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<br /> � lf under ��aragrsph 18 hereof the Yroperty is Sold or the Yraperty is othensisr srquire�! b} I.ender, l.ender
<br /> shall aPP�Y � no ls�er tban immediately prior fo thc• cale uf � I �e Yro� �ca•t }� ur it� �cyuisnion h� I,ender . :iu}' Fuuds
<br /> held by Lender at the time of appJication as a cndit aguin.t tha smu� .ecured bc thi � \1ort �:uhe .
<br /> 3. Applieation of Paymsals. Unless apr�licabl� la�� � n�o��ides other�+� i�c , al) }�a}•rnents rereived by I,ender
<br /> under the Note and paragraplis 1 and 2 l�ereof shall bc ap� �lic-�9 h�• Lender fir�i in pa� inent of a�uounts payable t,u
<br /> I,ender by Borrower under paragrapl� 2 liereof , theu to interest � �ayable on c6c Note and on Futurc Advances, if
<br /> any, and then to the principal of the Note and fu the princi��al of Future Ad �•ances, if any .
<br /> �. Charg�s; Lieas. Bozrower slisll pap sll taxes , assessments and other charges , fines und irnpositions attrib-
<br /> � ut,sble to the Property which may attain a priority over tliis �lortgage, and ground rents , if any , at Lender's
<br /> option in the manaer provided under paragrapl� 2 hereof or l�y Borrower making payment, when due, directly to
<br /> the payee thereof. Borrower shall promptly furnish to I.ender all notices of atnounts due under t6is parsgraph,
<br /> and in the event Barrower shatl make payment directly , Borro�cer shall pron�ptly furnish to Lender receipts evi-
<br /> denciAg wch payments. Borrower shall promptly disc4arge any lien which haE priority over this ?14ortgage ; pro-
<br /> vidad, that Borrower ehall not be required t.o discharRe any sucL tien so long as Borrower shall sgree in writing to
<br /> the psyment o! the obligation secured by such lien in :i manner �cceptable to Lender, or 'shall In good faith contest
<br /> sueh lien by, or defend enforcement o( sucl� lien in , lega� proceedinge �vliicl� operate to prevent the entorcement o(
<br /> the lien or forfeiture of Lhe Property or any parc thereof.
<br /> 5. Hazard L�surane�. Borrower sliall keep the iinprovernents noµ• exist ing or heresiter erected on the Prop-
<br /> Q�„ erty insured against loss by fire , hazards included within the tenn "extended coverage" , snd such other hazards as
<br /> � Lender msy require snd in sach amounts and for such period� ss I.ender inay require : provided , Chyt I.ender shal)
<br /> not require that the amount ot such coverage exceed that amount of co�•erage required to pay the sums cecured 'by
<br /> � this Mortgage.
<br /> �' The insuraace carrier providiug tl�e insurance shall be rhosen by Borrower subject to approval by I,ender ;
<br /> "" provided, that such approval shall not be unreasonably withlield . All premiums on insurance policies shall be paid
<br /> at Lender's option in the manner provided under paragraph 2 Lereof or by Borrow�er making psyment, when due,
<br /> ^ directly to the insurance carrier.
<br /> ^ In tl�e event any policy is not renewed on or before ten days of its ezpiration, the I.ender, to protect
<br /> its intereet, may procure insurance on tt�e improvements, pay the premiums aad euch sum shall becaane
<br /> immediately due and payable with interest at the rate set forth in said note until paid and ahall be
<br /> secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br /> under the terme of this Mortgage.
<br /> All insurance policies and renewals thereof shall be in form acceptable to Lender and sl�all include a etsndard
<br /> mortgage clause in favor of and in form acceptable to l.ender . Lender shall hs��e tLe right Lo hold the policies and
<br /> renewals thereof, and Borrower shal] promptly furnish to Lender s11 reneµ�a! notices and all receipts of psid pre-
<br /> miums. ln the event oi loss, Borrower sl�ell give prompt notice to the insurance currier and Lender, and Ixnder
<br /> may mske proof ot loss if not rnade promptly by Borrower.
<br /> Unlese Lender and Borrower otherwise agree in writing, inhurance proceeds shall be applied w restoretian or
<br /> repair of the Property damaged, provided such restoration or repair is economically fessible and the security ot
<br /> this MoetssQe is not thernby impaired. If sueh restorxtim� or repair is not ecouomieally feasible or if the eecurity
<br /> of thia ASart�age wouJd be impaired , tl�e insurance prcxeeds sl �all l ,i applied to chr euins sec�red by t4is Mort;nge,
<br /> with the exeecs, if any , paid to Borrower. If the Yro�iert,y is abandoned by Borrower or if Borrower fails to respond {
<br /> W I.ender within 30 days after notice by Lender to Borrower tliat the insurance carrier ofiers to settle a cLim for ,
<br /> insuranCe benefits, I.ender is suthorized to collect and apply the insurance proceeds at I.ender 's option either Go
<br /> ' ' rdtoration or repsir of the Pmperty or to the sums secured by tl�ic \Sortgage.
<br /> Unle�e Lender and Borrower otherwice agree in writing, any sueh application oi proceedc to prineipsl shsll
<br /> not est�end or postpone the due date of the monthly install�nents referred to in paragraptu 1 and 2 hereof or eh�e�e
<br /> the amounL of such instalimeats.
<br /> If under paragraph 18 hereof the Property ic acquired by Lender, ali right, title and intereet oi Borro�ver in
<br /> snd to any ineursace policies and in and to tlie proceeds tl�ereof ( to t1�e eztent of the eume secured by tl�is Mort- �
<br /> �sse immediately prior to such sale or acquisition ) resultin� from damage to the Property prior to the sale or �
<br /> saquisitioa thall pacs to I.ender. � �
<br /> i. Pr�r�atien md MmaMamscv of Prop�ety: 1.�es�l+olds: Coadoasiaiva�s. Borrower shsll keep the Prop-
<br /> aty in 600d repair snd ehall not perrnit or commit waste , impairrnent, or deterioration of the Property and sh�ll '
<br /> cotnply w�ith the provieions of any leese, if this aiorcgage is os, a leasehold . If t.his Alortgage is on a wr4dominium
<br /> unit, Borrower ehsll perforn� sll of Borrower's obligations under the declaration of condominium or master deed ,
<br /> the by-lsv9 and neulations of the condominium project and constituent documents.
<br /> 9. Prei�etioa o! I.�ader's 'S�eurity. If Borrower fails to }�erform the covennnlE and agreen�ents contaiued in
<br /> t6is Mort�age, or if any sction or proceeding is conm�enced which materiall�• affects lxnder'e interest in the Prop-
<br /> erty, iaeluding, bat not limited to, eininent domain , ineoh ency , c�e enforce�nent , or arrangements or proceed-
<br /> iap involviaQ s bankrupL or decedent, then Lender at lxnder 'e optiun , upon notice to Borrower, may make such
<br /> appearaaoee, disburse sucl� sums and take such setion R6 15 necessary to protect Lender's interest, ir,duding, but
<br /> aot limited to, diebtusement of reasonable attorney 's tees snd entry upon the Property to make repsirs. Any
<br /> amoun4 dirbureed by Leader purcuant to this paragraph 7 , with interest thereon, shsl! become sdditionsl indebt-
<br /> ednen ot Borrwver �eeured by this 141ortgase. Ualess Bonow�r and Lender agree to other terms of psyment, such
<br /> amouats el�all be paysble upon notice ftnm I.ender to Borrower requesting payment thereof, and ehsil bear inter-
<br /> ert from tl�e date of diabursement at the rate atxted in the A'ote unless payment of interest at such rste would be
<br /> ooetrary to applicable law , in xhich event such amounts shsll besr interest at Lhe highest rate permiseible by �
<br /> sppliesble la�v. Nothing containecl in this paragraph 7 shall require Lender lo incur sny ezpenx or do any act
<br /> bee�tuader.
<br /> �. I�p�fim Lender msy make or cau:e to I�c roade reaFonsble entriea upon and inspectioR6 of the Prop-
<br /> erty, proeided that Lender sl�ell give BorruMer uutic� � �ciw tu :a�i� au�di in'��ecuou ��.eciiyiug re�eu�isble eruae
<br /> therefor nlated to I�cnder's interest ia tl�e Propertp .
<br /> !. Cmd�sealim The procceds of any award or ctairo for dama�ec, direct or consequentisl , in wnnection �
<br /> with aay eondemasti+on or other taking of ihe Property� , or part t4ereo[, or for coaveyance in 3ieu of condemna- �
<br /> tioa, sre l+ereby aseirned snd ahall be paid to Lender.
<br /> Ia L5e weat o[ a td,a! t�kiag oi the P+rpeet,y, the �+roceeds st�all I�c anplied to the sums secured by this Mo:t,- �
<br /> p�e. wth t6e e:eea, it say. }isid to Bc+rraa�er. lo tlu event d a }urtial takiag of the Property , unless Barrow�er ^ •.�• °
<br /> � s4d I+a�d«' ekMnri�e a�ree +a *►ritint, tbere shall be aAplieci to the eum6 secured by this \iort.�age such Propor-
<br /> tias O[ f�e prooeeds as g eqwl to that pnoportion vhief� W�e aenouat of the sums secured by this Mortgage imme- .„ :
<br /> diately priar to tl�e date of taicia` bears W the fur mrrket �•alue ot tl�e Propert�� immediately prior to �►�e date of �-
<br /> takiis�, wit� l�he balsau af tbe proeeeds prid to Bornou er. z»
<br /> If tie Pro�eKy ie abaede++ed by Berrorer er :f after noc�ee br Ixnder to Aorrower that the condemnor oRers �
<br /> to maie an axard or �eWe r n1�►im tor J+ua.�s, Sorrou•er tails eo respond to l,ender a��th�n � days of the date �
<br /> e[ adeb aaitioe, Iseder ic subhorised to �tlect. and ap�slp tht proeeedffi at I.ender's option eitlrer to restAration or
<br /> repag at tl�e Prq�rrf,y or to cbe sums aeeuned by td+� �lart;ase.
<br /> (fn4ees LenQer and Berrower othermise arree in �rritint, any such applicntiou of pru�s Lu yriuciNai si,rll
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