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<br /> � _ If under paragraph IS hcreof the Yioperty is sold or t.he Yroperty is otl�er�a�ise ncquired b}• I,ender, Lender �
<br /> shall apply, no later than immediately prior io ll�c salc of the Pro��erty or its acquisition by l.ec�der , .�ny Funds
<br /> held by Lender at the time of applicatiorr as a crectit against t,l�e sums secured b}• thie D4ortgage.
<br /> ` 3. Application of Payments. Unless aa>plicnblc l:x�v ��rovicles otherwise, all payments - x�eceived by Lender
<br /> under tlie Note and para�raplis 1 and 2 l�ereof shnll bc apl�lieci by, Lend�r first in I�ayment oC amounts payable to
<br /> Leiider Uy Borrower under paragrapli 2 l�ereof, tlien to interest ps�yable on the \Tote and on Future Advances, if
<br /> - � any, and Ghen to the principal ,of the Note anci to the principal of Future Advances, if any:
<br /> �..� 4.` Charges: Liens. ; Bor;ower sl�all pay a!I taxes, assessments anci other. chargea , fines and impositions attz�iU-
<br /> pC; uQable to the Property;which muy attain a priority over ti �is \4ortgage, and ground rents , if any, at Lender's `
<br /> rs d+ option in the manner Provided under parflgraph 2 l�ereof; or l>y Borrower making pr�yment, tivhen due; directly' to
<br /> � ; C,, the psyee thereof. Borrower shall promptly furnisli to Lender all notices of ainoimts due under this paragraph,
<br /> and in the event Barrower shall make paynient directly, 13orrower sl�n,11 promptl,y furnish to Lender receipts evi-
<br /> ' ` � dencirig such payments. Borrower shall promptly discl�arge any lien which has priority over this \Zortgage ; pro-
<br /> ; ' � vided, Lhat Borrower shall not be required to discl�arge any such lien so long ns liorro�ver shall agree in writing to
<br /> � the paymenb of the obligation securect by sucl� lien in n raanner acceptal�le to Lender, or shall in sood faith contest
<br /> ` •` ' such lien by, or defend enforcement of suclz lien in, ]egal proceediiigs wliicki operate to pa•event the entorcementi of "
<br /> s . thelien or forfeiture of the l'roperty or any ��art tiicreof. '
<br /> � ,' S: Hazard Insurmice. $orrower shali keep tlic iii�provenients no�s• existing or I�ereafter erected on the Prop-
<br /> � erty insured against loss by fire, hazards included witliin the term "extended coverage", and such other Uazards as
<br /> Lender may require and in sucti amomits and for such pei•iods as T,ender �nay require ; provided , thnt Lendei shull
<br /> ! not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured 'by
<br /> ` th9s Mortgage.
<br /> � The insurance currier ��roviding the insurance shall be chosen by Borrower subject to approval Uy Lender ;
<br /> provided, tl�at such approval shall not be unreasonably withheld. All premiums on insurance poiicies sh�tf be paid
<br /> �, at 'Lender's option in t}ie manner provided under paragrnph 2 hereof or by Borrower rnaking payment, when due,
<br /> � , directly to the insurance carrier. 1
<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 foxth in said note untii 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 rene�vuls thereof sl�all be in form acceptable to I.ender and shall include a standard
<br /> mortgage clause in favor of and in forin acceptr�ble to Lender: Lender shall have the rigl�t to hold the, policies and
<br /> renewals thereof, and Borrow�er shall promptly furnish to Lender all renerval notices and all receipts of paid pre-
<br /> miums. In the event of loss, Borrower shall give prompt noiice to the insurance carrier and Lender, and Lender
<br /> may make proof of loss if not made promptly by Borrower.
<br /> i Unless Lender and Borrower otlierwise agree in writing, insurance proceeds sl�all be applied to restoration or "; '
<br /> ' repair of the Property damaged, provided such restoration oi• repair is econotnically feasiblc and the security of
<br /> this A4ortgage is not thereby impaired: If such restorntiai or repnir is not economically feassble or iF tl�e security
<br /> `' of this i�lortgage �vould be impaired; the insurance }�roceeds shall be applied to tlie suuis secured Uy this D4ortgage,
<br /> awith the excess; if any, paid to Borrower. Ii the Yro��erty is abandoned by Borrotiver or it Borrower fails to respond
<br /> ; to Lender within 30days after notice by Lender to liorrower that tlie insurance carrier offers to settle a elaim for
<br /> � insurance benefits, I.ender is authorized to collect and apply the insurance proceeds nt Lender's option either to
<br /> � restoration or repair oi t.he Property or to the swns secure¢ by t.liis _liortgsge.
<br /> f - Unless Lender and Borrower other�vise agree in writing, any such application of proceeds to principal shall
<br /> � not extend or postpone the due dute of the xnontlily installments i•eferred to in paragraplis 1 and 2 hereof or chsnge
<br /> the amount of such installments.
<br /> $ If under paragraph 18 hereof the Yropert,y is acquired by Lender, alt right, title and interest of Borrower in
<br /> � and to any insurance policies and in ancl to the proceeds thereof ( to the extent of the sums secured hy this Mort-
<br /> � gage immediately prior to such salc ,or acquisition ) resulting from dainage to the Propert}� prior to the sale or
<br /> � acquieition shall pass to Lender.
<br /> ; , 6. Preservation cmd M<antea�ce of Propedy: Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> `• erty in good repair and shall not permit or commit waste, impair�nent, or deterioration of the Property and shall
<br /> ` comply with ihe provisions of any 2ease, if this \lortgage is on a leasehold . If this Mortgage is on a condominium
<br /> unit, Borrower shall perform alt of Borrower's oUligations under the declaratiou of coiidotninium or master deed ,
<br /> theby=laws and regulatious of the condominiun� project and constituent documents.
<br /> 7. Protection of Lender's Security. If Borrower fnils ta perform the covenants and agreements contained in
<br /> j . this Mortgage, br if any action or proceeding is commenced which materially uffects Lender's interest in the Prop-
<br /> ' erty, including; but not limited to, eminent domnin, insolvency, code enforcement, or arran�ements or proceed-
<br /> � ings invol�ing a bankrupt or decedent, then Lender at Lende�'s option , upon notice to I3orrower, may inake such
<br /> appearances, disburse such sums and take suclz action � s is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursementi of reasonable sttorney's fees and entry upon the Property to make repairs. Any
<br /> amounts disUursed by Lender pursuant io tl�is paragraph 7 , �vitli interest thereon , shall become additional indebtc
<br /> �' edness of Borrower secured by ttiis ,14ortgage. Unless Borrower and I.ender agree to other tenns of payment, such
<br /> amounts shall be payable upon notice from I.ender to Borrocver requesting payment thereof, and shall bear inter-
<br /> est from the date of disbursement st the rate stated in the it�ote unless payment of interest at such rate would be
<br /> contrsry to applicable law, in whicli event such ainounts slialf bear interest at the highest rate permissible by
<br /> ; applicsble law. Notl�in� contained in this paragraph r^ shall require Lender to incur an,y expense or do any nct
<br /> � hereunder.
<br /> 8. Iaspeetion. Lender tnay make or cause to lic xnadc rea�onablc enfries utaoo and inspections of the Prop-
<br /> erty; provided that Lender sl�sll give Borro�aer noticc l�rior to :in,y su��h inspection �pecifying reasonahle cause
<br /> therefoi related to Lender's iziterest in the Property.
<br /> 9. Condemaation. The proceeds oi :�ny a��^ard or claim ior cixmages, direct ar conseyueniial, in cmineecion
<br /> with any condemn�tion or ather taking of the Yroperty , or pai�t t hereof, �i• for conveyance in ]ieu of condenu�a-
<br /> tion, a,re hereby assigned an@ shall 3�e paid to Lender. .
<br /> ; In the event of a total taking of fhe Yroperty, tlie proceeds sliall be a��plied to tl�e suins secured by this Mort- `
<br /> ; : gage, with the excess, if any , puid to Borrower. In tl�e event of x partial taking of the Property , unless Borrower �� .
<br /> � und Lender othercc�ise agree in �rriting, `there s1� 311' be api>lied to the smns secured bv t,his :�Iortgnge such propor- � ' � -
<br /> � � tion'of the proceeds as is, equal Lo that proportioii whieh tl�e umount. of tlie sums secuced by this b'Iortgage imme- �� � �'�
<br /> diately prior to the date of taking bears to the fair inarket value of tl�e Ptoperty itnmediately prior to tlie date of ��`�`'^� �
<br /> � � ,
<br /> � taking, with the balance of.the proceeds paid to Borrower. „ *'�
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<br /> ` If the Proparty is abandoned by Borrower or if after notice by Lender to Borro�ver that the condemnor offers ` �'�'„
<br /> to ma$e an award or settle a claim for dainages; Borrower fails to respond to Lender witl�in 30 days of the date a� •'
<br /> of sue�i aotice ',' Lendei� :is '�uthOrized to 'eoliect and 2plalyr the p'roceeds ait I.ander's option cither to restoration or
<br /> rep�ir of the Property or to tl�e suxz3s securec! bg this \iortgage. �. '�.
<br /> TTnless Lender and Borrower other�vise agree in �vriting, any such application of proceeds to principal shall
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