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<br /> If under paragraph ] 8 hereof t,he Property is soid or the Yropertp i� otlierwise acquired by I.ender, Lender
<br /> shall apply, no later th�n immediately priur to thc salc oi tlic Yroperty or it� xoqui�iLion hy Leucicr, any Fuuds
<br /> � held by Lender at the time of applic� tion as a credit againsf tlic sums secx�rcd hv thi, 14ortgsge. � � � � � �
<br /> 3. Application of Payments. Unless ctpplicable la�e �irovides other���isc , nll Irtiyinents received by Lender
<br /> � � � nndertl�eNote � and paragrapi�s � 1 and 2 hereof shnll iac ap�ilied by Lendcr fiist in 1��2yment of auiounte payable t-o �
<br /> � Lender by Borrower, under paragraph �2 � l�ereof; � then io intei•est� payable ou ilic Note a�nd on I'uture Advances , if
<br /> any, aud then to theprincipal of the Note un<i to tlie principa ] of l�uture �d�•;snces , if any.
<br /> 4. Charges; Liens. Borrower sliall pay :�11 taxes , asscss�nent:s and other charges, fines and impositions attrib-
<br /> r utable f.o the Property wl�ich may �tt� iu a priority over tllis llortgage, ancI grouiid rents , if a»,y, at Lender's
<br /> ' ( option in tl�e inanner provided uncier paragraph 2 liercof or t�y L3orro�cer mzking p�yinent� �VI1QI1 due, directly to
<br /> C�.p the payee thereof: Borro�vei• shall ��rom��tly fticnish io T.ender nll notices of amounts due undec• tLis paragraph ,
<br /> Cp and in the event Borrower shxll makc payment clireccl��, Borron•er shall prompt]y furz�ish to Lender receipts evi-
<br /> C'rJ dencing such payments. Borrower sl��ll promptly dischurge any lieu which l�as priority over this �lortgage ; pro-
<br /> L,fa vided, that Borrower shall not be required to discl�srge any sucL lien so ]ong tis Borrowcr shall agree in writinb to
<br /> . a ' �; the payment of tl�e obligution secured by such lien in :� manner acceptable to Lender, or sha11 in good faith contest
<br /> � such lien by, or defend enforcement of such licn in , lega] �>roceedings �vhich operste to prevent tlie entorcement of
<br /> t}ie lien or forfeiture of the Property or any part i l�ereof.
<br /> � 5. Hazard Insur�ce. Borrower �hal ] keep t,he iinprovemeuts now ezisting or hereafter erected on the Prop-
<br /> � erty insured flgaiiist loss by frre, ha�ards included within the term "extended coverage", and such uther hazards as
<br /> Lender rnay require and in such umomits and for such I�eriods as I,ender inay rec�uire ; provided , that Lender sheli
<br /> not require tliat the amount of sttc}i coverage exceed tIiat amount of' coverage required to pay tlie sums secured "by
<br /> this Mortgage.
<br /> + 'fhe insucance carrier providing ihe insurance sha11 be chosen by 73orrower sub,iect to sp�rraval by Lender ;
<br /> pravided, that such approvul shall not be unreasonably withheld . _'�11 premiums on insurance policies shall Ue paid
<br /> at Lender's option in the manner ��roviderl under psragraph 2 hcreof or by 13orro�ver mal:ing 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 expirat.ion, 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 insurtincs policies :�nd rene�vals thereof shtill I.;e in fonn ncceptable to 7.endcr aud sl�all include a standard
<br /> mortgage clause in favor of ancl in form acceptaUle to Lender. I ,endei• s1ial1 ]�ave tlie right t,o liold the policies and
<br /> renewals thereof, and Borrower shall promptly fw•nish to Lender all renewal uotices ancl all receipts ot paid pre-
<br /> ; miums. In the event of loss, Borrower sl�all give prompt uotice io tl�e insurance carrier �nd Lender, and Lender
<br /> may inake proof of loss if not made proYnptly by Borrower.
<br /> Unless Lender and Borrower other�c�ise agree in writing, insurance proceeds shall be applied to restoration or
<br /> repair of the Property damaged , provided such restoration or repair i� ecomm�ically fensible and ihe security of
<br /> this Mortgage is not tliereby impaired. If sucli restoratio�i a• repaii• is �iot econoinically feasible or if the security
<br /> f of this \Zortgage �vould be impaired, the insurance proceeds shsll l�e applied to thc sums secured by this Mortgage ,
<br /> with the excess, if any, paid to f3orros��er. If the Yroperty is abandoned hy I3orro�vex or if Borrower fails to respond
<br /> to Lender within 30 days atter notice by Lender to Borrower thut the insurnnce carrier uffera to settle a claim for
<br /> insuranee benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to
<br /> restoration or repair of the Property or to tl�e sums secured by this \Ioi�tgage.
<br /> ; Unless Lender and Borrower otherwise agree in �vriting, any such application of proceeds to principal shall
<br /> not extend or postpone the due date of the rnontlily insiallments referred 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 rigFi�', title und interest of Borrower in
<br /> and to any insurance policies and iu and to tl�e proceeds tl�ereof (to tl�e extent of the sums secured by this Mort-
<br /> gage immediately prior to such sale or acquisition ) resulting from dain��,ge to tl�e Property prior to Ghe sale or
<br /> � equieition shall pass to Lender.
<br /> 6. Preservation mzd Mcunten�ce of Propezty; Leaseholds; Condominiums. I3orro�ver sl�all keep the Prop-
<br /> erty in good repair and shall not permi 't- or commit waste, impairinent , or deterioration of the Property and shall
<br /> comply with the provisions oi any lease, iP this llortgage is on a leasehold . If tl�is \lortgage is on a condominium
<br /> unit, Borrower shall perform sll of Borro�ver's obligationc under the declaraiion oi condominiurri or master deed ,
<br /> the by-laws and regulations of the condominium project and constituent, docuxnents.
<br /> 7. Protection of Lender's Security. If Borrower fails to perfortn the covenants :nnd agreements contained in
<br /> Uiis lSortgage, or if any action oi• proceeding is comiuencecl wkiich tnaterially uffects I.ender's interest in the Prop-
<br /> erty, inciuding, but not limited to, eminent do�nain , in�oh�ency, cude enforcernent , or ssrrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at I.ender's option , upon notic� io I3orro�3�er, may inuke such
<br /> appearances, disburse sucli sums and take such action as is necessar,y to protect Lender's interesi, including, but
<br /> not limited to, disburseinent of reasonable attorney's fees and entry upon the Propert�� to �nake repairs. Any
<br /> atnounts dist�ursed by Lender pursuant to tl�is �aragraph 7, �vith interest thereon , shall becou�e additional indebt-
<br /> edness of Borrower secured by this �4ortgage. Unless Borro���er and 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 disbursement at the rate stated in tl�e IQote uniess pavment, of interest at such rate would be
<br /> contrary to app3icable law, in which event such amounts sl�all beur interest at. the higliest rate permissiblc by
<br /> applicable law. Nothing contained in this paragraph 7 shall require I.ender to incur any ex�>ense or do any uct
<br /> hereunder.
<br /> ' 8, Inspection. Lencier �nay rna,ke oi• cause to he madc rea�onable enrries upon ssnd inspections of the Prop-
<br /> erty, provided that Lender sliall give Borro«�er notice ��rior to any su�•h insl�ect,ion ���ecif��ing reasonable cauce
<br /> therefor relsted to Ler,dcr's intcrest in the Property�.
<br /> + 9. Condemnation. The proce.eds of any award or claim for damsbes, direct or conseqiaential , in conneetion
<br /> with any condeinnation or othei• taking of tl�e Yropert.y , oi• ��art thei•eof, ur for con��eyance in lieu of condemm�-
<br /> tion, are hereby assigned and shall be paid to Lender.
<br /> In the ecent of a total t-aking of td�e Yropert,y, the �.roceed� shall be a�>plied to tl�e �ums secured by this Mort - � ° .+��1
<br /> = gage, �vith the excess, if any, paid to Borro�ti•el•. In tl�e event of s pxrtial taking oi the Property, unless Borrower - ,� , ::,
<br /> ,: and Lender other�rise agree in �i�riting, tl�ere sl�all be applied to Llie sums secured k�y this �1orLgsge such propor- _ � ;� $
<br /> tion of the proceeds as is equal to that �iroportion which tl�e anxouni of the sums secured by this 1lortgage imme-
<br /> �.:; diately prior to tlie date of tal:ing bears to tdie fair market valuc of the E'ropert�� iLninediately prior to the date of "s�'
<br /> % taking, with the balance of the proceeds gaid to Borro�c-er. ' ��`
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<br /> . If thP Property is abandoned b,y $orrowet• or if xfier notice by Lencier to Borrower that the condeiiinor offers ,, '. �
<br /> to ivake r3.ci award �r oe 'ttle a olaini for ,uuuiagen, I3ui•rowea• taii� iu iva�ou�i iu I.eitcier wiei�in 3� days oi ci�e date
<br /> of such i:o3,ice, L�nder- i� sutla,arizc:�l to cullect aiaa a(i�.13� tli� }.ro:;ee�a at l.au�l.:r'� u�,6i�u eiL'=,ei Lu rwLurutiun ur
<br /> repair of the Property or to the sums seoured by tLis \Iortgage.
<br /> Uiiless Lender and Borrower otherrvise agree in cvriting, any such appiication of proceeds to principal shall
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