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<br /> � If under paragraph IS hereof t.he Prop�rty is sold or the Yroperty is other�vise acquired by Lender, Lender
<br /> shall spply, no lsster Ll�an immediatel,y �>rior to the �alc of t.l�c Yroperty or its acquisitiou b,y Lender, any Funds
<br /> held t�y Lender at the time of np�>lication as a credit ngainst tl�e swns securcd h�• this Mortgaga
<br /> 3. Applic�tion of Payments. Unless applicahlc lu��• provicles other�visc, all pa,yments received Uy Lender
<br /> � under the No$e and paragraplis 1 and 2 hereof sl� all bc, apj>lied by Lender first in l�r�}�ment of amounts pi�,yable to
<br /> ' Lendez by Borrower undea• paragrapli 2 hereof, ;tl�en to interest peLy�ble on the 1'ot,e and on Future Advances; if
<br /> any,,and then to the principal of tlie 1Tote and 'to the prinr�pal of Future Advances; if any:
<br /> 4, Charges; Liens. Borro�ver sliall puy all taxes, assessments .ind other char�es, fines and impositions attrib-
<br /> � � ut�Ule to the;Property which may attaiii a priority over tliis Vlortgagc; and gcound rents, if any, at Lender's
<br /> �� option in tha manner l�rovided' under parzgraph 2 tiereof or by Borrow•er inaking payinent, �vhen duc, directly 'to ' r � _
<br /> � the pnyee thereof. Borrower. sl�all promptly furnis(i to Lender all ' notices of amounts duc under this 7�aragraph , '
<br /> ' �,,, and in the event Borrower shall make C�a,yment directly, Borrower sh�ll promptly furnish t.o Lender receipts evi-
<br /> � dencing such payments. Borrower sl�a,ll prom��tly discharge any lien which has priority over this �•Sortgage ; pro-
<br /> � vided, that Borrower shall not be required to discliarge any sucl� lien so long as Borrower sl�all agree in writing to ' " - . ,
<br /> the payment of tl�e obligation secured by such lien in :i munner a,eceptabie to I.ender; or sliall in good faith contest
<br /> Y sueh lien by, or defend enforcement of such lien in , legal proceedings which ope�iife to prevent the enforcement of
<br /> , � the lien or forfeiture of the Property or any part tl�ereof. ' : `
<br /> 5:' Hazazd Insuranee. Borrower shall keep tl�e im7n•ovements no�v existing or laereafter erected on the Prop- �
<br /> erty insured against loss by fire; ha,zards included within the term "extended coverage", and such other haz�rds as
<br /> Lender may`require and iii such aii�ounts and for such periods as Lender inay require ; provided , that Lender shall
<br /> not require that the amoun£ of such coverage exceed tLnt amount of coverage required to pay the'sums secured`by
<br /> this Mortgage. �.
<br /> The insurance carrier providing tt�e insurai�ce shull Ue choseu by I3orrower subjecC to approval by Lender ; '
<br /> provided, that sucl� approva] shall not be wireason�bly withheld . All premiums on insurance policies shall be paid
<br /> at Lender's option in the manner provided under paragrapli 'L hereof oi• by I3orrorver making payment, when due,
<br /> directly to the insuranee carrier.
<br /> In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect r
<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 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 o£ this Mortgage.
<br /> t All insurance policies and rene�vals tliereof s6ali be in fomi ttcceptable to Lender and shall include a standard
<br /> s mortgage clause in favor of and in form acceptable to Lender. Lender shall I�ave the ri�ht to hold the policies and
<br /> renewals thereof, and Borrower shall ��romptly furnish to Lender ull renewal notices and all receipts of paid pre-
<br /> � miums. In the event of loss, Borrower shall give �uompt notice to the insurance carrier and Lender, and Lender ; `
<br /> � may make proof of loss if not made promptly by Borrower.
<br /> Unless Lender and Borrower otl�erwise agree in �vriting, insuiance proceeds shall be applied to restoration or
<br /> repair of tihe Property damaged, provided such restoration or repair is economicslly feasible and the security of ,
<br /> � this Mortgage is not tl�ereby impaired. If such restoration or repair is not economically fensible or if the security
<br /> of this l�'lortgage tivould be impaired, tlie insurance ��roceeds shall be applied to the sums secured by this Mortgage,
<br /> with the excess, if any, paid to Borrowei•. If tlie Yi•operty is abandoned by Borrower or if Borro�ver fails to respond
<br /> ; to Lender within 30 days after notice by Lender to Borrower that the insurance carrier offers to settle a claim for
<br /> i insurance benefits, Lender is authorized to collect and apply tl�e insurance proceeds at Lender's option either to �
<br /> � restoration or repair of tl�e Property or to the sums secured by tliis llortgsge.
<br /> r Unless Lender and Borrower otherwise agree in �vriting, any such application of proceeds to principal shall � '
<br /> not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change
<br /> , the smouttt of such installments.
<br /> If under paragraph 1H hereof the Yroperty is acquired by Lender, all right, title and interest of Borrower in
<br /> ; and to any insurance policies and in and to tlie proceeds tl�ereof (to tl�e extent oF tlie sums secured Uy this 11�fort-
<br /> � gage immediately prior to such sale or acquisition } result.ing from damage to the Property prior to the sale or '
<br /> � acquisition shall pass to Lender.
<br /> � 6. Preservation �d Mmntenance of Property; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> t erty in good repair and shal ] not permit or commit waste, impairinent, or deterioration of the Property and shall
<br /> < comply with the provisions of any lease, if this \Iortgage is on a leaseliold. If this Mortgage is on a condominium
<br /> ? unit, Borrower shall Perform all of Borrower's obligations under the declnration of condominium or master deed,
<br /> ``' the by-laws and regulations of the condominium project and constituent documents.
<br /> 7. Protection of Lendei s Security. If Borrower f:�ils to perform the covenants and agreements contained in •
<br /> this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent doinain, insolvency, code enforcement, or arrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender nt Lender's option, upon notice to I3orrower, may make such
<br /> appearances, disburse sucl� sums and take such action as is necessary to l.�rotect Lender's interest, including, but
<br /> not limited to, disbursement of reasonable attorney's tees and entry upon the Property to make repairs. Any
<br /> amounta disbursed by Lender pursuant to this paragraph 7, �vith interest thereon, shall uecome additional indebt-
<br /> edness of Borrower secured by this �4ortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> amounte shall be paynble upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> � est from the date of disbursement at tl�e rate stated in the Note unless payment of interest at such rste would be
<br /> contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible by
<br /> applicaUle law. Nothing contained in ti�is paragraph 7 shnll requirc Lender to incur any expense or do nny act
<br /> hereunder:
<br /> 8. Inspection. Lender mny make or cause to he macic reflsonnhlc entries upon and inspections of the Prop-
<br /> erty, provided that Lender sl�al] give Borronrer notice prim• to ar��� such in���ect,ion specifying reasonuble cause
<br /> ` thezefar related to Lender's interast in tl�e Propercy.
<br /> i 9. Coademaation. The proceeds of any aic�ard or claim for damages, direct or consequential, in connection
<br /> ; with any. condemnation or other taking of the Yro}�ect,y, pr part thei•eof, or for conveyance in lieu of 'condemna-
<br /> ' tion, are hereby assigned and shall be paid to Lender.
<br /> � In the event of a total taking of the Property, the pipceeds ehall be applied to the sums secured by this Mort- „ ;*� 'k""� , ;
<br /> -0 gage, with the excess, if a,ny, paid to Borrower. In t:he event of a partial tnking of thc Property, unless Borrower ` °
<br /> and Lender other�vise agree in writing, tliere slaall be applied to tlia suins secured by this 1Iortgage such propor- �; � �^��`�
<br /> tion of the proceeds as is equal to that proportion which tl�e amount of the sums secured by tl�is A4ortgage imme- °�„��.
<br /> , � diately prior to t}�e date of taking bears to tl�e fazr lnarket value oz tlae 1'roperty iminediately ��rior to the date of '4`�°�
<br /> tsking, with the balance of the proceeds paid to Borro�rer. ' ���"
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<br /> If the ProperEy is abandoned by Borroweir or if aff,er notice by Lefider to Borro�ver that the condemnor offer= ` ^"� �
<br /> to make aii award ur setile a claim ior damages; Borrow�er fails to respond to Lender within 30 days of the date "
<br /> of such not,ic`e, Let«1er ie riu�uorized co collect and ap�31y� the }moceeds 'at I.ender's option eiti�er to restoration or �' >
<br />� .` regair of the Propetty or Lo the swns secured 'by this ltartgage.
<br /> T3nlesa Lender and Borrower other�vise agree in avritin�; any such application of proceeds to principal shall
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