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<br /> if under paragraph 18 hereof the Property is sold or the Property is other�vise acquired by I.ender, Lender
<br /> shull apl�ly; no later than immediately �n•ior to tLe salc oP thc Propei•ty or its acquivition by Lender, anv Fwids
<br /> held by Lender at tlie time af application �s a credit agciinst tl�e sums secured by tliis 1�Iortgage.
<br /> i 3. Application of Payments. Unles§ ap��licablc l.ti��- pi•ovides otherwise, all pnyments received by Lender `
<br /> under the I�Tote and j>aragru��Ls l snd 2 tiereof sl�all bc applied b}� Lender first in payment of amounts payable to
<br /> Lender l�y Borrower und�r paragrapli 2 he1•eof, tliem to interest ��:�yal�le on tlic Note anil on 'Futurc Advances, if
<br /> any, and then to the principal of the iVote nnd to tlie �>rincipal of ruture Aclvances , if any.
<br /> 4. :Charges: Liens. $orrower shail uay all taxes, assessments �nd other charges; fines and impositions attrib-
<br /> uLable to tl�e Property which inay attain a priority over tLis A�ortgage, and ground rents, if any, at Lender's
<br /> � optian in the manner provided under paragraph 2 hereof or ' by Borxo«•er inaking pa,yinent, �vhen due, directly to
<br /> ' the payee therepf_ Borrower sGall prom��tly furnisl� to Leniler all notices of` amounts due lmder this' p�.rsgraph, :
<br /> and in the event Borro�ver shallanake payment directly, Iiorro���er sl��ll pToi�iptiv furnisG to Lender receipts evi-
<br /> dencing such payments. Borrower sha.11 promptly cliscliarge airy lien which l�ns priority over this \�fortgage ; pro-
<br /> ` vided,;that Borrower shall not be required to discliaige any ,sucl�lien so long as I3orrower shall a�ree in writing to
<br /> ; the payment of-the obli�ation secu;ed Uy such lien in .1 manner acceptable to Lender; or shall in good faith contest
<br /> - ' ' such lienby, or defend enforcement of such lien in; legxl piroceedii�gs which operate to prevent the enforcement bf
<br /> � the lien or forfeiture of the Property a• any part tl�ereof.
<br /> 5. "Hazard Insurance: Boriower shall keep tl�e iinprovements no}v existing or hereafter erecte�i bn bhe Prop-
<br /> erty insured against loss by fire, hazards ` included �vithin the term "extended coverage'; and such other hazards as
<br /> � LendeT may require and 'in such amounts und for such periods as Lender may require ; provided , that Lender shall
<br /> ' not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured 'by
<br /> ; this Mortgnge. , ,
<br /> � The insurance carrier providin� tl�e insurance shall be chosen by Borrower suk�ject to approval by Lender ;
<br /> � provided, that such ap}>roval shall notbe unreasonaUly withlield. All premiums on insurance policies shalt be paid �
<br /> at Lender's option in the manner provided under paragraplt 2 liereof or by Borrower rnaking puyment, 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 I.ender, ta protect
<br /> its interest, may procure insuranr,e on the improvements, pay the premiums and such sum shall become
<br /> immediaEely 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 /> ' ' Ali insurance policies and renewals tliereof sltall be in form acceptable to Lender and shali include a standard
<br /> ' � inort�age clause in favor of and in form acceptable to Lender, Lender shall iiave the right to liold the policies and
<br /> ' � renewals thereof, and Borrower shall promptly furnish to Lender all rene�val notices and all receipts of paid pre-
<br /> miums. In ;the event of loss, Borrower shall give prompt notice to t]ie insurance carrier and Lender, und Lender '
<br /> may make proof of loss if not made prom�t]y Uy Borrower. !
<br /> Unless Lender and Borrower otherwise agree in �vriting, insucance proceeds sha,ll be applied to restoration or
<br /> repair of the Property damaged, x�rovided such restoration or repair is economically feusiblc and the seeurity of
<br /> this MorEgage is not tliereby impaired: If such restorstion or repair is not economicalty feasible or if tl�e security
<br /> of this Mortgage would be impaired , the insurance iaroceeds sliall be applied to the sums secured by this Mortgsge,
<br /> j with the excess, if any, paid to $orrower. If tlie Yroperty is abandoned by Borrower or if Borrower fails to respond
<br /> , to Lenc3erwithin 30 days after notice by Lender to Borrower that the insurance carrier offers to settie a claim for
<br /> i insuranse benefits, Lender is authorized to collect and apply tlie insurssnce proceeds at Lender's option eitheT to f
<br /> restoration or repair of the Property or to the sums secured Uy tliis \Iortgage. ;
<br /> ' Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall '
<br /> . e not extend or postpone the due date of the monthly installment,s referred to in paragraphs 1 and 2 hereof or change !
<br /> the smount of such installments.
<br /> i If under paragraph 18 hereof the Yroperty is acquired by Lender, �ll 7ig6t, title and interest of Borrower in
<br /> j and to any insurance policies and in and to the proceeds thereof (to the estent of the sums secured by this Mort-
<br /> gage immediately prior to such sale or acquisition } resulting from da:nage to tlie Property prior to the sale or
<br /> ' acquisition shall pass to Lender.
<br /> 6. Preservation �d M�antenance of Property; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> erty in good repair and shal; not permit or commit tivaste, i�npairment, or deterioration of the Property and shall
<br /> � eomply with the provisions of any lease, if this \Qortgage is on a leasehold . If this i�lortgage is on a condominium
<br /> + unit, Borrower shali perform all of Borrower's obligations under the declaration of condominiuin or master deed , ,
<br /> the by-laa�s and regulations of the condominium project and consf,ituent documents.
<br /> 7. ProtecUon of Lender's Security. If Borrower fails to perform the covenants und agreements contained in
<br /> this viortgage, or if any action or E�roceeding is comrnenced whicL materially affects I;ender's interest in the Prop- `
<br /> erty, including, but not ]imited to, eminent domain , insoh�ency, code enforcement, or srrangements or proceed-
<br /> ' ings involving a bankrupt or decedent, then Lender at I.ender's option, upon notice to Borrower, may make such
<br /> appearances, disburse such sums snd take such 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 Property to rnake repairs. Any
<br /> , � amounts disUursed Uy Lender pursuant to this paragr�plr 7, �vith interest tliereon , sha11 become additional indebtc
<br /> `rj edness of Borrower secured by this bSortgage. Unless Borrower axid Lender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borro�ver requesting puyment thereof, and shall bear inter-
<br /> t est from the date oi disbuTsement at tl�e rate stated in t}ie Note unless payment of interest at such rate would be
<br /> contrary to applicable law, in which event such amounts sl�all 6ear interest at the highest rate permissible by
<br /> 3 applicable larv: Nothing contuined in this pnragraph 7 shall requirc I.ender to incur any expense or do any act
<br /> 3 hereunder.
<br /> i 8. Ixrapection. I.ender may make or caiise to hc madc reasonablc entzies upon and inspections of tl�e Prop-
<br /> erty, provided that Lender shall give Borrower notice �+rim• tc :tiny such inspection specifying reasonahle cause
<br /> therefor related to Lender's interest in the Yroperty.
<br /> � 9. Condemaation. - The proeeecls of any a�vard or claim for damages, direct or consequential , in connection
<br /> j with en3� condemnation or other taking of the Yroper4y, or pa.rt tl�ereof, or tor conveyance in lieu of condemna-
<br /> ; tion, are hereby>assigned and shall be paid to Lender. K
<br /> i ` In the event of a total taking of the Property, the p�oceecis sl�all be applied to the sums secured by this Mort-
<br /> , ; gage, �vith the excess, if any, yaid to Borrower. In tlie event of a partial takin� of the Yroperty, unless Borrower y�;�;
<br /> und Lender qthern�ise agree in cvriting, tliere sl�all be applicd to tlie suuls securecl Uy tliis llortglige such propor- <' " ' ;�r`.
<br /> - , i ' tion of the proceeds as is egual to that proportion whicl� ti�e amount of the sums secured by this :�Iortgage imme- �+ '
<br /> � diately prior xo tlie date pf taking bears to tUe fair ii�arket value of the Pmperty itnmediately prior to the date of ' ' �;�XW��,
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<br /> taking, with the balanae of the proceeds �aaid to Borrower. 4 e
<br /> ' i# the Pr4perty is sUandoned by Borrower or if after notice by Lender to Borrower that the condemnor offers '� "
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<br /> ' to make an award or settle a claim for damsges , Borrower fai1= to resPpnd to Lender �vithin 30 dayG nf the dete °'' < � " `
<br /> ; ` of suoh,::iiptice, T.ender is $uthorized to aolleet az�d a��ply tlie procee�3s at Lender'� ontion eit.lu�a• to re,t:ornt.ion or � - � ` - ••
<br /> repais of the Property or to the sums secured by this \Iort�age. " ' "v >
<br /> L7nless Lender and Borrower othertivise agree in writing, any such application of proceeds to principal shall
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