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<br /> If, under paragraph IR hereof the Property is sold or the YroF�erby is otherwise acquired by I.ender, Lender �
<br /> shall apply, no later tht�n immediatel�� pi'ior tc3 tl�e s� ie of tl�e Propert�v or its acquisit.ion by Lender, any Funds
<br /> held by Lender at the tin�e of application as a credit ugaiust the' suins ,ecured h�� tl�is J�Iortgage.
<br /> ; . 3. 'Applicatioa af Payments. Unle�s applicalile Is�� provides otherwisc, sll payment.s received Uy I.ender
<br /> un�er +hA Net.. ..^d �,� .ag.'ap..s 1 and 2 liereof sliall bc ujiplie�l b,y Lender first in payinent uf amounts payable to
<br /> ' Lender by Borrower under parugrupli 2 liei-eof, tl�en to interest p.�yal>lc on tl�e I�Tote and on Future Advances; if
<br /> � uny, and then to the principal of; the NotG.and to .the principal of Future Advances, if any
<br /> �'° 4. ChurgesrLiens. Borroryer stiall pay all taxes, assessments snd other charges, fines and impositions attrib- ,
<br /> t � utable to the Property which may 'attain a priority over tliis lfoi•tgage, and grouud rents; if any, at Lender's � ,
<br /> y � option in tl�e mtLnner prbvided under paragraph 2 Irereof or l�y $orrower making payment, when due,'directIy to
<br /> � tl�e payee thereof. Bm•rower shttil+ prom�itty furuisli to T.enSer ali notices of amounts due widei� this paragraph , ; :.
<br /> � � and in the event BorroweT sliall make payment directly, Borro�r�e�` sliall promptly furnish t:o Lender receipts evi- �
<br /> � ^� � ' dencing sueIi payments. BorrowerSshall pramptly discharge uny lien which hab priority over this \lortgage ; pro- }
<br /> � ' vided, that Borrower shall not be iequired to disaliarge any sucii lien so ]ong as Borrower si1a11 agree in �vriting to
<br /> y � the payment of the obligation secured l�y such Iien in ai manner accei�taUle ta LendeT, or shall in good faith cpntest ��
<br /> �, � such lien by, ordefend enforcement of suela lien in, legal �7i•oceedings which operate to prevent the entorcement of
<br /> bhe Iiea Qr forfeiture of the Property or any parb thereof. �
<br /> ` ' . SEE RIDER 5. Hazard Insurance. ' � � IN=TI�'
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<br /> : � � Th�e 'insuerance carrier providing tl�e iusurauce shall be cliosen by Borrower subject t.o approval Uy Lender ;
<br /> � provided, that such approval shall not be unreasona,bly withheld . All premiums on insurance policies shall be pai �
<br /> � � ` ' by Borrower making payment, 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 protect
<br /> its interest, may procure insurance on the improvements, 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 /> i under the terms of ' thzs Mortgage.
<br /> � .i ' All insurance policies and renewals t.l�ereof slzatl be in fonn acceptable to I.ender and shnll include a standard
<br /> � aiorGgage �lause in favor of and in forin acceptable to Lender. I,ender shall have tl�e right to hold the policies and
<br /> � renewals 'thereof, and IIoirower shall promptly furnish to Lender al1 renewat notices and all receipts of paid pre-
<br /> § miums. In the event of loss, Borrotver shall give prompt uotice to tl�e insurance cnrrier and Lender, and Lender �
<br /> j m4y make proof of loss if iiot made promptly by Borrower. ;
<br /> a Unless Lender and Borrower othercvise agree in writing, insurauce proceeds shall be ap��lied io restoration or i `
<br /> Frepair ot the Property damaged, provided such i•estor�t,ion oi• repair is econo�uically feasible and the security of '
<br /> " � this t'VIortgage �s not thereby impaired. If such restor3tion or repair is not economicalty feasible or if the security "
<br /> " of this �l2oztgage would be impaired , the insuravice ��roceeds sliall be applied to the sums secured by this D4ortgage;
<br /> � with.the excess, if any, paid to Borrower. If the Yropeity is abandoned by Borrower or if Borrower fails to respond , ;,
<br /> : to Lender-within 30 days after notice Uy Lenderto Borrower that the insurance carrier offers to settle a claim for "
<br /> ' ? ineurance benefits, Lender is authorized to collect and ap}�ly the insurance proceeds at Lender's option either to i ' � '
<br /> restoration or repair of the Property or to the snms secured by ti�is \Iortgage.
<br /> Uniess Lender and Borrower otherwise agree in �vriting, any such application of proceeds to principal shall
<br /> ' . not extend or postpone the due date of the monthly installments referred to in paragraphs 1 snd 2 hereof or change
<br /> � ; thesmount of such installmente:
<br /> , ,� If under paragraph 18 hereof the Yroperty is acquired by Lender, all right, title and interest of Borrower in
<br /> , e and to any insurance policies and in and to the proceeds tl�ereof (to the extent of the sums secured by this �4ort-
<br /> . �+�' gage immediately prior to such sale or acquisition ) result,ing from daniage to the Property prior to tl�e sale or
<br /> aoquisition shall pass to Lender.
<br /> � $. Preservation cuid Mmatenance of Property; Leaseholds: Condominiums. Borrower shell keep the Prop-
<br /> ' ; erty in good repair and shall not Permit or commit waste, impairment, or deterioration of the Property and shatl
<br /> comply with the pTovisions of any lease, if this \lortgage is an a leasel�old. If Chis Mortgage is on a condominium
<br /> ` _ unit; Borrower shall perform all of Borrower's obligations under fhe declaration of condominium nr master deed ,
<br /> , the by-laws and regulations of tl�e condominium project and constituent documents.
<br /> ; 7. ProtecUon of Lendei s Security. If Borrower fails to perform the covenants and agreements contained in
<br /> � this �Iortgage, ok if any action or proceeding is commenced tivhicli materially affects Lender's interest in the Prop-
<br /> ", erty, includin�, Uut not limited to, eininent domain , insolvency , code enforcement, or �rrangeinents or proceed-
<br /> 7 inga involving a bankrupt or decedent, then Lender at I.ender's option , upon notice to Borrower, may make such
<br /> appearances, disburse such sums xnd take such action as is �iecessary� to protect Lender's interest, including, but
<br /> not liraited -to, disbursement of reasonable attorney's fees �nd entry upon the Property to ma,ke repairs. Any
<br /> amounte disbursed ,by Lender pursuant #o this paragraph 7 , witfi interest thereon , sl�all become additional indebt-
<br /> � edness oY Borrower secured by this �Iortgage. Unless Borrower and Lender agree to other terit�s of paymeat, such
<br /> � " amounts ahall"be payable upon notice from Lender to Borrower requesting payment thereof, and shail bear inter-
<br /> ; est from the date af c3isbursement at the rate stnted in the IQote unless psyment of interest at such rste would be
<br /> � contrary to applicable law, in whieh event such amounts shall bear interest at t6e higl�est rate permissible by
<br /> � applicable law. Notl�in� contained in this paragraph 7 shnll require Lender to incur any expense or do uny act
<br /> i _ hereunder.
<br /> ' i 8. Inspecrion. Lender may uiake or cause to he madc rea�onable entries upon and in�pections of the Prop-
<br /> ; erty, provided . fhat Lender sl�all give Borrower notice � �rior to an�� suci � in�peet.iun s��ecifying reahonuble cause
<br /> � therefor related to Lender's interest in ihe Property.
<br /> • j 9, ' Condemnation. The proceeds of any award or claim for dattiages, direct or consequentisl , in connection
<br /> withany condemnation . or other taking 'of the Property_, or part tiicreof , or for conve,yance in lieu of condemna-
<br /> ? tion, are hereby assignecl and shall be paid to Lender.
<br /> '' � In the event of a total taking of the Proper4y, Ghe proceeds shall lie applied to the sums secured by this l�tort- �, �
<br /> ' gage, i�•ith the excess, if any , paid to Borrower. In the event of ss partial t.aking of tl�e Pronert,y, tmiess Borrower � ' ' �� ,_�
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<br /> -' ` F � and ;Lender oEherwise :agree in writing, there sNall be ap��lied to t1�e suins secured by this �tortgage such propor- "� ;'?'
<br /> " g tion of tbe proceeds ae is equal to that proportion which tl�e amount of the swns secured by this �'Iortgage imme- ? �a
<br /> : � diately :prior to the date of tai:ing bears ,to the fair niarket .z�alue of ti�e Property iinmediately prior to the date oi ;��,�6
<br /> `� taking, :with the ;k�alanae of the proeeeds paid to Borrower. "
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<br /> � If the'Yrcaperty is abandaned bv Borrowe�- or if qfter notice bv Lender to Borrower that the condeinnor offers •,
<br /> `� ' ` to ma2co ari atva'rd or settle u claim ior damages, $orromer fails to respond to Lender withu� 30 days of the date �::.' �
<br /> ? r of such`notitce, Lender i5 authorized to colleet and apply the proceecls at Lender's option either to restoration or 'M'!w' `
<br /> ; repa"u af the Praperty or to the stims secured by ti�is \Sortgage. �' �
<br /> ; Unless Lender and Borrower othenvise agree in writing, any such application of proceeds to principal shall
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