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<br /> � If under psragraph 18 hereaf the Property is sold or the I'ropert}� is otherwise acquired by Lender, Lender I �
<br /> shail apply, no ittter tlian immediately prior to tl�c sale of t.l�e Yroperty or it� acquisii,ion b,y Lender, any I�unds
<br /> lield by Lender sC the time of applicstion as s cred�t .i�uins!. the sums sec+urcd by this �Tortgagc.
<br /> 3 Agnlication of Paymeals. Unless ap��licat�ic I:�w provi<tes otherwise, all payments received bv Lender
<br /> under the IVote and paragrapLs l und 2 liereof sh311 be ap�ilied by Lender first. ii� payment of atnounts payable to
<br /> Lender by Borrower under paragrapli 2 l�ereof, theii to interest �irtyable on tlic Note and on P'uturc Aclvances, if
<br /> any; aud then to the prineipal of the 1'ote anci to tkie �irincit�al �i I'd 'ciire :�ilvamaes; if sny.
<br /> _ 9. Charges; Liens. Borro�ver sliall psy all kuxes, assesscuents and otl�er cl�arges; fines and impositions attriU-
<br /> utabie to tl�e Property which may attain a priority over tl�i� vlortgage, ,and ground rents; if aiiy, ,at Lender's
<br /> 1 ' option in the inanner provide�( under ��arngrapli 2 herepf or by I3oiroiver making ?7ayment, when due, directly to '
<br /> � � � �� � '. .
<br /> the payee thereof. Bvrrower shall �>romptly furnish to Lender all notices of amounts due under tl�is paragraph,
<br /> , , and in the event T3orrower shnll ,make i�aymei�t directly, I3orro�eer; shall pramptly furr.ish to I.ender receipts evi- + '
<br /> � �en�;ng such payments. Borrower shall Iirom�6ly- discharge any lien whic}� has I�riority over this \lortgage ; pro-
<br /> � vid�a; tnat �orrower shall not 6e required to discl�arge any sucl� lien so 1on� as Borro�i•er shall agree in �vriting to '
<br /> �, the pay:nent of the obligation secured k�}* such licli in a manner aceeptable to I,encier, or shall in good faith contest
<br /> � such lien kay, or defend enforcement of such lien in , legal proceediugs wl�ich operste to prevent the entorcement of
<br /> � the 2ien or forfeiture of' the Property or any part thereof. <
<br /> 5. Hazard Insurance. BoTrower shall kee�i tl�e improvenients no�v existing or l�ereafter erected on the Prop- '
<br /> � erty insured against loss by rire, iiazards IIICiUc1G•C� Witllin �{1e °i,BFiil ��c::ii,�ri(i2u CO :�Y^ p� " � :R� �l'..^�'- �f ��e1' Ll�ZAJ'Clfi 86 ' _
<br /> �, Lender may require and in sucki a�nounts and for sucli �ieriods ss Lender �uay require , F>rovided, that Lender shall
<br /> not require that the amount of such coverage exceed tliat amount of coverlge rec�uired to pay the sums secured 'by
<br /> this MorCgage. -
<br /> The insurance carrier ��roviding tl�e insurance shall be chosen Uy Borro�ver suUject to approval by Lender,
<br /> pTovided , tliat sucli ap}�roval sliall not be unreasonr3.bly withheld . ellt premiums on insurance policies shall be paid
<br /> a ' at Lender's option in t.}ie manner provided under paragrapl� 2 liereof or by Borro�v�r cnaking liayment, 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 an 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 Uy Borrower to comply may, at option ot Lender, constitute a default �'
<br /> under the terms of "this` Mortgage. ;
<br /> All insurance policies and reney�als tlie�•eof shall be in forin acceptable to I.en<ler and shall inclu�3e s standard
<br /> irYortgage clause in f�vor of and in form acceptsble to Lender. I.ender �hall have the right to liold the policies and
<br /> renewals thereof, and Boirower sfiall }�romptly furnislr to I.ender ail renen•al noticr,s and all receipfs nf ` paid pre-
<br /> miums. In the event of loss, I3orrower sli�,ll give �irornpt notice to the insurance carrier and Lender, and Lender
<br /> may make proof of loss if not made promptly by Iiorrower. -
<br /> Unless Lender and Borrower other�vise agree in writing, insurance proceeds shall be applied to restoration or
<br /> repair of the Property d�maged, provided such restoration or i•epair is econoinicaliy feasible and the security of
<br /> this Mortgage is not thereby impaired. If such restoratimi or repair 3s not economicaliy feasible or if the security
<br /> � of this Dlortgage �vould Ue impaired , tl�e insiirance �>roceeds s1�311 be spplied to the suuis secured hy this biortgabe, ;
<br /> with the excess, if any, pnid to liori•owei•. If tiie Yi•operty� is abandoried by $orrower or if Borrower fails to respond
<br /> F , to Lender within 30 days after notice by Lender to I3orrower tl�at the insurance carrier offers to settle a olaim for
<br /> � insurance benefits, I.ender is authorized to collec 't and apply tl�c insurance liroceeds at Lender's option either to
<br /> ; cestoration or repaiT of the Property or to the sums secured by this �Iortgage.
<br /> Unless Lender and Borrower other�;�ise agree in �vriting, an,v such application of proceeds to principal shall
<br /> not extend or postpone the due date of the mont]ily installments referred to in paragraphs 1 snd 2 hereof or change
<br /> theamount of such installments.
<br /> If under paragraph 18 hereof iiie Yroperty is acquired by Lender, all right-, title and interest o£ Borrower in '
<br /> and to any insurance policies und in and to tlie proceeds tliereof (to t,lie extent of tlie �ums secured by tiris ;\iort-
<br /> : gage immediately ��rior to sUch sale or acquisition i result5n� fran damage to the Property prior to the sale or
<br /> acquieition shall puss to Lender. a
<br /> `�: 6. Preservation cmd Mmntenance of Property; Leaseholds; Condomiaiums. Borrower shall keep t,he Prop- '
<br /> b erty in good repan• and sht�li not perinit or commit �vaste, iinpairment, or deterioraiioii of the Propert3� and shall
<br /> ; comply with tl�e pro��isions of any lease, if this 1lortgage is on a ]easel�old . If this ,lZortg�ge is on a condominium
<br /> ; unit, Borrower shall nei•fortn �Il of Borrower's obligations under the declarution of condominiurn or master deed, r
<br /> � the by-laws and regulations of the condominium projeci and constituent documents.
<br /> 7r Protection of Lender's Security. If Borro�ver fails to perform tl�e covenants r�nd agreeruenis contained in
<br /> ` this 14ortgage, or if any action or proceeding is commencect �vhich inateriully afTects Lender's interest in the Prop-
<br /> ' erty, including, but iioL limited to, eminent domuin , in�oh•ency, code enforcement, or arrangernents or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to I3orrower, may mnke such
<br /> appearances, disburse sucli sums and take such action as is necessary to protect Lender's interest, including, but
<br /> � not limited to, disbursement ot reasonable attorney's fees and entry upon the Yroper�;; to make repairs Any
<br /> amounts disbursed by Lender pursuant ro this paragrapl� 7 , with interes 't thereon , s1�a21 become rsciditional indebtc
<br /> edness of Borrower secured k�y this _llortga�e: Unless Borro�ver and Lender agree to other terms of payment, sueh
<br /> amounts shali be payable upon notice from Lender to Borrotiver requesting pssyment thereof, and sl�all bear inter-
<br /> ? est froin the date of aisbursementat the rate stated in the Note unless payment of interest at sucl� rate would be
<br /> 3 contrary to app) icaUle law, in which event such amounts sl�all Uear interest at the highest rate permissible by
<br /> applicable law: Notiiing contaiued in tt�is paragranli 7 shall requirc I.ender to incur any expense or do any act
<br /> , ? hereuader.
<br /> ' 8. Insgeciion. Lender �nay inake or cause to be inadc i•eaasonn,blc entries upon ar.d insF�eetions of the F'rop-
<br /> erty, provided . that Lender s1�alT give Borroa•er noticc ��rior to an�� 'such ins�>ee.tion specifying reasonable cause
<br /> therefor relateil t,o Lender's interest in the Propert.�� .
<br /> , 9. Condemnation. The proceeds of uny awan9 or claim for cix�rna�es , direct or ,consequential, in connection
<br /> with �.ny condemnation or otlaer taking . of the Yroperty , or part tliereof, or for conveyance in lieu of condeTnna-
<br /> tion, are hereby assigned and shall l�e paid to Lender. 4
<br /> °i In the event of s total Laking oi the Pro�erty, cl�e proceeds shall !�e applied to the stiuns secured by this tilort-
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<br /> gage, with the excess; if any , paid to Borroc�•er: In t1�e event of a partial t3king of the Property, unless Borrower _, , ,. . P � � �a*,
<br /> ' and Lender otl�erticise agree in �vriting, tl�eie s.iall be al�pliecl tu tlie sums ,ecured by this \iortgage such F�ropor- �'".,' �y ;�„� ,
<br /> t Eion of the proeeeds as is equal to that proportSon «hich the nmount of the sums secured by this Mortgage imme- ��
<br /> �� diately prior to the date of taking beurs to tl�e fair xnarket; ��alue nf tlie Property i�nmedintelp prior to tl�e 3ate of ',c*� .
<br /> taking, with the balance of the proceeds` pa id to $orrower. �����
<br /> ` If the 3'roperty is aUandoned by Borrower or if after notice by Lender to Borrower tl�at tl�e condemnor offers " ' i
<br /> . " ' to make sn �w•ard or �ettle s clsin: for`*lamases, Borro�i�er fail� 'to respon�? #o T Pac9er �vit]�Sn 30 �lay� of the date ` " .:
<br /> nf R�ach not�ce, ��encier iF n,tit.h�ri�e�i to collPet, :'in�l al�pl ,y the ��r��ee��i[ ia,t. 7.Paid� r'� ojit,ion �>itlier to re.ct,or�t,ion nr
<br /> '' repair of the Property or to tille suin;s secured by tliis \Iortgage. ' � �
<br /> Unless Lender and Borrower othern�ise agree in 'writing; any sucl� application of proceeds Eo principal shall
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