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<br /> If under paragr�ph 18 hereof the PropertY is sold or the Property is otherwise acquired by Lender, I.ender f
<br /> shall apply, no later t1�an immediately prior to the sale of the P�btierty or its acquisit,ion by Lender, any I'unds
<br /> held-�by Lent�er at the time of applica,tion as a� oredit� agsin5t the swns secured by- this _vlortgaga �
<br /> 3. Application of Payments. Unless � pl�lieablc Inn• provicle; otherwisc, all payments received by Lender
<br /> under ttie Note and paragrapLs l and 2 hereof sl�all bc zp�ilied by Lenctcr first in payinent of anxounts : ��ayable to
<br /> � Lender by Boiiower under parflgrapl� 2 hereof, 'tlieu to interest i>ny�ble on tl�c Notc �uid on Futm•e Advsnces, if
<br /> any, and then to the I�rincipal of the \Tote and' to tl�e �>rincipai of Tuture Aclvances, if any_
<br /> s� 4. Charges: Liens. Borrower sltall pay all taxes; assessinents ancl other charges, fines and impositions attrib-
<br /> � utable to the Property -whieh may uttain a priority over this tilortgage, �nd ground rents; if any, at Lender's
<br /> ' r , u'j option in the mamier provided Under paragraph 2 hereof or by Borro�ver :naking payment, when due; directly' to
<br /> +�.� t6e payee theieof. Borrower sliail promptly furhisli to I.ender all notices of arnounts due under this paragraph ,
<br /> � and in the event Borrower shall inake psyment directly, Borro�ti•er shall promptly furnish to Lender receipts evi-
<br /> �--z,,, dencing sac1� payments. Bprrower shall proml�tly discharge nny lien which has priority over tliis Vfortgage ; pro-
<br /> � vided, that BoTrower shall not be requared to disciiarge any sucli ]ien so long as Borrower shall agree in writing to
<br /> j1, the payment of the obligation secured by such lien in .� manner accet�table to Lender; or shall in good faith contest
<br /> such lien by, or "defend enforcement of sucli lien in; legal �voceedings �vliicti operate to prevent the enforcement of
<br /> . ,., , the lien or forfeitnre of the Property or an,y part tlicreof;
<br /> 5, Hazard Insurance. Borrower` sliall keep tl�e impi•ovements now existing or hereafter erect8d on the Prop- , -
<br /> ° erty insured against loss by fire, tiazards included wittiin the term "extended covera.ge" , and sucli otlier hazards as
<br /> Lender may require and in such amounts and for sucli periocis as Lender may require ; provided; that Lender shail
<br /> not rEquire tl�at Lhe amount af suoh coverage etceed t,hat amount of coverage required to pay the sums secured'by '
<br /> this Mortgage. �. "
<br /> The insurance carrier ��roviding tl�e insurance shall be chosen by Borro�ti�cr subiect to approdal by Lender ;
<br /> provided, that sucli approval shall not be unreasonably witl�held . All premiums on insurance policies shall be }�sid
<br /> At Lender's option in the mamier provided under parngraph 2 i�ereof oi• by Borro�ver making payment, when due,
<br /> directlyto the insurance careier.
<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 tl�ereof �hall be in form acceptable to I.ender and shall include a standard i `
<br /> mortgage clause in favor of and in form acceptable 'to Lender. Lender shall ha��c the right to liold the policies and
<br /> renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid 'pre-
<br /> miums. In the event of loss, Borrower shall give prompt notice to the insurnnce ca,rrier and Lender, and Lender
<br /> may make proof of loss if not made promptly by Borrower.
<br /> Unless Lender and Borrower otherwise agree in writing, insurance 7�roceeds shall 6e applied to restoration or
<br /> repair of the Property damaged , provided such restoration or repair is economically fcasible and the security of
<br /> - this TTortgage is not thereby impaired . If such restoration or repsir is not economically feasible or if the security
<br /> `: of this �4ortgage would be impaired, the insurance �>roceeds shall be applied to the sums secured by this Mortgage, `
<br /> ' with the excess, if any, paid to Borrower. If tite Property is abancioned by Borrower or if Borrower fails to respond
<br /> � to Lender within 30 days after notice by Lenderto Borro�ver that the insursnce carrier offers to settle a ciaim for
<br /> � insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to
<br /> ; restoration or repair of the Property or to tlie sums secured by tliis \Iortgage. �
<br /> Unless Lender and Borrower otherwise agree in writing, auy sucl� application of proceeds to principal shail
<br /> not extend or postpone the due date of the monthl�- installments referred to in paragraphs 1 and 2 hereof or change
<br /> the amount of such installments.
<br /> If under paragrnph 1S hereof the Yroperty is acquired by Lender, all rigl�t, title and interest of Borrower in 4
<br /> and to any insurance policies and in and to the }�roceeds thereof (to the extent. of the sums secured by this Mort-
<br /> gage immediately prior to such sale or acc�uisition ) result.ing froin dainage to the Property prior to the sale or t
<br /> � acquisition shali pass to Lender.
<br /> 6. Pzeservation and Mmnlen�ce of Property; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> erty in �ood repair and shall not permit or commit waste, impairment, or deterioration of the Property ttnd shall
<br /> comply with tlie provisions of any lease, if this �4ortgage is on s leasehold . If this bIortgage is on a condominium
<br /> anit, Borrower shall perform all of Borro�ver's obligations under the declaration of condominium or master deed ,
<br /> the by-laws and regulations of the condominiuin project and constituent docucnents.
<br /> 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in
<br /> this Mortgage, or if any aetion or proceeding is commencecl �vhic}� materially affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eininent domain , insoh•ency , code enforceinent., ox �rrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at Lender 's option , upon notice to Borrower, may make such
<br /> appearancea, disburse sucli sums and take sucl� action as is necessary to protect Lender's interest, inoluding, but
<br /> not limited to, disUurseinent of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br /> amounts disbursed by Lender pursusirt to t.his paragraph 7, �vitl� interest thereon, shall Uecome additionul indebt-
<br /> edness of Borrower secured by this l-Sortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requesting paymeirt thereof, and shall bear inter-
<br /> est from the dabe of disbursement at the rate stated in the Note unless payment of interest at such rate would be
<br /> eontrary to applicable law, in which event such amounts shall bear interesG at the highest rate permissible by
<br /> applicable law. Nothin� contained in Uiis paragraph 7 sl�nll require I.ender to incur any expense or do any act
<br /> hereunder.
<br /> ! 8. Inspection. Lender inav innke or cauGe to hc inadc ren�onablc entries iqion and incpect:ions of ttie Prop-
<br /> � ` erty, provided that I.ender slisll give Borrow�er noticc ��rior io anp sucl� insiiection specifying reasonable cause
<br /> : therefor reIated to Lender's interest in the' Property.
<br /> 9. Condemnatioa. The proceeds of ainy award or claim for dainages, direct or consequential , in connection
<br /> „ ; with any condemnation 'or other taking of the Pro�>erty; or ��ait thcreof, or for conveyance in lieu of condemna-
<br /> ': tion, sire he�eby assigned and shall be paid'to Lender. '
<br /> Tn tlie ecent of a total taking of the Yroperty, the ��roceeds shall be applied to the sums secured by this A'tort-
<br /> , a e �yith the excess if an uid to Borrower. In, tLe event of a artiai takin of the Pro ert unless Borrower • . ." = ��� �"'
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<br /> ' and Lender oLherwise agree in writing, tl�ere s1�a11 be ap��lied tu tl�e su�ns secured by this Ntortgage such propor- ��� ^ � � , +, �'�
<br /> ; tion of the proceeds as is eyual to that proportion which Cl�e amount of the sums secured by this Mortgage imme- �`� ;
<br /> � diately prior to:�lie date of taking bears to the fair �ixsrketvalue o£ tlie Property iinmediately prior to the date of ";��R�� '
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<br /> tal:ing, with the''k�alance of the proceeds paid to Boi•row•er. '�� "
<br /> If the Pro�erty ic Ahan�ionec� bv Fiorrower �r if zfter notice by Lender to Aorro�ver that the conc�emnor offerF ' � �
<br /> to raake a�p aWsrd or settle a cisim�for damages, 73orrower fails to x•espond Co Lender within 30 days of the date ' - - �
<br /> ' of sneh notice, Lender is auti�orized to eolleet as�d apply the �3roceeds at Lender's option eitlier to restoration or ,� ;
<br /> , repair of the Property or to the sums secured by tlzis \Iort�age.
<br /> , 'Unless Lender and Bm•rowex• othenvise sgree in rvriting, any such application of proceeds to principal shall
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