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<br /> � � �� OD S� 3 ?�
<br /> � If under paragraph 18 hereof the I'roperty is sold or ihe 1'roperty is otherwise acquired b,y Lender, Lender '
<br /> shall apply, iro ]ater th�n St>>inediately , prior to the salc of tl�e Yro�icrty� or it.: acquisition by Lcrider, any Funcis
<br /> held by Lender nt thc tiine of apl�licatiou as a creclit aguin,t t6e sums secured b;� this �-lortgzige.
<br /> 3. Application of Payrnents. Unless .ipplical>Ic ):��v provides othei•wise, ;�ll payments received l�y T ender
<br /> �mder the Note a;nd paragrapl �s I a ��ci 2lrcreof slial ! lyc ��>��lied l�y Lenclrir Si:st in ��aynierit. pi amounts payai�le to -
<br /> Lender by Borrower under parugrapli 2l�ereof� then to interest j>;�yabie on the Notc 1nd ctn P'i.iture Aclvances, if
<br /> any, and then to the principal o€ the \Totc and to the princi�ial of F'uture _Advance,, if sny. '
<br /> 4. Chazges; Liens. Borrotiver sliall pay< all taxes, assessments and other charges, fines and impositions attrib-
<br /> utable to the Property which may attain s priority over tl� is Vlortgage, nncl grounci rents ; if nny, at Lender's
<br /> r option in tl�e manner provided under paragraph 2 hereof or !>y Borrower mnking iiayment, when due, directly to-
<br /> the payee thereof: Borrower shall promtatly furnisl� to Ilender u11 natices of a:nonnts due tmder this ��aragraph,
<br /> and in the event Borroiver shsl] make puyment directly, Borro�cer shall promptly furnish to Lender receipts evi-
<br /> dencing sucii payments;, Borro�ver shall j>rompt]y aiscLarge any lien �vhicli lias priority ovei• this �2ortgage , pro-
<br /> ; vided, that Borrower shall not be required to disel�arge any suclr lien so long as I3orrower shall agree in writing tp
<br /> tl�e payment of the obligation secured by sucl� lien in i� �n�nner accept3ble to Lender; or ehall in good faith contesE
<br /> such tien by, or defend enforcement of such lien in; legal proceedings wlzich operate to prevent the enForcement of
<br /> the lien or forfeiture of the Property or any purt tl�ereof.
<br /> S. Hazard Insurance. Borrower shall keep tl�e iiuprovelnents now existin� or I�ereafter erected on the Prop-
<br /> erty insured against loss by fire; hazards included �vithin the term "extended covera,ge"; and such other hazards as
<br /> Lender may require and in svcli �mounts nnd for sucl� �7eriods ae Lender may requirr. ; provided, that Lender shall
<br /> not require that tl�c amount of sucli covcrage exceed ti�at �mount of coverflge required to p:�y the sums secured 'by
<br /> this Mortgage.
<br /> The insurance carrier �airoviding tlie insurauce sl�all be chosen Uy Iiorrower su�ject to approval by Lender ;
<br /> provided, that such a�pproval shali not ba unreasonably withheld. All premiums on insurance policies shall be paid
<br /> at Lender's option in the man.:er provided under pnragraf�li 2 hereof or by F3orro�ver making payment, when due,
<br /> directly to the insurance carrier.
<br /> In the event any policy is not renewed on or before ten da,ys of its expiration, the Lender, to protect
<br /> its interest, may �rocure insurance on the improvemr.nts, 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_ Fsilure by Borrower to comply may, at option of Lender, constitute a default
<br /> under the terms of this Mortgage.
<br /> All insurance policies and renewsls tliereof sh�ill be in foru� acceptablc to Lender iind shall include a standard
<br /> � mortgage clanse in favor of and in form aicceptable to Lender. Lender Shall l�nve the rigLt to ltold the policies and
<br /> renewAls thereof, and Borrowei� shall promptly furnish to I.ender all renewal notices und all receipts of paid pre-
<br /> miums. In the event of loss, Borro��er shull givc proinpt uotice to the insurance carrier nnd Lender, and Lender
<br /> may make proof of loss if not made promptly by Borro���er.
<br /> Unless Lender and Borrowcr otherwise agree in �vriting, insurancc procecds shall be applied to restoration or
<br /> ` repaiY• of the Property datna,ged, provided such i•estoration or repair is economicssIly feasible iind tlie security of
<br /> s this \Rortguge is not tl�ereby impaired. If such restoration or repair is not economiceilly feasible or if the security
<br /> of this Mortgage would be impaired, the insurance ��roceeds shall lie applied to the sums secured Uy this Mortgage,
<br /> with the excess, if any, paid to Borrower. If the Yroperty is abandonecl by Borrower or if Borrower fails to respond
<br /> to Lender within 30 days sfter notice by Lender toBorrower tlint the insurance carrier offers to settle a claim for
<br /> insurance benefits, I.ender is authorized to collect and applyr the insurance proceeds at Lender's option either to
<br /> restoration or repair of the Property or to the sums secured by this \4ortgage.
<br /> Unless Lender and Borrower otherwise agree in writiug, any such application of proceeds to principal shall
<br /> not eattend or postpone the due date of the monthly installments i•eferred to in paragrapl�s 1 :�nd 2 hereof or change
<br /> the amount of such installments.
<br /> ` ' If under paragraph 18 hereof the Property is acquired Uy Lender, all right., title and interest of Borrower in
<br /> and to any insuranee policies und in and to the proceeds thereof (to the extent of the sums secured by this Mort-
<br /> gage immediately �rior to such sale or ucquisition ) resulting Si•orn cl,iinage to tlie Yroperty prior to the sale or
<br /> acquisition shall pass to Lender.
<br /> 6. Preservation and Mmatea�ce of Property; Leaseholds; Condominiurc�. Borrower shall keep the Prop-
<br /> erty in good repair and shall not permit or commit waste, impaircnent, or deterioratio�i of the Property and shall
<br /> comply with the provieions oi any lease, if this 1lortgage is on a leasehold. If this 1�Iortgage is on a condominium
<br /> uniC, Borrower shall perforrri all of Borrower's obligations nnder the aecl:zration of condominium or master deed ,
<br /> the by-laws and regulations of the condominium project ai�d constituent documents.
<br /> 7. Protection of Lendei s Security. If Borrower fails to perform the covenants und agreements contained in
<br /> � ` this Viortgoge, or if any action or proceeding is commenced �vhicL �naterially affects I,en3er's interest in the Prop- ""
<br /> erty, including, but not ]imited to, eminent dotnaiu , insolvency; code enforcement, or arrangements or proceed-
<br /> ; ings involving a bankrupt or decedent, then Lender at 7.endeT•'s option , upon notice to Borro�ver, may make such
<br /> appearances, disburse such swns and take such action as is necessary to protect Lender's interest, inchiding, but
<br /> not limited to, disbursement of reasonuble attorney 's Fees and entry upon the Yroperty to make repairs. Any
<br /> , amounts disbursed by Lender �iursuant to this pnragrapl� 7, �vitli interest thereon, shall become additional indebt-
<br /> edness of Borrower secured by this \-lortguge. Unless Borrower and Lender agree to other tern�s 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 tl�e rate stated in the I�Tote unless payment of interest at such rate would be
<br /> contrary to applicab3e law, in which event such amounts shall bear interest at the highest rate permissible by
<br /> applicabie law. Vothing contained in tl�is par� graph 7 slinll require Lender to incur any expense or do any act
<br /> hereunden
<br /> 8. Inspeetion. I,ender rnay make or cause to be macic reaGonabfe entries upon and inspections of the Prop-
<br /> erty, �rovided that Lender sl�all give Borrower notice � +rior to any sucii ins�ieetion specifying reasonabie cause
<br /> thereior releted to Lender's interest in the Yroperty.
<br /> 9. Condemnation. The proceeds of any a�vard or elaim for damages, direct or consequential , in connection
<br /> with any condemnation or other taking of tlie Property, or part thereof, or for conveyance in lieu of condemna- �
<br /> tion, are hereby assigned and shall be paid to Lender.
<br /> , In the event of a total taking ot the Property, tiic proceeds sl�all be applied to the sums secured by this Mort- �`' � � "'h�
<br /> gage, with the exc.ecs , if an,y, paid to $orrower. In tl�c event of a partial tnkin� of tlie Property, unless Borrower T � '; � ; ,, '�'
<br /> and Lender ottierwise agree in writing, there shaA be a��plied to the swns secured by this Dlortgage such propor- t `' ���r .
<br /> i tion of the proceeds as is equa] to that proportion wl�ich tl�e amount of the sums secured Uy this niortgage imme- : ' + r�
<br /> � diately prior to #he date of tal;ing bears to the fair ivarl:et value of Llie ProT�erty immediately prior to the date of �,;�
<br /> taking, wi�h the balance of the proceeds paid t.o Borrowei•.
<br /> If the Pcoperty is �,bandoned by Borrower or if after notice by Lender-to Borro�ver that the condemnor offerF
<br />� to make an sward br settie a claim for damages, Borro�ver fails to respond to Lender within 30 daps of the date i '
<br /> of such notice, I.ender is nuthorized to collect and apply the y�roaeeds at Le��der's option eitlier to restoration or "`
<br /> repair of the Property or to the sums secured b,y this ltortgage.
<br /> Unless Lender and Borrower othercvise agree in �vriting, any such application of proceeds to principal shull
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