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<br /> C. � . . . . . . . . � .:
<br /> If under paragraph 18 ]iereoi the Pro�ierty is sold oi• the Property is otherwise acquired by Lender, Lender
<br /> shall apply, no later tl�an im�nediately prior to tlie safc o{ the Pro��erty or its ar.quisitiori t;y I.ender, any Fu��ds
<br /> held by Lend�r ai. #,he time of applicatimi as a credit siguinst tl�e swns ,ecurect 1��� this 12ortgi�ge. '
<br /> � � 3. Application of Payments: Unless applicablc lac+• provides othertvi�e, tLll paymeuta received by Lender ;:
<br /> � ' under the Note and paragrapl�s 1 and 2 hereof sliall bc applied b�� Lender first in pa,y�nent of amounts payable to
<br /> � Lender 'by Borrower under ��aragrapli 2 liereoi, tl�en to interest 3 �ziyuf>lc on ' tlie Note ar�d on Future A�iv:�nces, if
<br /> � any,, nnd then to the pri�icipal of t1�e Note anci to tlie ��rinci�ial of FuCure A¢vances; if any.
<br /> ;� 4. Chargest Liens. , Borrower sliall pay all taxes, assessments and otlier ci��rges ; fines and impositions attrib- .
<br /> ; j � utable to the Prqperty which may nttain a priority over tLis 1'tortgage, and ground rents, if any, at Lender's `
<br /> 1 option in the manner proti�ided under paragraph 2 liereof or I>y Borro«�er inaking payment, when due; directly to
<br /> � the payee thereof. Borrower shall: promptly furnish to T.endcr all notices of a;mouxits due under this paragraph ,
<br /> � and in Lhe event Bortow@r ahall make payment directly, Borro�ti-ei• slinil promptly furnish t:o Lender receipts evi-
<br /> de�eing' such payments: Borrower shall promptly discl�arge a,ny lien which l�as �iriority over this \Iortgage ; pro-
<br /> � : ; vided, tliat Borrower shall not be required 'to disclzarge any 'sucli ]ien so long as l3orrower shalf agree in writing ,to
<br /> " ' the payment of the obligation secured k�y suCh lien iu .nnanner aeceptrzt�le to Lender; or shali in good faith contest
<br /> `" ' such lien by, or defend enforcement of sucli' lien in , legal �iroceedings +vhich ot�erate to pt•event tl�e en#orcement' of
<br /> ; ! the lien or forfeiture of the Property or any paTt tl�ereof. ; ,`
<br /> � ;: S. Hazard Insurance: Boriower slia.l!' kee�i tl�e improvements a�o�y existing or hereafter erected on tl�e Prop- , i , . ' . `
<br /> erty inSured against loss by fire, hazards included within 'the term "extended coveruge", and such otfier hazards as
<br /> Lender may require and `in such att�ounts aiid for such I�eriods as Lender znay require ; provided, that Lender shall
<br /> � � not require that` the amount of sucli coverage exceed that amount of coverage required to pay the sums secured 'by
<br /> , this Mortgage. , � ; ,;
<br /> The insurance carrier providing tlie insurauce shalC be chosen by, Borrower subjecti to upproval by Lender ; '
<br /> provided, tl�at such approval shelt not be unreasonably withheld. All premiums on insurance policies shall be paid
<br /> ' at Lender's option in tl�e manner provided under puragrapli 2 l�ereof or by Borro�ver inaking payment, when due,
<br /> ; directly: to the insurance carrier:
<br /> � In the event any policy is not renewed on or before ten �lays 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 forth in said note until paid and shall be ;
<br /> • ; , secured by this ' Mortgage. Failure by Borrower to comply rnay, at option of Lender, con�titute a default
<br /> under the terxns of this lb4ortgage.
<br /> Ali 4nsueance policies and Tenewals tliereof shall be in foru� acceptable to Lender and shall include a standard
<br /> mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to' l�old the policies and �.
<br /> renewnls thereof, and Borrowei• shall promptly furnisli to Lender all renewal raotices and alI receipts of paid pre-
<br /> miums. In the event of loss, Borrower shall give prompt notice to the insurance carrieT and Lender, and Lender
<br /> may make proof of loss if not made promptly by Borrower.
<br /> ; Unless Lender and Sorrower otherwise agree in writin6, insurauce ��roceeds shall be applied to restoratian or
<br /> ; repair of tl�e Property d�maged, provided such restoration or repair is economically Se�sible and the security of '
<br /> t this Mortgage`is'not thereby impaired. If such restorntion or repair is not economically feasible or if the security ;
<br /> - of this n-lortgage would be impaired, the insurance 7�roceeds shall i�e applied to the sums secured by this I�4ortgage,
<br /> ' 3 with the exeess, if any, paid toBorrower. If the Yroperty is abandoned by Borro�ver or if Borrower fails to respond
<br /> to Lender within 30 days after `notice 6y I.ender to Borro«�er tlaat the insuranee carrier offers to settle a claim for
<br /> insUrance benefits, Lender is authorized to collect and spply the insurance i�roceeds at Lender's option either to
<br /> i restoration or repair of the Property or to tl�e sums secured by- this :liortgage: ;°
<br /> � Unless Lender and Borrower otherwise agree in writing; any such application of proceeds to principal shall
<br /> , y not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change
<br /> ' a the $mount of such installments. . '
<br /> � -� If under paragraph 18 hereof tl�e Yroperty is acqUired by Lender, all right, title and interest of Borrower in
<br /> y and to any insurance policies and in and to the proceeds tl�ereof ;to the extent af the sums secured by this Mort-
<br /> gage immediately priol� to such sale or acquisition ) resulfing from darnage to Ciie Yroperty prior to the sale or
<br /> � acquisition sha11 pass to Lender.
<br /> 6. PreservaGon �d Mmntenance of Propezty; Leesehoids; Condominiums. Iiorrower sl�all keep the Prop-
<br /> : erty in good repair and shall not pennitor commit waste, iinpainnent, or deterioration of the Property and shall
<br /> + cornply with the provisions of any lease, if this Niortgage is on a 3easehold . If this AZortgage is on a condominium
<br /> "<. < unSt, Borrower shall perform all of Borrower's obligations imder the declaraiion of condoxninium or master deed ,
<br /> the by-laws and regulations of the condominium ��roject and constituent documents.
<br /> ; 7. Protection of Lender's Sacurity. If Borrocver Fails to periorm the covenants and agreements contained in ;
<br /> � this Vlortgage, or if any action or groceeding is commenced Fvhicli materially affects I_euder's interest in tlie Prop-
<br /> erty, including, but not limited to, eininent domain, insolvency, code enforcement, or arrangeinents or proceed-
<br /> ' ? inga involving a bankrupt or decedent, then Lender at7.ender's option , upon notice to Borrower, may mske such
<br /> � '- appearances, disUurse such sums and take sucl� uciion ns is necessaiy to protect Lender's interest, including, but
<br /> ;, mot lirnited to, disbursenient of reasonable attorney's fees nnd entry upon the Yroperty to make repairs. Any
<br /> ' ainounte disbursed by Lender pursuant to this paragrapli 7, �vitl� interesC thereon, shail becume additional indeb6-
<br /> � edness of Borrower secured by this �4ortgage. Unless Borro�ver and Lender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and sfiall bear inter-
<br /> est from the date of disbursement at the rate stated in the Note unlesa payment of interest at such rate would be
<br /> ; cantrary to applicable law, in which event such amounts sl�al( bear interest at the highest rate permissible by
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<br /> applicable law. Not6ing cnntainecl in tl�is puragraPli 7 shflil require Lender to incur uny expense or do any act
<br /> � hereunder.
<br /> 8. Inspection, Lender may �nake-or cuuse to bc uiade reasonab]c entries upon and ins��ect,ions of the Prop-
<br /> ' ' ertv, provicied that i,ender �hall give Borrojrer notic•e ��rSo±• te r3m� �tirl � ir,s;>ec#ion specifa�inti ressenahlc csusc
<br /> ' i therefor:related to Lender's interest in the Propertg. �
<br /> ' G ; 9. Coademnarion. The proceeds of any a�vasd or clainl for damages, flirect or consequentiai, in connection
<br /> with any condemnation or other taking of tlre Property; ory»rt thereof, ar for convey�nce in lieu of condemna-
<br /> , ` ` tion, are hereby assi$ned and shall be paid to Lender. °
<br /> ? In the event of a total taking of the Pz�operty, t,l�e �iroceecls sl�all be a.pplied to the sums �ecured by this Mort- ,,,�„�� v : x �
<br /> � gage, with tl�e exeess, if any, paid to $orrorver. In i.lie event of a pxrtial taking of Lhe Yroperty, unlesa Borrower - :;-- z.
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<br /> and Lender otherwise agFee in writing, tl�ere sl�all be a>>plied to the smus secured by this Dlortgage such propor- � � '
<br /> ; $ion of the prooeeds as is equal to that proportion which ttye amount of the>sums secured by this Mortgage imme- � •� �
<br /> o diately grior to the date of taking bears to tl�e fair market ti�aiue of tfie Pxoperty iintn�diatel3 prior to the date of � "��fiy. `
<br /> ; takiug, with.the balance of ' the proceeds paid to Borrower. �.�
<br /> ` I,� th� �'t'ct,,�ert3� is �ba.wdoried N;; Bono:��er ar :. .lfter s,oc:ce L� Le»cler to Barru�ver ik�al, :,iie coiiueuinor urero ��, t
<br />� � tT rnnke nn tiwr�xd t+r eettle a clairt3 for d3��ges, j3orrocrer faiL; t� respo::d ta Lender r:ithin 30 dayo of the uai:e '
<br /> ,of such iiotice; T.ender is authorizec3 #o collect and aj�ply the }�roceeds at Lender's option eitl�er to rer>toration or �l J
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<br /> • rep�air of the Property or to the sucns secnred by tl�is Stortgage.
<br /> � Unless Lender at�d $orx�ower dlherwise a�ree in :writin�; anv such application of »rocecxlF #.� �rinr.iral RI7a11
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