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<br /> � If tznder psragraph 18 liereof the Yroperty is sold or ti �c i'ropert,y is othcrwise acquired bv Lender. Lender
<br /> sPiall ap��ly, ��o tater tl'�an i�t�mediately- prior to thc salc of ti�c 1'ro;>crtt' or its acqni�ition b�• I.cudet•, :Lny b'unds � � � � � �
<br /> l�eld bq Lender at the iime of a��plication as a cre<{�t again.�t t6e sumn �ecured by this 11ort,gnge.
<br /> 3. Applieation of Payxnents. Uniess applicable !a«� �irovides otl�er�visc, all pay�ueiits received by Lender
<br /> under the Note and pai•agr� pLs 1 rind 2 hereof sl�all I��: ;�pplied by 7.ender first in j:�a}�lnent of smoimts i�c� 5�ablc to
<br /> Lender by Borrower under paTagrapl� 2 hereof, t1�en to intei•est � r�y:iblc on tlic ;�Tote anci on Tuturc :ldvances , if
<br /> any, �and �ben to the �prineipal � of tlie Note an<t to the principal of Future Advttinces, if any. � �
<br /> r 4. Charges; Liens. Borrower sLall puy ssll taxes, assessfnents and otlier chai�ges, fines a+�d impositions attriL-
<br /> I utable to ttie Property which lnay attaSn �. priority over tliis \Zorc�age, and �rouiid rents, if ut3y, at Lender's
<br /> option in the manner i�rovide�i under liarngraph 2 l�ereof or i�y I3orrower �nnking payment, when due, directly to
<br /> the payee thereof. Borrower sl�all prornptly furs�ish to Lender all notices of amounts due under this paragraph ,
<br /> O and in the event Borrorver shall makc payment directly„3�orrower sh.�ll pron�ptdy furnish to I.ender receipts evi-
<br /> dencing such j�uyments. I3orrower shall promptly riiscl�arge any lien �vliich lias priority over this ,l7ortgage ; pro-
<br /> �" vided; that I3orrower sha11 not be required to discl�arge any such ]ien so long us 13orrower sliall asree in writing to
<br /> � ' tl�e payment of the obligation securecl by suclr lien in a inanner accept�ible t:o Lender; or sl�sll in �ood faith contest
<br /> � - such lien by, or defend enforcement of sucl� lien in , legal proceedings which operste to prevent the e�£orcement `of
<br /> G' thelien or forfeiture o€ t2re Propert}� or any part thereof.
<br /> � 5. Hazard Insur�ce. Borrower siiall keep tl�e i�tiprovements no��� existing or hereafter erected on tl�e Prop-
<br /> � crty insured agaiiist loss by fire, l�azards included Zvithin the t.erm "extended coverage", anct sucli other hazards as
<br /> �I'\ Lender may require and in such amounts �nd for such periods ;is Lender may requirc ; provided, that Lender shali
<br /> C''a not require that the amount of such coverage exceed tliai ainount of coverage required to pay the sums seeured 'by
<br /> this Mortgage. �
<br /> `i'he insurance carrier providing tt�e insurauce shall be chosen b�- Borro�ver subject to spproval by Lender;
<br /> provide�; inat such approvai shall not be unreasonnbly� withheld . All prerniums on insurance policies shall be �aid
<br /> at Lender's option in the inanner provided under paragrapli 2 liereof or by I3orrower inaking paytnent, 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 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 Martgage.
<br /> A]1 insurance policies and renewals tl�ereof sLall be in form acr.eptaulc to Lender �xnd sl�all include a standard
<br /> mortgage c3ause in favor of and in for�n accepcable to Lender. Lender shall have the rigLt to liold the policies and
<br /> renewnls thereof, and Borrower shall promptly furnisl� to Lender all i•ene�val notices nnd all recei�ts of paid pre-
<br /> � miums: In the event of` loss; I3orrower shall give prompt notiee to the insurunce carrier and Lender, and Lender
<br /> �� may make proof oF loss if not made proinptly by Borrower.
<br /> � Unless Lender and Borrower otherwise a�ree in writ.ing; insurance proceeds shall bc applied to restoration or ,�
<br /> repnir oi the Property �lamaged, provided such restorstion ur repair is economica. ly feasible ar;d th2 s�curity af
<br /> this �4ortgage is not tliereby impaired. If such restoration or repair i� not econoinically feasil�le or if the security
<br /> ` of this �lortgage tivould be impaired, 'tlie insurance proceeds sfiall be applied to the sums secured t>y this i4Zortgage,
<br /> + with the excess, if any�, paid to Boi•rowei•. If thc Yroperty is at�und�ned by ]3m•ro�ver or if Borrocver fails to respond
<br /> !, to Lender within 30 days after notice by I.ender to Borrower that the insurauce carrier offers to settle a cisim for
<br /> � insurance benefits; I:ender is authorized to collect and apply tl�c insurance proceeds at Len�ier's option either to
<br /> ' restoration ' or repair of the Property or to tlie sums secured bp Ll�is liortgage. � '
<br /> ;
<br /> j Unless Lender and Borrower othenvise agree in writing , an,y such application of proceeds to principal shali
<br /> � ' not extend or postpone the due date of tl�e ix�onthly install�nents refeired to in paragraphs 1 and 2 hereof or change
<br /> ' the amount oF such installments.
<br /> If under paragraph 18 hereof the Yroperty is acquired by Lender, all right, title and interest of Borrower in
<br /> � and to any insurance policies zind in and to tlie proceeds tliereof (to t,lie extent of the sums secumd by tliis Mort-
<br /> a gage immediately prior to such sale or acquisition ) �rsulting Srom dauzage to the Propert}* prior to the sale or
<br /> ; acquieition shall pass to Lender.
<br /> 6. Preservation �d Mcdnteaance of Property; Leaseholds: Condominiuzns. Borrower sha1C keep the Prop-
<br /> erty in good repair and shal] not permit or commit waste, iinpairinent, or deterioration of the Property and shalt
<br /> ; comply with t}ie provisions of nn�� lease, if tliis \Iortgage is on a ]e�setiold . If this �4ortgage is on a condominium
<br /> i . unit, Borrower shall perforrn all of Borrowei•'s obligations urcder tl�e declaration of condoininiu�n or master deed ,
<br /> � the by-laws and regulations of the condominium project atnd constituent documenis.
<br /> 7. Protection of Lendei s Seeurity. If Borrower fails ta perform the covenants and agreement.s eontained in
<br /> ! this Afortgage, or if any action or proceeding is commenced rvhicli triat.erially affects Lender's interest in the Prop-
<br /> aerty, including, but not liinited ta, eminent doinain , insoleency , code enforcement , or arrxngements or proceed-
<br /> i ings involving a bnnkrupt or decedent, then Lender at I.ender's opt•ion , upon notice to Borrower, niay make such
<br /> ` appearances, disburse sucli sums and take sucli action as is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursetnent of reasonnble attorney's fees snci entry upon the Pro��erty to n�ake repairs. Any
<br /> � amounts disUursed by Lender pursuant io this paragi•aph 7, �vitli interest thereon, shall I�ecome additional indebt-
<br /> ' edness of Borrower secured by this \fortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> ; amounts shall be payable upon notice from Lender to Borrotiver requeEting �ayment t.hereof, and sliall bear inter-
<br /> j est from the date of disbursement at tlie rate stated ir� the 1�Tote unless Payment of interest at such' rate would be
<br /> ; contrary to applicable law, in which event sucli a�nounts shall bear inierest at i.he highest rate permissible by
<br /> applicable law. �Tothing contained in tliis paragraph 7 shnll reryuire Lender to incur any expense or do any act
<br /> liereunder.
<br /> 8. Iaspection. Lender ma3• make oi• cau�e to he �nadc re�sonz�lrlc entries upon and inspections of the Prop-
<br /> erty, provided tliat I.ender ehall give Borrower notice � �rior tu atny such inspection specifving reasonable cause
<br /> therefor releted to Lender's interest in the Pxoperiy.
<br /> i 9. Coademnation. The proceeds of . uny a�vard or etaim for damages, c�irect or eonsequential, in connection
<br /> ; with any condemnation or other taking of ttie Property�, or �>art tliereoF , or for conveyance in lieu ot condemna- �
<br /> i . tion, are hereby assigned nnd shall be paid to Lender. ; , k
<br /> In the event of a tobal taking of zhe Yropertv, ti�e �>roceed, shall lie applied to t.he sums secured hy this Mort- ^ ��dyA � � �� '° '
<br /> ' gage, svith the excesa; if 3iry, pnid to Borro�cer. In tl�e e��ent of � 1�artial taking of tl�e Property, unless �3orrorver �;- , � �
<br /> ; � � and Lender oth�rwise agree in writing, there sliall be apglieci to the sums secured by tiiis �lortgage such propor- " �-�+'''`s
<br /> s tion of the proceeds as is equal to Uiat proportion which tLe amount of the sums secured by this 14ortgage imme- ` ��g� �
<br /> `? diately;prior to #lie date of tal:ing beare to tlie fair �narket �ralue �f tl�e I?roperty immedistely prior to the date of "�'��,
<br /> ! taking, with the ;balance of t:he proceeds paid to Borroticer. ,'�?' ' =
<br /> If the Property is absndoned by Borrower or if after notice by Lender to Borro�ver that the condemnor offers � `" "�
<br /> ' ' " ' to make an aivard ar settic a olaim 'for dsmages, Borron�er fails io respond to Lender within 30 davs of t.i3e date � "
<br />"" oi aucn' noyice, %.ender 9s authorized to'collect ancl ap��ly the �n�oceeds at Lender's optio❑ either to �rest.oraiion or �'
<br /> ' repair of the ProperEy or to the sums secured by tl�is \iort�age�
<br /> Unless Lender and Borrower othercvise agree ii1 �vriting, any such application of proceeds to principal sl�sll
<br /> � . �,�w ,w� �
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