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<br /> If under paragrnph 18 hereot the Property is sold or tLe Property is otherwise acquired uy Lender, Lender
<br /> sha11 apF>ly, no later than immediately ��rior to tlie salc oS tl�e Yropei-ty or its acr�ui�it.ion by Lender, :in,y Funds
<br /> held by Lender at the time of application as � credit ag�inst the sums secured L�� this 17ortgage.
<br /> 3. Application of Payments. Unless applicable Ic��v �>rovides other�vise, all paymeniss received by Lender
<br /> under the Note and paragraphs I and 2 liereof shall I�c ap��lieci liy 7.eudex• first in payment of amounts pa,yable to
<br /> , ' Lender by Borro�ver under Paragrtipli 2 hereof, theu to intierest ��syuble on thc '_Vote and on Future Advances; if -
<br /> any, and then to the principal of the Nptc aiid to tl�e i�rincipai of 1�uture A<icances, if any.
<br /> 4. Gharges; Lieas: Borrower si�all pay all taxes, assessments and other charges, fines and impositiions attrib- '. r
<br /> utpble ' to the Property �vhich inay attain a priority over this _VIortgage, snd ground rents; if any, at Lender's
<br /> r option in tl�e manner provided under p�ragraph 2 liereof or by Borrotiver inaking payment, when due; directly to
<br /> the puyee -thereof. Borrower siiall prom��tly furnisl� to Lender ali notices of amounts due under tiiis paragraph ,
<br /> ; � and in the event Borrower shall make liayment directly, Borrower slia�ll promptly furnish to �ender receipts evi- ` " ` "
<br /> • �'r ,'. , dencing such pnyments.'Borrower shall prom��tly discl�arge any , lien �vhic.lY has priority over this :lZortgage ; pro-
<br /> � j�- vided; that Borrower shall not be requirect to discliarge any such lien so long as I3orrower shall agree in writing to
<br /> � � the p9yment of,the obligation secured by such lien iu :ti ma.nner acceptal�le to Lender, or shall in good faith contest
<br /> " , ; �_ such lien by, or detend enforcemenC uf Sucli iien in; legal proceedinbs n-L±c13 oper�t-e Eo prevent the entorcement of ' ,:,
<br /> ; ' �; the lien or forfeiture of the Property or any pa�rt tl�ereof. '
<br /> 5. Hazard Iasurance. Borrower shall keep tlie improveiuents now• existing or hereafter erected on tlae Prop-
<br /> (� ; erty insured against loss by fire; hnzards included within the term "extended coverage", and sucl� otlrer hazards as
<br /> (� Lender may require �nd in such' amounts and for such pei•iods as I:ender may require ; urovided; that Lender shall
<br /> not require tha�t the amount'of such coverage exceed tliat acY�ount of coverage i•equired to pay the sums secured 'by
<br /> . this Mortgage.
<br /> ' The insurance carrier providing tl�e insurauce shali be chosen I,�y Borrower suhject to approval by Lender ;
<br /> 4 provided, that such ;approval shail not be unreasonably with4eld. All premiums on insurance policies shall be paid
<br /> at Lender's option in the manner provided under pnragra};h 2 hereof or by I3orro�ver rnaking payment, when due,
<br /> ' direetly 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 intsrest 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, const.itute a default
<br /> ; under the terms of this Mortgage.
<br /> ; All insurance policies and rene�vals tl�ereof shall be in form acceptable to Lender and shall include a standard
<br /> ' uaortgage clause in favor of and in form ucceptable to Lender. Lender shall have the right to laold the policies and
<br /> � renewals thereof, and Borrower shall promptly furnish to Lender all renewal notiees and all receipts of paid pre- '
<br /> miums. In the event of loss, Borro���er sl�all give prompt �iotice to the insuranec ca�rrier and Lender, and Lender
<br /> ; cnay make proof of loss if not inade promptly by Barrower.
<br /> Unless Lender and Borrotiver other�vise agree in writix�b, insurai�ce �aroceeds shall be applied to restoration or
<br /> ; repair of t1�e Property damaged , pro��ided such rest.oration or repair is econotnically feasible and the security of
<br /> � this iblortgage is not thereby impaired. If such restorat,ion or repair is not econnmicsslly feasible or if the security
<br /> � of this ?l7ortgage would be impaired , f,lie insurance ��roceeds sliall be apj:�lied to the sums secured bythis AZortgage,
<br /> with tlie excess, if any, paid to Iiorrower. If tl�e Yroperiy is abandoued 1�y Boirawer or if Borrower tails to respond ; ,
<br /> to Lender tivithin 30 days after notice by I.ender to Borrower that tlie insurance carrier offera to settle a claim for
<br /> ` insurance benefits, Lender is authorized to collect and apply tl�c insurar�ce proceeds at Lender's option either to
<br /> i restoration or repair of the Property or to the sums secured by tliis \iortgage.
<br /> ,, Unless Lender and Borrower otherwise agree in �vriting, av,y such application of proceeds to principal shall
<br /> < notextend or postpone the due date of the mont.hly installments referred to in paragraphs 1 and 2 hereof or change
<br /> ' the amount of such installments.
<br /> If under paragraph 18 hereof the Yroperty is acquired by Lender, all right, title and interest of Borrower in
<br /> + and to any insurance policies and in snd to tl�e proceeds t.l�ereof (to the extent of tl�e sums secured byy this Mort-
<br /> � � � gage immediately prior to such sale or acquisition) resulting from damsge to tl�e Property �rior t_o the sale or
<br /> � aequieition shall pass to Lender.
<br /> 6. Preservation and Mcrinteaance of Property; Leaseholds; Condominiums. I3orrower shall keep the Prop-
<br /> ; 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 uny lease, if this �lortgage is on a leasehold. If this \�ortgage is on a condoininium
<br /> i unit, Borrower shall perform all of Borrower's obli�ations under t.hc declaration of condominium or master deed ,
<br /> � � the by-laws and regulations of t}ie condominiuin project Snd constituent docutnents.
<br /> ; 7. Proiection of Lendei s Security. If Borrower fails to perform the covenants und agreements contained 'an
<br /> this �4ortgage, or if any action or proceeding is commenced which inaterially affects Lender's interest in the Prop-
<br /> 5 erty, including, but not limited to, eminent domaiu, ic�soh-ency, code enforcement, or arrangements or proceed-
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<br /> � ings, involving a bankrupt or decedent, then Lender at Lender's option , upon notice to Borrower, may make such
<br /> ; appearanees, disburse such suins and take sucl� aetion :is is uecessary io protect Lender's interest, including, but
<br /> not limited to, disburseinent vf reasonable attorney 's fees and entry upon the Yroperty* to make repairs. Any
<br /> amounts disbursed by Lender pursuant to t.his paragraph 7, �cith interest therevn, shall become additional indebtc
<br /> i edness of Borrower secured by this \lortgage. Unless Borrower and Lender agree to otlter terms of payment, such
<br /> � amounts shalI' be payable upon notice from Lender to Ba;rower requesting payment thereof, and shall be�.r inter-
<br /> ; est from the date of disbursement at the rate stated in the IVote unless payment of interest at such rate would be
<br /> contrary to applicable law, in which event sucli amounts s6a11 be�tr interest at the highest rate permissible by
<br /> � applicable law. Nothing contained in this paragrapl� 7 shflll require I.ender to incur sny expense or do any act
<br /> ? hereunder.
<br /> u 8. Inspection. Lender may make or cause to be madc reaconaible entrier upon and inepections of the Prop-
<br /> " erty, pzavided thst Lender sl�nll giti�e Borroscer notice � �i•ior to an�� ;url� inspectiun specifl�irsg reainonable eause
<br /> �herefor relaie3 io Lender's interest in the Yroperty.
<br /> � 9. Condemnatien. The proceeds of any ativarcl or claini for damsges, direct or consequential, in connection
<br /> with any conden�nation oa� othei• taking o[ the ' Property , or part thcreof, or for com�eyunce in lieu of eqndemna-
<br /> � tion, a;e hereby assigxied snd sliall Ue paid to Lender. �
<br /> In the event of a total taking of the Yro�erty, the proceefl� :l�al! Le applied to t.he sums secured by tliis Mort- �
<br /> gage, with tl�e excess , if any ; paid to Borro�ser. In the event of z pnrtial tnking of the Propert.y, unless Borrower "' ����-
<br /> '. and I.ender pth,erwise agree in writing; there s6sil be ap��lied to tl�e eums secured by t.his \iortgage such propor- �;� � ' ti, ,;' r�'"" ,
<br /> ; �1 Lion of the proceeds as is equal to that proportion which fl�e amount of the sutns secured by this i�2ortgage imme- �� 'e�,;,
<br /> diately;prior to ti�e date of taking bears to t}xe fair market value of tlie Property� immediately prior to the date of ;z�� y .
<br /> ,;,��
<br /> „ � taking, with the baiance ot the proeeeds paid to Boi•row�er. ;.z��
<br /> , If t$e Pmperty is abaudoned by Borrower or if xYter notice Uy Lender to Borrower that the condemnor offers
<br /> , . , ,
<br />� s to make an award or settle a claim for da�nages, Borrower fxils to respond to I.ender within 30 days of the date (: " T `
<br /> ni such nou�ee+, Lender is authorized io collect- and appiy the proceeds at Lencier's option either Lo rest.oration or ,�, ;
<br /> repair of the Property or to the suma secured by tlxis _llortgage.
<br /> Unleas Lender and Borrower vther�vise agree in �vrSting, any such application of proceeds to principal shall
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