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<br /> � If under paragraph 18 }iereof the Yroperty is sold or the Propert}� is other�vise acquired by Lender, Lender , . �
<br /> sha11 apply, no laf.er tl�:�n immediately Prior to tlie salc of thc Property or it� accauisition by I.ender, �ny Fw�ds
<br /> held by Lander at tl�e tzme of applicsttion as a creriit againct the surns ;ecurect by thi� '��Iort:gage.
<br /> 3. Application of Payznents. Untess applicablc la��� provides otherwisc, nll payments received by Lender
<br /> under tl�e Note ssnd paragra��Ls 1 nnd 2 liereof shall bc a��plied by Lendei• first in payinent of atnounts payable to
<br /> Lender Uy Borrower under ��ara�iapli 2 hereof, theii to intei•est pz�yab]e on the \Tote and on Future Acivances, if
<br /> any, and then to the l�rincipal of t6e i�Tote and 'eo the principul of Fubure Advances , if anp _
<br /> 4. Charges; Liens. BoTrower sl�all pay all ta�es, assessments and other cliarges, fines and icnpositions attrib-
<br /> utaUle to the Property which may attain s priority over tliis �Iortgage, and ground rents, if any, at Lender's
<br /> � r option in the manner provided under ��a.ragraph' 2 hereof or I�y Borrotiver making payinent, when dur., directly to
<br /> the payee thereof. Borrower shall promptly fu:nish to Lender all notices of atnounts due imder this paragraph ;
<br /> and in the event Borrower sliall make payment directly, I3oxrower sli.all pronaptly furnislr to Lender receipts evi-
<br /> � dencing sucl� payments. Borro�ver shall j�rom��tly discharge any tien �vhich l�as priority o��er this �Zortga�e ; pro-
<br /> �+ vided,.that Borrowershall not Lae required to discliarge any such lie�� so long as Borrower shall agi•ee in writing to
<br /> �j the payment of the obligation secured by sucli lieii in a inanner acceptabie to Lender, or shall in good faith contest
<br /> � such lien by, or defend enforcement of such lien in ; legal proceetlings �vl�ich operate to prevent the entorcement of
<br /> � the dien or forfeiture of the Property or any F>art tliereof.
<br /> p 5. Hazazd Insurcmce. Borrower shall keep tlte improvements now existing or hereafter erected on the Prop-
<br /> � ertyinsured against loss Uy fire, hazards included within the teim "extended coverage", and sucli other hazards as
<br /> ' Lender may require find in such amounts und for sucl� periods as Lender may require ; provided , that Lender shall
<br /> ; ^ not require that the araount of such coverage exceed tLat amow�t of coverage required to pay the sums secured 'by
<br /> � this D'Iortgage.
<br /> The insurance carrier providin� il�e insuruiice shall be chosen by Borro�vei• suUject to approval by Lender ;
<br /> ' , provided, that such approval shall not be unreasonably withheld . All premiums on insurance policies shall Ue paid
<br /> � at Lender's option in the m�,nner provided under paragrapli 2 hereof or by Sorrower malcing 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 �pti�n of Lender, constit�.�te 2 �Pfat!1+_
<br /> ; under the terms of this Mortgage.
<br /> Ali insurance policies and renewals thereof shull be in form :�eceptable to Lender and shall include a standard
<br /> uiortgage clause im favor of and in form accepiable to Lender. I,ender shall l�ave the right to holcl the policies r�nd
<br /> renewals thereof, and Borrower shall pranptly furnisli to Lencler all renew�l notices and sil receints of paid pre-
<br /> miums. In the event of loss, I3orrower sl�all give prompt not•ice 'to tlie iiisurancc carrier ancl Lender, und Lender ,
<br /> may make proof of loss if not made promptly by ]3orrower.
<br /> ! ITnless Lender,.and Borrower otherwise agree in �vriting, insurance proceeds shall be appliecl to restoration or
<br /> repair of t.he Property damaged , provided such restoratiwi or rep�ir i� economicully feasible and the security nf
<br /> this b4ortgage is not thereby impaired. If such restoration or repair is not economica�lly feasible or if the security
<br /> of this D4ortgage �vould be impaired, tl�e insurauce �aroceeds sl�al] I,e applied to the sums secured by this MortSage,
<br /> with the excess, if any, paid to 13orro�eei•. If the Yiroperty is ahancloned by Borrower or if Borrqtis•er fails to respond
<br /> to Lender �vithin 30 days after notice by Lender to Borrower thut the insurance carrier offers to settle a claim for
<br /> insurance benefits, Lender is authorized to collect and apply the insurance proceeds at I,ender's option either to
<br /> restoration or repair of tl�e Property or to the sums secured by tliis lIortgage.
<br /> i Iinless Lender and Borrower otherwise agree in �vriting, an,v sucl� application of proceeds to principal shall
<br /> ' not extend or postpone the due dste of the monthly installments referred to in paragraphs 1 and 2 hereof or change
<br /> the amount of sueli installments.
<br /> If under paragraph 18 hereof the Yroperty is acquired Uy Lender, all rigl�t, title nnd interest of Borro�ver in
<br /> and to any insurance policies and in and to tlie proceeds tl�ereof f to t.he extent of the sums secured by this Mort-
<br /> �age immediately prior to such sale or acquisitionj resultiug from dam��ge co the Property prior to the sale or
<br /> ucquisition shail pass to Lender.
<br /> 6. Preservation �d Mmntenance of Pzoperty; Leaseholds; Condominiums. Borro�ver shall keep the Prop-
<br /> erty in good repair and shall not permit or commit waste, impairment, or deterioration of the Property and shall
<br /> compiy with tdie provisions of any lease, if this \lortgage is on a leasel�old . If this _17ortgage is on a condominium
<br /> unit, Borro�ver shall perfortn all of Borrower's obligations u:ider thc declaration of condoininium or master deed ,
<br /> the by-laws and regulations of the condominium project and constitueni docutnents.
<br /> 7. Protection of Lendei s Seeurity. I{ Borrower fails to perforru tlie covenavts and agreements contained in
<br /> this blortgage; or if any action or proceeding is commenced �vhic6 materially affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domain , insolcency, code enforcement, or arrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at Leuder'; option , upon notice to Borrower, may inake such
<br /> appearances, disburse sucL sums and take sucl� action �s is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursernent of reasonabie attorney's fees and entry upmi t.hE Property to make repairs. Any
<br /> amounts disbursed by Lender pursuant t.o this paragraph 7, �viCli interest thereon , shall becorne addit.ional indebt-
<br /> edness of Borrower secured by this \lortgage. Un�ess Borrower and Lender agree to other terms of �ayment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requestin6 payment thereof, and shall bear inter-
<br /> est from the date of disbursement nt tl�e rate stated in the ATote unless payment. of interest at such rate would be
<br /> contrary to applicable law, in which event such amotmts shall bear interest at the highesi rate permissibie by
<br /> applicable law. Votl�ing contained in this paragraph 7 shail reryuire I.endei• to incur sny expense or do any act
<br /> hereunden
<br /> 8. Inspection. Lender ina,y make or enuse to he �uadc reasonable entrie, upan and inspectionc of the Prop-
<br /> erty, provided that Lender sliall give Borrower notioe �n•ior to .� n}• such insF�ection �pecifying reasonable cause
<br /> therefor related to Lender's interest in ilie Properiy .
<br /> 9_ Coadamnation. The proceeds of any award or claim for damages, direct or consequential , in connection
<br /> with any condetune�iion ur other taking of ihe Yroperty , or part thcreof , or for conveyance in lieu of condemna-
<br /> tion, are hereby assigned and shall be paid to Lender. v
<br /> � In the event of a total taking ot the Yroperty , the proceeds �6all be applied to the sums secured by this Mort- - , � . , ..F
<br /> gage, with tlae escess, if uny, paid to Borrower. In tl�e event of a partial taking of the Yroperty, unless Borrower ' ' ' '
<br /> t � � ��and Lender other�vise a ree it� writin�, t,lSere slinll be n > >lied to tl�c ��sums sccured b ttiis� \�Tort a e suclz p �
<br /> g a. ! f Y g � Pro or- _,�. � � ��
<br /> � tion of the proeeeds as is equal to that proportion �vhich tlie amount of the sums secured by this Mortgage imme-
<br /> diatelyprior to the date of taking bears to the fair �narket vslue of llie Property iminediately prsor to the dste of � } 3
<br /> taking, with the balan<ie of the proceeds paid to Borrower. ` ��',
<br /> IF the Property is abandoned Uy Borrocver or if after not.iee by Len�ier to BorroweT• t}iat tl�e condemnor offers
<br /> to make sia award or seGtle a clain� for dsmn�es; 13orrower fails to respond to Lender within 30 dqys of ±he date
<br />� of such notiee, Lender is aUthoriied to collect ana aplily thc ;n•aceeds ilt Lender'. opCion eitLer ti, restorat,ian �r
<br /> rqpair of the Yroperty or to the sums securea by tliis \lortgage.
<br /> Unless Lender and Borrower otl�envise agtee in tivriting, anv such application of proceeds to principal shall
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