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<br /> � If under paragraph 18 hereof Ehe Property is sold or thc Property is otherwise acquired by Lender, Lender ,
<br /> shall apply, no later than immediatel_y prior to the sale of the Propert,y� or its acquisition b,Y Lender, sny Funds
<br /> � lield by Lender at the time of ap�>) ication as a cmciit. against tlie sums �ecured hy this iVIortgage.
<br /> 3. Application of Payments. Unless applicablc la�g provides otherwise, all payrnents receiveci Uy Lender
<br /> under the Note und paragraplis l and 2 hereof slt3ll bc ap�>lied ; by Lender first in �>ay�nent of amounts payable to
<br /> Lender l�y $orrower undei• paTagraf�li ' 2 hereof„ tl�en to interest i�aya6le on tlic Note and on Future' Advances, it
<br /> any, ar2d them to the principal of the �Tote and io the , �iriirci�>nl of I'uture Advances; if any.
<br /> �..� 4. Charges; Liens. Borro�ver shall" j�ay all t�xes, assessments �nd other charges, fines and impositions attrib-
<br /> p ' utable to the Property. which may attain u priority over tliis l4ortgage; and ground rents ', if any, at Lender's
<br /> � pp option in the manner provided under paTagraph ,2 hareof or by Borrotiver inaking payment, when due; directly to
<br /> � the payee thereof: Borro�ver shall promF�tly furnisl� to Lender a31 notices of amoiiiits due under tl�is paragraph,
<br /> �1 and in the event Borrower shall make payment directly; Borrod•er sl�all promptly furnish to Lender receipts evi-
<br /> �'j dencing such payments. Borrower shall promptly clisclxarge sny lien whic)� l�as i�riority over this tilortgage ; pro-
<br /> vided, that Borrower shall not be required to discl�arge any sucl� lieii so long as Borrower s6�ll agree in writing to
<br /> ` � the payment of the obligation seeureci by such lien in ci manner aeceptable to Lender; or shall in good faith contest
<br /> � ' n'► such lien by, or defend enforcement of such lieii in, legal proceedin�s whic6 operate to ��revent the entorcement of
<br /> :� � thelien or forfeiture of the Property or any jzart thereof. ;
<br /> ± 5: Hazard insurance. $orrower shatl keep the iinprovements no�v existing or liereafter erected on the Prpp-
<br /> eity insured against loss by fire, hazards included �vithin the term "extended coverage", aiid such other hazards us
<br /> Lendei may require and in such amounts and for sucli periods :�s Lendez• may reqniY•e ; provided ; that Lender' shall
<br /> ;;: noti require that the amount of such coverage exceed that amount of coverage required to pay the sums secured 'by , i`
<br /> � this Mortgage.
<br /> The insurance: carrier providing tl�e insurance shall be c6osen by Borrower subject to approvat by Lettder ;
<br /> provided, that such approval shall not be unreasonab]y withheld. All premiums on insurance policies<shall be paid
<br /> at Lender's option in the manner provided under paragrapli 2 liereof or by Borrower making payment, 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 Lender, to protect
<br /> its interest, may procure insurance on the improvements, pay the premiums and such sum shall become
<br /> immediately due and payabie with interest at the rate set forth in said note until paid and shali be
<br /> ' secured Uy 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 thereof shall be in for�n acceptable to Lender and sl�all include n stttndard
<br /> mortgage clause in favor of and in forin necept�tble to Lender. Lender sl�all have the right to i�old the policies and
<br /> ; - renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices nnd all receipts of paid pre-
<br /> iniums. In the event of ]oss, Borrower sl�all give prompt notice to tl�e insurance carrier and Lender, and Lender
<br /> may make proof of loss if not made prornptly by Borrower. ;
<br /> Unless Lender and Borrower other�vise agree in writing, insurance proceeds shall be applied to restoratian or
<br /> ' repair of the Property damaged, provided such restoration or repair is economically teasible and the security of
<br /> ' this Mortgage is not thereby impnired . If such restorstion or repsir is not economically feasible or if the security �,
<br /> t of this \?ortgage would be impaired , the insurance ��roceeds shall be applied to the sums secured by this Mortgage;
<br /> fwith the excess, if any, paid to I3orrower. If the Yroperty is abandoned by Borrower or if Borrower fuils to respond '' '
<br /> to Lender within 30 days after notice by Lender to Borrower that tl�e insurance carrier offers to settie a claim for r '
<br /> � insurance benefits, Lender is authorized to collect and apply tl�e insurance proceeds at Lender's option either to � '
<br /> = restoration or repair of the Property or to tlie sums secured by this :14ortgage.
<br /> � Uniess Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall
<br /> f not extend or postpone the due date of the montlily installments referred to in ��aragraphs 1 and 2 hereof or change a '.
<br /> the amount of such installments.
<br /> ' If under paragraph 18 hereof the Yroperty is acquired by Lender, :�ll right, title and interest of Borrower in
<br /> ` 3 and to any insurance policies and in and to t}ie proceeds tliereof ( to tbe eatent of klie su:ns secured by ttais Mort-
<br /> gage immediately prior to such sale or acquisition ) resulting from dnmage to the Propertg prior to the sale or
<br /> � ' acquisition shall pass to Lender.
<br /> p 6. Pzeservation �d Mmatenance of Property; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> ; erty in good repair and shall not per�nit or eommit �i�aste, impairment, or deierioration of the Property nnd shali
<br /> t comply with the provisions of any lease, if this \fortgage is on a lease6old . Ii tl�is �3ortgsge is on a condominium
<br /> iunit, Borrower shuil perforin all of Borro�ver's obligations under thc declaration of condominium or master deed,
<br /> the by-laws and regulations of the condominium }>roject and constituent documents.
<br /> � 7. Protection of Lender's Security. If Borrower fails to perform the covennnts and agreements contained in w
<br /> k this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Prop-
<br /> r erty, including, but not liinited to, eininent domaiu, insolvency, code enforcement, or arrangenients or proceed-
<br /> ;; ings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such
<br /> ; appearances, disburse such sums and take such action ns is necessary to protect Lender's interest, including, but
<br /> not limited to, disbarsement of reasonable attorney', fees and entry upou the Property to make repairs. Any
<br /> amounts disbursed tzy Lender pursuant to this paragi•aph 7, «�ith interest the:�eon ; shall become �dditional indebt- '
<br /> ' edness of Borrower secured by this �iortgage. Unless Borro�ver and Lender agree to otlier tenns of payment, such
<br /> smounts shall be payable upon notice frocn Lender to Borrower reques'ting pa,yment thereof, and sfiull bear inter-
<br /> est from the date of disbursement at the ratc stated in the ti'ote unless payment of interest at such sate would be
<br /> contrary to app]icable law; in which event such amounts sl�all bear interest at the higl�est rate perxnissible by
<br /> i applicable law. Nothing contained in t6is par�grar�li 7 shnll require Lender to incur any expense or do any act
<br /> ; hereunder.
<br /> 8. Ix�spection. Lender may make or cause 3o bc mflde reasonable entries upon and inspections of the Prop-
<br /> ' erty, �ro�>ided that Lendez shsll give Borro�rer notice ��i•ior to �zn}� suc•h inspection specifying masonable cause
<br /> ' tharefor relateu tu Leu3er's interest in ti�e Properi,y.
<br /> 9. Condemaatioa. The proceeds of uny ati;�ard or clnim for dsmages, direct or conseyuential , in connection
<br /> with any condeuxnatiom or other tiaking of the Property, oi• part tliereof, or for con��eyance in lieu of condemna-
<br /> ' tion, are hereby a,ssigned and shnll be l�sid tu Lender.
<br /> ' In the event of a total taking of thE Property, thc proceecis s6a11 be applied to tl�e suins secured Uy ttiis �1ort- , �
<br /> ? gage, �vith the excess, if any, Ejaid t.o Borrower. In the event af � partial tnking of the Propert.v, unless Borrower �' *
<br /> 1 and Lender otherwise agree in writing„ there shxil �e ap�>lied to t,l�e suius seeured by this \iortgage such propor- ,L� ` ` `�
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<br /> tion of Lhe proceeds as is equal to that proportion wl�ich ti�e amount of the sums secured by this ZvIortgage imme- ` *�
<br /> � diatelyprior to #he date of taking bears to tl�e fair market value of tlie Froperty immediately prior to the date of ', � ,Y?;
<br /> taking, with t�e,. balance qf the }�roceeds paid to Borrower. ;�+�.:
<br /> # if the P,yoperty is abandoned by $orrowei• or if after notice by Lender to Borrower that the condeinnor offers � "�
<br /> : . to msske siz awsrd or settle a claim for darnages, Borrower iaits t.o respond to l�e�der within 30 days of the date ` ° '' , , ' '
<br /> �f aucli iw6ice, �.endrr ie ttutlxorizeci to coliect and ap;ily the proceeds at Lendei', option either to restoration or , ,� =
<br /> � repair of the Property or to tl�e sums secured by tliis .11w•tgage.
<br /> ' Unless Lendar and Borrower otl�erivise agree in tivriting, anv such application of proceeds to principal shall
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