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<br /> If under paragraph ] 8 hereof the I'roperty is sold or the I'ropert�• is other�vise acquired b,y Lender, Lender �
<br /> shall npply, no later tlian immedia.tely prior t� tl�c sale of the PiroE�ert,t� or its :xec�uisition by I.ender, :ury Funds •
<br /> � � l�e1d by � Lenderat thetime of a�iplieation as a ere�di� ag��inst the suriic �ecured bp il�is Nlortgage.
<br /> 3. Application ' of Payments. Unless applicaiilc la��� ��rovicics otlier}vise , all �anyment»s rer,eive�l by Lender
<br /> under tlie Note an<3 j�aragrap2is l and 2 hei•eof shall bc applied by ,7_endei• fix•st i�i l�ayinent of amounts 7�ayable to
<br /> Lender'Uy Borrower under paragrapl� 2 I�ereqf, tl�en io interest inlyablc on tlie Yote aui.l on Future 'AdWances, if
<br /> ixny, and bhen to the principaL uf the Note anii to the principnl of Future r^,clvances, if any.
<br /> �., 9. Chazges; Liens. Borro�ver shall pa,y all taxes, assessments and other charges; Fines and impositimis attrib-
<br /> � ut,able, to the Prpperty which may attain a priority over this l�lortgage; und �rom�c� rents, if any, at Lender's
<br /> � option ;in tl�e manner provided under i�aragra��h 2 hereof or by Borrower inaking payment, tivhen due; d'arectly to �
<br /> �; � the payee thereof. Borrower shull promptly furiiisli to Lendcr a.11 notices of ninounts due tmder this' paragraph,
<br /> � : � ; and ip the event Borrower shall make payn�ent ciirectly, $orrowcr shall proml�tly iurnish to Lender z�eceipts :evi-
<br /> " � deneing sucii payments. Borrower shall Tiron���tly discharge any lien �chich has ��riority over this 1lortgage ; pro-
<br /> ? � vided; that Borrower shall not be requireci to discl�arge Any sucli ]ien so iong as Borro�ver stiali agree in tivriting tia
<br /> y f the payment of the obligation secured Uy sucli Iien in �i maniier acce}3taule to 'Lenc]er, or shail in good faith contest
<br /> such )ien by, or defend enforcement of such lien iu, legal proceedings �vl�icli operate to ��revent the enforcement of
<br /> �^� the lien>or forfeiture of the Property or any part tl�ereof. ;
<br /> � S. FIazazd Insur�ce. Borrower shait keep tl�e improvements no�r• existing or hereafter erected on the Prop-
<br /> erty insured against loss by fire, hazards included within the teTm "extended coverage", a,nd sucl� othei• liazards as
<br /> Lender may require :tnd in such ssmounts and for sucli j�eciods as I.etider muy require ; providec9, that Lender shall
<br /> not require 'that the �mount of sucl� eoverage exceed that amount of coverage required to pay the sums secured 'by `
<br /> � this 16Iortgage.
<br /> ; ; The insarance carriex providing LIie insurancc shall be chosen by Borro�ver suttject to npproval Uy Lender ;
<br /> k pinvidea, thut such approval shall not be unreaeonably withheld . All premiums on insurance I�olieies shatl be paid
<br /> at Lender's optioii iii the manner ��rovided under pa�ragrapli 2 liereof or hy Borrower making pa,yn�ent; when due,
<br /> � direetly to the insurance carrier.
<br /> In the event any policy is not renewed on or before ten days of its expiration, the Lender, to pr�tect
<br /> its interes£, may procure insurance on the improvernents, pay the premiums and such sum shall become
<br /> unmediately 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 Borrower to comply may, at option of Lender, constitute a default
<br /> under the terms of this D4ortgage.
<br /> �; All insurance Policies und renewals tl�ereof shall be in form acceptable to Lender and �l�all include u sta.ndard
<br /> 1' mortgage clause in favor of and in form ucceptal�le io I.ender. Lender sl�all have tlie right to hold the policies and
<br /> renewals thereof, and Borrower shall promptly furnisli to Lender all renewnl iiotices and all receipts of paid pre-
<br /> miums. In the event of loss, Borrower shall give prompt uotice to the insurance carrier and Lender, and Lender
<br /> may mske proof of loss if not madc promptly by Borrower.
<br /> Unless Lender and Borrower otherwise agree in writiu�, insw•znce proceeds shall be applied to restoration or ;= "
<br /> repair of the Property damaged , provided such restoration or repair is economically feasible and the security of '
<br /> ' t this Mortgage is not thereby impaired. If such restoratiun or repair is not econanically feasiblc or it the security
<br /> :; of this ibSortguge �vouid be impaired , the insurance �3roceeds shall l�e applied to the sums secured Uy this Itiiortgage,
<br /> with the excess, it any, paid to I3orrower. If the Yro{aerty is ubandoned by Borro�ver or if Borro�vcr fails to respond
<br /> r ; to Lender within 30 days after notice by Lender to Borro�r•er that the insurance carriec offers to settle a claim tor
<br /> � insurance benefits, Lender is Authorized to collect and applp the insurance proceeds at Lender's optian either to
<br /> � restoration or repair of the Property or to the sums secured by this \Sortgage.
<br /> x Unless Lender and I3orrower otherwise agree in writing, any such application of proceeds to principal shall ,
<br /> � ;' noti extend or postpone the due date of the7nonthly installments i•eferred to in paragrapiis 1 and 2 hereof or c6ange
<br /> � the amount of such installments.
<br /> 4 ' df under paragraph 18 hereof the Property is acquired by Lender, �ll right, title and interest of Borrower in
<br /> ': and to any insurance policies and in and to the proceeds thereof (to the extent of the sums secured by this Mort-
<br /> � gage immediately prior io such sale or acquisition ) resuiting frpm damuge to the Property prior to the sale or
<br /> + acquisition shall pass to Lender.
<br /> � 6. Preservation �d Mmntenance of Property: Leaseholds; Condominiums. I3orrower sl�all keep the Prop-
<br /> d erty in good repair and shall not permit or commit waste, impaSrment, or deterioration oi ilie Property and shall
<br /> � comply witl� t.he provisions of uny lease, if this 1lortgage is on a leasehold . If this Mortga�e is on a condominium
<br /> ` unit, Borrower shall perform ull of Borrower'a obligations under the declaration of condoininium or master deed ,
<br /> � the by-laws and regulations of the condominiun� project and constituent documenGs.
<br /> � 7. Proteetion of Lendei s Seeurity. If Borrower fuils to perforrn the covenants :�nd agree�nents contained in
<br /> this �4ortgage, or if any action or proceedin� is comrnenced �vhich materially affects Lender's interest ia the Prop- .
<br /> erty, including, but not ]imited to, eininent doinain , insolc•ency, code enforcement, or arrangements or praceed-
<br /> ings involving a bankrupt or decedent, then Lender at I.ender's option, upon notice to I3orrower, may make such
<br /> " appearances, disburse sucli sums and take �ucl� action ns is necessary t,o protect Lender's interest, including, but
<br /> not ]imited to, disbursement of reasonable attorney 's fees and entry upon the Property to make repairs. Any
<br /> ; amounts disbursed by Lender pursuant to this paragrapli 7 , witi� interest thereon , shall becorue additional indebt-
<br /> � edness of Borrower secured by this \lortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> G amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> est from the date of disbursement at the rate stated in the ATote unless payment of interest at sueh rate would be '
<br /> contrary to applicable law, in whicti event such amounts shall bear iiiterest at the highest rate permissible by
<br /> app2icable law. 1Vothing contained in tl�is paragraph 7 sh� ll require Lender to incur any expense or do any act
<br /> hereunder.
<br /> ' 8. Inspecfion. Lender may xnake or cauGe to he madc reasonnble entries upon and inspections of the Prop-
<br /> erty, provided ihat Lender sl�all give Borron•er notice ��ria� ta am- suc6 inspection specifying reasonc�ble ca�use :
<br /> `' therefor relatecl to Lender'F interest. in the Properf,y .
<br /> 9. Condemnation. The proceeds of any award orclaim for damages, direct or consequentisl, in connection
<br /> " withany condemnation or other taking of the Yro��erty, or part thereof, or for conveyance in lieu of condemna-
<br /> x tion, are hereby assigned and shnll he paid to I.ender.
<br /> ' In the event of a total taking of the Property, the proceeds �I�all be applied to the sums secured by this Mort-
<br /> " gage, with the exeess, if any, paid to Borrower. In the event of a }�artial tsking of the Property , unless Borrower < �;,
<br /> and Lender otherwise agree in writing, tliere shall t�e a��plied to thc sums secured by this \Iortgsge such propor- "' "„� � ;�„
<br /> ' tion of the proceeds as is equai to that proportion which the amount of the sun�s secured k�y this '_�Iortgage imme- � "
<br /> , diately prior fo the date of taking bears to the fair inurket ��alue af tlie Property immediately prior to the date af � '� `
<br /> t a k i n g, w i t h t h e b a l a tt c e o f t h e p r o c ee ds paid to Borrow�er. � '� '
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<br /> If the Propsrty is abandoned bv BorroR�er or if after notice by Len�ier to Borrower that the condemnor offers �� �£
<br /> � . � � . � .
<br /> . .: to �a3�e �� �;i��1d c.' sett2e a cl� 'im for d�:ma�es, ,Borrawer fei?� t� rest�qn� to Lender wi+hin 30 days of the date +
<br /> ' of =_uch net9ce, Lendet i� aut.hori?ec! to �ollP�t and ri��f�ly t:he �irnc�e� � ,tt 7.enr9er'. oF�{,ion eit•I�er to rertoration or = "'
<br /> '. repsir of the Property or to the S�ns secured by tiliis �Iortigage. � �
<br /> ; Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall
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