .pte e:�i-
<br /> � dencing sucl� payments. Borrower shall promptl,y disch�rge any lien which has prioi•ity over this .lfortgage ; pro- "
<br /> � vided, that Borrower sliall not be required to dischsrge any stich lien so long as BorTower shull agree in writing to � " '
<br /> the payment of tlie obligation secured by sach lieii in a m:�c•�.., ::ce�pt�ble to Lender, or shall in good faith contest , �
<br /> ` ; such lien by,`or defend enforcement of sucit lien in , legal proceedings wl�ich operate to prevent the enforcement oi ' � ,
<br /> , the lien or forfeiture af the Property or iiny part thereof.
<br /> t 5: Hazard Insuzance. Borrower sl��ll keep thc im}irovements now existin� or hereafter erected on the Prop-
<br /> erty insured against loss by fire, hazards included �vitl�in the term `°extended coverage'; and sucli oti�er l�azards as �
<br /> ? Lender may require �nd in suci� amounts and for such periods as I.ender may require; pro��ided , that Lender shall ` '
<br /> not require that tl�e amount of sucli eoverage exceed tl�at amount of covera�e required to pay the sums secured 'by
<br /> ? this Mortgage.
<br /> � The insvrance carrier providing tl�e insurance shall be chosen by Borrower subject to approval by Lender;
<br /> ; provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid
<br /> ? ab Lender's option in the manner provided under paragraph 2 hereof or by Borrower makiug payment, 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 Mortgage.
<br /> All insurance policies and renewals thereof shsll be in fonn acceptable to Leuder xnd shall include a standard
<br /> mortgage clause in favor of and in form acceptable to Lender. Lender shall have the rigl�t to hold the policies a,nd
<br /> renewals thereof, and Borrower shal] promptly furnish to Lender all renewal notices and all receipts of paid pre-
<br /> iniums. In the event of loss, Borrotver shall give protnpt notice to t17e insurance carrier and LendeT, and Lender
<br /> may inake proof of loss if not made promptly uy Borrower.
<br /> ',' Unless Lender and Borrower otherwise agree in writing, insurance I�roceeds shall be applied to restoration or � ' � ' '
<br /> repair of t,l�e Property damaged , provided such restoration or repair is economically feasible and the security of
<br /> this lZortgage is not thereby impaired. If such restoration or repair is not econoiuicnlly feasible or if the security „
<br /> ; of this D4ortgage would be impaired, tlie insurance }�roceeds shnll be applied to thc sums secured by this Mortgage,
<br /> with the excess, if any, paid to Borrower. If the Yroperty is abandoned by Bo:•rower or if Borrower 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 the insurance proceeds at Lender's option either to
<br /> y restoration or repair of ttte Property or to the suins secured by this �Iortgage. '
<br /> Unless Lender anti Borrower otherwise agree in �vriting, an,v such application of proceeds to principal shall `
<br /> r i not extend or postpone tl�e due date of the ruontlily installtnents referred to in paragraphs 1 and 2 hereof or cl�ange
<br /> -'--. - -- t�'ia ar��un� af s��h _rFtz�llments.
<br /> � ; If under paragraph 18 liereof the Property is acquired by Leader, aii rigni, Lii,ie �nd :r�c.-cst of 7?osrewar in ;
<br /> : and to any insurance policies and in and to tl�e proceeds thereof �to the extent of tl�e sums secured by this Mort- `
<br /> � gage immediately prior to such sale or acquisitionl resultin� froin damage to the Property prior to the sale or
<br /> acquisition shall pass to Lender. :
<br /> % 6. Preservation cmd Mmnteaance of Property; Leaseholds; Condomiaiums. I3orrower shall keep the Prop-
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<br /> a 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 Atortgage is on a leasel�old. If this Mortgage 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 condominium project snd constituent documents.
<br /> i 7. Protection of Lendei s Security. If Borrower fails to perform the covenants snd ugreements contained in
<br /> ? this Mortgage, or if any setion or proceeding is comxnenced which materially affects Lender's interest in the Prop- "
<br /> a erty, including, but not limited to, eminent dmnain , insol��ency, code enforcement, or arrflngements or proceed-
<br /> '', ings involving a bankrupt or decedent, then Lender at l.ender's option, upon notice to Borrower, may make such
<br /> appearances, disburse such sums and take such actioii ns is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonable atCorney's fees and entry upon the Property to make repairs. Any
<br /> � amounts disbursed by Lender pursuant to this paragra�6 ? , �vitl� interest thereon, shall become additional indebt-
<br /> a edness of Borrower secured by this �iortgage. Unless Borrower and I.ender agree to other tenns of payment, such
<br /> 's amounts shall be payable upon notice from Lender to BorroFver requesting payinent thereof, und shall bear inter-
<br /> s est from tl�e date of disbursement at the rate stated in the I�Tote unless payment of interest ttt such rate would be
<br /> contrary to applicable law, in which event such �mounts shall bear interest at the highest rate permissible by
<br /> applicable law. Vothing contained in this paragrapl� 7 shnll require 7.ender to incur any expense or do any act
<br /> hereunder.
<br /> { 8. Inspection. Lender ma,y make or cau�e to he madc reaGonablc ent.ries upon and inspections of the Prop-
<br /> erty, prqvided tl�at Lender sliall give Borrower noticc ��rior to ;�n}• sucli inspection s��ecifying reasonable cause
<br /> t.herefor related to Lender's interest in the Propert��.
<br /> 9. Condemnation. The proceeds of any award or claitn for damages, direct or consequential , in connection
<br /> � with any condemnation or other taking of the Yroperty, or ��art tliereof, or for conveyance in lieu of condemnx-
<br /> tion, are hereby assigned and shall be paidto Lender. F
<br /> In the event of a total taking of the Property, the proceeds �hall L�e upplied to t6e sums secured by this Mort-
<br /> b gage;,�vith the excess; if any, paid to Borrocver. In tl}e event of r� partial taking of the Propert3�, unless Borrower � s'� •
<br /> and Lender otherscise agree in writing, there sl�all be applied to t.he swns secured by this �lurtgage cuch propor- ^. "
<br /> � tion of the proceeds as is equal to that proportion lvhich tlie amount oF tlie sums secured by this :�'IoTtgage imme- � " ��
<br /> diately prior to the date of taking bears to tlie fair inarkef value of tlne Property iminediately prior to the date of �;'i; .
<br /> taking, with the halance of the proceeds paid to Borrowei: ' ;4'�,�
<br /> � I£ the Froperty zs abandoned by Borroa�ei• or if after no:ice by Lender to Borro�ver that the condemnor offers �"• •�
<br />�' tu make er, awa!'d or"seftle a �lain� for dsmages; Bc�rro�ver #'ail< to reGp6n!� to T,ender within 30 dayk of the date � �'
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<br /> ; of Fu�h notice, Lender is authorise�l to ro11P�t an<3 H.�iply tLP �ir�iceed� Kt, 7,enr3Pr's option either t,o reat.oration or
<br /> repair of the Property or to the'sums secured Uy t11is _liortgage. "'�` "'
<br /> LTnleas Lender and Borrower othenvise agree in �vriting, any such applieation of proceeds to principal shall
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