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<br /> If iuider parngraph 18 hcreof the Properly is sold ur thc Yroperty is othcr�visc acquired b,y T.ender, Lender
<br /> shnll npply, no Inter thun immediatcly prior to thc ealc of the Yroperly or its acquisition b,y Lendcr, any Punds
<br /> lield by Lcndcr ut the timc ot npplicntion as u crediL aguinst thc sums secured by this \tortgugc.
<br /> 3. Application o! Payments. Unless npplicnblc In�r pro�•ides othenviFc, nll p;�ymcuts recci�•ed by Lender
<br /> under the Note nnd parngrnphs 1 nnd 2 hcrcof shall hc upplicd by Lendcr tirst in pnyment of amounts pnynble to
<br /> Lender by Borrower under pnrngrnph 2 liereof, thcu to interest payahle on thc Note and on I'uture Advances, it
<br /> any, and then to the principal o[ the �'ote and to thc principal o( Tuturc Advnnces, if uny. �
<br /> 4. Charges; Liens. Borrower shall pay nll taxes, assessments and other charges, fines nnd impositions attrib-
<br /> utnble to the Property which may nttuin n priority over tliis \forlgnge, and ground rents, it any, at Lender's
<br /> option in the manner provided undcr pnmgraph 2 hercof or by T3orro�ecr making pnyment, «�lien due, directly to
<br /> the pnyee thereof. Borro�vcr shall promptly furnisli to Lendcr all notices ot amounts due under this paragrnph,
<br /> nnd in the event Borro�rer shnll make payment. directly, Borro�ecr ahall promptly turnish to I.cnder receipts evi-
<br /> dencing sucl� payments. Borrower shnll promptly dischargc iu�y lien «•l�ich 4as ��riority over tf�is \Iortgage ; pro-
<br /> ; vided, thnt 73orrorver shoil not bc required Lo discl�arge any such lien so ]ong as I3arro�t•er shnli ngrce in writing to
<br /> ' the pnyment ot the obligntion secured by sucl� licn in u manner ucceptablc to I.endcr, or shall in good fnith contest
<br /> such lien by, or detend enforcement of suc6 lien in, Icgal proceedings which operate to pre�•enl the eniorcement of �
<br /> the lien or forfeiturc of thc Property or any pnr� tlicreoL
<br /> �, riazard Iaauranee. Eo.:o:.e: 8�18I1 4nn�� tlie iuy�mt•ements uott• exislin� or heccafter erected on tl�e Prop-
<br /> erty insured ngninst loss by fire, hnznrds included �eithin the term "extended co�•eragc", and sucl� othcr hazurds ns
<br /> Lender may require and in such amuunts and for such �ieciods us I.ender may mquire ; proeided, that Lender shnll _
<br /> i .,� not require thnt the ammmt of such coveragc exceed tlint nmount of coveragc requircd tu pay tl�c sums securedby
<br /> ; r, this Niortgage.
<br /> ; I. � The insurnnce cnrrier providing tlie insurance shall be chosen by Borro�cer subject to approval by Lender,
<br /> provided, that such approval slinll not be unrcasonably �cithl�eld. �Ul premiums on insurnncc policics shnll be pnid
<br /> u` at Lender's option in the mnnner provided under pnrugraph 2 hereof or by Borro��•cr muking payment, when due,
<br /> � � directly to the insurnnce cerrier.
<br /> ` In the event any policy is not renewed on or betore ten days of its expiration, the Lender, to protect
<br /> ^ its interest, may procure insurance on the improvements, pay the premiums und such sum shall become
<br /> j� 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 Bonower ta comply may, at option of Lender, constitute u default
<br /> under the terms oE this Mortgnge.
<br /> All insurunee policies and mnewals thereof shull be in torm acceptnble to Lender and shall include a stnnciard
<br /> mortgage clause in favor o[ nnd in form acceptnble to Lendcr. Lender shull hnvc the right to Lold thc policies m�d
<br /> renewnls thereot, and Borro��•cr shall promptly turni�h to Lender all rene�snl noticr,s und all receipts of paid pre-
<br /> miums. ln the event oi loss, I3orro�ser shall givc prompt notice lo the insurance cnrrier and Lender, and i.ender
<br /> may make proof of loss if not madc promptly by Borrowcr.
<br /> Unless Lender and Borrower othencise agrec in �vriLing, insw•nnce proceeds shnll be applied to restoration or
<br /> repnir ot the Property damaged , provided such restoration or repuir is economicnllp feasible and the security o[
<br /> this �lortgage is not therebp impaired. If such restoration or repair is not ewnomicnlly feasible or if the security ,
<br /> of this \Iottgnge would be impnired, thc insurnnce procecds shall bc upplied to thc smns secured by this A4ortgage,
<br /> witli the excess, if any, paid to Borrower. If thc Yroperty is abanduued by Borro«�er or if Borron•er fails to respond
<br /> to Lender within 30 dnys after notice by Lender to Borrower thnt the insurauce carrier offers to setUe n elaim for
<br /> ineurance benefits, I.ender is authorized to collect and nppl}• thc insurnnce proceeds at I.ender's option either to
<br /> restoration or repair of the Property or to thc sums secured b}• tLis llortgngc.
<br /> Unless Lender and IIorro�cer othenvise agrce in a�ri6ing, nnp such npplication of proceeds to principal shall
<br /> not extend or postpone the due dnte of thc montlily installments reterred to in parugraphs 1 and 21�ereot or chnnge
<br /> the amount of such installments.
<br /> If under pnrngruph 18 hercof the Yropert}' is acquired by I.ender, nll right, tille and iuterest ot Borrower in
<br /> and to nny insurnnce policies nnd in aud to the procceds tlicrcof Ito thc e�tent ot thc �ums secured by this \Iort-
<br /> gage immedintely prior to such snle or ncquisition ) re�ulting from dam;�ge to the 1'roper6y prior to tl�e snle or
<br /> nequisition shall pass to I.ender.
<br /> 6. Preservation and Mmntenance oI Property; Leaseholds; Condominiums. I3orrox•er shnll kecp the Yrop-
<br /> etty in good repnir nnd shnll not permit or commit �vastc, impairment , or deterioralion of the Yropert�• and shall
<br /> comply with the provisions of nny lense, it this �[ortgnge is on a lcnsehold. If tliis \tortgngc is ou n wndominium
<br /> unit, Borrowcr shall perform all ot Bortower's obligation� under the declnraLion of condominium or muster deed,
<br /> the by-1nn�s and regulafions ot the condominium projecl and constituent documents.
<br /> ' � 7. Proteetion o! Lender's Saeurity. If Borro�eer fails to perform fhe covenants and ngreemeuts contnined in
<br /> this �Iortgnge, or if any action or proceeding is cmnmenced «•hich mntcrially afiecls I.ender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domaiu , insoh•ency, code enforcemen6, or nrrnngements or proceed-
<br /> ings involving n bankrupt or decedent, then Lendcr at l.endcr'� option , upm� notice to 13orrower, mny mnke sach
<br /> appenrunees, disburse such smns and take eucl� nction :L is necessary to protect. Lender's interest, including, Uut
<br /> ' not limited to, dishursement of reasonablc nttorncy's tces and entry upon the 1'ropert}• to make repairs. �ny
<br /> ' amounts disbursed by Lendcr pursuant to this pnrngrnph i, �vith interest thcrcon, shnll becomc ndditionnl indebtc �
<br /> edness of Ilorrower secured by this �lortgagc. Unless Borro�ccr and 1.ender ngree fo other terms o( payment, such
<br /> nmounta shnll be pnyuble upon notice from Lender to Borro�ecr requesting payment thereol, nnd shall bear inter-
<br /> est from tl�e datc ot disbursement at the ratc stnted in the \'ote unless pnyment ot inlcrest nt such rnte would Ue
<br /> contrary to upplicnble lnti�•, in which cvent such amounts shnll bear interest. at thc highest rnte permi=sible Uy
<br /> applicnble Inw. Vothing contnined in this paragraph i �hall rcquire I.ender to incur any expense or do nny act
<br /> hereunder.
<br /> 8. Inspeetion. Lender mn}• mnke or cnuse to 6c m;�dc ren�onnble entries upon nnd inspections o( the Prop-
<br /> erty, provided that Lender shall gi��e Borro��•cr uotice ��rior to an�• �ueh in�pection spceih•ing rensonnhle cause
<br /> therefor reluted to Lender's intcrest in the Propert�•.
<br /> 9. Condemnation. The procceds o[ any n�cnrd or claim for dnronges, direct or consequentinl, in connection ,
<br /> with any condemnntion or other tnkiug of the Yroperty, or part therco(, or for coneeynnce in lieu of condemna-
<br /> tion, nre hereby nseigned nnd shnll be pnid to Lender. : i br �• '.
<br /> In the event ot a totnl tnking of thc Yroperty, the procceds sl;all be applicd to thc smns secured b}• this \fort- ' tj
<br /> i gage, with the excess, if nny, pnid to IIorro�ecr. In t6e event of u partinl taking of thc Property, iu�less Borrower �. � � , �
<br /> and Lender othenvisc ngrec in n•riting, there shall be applicd to tlie sums secured by tliis �lortgngc such propor- ,
<br /> � tion of the proceeds ns is equnl to thnt proportion �ehich the amount ot the sums secured by this \fortgnge imme- ( � ',� �
<br /> dintely prior to tL•e dnte oi taking bcars to tl�e fnir market ��ulue of the Property immedintely prior to thc dnte of � .
<br /> taking, with the bnlnnce of the proceeds pnid to IIorro�cer.
<br /> If the Property is abnndoned by Borro«•er or if stiter notice by Lender to Borro�ver thet the condemnor offers
<br /> to tr.ake nn award or set,tle a claim for damagce, Borron�cr fnils to respond to I,endcr �eilhin 30 days of the dnte "
<br /> of 4ucb noLice, Lender is authorizcd to collect nnd applp the procceds at I,ender's option either to restorntion or
<br /> � repnir ot the Praper6y or to tl�e sums eccured by this \lorigage.
<br />:� tinless I.ender and Borrower other�vise ngree in writing, nny such npplicntion ot proceeds to principal shnll
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