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<br /> If ttnder paragraph 7S hereof tlic Yropei•ty is sold m� tlie Property is other�vise ncquired by I.ender, Lender .
<br /> shall apply, no later thssn immediately prior to the sale of the Property or ii,s acquisition by I.enr.ier, nny Fund�
<br /> held by Lender at the time of npplication as a creilit against the sums secured by this ��ort.gaga
<br /> 3. Application of Payments. Unless al�i'>licabic, lat�• ��rovides otlie���-ise, .�11 pay�nents received by I.ender
<br /> under the Note anci pflragrapl�s l snd 2 liereof sh3ll bc apl�lied by Lender first in Z�ayinent of atnounts paynble to
<br /> Len�ler by Borrower under paragrapL 2 hereof, the�i to interest ]�aynf>le on t1�e �Tote and on Future �.clvances, if
<br /> any, and then to the principal bf theNote and to tl�e principai of P'uture Advances , if any.
<br /> 4: Charges; Liens. Borrower shall j�ssy all taxes, assessments and otl�er c}�arges , finee a�nd impositions attrib- �
<br /> utable to the Property which may uttain a priority over >his _llort�age, and ground rei�ts, if an,y, at Lender's
<br /> , � � option in the inanner provided under >>aragra��la 2 liereof or by Borrower �naking payrneiTt; when due, directly to '
<br /> ; �,, the payee thereof. Borrower shall promptly furnislr to 7;ender all notices of amounts due under this paragraph, : '
<br /> ; -; � and in' the event Borrower shall make pmyment directly, Bormwer shall �iromptly furnish to Lender receipts evi- �
<br /> � deneing such payments: Borrower` sl�all promptly discli£�rge any lien whicli I�as priority over this �'Iortgage ; pro-
<br /> � vided, t3�at Borrower sliall not be requited to discliarge uny suclr iien so long as Borzo�ver shall agree in writing to
<br /> ° i � thepaymentof the obligation secured Uysuch liei� in a�. :nanner ac�ept.able to Lender; or strall in good faith contest
<br /> � `
<br /> , � ` ' _. —,. , : -_ � --� � � :., .-� ...t,;�h �.,,,r�+ r tn nravFptr t.h� enFoicement of
<br /> such lien Uy, or cieiend eniorcemeu� ui �uw, „�a, :r,, ,2sw, p:cce�.....,,., •• •--. - • ..r -- -- -- - ,
<br /> . � the lien or forteiture of the Ptoperty or any pai•t tl�ereof. '
<br /> : � 5. Hazard Insurmice. Borrower shall keep tlie improvements no«� existing or hereafter erected on the Prop-
<br /> j h erty insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as
<br /> Lender may require and in such amounts and for such periods as Lender may i•equire ; 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 insurauce shall be chosen by Borrow-er svbject ta approval by Lender ;
<br /> provided , that such approval shall not be unreasonably withheld. AIl premiums on insursnce policies shall be paid ;
<br /> ; nt Lender's option in the manner provided under paragrnpli 2 heeeoF or hy 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 pzemiums 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 oi iender, consiiiuie a cieiauii, R
<br /> t under the terms of this Mortgage.
<br /> A11 inrurance policies and renewals thereof shall be in forin accept.able to Lender and sha11 include fL standard
<br /> mortgage clause in favor of and in form accepiuble to Lender. I.ender shall have the right to I�old the policies and
<br /> renewals thereof, and Borrowei• shall promptly furnish to Lender all rene�val notices and � 11 receipts of paid pre-
<br /> miums. In the event ot loss, Borrower shall give proinpt notice to tl�e insurance carrier and Lender, and Lender
<br /> may mske proof of loss if not made promptly Uy I3orrower. �
<br /> Unless Lender and Borro�ver otl�erwise agree in «•riting, insurance proceeds shall be applied to restoration or
<br /> repair of the Property damaged , provided such restoration or rep�ir is economically feasible und the security of
<br /> this A4ortgage is not tliereby impaired. If sucli restoration or repair is not economically feasible or if the security
<br /> of this �llortgage would be impaired , the insurance ��roceeds sl�all be ap}�lied to the sums secured by this Mottgage,
<br /> with the excess, if any, paid to Borrower. If the Property is abanclonecl by IIori•ower or if Borrower fails to respond
<br /> `: to Lender �vithin 30 days after notice by Lender to Borrower thst the insurance carrier offers to settle a claim for �
<br /> ' ineurance benefits, Lender is authorized to collect ;tnd apply thc insurance proceeds at Lender's option either to
<br /> � restoration or repair of the Property or to the sucns secured by tliis lfortgage.
<br /> � Unless Lender and Borrower otherwise agree in writing, an,y such application of proceeds to principat shall
<br /> ' not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change
<br /> , � tlae amount of such instaliments.
<br /> ; If under paragrapl� 18 hereof the Yroperty is acquired by Lender, all right, title and interest of Borrower in
<br /> � and to any insurance policies and in and to t.l�e proceeds tliereof (to tl�e extent of the sums secured by this Mort-
<br /> i gage itninediately prior to such sale or acquisition ) resulting frorn dain�ge to tLe Propei�ty prior to the sale or �
<br /> ' acquisition shall Pass to Lender.
<br /> 6. Preservation �d Mmntenance of Proparty; Leaseholds; Condominiums. Borrower shall keep the Prop-
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<br /> ( erty in good repsir and shall not permit or commit waste, impairment, or deterioration of the Property and shall
<br /> ; , comply witti the provisions of nny lease, if this �lortgage is on s leasel�old . If this Mortgage is on a condominium
<br /> `r unit, Borrower shall perform all of Borrower's obligations under the declarsstion of condominium or master deed ,
<br /> the by-laws and regulations ofthe cmidominium project and constituent documents.
<br /> ` 7. Protection of Lender's Saeuzity. If Borrower fails to perforn� the covenants and ssgreements contained in
<br /> ` < this Vlortgage, or if any action or proceeding is commenced which materially nffects Lender's interest in the Prop-
<br /> ' erty, including, but not limited to, eminent domain , insolvency, eode enforcement. , or arrangements or proceed-
<br /> t ings involving n bankru�t or decedent, then Lender at Lender'c option , upon notice to Borrower, may make such
<br /> % appearances, disburse such sums and take such action ns is necessary to protect Lender's interest, including, but
<br /> ; not limited to, disbursement ot reasonable attorney's fees snd entry upon the Property to mske repairs. Any
<br /> amounts disbursed by Lender pursuant to this paragraph 7 , with interest. thereon, sLall become Additional indebtc
<br /> edness of Borrower secured by this Mortgage. Unless Borro�ver and Lendei• agree to other terms of payment, such
<br /> i amounts ahali be payable upon notice froin Lender to Borrower requesting payment t.hereof, and sliatl bear inter-
<br /> est from the date of disbursement at the rste stated in the \Tote unless payrnent of interest at such rate would be
<br /> contrary to applicable law, in which event such amounts sha31 bear interest at the highest rate permissible by
<br /> applicable law. Nothing contained in this paragraph 7 shlll requim Lender to incur any expense or do any act
<br /> hereunden .
<br /> � ; ; $. I�spection. Lender may �nake or cause to bc inadc i•es�onablc eniries upon and inspections oF the Prop-
<br /> ° erty, provided that Lender shnll give Borroa•er noticc ��rior to an}• such in�pection �pecifying reasonable cause
<br /> ; therefor related to Lenaer's interest in the Property.
<br /> 9. Coademnation. Tlae proceeds of any a�vard or claim for damages, direct or consequential , in connection
<br /> � with any condecunation or other taking of the Yroperty, or part tlzereof, or for conveyance in lieu of condemna-
<br /> ` tion, are hereby assigned and shall be paid to Lender. #
<br /> In the eveni of a total taking of the Yroperty, the proceeds sliatl l�e spplied to the sums secured by this Mort- � � . < _
<br /> ? gage, with the excess, if any, paid to Borrower. In tl�e event oi a paMial taking of the Property, unless Borrower � � '�
<br /> � and Lender otlYerwise agree in writing, there sliall be sl�plied to klic suu�s secured by this �Iortgage such propor- �"�; � "'�4"
<br /> ; tion of Ghe proceeds as is equal to that proportion wl�ieh the amount of the suma secured by this blortgage imme- �� •
<br /> diately prior to the date of taking bears to tl�e fair ivarket valuc of tlie Property itnrnediately prior to the date of ;:��,
<br /> � tsking, �?vith Lhe balance of Lhe proceeds paid to Bormwer. �« �
<br /> Ff the Prqperty is abandoned'by Borrower or `if �fter not.ice by Lender to Borrorver that the condemnor offers
<br /> � to make an awarrl or settle a claim for damages, Borrower fails m respond to I.ender �vithin 30 days of t1�e datr � �{
<br /> of auch notice, T:ender is :suthorized to colleat and a;ppl}• ttie proceeds ait Lender's opf,ion eitl�ei• to rest.oration or
<br /> repair o£ the Property or to the sums secureti by tl�is _llortgage:
<br /> ; (Tnlese Lender and Borrocver otf�ercvise agree in �vriting, any such application of proceeds to principal sl�ail
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