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<br /> } If i;nder garagrnph 18 hereof the Propertv is sold or the Yronerty is otherwi�e acquired by I,ender, Lender
<br /> �}��y1i upply; no later than immediately prior to tl�e s31c of Ll�c Yro�>erty or its acquisition by Leuder, an}• Punds
<br /> held Uy Lender at the time o; apizlication as a creNit a�ainst the suins secured b}• chis Jfortgage.
<br /> 3, F:pp3i�atior_ ;of P�ymeats. LT�ilass ap�;;icat>lc ;:ih� pr�vide� other�yise, all pzLyments received 'uy Lender
<br /> ! under the Note and Paragrnplis 1 an� 2 I�ereof shali bc apl > lie.d t�y I.endcr first in pay�nent of ainounts payable tu
<br /> Lender by Borrower under parngraplr 2 hereof; then to inte��est pa�yable on tl�e Note and on Future Advances, if
<br /> . any,, and then to theprincipal of Lhe Note and to tt�e princi��al ot i'uture Advances, if any.
<br /> 4. Chazges; Liens. Borrower sl�ull pay trll taxes, assessments and other charges, fines and impositions attrib-
<br /> r ' uLabie to the Property which may flttain a priority over tl�is lVlortgage; and groutid rents, if any; at Lender's
<br /> , � ` o tion in tk�e'manner >rovided under �ara ra �13 2 hereof or li �` Borrower makin , , y
<br /> � P I 1 g I 5 g payment when due directl to
<br /> ` � the payee tliereof. Borrower shall promptly furnish io `7;ender all notices of amounts due under this paragraph;
<br /> u.,, and in the event Borrower shsl( muke payment directly, I3orru�ver sl�ail promptly furnish to Lender receipts evi-
<br /> dencing sucii- payments. Box•rower shall prom�>t€y discharge at�y lien �vhich has priority over this ��Iortgage ; pro-
<br /> ? �; vided, that Borrower shall not be requieed to cliscl��r�e any sucl� lien so long as I3orrower shalt agree in �vriting to
<br /> ` `"'� tlie paymen6 of the ok�ligation secured by such lien in a manner accepf,able to I,ender, ror sl�all in good faith contest
<br /> � sueh lien by, "or defend enforcement of sucli lien in, ]egal �Sroceedings �vl�ich operate to prevent the enforaement of
<br /> � thedien or forfeiture `of the Property or any ��art tl�ereof:
<br /> 5. Hazazd Insurm�ee. Borrower shall keep the impirovements now existing or hereafter erected on the Prop-
<br /> erty insured against loss by fire, hazards included within tl�e term "extended coverage", �ind sucli otlier kiazards as
<br /> Lender may require und in such amounts and for such r�eriod� ais Lender may requirc ; provided , that Lenc3er shall
<br /> not requiz�e that the amount of sueh coverage exceed that amount of coverage required to pay the sums secured 'by
<br /> this Mortgage.
<br /> The insurance carrier providing tlie insurancc shall be chosen by Borro�ti•er subject to aY>proval by Lender ;
<br /> provided, thaG such approval shall not be unreasonably withheld . All premiums on insurance policies shal! be paid
<br /> at Lender's option in t}ie manner provided under paragraph 2 8ereof or by I3orrower inaking payment, wlien due,
<br /> directly to the insu;ance 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 Mo;tgage.
<br /> All insuranee policies and rene�vals ihereof shali be in form aceeptable io Lender and shal] include a standard
<br /> rnortgage clause in £avor of and in form acceptnble to Lender. Lender shall have tl�e riglit to liold the �olicies and
<br /> renewals thereaf, and Borrower shali promptly furnisli to Lender all renewal iiotices and all receipts of paid pre-
<br /> ; miums. In the event of loss, Borrower s6a11 give prompt noticc to the insurance carrier and Lender, snd Lender
<br /> may make proof of loss if not made proxnPtly by Borrower.
<br /> Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be upplied to restoration or
<br /> repair of the Property damaged, provided such restoration or repair is econotnical ] y feasible and the security of
<br /> this Mortgage is not'thereby impaired. If sucl� restor3tion or repair is not economicalt,y feasible or if the security
<br /> af this �Iortgage would ue impaired, the insurance proceeds shall be ap�� lied to tlie sums secured by this i�lortgage,
<br /> with the excess, if any, paid to Borrower. If the Yropert,y is abandoned by Aorrower or if Borrower isils to respond
<br /> to Lender within 30 days after notice by Lender to Borrower tl�at the ic�surance carrier offers to settle a claim #or
<br /> ineurance benefits, I�ender is uuthorized to collect snd apply the insurance proceeds at I..ender's optiom either to
<br /> rasto:Wticn or repair cf the Property or to t}ie swiis secured Uy this =�iortgage.
<br /> ,` Unless Lender and Borrotiver otherwise agree in �vriting, an,y such application of proceeds to principal shall
<br /> not extend or postpone the due date of the monthly instaliments reterred to in paragraphs 1 and 2 hereof or change
<br /> the amount of such installments.
<br /> If under garagraph 18 hereof the Yroperty is acquired by Lender, xll right, titic und interest of Borrower in
<br /> and to any insurance policies and in and to the proceeds thereof lto the extent of t,he sums secured by this AZort-
<br /> gage imuiediately prior to such sale or acquisition) resulting t"rom damage to tlie 1'roperty prior to the snle or
<br /> acquisition shall pass to Lender.
<br /> 6. Preservation �d Mmntenance of Propezty; Leaseholds; Condominiums. Borrower shail keep the Prop-
<br /> erty in good repair and shall not permit or commit waste, irnpairment, or deterioration of the Property and shall
<br /> comply with t.he provisions of any lease, if this �lortgage is oc� a leasehold . If this �Zortgagc is on a condominium
<br /> unit, Borrower ahull perform all of Borrower's o�ligations under the declaration of condominium or master deed ,
<br /> the by-laws and regulations of the condominium projeci and constituent documents.
<br /> 7. Proteetion of Lendei s Security. If Borrower fails to perform the covenants und agreements contained in
<br /> this Mortgage; or if any action or proceeding is com�nenced tvhich materially affects I.ender's interest in the Prop-
<br /> erty, including, but not limited tq eminent domain; insoh�ency, code enforcement.; or arrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at I.ender's option, upon notice t.o Borrower, may make such
<br /> appearanees, disburse such sums and take such action as is i�ecessaiy to protect I.ender's interest, including, but
<br /> not limited to, disbursement of reasonable attorney's fees z�nd entry upon the Property to make repairs. Any
<br /> amounte disbursed by Lender pursuant to tlzis paragra�h 7, �vitl� interest thereon , shail become additional indebt-
<br /> edness of Borrower secured by this \iortgage. Unless Borrower and I.ender agree to other terrns of payment, such
<br /> amounts shalI be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear i�ter-
<br /> est from tlie date of disbursement at the rate stated in the N"ote unless payment of interest at such rate would be
<br /> contrary io applicable la�v, in which event such amounts shall bear interest at tlie highest rate permissible by
<br /> applicable >Iaw. Notl�ing contained in this paragaapl� 7 shnl ] require Lender to incur any expense or do any act
<br /> = hereundea
<br /> 8. Inspection. Lender tn�y u�ake or cause to he �nacle rensonable entries upon an�1 inspeot:ionc of the Prop-
<br /> erty, provided that Lender shalt give liorrow•er notice � +rior ro tin}= suc-h ins��ection specifying reasonable cause
<br /> therefor related to Lender's interest in the Property.
<br /> ; 9: Coademnation. . The proceeds of any award or cTai�� for damages, direct or consequentiat , in connection
<br /> i with,uny oondemnation or other taking of the Yroperty, a� part thereof , or for conveyance in lieu of condemna- ; '
<br /> " tion, are hereby assigneci and shall Ue paid to Lender. _ � ; � .,,,
<br /> In the event of a total taking of the Pxopei•t5-, the ��rocce<is sl�sll be applied to Che sums secured by tliis 1Zort- - vy�.' `
<br /> gage, with the excess, if any, paid to Borrower. Tn the event of a partial tnking of the Property , untess Borrower �" ' . , ��^
<br /> snd LepdOr„otherwise, agree in writing, tliere sliall be a�>plied to tl�e sums secured by this tlortgage such propor- ��� , �
<br /> tion of the proceeds as-is equal to that proportion which the amount of the sums secured Uy this Mortgage imme- "' �'�'
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<br /> distely prior to the date of taking bears to tl�e Sair uiarket ealue of tfie Propert,y inunediately prior to the date of �
<br /> taking, with tbe balance of the proceeds paid to Borrou�er. �
<br /> � � � , .
<br /> If the Praperty is ab¢ndoned by Borro�verbr if after iiotice by Lender to Borrower thai, ti�e condemnor offerE �
<br /> to make ap award or settle a claim far d3mages, I3orro�•er fails to respond to Lender witl�in 30 days of the date � „,�
<br /> of such notice; Lender. is authorized to collect and apply the ��roceeds at I,ender's option either to restoration or
<br /> repair:of tlie Property or to the sums secured by this \Iortgage,
<br /> Uu2ess Leucler ssn�1 Borivwei• �f,l�er�v'sse agree in writing, any such application of proceeds to principai shall
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