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<br /> If imder paragraph I8 }iereof ttie Property is sold or the Pro�aerty is otherwise acquired by Lcuder, Lender �
<br /> shall apply, no later t.han immediately prior to the salc of tl�c Pro�>erty or its acc�uisitiou k,y Lender, any Funds '
<br /> t�eld by Lender at the time of application as a�. credit again�t the swns �e�ured hy Ihis �tort.gabc.
<br /> 3. Applieation of Payments. ZTnless ttpplicable ] uw ��iovicieti other�aise, all paytnents received by Lender
<br /> under the Note and paragraplrs 1 and 2 hereof sl�ull he spa�licd by ].endcr f rst in payment of ainUunts payable to
<br /> Lender by Borrower under paragrapL 2 hexeof, then to interect � r.�yablc on tl�c Note and on Fuiurc Adv.lnces, if
<br /> any, aud then to the principal of the \Tote and to the principal oi I�uture Aciv:inces, if any.
<br /> 4, i.hr*qes; Liens. Borrower st�flll pay all taxes, sssessments and ofher charges, Snes and impositions attrib-
<br /> ut�ble to the Property which may attaiii a priority over this �Sortgagc, and ground rents , if any, at Lender's
<br /> option in the manner provided under paragrapli 2 hereof or by Borrower �naking riayment, �vhen duc, directly to
<br /> tlie payee thereof. I3orro�ver shall promptly furnish to Lender all notices of ats�ounts duc under this paragraph ,
<br /> and in tl�e eventBorrower shall inake }�ayment directly, 13orrower siiail proznptl,y furnisli to Lender receipts evi-
<br /> dencing such payments. Borrower shall promptly clischarge any lien which has priority uver this \4ortgage ; pro-
<br /> vided, that Borrower shall not be required to discl�argc any sucl� lien so ] Ung as F3orrower sliall agree in �vriting to
<br /> the payment of the obligation secured by sucli ]ien in :1 inetinner accept.sble to I.ender, OP SI11� I ]Tl �ood faith contest
<br /> such lien by, or defend enforcement of such lien in , legal proceedings �ahicli operate to prevent the en#orcement of
<br /> the lien or forfeiture of the Property or .�ny part thereof .
<br /> 5. Hazard Insuranee. Borrower shall keep tl�e improvmnents now existing or hereafter erected on the Prop-
<br /> erty insured against loss by fire, hnzards included within the term "extended coverage ", ancl such ot6er hazards as
<br /> Lender may require and in sucti amounts and for sucl� I�eriods as T encler may require ; pro��ided, tl�at Lender shall
<br /> not require that the amount of such coverage exceed tl�at umount of coverage required to pay the sums secured 'by
<br /> this Mortgage.
<br /> � The insurance carrier providing tl�e insurunce shull be chosen by Borro�ver suhject to approval Uy Lender ;
<br /> � provided, that such approvat shatt not be unreasonabiy cvithheld. ?�t2 premiums oii insurance pol:cies shaIl be pai@
<br /> � at Lender's option in tlie manner ��rovided under paragrapl� 2 hereof or by Borrower making payment, when due,
<br /> 4^j 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 Bonower to comply may, at option of Lender, constitute a defauit
<br /> ;; under the terms of this Mortgage_
<br /> All insurance policies and rene�vals thereof shall be in form sccept;tiblc to Lender � nd shall include a standard
<br /> inortgage clause in favor of and in form acceptable to Lender. I,ender shall havc the 3•ight to ]iold the policies :�nd
<br /> renewals thereof, and Borrower shall promptly furnish to Lender all renewa,l notices and all reeeipts ot paid pre-
<br /> miums. In the event of loss, 23orro«�er shall give prompt notice t,o the insurance cnrrier and Lender, and Lender
<br /> may make proof of loss if not made promptly by ]3orrower.
<br /> Unless Lender and Borrower otherwise agree in writ.iaag, ins�.u,�,nce proceeds shall be applied to restoration or
<br /> � repair of the Property damaged, provided such restoratim� or repair is economically feasible and the security of
<br /> this D�ort�age is not tliereby impaired. If suc }� restor:ition or repair is not econumically feasible or if the seeurity
<br /> , of this \Qortgage �vould be impuired, tl�e insurance �>roceeds sliall Le applied to thc sums secured by this Mortgage ,
<br /> with the excess, if any, paid to Borro�vei•. If tlie I'iroperty is abandoned by Borro�ver or if Borro���er fails to sespond
<br /> to Lender within 30 days after no 'tice by Lender io Borro«•er that the insurance carriet• offers to settle a claim for
<br /> insurance benefits, Lender is authorized to collect and apply the insurance procceds at Lender's option either to
<br /> � restoration or repair of the Property or to the sums secured 1>y tl�is \iort�age,
<br /> d Unless Lender and Borrower otherwise s6ree in writing, any such application of proceeds to principal shall
<br /> not extend or postpone the due date of the monthly installrnent,s referred to in p�ragraphs l and 2 hereof or change
<br /> ' the amount of such installments.
<br /> If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in
<br /> and to any insurance policies and in iind to t.he proceeds thereof (to the extenc of the tiutns secured by this Mort-
<br /> �age immediately prior to such sale or acquisition ) resulting from da�nage to the Property prior to tlie sale or "'
<br /> acquieition shail pass to Lender.
<br /> 6. Preservation and Nimnfenance oi Property; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> erty in good repair and shall not permit or commit waste, impairment, ur deteriorstion of the Property and shall
<br /> comply with the provisions of any lease, if ttiis \lorigage is on a leasehold . If tl�is �'fort.gage is on a condominium
<br /> unit, Borrower shall perform all of Borrower 's obligations under the declaration of condominiurn or master deed ,
<br /> � the by-laws xnd regulations of the condominium projeci and constituent documents.
<br /> 7. Protection of Lendei s Security. If Borrower fails to perform the covennnts and agreements contained in
<br /> this A4ortgage, or if any action or proceeding is cominenced �vhicti inaterially affects I.ender's interest in the Prop-
<br /> s erty, including, but not limited to, eminent domain, inaol�•ency , code enforcement, or arrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at I.ender's opiion , upon notice to I3orrower, may make such
<br /> appearances, disUurse suc6 swns and take sucl� :action as is neceesary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonable sttorney's fee; and entry upon the Propert�� to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this paragzaph 7, �vith interesC thereon, sh�ll become additional indebt-
<br /> ' edness of Borrower secured Uy this �-fortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower i•equesting payment thereof, and shall bear inter-
<br /> est from the date of disbursement at the rate st��ted in the ATote unless payment of interest at such rate would be
<br /> contrary to applicable law, in whici� event such amounts shall hear interest at the highest rate permissible by '
<br /> applicable law _ Nothin� contained in this paragrapli 7 shnll m� uire I,end�er to incur any expense or do any act
<br /> hereundea
<br /> 8. Inspection. Lender may make or c�use to I �c �n�tdc rc:asonablc entries upon und inspeciions of the Prop-
<br /> erty, provided that Lender sl�all give Borro«•er noti�c � n•ior io an}• �acli inspection �pecifying reaeonable cnuse
<br /> therefor related to Lender's interest io tl�e Pi•opei9,y.
<br /> P. Condeatnatien. The preceed � of :iri• s«•ard or claim for d .�mnges , direct or consequential , in connection
<br /> with any condenmation or other iu�ing of the Yroperty , or ��art tl�crcof , or fc�r conve�ance in 3ieu of condemna-
<br /> tion, are hereby assigned and shall be paid to Lender.
<br /> � In the event, of a total t� king of t�l�e Property, the proceeda shsll be a��� lied to the swns sec�n•ed by this Mort- �
<br /> gage, �vith the excess, if any, paid to Bprro�cer. In the event of a partial taking of the 3?ropert}-, unless Borrower ^+�y, ^ `' .' `:
<br /> and Lender otherwise agree in writing, there ehall be aF�plied to the sums secured U,y tl�is \tortgage such propor- ,X N �'",;,
<br /> � tion oi the proceeds as is equal to thaG proportion which tiie nmount of t:he suu7s secured �y ihis liortgage imme- �: >� `
<br /> diately prior to the dste of talcing Lears to tl�e fair ii�arket. value of tLe I'roperty imme:diately prior to the date of fl� �� ,
<br /> taking, with the balance of the proceeds paid to Borrorver. '°'
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<br /> If the Property is abandaSec3 by Borrower or iF after notice by Lender to Borrower that the condemnor offers
<br /> to make an award or settle u claim for �lamagee, T3orrotiver fnils i,o respond to Lec�der within 30 days of the date
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<br /> regai: of the Property or to thc su:ns sccu.ed b}• tl�is _lio:tgagc. "'
<br /> Unless Lender and Borrower otlier�vise agree in �vriting, any such a�plication of proceeds to principal sliall
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