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<br /> �' If under paragrapli 18 hereof the E'roperty is sold or the Property is otherwise ;icquired by i.�nder, Lender �
<br /> shall , apply, no later tl�un immediately grior to tlie salc of tLe Yroperty or its acquisition b,y Lender, :uiy I�unds ,
<br /> lield bg i.en�ier at the time of capplicatiun as a m•edit agaiust t]ie suins secured by ;his :��Iortgagc .
<br /> 3. Application of Payments. Unless :�pplical>lc la�ti� providev oti�erwi�e, all payments receivecl by Lender
<br /> under the Note and paragr�spLs 1 aiid 2 l�ereof shall be �p�iliec� by I,ender fir�t in payinent of amounts payable to
<br /> Lenc�er k�yBorrower under parbgraph 2 l�ereof, theu to interest ��ayable on tl�e ?�Tote and on Future Aclvances, if
<br /> any, and then to the,priucipal of ihe \'ote anii to tlie priiici��al of Future Advances, if �ny.
<br /> 4. Charges; Liens. Borrower sl�ali pay ull taxes, assessments and otlier charges , fines and impositions attrib-
<br /> utable to the Property which may attain u priority over t6is �iortgage, and ground rents, if any, at Lender's
<br /> � option in theinanner provide<l under paragra�>h 2 hereof m• by Borrower �naking ��a,yment; �vhen due, directly to
<br /> the payee thereof. BoTrower s6a11 promptly furnis]i to I:ender all not.ices of amoimts due under this paragraph ;
<br /> 3nd in the event Borrower shall mal:e pa,yment directly, Rorro�rcr shall promptly furnish to Lender receipts evi-
<br /> p�; dencing such payments: Borrower shall promptly discl�nrge any lien which I�as priority over this blortgage ; pro-
<br /> �j vided; thatBorrower sl�allnot k�exequired to discl�arge any sueh lien so long as 13orrower sha11 agree in writing to
<br /> ' � thepaymentof the obligation secured by such lien in ii �nanner x�cceptable to Lender, or shall in good faith contest
<br /> ` � such lien by, or defend enforcement of such lien in , legal proceedings wliich operate to Prevent t,he enforcement of
<br /> � the lien or forfeiture of the Property or any part t}�ereof.
<br /> ` 5. Hazard Insurance. Borrower shall keep tlie imF�rovements no�i� existing or hereafter erected on the Prop-
<br /> � erty insured against loss by fire, ha�ards included �vithin the term "extended coverage", and such other liazards as
<br /> (� Lender may require ancl in such arnounts and for suclz periodti as Lender may require ; provided , that Lender shall
<br /> 1� not require that the amount af such coverage exceed tl�sst amount of coverage required to pay the sums secured 'by
<br /> ' this Moitgage.
<br /> , The insurance carrier F3roviding the insurance shalt be ehosen by Borrower su(3ject to �pprova,t by Lender,
<br /> provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies sliall be paid
<br /> at Lender's opiion in the n;anuer provided under paragraph 2 hereof or by Borrower making payment, when due,
<br /> directly to the insurance carrier.
<br /> In the event any policy is not renewed on or betore 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 Borrower to comply may, at option of Lender, constitute a default
<br /> under the terms of this Mortgage.
<br /> All insurance policies and renewals tLereof sl�all be in form acceptable to Len<ler and shall include a standard
<br /> inortgage clause in favor of and in form acceptable to Lender. Lendei• shall lia�-e tlie riglit to hold the policies nnd
<br /> ` renewals thereof, and Borrower shnll promptiy furnish to Lender all renewal notices and all receipts bf paid pre-
<br /> �niums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender, and Lender
<br /> � msy make proof of loss if not rnade promptly by Borrower.
<br /> i Unleas Lender and Borrower ot,l�er�vise agree in ���riting, insurance proceeds st�all be applied to restoration or
<br /> ' repair of tlie Property damaged, provided such restoration or repair is econoinically feasible and tl�e security of
<br /> � this vlortgage is not thereby iinpaired: If sucli restoration or repair is not economic311y feasible or if the security
<br /> of this i�7ortgage would be impaired, the insurance proceeds sliali be applied to the sums secu:ed by this Mo:tgage,
<br /> with the excess, if any, paid to Borrower. I£ the Yroperty is abandoned by Borro�ver or if Borrower fails to respond
<br /> to Lender withirr30 days after notice by Lender to Borrower thzt the insurauce carrier 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 tliis \Tortgage.
<br /> Unless Lender and Borrower otherwise agree in writing, any suc}i application of proceeds to principal sl�all
<br /> not extend or postpone the due date of the monthly insta,llments referred to in paragraphs 1 and 2 hereof or cl�ange
<br /> + the amount of such installments.
<br /> If under paragraph 18 liereof the Yroperty is acquired by Lender, all riglit, title and interest of Borrower in
<br /> � and to any insur�nce policies and in and to tlie proceeds thereof (to tl�e extent of tlie sums secured by this Mort-
<br /> gage immediately prior to such sale or acquisition ) resulting from damage to the Property prior to the sale or
<br /> acquisition shall pass to Lender.
<br /> , 6. Pzeservation cmd Mcantenance of Property; Leaseholds; Condominiums. Borro�ver 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 lfortgage is on s leasehold . Tf this \-'fortgage is on a condominium
<br /> = j unit, Borrower shall perform all of Borrower's obligations under ttie declaration of condominium or master deed ,
<br /> the by-laws and regulations oi the condominium project and constituent docu�nents.
<br /> 7. Protection of Lender's Security. IF Borro�ver tails to perforin the covenants and agreements contained in
<br /> this Mortgage, or if any action or proceeding is commenced whic}i materially affects Lender's interest in tl�e Prop-
<br /> �. � erty, including, but not limited to, eminent doinain , insol�•ency , code enforcement,, or arrangements or proceed- ,
<br /> ings involving a bankru�t or decedent, then Lender at Lender 's option , upon notice to Borrower, muy make such
<br /> appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reaso�able attorney's fees snd entry upon the I?roperty to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this paragraph 7, with interesi thereon , shall become additional indebt-
<br /> edness of Borrower secured by this �iortga�e. Unless Borro�ver und Lender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to IIorrower requesting paymeut tliereof, and shall bear inter-
<br /> r est from the date of disbursement at the rate ststed in the 1`Tote unless payment. of interest at such rate would be
<br /> contrary to app]icable la�v, in which event such amounts sha11 bear interest at the highest rate permissible by
<br /> ? applicable ]aw. Notl�ing contained in this ��areigraph 7 shnil re�uire Lender to ineur any expense or do any act
<br /> hereunder.
<br /> 8. Inspection. Lender rnay make or cause to be madc ressonablc entries upon and inspections of the Prop-
<br /> erty, provided that Lender �t�all give Borroa�er notice l�rior to tu�y ,ucL inspection �pecifying rea�onable cause
<br /> � therefor relatcd to I,ender's intere�t in the Propert�-.
<br /> 9. Condemnation. The proceeds of any award or clain� for damages, direct or consequential, in connection
<br /> 1' with any condemnation or other taking of the Pxo}�erty , or part therevf, or for conveyance in lieu of condeinna- �
<br /> ' tiqn, are hereby assigned and shall be paid to I,ender.
<br /> Inthe event of a total Gaking oF`the Property, the ��roceed� sliall l�e applied to the swns secured by this Mort- *�� " " ' °l
<br /> gage, ;with the excess, if any, paid to Borroiver. In the event of a partial tak,'ng of the Yroperty , unless Borrower =�'' i�" '� w t�, �` s
<br /> and Lender otherwise agree in writing, tiiere shall be apj�lied to ti�e swus secured by t.his i�lortgage ��+eh propor- � ' ;�,. K ,
<br /> tion of the proceeds ns .is equal to th�t pro[�ortion which tl�e amount of the sums secured Uy this niortgage imme- w��"� ;
<br /> � diatelyprior to the date ;of tuking bears to the fair market va(ue of the Yroperty immediately prior to the date of ��T��
<br /> taking, with the balance ',of the proceeds paid to Borrower. �:„
<br /> ' If the Property is abandoned by Borro�ver or if after notice by Lender to Borro�ver that the condemnor offers � °
<br /> ' ' to m4 e n a�s�a:d er sett:e s claim for ' dam�ge; ` ' ' p `
<br /> , .. s �4 $ � �i0IT0'�C21' AAiiS t0 :C'o GI1C3 i3O I.CII(jGi �flta11I1 u�a CitlyS O{ tlle tt8tie . w �, , . ,,� . _ �
<br /> ' of such n�tice, i.ender i� authorized to- c�llect nnd spl�ly th ^ proceed� ai lendcr's option eitl�cr to :esto�st:on cr " "'''
<br /> repair of the Property orto the sums secured by tl»s \loi•tgage.
<br /> LJnIess Lender and Bori•ower other�vise agree in writing, any such application of proceeds to princips! shall
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