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<br /> MP43, . . . . . . . I .. � �
<br /> � If under ��aragraph 18 hereof the Property is sold or the Propert�� is otherwise :�cquired by I,�nder, Lender
<br /> shsll �tpply, no later tfian immediatel,y prior to the sale oP [l�e Property or iis acquisition by I�endei; an,y Fimds
<br /> lield by Lender at the time of application as a dredit against tlie sums secured b}� this YIortgage.
<br /> 3. Application of Payments. Unless applicablc 1 :�«- provides �therwisc, all payments received by Lender
<br /> under the Note and paragraplis 1 and 2 hereof shall hc applicd by I,endci• fir•st in pa}�nient of amounts payable to
<br /> Lender by Borrower under paragrapli 2 1�ereoi, then to interest 1 >>�yable on the N"oie unci an Future Advances, if
<br /> any, and then to the principsl of the i�Tote and to tlie principal of I'uture Advances, if any.
<br /> 4. Charges; Liens. Borrower sl�all pay all taxes, assessments and other cl�n�rges, fines and impositions attrit�-
<br /> ` utable to tl�e Property �vliich may nttain a prioriEy over tliis Mortgage, ' and grotmd rents, if any, at Lender's
<br /> option in the mannec provided under paragrap}� ,2 hereof or by Borrower` �naking payment; when due, directiy to
<br /> � �� the payee thereof. Borrower shall prom�tly furnish to Lender all notices of amounts due under this paragraph ,
<br /> � Q.`; and in the eyent Borrower shall make }�ayment directly , Boi•rowei• sl�all proinptdy furnish to Lender receipts evi-
<br /> C,.., dencing sucl� payments. Borrower shnll promptly discharge any lien which has priority over this liortgage ; pro-
<br /> � vided, that'BQrrower shall not- be required to discharge any sucl� lien so long as Borrower shall agree in writing to
<br /> �, the payment 4f the obligation securedby such lien in ii �xianner accept�tible to Lender, oi• shall in good faith contest
<br /> C such lien by; 'or defend enforcement of suclrlien in; leg�tl proceedings whicli bE>erate to prevent t.he en#orcement of
<br /> the lien or forfeiture of the Property or any part tl�ereof.
<br /> 5. fiazard Insur�ce. Borrower shall keep tl�e improvernents now existing or hereafter erected on the P;op-
<br /> � erty insured against loss by fire, hazards included witHin the term "extended coverage", and such other Lazards as
<br /> � Lender may require and in such amounts und for suc1� periods as Lender may require ; provided , that Lender shall
<br /> � not require that t6e amount of such coverage exceed tt�at amount of coverage required to pay the sums secured 'by
<br /> " this Mortgage.
<br /> ; The insurance carrier �sroviding tl�e insuratice stial2 be ci�osen by Borrower subject f,o approvaI by Lender ;
<br /> provided, thut such approval shall not be unreasonaUly withheld. All premiums on insurance policies shall be paid
<br /> at Lender's option in the manner providecl tmdei• paragraph 2 hereof or by Borrower making payment, w1�en 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 defauit
<br /> under the terms of this Mortgage.
<br /> All insurance policies and rene�vals thereof sh� ll be in form acceptable to I,ender alnd sliall include a standard
<br /> inortgage ciause in favor of and in forin acceptable to Lender. Lendec• sliall have the rigt�t to hold the polic;ies zand
<br /> renewals thereof, and Boirower shall promptly furnish to Lender all rene�val notices and all receipts of paid pre-
<br /> miums. In the event of ]oss, Borrower shall give prompt notice to the insurance carrier and Lender, and Lender
<br /> may make proof of loss if not made promptly by Borrower.
<br /> Unless Lender and Borrower other�s•ise �gree in writing, insur.�nce proueeds shall be a,pplied to restoration or
<br /> repair of the Property damaged , provided such restoration or repair is economically feasible and the security of
<br /> this Mortgage is not tl�ereby iinpaired. If such restoration or repair is not econo�nically fe3sible or if the security
<br /> of this Dlortgage would be impaired , tl�e insurance ��rocceds sliall I�e appiied to the sums secured Uy this Mortgage,
<br /> with the excess, if Zny, paid to Borrower. If the Yroperty is abandoned b,y Borrower or if Borrower fails to respond
<br /> to Lender within 30 days after notice by Lender to Borrower that t.he insurance carrier offers to settle a elaim for
<br /> insurance bene&ts, Lender is authorized to collect and applp t6e insurance proceeds at Lender's option either to
<br /> restoration or repair of tl�e Property or to the suins secured by tliis \lortgage.
<br /> ' Unless Lender and Borro«�er otherwise ugree in writing, nn�• such application of proceeds to principal shall
<br /> not extend or postpone the due date of the �uonthl,y installments referred to in paragraphs 1 and 2 hereof or change
<br /> khe amount of such installments.
<br /> If under paragraph 18 hereof the Yroperty is acquired by Lender; :tll right, title and interest of Borrower in
<br /> and to any insurance policies and in and to the proceeds t.l�ereof (fo thc extent of the sums secured 6y this Mort-
<br /> � gage immediately prior to such sale m• aequisition ) resuliing &•orn damage to the Yroperty prior to the sale or
<br /> ucquisition shall pass to Lender.
<br /> !` 6. Presezvation cmd Mmntencmce of Property; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> erty in good repair ancl shall not permit or commit waste, impairment, or deterioration of thc Property and shall
<br /> comply with the provisions of any lease, if tl�is \-iortgage is on � leasehold . If this AZortga�e is on a condominium
<br /> unit, Borrower shall perform all of Borrower's obligations under the declairation of condominium or master deed ,
<br /> theby-laws and regulations of the condominium project and constituent documents.
<br /> 7. Protection of Lender's Security. If Borrower fnils to perform the covenants and agreements contained in
<br /> ; this ibiortgage, or il' any actior, or proceeding is commenced �vhich materially affects Lender's interest in the Prop- �
<br /> � erty, including, but not limited to, eminent domain, insolvency , code enforcement, or arrangements or proceed-
<br /> ings involving a banl:rupt or decedent, tl�en Lender at I.enc�er's option , u}>on notice to Borro�ver, may make such
<br /> appearances, disburse such swns and take sueli actioii as is iiecessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of ressonable nttorney's fees and entry upon the Property to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this paragraph 7, �vitl� interest thereon , sha1L become additional indebt-
<br /> edness of Borrower secured by this tiiortgage. Unless Borro��er and Lender ugree 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 /> eat from the date of disbursement at tl�e rate stated in the 1Vote unless payment of interest ut such rate would be
<br /> contrary to applicabie law, in which event such amounts sha11 Uear interest at the highest rate permissible by
<br /> applicable la�v. �Tothing contained in this pnragraph 7 shall requirc Lender to incur any expense or do uny uct '
<br /> hereunder.
<br /> 8. Inspeetioa. Lender mn5% make or cause to be mac{e reasonable entries upon and inspections of tl�e Prop-
<br /> erty, pruvided that Lenc3er s1�a11 give Borrower noticc ��rior ta an}� �uoh inspection si>ecifying re�sonable cause
<br /> t.herefor related to Lender'c 9nterest in t17e Propert��.
<br /> i 9: Condemnation. The proceeds of any s�vard or clain� for damages, direct or consequential , in connection
<br /> with any condenYnation or other taking of tUe Property, or part , tl�ereof, or for conveyance in lieu of condemna-
<br /> ` tion, are heceby assigned and shall be pr�id to Lender. ,
<br /> In the event of a totaltakin� of the Property, the proceeds ehall t>e npplied to the sums secured by this Mort- '
<br /> � gage, �vith the excess, if any, paid to Borro�ver. In tl�e event of a I.>artial taking of the Property, unless Borrower � `m"+� � + �;�
<br /> and Lender otherwise ngree in writing, tt�ere sl�all be applied to the sums secured by this \4ortgage such propor- x Ar� "��," -
<br /> tion of the proeeeds as is equal `to that proportion wl�ich tlie amount of the sums secured by this lbfortgage imme- � � `� �
<br /> diately prior to the date'of taking beurs to tl�e fair maTket v�,lue of the Property iminediate]y prior to tlie. date of ` � �
<br /> � tsking, with the balance'of the proceeds paid to Borro�vei•. � ��� `*
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<br /> ` ` If the' Progerty is abandoned by Borrower or if after notice by Lender to Borro�cer that tl�e condemnor offers "
<br /> tv make a� a,ward or settlq a claim for dsmages, Bortower iaiia to respund to Lender �viihin 30 days of the dste
<br /> w of Furh notice, ,S,ende_ is author;zcd to collcot an8 api�ly� thc j>roceeda at I,enQer's uN�iun eidlier io restoration or
<br /> ; repair of the Property or to the sums secuied by ti�is ltortgage. '"'
<br /> Unless Lender and Borrower othersvise agree in writing, any such application of proceeds to principal shall
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