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<br /> If under paragraph 18 hereof the Yropert.y i, sold or the Yropert}• i, otLera� i��• :uquired by Lender. Lender �
<br /> .hall apply , no later tli�n iromedistely prior to th�• .alc u( th�� Yru� ,ort }• nr it .. uoyui�i � iun hy Li� � idi�r . :ury I�undn
<br /> held by I.ender at the time ot applicntion ;ts a credit ukuiu=t th�• .:uu �.. .��i• ur�•� I b}• � hi. A4urtgug�� .
<br /> 3. Applioation of Paymsnts. Unlese appli<•alilc I,i�c � n•ovide. ut6envici� , .� 11 payiucnk: received by Lender
<br /> under tl�e Note �nd paragraplis 1 and 2 lic:reuf .I � zill ho u� �� �lii•� i by Lc�ndor firsf in � ,ayinent uf awuunt. E �ayable to
<br /> Lender by Borrower under paragraph 2 I �ereof, tht:n ro interest � �u��ubl�• on tl �c \otc an� l on 1�'u! urc Advlinces if
<br /> any, and then to the principal of the Note and to tl �e prin��i� ial ot Future Ad �•an�•e� , if anp .
<br /> �. Charqow Liona. Borrower ehall pay ull tuxes, assess�rients und other char�e� , fines anrt impositions sttrib-
<br /> � ut,able to the Property which �nay uttain a priority over tliis \iortgage , 3nd ground rents , if any, at Lender's
<br /> �.� option in the manner provided under paragraph 2 hereof or I �y Rorrower �nakin� p�yinent , when due , directly to
<br /> b the payee thereof. Borrower shall promptl,y furnis6 to I.endcr ali notices of amouut , d�ie under this paragraph ,
<br /> � and in the event Borrower shall makc payment directly , Borruu•er shall �;roiuptly furnieh to I.ender receipts evi-
<br /> �, dencing sucl� payments. Borrower shall � � ro�r��nly discharge :in�� lien w�hich l�as priority uver this �lortgage ; pro-
<br /> � vided, that Borrower shall not be require�i ro discharge anp .iul � ] ieu so loug us tiorrower ,I�all a6ree in writing to
<br /> p the payment of the obligatiou secured by �uch lien in n manner acceptable to Lencier. or s1ia11 in good faith contest
<br /> euch lien by, or defend enforcement oP sucL lien iu , legal � �roccedings ��•liich oper:�tc to I,revent the enforcement o(
<br /> the lien or forfeiture of the Yroperty or ciuy part tl�creoi.
<br /> � S. Hazard Insuraaes. Borrower �hall kee� � t6c iro�n•ovements no�c rxisting or hereafter erected on the Prop-
<br /> ^ erty insured against loss by fire, I�azards included within t.he term "extended coverage " . c�nd sucl� otlier hazards ah
<br /> Lender may require und in �uch umount , and for sucli periods ;a:: Li�udcr � uar require : E �ro�• ided , that I.ender shall
<br /> not require that the amount of sucl� coverage exceed tLat umount of ooeerssge required to pa,v the aums secured 'by
<br /> thie Mortgage.
<br /> 'I'he insurance carrier providing the in�urauce �hall br cl�o�en h�� Borro�s��r subject to up��roval by Lender ;
<br /> provided , that such approval shall not be unreasonably withheld . :111 premiums un insurance policie� shall be paid
<br /> at Lender's option in the manner provide�i uuder � �aragrapli 2 hereoi a hy Borru�+ er makin� payrnent , when due ,
<br /> direcWy to the insurance carrier.
<br /> In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect
<br /> ite interest, may procure insurance on the improvements, pay the premiums and such surn shall become
<br /> immediately due and payable with intere�t at the rate set forth in said note until paid and shall be
<br /> secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br /> under the terms of this Mortgage.
<br /> Al! insurance � �oliciee and reneµ�als tl � ereot �liull bo in forui uccepti�ble tu Lon� ler :ind �hall include a staudard
<br /> mottgage clause in favor o[ und in forin acceptuhl� to Lender. Lendur shall ha��e the riKht to hold the policies und
<br /> renewals thereof, and Borroe�er shall ��romptly furnisli co Len�ler all rene�val uotic�� and all receipte of paid pre-
<br /> miutna. lh the event of loss, Borrower shall gi ��e prowpc iiotice tu clu� iusura��ce currier and Lender, and Lender
<br /> may rnake proof of loss if not made proinptly I,y 13urrower.
<br /> Unlese Lender and Borrower otherwisc �gree in writing , ivaur;tnce ��roceeds .hall bc ttpplied tu restoration or
<br /> repair of the Yroperty damaged , procidi�i such restorattiuu or rel �uir is �•cuiiuwicull� iva�ibl�• ;uui rhe seouritv of
<br /> thie Mortgsge is not thereb�• impaired . Ii such resturution ur re� �air i� not econuu�ic.illp feusible or if the security
<br /> of this �fortgage would be impaired , the insurunce procee�is =hal1 I �o s� �plic�l to tlic �uuis secured by [hie lfortgage,
<br /> with the excess, if any, paid to Borruwer. If the Yropertv » ahan� iune� l by Borrower or if Rorrower faile to respond
<br /> to Lender within 3U days after noiice by Lender to Borrower tl�at the insurancc r3rrier oRers to settle a claitn for
<br /> ineurance benefits, I.ender is authurized tu cullect und apE�l}• thc insurunce proceeds sst I�ender 's option either to
<br /> reetoration or repair of the Property or to the �mus secured l,� thi� \ iortgage.
<br /> Unlees Lender and F3orrower other�vice agree in writing , anp� sucli upplication u1' proceeds to principal shall
<br /> not extend or postpone the due date of the montlily install�nents referred to in }�aragrnphs 1 and 2 hereof or chnnge
<br /> the amount of such inetallments.
<br /> If under paragraph 18 hereof tlie Yroperty i� scquired by Ixnder, vll right , title and interest ot Borrower in
<br /> end to any insurance policies and in and to the proceed. thereof i to the exteut oC t6r swn� seivrrd by thie �11ort-
<br /> gage in�mediately prior to such sale or acqui�itioni re�ulting f'ro� n �iumuge to tLe Yroperty �irior to the sale or
<br /> acquisition shall pass to Lender.
<br /> & Pr�Nrvation md M�atsamics of Propeaty; I.sassholda; Coadoiainiuma. fiorrower sl�sll keep the Yrop-
<br /> erty in good repair and shall not permit or commit waste, i�npairment , or deteriorstiai uf the Yroperty and shall
<br /> comply with the provisions of any lease, if this \tortgage i, on a leasefiold . If this Jlortgsge is ou a condominium
<br /> unit, Borrower shall perform all of Borrower's obligation> under tl�e declarxtiun of condominium or msater deed ,
<br /> the by-lsws and regule6ions of the condominium � �roject a��d constituent docuu�ent�c.
<br /> 7. Protsefion o[ Iwndet'e S�eurity. If Borrower fail. to � �c:rform tl�e covenunts und n�reements contained in
<br /> thie Mortgage, or if sny action or proceeding is com�nenced whicl � ivateriully afl'ect.s ] .r:nder's interest in the Prop-
<br /> erty, including, but not limited to, eminent don�xin , in�ol �•��ni�y , cnde i•nforcement , ur arrxngement� or proceed-
<br /> inge involving a bankrupt or decedent , then Lender at I .ender'� option , upon notice to Horrower, �r�sy make such
<br /> appearsnces, disbutse such sunts and take such uction :is i, necessary to �rrotect I.ender's interes[ , iucluding, but
<br /> not limited to, disbursetnent oi reasonable ssttorney '. lee� and ��n6ry upuu the I'roE,erty to iriake repairs. Any
<br /> amounts diebursed by Lender pursuant to this paragrsph 7 . �vitli interest thereon , shall become additional indebt-
<br /> edness of Borrower secured by �his �lortgage. Unless Rorrower an�i I,ender �agree Lo other terius of payment , such
<br /> nmaunts ehall be payable upon notice froni Lender to Borrower reyuestiug �ia,ymeut thereof, �ud shall bear inter-
<br /> eat trom the date of disbursement at the rnte stated iu t.he :1ote unless payment o1 interest at sucti rate would be
<br /> contrary to applicable law , in which event �uch x�r�ounts shall bear interest ut the highest rate permieeible by
<br /> applicable law. Notl�ing contained in this � �uragra��li i shnil rec7uirc Lender to incur any expense or do any act
<br /> hereunder.
<br /> 8. Ie�qetion. Lender may make or �su�e to hc� ma�lc rea-oneblr entrie. upon arni ins� �ec•tions of the ProP-
<br /> erty, provided that Lender ehal! give Borrower notic�e � n•ior to :� n}• �u�•li in .�,ertion .� �et• ifti'inL' rPn.anttihl� ��au�e
<br /> therefor related to Lender's �nterest in the Yroperty .
<br /> 8. Cond�mnatioa The proceeds of ssny award or ��lairn ior damagei;, direM or consequential , in connection
<br /> with any condetnnation or other taking of the Yroprrt�� . vr � �srt t li�•rrot, or for ron ��evanre in lieu of condemna -
<br /> ; tion, are hereby aseigned and ahall I�e paid to Lender. �
<br /> In the event of a total taking of the YroNerty , the pruceeds sl�all I �c app6ed to the swris seeured I�y this :�1ort - ,'L
<br /> gaQe, with the excess, if any , paid to Borro�ver. ln the event of a purtial tuking oC thc Yropertp , unlesn Borrower � " �.
<br /> snd Lender otherwiise agree in writing, there sha❑ be applie�l to the sums securrci t,y this 1lortgage �uch propor- �:
<br /> tiom of Ghe proceeds as is equal to that proportion which L6e aniount of the swn. becured by this hiortgage imme- I
<br /> ' diately prior to the date of taking bears co the fair u�arket vnlue of the Propercy itnineciiately prior to the datr, of `'�
<br /> W�kin�, witlf the balo,nce of the proceeda paid to Bormwer. '�
<br /> If t�e Yroperty ie abandoned by Borrower or if xfter noticr iw l ,ender to Rorrou�vr thqi ! }�n ��n�iemnot c•ICere
<br /> to milce sn a�vard or settle a claim for dumages, Borrower faila to re�pm��l tu l ,en�ier witliin SO dav� nP thP dwtQ
<br /> of ruch notioe, Lender is authoriaed to collect and ap)�ly the proceedr at I ,ender', option either to re�;toration or "`
<br /> repsir of the Propetty or to the euma eecured by tl�is \lortgage.
<br /> Unlds Lender and Borrower other�vise agree in writing, any such application of proceeds to principal shall
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