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<br /> . � �� If under paragraph 18 hereof the Yropert,y is sold or the T.'roperty Ss otherwise acquired by Lender, Lender
<br /> shall apply; no later tliun immediately prior to tlie sale of the l'roperty or its acquisition by I;ender, any I'unds
<br /> l�e1d by Lender at the tiine of application as a credit against the sums .ecureci by tliis 1�Iorigagc .
<br /> 3. AppHcation of Payxnents. Unless ap�licnblc la��- provides other���ise, a11 I.� ayments received by Lender
<br /> under the Note and paragra�ilis 1 and 2 liereof s}aall l�c applied by I.enclex� first in pssynient of arnounts payable to
<br /> Lender by Borrower under i�aragrapl� 2 hereof; then to interes£ psLyable on thc :�Tot:e ane9 on I'uture Advances, if
<br /> uny, and then to the r�rincipal of tl�e \Tote aud to tl�e princijia] of I'uture Advsnces , if any:
<br /> 4. Charges; Liens. Borro�ver sl� atl pay all . taxes ; assessments .ind other rhnrges, fines and im�ositions �ttrib-
<br /> utable to the Property tivhich may attain a priority over tlus ` .11ortgage ; snd ground rents , if any; at Lender's
<br /> � � option in the manner' provided under �iaragra��li 2 tiereof oi• by Borrower making �iaymenE, when due, directly to
<br /> ' ,; the payee thereof: Borrower �kiall promptiy furnish to T:ender all notices of amounts due undee thie parugraph ;
<br /> � and in the event Borrower shall anake �a.yrnent 'directly, 13orro}��er sl�all promjitly furnish to Lender receipts evi-
<br /> 5 � dencing sucti payments. Borrower shall prom �tl discliar e an lien whiclx has Sriorit over this 1Qort a e ;
<br /> i � ; . 1 Y g Y I Y g g Pra-
<br /> � vtded, that Borrowex shall not be required t.o discl�arge any sucli lien so long as Borrower sliall agree in writing to '
<br /> v the payment of the o}�ligation secured by sucl� lien itr a manner accept�ible to I ender, 'or shall in good faith contest
<br /> such lien Uy, or defend enforcement of such lien in ,: legal �iroceedings \vhich oj�erate to prevent the entorcement of
<br /> � the lien or forfeiture of the Propei�ty or any l�art tl� ereof:
<br /> � 5. Hazard Insurcxnce. Borrower st�ail kee�i thc improvements no��• exist.ing or hereatter erected on the Prop-
<br /> erty insured against loss by fire , hazards included within tihe term "extended coverage"; and such other hazards as
<br /> Lender may require and in such amounts and for sucl� pei•iods, as I,ender inay require ; provided , t1�at Lender ahal]
<br /> � noE require tliat the amount of sucli coverage exceed that amount of coverage required to pay the sums secured 'by
<br /> � � this Mortgager ;
<br /> ; The insurance carrier providing tl�e insurs:ice s1za11 be chosen by Borrorvet• sicbject to approval by Lender ;
<br /> � provided , that sucli approval shall not be unreasonably withheld . All premiums on insurance policies sha11 be paid
<br /> at Lender's option in the manner provided uncier paragraph 2 hereof or by 73orrorver making payment, when due,
<br /> ' directly to t}ie 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 beeome
<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 tliereoi shall be in forin acceptaUle to Lendei• und shall include a standard
<br /> mortgage elause in fa,vor of and in form accepta,ble to Lender. Lender shall have the right tti Lotd the policies and
<br /> � renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and ssll receipts of paid pre-
<br /> iniums. In the event of loss, Borrower shsll give prompt notice to tLe insurance carrier and Lender, and I.ender
<br /> may tnake proof of loss if not made promptly by Borrower.
<br /> Unless Lender and Borrower otlierwise agree in �vriting, insurance proceeds shall be applied to restoration or
<br /> repair of the Property daznaged , provided sucl� restoration or repair is econouiically feasilile und the security of
<br /> this Mortgage is not thereby impaired . If sucl� restoration or repair is not economically feasible or if the security
<br /> ofthis Mort�age would be impaired, the insurance ��roceeds s6a11 be spplied to the sums secured by t6is Mortgage,
<br /> with the excess, if any, paid to Borrower. If ilie Yroperty is abandoned by Borrower or if Borrower fails to respond
<br /> to Lender within 30 days after notice b}• Lender to Borrower t2iat the insurance carrier offers to settle a claim for
<br /> insurance benefifs, Lender is authorized to collect and apply the insurnnce proceeds at Lender's option either to
<br /> restoration or repair of tl�e Property or to the sums secured by this \Iortgage.
<br /> Unless Lender and Borrower otherwise :�gree in ivriting, any such application of proceeds to principal shall
<br /> not' extend or postpone the due date of the monthly installments referred to in paragrapha 1 and 2 hereof or change
<br /> the amount of such installments .
<br /> If underparagraphl8 hereof tl�e Yroperty is acquired by Lender, a11 right, title and interest of Borrower in
<br /> and to any insurance policies and in anci to the proceeds i,hereof ( to the extent of the sums secured by this Mort-
<br /> gage immediately prior to such sxle or acquisition ) resulting from damage to tl�e Property prior to the sale or
<br /> acquiaition shall pass to Lender. ,
<br /> 6. Pzeservation cmd Mmntenance of Property; Leaseholds; Condominiums. I3orrower shall keep the Prop-
<br /> erty in good repair and sl�all not permit or commit waste , impairment, or deterioration of the Property and shall
<br /> comply wiih the provisions of any lease, if this \-lortgage is on a ] easeho]d . If this llortgage is on a condominium
<br /> unit, Borrower shall perform alI of Borrower's obligations mider t.lie declaration of condominium or master deed ,
<br /> the by-laws and regulations of the condominium project and constituent documents.
<br /> 7. Protection of Lendez's Security. If Borrower fai ]s to �>erform the covenants and agreements contained in
<br /> this Mortgage, or if any action or �iroceeding is commenced �vhich materially affects Lender's interest in Lhe Prop-
<br /> ertp, including, but not limited to , eminent domain , insolvency , code enforcement, or .irrangements or proceed -
<br /> ings involving a br�nkrupt ordeeedent, then Lender at 7.ender 's option , npon notice to Borrower, may make such
<br /> appearances, disburse such sums and take sucli action :�s is necessary to protect Lender's int.erest, including, but
<br /> not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs . Any
<br /> amounts diebursed by Lender pursuant to this paragrnph 7, �vith . interest thereon , shall become additional indebt-
<br /> edness of Borrower secured by this �iortgage . Unless Borrower and I,ender agree to other terms of payment, such
<br /> � amounts shall be payable upon notice from Lender to Borrower requesting payrnent thereof, and shall Uear inter-
<br /> est from the date of disbursement at the rate stuted in the Note imless payment, of interest at such rate would be
<br /> ; contrary to applicable la�v, in which event silch amounts shall bear interest at the highest rate permissible by
<br /> � applicable ]aw. Nothing contained in this paragraph , 7 sl�nll re�uire Lender to incur any expense or do any act
<br /> hereunder.
<br /> � 8: Inspection. Lender may make or cau�e to hc inacic i•easonable entries upon and inspections of the Prop-
<br /> erty; grovided that Lender chall give Borrocn�er notice � �ria• to einv su�• h incpect,ion slrecifying reason� ble cause
<br /> therefor related to Lender's interest. in the Propertp.
<br /> 9: Condemnation. The proceeds of any award or claim for d �mages; direct or aonsequential , in connection
<br /> with any condemnation or other zaking of tdie Propert,y , or l�art ihereof , or for co�rveyanee in lieu of condemna-
<br /> ? tion, sre hereby assigned and shall be paid to Lender. +
<br /> � In the event of a totai taking of theProperty, the ��roceed; , hail be applied to the sums secured by this Mort- � . a,y "
<br /> gage, �rith f,he excess, if any, paid to Borrower. In the event of a �aartial taking of the Property , unless Borrower .
<br /> � und Lender otlierwise agree in µ�riting, thei•e si�all be applied co tlie sums secured by this A-lortgage such i�ropor- �` � "*
<br /> i tion oF the proceeds as is equai to that proportion tvhich tlYe amount of the sums secured by this Mortgage imtne- �" �
<br /> �� diately prior to tl�e date of taking; beai�s to: tlie fair inarket value of ttie Yrqperty immediately prior to tlie date of a'i'�,�x
<br /> taking, with the i�alance of the proceeds paid to Borro�ver. ��W� x
<br /> ' If the Property is abandoned by Borrocver or if after notice by Lender to Borrower that the condemnor offers ° :
<br /> � to make an a�vard or settle a clsznx for damages, Iiorro�rer faiis to re�pou�l to Leuaer witiiin 30 days oi the date
<br /> � ' of such `notice, -Lender i� auth �rized to collect and spply the j�i•occeds at Lander', opL.ion ciLLer Lu rcatoration or � - � „,. :
<br />� repair o# the Property or to the sums secured by t1�is �Iartgage.
<br /> Unless Lender ai3d Bori•ower oti�er�vise agree in writing, any such application of proceeds to principal shall
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