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<br /> + - If under paragrapl� 18 hereof the Pro��erty is sold or tl�e Property is otherwise :tcquired by Lender, Lender
<br /> shall apply, no later than immediately prior to the sulc of the Yro�>erty or its ncquisition by I.ender, any Funds
<br /> � held by Lender r�t the time of aj>plication as x credit against # he suu�s secured V�}� this �iortgage,
<br /> � 3. Application of Payments. Z?nless apj3licuble`Ja��� pro�ricles ot.herwisc, all �ayments received b,y Lender
<br /> under the Note and paragrapl�s l anci 2 3iereof sl�all be ap��lieci by I.ender first in payuient of amounts payable to
<br /> a•� Lender by Borrower nnder paragragl� 2 hereof, thexi to interest ��ayable on tixe Note anci on Future Adva,nces, if
<br /> �` any, and then to the tirincipat of the \'ote and to tlie princi��al of Future advances; if 3ny.
<br /> �' 4. Chargesr Liens. Borrower shall pdy all taxes, assessments and other cliarges, fines anci impositions attrib-
<br /> C �=' utable to the Property which may attain a� priority over this t-lortgage, and ground rentis, if any, at Lender's
<br /> ! j � , option in the manner provided under paragraph 2 iiereof or by $orrower making 'I»yment, when due; directly, to ':
<br /> � 1\ the payee thereof. Barrotiver shall �romptly furnish to Lender all notices of amounts due under tl�is 'parsgraph, ^ `
<br /> , (\ and in ,the event Borrower shall inake I.�ayment ciirect]y, Borrower sl�all promptly furnish to Lender receipts evi-
<br /> ; dencing sucl� payments. Borrower shall promtytly discliarge any lien which has priority over this \Lortgage; �ro-
<br /> � vided, that Borrower shall not be required to discharge any such lien so long as Borrotver sliall agree in writin� to � ,'. �;
<br /> ' the payment .of the obli�ation secured by sucN lien in ,� manner acceptnt�le to Lender, or shall in �ood faith contest ; 7 , '
<br /> � such lien by, or defend enforcement of such lien in; legnl procecdings �vhich operate to prevent tlie entorcement of ; ;:
<br /> " ' Ghe lien or forfeiture 'of`the Property or any ��art thereof.
<br /> ' S. Hazard Insur�ce. Borrower shall keep tlie improveinents noH� existing or hereaftei• erected on the Fron-
<br /> i erty, insured ngainst Ioss Uy fire, liazards included within the term "extended coverage", a�nd such other hazards as
<br /> Lender may require and in such ainounts' and for suclr peripds ��s Lender inuS� require; provi�led , that 'Lender shall + •
<br /> � not require that the amount of such coverage exceed tLat amowit of coverage required to T�ay the sums secured 'by - '
<br /> ,. y this NTartgage.
<br /> i The insurance carrier providing the insurance sl�all be chosen by Borrower subject to approval by Lender;
<br /> ' provided, that such approval shall not be unreasonably with6eld . All premiums on insurance policies shall be paid
<br /> st Lender's option in the manner provided under paragraph 2 hereof or by Borro�ver making payment, when due, '
<br /> direetly 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 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, constitute a default
<br /> under the terms of this MoTtgage.
<br /> Ali insurance policies and renewals tl�ereof shall be in form iicceptable t•o Lender and shall include s standard
<br /> inorGgage clause in favor of and in form acceptable to Lender. I,ender shall have the rigY�t to Ixold the policies and �
<br /> �, renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and ali receipts ot paid pre-
<br /> miums. In the event of loss, Borrower shall gic•e prompt notice to the insurance carrier and Lender, und Lender
<br /> may inake proof of loss if not made promptly by $orrower.
<br /> Unless Lerider and Borrower otherrvise agree in writing, insurance proceeds shall be applied to restorstion or
<br /> repair of the Property damaged , provided such resta•ation or repair is economically feasible and the security of , ',
<br /> this tViortgage is not t.hereby impaired. If such restoration or repair is not econotnically feasible or if ' the security �`
<br /> of this i�4ortgage would Ue impaired, the insurance ��roceeds shall !ie applied io thc sums secured by this Mortgage,
<br /> with the excess, if any, paid to Borrower. IF the i'roperty is abandoned by Borrower or if Borro�ver fails to xespond
<br /> to Lender within 30 days sfter notice by Lender to Borrower tli�t the insurance carrier offers t.o settle a claim for
<br /> insurance benefits, Lender is authorized to collect and apply the insurnnce proceeds at Lender's option either to
<br /> restoration or repair of the Property or to the surns secured Uy this \Iortgage.
<br /> � Unless Lender and Borrower othenvise agree in writing, any such appIication of proceeds to principai shall
<br /> � > not extend or postpone the due date of the monthl,y installments referred to in paragraphs 1 and 2 hereof or change
<br /> i the amount of such installments. '.
<br /> ' If under paragraph 18 hereof the Yroperty is acquired by Lender, all i•iglit, title ai�d interest of Borrower in
<br /> ` and to any ii�surance policies and in anc9 to tl�e proceeds thereof (to tl�c extent of the sums secured by this Mort-
<br /> gage immediately prior to such sale or acquisition ) resxilting from <lauiage to tl�e Property prior to the sale or
<br /> � acquisition shall pass to Lender. ' ;
<br /> 6. Preservation mzd Mmntenccnce of Property; Leaseholds; Coadominiums. Borrower shall keep the Prop-
<br /> erty in good repair and shall not permit or commit waste, impairnient, or deteriorntion of the Property and shall
<br /> comply with the provisions of nny lease, if this �'Ior 'tguge is on a leasehold. If this i�lortgage is on a condominium
<br /> unit, Borrower shall perform all of Borrower's oUligations under the declaration of condominium or master deed ,
<br /> the by-laws and regulations of the condominium projeet and constituent docmnents.
<br /> 7. Protection of Lender's Security. If Borrower tail, to perfoim the covenants and u�reements eonLained in
<br /> this Mortigage, or if any action or proceeding is commenced whicl� materially affeuts Lender's intei•est in the Prop-
<br /> erty, including, t�ut not. ]imited to, eininent domain ; in�olvency, codc enforceinent, or �rrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender �t Lender's option , ui�on notice to E3orrower, may make such
<br /> appearances, disburse sucli sums and take sucli action as is nece�snry fo protect. Lenc(er's interest, including, but
<br /> not limited to, disbursement of reasonab]e attorney 's fees and eutry upon the Property to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this paragraph 7 , �vitli interest thereon, slzall beeoine additional indebt-
<br /> edness of Borrower secured by this liortgage. Unless Sorrower and Lender agree to otl�er terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> est from the date of disbursement at the rnte stated in the '_�'ote unless payiuent of interest at such rate would be
<br /> contrary to applicable law, ;n which event such amounts shall bear interest at the highest rate permissible by
<br /> applicable law: Nothing contuined in this paragraph 7 shnll require I,ender to incur uny expense or do any act
<br /> hereunder.
<br /> + 8. Inspection. Lender zna,}• �nake or cause to t>e madc reaconahle cntries upon an�l insFiections of the PTop-
<br /> erty, pro��ided tLaL Len�Sei• �l�eil give i,urrower iiurice � �e•ior to st3��� sur•i � ii:spectit�a �i�ecifying reasonAble cause
<br /> therefor related to Lender's interest in the Property.
<br /> : ' 9.` Condemaation. The proceeds of any award or claim for damages, direct or consequential, in connection
<br /> xvith any condemnation or othei• taking of tl�e Yroper�y , ur pai�t thereof, or ibr con�°eyance in lieu of condemna- �
<br /> tion, aTe hereUy assignecl and sha13 be paid to Lender.
<br /> In the event of a total taking of the Property , the pi•oceeds sliall be appl4ed to the Fums secured by this Mort- ��,� � �
<br /> : gage, tivith the exeess, if, any , paid to Borrower. In t,lno event of a partial t.aking of the Property, unless Borrower �� � � ,�,' ` '
<br /> and Lendex• otlterwise agtee in wriGing, tl�ere slisll be applied to tlie sums secured by this �Zortgage such propor- ' �' � t
<br /> tion of tihe proceeds as is equsl to, that proportion which tl�e nmount of the sums secured Uy this Mortgage imme- i �+� y '
<br /> , ' � diately prior to the date of taking bears to tl�e fair �nsrket value of ttie Property iinmediately prior to the date of `���'
<br /> ' � tsking, with the balance of theproceeds paid to Borco�vei: ' �� ,,,
<br />� ' 2 If tne ProHercy is tsbancioned by Borrower or if aTter not�ce t�y Lencyer to Borrower that the condemnoz offers '" s"" ' r
<br /> � Lu sLnke.mi� a,w»i�3 uc• aei,tle a. clain3 for damages, Borrower fazls to re$pond to Lender within 30 da s of the date
<br /> of such notice, Lender is suthorized to collect anci a �l the y w " �' � �
<br /> p� y proeeeds at I.ender's option citl�er to restorat.ion or �
<br /> � repair o£ the Property or to t3ae sums seeured b,y this �Iortgage.
<br /> i�nleF� �,rncler rtnd Rorron�er et�en��se 2dree in n�riting, an}- sucti applicatioii of prou�eae l.0 �ainui}�al aLall
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