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<br /> , � If Lmder paragrapl� 18 hereof the Yro��erty �s sold or tlie Property is other�vise aequired by Lender, Lender
<br /> sliall upply, ho later thsn immediatiely prior to tl�e salc of t6c Pi•oPerty or iLs acquisition by Lender, :iny Funds
<br /> held by Lender at the time of application us s credit against tLe smus secw�ecl k�y tliis Viortgage.
<br /> 3. Appliccx6on of Paynaeats. Unless applicublc la��• provides otherwise , :�11 pay�nents received by Lender
<br /> under the Note ana paragrapLs l and 2 I�ereof shr�ll be apl�lied bv Lender first in pa,yiuent of amounts payable to '
<br /> T.ender by Borrower under parsgraph 2 hereof, tfieu to interest �x1y:�ble on tlie Note and on Future Advances, if
<br /> any„atid then to the piincipal of the i`Tote an<l to the princinal of I'utuTe Aclvances, if any.
<br /> ' 4.- Gharges; Liens. Borrower s1�sI1 ��ay ail taxes, assessments and other charges; fines and impositions attrib-
<br /> utable to t1�e Property which may attain a, priority ovei• tliis lZortgage, and ground rents, if any, at Lender's
<br /> � option in tl�e inanner I�rovided wider parugraiah 2 l�ereot pr by Borrower' making 3>a,yment, when due, directly to
<br /> the payee thereof. Borrower shall promptly furnisl� to Lender all notices of amounts due under tl�is paragraph ,
<br /> and in the eventBorro�ver shallanake �>ayment directly, Borro�i•er sh311 promptly furnish to Lender receipts evi-
<br /> Q denoing sucli pnyments; Borrower shall promptly discl�arge any lien which has priority over this -\4ortga6e ; pro-
<br /> �f videdytl�atBorrower shalla�otbe required to discliarge any sucl� lien so long as f3orrower shail agree in writing to ,
<br /> �ry'9 the payment of the obligation secured by such lien in ii manner acceptable to Lender, or shall in good fuitli contest
<br /> " ' � such lienby, ordefend enforcementi of such' lien in; legal piroceedings �vLich o�erat•e to prevent the en#orcement of
<br /> p the7ien or foifeituze of, the I'roperty or any i7art thereof. ' �
<br /> �j 5. Hazard tnsurcmce. Borrower shall keep the iinprovements no�v existing or hereafter erected on tlie Prop-
<br /> erty insured against loss by fire, l�azards included �vitUin the term "extended coveruge' ; and sucl� othet• hazards as
<br /> � Lender may require and in such amounts :xnd for sucli periods as Lender may require ; l�rovided, that Lender shall
<br /> � not require that the amount of such coverage exceed tl�at amount of coverage required to pay the sums secured 'by
<br /> ihis Mortgage:
<br /> The insurance carrier �:�roviding tl�e insurance sha11 be rl�osen by ]3orrower subject to approval by Lender;
<br /> r provided, tGat such approval shall not be unreasonably �vithheld . All premiums on insurance policies shall be paid
<br /> at Lender's option in t;he manner provided under paragrapi� 2 ]iereof or by Borrower 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 procure insuaance 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 may, at option of Lender, constitute a default
<br /> a�nder the terrns of this Mortgage.
<br /> All insurance policies and renewals thereof �hall be in forru acceptable to Lender• and shall include a standard
<br /> mortgage clause in favor of and in form acceptable to Lender. I.ender shall have tlie right to liold the policies and
<br /> renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid pre-
<br /> miums. In the event of loss, Borrower shull give prompt notice to the insurance carrier snd Lender, and Lender
<br /> may make proof of loss if not made promptly Ly Borrower.
<br /> Unless Lender and Borrower otherwise agree in writing, insurance proceeds shalt Se applied to restoration oc
<br /> ' repair of the Property dainaged , provided such restoration or rep�ir is econocnically� feusible .�nd the security of
<br /> � this DZortgage is not thereby impaired. If such restor:�tion or rep�ir is not ecomm�ically fessible or if the security
<br /> of this l�7ortgage would be impaired, tl�e insurance l�roceeds shnll bc applied to the sums secured by this Mortgage,
<br /> with the excess , if any, paid to Borrocver. If the Propeity is abandoned by Borrower or if Borro�ver fails to respond
<br /> toLender �vithin 30 days after notice by Lender to Borrower that the insurance carrier offers to settle a claim for
<br /> ineurance benefits, Lender is authorized to collect and spply tlie insurflnce proceeds at Lender's option either to
<br /> � restoration or repair of the Property or to the sums secured by f,his \Tortgage.
<br /> � Unless Lender and Borrower otherwise agree in writing, an,y such application of proceeds toprincipal shall
<br /> ? not extend or postpone the due date of the znontlily instalLnents referred to in paragraphs 1 and 2 hereof or change
<br /> the amount of such installments.
<br /> i If under paragraph 18 hereof tl�e Yroperty is acquired by Lender, all right, title und interest of Borrower in
<br /> and to any insurance pol�cies and in and to the proceeds thereof ( to the extent of the sums secured by this Mort-
<br /> ; gage immediately prior to such sale or acquisitionl i�esulting frmn damage to the Yroperty �>rior to the sale or
<br /> acquisition shall pass to Lendea
<br /> 6. Preservation mad Mmateaance of Property; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> erty in good repair and shull not permit or commit waste, impairment, or deterioration of the Property and shall
<br /> comply tvith tlie provisions of any lease, if this 1lortgage is on a leasehold. If this i�4ortgage is on a condominium
<br /> anit, Borrower shall perform all of Borro�ver's obligations under the declaration oS condominium or �naster deed,
<br /> the by-Iaµ•s and regulations of tlie condominium project :ind constituent documents.
<br /> j 7. Pzotectioa of Lender's Security. If Borrower fails to perform t.he covenants and agreements contained in �
<br /> this Mortgage, or if any actian or proceeding is cominenced which ivaterially afiects Lender's interest in the Prop- "
<br /> erty, including, but not limited to, eininent domain , insol ��ency, code enforcement, or arrangements or proceed-
<br /> ings invo]ving a bankrupt or decedent, then Lender at I.ender's option, upon notice to I3orro�ver, may make such
<br /> appearances, disburse such sums and tske such action as is necessary to protect Lender's interest, including, but
<br /> �ot limited to, disbursement of reasonable attorney's fees and entry upon the Yroperty to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this paragrapl� ? , with interest thereon , shall Uecome additional indebt-
<br /> edness of Borrower secured by this 3lortgage. Unless Borrower and Lender agree to other terrns of payment, such
<br /> amounts shali be payable upon notice from Lender to Borrower requesting payment thereof, and sl�ali bear inter-
<br /> est trom the date of disbursement at the rate stated in the I�Tote unless payment of interest at such rste tivould be
<br /> contrary to applicable law, in which event such umounts shall bear interest at tlie highest rate permiasible by
<br /> applicable law_ Nothing contained in tl�is paragraph 7 shnU require Lender to incur anv expense or do any act
<br /> hereunder.
<br /> 8. Ias�aectioa. Lender inay make a• cauee to he innde i•easonal�le entries upon and inspections of the Prop-
<br /> erty, provided ihat Lender shall give Borroxaer notice ��rior to am� �ucli ins�>ection specifying reasonable cause
<br /> therefar relatec4 t.o Lender'c intereat. in t }�e Propert��.
<br /> 9. Coademnatioa. The proceeds of ssny award or claim for damages, direct or consequential , in connection
<br /> " with any condemnation or other taking of tlie Yroperty , m� part thereof, or for conveyance in lieu of condemna-
<br /> tion, are hereby assigned and shall be paid to Lender. �
<br /> i In the eventi of a total taking of tlxe Property, the ��roceeds sliall be applied to the sums secured by this RZort-
<br /> ' - gage, with the excess, ifany, paid to Borrower. In tl�e e��ent of a partial taking of the Property, unless Borrower _ "�"' � " � ` � n � `
<br /> "' snd Lenfler otherwise agree in u�riting, Lhere sliall Ue a��plied to c,l�e �uii�s secured by this 1lortgage such propor- } #� ;;w,� •
<br /> � tion of the proceeds as is equal to that proportion which the amount of the sums secured by this Dlortgage imme- � ' 'n{
<br /> distel,y prior to tl�e date of taking bears to the fair market ��alue ot tl�e YroperCy i�nmediately prior to the date of � ;
<br /> p'�.
<br /> taking, with the balance of the proceeds paid to Borrower. ,., *t,�. '
<br /> If the PrpperGy is abandoned b,y $orrower or if after notice Uy Lender to Borro�ver that the condemnor offers "� ' �
<br /> �+� mske ez: as��4:d or s�t!1e s clWim fo. �unlsbes, Borrc;� er fsils to :esro:d ta Lendcr ;ti•ithin 30 da5-s of the daf.e "
<br />�r �f wuoh notire; 7,en�ler i� Quther:_red to coller± Ar.d a�g?y the ;�roceed� at Lcader'� option eitt:cr to restcratior. or
<br /> repair of the Property or to the sums secured by tliis \Tortgage. '"'''
<br /> Unless Lender and Borrower other�vise agree in �vriting, any such application of proceeds to principal shaA
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