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<br /> � If under paragraph 18 hereof the Property is sold or thc Property is otherwise acquired hy Levder, Lender
<br /> shall app}y, no la.ter than imrnediatei,� prior to thc salc of tlie Pro�ierty nr its acqui�ikion b�� I.ender, arry Funds '
<br /> � lield by I,ender at �tl�e time oF applic�tion as a credit a �ainst, the sum; secured by c6is �Ioi•tga,gc.
<br /> 3. 'Applieation of Payments. UnleGs :�p��licable la�d lu•ovides otherwise, .all payments received by Lender
<br /> under the Note :�nd paragrapl�s l snci 2 hereof shall hc applied i>y Lender first in payment of :�mounts payable to
<br /> Lender by Bon•ower under paragrapli `l liereof, tl�en to interest �iay:ible on tlie \'ote anci on Future Advances, if
<br /> any, and tl�en to the principal of the Note and to the j�rincipal o£ Future Ad��ances, if any.
<br /> 4. Charges; Liens. Borrower shall pay all taxes, assessTxients and otl�er charges, fines and impositions attriU-
<br /> utable to the Property which inay attain a priority over tl�is �lortgage, and grom�d rents, if a�iy , at Lender's
<br /> option in the manner ��rovided under ' paragraph 2 hereof or by 33orro�ver makin� pttiyment, when due, directly to
<br /> � ' the payee thereof. Borrower stsall promptl3• furnisl� to Zender all notices of amoimts duc under this paragraph ,
<br /> and in t.he event B�rrowec shall , make paymen.t directly, 23orro�.ti•cr sh:tilt promptly Furnis,`� ta Lende� aeceii,ts evi-
<br /> dencing such payments. Borrower shall �;romptly discl�ar�e any lien which has E�riority over this 1'fortgage ; pro-
<br /> vided, that Borrower sliall not be required to discharge any such lien so long as 13orro�i�er sl��ll agree in writing to
<br /> the payment of the ok�ligation secured by such lien in .i manner ncceptable to Lendec, or sl�all in good faith contest
<br /> i suchlien by, or defend enforcement of such lien in; legal pi•oceeclings wliich operate to pi-event the enforcement of
<br /> i the lien or forfeiture of the Yroperty or any part thereof.
<br /> 5. Hazard Insurcnce. Borrower shall keep tLe improvements no«• existing or ]iereafter erected on the Prop-
<br /> erty insured against loss by fire, hazards included within the term "extended coverage", and sucl� otlier liaaards as
<br /> Lender may iequire and in such amounts and for such periods ei� Lender m:�y reguire ; provided , that Lender shall
<br /> not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured 'by
<br /> this Mortgage.
<br /> The insurance carrier providing tl�e insurance sh�ll be chosen Uy Borrorver subjeet to approvai by Lender ;
<br /> provided, that such approval shati noi be unreasonably wif�hE�eld . 1111 premiums on insurance poiicics shali be paid
<br /> at Lender's option in tlie manner provided under paragraph 2 hereof or by Borrower 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
<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 and renewals thereof sh111 be in form acceptaUle to Lendcr and shall include a standard
<br /> inortgage clause in favor of and in form acceptable to Lender. Lendcr shall ha,ve the ri�l�t to hold the policies and
<br /> renewals thereof, and Borrower sliall promptly furnisti fo Lender all renewnl noticr,s and ail receipts of paid pre-
<br /> miums. In the event of loss, Borrower sliall �ive protnpt notice to the insurance cnrrier and Lender, and Lender
<br /> may make proof of loss if not made promptly by Borrower.
<br /> � Unless Lender and Bon•ower otherwise agree in writin6, insui•ancc proceeds shall be applied to restoration or r
<br /> repair of the Property damaged; provided snch restoration or repair is econoniically feasible and the security of
<br /> this Mortgage is not thereby impaired. If sucl� restor:�tion or repair is not economically fcasible or if the security
<br /> of this i�lortgage would be impaired , the insurance proceeds slisll bc applied io ttie sums secured by this Mortgage,
<br /> with the excess, if any, paid to Borrower. If the Yroperty is abnndoned by Borro�ver or if Borrower fails to respond
<br /> Eo Lender within 30 days after notice by Lender to Borirower that the insurnnce carrier offers to settle a claim for
<br /> 3 insurance benefits„ Lender is authorized to collect and apply the insur:�nce proceeds at Lender's option either to
<br /> ' restoration or repair of the Property or to the swns secured by tl�is -�Tortgage. `
<br /> � Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principai shall `
<br /> '_. not extend or postpone the due date of the montlily installments i•eferred to in paragraphs 1 and 2 hereof or change
<br /> the amount of such installments.
<br /> If under paragraph 18 hereof the Yroperty is acquired by Lender, all right, title :�ncl interest of Borrower in
<br /> � and to any insurance policies and in :�nd to the proceeds thereof (to tlie extent of tlie sums secured by tliis D4ort-
<br /> gage immediately prior to such sale or acquisition ) resultin� from dyinage tu the Propert5� prior to the sale or
<br /> acquisition shall pass to Lender.
<br /> 6. Pzeservation rnid Mmntenance of Property; Leaseholds; Condomiaiums. I3orrower shall keep the Prop-
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<br /> erty in good repair and shal] not permit or commit waste, imZ�airment, or deterioration of the Property and sHall
<br /> j comply with the provisions of any lease, if this \-fortgage is on a leasekiold . If this Mortgage is on a condominium
<br /> unit, Borrower shall perform all of Borrower's obligations under tlie cleclaration of condominium or master deed,
<br /> the by-laws and regulations of the condominium project and constituent docutuents.
<br /> 9. Froteetion of Lendei s Security. If Borrower fails to perform the covenants snd ngreements r.ontained in
<br /> this Vlortgage, or if any action or proceeding is cominenced wl�ich materially affects Lender's interest in the Prop-
<br /> erty, ir.cludir,g, bvt not limited to, eminent domain , insoh•ency , code enforcement , or arrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender eit. 7.ender's option , upon notice to Sorrower, may make such
<br /> appearances, disburse such sums and take such action ris is necessaiy t,o protect Lender's interest, including, but
<br /> not limited to, disburseuzent of reasonable attorney's fees snd entry upon the Propercy to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this par�gi•aFjh 7 , �vitli interest thereon , shall become additionul indebt-
<br /> edness of Borrower secured �y this �Iortgage. Unless Borro�ver aud Lender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> est from the date of diabursement at the rate stated in the Note unless payment of interest at sucli rate would be
<br /> contrary to applicable law, in which event such amounts sl�all bear interest at the highest rate perrniesible by
<br /> applicable l�w. Nothing cont�ined in this paragraph 7 sh,nll require Lender to incur an�� expense or do any act
<br /> hereunder.
<br /> " S. Inspectioa. I;ender �nay inake or cause to be ma�le i•easonable entries upun and inspections of the Prop-
<br /> erty, provided tl�at Lender shall gi��e Borrow�er notice ��rior to nny sucli inspection s��ecifying reasonable cause
<br /> therefor related to Lender's interest in the Property.
<br /> 9. Condemnation. The proceeds of any a��•ard or claim for damsgcs , direct or coasequentisi, ir. connection
<br /> with any condeinnaiion or otl�er taking of the Yro}>erty , oi• part thcreof , oi• [or conveysnce in ]ieu of condemna-
<br /> tion, are hereby assigned and shali l�e paid to Lender. ;
<br /> In the evetrt of a total taking of the 1'roperty, tlic proceeds sliall be applicd to the sums secums by this Mort- �
<br /> guge, a�ith t,he excess, if �.np, paid to Borro�ver. In the event of a partial taking of the Propert,y, unless Borrower ;1.;
<br /> and Lender othen�ise agree in writing, there shall be applied to tl�e sums secured by this �fortgage such propor- r� �, "tF ' .
<br /> �.Q 'e �£`y:
<br /> tion of the proceeds as is equal to that proportion which the amount of tl�e sums seeured by this �iortgage imme- ' �,� ,
<br /> diately prior to tl�e date of taking bears io the fair inarket value of Uie ProPerty immediately prior to the date of ; ,,�
<br /> L taking, with the balance of the proceeds paid toBorrower. ,�h,„ "'.
<br /> If the Property is abandoned by Borrower or if after notice bg I.ender to Borrower that the condemnor offers
<br /> to make an A�tiazd or settle a claim for datnsges; Borroaver fuils to respond to Lender �vithin 30 days of the date
<br /> of sueh notice; Lender is authorized to collecc and sppiy tlie proceecls :�i Lender�s opt.ion eicher w res 'toraiion ur . e�r•
<br /> repsir oi t6e Pro�eriy br to tiie sums necured by.tl�is �lurtga,ge.
<br /> Unless Lender and Borrower other>vise agree in writing, nny such apglication of proceeda to principal shall
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