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<br /> If under paragraph 18 liereof the Property is sold or the Property is otl�erwise acquired by Lender, Lender �
<br /> shall apply, rio later thsn immediately ��rior to tlic sale of t.hc' Yrof�erty or its acquisition by 7.ender, :iny I'unds
<br /> heid by Lender at the time of apjzlication as a ��redit i�gainst tl:e ,uins sr.cured hy this :vlortgaga
<br /> 3. Application of Payments: Unless appljcttblc Iss�r � �rovides otherwise, all payments received b,y Lender
<br /> under the Note and paragrapl�s l siid 2hereof- sliall be applied by I�e�ider &rst in Pa,yment of amounts payable to
<br /> Lender,�y Borrower undei^ f�aragrapl� 2 lieteof, then to inferest payable on 'tlYc Note nnd on Futin�e Advances; if
<br /> ssny, and then to the principal of the Note an�t to khe principal of Future :Advances; if any. `
<br /> 4. Charges; Lieus. ' Borruwer shalt pay all t.Lxes, assessments ai�d other c.harges, fines and impositions attrib-
<br /> utable to the Property wl�ich tnay attain a priority over titis , �'IorGgage, and ground rents ,` if any, at Lender's
<br /> option in the manner ��rovided under paragraph 2 hereof or by F3orro�ver inaking payment, �vhen due; directly to
<br /> � � y�� the payee thereof. Borro�ver shall promptly furnisl� to S�encleA• all notices �f amounts ' due under tl�is paragraph,
<br /> , ` ' � anrli in the eventBorrower shall make �iuyn�ent directly, Borro�cer shall promptly furnish to Lender , receipts evi-
<br /> �j , dencing sucli paymeiats: Borrower shull promptly discharge any lierr which h�s priority over this blortgage ; pro-
<br /> ,�, vided, that Borrower shall' not be required to discl�x�rge an}� sucli lien so long as 73orrower shall agree in tivriting to
<br /> �j the payment of the obligation secured by sueli lien in :t manner seceptu�le to Lender, or shall in good faith contest
<br /> � such lien by, or defend enforcement of such lien in , legal ��roceedings which operate to prevent the en[orcement of
<br /> the lienbr forfeiture of the Property or any part t.l�ereof. '
<br /> � 5. Hazard Insuraace. Borrower shall keep ` tlie i�unrovements now existing or tiereafter ereeted on the Prop-
<br /> � erty insured against loss by fire, hazards included within the term "extended coverage", and such ot}ier hazards ss
<br /> Lendermay require and in such amounts nnd for sucl� ��ei•iods as Lender in�a,g require ; provided , tliat I:ender shall
<br /> not require that the amouni of such coverage exceed tliat umount of coveragc required to pay the sums secured 'by
<br /> .. f•5316 �Ol'.f��AgC. � .. �. . . : � :.. � . ' . . � . . . .. . � .� � . �. � � . � � . .
<br /> The insurance carrier providing tlie insurance shnll be chosen by Borrower subject to spproval by Lender ;
<br /> " provided„that such approval shall not be unreasonably �vithheld. ALl premiums on insurance policies shall be paid
<br /> � at Lender's option in the manner provided under paragrapli 2 hereof or by Borrower inaking pnyment, when due,
<br /> ;; direetly to ttie 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 premium� 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 /> , All insurance policies and renewals thereof shall be in iorm .icceptable to Lendcr and shali include a stanilard
<br /> '; inortgage clause in favor of and in form acceptaUle to Lender. Lender shall have tlie right to hold the policies and
<br /> renewals thereof, and Borrower shall promptly furnisl� to Lender all renetival notices and all receipts of paid pre-
<br /> ' miums. In the event of loss, Borro�ver shall give procnpt notice to the insurance carrier and Lender, and Lender
<br /> may make proof of loss if not made promPtly by Borrower.
<br /> IInless `Lender and Borrower other�vise agree in �vriting, insurance proceeds shall be applied tu restoration or
<br /> repair of the Property damaged, provided such restoration or repair is economically feasible und the security of
<br /> this Mortgage is not thereby impaired. If such restoration or re�3air is not econocnically feasible or if the security
<br /> , of this A2ortgage would ue inrpaired , tl�e insurance proceeds shall be applied to tl�e sums secured Uy this Mortgage,
<br /> s with the excess, if any, paid to Borrower. If the Property is ak>andonecl by Borro�ver or if Borrower fails to respond
<br /> � to Lender ivithin 30 days after notice by Lender to Borrower thut the insurance carrier offers to settle a claim for
<br /> ;, insurance benefits, Lender is authorized to collect and apply tl�e insurance proceeds nt Lender's option either to ;
<br /> restoration or repair of f,he Property or to the sums secured by this \lortgage.
<br /> Unless Lender and Borrower otherwise agree in �vriting, any such application of proceeds to principal shall
<br /> ` not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change
<br /> the amount of such installments.
<br /> ' If under paragraph 18 hereof the Yroperty is acquired by Lender, all ri�ht, title and interest of Borrower in
<br /> and to any insurance policies and in anct to the proceeds thereof (to tfie extent of the sums secured by this Mort-
<br /> � gage immediately prioz to such sale or acquisition ) resiilting from damage to the Property prior to the sale or
<br /> ; acquisition shall pass to Lender.
<br /> 6. Preservatioa �a►d Mmnten�ce of Property; Leaseholda; Condomiaiums_ I3orrower shall keep the Prop-
<br /> � erty in good repair and shall not permit or commit waste, impairment, or deterioration of the Property and ehall
<br /> comply with the provisions of any lease, if this \fortgage is on a leasehold . If this �4ortgage is on a condominium
<br /> ' unit, Borrower shall perform all of Borrower's obligations under t.he declaration of condominium or master deed;
<br /> ' the by-lt�ws and regulations of the condominium project anct constituent docusnents.
<br /> ; 7. Protection of Lendei s Seeuzity. If Borrower fails to perform the covenants und agreements contained in „
<br /> 's this Viortgage; or if any action or proceeding is commenced whicli materiaily affects Lender's interest in the Prop-
<br /> eTty, including, but not limited to, eminent domAin, insoivency, coae enfarcement, or arrangemenis or proceed-
<br /> ings involving a bankrupt or decedent, tlien Lender eit I.ender's option , upon nutice to Borrower, may �nake such
<br /> appearances, disburse sucli suins and take sucli action as is necessary to protect Lender's interest, inciuding, but
<br /> ' not limited to, disbursement of reasonable attorney's fees and entiy upon the Property to make repairs. Any
<br /> � amounts disbursed by Lender pursuant to this parag�apli 7, �vith interest thereon , sha❑ become additionai indebt-
<br /> edness of Borrower secured by this 14ortgage. Unless Borrower and I,ender agree to other terms of payment, such
<br /> amounts shallbe payable upon notiice from Lender to Borrower requesting payment thereof, and shull Uear inter-
<br /> est from the date of disbursement at the rste stated in tlie Note unless payment ot interest at such rate would be
<br /> contrary to spplicable law, in whicl� event such amounts shall bear interest nt the highest rate permissible by
<br /> applicablelaw. Nothing contained in tliis paragraph 7 shall requirc Lender to incur any expense or do any act
<br /> hereunden
<br /> 8. Inspection. Lender may inake or cause to he madc reasonahlc entries upon and inspections of t.he Prop-
<br /> ertY, Prvvided CLat Lenider sl�all give Borrower nocicc �a•iur to .�i1y .uci � iu�pei:tion �pecify'ing reasonat,le cu:ase
<br /> therefor related to Lender's iuterest in the Property.
<br /> 9. Coademaation. >The proceeds of ssny award or claim for damages, direct or consequentisl , in connection
<br /> with any condemnation or other takitig of t1�e Yroperty, oi• part tl�creof, or for con��eyance in lieu of condelnna-
<br /> tion, are hereby assigned and shail be paid to Lender. �
<br /> In the event of a tatal taking of the Propert,y , the �voceeds shall be applied to the suins secured by this Mort- ,,,� � rt , :. �,,. G
<br /> gage, �vith the excess; if any, Naid to Borro�ver. In t.l�e event of a partiai taking of tl�e Property, unless Borrower ' ,� , m �'
<br /> � . 3�►' ,�� `s
<br /> � � and Z.ender otherwise agree in writing,� there sliall be applied �to tl�e sums secured b,y this :��Iortgage such propor- � � � ' ,,. ',,,8
<br /> � tion of the proceeds as is equal to t�at proportion which the: amount af the sums secured by Ghis Mortgage imme- ' �`r :
<br /> diateiy prior to the date of taking bears to tl�e fair anarket value of ttie Property immedia,tely prior to the date of " ' '
<br /> , � � ,. �
<br /> taking, with the' balsnce of the �Toceeds paid to Borrower. , n ',,
<br />� • • if the Yroperty is, al�andoned by Borrower or if atter notice bv Lender to Bormwer thati tiie condeuinor offers
<br /> to make ap award or settle a claim for damages, Borrower iails co responc3 to Lenc9er witiiin 30 day� oI iii� date , �,
<br /> of such notice, Zender is authorized to collect and apply tfie 3jroceeds at Lender's option eitl�er to restoration or ,..:'
<br /> repair of the Property or tio the suxn5 secured by tl�is \fortgage.
<br /> TJnless Lender and Borroticcr `cthcncisc �grec in �vritird, any such agplicatzon of proceeds •to principal chall
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