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<br /> If w�der parngraph ] 8 herco( thc YropertV Ifi SOIfI or tl�c Propert}• is othcr�visc acquired b�� I.ender, I.ender
<br /> rhall aPpIY, no Inter th�u� i�nmcdiulcly prior to thc aulc u( thc Yruperly or if, nc��ui�ition b�• I.cudcr, any I�unds
<br /> held by Lender .�6 thc timc of npplicntion as u crediL ag�iin�t the �um� �ecured h}• this �lortgagc.
<br /> 3. Application o[ Payments. Unless appliaiblc I:«�• providcs otlicnsi�e, ull �iay�ucnts reccived by I.ender
<br /> under the Note :�nd pnrugraphs 1 nnd 2 hemof sluill bc ��pplicd b}• I.endrr (irst in pn�•ment of .unounts payable to
<br /> Lender by Borrower under parograph 2 hereof, Lhen lo interest p��}•:ible on the Note nnd mi rirture Aclvances, i[
<br /> any, und ti�en to thc principnl of thc Notc nnd to fhc principnl of I'uturc Ad�•anccs, if nuy. �
<br /> 4. Charges; Liens. Borrower shall pny all taxes, assessments and othcr charges, fines and itnpositions attrib-
<br /> utable to the Property which mny attain n priority over this Alortgugc, and ground rents, if any, at Lender's '
<br /> option in the mnnner pro��ided under parngrnpL '2 hercof or by 13orrower mnking payment., �chen due, directly to -
<br /> the payee thereoL Borro���er shall promptly turnish to Lender all notices of nmouuts duc under this parngrnph ,
<br /> und in tlre event Dorrower shalf make peryment directly, 13orrotecr s6all promptly furnish to I.ender reccipts evi- �
<br /> deneing sucL paymenfs. I3orrower shall promptlp discharge auy lien �chich has priority over tLis \lortgage ; pro-
<br /> ! vided, that Borrower shnll not be required to dischnrgc any such licu so long as 13orroa•er 'shall agrce in writing to
<br /> ! the payment ot the obligntion sccumd by sach lien in ,� mnm�m• acceptablc to I.ender, or shall iu good faitli contest
<br /> ; auch lien by, or defend enforcement of such lien in , legal praccedings ���hicl� operntc to preecut the eniorcement of
<br /> tlie lien or forfciture of the Yroperty m• any part thcrcoL
<br /> 5. Hazard Insurmiee. Borrower shnll keep tl�c impro�•ements no��� existiug on c�rcatter crected on tLe Yrop-
<br /> � crty insured against loss by fire, hazards included �vithin tLc term "extended covernge", and such oU�cr hazards as
<br /> Lender may reryuirc nnd in sucl� amounts ancl for such periods as I.endcr muy requirc ; proeided, tl�nt I.endcr shall
<br /> not reryuirc that tlie �tmount of such coveragc excced tlint amow�L o( coveragc required tu pny the sums secured'by
<br /> ; this D�iortgnge. � � : �
<br /> ' ��j The insurnnee enrrier providing the insurauce shnll 6e chosen bJ• Borro�cer subjecL to appro��ul b}• Lender ;
<br /> Y.,, provided , that sucli a��proval shnll not bc unreasonablp n�ithheld. :\It premiums on insurance policics shnll be pnid
<br /> r, nt Lender's option in the mauner pro��ided undcr paragrnph ? hcreof or by 13orro�ccr making paynient, when due,
<br /> � � directly to tl�e insurnncc cnrrier.
<br /> ' u In the event uny policy is not renewed on or Uefore ten days of its expirntion, the Lender, to protect
<br /> � its interest, mny procure insurance on the improvements, pay the premiums and such sum shnll become
<br /> immediately due and payaUle with interest at the rute set forth in said note until paid und shall be
<br /> � secured Uy this Mortgage. Failure Uy Borrower to comply may, at option of Lender, constitute a deinult
<br /> ^ under the terms of this Mortgage.
<br /> All insurnnce policics and renewnls tlicreof �hnll be in fonn ucceplable to Lcndcr and chalf include a standard
<br /> mortgnge clnuse in faeor of and in form acceptnblc to Lenrler. I.ender eliall havc thc right to 6oid thc policies nnd '
<br /> renewnls thereof, and Borrower shall promptly furnish to I.ender nll renc��•al noticr,s and all reccipts of paid pre-
<br /> miums. In the c��ent of loss, 13orro�aer shnll giee prompt notice to the iusurnncc cnrrier snd Lender, nnd l.ender
<br /> mny mukc proot of loss if not made promptlp b}� Borro�ccr.
<br /> Unless Lender and Borrower otlicnvisc agrcc in �critiug, insurauce procceds shall be applied to restorntion or
<br /> repnir oi tlre Property damaged, pro�•ided snch restoralion or repair is econmuicnll�• (easible and the securitp o(
<br /> this \fortgnge is not thereby impnirecL It sucli restorntion or repair is not economicnlly fensible or it tlie security
<br /> � of this \fortgnge �r�ould be impnired, the insurance proceeds sliall be applicd to the sums secured by tl�is \Iorlgnge,
<br /> �vith the exeess, if any, paid to Borro���er. If tlte Yroperty is abandoned by 13orro�cer or if I3orro�cer fails to respond
<br /> to Lendet within 30 days atter notice by I,ender to I3orro«�er t6nt the insurtucee cnrrier offers to settle n claim {or
<br /> insuronce benefifs, Lender is authorized to collect and apply thc insurnnce proceeds at Lender's option either to
<br /> restorntion or repair ot thc Property or to fhc sums sceured b�• fhis \[orlguge. �
<br /> Unless Lender and Borrotieer ot}ier�cise agree in ��•riting, an�• sucl� applicntia� of proceeds to principal shall
<br /> not extend or postpone the due date of the monthly instnllments refcrred to in parngraphs 1 :md 2 hereof or chenge
<br /> the amount of such installments.
<br /> If under pnragruph 18 hereof the Yroperty is acquired b}• I.cuder, all right, title and intcrest oi Borrowcr in
<br /> and to nny insurancc policies and in nud to the procecds thereof lio th�� catent oi thc emns secured by this \Iort-
<br /> � : gnge immediutely prior to such snle or ncquisitionl resulting from diunage tu tlic Property prior to the sale or
<br /> acquisition shall pass to Lendcr.
<br /> 6. Preservation �d Mmnten�co oI Property; Leaseholds; Condominiums. 13orro«�cr sliall kcep tl�e Prop-
<br /> { ' erty in good repair and shall not pennit or commit �caste, impninnent , or delerior�tion uf the Property and shsll
<br /> comply with thc pro�•isionc oi iuiy lensc, if this \fortgngc i� ou n lcamhoid. If Uiis \Iortgagc is on n condominium
<br /> unit, Borrower sh111 per[orm nll of IIorro�eer's obligations under the declaratiou of condominium or master deed ,
<br /> the by-lnws and mgulntions of the condominium project and constituent docwnents.
<br /> 7. Protection of Lender's Security. If Borrorver fnils to periorro the co��eu:wts aud agreements contnined in
<br /> ` ' this \fortgage, or i( any nction m• proceeding is commenced �chich materialh� allec�.s I.ender's interest in the Ptop-
<br /> erty, including, but not limited to, eminent dmnniu, in,ol�•ency , code enforcement , ur arrnngements or proceed-
<br /> ings involving n bnnkrupt or decedent, tlien Lender nt l.ender's optiun , upon notice to 13orrower, may make such
<br /> , appearnnces, disburse such smns nnd tnke sucl� :tction as is uccessary to protect Lender's interest, including, Uut �
<br /> nat limited to, disbursement of reasonnLlc attorney's fees nnct enlrp upon thC Yroperty to makc tepnirs. Any
<br /> nmounts disbursed Uy Lender pursuant to this pnrngrnph 7, �ci6h interest thereon, shnll become additional indebt- �
<br /> ednesa of Borrowcr secured by this �fortgagc. Unless Aorro�ccr and I,ender agrce to other terms of payment, such
<br /> umounts shall bc puynble upon notice from Lender to I3orroa•cr requcsting p�yment thereot, nnd slinll Uenr inier-
<br /> � eat from the dnte ot disbursement at the ratc stated in thc Note unlecs payment of intcrest at sudi rnte �vould be
<br /> contrary to npplicnble I�w, in tvl�ich e�'ent such nmounts sliall benr interest at thc liighest rnte permissible by
<br /> ' applicnble lnw. Vothing contnined in tBis pnragrnph 7 sliall requirc l.endcr to incur any exnense or do any uct
<br /> ' hereunder.
<br /> 8. Inspection. I.ender may mnke or cnuse to he inndc rcasonnble entries tq>on nnd inspections of the Prop-
<br /> ehy, provided thnt Lender �hall gi�•e 13orron•er noticc �n•im• to any �ueh in�pcetion �pcci(ti�ing ren�onablc cuuse
<br /> ; there[or relnted to Lender's interest in the Property.
<br /> 9. Condemnation. The proceeds ot any aicarci or elaim for damages, direct or consequentinl , in connection
<br /> ; with nny condemnation or other tnking of tlic Yroperh•, m• purt thcrcof, m• for com•eyuncc in licu of coudemna-
<br /> ; tion, are hereby assigned und shall bc pnid to I,ender. � � " ,
<br /> ! In the e��ent of n total taking of thc Property, thc procecd� �l�all hc npplicd to the sums scr,�ired by this \Iort- ,• �' �,
<br /> �nge, �cith the excess, i( any , pnid to I�orron•er. Li the ecent of a pnrtinl taking ot the Yropert�•, unless Borrower t; � : %
<br /> and Lender ot6envise ngree in writing, thcre sliall he npplicd to the swns <ecured bp this \forLgxge �uch propor-
<br /> tion of thc proceeds as is equal to thnt proportion ��•hich the �unount of Ihe smns secured by fl�is \Iortgngc imme- � � -`` �
<br /> diately prior to the dnte ot tnking benrs to thc fair markef ��nluc of the Properi�• immedintcl�• prior to the dnte of h"' '
<br /> tsking, �vith the bolancc of the proceeds paid to Borro«•er. �
<br /> If the Property is nbnndoned by Borro�ver or if a[ter notice 6y� Lender to Borron•cr thnt t6c condemnor offers _
<br /> to make nn nwnrd or settle a claim for dnmages, Borroucr fnils to respond to I.ender �eithin 30 dnys of the date �
<br /> of such noticc, Lender is nuthorized to collect and apph• thc procecds nl. ].cuder's option eiUier to restoralion or
<br /> repair of the Property or to thc suir.s secured by this \lortgnge.
<br /> Unless Lender aud Borrower other�visc agree in �vriting, nny such npplicution of proceeds to principnl shnll �
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