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<br /> If �mder paragraph 18 hereof the Yroperty is sold or ilie Property is other�i�ise acquired by l,ender, Lender �
<br /> shuli apply, no later than immediately F�rior to thc �alc of tl�e Yroperty or its .icqi.iisition Ly Lender, :xnV I^'unds •
<br /> held by. Lender at tlie time of application as a crodit against tlm �inns secure.d hy tl�is �lortqagc. � � � � � �
<br /> 3. Applieation of Paymenta LJnless applicnblc 1 ,tn• ��rovides othenvise, a11 payment,s received by Lender
<br /> under the Note and paragrapiis l snd 2 hereof sl �nll be n� i��liec] by I.endei• first in payment uf amounts payable to
<br /> Lender by Borrower under paragraph 2 hereof; then to inferest p�iyable on the Note a,nd on Firture Advances, if
<br /> any, a�nd then to the principal of the 1Tote and to U�e principal of P'uture Advynces , if any.
<br /> � 4. Charges; Liens. Borrower s6a11 pay all taxes, assessment.s .snd other charges, fines and impositions attrib-
<br /> " utable to the Property. wliich inay attain a pi•iority over this 1�Iorf.sage , and ground rents, if any, at Lender's
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<br /> ; � option in the manner provided under p:�rngraph 2 hereof or by Borrower making payment, when due , directly to
<br /> � �, the payee thereof: Borrower shall promptly furnish to Lencler all notices of amounts due under this paragraph ,
<br /> ,; Q and in the event BorTower shall �nake payment direct]y, I3orro�ver s11u11 pron�ptly furnish to Lender receipts evi-
<br /> } � dencing such payments: Bori•ower shall promPtly discl�xr�e an�� lien which i�us f�riority over tliis 1lortgage ; pro-
<br /> � vided, that Borrower shalPnotbe required to discharge any such ]ien so long as I3orrower shall agree in writing to
<br /> $ ' the payment of the obligatiomsecurec� by such lien in n manner acceptable to Lender, or shall in good faith contest
<br /> ` � such7ien by, or defend enforcement of such lien in, legal proceedings wl�ich operate to prevent, the entorcement of
<br /> " � the lien or forfeiture of the Property or any ��art thereof:
<br /> ; ` 5. Hazard Insurcuice. Borrower shall keeFi the improvetnents no�ti� existing or hereafter erected on the Prop-
<br /> �� erty insured against loss Uy fire, hazards included �vitl�in the term "extended coverage", and such other hazards as
<br /> � Lendez may require :�nd iu such amounts tzn�9 for sucL periods as I.ender me�y requirc ; provided, thnt Lender shall
<br /> not require that the amount of such coverage exceed t6at arnount of coverage required to pay the sums secured 'by
<br /> � this Mortgage.
<br /> � The insurance esrrier ��roviding the insurance shall be cl�osei� by Borroii�er suhject to approval by Lender ;
<br /> °: provided, ihat such approval shall not be uureasonabh� withheld. .111 premiums on insurAnce policies shall be paid
<br /> �� at Lender's option in the manner provided under paragrapli 2 hereof or by Borrower making payment, when due ,
<br /> 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 prerniums 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 Lender, constitute a default
<br /> `; under the terms of this Mortgage.
<br /> a All insurancc policies and renewals thereof shall be in forrn acceptable to I.ender �nd shal l include a standard
<br /> r inortgage clause in favor of and in for�u xicceptable to Lender. I..ender _hall have t.he right to l� old the policies and
<br /> � renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid pre- ;
<br /> � miums. In the event of loss, Borro�ver sl�all give prompt notice to the insuranee carrier and Lender, and Lender
<br /> � may make proof of loss if not made promptly uy Borrower_
<br /> Unless Lender and Borrower otherwise agree in writirig, insi; rance procaeds shall be applied to rest.oration or
<br /> t repair of tiie Property dam�ged, provided such restoration or iepair is economically feusiblc and the security of
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<br /> < this Mortgage is not thereby impaired. If such restoration or repair is not econornicall,y feasible or it the security
<br /> of this A4ortgage would be impaired, the insurance proceeds sliall l�e spplied to tlte sums secured by this Mortgage,
<br /> with the excess, if any, paid to Borrower. If the Yroperty is abandoned by 33orrower or if $orrower fails to respond
<br /> � to Lender �vithin 30 days after notice by Lender to Borrower tliat the insurance carrier offers to settle a claim for
<br /> ` j ineurance benefits, Lender is authorized to collect and apply tlie insura�nce proceeds .�t Lender's option either to
<br /> restoration or repair of ttie Property or to the sums secured b�• this \Iortgage.
<br /> " � Unless Lender and Borrower otherwise agree in writing, uuy such application of proceeds to principal shall
<br /> � not extend or postpone the due date of the inonthly installcnents i•efei•red to in paragraphs 1 and 2 hereof or change
<br /> the amount of such installments.
<br /> If under paragraph 18 hereoF the Yroperty is acquii•ed by Lender, ttll right, title and interest of Borrower in
<br /> and to any insurance policies and in and to ilie proceeds thereot ( to tlie extent of ttie suzns secured by this illort-
<br /> f gage immediately prior to such sale or :�equisition ) result.ing from �3amage. to tLe Yroperty prior to the sale or
<br /> ; �cquiaition shall pass to Le:�der.
<br /> _ � 6. Preservation cmd Mmntenance of Property; Leaseholds; Condomiaiums. Iiorrower sliall keep the Prop-
<br /> erty in good repair and shall not permit or commit waste , impairment, or deterioration of the Yroperty and shall
<br /> ' 'P comply with the provisions of any lease, if this \Iortgage is on n ]easehold . If this Mortgage is on a condominium
<br /> unit, Borrower shall perform all of Borrowei's obligations under the declaration of cunaominium or master deed ,
<br /> � the by-laws and regulations of the condominiutn project anci consiituenc documents.
<br /> 7. Protection of Lender's Security. If Borrower fails to perform the covenants snd agreetnents contained in '
<br /> this Mortgage, or if any ssction or proceeding is cominenced �vhicli inaterialh- affects Lender's interest in the Prop-
<br /> erty, ineluding, but not limited to; emineni doinaiti, insolvency , code enforceinent, ur arrsngements or proceed-
<br /> ings involving a ba.nkrupt or decedent, then Lender nt I.endcr's option , upon notice to Borrower, may make such
<br /> appearances, disburse sucli suins and take such actio❑ as i= nece=sary to protect I.ender's iiiterest, including, but
<br /> not limited to, disbursement of reasonable attorney', fee, and entry upon the 1'roperty to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this paragr.zpl� 7 , �viCh interest ihereor, shall becor.ie additional indebt-
<br /> edness of Lorrower secured by this 1lortgage. Unless Borro�s•er and Lender sgree to other ters:�s of payment, such
<br /> ; ; amounts shall be payable upon notiee from I.ender to Borro��•er requesting payinent thereof, and sl�all bear inter
<br /> eat from the date of disbursement at tl�e rate stated in the Note unless pa,yment of interest at such rate would be
<br /> contrary to ap}>licable law, in which event such amounts shall bear int.erest at the highest rnte permissible hy
<br /> ; applicab]e law. Vothing contained in tt�is psragrapl� 7 shall require J.ender to incur Finy expense or do any act
<br /> � hereunder.
<br /> 8. Inspection. Lender may make or cau�e to he madc reasonzible entries epon und inspections of thc Prop-
<br /> erty, provided tliut Lc:nder �hall give Borro��• er uotice � � rior iu anc �ucli in�peetiun epecifying reasony�le cause
<br /> therefor relaked to I,ender's interest in tlie Pro�?ert�� .
<br /> 9. Condemnation. The proceeds of any award or clnim tor damages, direct or consequential , in connection
<br /> � ` w3th � ny condemnation or other taking of khe Yroperty, or ��ar[ thereof , or for conve}�ancc: in lieu of condemna- -
<br /> tion, are hereby assigned and shall be paid to Lender.
<br /> • � In the event of fl tota] taking of the Yroperty, tlic proceeds slzall be applied to the swns secured vy this Mort- s
<br /> ; gage, }vith the excess, if any, paid io Borrower. In the event of a partial taking of the Propc- �-ty, unless Borrower " .# >^ °�".,
<br /> and Lender otherwise a i•ee in writin tl�ei•e sl�all be a a �lied to tl�e �ums securea bti- ti�is \Ia�'� a � �uch ro or- � " � '
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<br /> ; tion of the proceeds us is equal to that proportion rvhich the amount of the sums secured by this ?�lortgage imme- r. �' ; ;,�
<br /> diatelyprior to the date of taking bears to tlxe fair inarket ��xlue of t1 �e Yroperty iitnnediately prior to the date of fi;�`
<br /> taking, with the Ualance of the proceeds paid to Borrower. • .� . �
<br /> Sf the Property is abandoned ,by Borroti�•er or if atter notice Uy Leuder to Borrower that the condemnor offers "
<br /> to m�.ke sa �warcI o,^ settle a clair.: ;or c3am.ages, Borro•.re� fsiis tp respor.d !o Leade: n-:t::ir. 30 days of the date
<br /> of �uch netice, I,ender ie authorized to collect and ai���l�� tl» ��rore� e ar I,ender's option eitLer to restor�tien or � ,;., �
<br /> repair of the Property or to t.he sutns secured bytl�is \Iortgage. ^+^-
<br /> Unless Lender and Borrower othen��ise agree in �vriting, any such appiication of proceeds to principal sl��sll
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