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' If under paragraph 18 hereoF the Pro�>erty is sold or the Yroperty is otlterwise acquired by I.ender, l.ender l �
<br /> � shap apply, no later tl�an iramediately prior to the sele o[ the Yropertp or its ucyuisitio�i by I.euder, any Fuuds
<br /> hald by Lender at the time of application as a cmdit ugainet the sums secured b�� this 'Vtortgage.
<br /> 3. Ayplioatioa o/ Payen�nta. Unleas applicable Iaw provides otlierwise, all payments received by I,ender
<br /> under the NoLe and pamgrapl�a i and 2 hereof el�all I�c ap��lied i,y 1.endcr flrst in payment of amounts payable to
<br /> Lender by Bosrower under �aragraplt 2 1►ereof, then to interest payable on the Note and on Future Advances, if
<br /> any, a,nd tben to the prineipet of the Note and to the principal of Future Advances, if any.
<br /> �. Cbarq�r: I3�ns. Barmwer elialt pey sU ta�tes, aasessn�ents and otl�er charge�, finee and impwitione attrib-
<br /> � ut,sbls W the Propetty which may attain a priority over tliis '.�tortgage, and ground rents, if auy, at Leader'a
<br /> M pptiCap in Ehe mauoer provided uader parqgnph 2 l�ereof or by Borrower anakiAg payrnent, when due, directly to
<br /> � tl�e psqee thee+eaf. $osrower ehall promptly furni�li to T.ender all notices of suwunts due under thu paragraph,
<br /> � aod is the event $orrower slasll make paynxnt directly, Borrower shall promptly furniah to I.ender receipts evi-
<br /> � demoia� sueh pRymeate. Bore+awer ehs}! P��I���Y discl�erge any lien which has priority over thia '_biortqa�e ; pro-
<br /> ` vided, that Sorrower sh�ll not be required to diacl�arge any sucl� lieu so long ab Borrower shaU agree in writia` to
<br /> � tbe psymanE of the obiigntion secured by such lien iu n manner acceptaible to I.ender, vr shsll in good faith contest
<br /> pleh [ien by, or defepd enforcesttent of suclt lien in , legal proceedings which operate to prevent the enforcement ot
<br /> � the liea or forfeitur�e of the Property or any part thereof.
<br /> 1'� S. IlmEird Iowrm►et. Botrower shall Iceep tlie i�nprovements now ezisting or hereafter erected on the Prop-
<br /> �, erty imured sgsicut loes by fire, haaards included within the term "extended coverage" , and auch other hazsrda ss
<br /> I�eadertnay tequire and in such amounts and for sucl � period�. as Lender trwy require ; provideci , that Lender ehafl
<br /> not require that the amount of eueh eoverage ezceed that amount of coverage requirecl to pay the suma reeured 'by
<br /> this MorEgage.
<br /> The insursnce csrrier providing tl�e insurance shall be chosen by Borrower subject to approval by I,ender ;
<br /> provided, that euch approval shall not be unreasonably withheld . All premiums oii insurance policies shall be paid
<br /> at Leader's option in the mapner provided under paragrapL '2 hereof or Uy $orrower making payment, when due,
<br /> dit+eotty to the inaur8ace esrrier.
<br /> Ia the event any policy ie not renewed on or before ten days ot its e:piration, the Leader, to protect
<br /> ib interest, may pmeure insurance on the improvementa, pay the premiums and such aum shall become
<br /> immedittely due and payable with inter�t at the rate set forth in said note until paid and ehall be
<br /> eecured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a defsult
<br /> undee the termo of thie Mortgage.
<br /> All ineurance policies snd renewalss thereof slrall be in for�n ucceE�ttible to I .euder and shall include a stsrrdard
<br /> mortgs�e elauce in favor of and in forn� acceptable to I�ender. lxnder shall have the right to hold the policies and
<br /> reaerab thereof, and Borrower ahall promptly furnish to Lender all renewal nutices and all receipts �i paid pre-
<br /> tnium4. In the event of loas, Borrower shall give pro�npt notice to the insurance carrier and Lender, and I.mder
<br /> msy malte praof of loes if not made promptly by Borrower.
<br /> Ualev I.eader and Borrower otherwise agree in writin�, inew•ance proceeds shall be applied to restoratiou or
<br /> reptir of the Pnaperty damaged, provided euch restoration or repair i� economically fex,eible and the eecurity of
<br /> thi� M+ott�ise is not thereby impaired . If such resWrstion or repair is riot economically feaeible or if the security
<br /> of t6it Morteage would be impsired, the iruzurance ��roceeds shall lie applied t� the eun�s secured by this Most�e,
<br /> with the ezcare, if any, paid to Bprrower. If tiie Yrope��ty is abanJoned by Borrower or if Borrower tsils to res�oetd
<br /> to Lender witlua 30 dayc after notice by Lender to Borrower that the insurance carrier c�!'fere to aettle a clsim for
<br /> inwcanoe beeefit�, I,ender is authorized to collect and apply the insurance proceeds at I.ender's option eil.ber to
<br /> re�6o�rstion or sepaiz of the Property or to the sums aecured by t.liis \iortgaye.
<br /> IItiea Leader and Borrower otherwise agrce in writing, any sueh applicstion of proceedc to principa! du►11
<br /> aot e�drmd or po�tpoae the due date ot the montlily installmentc reterred to in paragrsphs 1 and 2 hereof os ohaose
<br /> tL� amaunt of �ah ins411ment�.
<br /> If uades p�ra�raph 18 hereof the Yr�erty is scquired by Lender, all right, title and interert of Borrower in
<br /> aud to any insuraace policies and in and to tl�e procecKis tLercaof Ito tlie extent of the e�u�r secured by this Mort-
<br /> e�e itamedistely prior to euch eale or acquisitionl resulting from damage tu the Yroperty prior to the sake or
<br /> aoqni�ition shtil paoe to Imnder.
<br /> �. Pew�e�atiea ca�d DimleYstmo� oE Proy�ely: Iwa�olds; Condomisiums. Borrower shail keep the Prop-
<br /> erty in good repair and shsli not pertnit or commit waste, impairment , or deterioration of the Prope�t,y and shall
<br /> oomply with the provisione of aay lea�se, if this liurtgage is on a leasehold. If this �lortgage ie on a condominium
<br /> ase
<br /> unit, Bottower shall per(orm slt of Borrower's obligationh under the declarstion of condominium or maeter deed,
<br /> t!►m by-lawa aad re�ubtions of the condominium project and cunstituent dceuments.
<br /> 7. pt+el��lios d Lod�s's S�eurity. If Borrower fails to perfonn the covenants snd egreemente coatsined in
<br /> this Mort�e, or if any setion or prooeeding is commenced which materially affects Lender's intereet in the Prap-
<br /> e1tq, iaoludiag, but not limited to, eminent domain , ineol�•ency , code enforoement , or arrangements or prooeed-
<br /> iaQt iavolvit� s bankrupt ar deoadent, then Lender at I,ender'r option . u}wn notice to Borrower, may make avch
<br /> appqraacee, disburse euch eums and take euch action as is neeessary to pmtect Lender's intereet, includie�, but
<br /> not lia►ited to, d'ubunement of reasonable attorney 'e fees und entry upoi� the PtoNerty to inake repsiee. Aey
<br /> amouats dirburred by Lendes puysusnt to this parsgeaph 7, witl� interest thereon, shall beoop� additiooal indeb6c
<br /> ed�r�rs o! B+orro+ver secured by th» Morf�a�e. Unless Borrower and I.ender a`ree W other ternu of payment, wu6
<br /> amottnt� dull be payahle upon notice from I,ender to Borrower requesting payment thereof, sad shali bwr ieter-
<br /> ar6 fsas the date of duburrement at the rate stated in the Ne�te unkss payment of interest at euch rate w'ouid be
<br /> e0atr�ty Lo applicable lsw , in whioh evenL such amounts shall bear intereet st Lhe highest rste permia�ible bq
<br /> applieable law�. ?�iothing containeci in thie paragrarh 7 shall require I,ender to incur any e:pense or do any act
<br /> Iftleusder.
<br /> R 1s�y+�elian.. l.etfder msy make or cauee to !m msdc reae•onahic entries u� end inspections of the Prop-
<br /> ert�, provided thst Ltnder eiis�l give Bo�row�er noti�e ��rim• to an�- Furh inspection h��ecifvin¢ reaxonsble n�uee
<br /> tYwtor rohted to L�ender'r iaterat ia the P�»perty.
<br /> � C,a�d��. The p�rooeedr ot soy avard or claim for danis�es, direct or consequentisi, in ooenee�iron
<br /> ; w'� asy oundpuosta� or diter L�itiag of the Pro�erty, or Easrt thereof , or for conveysnce in lieu of nonde�ana-
<br /> j tNs. a�r �Sbr aw�fed and �!►sll be pvd Co I.esoder. �
<br /> � In f�e eveat of a totsi taitiaQ of the Yrnperty, the ��roceedn st�all lie applied to the sums secured by this Mont-
<br /> n p�e, with the excees, if say, paid to H�ezoaer. In the evenL of a partial taking of the Property, unlees Bono�►er " �-"' .
<br /> ' ? a�d InM�t" o�erw�ue a�eee � weitit�, tiws�e duii be apnlied to tl�e sums eecured by thie Mortga�e such propor- '
<br /> . � t3Mt b[ � �+otl�s�Lt /�s 3r eqttal fo that proport4oa whieh tl�e sawunt of the .ums eeeured by thie Matea�e imeie- ,i
<br /> , di�WT �ee' ato #�e drl�e o# takia� baara W the tsir maelcet value of tl:e Pmperty im�»edistety prior to the d�te oi
<br /> . � wWr�Mir b�l�ear e! t�6e m e
<br /> . peaeeeds paial a Bp�roo�er.
<br /> 6 If iV 1�ltlp� s� sbddosed by � or if xPrter netite bv I.ende� to Rerrn�vwr th�t thr rntMlemnor e1Fer�e '
<br /> ' !0 �i�'! �S �trsid ot a4ttle a Ci�a� for dsrn�a¢. Bort+owec failc to iv�r��d 1,o I.ender witliin 30 �3avK ot t.he datr �� r
<br /> t at �Iliell► �1ptkMy �+ende� ir ant�heeued Uo eol4�ot t41d ap�t3y td�e {x+oeeedr at I.ender's optic+n eitlaer to reetoratioa ar - " � �'J�
<br /> � n�r ei tLs Per�pa�Ry cr ts t�e awr � by t�t ]i�eet�,e.
<br /> �laiew I+ee�Uer �d Be�mrer athesw»e a�eee in �itit�, anp suah apptiostion of prooeeds W principa! shall
<br /> � ` `:.,� � �
<br /> � � �. �..,,
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