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<br /> If under paragraph 18 hereof thc Yroperty i � sold or tlie ProperL�� is otherµ•i�e acquired L�� I.ender, I,ender
<br /> shall apply , no later tl�an ienmediately prior Lu tl �c sutc of tl �c Pro� �crt}� or its acyuisition b�• Leuder . :iny Funds
<br /> held by Lender at the time of application as a credit against the swi�s serured h�� this �4ortgage.
<br /> 3. Applieatioa of Paya�eata. Unless applicsblc la �c � irovides otherw�isc, sll payinrnta received Ly Lendez
<br /> under the Note and paragrapl�s 1 and 2 hereof sLali bc a����lied h,y I.ender first in payinent of amounts payable to
<br /> I.ender by Borrower under psragrapl� 2 Lereof, then to interest payable on the :�'ote and on Futurc• .4dvances, if
<br /> sny, ai�d then to the principal of the \otc and to tlie princi�asl of Fu6ure .4dvances, if any.
<br /> 'f. Chm'g�n: Li�s�. Bormwver at�all pay sU taxes, assessments and oEher chargrs , fines and impositions ettrib- '
<br /> ut,sble to the Property which may attain a priority over this �Zortgage, and ground rents, if suy , at Lender's
<br /> option in the manner provided under paragrapli 2 hereof or hy Borrow•er making payment, when due, directly to
<br /> the yayee thereof. Borrower shail promptly furnish �o J.ender all noLices of amounts due under tBis paragraph,
<br /> sad in the event Borrower shall make payment directly , Borrou�er shall prompt]y lurnish to l,ender receipts evi-
<br /> QC deneing such payments. Borrower shall promptly discl�arge any lien which has priority, over, this 111orGbage ; pro-
<br /> Q; ridsd, thst Borrower sha]! not be required to ciiscliarge any suc6 lien so long as Borrower shall agree in writing to
<br /> C' We Payment of the obligation secured by sucl� lien in � manner scceptable to I.ender, or shall in good faith contest
<br /> (,(:'. such lien by, or defend enforcement of such lien in , legal pruceedinge wl�ich operate t.o pre� ent the enforcement o(
<br /> ` the lien or torfeiture of the Property or any part t}�ereof.
<br /> � ` S. Hasard Insurmae�. Borrower shall l:eep tl �e improvements no�c existing or hereafter erected on the Prop-
<br /> erty insured against loss by Sre, hasards included within the term "extended coverage ", and such o�her Lazards Ys
<br /> ^ Lender may tequire and in such amounts and for sucL periods a5 Lender �nay require ; provided , that Lender shal )
<br /> ^ not require that the amount of such coverage exceed that amount of coverxgr, required to pay the suma secured 'by
<br /> this Mortgage.
<br /> The insurance carrier providing the insurance shall be chosen by BorroH•er subject to approval by Lender ;
<br /> provided, thst such approval sha11 not be unreasonabl,y withheld . All premiums on insurance policies shall be paid
<br /> at Leader's option in the manner provided under paragraph 2 l�ereof or hy Borrower making p$yment, when due,
<br /> direetly to the insurance carrier.
<br /> In the event any policy is not renewed on or before t.en 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 /> ia�mediately due and payabJe with interest at the rate set forth in said note until paid and ehall be
<br /> secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a defauit
<br /> under the teims of this Mortgage.
<br /> All insurance policies and renewsls thereof shal ! be in fonn acceptab]e to Lender and sliall include n stsndard
<br /> �nortgage clause in favor of and in forin acceptable to Lendei•. Lendrr sha ! ] have tl�e right to hold che policitre and
<br /> renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid pre-
<br /> miuma. In the event of loss, Borrower sLall give prompt notice to the insurance currier and Lender, snd Lender
<br /> may make proof of loss if noL rnsde promptly by Borrower.
<br /> Unless Lender and Borrower otherwise agree in writing, insw•auce proceeds shall LN applied �o restor4tion or
<br /> repair of the Property damaged , provided such restoratiun or repair i . economicalt�• feasible and the securit�� of
<br /> this Morigage is not thereby impaired . If such restoration or repsir i= not economicslly feasible or if the security
<br /> of Wie Morteage would be impaired, the insurance proceeds sliali be applied to the sums secured by this Tiortgagt, �
<br /> witA the excess, if any, paid to Borrower. If the Yropert.y is abandoned h} Ba•rower or if Borrower fails to respond �
<br /> W Leadst within 30 days after notice by Lender to Borrower tl �ut the insurance carrier offere to settle a claim for � �
<br /> insusanoe beoefits, Lender is authorized to collect and apply thc insurance proceeds at Lender's option either to
<br /> - - nstorataon or repair of the Property or to the sums secured b}•� tliis �lortgsge.
<br /> Unlets Lender and Borrower otherwise agree in writing, any such application of proceede t,a principal �hal!
<br /> noL extend or postpone the due date of the monthly inetall�nents reterted to in paragraphs 1 and 2 hereof or c�an�e
<br /> the aowunt of such installments.
<br /> If under paragraph l8 hereof the Property is acquired by Lender, al] right, title and intErest of Bemp�ver in �
<br /> snd W any insurance policies and in and to the proceeds tl�ereoi ( Lo the excent of the sums secured by thic'"Mort- �
<br /> �ge imsnediately prior to such sale or scquisition ) resulting from damage to the Property prior to the c�le or �'
<br /> soquiation shall pase to Lender. �
<br /> i. P+�s�+�'at➢w► msd Maint�am+a o! Propsrty; Leaesholds: Coadomiaiva�s, $orrower shall keep the Prop- '
<br /> e+ty in good repair and shall not permit or commit waste, impairment , or deterioration of the Property and ehall
<br /> ootaply with the provisione of any lease, if this �lortgage is on s leaseliold . Ii t,his hfortgage is on a condominiwo
<br /> unit, Borrower shall perform s11 of Borrower 's obligstions under the declaration of condominium or master deed ,
<br /> t6e by-lsws and regulations of the condominium project �nd conscituent document,s.
<br /> 7. Protselioaf o! y�ader's S�curity. If Borrower fails to perform the covenants and ngreements contaiued in
<br /> this 14lortgsge, or if any sction or proceeding is comn�enced whicli n�ateriall� aAects Lenders interest in the Prop-
<br /> eety, including, but not limited to, eminent do�nain , iusol �•ency , codr enforcement , or xrrangements or proceed-
<br /> inpe involving a banktupt or decedent, then Lender st l,ender 's opt.ion , upori notice to Borrower, n�ay �nake such
<br /> appearances, disburse sucli sums and take such action as is necessary to protect Lender's interest , including, but
<br /> uot limited to, disbursemenL of reasonable attorney 's fees snd entry upon the Property to inake repaire. Any
<br /> amounts disbursed by Lender purauant to this paragrapl� 7 , �vitli interest thereon, shall become additional indebt-
<br /> edness of Borrow�er eecured by this Mortgage. Unless Borrower and Lender agree to other 6erms o[ payment, sueh
<br /> snuwals shall be psyable upon notice from Lender to Aorrower requesting payment thereof, and shall bear inter-
<br /> ert tra�m the date of diebursement at the rate stated in the Not,e unless payment of intereet at such rate would be
<br /> ooetesry to applicable Isw, in which event such amounts shall bear interest at the highest rate permiesible by
<br /> appliesble law. Notiiing containeci in this paragraph 7 shntl rcquire Lender to incur am• expense or do any act
<br /> heraundu.
<br /> a. 1n�P�etioa• Lender msp make or cause tu Iw• �i�xdc rrasunable cntr�es upon and inspections of the Pmp-
<br /> erty, prnvided that Lender ehaJ! give Borrow•er noticc � �rior to :u��� ;uch inEpection s�xcifyi�g reasonable cause
<br /> E�erefa' nl+ted to Lender'e interest iA the Property.
<br /> s' Cond'��oss• The proceeds of uuy ax•ard or claim for damages, direct or consequentul , in oonneetion `
<br /> �'� �Y �odemaatSon or oLher taking of the Pro�ert}• , a• part tl�ereol, or (or conveyance in lieu of condemna- "\
<br /> kioo, are ba+eby assigned snd shsll be psid to Lender. ; �
<br /> Ia the eveat of s totsl takit� of the PmpertY� the proeeeds sl�all I�t applied to the Fums secured by this Mort- � ��
<br /> � �� �� � ��� ii +�Y, i�+d � �rrower. In the event of a partisl taking of the Pro��erty , unlens Borrow�er 1
<br /> � j'�r ��� si� �� �'n�g> there al�sll be ypi�lied to tlie su�na secured by thiF Aforl,gage such propor_
<br /> � � � P�eds ae ie Aqual ta that proportion which W�e amount of the swne secured by this �►fortga`e imme-
<br /> du�t W�er to Lhe date of taJcia� betra to the fair u�arket ralue ot the Propert }• i�nmediatel�� prior to thP .iste of �x' �il
<br /> ta�'�„ wiRti the baiaace of LS� y�oueeds yrid to Borrower.
<br /> I� � propesty is abaiidoned Ly Borrowri• � i! After not�ce by i,ender to Borrower that the condemnor offers
<br /> � �e � �+�'�sd � settk a c}aim for dama�es, Sorrow�er fails to i�espond to Lender within 30 days of the date I
<br /> � a� aotbx, Lender is suthorised to eo!leet and ap{�ly the proeeeds at I,ender's option cither to restoration or
<br /> t�air ot fA�e Proper6y or to ttu wms secun+cl My thir \7 ortgngc- i
<br /> Unkes Lender snd Borrower otheravise �ra� » �a•tyt��� any such applieation of proceeds to E,rincipal shall
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