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<br /> � - If under paragraph 18 liereof the Propetty is sold or tLe Propertv is otl�erwise acquired by Lender, Lender �
<br /> :hall apply„ no later tli.in i.mmediatiely prior to tlie salc of t6c Property or its acyuisit.ion by Lender, .�ny I+unds
<br /> held by Z,ender at the titne of ap�ylication as a ci•edit against tlie suins secnred by thi, \fortgagr.
<br /> � ' 3. Application of Payments. Unless �tipplicablc la�v provides otherwisc; a11 payments received b,y Zender
<br /> under the Note and paragraplis 1 and 2 hereaF sl�:ill be ap��lied by 7.ender first in pnyi7�ent of amounts ��ayable to
<br /> Lender by Borrower under pnragrapti 211rereof, the�i to interest l�r�yablc on tlie Notc aiid on Future Advances; ' if
<br /> uny, and then to the Firincipal of the i�T,ote and to the i�rincipal of I'uture Aiivaitces; if any;
<br />�, r ' 4. ' Charges; Liens. Borrotiver shall j>ay all taxes, assessinents 3nd othc; cl�arges , fines and impositions attrib-
<br /> utable to the Property whieh inay attain a priority oveT tiiis J�os•igage, aud grouiici rents; if any, ' at 7.ender's
<br /> � �` ' optian; in tlie manner pi�ovided under 1>arngrapli 2 hereof or l�y Borrower �naking paymeqt, when due; directiy Lo ,
<br /> : ' � ; the payee thereof. $orro�ver sl�all X�romp'tly furnisli to Lender all notices of asnounts due under this paragraph,
<br /> � and in' the event Borrower shall make �iayment �9irectly, Borro�ver shall promptly furnish to Lender receipts evi-
<br /> dencing such payments.'Borrower shalt promptlg diacl�arge aiay lien which has priority over this \7ortgage ; j>ro-
<br /> ; � vided; 'that $nrTower shalI not be required to discltarge any sucl� lien so long as Borrower sliall a�gree in �vriting to
<br /> F the payment of fi,he obligation secured Uy sucl� ]ien in a inanner acceE�table to T,ender, or shall in good faith contest
<br /> ; i � such lien by, or, defend enfozcement of such lien in; legal �iroceedings wliicli o��erzte to prevet�t the en#orcement of
<br /> � � the lien or forfeiture of the Property or any ��art ' tl�creof. :
<br /> ; � 5. Hazard Insurance. Borrower sLall l:eep tlie itnprovements now existing or l�ereufter erected on the Prop-
<br /> ; � erty insured against loss Uy fire, ,hazards included within the term "extended coverage" , and sueh other liazards as
<br /> LendeF inay .require and in sucli amounts and for such pei•iods ss Lender n�ay require ; provided ; that Lender shsll
<br /> ; not iequire tliat the amount of such coverage exceed t.hat amotmt of cor erage required to pay the sums seoured 'by
<br /> = this :1Zpntgege:
<br /> ;'- ' The insurance carrier praviding <the insurance shall l�e chosen l�y Borro�a•er sulSjecE to approval b}� Lender ; `
<br /> � - provided, that such approval shali not be unreasonably withheld. All premiums on" insurance policies shall be paid
<br /> at Lender's option in the manner provided under paragraplr 2 hereof or by Borro��-er making F�a,yment, when due,
<br /> r dire,etiy to the insurance carrier. '
<br /> �' In the event �ny 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 hntil paid and shall be
<br /> � ` secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br /> i under the terms of this Mortgage. '
<br /> All insurance policies and renewals thereof shall be in form acce}�table to I�ender and slrnll ii�olude a standard `
<br /> ' mortgage clause in favoi of and in form uccel>tab] e to Lender: Lender shall have the right to liold the policfes and
<br /> � renewals thereof, aud Borrower sl�all pron�ptly 'furnish to Lender alI renewal notices and all receipts of psid pre-
<br /> miums. In the event of`loss; Borrower sha11 give }�rompt i�otice to the insuraiiee carrier and Lender, and Lender
<br /> ' , may make proof of loss if not made promptly :uy Borrowei: `
<br /> Unless Lender and Borrower otlierwise agree in writing; insurance proceeds shall be applied to restoration or
<br /> � ' repair of the Property damaged, provided sucl� restoration or repair is economically feasible and the security of ?
<br /> a ' this \lortgage is not tl�erek�y impaired. If such restor:�tion or repair is not ecouoinically feasible or it the seeurity �
<br /> � of this D4ortgage would 6e impaired, the insurance �>roceeds sliall be apl�lied to tl�e sums secured by this Mortgage, '
<br /> i with ihe excess, if any, paid to Ecrro�s,-er. If tl,e _T'i•operky is .iba�arloned }ry Iiorrower or if Borro�ver fuils to xespond
<br /> � to Lender within 30 days sfter notice by Lender to Borrower tliat the insurance ca�rrier offei•s to settle a claim for
<br /> i % insurance benefits, Lender is authorized to coliect and apply the insurance proceeds at Lencier's option either 'to ' '
<br /> ;, - restoiation or repair of the Property or to the sums secured by tl�is 1lortgage. '
<br /> Unless Lender and Borro�ver otherwise agree in tivriting, aiiy ' such application of proceeds to principal shall ` ' `
<br /> � not extend orpostpone the due date of the inonthly installments referred to in paragraphs 1 and 2 hereot or change
<br /> ; , t!►e amount of;such installments. � -
<br /> ' If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower ; in
<br /> T � and to any itlsurance policies and in and to tlie proceecis tliereof {to the extent of tlie sums secured Uy this 1�Sort-
<br /> • �� gage immediately }�rior to suc11 sale or acquicition ) resultin� from damage to tl�e Property prior to the saie or ; '
<br /> i acquisition shali pass to Lender.
<br /> 6: Preservation �d Mcmutenance of Property; Leaseholds; Condominiums. Borrower sh�ll keep t.he F'rop-
<br /> ; ' erty in {;ood repair and shall not permit or commit waste , impairment, or deterioration of the Property and shall
<br /> comply with tlie provisions of any lease, if this \4ortga�e is un a lemisehold. If this Mortgssge is on a condominium
<br /> unit, Borrpwer shall perform all of Borrower's obligations under the declaration of condoxninium or mastsT deed ,
<br /> ; ` the by-laws .and regulations of fhe condon�inium project ssnd constituent documents.
<br /> ;i _ 7. Proteetion of Lendei s Security. If Borrower fsils t.o perform the covenants and agreements contained in
<br /> ; this Mortgage, or if any action or proceeding; is conin�enced �vhich ruaterially affecYs Lender's interest in the Prop-
<br /> `3, ' erty, including, but not limited to, eniinent domain, insolvency, code enforcement, or arrangements or proceed-
<br /> i ings involving a bankrupi ordecedent, t1�en Lender at Lender's option , upon notice to I3orrower, may make such
<br /> f appearsnces, disburse such sums and take such action as is necessary to protect Lender'e inGerest, including, but
<br /> „ not limited to, disbursemenb of reasonuble attorney's fees and entry upon the Property to make repairs. Any
<br /> � amounts disbursed by Lender pursuant to `this paragragh 7, �vith interest thereon, shall become additiotial indebt-
<br /> ' � edness of Borrower secured by this i�iortgage: Unless Borrower and Lender agree to other teims of payment, sueh
<br /> ! $���w+�, a�,Att, be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
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<br /> i , est from the date of disbursementi at tl�e rate stated in the ATote unless payment of �nterest at sucl� rate would be `
<br /> contrary to applicable law, in which .event sucl� amounts shall bear interest at the highest rate permissible by
<br /> applieable ]aw. Notl�ing eontained in tliis paragrap6 7 shal! reryuire Lender to ineur any expense or do any act
<br /> f hereunder.
<br /> : ,8. Iaspectioa. I.ender may make oi• cauee to he made reaconablo- entries u��on snd inFpections of t.he Prop-
<br /> � j erty, �rovided that Lender cliall give Borrower notice j�i•ior to t1n}• suci � ins��ecEio❑ �pecifying reasonable cause
<br /> � there2or related to Lender's interest in the Yroperty.
<br /> � 9. Candemnation. ,. The proceeds of uny a�vard or claim for damages, direct or eonsequentisl, in connection
<br /> with a�y condemnation or other taking of the Proj�erty, or �aart tlsereof, ar for conveyance in ]ieu of eandemna- �
<br /> m > tion, are hereby' assigned and sh�ll Ue }�aid to Lender.
<br /> " i In the event of a totnl taking of the Nroperty, klie irroceed� s4xll be a��plied to tl�e suins secured by ti�is Mort- .� � �'��
<br /> � gage, �cith the escess, 'if nny, paid to Borrower. 'In 'the event of a j�nctiul taking of the Property; imless Borro�vez ' � ;"� +�'^'n � ' �` � :
<br /> i - I snd Lender oEZ�erwise agree in writing, tliere sl�alk " be applisd to tiie suins secured bgthis \Iortgage such propor � ` �.
<br /> � i ' tion qf the pxoceeds as is; equal to' that proportion which tlie amounEof the sums secured by this Aiortgage imme- ';� �
<br /> 1•+ diately prior to ti�e date of tmking bears to the fair �narket i�alue of tLe Property immediatelg prior to the date of � -
<br /> ' taking,;wiLh the,balsnce �f the proGeeds puid to' $orrower. ' ; `�
<br /> - ; ��+ r .±±,�o hv Tx.nder to Borro�ver tfiat the condemnor offers `�
<br /> ; . . 'lI �LRe ,ti'lVjlC} �y la auaiauvi4cii. aF� �v��v�zSi isT �+� - � � � - ,
<br />� y to make an award or settle a ckaim for, dainages; . BorroH�er fails #o respond Yo Lender wit}iin 30 dsys oi tne aatie `� �
<br /> t of such nbtice, 'T,ender is suthorized t,o collect, and ! appiy ,the }3roceer3s at I.ender's optior e;t}.r;r to restoratio� or ""�
<br /> � ` rep�ir qf the Progerty or to the aums secured by t6is \tortgnge. �
<br /> � Uniess Lender anc"t Borrower othenvise agree in �vriting, any suo'r� application of proceeds to Wrincipal shall
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