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<br /> If under paragrnpli : S hereof the Property is sold or the Vroperty is otherticise acquired by T,ender, Lender
<br /> ,hall ap�ly, no later than immedaately prior to the salc of the Property or its ucquisition by Lender, any P'unds
<br /> held by Lender at the time of ap}�licatio�i as a credit. against tl�c su�ns secured hy tl�is ��Iortga�c,
<br /> 3. Appiiaeitio� ot Paymer_tsr Unless ai�pliczblc li���� ��i•ovides other�vise , all payitients rec;eived by T,ender
<br /> ;- under tlie Note und paragrupl�s '1 and 2 l�ereof sliall be a����lied by Lenc.icr fii•s "t in i�ayu�eiit o; amounts payable to
<br /> Lender by Borrower under puragrapli 2 liereof, tfaen to intet•est a>inyable un tlie I�Tote and orr Future Aclvances, if
<br /> any, and then to �i�e prinaipnl of the Note ancl to thc principul of I'uture Advances, if any,
<br /> 4. .Charges; Liens. $orro�ver s6a11 pay� atl taxes, assessments and other charges, fines and impositions attrib-
<br /> utable •to the PraperGy which may nttain` a priority over tl�is l-lortgage, and grouud rents, if any,; at Lender's
<br /> option in the manner provvided under paragraph 2' hereof oi•' by F3oriower ii�aking payment+ when due; ' directly to
<br /> j the payee tl�ereof. Borrower sha11 promptly furriislY to I�encier all notices of amounts due under tiiis paragraph;
<br /> y ,r..� and in' the event Borrower shall rnake payment directly, Borro�cei• sliall ��roniptly turnish tp Lender receipts evi-
<br /> Y 'dencing,$ucli pay�ents, Borrower shall promptly discl�arge any lien which has priority over this 1yIortga�e ; pro-
<br /> ' O� ,'
<br /> ; „ � vided, that Borrower shall not be required to discl�arge any suclr lien -so long a.s I3orrower shall agree in writing to "
<br /> �. the payment of the obligation secured by sucl� lier� in a manner acceptable to I,ender, or shall in good faith contest
<br /> Q `such lien by, or defend enforcement of such lien in, legal ��roceedings which operate to prevent the en£orcement of
<br /> r�- the lien or for£eiture of the Property or any part' tGereof.
<br /> ; ; 5: Hazard Insur�ce. Borrower shall keep tl�e improvements now existing or hereafter erected on the Frop-
<br /> � ` � erty insuced sgainst loss by fire, hazards included }vithin' tl,e term "extended coverage", and such otl�er huzurds as
<br /> ! , � Lender ma_y requixe and in such Amow�ts and for suci� periods as Lender may requ'ire ; provided; that Lender shall
<br /> � not require that the amount of such coverage exceed thut amomit pf coverage reyuired to pay tl�e sums secured 'by
<br /> ;� this Mortgage. ,' <
<br /> ` The insurance carrier providing the insurauce shall be chosen l>y Borrower su6ject to approval by Lender ;
<br /> provided, that suc�i approval shall not be unreasonably witlil�eld. All premiums on insurance policies shatl be paid
<br /> ' at Lender's option in t}ie manner provided under puragniph 2 hereof or by Borrower making pa,yment, 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, znay procure insurance on the improvements, pay the premiums and such sum shail 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. FaiIure by Borrower to comply may, at option of `Lender, constitute a defauit �
<br /> � under the terms of this Mortgage.
<br /> All insurance policies and renewals thereof sliall be in foi•�n acceptable to Lencter and sliall include a staricimrd
<br /> � � . inortgage clause in fttvor of and in form acceptaLle to Lender. Lender shall have th@ right to liold the policies a,nd
<br /> ' renewals thereof, and Borro�t�er shall promptly furnisli to Lender all renew�l iioticr.s and all receipts of paid pre-
<br /> ' miums, In the event of loss, Borrower shall give prompt notice to the insurance carrier snd Lender, and Lender
<br /> ; may make proof of loss if not made promptly by Borrower. �
<br /> t � Unless Lender and Borrower other�vise agree in �vriting, insurarice proceeds shall be applied to restoration or
<br /> repair of tlie Prpperty damaged; provided suel� restoration or repair is ecouanically feasible and the security of
<br /> this Mortgage is not tl�ereby impaired. If such restoration or repair is not econoinicully fcasible or if the security
<br /> of this DSorGgage would Ue impaired, the insurance }�roceeds sk�all I�e ap}�lied to tlie suuis secured Uy this Moitgage, �
<br /> ; ; with the excess, iE any; paid to Borrower. If tlie Yroperty is abandoned by Borrower or if $orrower fuils to tespond
<br /> ; to Lender within 30 days sfter notice by Lender to Borrower tliat the insurance carrier offers to settle x ciaim for �
<br /> � fi insuranee benefits, Lender is authorized to collect and apply thc insurance proceeds at Lender's option either to `
<br /> , � restoration or repair of the Property or to the sums secured by this �fort�age:
<br /> i Unless Lender and Borrower other�vise agree in writing, any suc}i applic�tion of proceeds to principal shall
<br /> � i' not extend or postpone the due d3.te of the montlily instailinents reierred to in paragraphs 1 and 2 hereof or change
<br /> �' the amount of such installmenta
<br /> � # If under paragraph 1 $ hereof the Yroperty is acquired by Lender, all right; title nnd interest of Borrower in
<br /> and to any insurance policies and in and to the proceeds thereof (to tl�e extent of the sums secured by this D'tort-
<br /> e gage immedistely prioi• to such sale qr acquisition ) resulting from dainage to the Yroperty prior to the sale or
<br /> ' < acquieition shall pass to Lender. � '
<br /> >i ' 6. Pzeservation �d M�aatenance of Property; Leaseholds; Condomixssums. Borrower shall keep the Prop- � '"
<br /> ' .� erty in good repair and shall not permit or commit waste, impairment, or deterioratiai of the Property and shall ;
<br /> � F; comply with tl�e provisions of uny lease, if this �4ortgage is on a leasehold. If this Mortgage is on a condominium
<br /> � unit, $orrower shall perform all of Borrower`s obli�ations under the declaration of condotuinium or master deed ,
<br /> the by-laws and regulations oF the condominium project und constituent doouments.
<br /> Z ?rotectiora of Lender's Secur9ty. If Borro�ver fails to perform the covenants and agreements contained in
<br /> ; , this vloctgage, or it any action or l�roceeding is comtnenced �vhich materially affects Lender's interesf, in th@ Prop-
<br /> r ` erty, including, but not 2imited to, eminent dom� in , insolvency , codc enforcement, or arrangements or proceed=
<br /> � ings involving a t3ankrupt or deeedent, then Lender nt Lender'a option , upon notice t.o Borrower, may mske such
<br /> appearances, disburse sucl� suins and take such action a,s is necessary to protect Lender's interest; including, but
<br /> ; nob limited to, disbursement ot reasonable attorney's tee� and entry upon the Yro�>erty to make repairs. Any
<br /> amounts disUursed by Lender r>ursuant to this paragraNh 7, with interest thereon, shall beaome Additional indebt-
<br /> � edness of Borrower secured by this �lortgage. Unless Borrower and I ender agree to otlier tern�s of payment, such
<br /> amounts shall be payable upon motice irom Lender to Borrower requesting paytuent thereof, and sl�all bear inter-
<br /> 1 est from the date of disbursement at the rate stated 'an the ATote unless payment of interest at sucli rate would be
<br /> contrary to applicable law, in which event such amounts shail �ear interest at tUe highest rate permisaible by
<br /> ` applicable daw: �iothing contained in this paragrapli 7 s6all requirc Lencler to incur any expense or do , any act
<br /> � hereunder.
<br /> ', 8. Iaspectioa.. Lender may inake or cause to bc inadc reasonahlc entries upon and inspections of the Prop- '
<br /> ert;y, provided that Lender sliall give Borrower notice { u•ior ta .am� su�h inspectinn s��ecifuing rensonnble cause
<br /> � thereforrelated to Lender'sinteresiin the Properiy.
<br /> ' �� 8i Condexnaation. ThepTaceeds of any award or cluim for damages, direct, or consequential, in connection
<br /> with �ny condemnation or other taking of the Property, oa• part ' thereof, or for conveyance in lieu of condemna-
<br /> ; ` " tion, are hereby ussigned and shall be paid to Lender. ;
<br /> ' In the evenE of a total taking o( the Property„the proceeds �hall; be aPplied to tl�e sums secured by this Mort-
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<br /> gage, ivith the eacess, if an}•, paid to Borrower. In the event of a partial taking of the Property, unless Bocrower � � � ` • �',"�
<br /> ' ; , and Lender otherwise agree in w2iting, tiiere shall I�e ap��lied to the surns secured by this Iviortgage sueh propor- " " +� `,« � : W .;��.
<br /> tion of the proceeds as is equal to that proportion which the amount of the sums secured by thia Mortgage imme- �
<br /> diately prior to the date of Eaking Uears to the fair market vafue of ttie Yroperty immediately prior to the date of ��{�,
<br /> � taking, with the 1>alance of the pr�oeeds paid to Borrowen .��,r
<br /> If ttce Progertx i< ahandone� l.�y BorrowPr or if after noki�P b�� I.Pnder to }iorron:er that +he conde,mnor offerF �
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<br />� to anxke an award or �eti.le, kL claiw for dx�snages, Borrower fail:; to re.}�oud tio Lender wit,hin 30 da,ye: of the date '� 2`
<br /> of sucli notice, Lender is author'ized ta colleet and apply the proreeds ut Lendcr's option either to reatoration or ,_� "
<br /> repair of the Property or to the sums secvred by this \ Tortgage. �` -
<br /> Unless Lender and Borrower otherrvise agree in writing, any such application of proceeds to principal shall
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