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<br /> If under paragraph 18 liereof tlie Yroperty is �old or the I'roperty is other�visc :icquired by I,e�ider, Lender �
<br /> shalYapply, no later tf�an,immediately prior to the salc of tl�e Pro��erty or its acquisition t�y Lender, :�ny Funds
<br /> held by Lender at tl�e time of api'ilication as a credit against the sums ,ecw�ed t ,5• t1�is Vlortgage.
<br /> 3. Applicatiott of Payments. Unlesa applical�lc ] ati�� pro��ides otherwisc, all payments received I�y Lender
<br /> under'the Note und i�aragr:�plis 1 3nd 2 l�ereof sliall be ap��lied by I.encler first in i>ayment af amounts payable to
<br /> Lender t�y Borcower under i�aragraph 2 liei•eof, tlicii to interest � �:i3•�ible on tl�e 1�Tote and on Future i'�civances, if
<br /> any, ai�d then to the principal, of tl�e Note 'and to the I�rincipal of P'uture Advances, if any. '
<br /> 4. ,Charges; Liens. Borrowersl�all >>ay all . taxes , assessments and other charges, fines and impositions attrib-
<br /> a ut,sble to the Property which may attain a priarity over this .l4ortgage, and ground rents , if any, at Lender's
<br /> option in the manner provided under paragraph 2 hereof or i�y Borrau�er making payment, when due, directly' to �
<br /> tl�e payee thereof. $orrotiver shall promptiy furnisls to 7.ender all natices of amounts due imder this paragraph ,
<br /> ` �:� and in;the eventi Borrower aliall : make }�a�ynient directly, Borro�ccr sl�all l�ron�ptly furnisli to Lender receipts evi-
<br /> �; dencing such payments: Borrawei shall i�mmptly discharge: any lien which has firiority over this 14ortgage ; pro- '
<br /> � � vided, that Iiorrower shall not be required to discl�arge any sucl� lien so long as I3orrower shall agree in writing to
<br /> ° , � the payment of the obligation secured by sunh lien iu :i �nanner acceptable to Lender; or shall in good faith contest �
<br /> ��;- � such lieii Uy, or defend enforcement oi suc1� ]ien in; legal pt•oceedings tivliicli opersste to prevent the eni'orcement of '
<br /> = � the lien or forfeiture of the Property or any part thereof.
<br /> A ' S. Hazar3lnsuranee. Borzower shall keeP thc improvements now existing oi• hereafter erected on the Prop-
<br /> � ` erty insured against lossby fire, hazards included within the term "extendeii coverage", and such cthei� hazaids as ,
<br /> ' "P'�. Lender may require and in such aiitounts �snd for sucL periods a� Lendcr may'require ; provided, that I.ender shall ,
<br /> � � not sequire that the amount o€ such eoverage exceed that amount of coverage required to �ay the sums secured 'hy '
<br /> > this Mortgage. ,
<br /> ; The insurance carrier ��roviding the insurauce �hall be chosen by Borro�ver subject to approvai by Lender, � `
<br /> provided, that such approval shall not be wu�easonably �vithheld. All premiums on insurance policies shal! be paid ,
<br /> at Lender's option in tLe manner provided under paragraph 2 l�ereof or by $orrower making payment, when due;
<br /> # directly 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 /> °' immediately due and payable with interest at the rate set forth in said note until paid and shall be j ,
<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 /> ' � All insurance policies zsnd renewals thereof shall be in form acceptable to Lendcr nnd shall includc u standazd
<br /> mortgage clause in favor of and in form acceptable to Lender. Lender shall l�ave the right to hold the policies and `
<br /> renewals thereof, and Borrower shall jxomptly furnish to Lender all renewal notices and all receipts of psid pre-
<br /> miums. In the event of loss, Borro�yer shull give proenpt iiotice to the insurauce carrier and Lender, and Lender
<br /> ; may make proof of loss if not made promptly by Borro«�ei: '
<br /> 'Jnless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration ar (�
<br /> „ repair of the Property duma�ed, provided such restorstion or repair is econo�nically feusible and the security of S
<br /> ` this Mortgage is not thereby impaired. If such restoration or repair is not economicully feusible or if the security
<br /> of this Mortgage �vould be impaired , t6e insurance �>roceeds sliall be applied fo the sutns secured by this Mortgage, ;` '
<br /> with the excess, if any, paid to Borrower. If tlze Yroperty is abandoned by Borrower or if Borrower fails to respond >
<br /> ` to Lender within 30 days after notice by Lender to Borrower tl�at the insurance carrier offers to settle a claim for j
<br /> insurance benefits, Lendei• is authorized to collect and apply the insurance proceeds at Lender's option either to � '
<br /> � restoration or repair of Lhe Property or to the sums secured by this 14ortgage. `
<br /> � Unless Lender and Borrower otherwise agree in writiug, any such application of proceeds to principal shall ;
<br /> not extend or postpone the due date of the nionthly inst.allments referred to in paragraphs l and 2 hereof or chsnge
<br /> ¢ the smount of such instaliments:
<br /> � If under paragraph 18 hereof the Property is acquired by I.ender, all right; title and interest of Borrower in
<br /> : and to any insurance poiicies and in and to the proceeds thereof ( to the eKtent of the sums secured by this Mort- , , '
<br /> � ,{ gage immediately prior to such sale or acquisition ) resulting from dainage to the Yroperty prior £o the sale : or ; ,
<br /> � � acquiaition shall pass to Lendea ' r
<br /> 6. Pzeservatioa and Mcrintancmce of Property: Leaseholds; Condomiaiums. Borrower shall keep the Prop- ,
<br /> erty in good repair and shsll not permit or commit wasie, impairment, or deterioration of the Property and shall '
<br /> ; comply with the provisions of uny lease, if this 14ortgage is on a le� sehold . IF this Mortgage is on a condominium
<br /> unit, $orrower shall perform all of Borrower's obligations under the declaration of condominium or znaster deed ,
<br /> the by-laws and regulations of the condominiuin project and constituent documents. ;
<br /> 7. Protection o! Lender's Security. If Borrower faifs to perform the covenants and agreements contained in
<br /> this Mortgage, or if any action or proceeding is connnenced which materially affects Lender's interest in the Prop- -
<br /> erty, including, but not limited to, eminent domuin , insol��ency , code enforcernent, or urrxngements or proceed-
<br /> ings involuing a bankrupt or decedent, then Lender at T.ender's option, upon notice to Borrower, may make such
<br /> appeaTances, disburse such sutns and take such action as is necessary to protect Lenders interest, including, but
<br /> ,. not limited to, disbursement of reAsonttble atiorney's fees and entry upon the Property to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this puragrapli, 7 , �vitli interest thereon , shall becomc additional indebt- ' '
<br /> " edness of Borrower secured by this tilortgage. Unless Borrower nnd Lender agree to other terms of payment, such
<br /> `- amounts stxall t�e payable upon notice from Lender to Borrower requesting payinent thereof, and shall bear inter-
<br /> est from the date of disbursement at the rate stated in the Note unless payment of interest at such rate would be
<br /> contrary to applicable law, in which event sueh amounts sh�ll beur interest at the 1�ighest rate permissible by
<br /> applicable Iaw. Nothing contained in this ��aragraph 7 shall require I.ender to incur an}� expense or do any act
<br /> heteunder.
<br /> 8. Iaspection. I.ender may make or cause to be madc ren�onable entries u�>on and inspections of the Prop-
<br /> + erty, provided ttaat Lender slinll give Borruw•er �iotice ��rior to .in}• sueL inspection specif1•ing reasonable cause
<br /> therefor related,to Lender's interest in the Yroperty.
<br /> , 9, Goademnation. - The proceeds of uny x�vard or clsi�u for daivages, direct or consequential, in connection
<br /> with any condemnation vT other taking of the Pro��erty, or part thereof , or for conveyance in ,lieu of condemna-
<br /> tion; are hereby assigneci and shall ue paid to Lender. ,
<br /> In the event of s total tra,king of L1�e Property, the ��roceecls sliall Le spplied to the sums secured by this Mort-
<br /> gage, �viGh t,l�e exoes�, if any, �said to Bormwer. In tl�e event of n partinl tnkin� of the Property, unless Borrower � � -: '"a
<br /> : and 3.ender othenvise agree in writing, tl�ere sliall' Ue applied to the sums secured by this :�Iortgage such propor- " " ` '` �, '' � � ,�
<br /> tion of the proceeds as is equal to that propoxtion �vhich the amount of the sums secr.red by this �4ortgage imme- s; � 4•�
<br /> � ' diately prior to tl�e date of taking bears to the fair market value of tlie Pi•operty immediately prior to the date of ' t '�s� -
<br /> taking, with tha balance of the proeeeds paid to Borrower. . ��y, °
<br /> If the Property is abandoned by Borrowei• or if aftec notice by Lender to Borrower that tl�e condemnor offers � �� •}
<br /> " � to inake s�n aSYard or ;settle a elaim Yor; damages,,Sorrotisei• fails to respond to I,ender within 30 daysof t.he date ° �` '
<br /> ' of such notiee, Lender is authorized to collect and apply the proceed5 at Lender's option eiiher to restoration or
<br /> � repaiz' of tlae Property or to the suzns secured by this \ fortgage. ' ^�*-}
<br /> Uniess Lender and' Borrower other+vise agree in �vriting, any such application of proceeds to principal shal!
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