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<br /> �, If under :paragrnpl� 18 hereof the Pro��erty is sold or the I'ropert,y is other�vise acquired by Lender, Lender �
<br /> shall apply, no later th�n iimnediately prior to the nale of the Px•o�ierty or its acquisition by Lender, any Runds
<br /> lie]d by Lender at the time of a�plication as a credit again�t the sums secured b�� t }iis ylortgage.
<br /> 3. Application of Paymenis. Unless applicahlc lnw ��ror�ides otherwise, all payri�ents received by Lender
<br /> under the Note and paragrapl�s 1 and 2 hereof sl�ali hc apl�lied by I,encier first in payment of ainounts pi�yable.to
<br /> Lender by Borrower under �>aragra��h 2 lzereof, then ko interest lrayab]e on the Note and on ruture Ac]vances, if
<br /> ; a�y, and then to the I�rincipal of the �Tote and to tl�e princi�5al of I'uGure rlcivances; if any, ,
<br /> 4. Charges; Liens. Borrower sliall pay all taxes; assesstsients and ottier charges , fines anrl impositions attrib-
<br /> utable to the Property which may nttain n priority over tLis viortgage, and ground rents, if any, at Lender's '
<br /> ' r option in the manner provided under j>aragralih 2 I�ereof or by Borrower �na,kin� payment, when due; directly to
<br /> � the payee thereof. Borrower shall promptly furnisli to 7�ender ali notices of nuiounts due wider this paragraph;
<br /> � and -in the event $orrower shail make payment directly; Borrower sh.�tl promptly furnish to Lender receipts evi- ': '
<br /> dencing suci� payments. Ba•rower shall proinptly discliarge sny lien �vhich has priority over this i�1oi•tgage ; pro-
<br /> � vided, that Borrower shall not be required to disci5arge any sucli }ien so long as Borrow�eS• sl�all agree in n�riting to : ' > '
<br /> � the gayment of the obligation secured by such lien in .i manner ��ccept�Ule to Leiider, or shall in �ood faith contest
<br /> � z �' &uch lien by, or defend enforcement of'sueh ]ien in , legal proceedings which operate to prevent the en#orcement of
<br /> � � the lien or forfeiture of the Property or uny part thereof. �
<br /> : C� 5S Hazazd Insurance. Borrower sl�all keep thc iinproveinents no�v existing or tiereafter erected on the Prop-
<br /> > Q erty insured against loss by fire, hazards included �vithin the term "extended coverage", and such other hazaxds gs
<br /> ' r Lender mayrequire and in such amounts and for sucl� periods as Lender may reguire ; provided, that Lender shall
<br /> ' � not require'that the amount of such coverage exceed that atnount of coverage required to pay the sums secured 'by
<br /> t � this Mortgage.
<br /> ` The insetrance carrier ��roviding tlie insura,nee st�ait be chasen by Borroiver subject to approvat by Lender;
<br /> provided; that such approval shall not be' unreasonably withheld. All pTemiums on insurance policies shall be paid
<br /> at Lender's option iii the manner provided under pai•agrapii 2 l�ereof or by Borrowei• 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 intezest, 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, wnstitute a default
<br /> under the terms of this Ivlortgage. ;
<br /> All insurance policies and rene�vals thereof shall be in forin acceptab]e to Lender nnd slinll include a standard
<br /> mortgage clause in favor of and in form acceptat�le to Lender. Lender shall have the right to l�old the policies and �
<br /> renewals thereof, and Borrower shall promptly fusnish to Lender all renewal notices and all receipts of paid pre-
<br /> miums. In the event of loss, Borrower shall give prompt notice to the insurance cnrrier and Lender, and Lender
<br /> may make Proof of loss if not made promptly by Borrower.
<br /> Unless Lender and Borrower otherwise agree in writing, insurance proceeds s}iall be applied to restoration or
<br /> repair of the Property damaged , provided suah restoration or repair is economically feasible and the security of
<br /> : this' Mortgage is not thereby impaired. If sucl� restoration or repair is not economically feasible or if the security '
<br /> ?, of this 1�lortgage would be impsirec� , tlie insurance ��roceeds sl�all be a��plied to the sums secured by this Mortgage,
<br /> y with the excess, if any, paid to Borrower•. If tl�e Yroperty is abandoned by Borrorver or if Borrower fails to i�espond`
<br /> to Lender within 30 days a,fter notice by Lender to Borrower that the insurance carrier offers to settle a claim Yar
<br /> insurance uenefits, I.ender is authorized to collect and apply Lhc insurance proceeds nt Lender's option either to
<br /> restoration or repair of the Property or to the sums secw•ed by this \Iortgage.
<br /> ;; Unless Lender snd Borrower otherwise agree in writing, any such application of proceeds to principal shall
<br /> t not e�ctend or postpone the due date of the monthly installments referred to in paragrapl�s 1 and 2 hereof or change `
<br /> , the amount of such inatallments.
<br /> ? If under paragraph 18 hereof the Yroperty is acquired by Lender, all right, title and interest of Borzower in ,
<br /> � and to any insurance policies and in and to the pcoceed, tl�ereof (to thc estent of the sums secured by this Mort-
<br /> gage imxnediately prior to such sale or acquisition ) resulting fro:n d�uiage to the Property prior to the sale or .
<br /> acquisition shall pass to Lender.
<br /> � 6. Preservation and Mmatenance of Property; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> A erty in good repair and shall not permit or commit waste, impairment, or deterioration of the Property and shsll
<br /> ; comply with the provisions of any lease, if this \-1ort.gage is on a leasehold. If this Nlortgage is on � condominium
<br /> ; unit, Borrower shall perform all of Borrower's obligations under f.he decl�ration of conciominium or mnster deed,
<br /> k the by-laws and regulations of tlye condominium projeci snd constituent documents.
<br /> 7. Protection of Lendei s Security. If Borrower fails to perform the covenants and agreements contained in
<br /> � this Mortgage, or if any action or proceeding is commenced whicl� materially affects Lender's interest in the Prop-
<br /> ± erty, including, Uut not limited to, eminent domain , insolvency, code enforcement; or arrnn�ements or proceed-
<br /> ; ings involving n bankrupt or decedent, then Lender at 7,ender's option , upon iiotice to 13orro�ver, may inake such
<br /> � appearances, disburse suc?: smns and take sucl� action as is necessary to protect Lender's interest, including, but
<br /> not limited to; disbursement of reasonuble attorney's fees and entry upon the Property to �i�ake repairs. Any
<br /> amounts disbursed wy Lender pursuant to tllis paragra}�l� 7, witli interest thereon, shall become additional indebtc
<br /> redness of Borrower secured by this 14ortgage. Unless Borrower and Lender agree to other tenns of l�ayment, such
<br /> amounts shall be payable u�on notice from Lender to Borrowei• requesting payment thereof, and shall bear inter-
<br /> t est from the date of disbursement at the rate stated in the Note unless payment of interest at such rate would be
<br /> contrary to applicable lacv, in which evenb such amounts shall bear interest at the highest 7ate permissible by
<br /> ° applicable law. Nott�ing containeci in tl�is paragraph 7 shrtll require I,ender to incur any expense or do any act
<br /> ' hereunder.
<br /> 8• Inspeetion. Lender may make or cause to lae inadc reaconzable e�itries upon and inspections of the Prop-
<br /> i erty, provided that Ilender sl�all give Sorrower notire lu�ior to an�� �uch Snspect.ion specifying reasonsble ca:use
<br /> therefor relnted te Lendez's interest in the P:opc.ty.
<br /> ° 9. Condemnation. - The proceeds of any a�vard or claim for damages, direct or consequential, in connection
<br /> with any condemnation or other taking of the Property , or ��� rt tliereof, or for conveyance in lieu af condemna-
<br /> tion, are hereby assigne8 and sliall Ue paid to Lezider.
<br /> ; in the event of a total taking of t.he Propert.y, the proceeds shall be upplied to the sums secured by this Mort- , -
<br /> ', j gage, with the excess, 3f anq, paid to Borron�er. In t.l�e event of a partial taking of the Property, unless Bormwer �-� � � " t �'` '
<br /> ` and I.ender otherwise �sgree in H�riting, there sl�all We applied to tt�e sums secured by ,this 1lortgage such propor- .� !� �' `�� "w
<br /> '+ tion of the proceeds as is equal to that proportion which tlie aniount of the sums secured by this 1�lortgage imme- a,� �
<br /> diately prior to the date of taking bears to tlie fair ,market ��alue of the Propert}� immediately prior to tl�e date of �; "�
<br /> , ; � � ���> . �
<br /> � taking, with the 'balance of' the proceeds paid to Borrower. .;# �.•. .
<br /> � 4 JV . uP
<br /> ' If the Property is abandoned by Borrower or if � fter notSce by l;ender to Borrower that the condemnflr affers
<br /> . e
<br /> y to, zKs;se. 3n aryard or seLtle a claim for �i�,�ua�ea, Burrowei• ixiIs to respond to Lender within 30 dayr of the date
<br /> ef �nGh rotice, f,:ender is ,auLhori.ed to collccL 'uncl a},��1�� tl�e pa�ucrcaa a6 I.en�3er', opiion eiil�er io restoration or ,�, � ,
<br /> repair of the Property or to the sums aecured by tl�is \tortgage.
<br /> 7.Tnless Lender and Borrower ot3aercvise agree in writing, any such appiieation of proceeds to principal shall
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