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<br /> � If under ,paragraph 18 l�ereof the Property is sold or tI �e Property is othercvise acquired by Lcuder, Lender �
<br /> sriull apply, no later ti�an immediately prior to the salc of the Property or it� acquisition by Lender, nnv l�unds
<br /> lield by I.ender at the time of ap��lication a: a credit x�gainst t{ie swns �ecw•ed hy tl�is l�tortgage.
<br /> 3. Appliedtion of Payments. Unless ap�licablc l:i��� provides otherwise, .�II paymexats received by Lender
<br /> under tl�e Note and paragrapl�s l aezd 2 ]�e:eof shull }>e ai�plicd J>y I.ender first in payment ot amqunts p�.yable to
<br /> Lender by Borrower under paragrfl7�h 2 I�ereof, tl�e�i tu interest liayabtc on tlie �Tote and on Future Advances, if
<br /> uny, ai�d then to the principal of the iVote and to tlie I�rincipal of Future Ad ��a�ices; if any:
<br /> 4. Charges; Liens. $orrower shall' pay all taxes, nssessments �ind other charges, fines and impositions attrib-
<br /> utable to the :Property which inay attain ;� priority over tl�is �iortgage, and ground rents, iF any, at Lender's
<br /> j` ' � option' in the manner provided under paragraph 2 2iereof or by Boi•rower making �>ayment, when due, directly to
<br /> � the payee thereof. Borrower sl�sll promptly furt�ish to 7.ender u16 hotices of amounts due under this paragraph,
<br /> �, and in: the event Borrower sl�all �nake ��ny�nent directly, Borrower shz�ll promptly furnish to Lender receipts evi-
<br /> � dencing such payments Borrower sliall promp 'tly discharge any lien which has priority over thie Niortgage ; pro-
<br /> j �' vided, that Borrower shall not be required to disclrarge any such lien so long as Borrower shalP agree in writing to
<br /> � the payment of the abligation secured by such Iien in a �nanner �cceptia6le to ' Lender, or ehall in good faith` eontest,
<br /> ' . ! ` +� such Iien 6y, or''defend enforcement of such lien in; legakproceedings wl�iclt opei�ate to prevent thc entorcement of `
<br /> ; � the lien or forfeiture of ;the Property or any part thereof:
<br /> ^ 5.' Hazazd'Insuraaoe. Borrower shall keer tl�e improvements no�v existing or liereafter erected on the Prop-
<br /> � + crty insured against loss by fire, hazards included wittiin the term "extended coverage", und sucli otheF� hazards as
<br /> � Lendermay require and in such amounts atid for suc1� Iieriodsas I.ender inay require; �n•ovided , that Lender shall
<br /> � E " not require that the amount of sue}� coverage exceed that amount of coverage required Co pay the sums secured 'by `
<br /> this Mortgage:
<br /> � " The izisurance earrier providing the insurance shall be chosen by Borrower snbject to approval by Lender,
<br /> provided, tfiAt sucli approval shall not be unreasonably witl�l�eld. Al1 premiums on insurance policies s1ia11 Ue paid
<br /> at Lender's option in tlie manner provided under paragraph 2 hereof or by 13orro�ver 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 pzocure insurance on the irnprovements, 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 of this Mortgage.
<br /> ' A11 insurance poIicies and renewals tl�ereof shall be in form accepiable t.o Lender z3nd sl�iill include a stantlard
<br /> � inort�age clause in favor of and in fonn ��,ccepta,ble to Lendei•. Lender shal! have the right to liold the policies a,nd
<br /> renewals tl�ereof, and Borrower shall prompt]y furnish to I,en�er all renewal notices and all receipts of paid pre-
<br /> miums. In the event of loss, I3orro�ver shall givc promp 't notice fo the insurance carrier and Lender, and Lender
<br /> � may inake proof of loss if not made promptly by Borrower.
<br /> Unless Lender and Borrowei• otherwise ngree in writing, insurance proceeds shall be applied to restoration or ;''
<br /> repair of tlie Property damaged, provided such restoration or repair is economically feasible and the seeurity of
<br /> � this 1VIortgage is not tl�ereby impa�red. If such restor3tion or repair is not econo�nicully feasible or if the security
<br /> of this \Zortgage would Ue im��siTed; the insurance }�roceeds sh:�11 l�e applied to the sums secured by this Mortgage,
<br /> ' with the excess, if any, paid to Borrocver. If t,l�e Yi•operty is r�bundonecl by I3orrower or if Borrocti�er fails to respond f
<br /> � to Lender witl�in 30 days after notice by Lender to Rorrower that the insurance can•ier offers to settle a ciaim for I '
<br /> � insura:nce benefits, Lender is authorized to collect and apply the insurance ��roceeds at Lender's option either to '
<br /> M restoration or repair.of tlie Property or to the sums secured by this �4ortgage.
<br /> ` � Unless Lencler and BorroweY• other�vise agree in �vriting, any such application of proceeds to principal shall
<br /> � not extend or postpone the due date of the montl�l,v instaliments referred to in paragraphs 1 and 2 hereof or change
<br /> 'i the amount of such installments.
<br /> If under paragraph` 1$ hereof tl�e Property is acquired by Lender, all right, title and interest of Borrower in
<br /> and to any insurance policies und in und to the proceeds tl�ereof ( to the extent. of the swns secured Uy this Mort-
<br /> gage .immediately prior to such sale or acquisition ) resultin� from damage to the Property prior to td�e sale or
<br /> � ucquisition shall pass to Lender.
<br /> 8. Preservation cmd Mmntenance of Property; Leaseholds; Coadominiums. }3orro�ver shall keep the Prop-
<br /> ` erty in good repair and shall not permit or commit waste, impairment, ar deterioration of the Property� and shall
<br /> comply with tl�e provisions of any lease, if this \lortgage is on a leasel�old. If this 1lortgage is on a condorninium
<br /> Y unit, Borrower shall perform all of Borrower's obligations under the declarntion of condominium or master deed ,
<br /> i the by-laws and regulations of the condominium project and constituent documents.
<br /> } �. Protection of Lendar's8ecurity. If Borrower fails to perform the covenants and agreements contained in
<br /> thislA�Fortgage;,or if any action or proceeding is coinmenced wliic}i tnaterially affects Lender's interest in the Prop-
<br /> erty, including, butnot limited to, eminent domsin; insolvency, code entorcement, or srrankements or proceed-
<br /> ings involving a bankruptor decedent, then Lender at Lender's optioi� , upon notice tio I3orro�ver, tnay inake such
<br /> appearances, disburse sucli sums and take sucli action as is necessary to protect Lender's intierest, including, but
<br /> not limited to, disbursement of reasonable xttorney 's fees snd entry upon the Property to make repairs. Any
<br /> r amounts disbursed by Lender pursaant to tl�is paragrapli 7, with interest thereon, shail become additional indebt-
<br /> a edness of Borrower secured by this 1lortgage. IInless Borrower and Lender agree to other terms of p�yment, such
<br /> i amounts shall be payable upon notice from Lender to Borro�uer requesting payinent thereof, and shall bear inter-
<br /> est fzom the date of disbursement at tGe rate stated in the ?vTote unless payment of interest at such rate would be
<br /> i contrary to applicable law, in which event sueh xmounts shall bear interest at. the higl�est rate peTmissible by
<br /> applicable law: ?3othing contained in tliis paragrap6 7 sGall require I,ender to incur �,ny expense or do any act
<br /> hereunder.
<br /> ` i 8. Inspection. Lender msy jnake or cause to he madc reasonnh]c entries upon snd inspections of the Prop-
<br /> erty, pro*✓ided that Lender .si�ail give Borrnw�er noticc � n•ior tn any �ucL inspection ,pecifying reasonable cause
<br /> therefar relnted t� Lender's Snterest in the Pmperty:
<br /> 9. Condaasnatioa. The proceeds o{ any award or claim for dumages, direct or consequential , in connection
<br /> Y with any condemnation or other taking of- tlie I'roperty, or ��art;#l�ereof , or for conveyance in lieu of condemna-
<br /> w tion, are hereby assigne�l and shall be p� id to Lender: ` +
<br /> f nt of a total taking of the Property, tlie in•oceeds shall be applied to t,lie sums secured bv this Mort-
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<br /> � In the eve
<br /> � and Let�der ot excess, if any, "paid to Borrowei. In tl�e event of a partial t�king of the Properts�, unless Borrower • . : . :.�
<br /> a e wrth the
<br /> � tier�vise agree in �vriting, tl�ere sl�all be z�pplied to the swz3s secured by this �iortgage suel� gropor-
<br /> � 4 tion o£ the proceeds as is equal to that proportion which tlie amount of the sums secured by this \lortgage imme- � � �� : ,
<br /> ' ; diatelyprior to the date of faking bears to tlie fair' market value of tlie ProPerty immediately prior to tlie date o£ y;� ��
<br /> ''� t a k i n g, w i t h t h e b a 3 a n e e'o f t h e p r o e e e d s p a i d t o B o r r o w e r.
<br /> ` I£ the PropQrty is aiiandoned by Borrower or if afGer notice by Lender to Bormtiver t,liat the condQmnor offere � '�
<br /> ' ' to mel�e �,n a�cszd or settle a clsui: for damages, L' orron�ci• fail� to ie,pcnd ,to Lei,der wil,i.:t� 30 usys ui Liie dai,a �
<br />� t �f suck� notice, �'�encier ia nuthorized to co2lect � nd 3pp;y thc luocecds ni Le�ider's option cithc: to resLor�Lion or � -
<br /> ` repair of the Propert�y or to the suins secured by �l�is _llortgage.
<br /> Unless Lender and Borrower bLhersvise agree in tivriting, any such application of proceeds to priucipai shall
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