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<br /> � If under paragraph lA hereof the Yroperty �s sold or the Yroperty is otherwise acquired hy 7,ender, Lender I �
<br /> shssll apply, no later tlicsn immediately prior to the sale of thc Pro��crty or its acquisition b_y t.e��der, any Funds
<br /> heldby Lender at the time of af�piication as a credit against the smns secui•ed bt• this D�Iortgage.
<br /> 3, Application of Payments. Unless applicaf�lc faw pi•ovides otherwise, all payments received b,y Lender
<br /> under tt:e Note and pa.-agraphs 1 snd ? he�'eot s!�a11 Im a�>;�liecl hy Lender first in ��a,yment of umounts payable to
<br /> Lender by;Borrower under paragraph 2 hereof, tlien ko inicrest l�uyable on tl�e Notc and on Future Advances; if
<br /> any, and then to the Iirincipal oi t1�e Note and to the �irincipal of Future Acleances, if any.
<br /> 4. Charges; Liens. Borrower sl�all pay ali taxes, assessments and other charges,, fines a�nd impositions attrib-
<br /> � utable' to the Property which may attain a priority over tliis .l�Iortguge, and ground rents, if any, at Lender's
<br /> �^'� optionin the manner provided under paragraph 2 liereof or by Borro���er making ptiyment, zvlien due, directly to
<br /> � the payee thereof. Borrosver shall promptly furnisli to Z.ender all notices of amounts due under this para�raph,
<br /> � and in the event Borrower shall make ��ayment directly , Borro«•er shall pron��2tly furnislr to Lender receipts evi-
<br /> � dencing such payments. Borrower shall promptly 3iscl�arge any lien �vhich has priority ' over this \qortgage ; pro-
<br /> � ` vided, that Borrower shall not be requii•ed to cliscliarge any such lien so long as I3orro�ver sliall agree in �vriting to
<br /> , � thepayment of the obligation secured Uy suc1T lien in c� manner acceptable to Lender, or shall in good faith contest
<br /> t such lien by, ordefend enforcement of suc12 lien in, legal j�roceedings wl�ich operate to prevenC the entorcement' oF
<br /> � the lien or farfeiture of the Property or any part tliereof.
<br /> S. Hazazd Insiu'ance. Bon•ower shall keep tl�e iinpi•oveinents no��� existing or liereafter erected on the Prop-
<br /> erty insured Against loss by fire, hazards included }vithin the term °extended coverage'; and sueh otlie�i haz:zrds as
<br /> ` Lender may ,require und in such amounts �nd for such l�ei3ods as Lender may require ; provided; that Lender shall
<br /> not require that the amowit of sueh coverage exceed tl�at amount of coverage required to pay the sums seeured 'by
<br /> this Mortgage.
<br /> The insurance carrier ��roviding tl�e insurance shall be chosen by Borrower subject to approvul by Lender ;
<br /> provided , that such approval shali not be unreasonably withheld. Ail pretniums on insurance policies shaii be paid
<br /> at Lender's option in the manner provided under paragraph 2 l�ereof or by Borrower making payment, when due,
<br /> s direetly to the insurance earrier.
<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 ra�te 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 insurance policies and renewals tl�ereof sl�all be in form acceptable to Lender and sha�ll include a standard
<br /> �nortgage clause in favor of and in form aeceptahle to Lender. Lencier shall I�ave t.l�e right to l�olcl the polieies and
<br /> renewals thereof, and Borrower shall promptly furnish to Lender all renewal noticr,s and all receipts of paid pre-
<br /> miums. In the event of loss, Borrower sliall give iSrocnpt notice to the insurance currier and Lender, and Lender
<br /> ' may make proof of loss if not made promptly by Borrower.
<br /> ; Unless Lender and Borrower otherwise agree in writing, insui:�nce proceeds shall be applied to restoration or
<br /> repair of the Property damaged, provided such restoration or rep�ir is economically feasible and the security of
<br /> thia Vlortgage is not tliereby iinpaired: If such restoration or repuir is not econoinically feasible or if the security
<br /> � of this Dlortgage �vould be impaired, the insurance ��roceeds shall be applied to the sums secured by this Mortgage,
<br /> i with the excess, if any, paid to Borrower. If tlie Yroperty is abandoned by Borrower or if Borrower fails to respond
<br /> j to Lender within 30 days after notice by Lender to Borrower that the insurance c3rrier offers to settle a claim for
<br /> insurance 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 the sums secured by this 1lortgage.
<br /> ; Unless Lender and Borrower otherwise agree in writing, an,y such application of proeeeds to principal shall
<br /> ' $ not extend or postpone the due date of the monthly instaliments referred to in paragraphs 1 and 2 hereof or change
<br /> the amount of sueh installments.
<br /> If underparagraph 18 hereof the 1'roperty is acquired by Lender, all right, title and interest of Borrower in
<br /> j and to any insurance po3icies rand in and to the proceeds thereof (to tl�e extent of the sums secured by this Mort-
<br /> ygage immediately prior to such sale or acquisition ) resu]ting f�rom damage to the Property prior to the sale or
<br /> acquieition shall pass to Lender.
<br /> • ' 6. Preservation �d Mmntenance of Property; Leaseholds; Condominiums. ]3orrower shall keep the Prop-
<br /> � erty in good repair and shall not permit or commit waste, impairment, or deterioration of the Property and shall
<br /> comply with the provisions of any lease, if this �.ortgage is on a leasehold . If this �4ortgage is on a condominium
<br /> F unit, Borrower shall perform all of Borrower's obligations under the declaratiou of condominium or master deed ,
<br /> � the by-laws and regulations of the condominium project and constituent documents.
<br /> 7. Protection of Lender's Security. If Borrower fails to perform the covenants snd agreements contained in
<br /> this Mortgage, or if any action or proceeding is commenced which materiaily affects Lender's interest in the Prop-
<br /> erty, including, but not limited to , eminent domaiu , insoh�ency, code enforcen�ent, or urrangements or proceed-
<br /> ings involving ,a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may inake such
<br /> appearances, disburse such sums and take such action as ia necessary to protect Lender's interest, including, but
<br /> � not limited tio, disbursement of reasonaUle attorney's fees and entry upon the Property to inake repairs. Any
<br /> ` amounts disbursed by Lender pursuant t.o this paragraph 7 , witl� interest thereon, shall Uecome additional indebt-
<br /> edness of Borrower secured by this 1Sortgage. Unless Borrower and Lender agree t4 other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, nnd shall bear inter-
<br /> est from the date of disbursement at Lhe rate stuted in the Note unless payment of interest at such rate would be
<br /> '; contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible by
<br /> applicable law. Nothin� contained in this paragrap6 7 shtill require Lender to incur any expense or do uny net
<br /> ' hereunden
<br /> �� 8. Inspectioa. Lender may �nake or cau�e to be madc rexsonable entries upon and inspections of the Prop-
<br /> erty, provided tihat Lender shall give Borrow•er notice Z�rim• to anv such inspection �pecifying reasonable cause
<br /> t,herefor related to Lender's interest in the Property.
<br /> 9. - Condexnaation. The proceeds of ttny award or etaim ior da�nages, ciireci or cui�seyuential , iu connection
<br /> with any condemnation or other taking of ihe Property , or part tl�ereof, or for conveyatice in lieu of condemna-
<br /> tion, are hereby assigned and shall be paid to Lender. c
<br /> In the event o£ a total taking of bhe Yroperty ; the ��roceecls sl�all I �e a��plied to the sums secured by this D�ort- �
<br /> �; gage, wiEh the excess, if any, paid toBorro�ves�. ?n the event ef a �?artial taking of the Propertu, unless Borroa�er �',�'�,;
<br /> '. and Lender bthenyise agree in ta�riting, there sl�nll be an�ilicd to tl�e cuins secured by this \4ortgage such propor- ` ` 4«�� x-�'r�
<br /> , tion of the proeeeds :as is equal to that proportion which the amount of tlie sums secured by this �Sortgage imme- �: � +* t ,
<br /> " .� diately prior to the date of taking bears to fl�e fair inarket value of thc Property immediately prior to the date of +,��
<br /> t,aking, wiLh the ualance of the pr.oceeds psid taBoirower. >�, ;�
<br /> If the �roperty is' abandoned by Borrower or if after notice by Lender to Borrower that the condemnor offers
<br /> to make sn award or settle a clauu for damages, Borro��er fails to i•espond to Leuder within 30 days of the date
<br /> of such notice. Lender is authorized to c.ollect and apPIY the }iroceeds st Lender's opt,ion either to restoration or -
<br /> repair of the Property or to the sums secured by tliis liortgage.
<br /> Unless i.ender and Borrower oChenvise agree in rvriting, any such applieation of proceeds to . principal shall
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