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<br /> � If under paragraph 18 hereof t.hc Yro�>erty is sold or the Yroperty is otherwise acquired by T,e��der, Lender
<br /> shall apply, no later tliun immediately prior to the salc of thc Property or it� acq�i�ition by Lender, any 1 unds
<br /> lield by Lender at the ti�ne of upplication as u credit against ilic smii� secured hy this �Iortgage.
<br /> 3. Application of Payments. Unless ap�>licnl:>Ic: la�+• provides ot6envi�c, all payments received by Lender
<br /> under the Note xnd paragraphs 1 and 2 hereof shull hc �pi�licd by T.enrier first in payment of a,mounts payable to -
<br /> Lender by Borrower undery�aragraph 2 l�ereof, tlien to interest ��ayablc on 'the Itiotc and on Future Advances, if
<br /> any, and then t.o the principab of the Note 1nd to khe principal of F'utuTe Acivances , if any.
<br /> 4. Charges: Liens. Borrower sl�all pay all ta�es, assessments and other charges, fines and impositions attrib -
<br /> f utable to the Pioperty whicli :nay attain a priority over t6is D�Iortg�ge, and growid rents; if any; at Lender's
<br /> optiomin the manner provided under parsgraph 2 6ereof or by Borro�ti�er making payment, �vhen due, directly to
<br /> the payee thereof. Boirower s}iall promj�tl}� furnish to Lender all not.ices of smounts due under tl�is paragraph ,
<br /> and in:the event Borrower shull make paytnent directly; I3orro�cer sliall promptly furnish to Lender receipts evi-
<br /> dencing such payments: Borrower shall 7rromptly discliarge any lien which has priority over this 14ortgage ; pro-
<br /> vided; that Borrower shall not k�e required t,o iiischurge any such lien so long as 13orrower sliall agree in writing to
<br /> the payment of the obligation secured by such lien in :ti mamier acceptable to Lender, or shall in good faith contest
<br /> such lien by, or defend enforcement of sucli lien in, legal proceeclirigs �vl�ich operate to prevent the en£orcement of
<br /> the lien or forfeiture of the Property oi• any part tl�ereof.
<br /> 5: H<szdrd Insuraace. Borrower shall keep ti�e improvements no�v existing or hereafter erected on tlie Prop-
<br /> erty ,insured against lossby fire, hazards Sncluded �vithin the term extended coverage , and euch other hazards as
<br /> ,< ��
<br /> Lender may requi;e and in such amounfs and for such periods as Lender muy require ; provided , that Lender shall
<br /> noti require tkiat the r�mount of such coverage esceed tl�at amount of coverage required to pay �the sums secured 'by
<br /> this Mortgage.
<br /> ` The insurance ' carrier providing tl�e insuraiice shall be chosen by Borrower subject to approval by Lender ;
<br /> provided ; that such approval shall not be unreasonably withheld. All �remiums on insurance policies shall be paid
<br /> st Lender's option in the munner provided unc3er paragrapl� 2 l�ereof or by Borro�ver making payment, 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 pmcure insurance on the improvements, pay the premiums and such sum shall hecome
<br /> immediately due and payaUle 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 /> AII insurance policies and rene�vals tl�ereof shall be in tor�n acceptaUle to 7.e�ider and shmill include a standard
<br /> ` � inortgage clause in favor of and in form acceptable to Lender. Lender shall ha��e the rigl�t to i�old i}ie policies .tnd
<br /> renewals thereof, and Borroiver shall promptly Iw�nish to Lender all renewal notices and all receipts of paid pre-
<br /> miums. In the event of loss, 13orrotiver shall give proinpt notice to tlie insurance carrier and Lender, and Lender
<br /> may make proof of loss if not made promptly l�y Borro�ver.
<br /> 1 Unless Lender and Borrorver otl�erwise agree in �vriting, insurance proceeds sl�all be applied to restoration or
<br /> ' repair of the Property damaged , provided such restoration or rept�ir is economically feasible and the security of
<br /> t this Mortgage is not tliereby impaired. If such restoration or repair is not econoinicwlly feasible or if the security
<br /> of this R4ortgage would be impaired , tl�e insurance ��roceeds sl�all i�e applied to the sums secured by this Mortgage;
<br /> wSth the excess, if any, paid to Borrower. If the Yroperty is sbandoned by Borrorver or if $orrower fails to respond
<br /> ' � � . , t.rs T .gnaer within 30 da,�s si+er n�tice }J� Lende^ to Bo^POR'C: t�1:.4, thc ir.su.a:,ce carriea affers "t0 6ctti0 8 CitLltll. fOf .
<br /> �' iasurance benefits; Lender is authorized to collect and apply tlie insurance proceeds at Lender's option eithei to
<br /> reatoration or repair of the Property or to the sums secured by t,his �lortgage. '
<br /> ' ' Unless Lender and Borrower otherwise agree in writing, auy such application of proceeds to principai shall
<br /> not extend or postpone the due date of the monthly instsllments referred to in paragraphs 1 and 2 hereof or change
<br /> the smount of such installments.
<br /> If under paragraph 18 hereof the Yroperty is acquired by Lender, all riglit, iitle and interest of Borrower in
<br /> and to any insurance policies and in and to the proceeds tl�ereof ( to t.he extent of the sums secured by tl�is D4ort-
<br /> ° �age immediately prior to such sale or acquisitionl resulting irom ciamage t.o the Property prior to the sale or
<br /> scquisition shall pass to Lender.
<br /> 6. Presezvation mad M�anteacmce ot Property; Leaseholds; Condominiums. Borrower shall keep the Yrop-
<br /> erty in good repair and shall not permit or commit waste, impairment, or deterioratiou oN the Property and shall
<br /> comply witlt t6e provisions of any lease, if tl�is \1ort�age is on a lensehold . If this 1lortgage is on a condominium
<br /> unit, Borrower shall perforn� ail of Borrower's obligations under the deciaration of condominium or master deed ,
<br /> the by-laws and regulations of the condominiu:n project and constituent documents.
<br /> 7. Protection of Lendez's Security. Ii Borrower fails to perform the covenants and agreement,s contained in
<br /> this Mortgage, or if any action or proceeding is com�nenced which materially at�ects Lender's interest in the Prop-
<br /> ' erty, including, but not limited to, eminent domain, insol��ency , code enforceinent, or arrangements or proceed-
<br /> ings involving a bankrupt or decedent, then i,ender at I,ender's option, upon notice to Borrower, znay mske such
<br /> appearances, disburse such sums and take such action as is necessary to protect Lender's interest, inciuding, but
<br /> not limited to, disbursenient of reasona�ble attorney's fees snd entry upon the Yroperty to make repairs. Any
<br /> amounta disbursed by Leader pursuantto this paragrapl� 9, with interest thereon, shall become additional indebt-
<br /> edness of Borrower secured by this '_�lortgage. Unless Borrower and Lender agree to other terms 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 the rate stated in the ATote unless payment of interest at such rate would be
<br /> contrary to applicable law, in whieh event such amounts shall bear interest at the highest rate permissible by
<br /> ; applicable law. .?Jothing contained in this paragraph 7 shnll requirc Lender to incur any expense or do any act
<br /> hereunden
<br /> t 8. Inapection. Lender may make or cause to he ma<ie reasonabic entries upon and iaspections of the Prop-
<br /> erty, provided that Lender shflll gi�re Borrocver noti�c ��rior to �m- �uah insr�ect.ion si�ecifying reaconahle cau�e
<br /> therefor related to Lender's interest in the Property.
<br /> i 9.' Condemnatioa. The proceeds of nny a�vard or ctaim fm• damages, direct or consequential, in connection
<br /> ° with any condemnation or other ts�king of tUe F'ropert,y, or part thereof, or for conveyance in lieu of condemna- +
<br /> ' tion; are hereby assigned and shall 6e paid to Lender. „
<br /> In the event ot a total taking of the Property, the proceeds sliall be applied to the sums secured by this Mort- - � � ' ~ � �-4
<br /> ' gage, �vith the exeess, if any, p�id to Borrower. Li tl�e event of a purtiul taking of the Property, unless Bormwer "` A�1 G�i.;�'
<br /> ? and Lender othern�ise a�ree in writing, tl�ere slzall be npplied to tl�e sums secured by this ?�4ortgage such propor- �''' ���
<br /> , L ` tion of the proceeds as is equal to that pxoportion whie6 the amount of the sums secured by this �1'iortgage imme- ,����,
<br /> diately prior tatUe date af taking beare to the £sir n�arket value of tiie Propertv unmediately prior to the date of -:
<br /> + '` taking, with t3�e halance of the prQceede paid to Borrower.
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<br /> Tf the Pm�eXtS is:ak�sndoned bg: Borro�:•er or i' ctfter :.otice �,:�• Lendez ta Bo-:c•,ser that t:�e cor.demr.cr offers
<br /> to meke an award or settle 2 claim for ci3mage�, I3orro��er inils te re�pend ie I.ender within 30 days of the dste `_,' �
<br />� of such' notice„Lender is authorized to eollect and'ap}>ly tl�e ��roceeds at Lendei's opt.ion either to restoration or �` '
<br /> � repair of the Property or to the sums secured by this \Iartg�ge.
<br /> Unless Lexider and Borrower othenvise agree in ��riting, any such application of proceeds to principal shall
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