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<br /> � If tti�der paragraph ] 8 6ereof tl�e I'roperty is sold or fhe I?ropert,v is ottier�vise :acqtiiire�l b,y I,endei•, I.ender � � � � �
<br /> shttll iipply, no later tl��n immediately prior to thc sulc of the f?ro��erty or it.s acqui�ition I>Y Lender. any I'unds
<br /> I�eld by Lender at the time of applicat,ion as a carclit again�t tlie sums secured br this J4or 'tgzzga
<br /> 3. Application of Payments. Unless :ipplicablc la«- provides othenvise, ull payinents rec,eived by Lender
<br /> under �the 1Vote nnd I��aragra7ills 1 �� nd 2 hereot slial ] bc a��pliF:r.i hy Lerader firsf in payu�ent of amounY,s prayable to� �
<br /> Lender by Borrower uncier� paragrx�pli 2 h�ereof,� then to inti rest p.iyable on tl�c Not,� � �id on Future Advances, if �
<br /> any, and then to the principal of the �Tote and to tl�c princ� pal of Future Acivances , it zny.
<br /> 4. Charges I.iens. Borrower s]iall pay nll taxes, assessments and ather chargcs, fines �nd impositions attrib-
<br /> r utable to the ,Property whicli may attain a priority over tl�is \2oi tgage, and ground i•ents , if ar�y, at Lender's
<br /> � � option in the manner ��rovided nnder pnragrapiz 2 ] �ereof or by I3orrower making x�ayment, when due, directly to
<br /> � the payee thereof. Borro�ver sfiall prompt,iy fui•nisl� Lo Lender all ' notices of amouuts due under tl� is para�raph ;
<br /> � and in the eventBorrower shall make pnyment ciirect.ly, 13orrotivcr sli�all promptly furnisli to I.encler receipts evi-
<br /> � dencing sucla payments. Boirower slisll �'iromptly discliarge any lien which has priority over this �Zortgssbe ; pro-
<br /> � vided, that Borrower :shall not be rec�uired to diseF�arge any sucli lien so long as 13orrower shall agree in writing to
<br /> � the payment of the obligation secureci by such lien in n m.inner acceptcil�le to Lender, or s6a11 in gooci faith contest
<br /> ; � such lien by, or defend enforcement of such lien in, legal procr,edinbs �vliic}i operute to prevenL tlie entorcen�ent of
<br /> � the lien or, forfeiture of the YroPerty or any j�ai•t tl�ereof.
<br /> � 1� 5. Hazard Insurance. Borrower shall keep the iinprovecuents now existivg or l�ereafter erected on the Prop-
<br /> erty insured against loss by fire, hazards included �vithin the term "extended coverage", and s��cli other liazards as
<br /> Lender Fnay require and iii such ��rnounts and for suci� I �eriods as Lender may require ; provicied, that I�ender shali
<br /> not require that the a�nount of such coveraage exceed ihat :xnaount. ot coverage required ta pay the sums secured 'by
<br /> this Mortguge.
<br /> The insvrance carrier provicling ttie irisurance sliali �e chosen by 13on•otver subject to ai�provnt by Lender ;
<br /> provided , t,Uut such approval sl�all not be unreasonably withheld . �'�11 premiums on insurnnce po]icies shall be paid
<br /> at Lender's option in the inauner provided under paragrapii 2 I�ereof or by Borrowm� making pa,yment, 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 /> �ecured $y tnia i�Soi•tgage. r^ailure uy nui•rowec tu cotYipiy tnay, at optioti of i.ender, constit�te a 2.efault
<br /> under the terms of this Mortgage.
<br /> � All insurance po]icies nnd renewals thereof E6a11 be in ior•m aiccel,�tnblc to Lcnder and sh211 include c� standard � � � �
<br /> mortgage clause in favor of and in forin acceptable to 7.ender. I.ender sl�all have the right to liold tl�e policies snd
<br /> renewals thereof, and Borro�ser shall proinptly furnisli to Lender nll renewnl notices and all receipts ot paid pre-
<br /> miums. In the event of luss, Borrower sl�all give prompt uotice to tl� e. insurance currier and I,ender, and Lender
<br /> may make proof of loss if not made promptly by Borrower.
<br /> Unless Lender and Borro�ver ot:herwise agree in `vriting, i�isurance proceeds sliall bc upplied to restoration or
<br /> repair of the Property damaged, procideci sucli resiorstioii oi• repair i; econornicallp Seasible und the security of
<br /> ' this lZortgage is not thereby impaired . If sucl� restoratio�i or repair is not ecovo�nically fcasible or if tlie security
<br /> of this 1�3ortgage �vould k�e impaired, the insLu�uncc }�roceeds sl�aill be applied to thc sums secured by ttiis Mortgage,
<br /> - with the excess, if any, paid to Borrower. If tLe Yroperty is abandoned by 13oiro«�er or if Borrower fails to respond
<br /> ' to Lender within 30 duys after notice by Levder to 13orro�ver tliat the insurance carrier of£ers to settle a claim for
<br /> insurance benefits, Lender is autl�orized to col!ect and apply thc insurance yroceeds at Lender's option either to
<br /> restoration or repair of the Property or to the sums secured 6y- this Jlortgage.
<br /> Unless Lender anci Borro�;•er other�aise agree in writing, any such application of proceeds to principal shall
<br /> not extend or postpone the due date of the montlily installments referred to in paragraphs 1 and 2 hereof or change
<br /> the amount of such installments.
<br /> If under paragraph 18 hereol the Yroperty is acquired by Lender, all rig6t, title and interest of Borrower in
<br /> and to any insuranc.e policies .�nd in and to the procecds tliereof (' to the estent of tlie sums �ecured by this _ldort-
<br /> gage immediately prior to such sale or acqui�ition ) re�ulting from damage to the Yroperty prior to the sale or
<br /> aequiaition shall pass to Lender.
<br /> 6. Presezvation �d Mmntenance of Property; Leaseholds; Condominiums. Borrower sl�all keeE� the Prop-
<br /> erty in good repair and shal] not permit or canmit waste, impairment, or deterioration of the Property and shall
<br /> comply with the pro��isions of any lease, if this Jlorigage i. on a leasel�old . If thi. �fortgage is on n condominium
<br /> � unit, Borrower shall r>erForn� all of Borrower's obligation, tmder tl�e declaration of condominium or master deed ,
<br /> the by-laws and regulations of the condoininium projeci and constituent docutnents.
<br /> 7. Pzotection of Lendei s Security. If Borro�ver iails to parform the covenants snd ugreeruents contained in
<br /> this �4ortgage, or it any �c 'tion or proceeding is comme�iceci �vhich materially uffects I,ender's interest in the Prop-
<br /> erty, including, but not limited to, eminent doin;�in , insoh•enr,y , code euforcement, or arrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at Lender's option , upon notice to F3orrower, may make such
<br /> appearances, disburse such sums and take sucli action as is necessary to protect Lender's interest, including, but
<br /> not limited to; disbursement of reasonable attorne,y'e fees and entry upon the Yroperty to make repairs. Any
<br /> smounts disbursed by Lender pursuant to this pxrsgraph 7, �vitl� interest tlyereon , sha11 becon7e additional indebt-
<br /> � edness of Borrower secured by this \-fortgage. Un]ess Borro�ver and Lender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borroreer requesting pa,yinent thereof, a.nd shall bear inter-
<br /> - est from the date of disbursement at tlie rate stated in the ATote unless payment of interest iit sucl� rate would be
<br /> contrary to applicable law, in whieh event sucii amounts shall Uear interesf at the highest rate permissible by
<br /> applicable law. Nothing contained in tliis paragrapl� 7 shnll require I.ender to incur anv expense or do any act
<br /> hereunder.
<br /> 8. Inspeetion. Lender in� y make or cau�e to he inadc reaconable entrie, iy�on and inspect,ions of the Prop-
<br /> * erty, provided that Lender �hall give Borrower noti�e i �rior to ,u�}- �uc�l7 in��ection �riecif3�ing reasonable cause
<br /> therefor related to Lenc3er's intc^est in t !ic Prope.ty�,
<br /> 9. Condexnnation. The proceeds of nny award or olaitn for damages, direct or consequential, in connection
<br /> with uny condemnation or other taking of the Yroperty , or i,art 'tl�ereof, or t"or coixveyance in ]ic:u oi condemnu-
<br /> tion, are herehy assigned and shall be �aid t� Lender. �
<br /> In tlze event of a total taking of ttie Yropert_v, thc proceeds �lisll be applied to the suins eecured by tliis VIort- *� � ' -�' ;t�
<br /> gage, with Lhe excess, if any, paid to Borron•er. Sn the event of s partial takin� of the Propercy , unless Borrower ;� � ,�; ;o.
<br /> and Lender otherwice agree in ���riting, ihere shall be applied to tl�c sun�s secured by this 1lortgage such E�ropor- �'� • ?i n .
<br /> tion of the proceeds as is equal to tliat 7�roportion wliich tl�e aniount �f tlie sums secured by this Zlortgage imme- ,;
<br /> �„+ diately prior to the date of taking bears to # l�e fair �narket value oP tfie I'roperty iminedi�tely pcior to tlie date of ,�� , '
<br /> taking, with the bul�nce of the proceeds puid to Borro�ver.
<br /> If the Property is abandonecl by Borrower or if after notice by Lender to Borrotiver that the condemnor offers
<br />� to ma..c 3.-i awar3 or settie t� �iaiiu ioi �Iuiiiagee, Bui•row•er iail� cu resUoud to Lencier within 30 na,ys oi the date
<br /> of scch noticc, Lender is autho:ized te aotlec6 wnil �.y.i��ly tlir {,ruc�r�t� ttC ieuaer'� o}�civn eiiiier to rest��ration or
<br /> repair of the Property or to tlie smns secured by this \lorf,gage.
<br /> Unless Lender and Borrower otlier�vise agree in writing, any such application of proceeds to principal shall
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