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<br /> y� If under paragraph 18 hereof the Propert,y is sold or the Property is otherwise acquired b,y Lender, Lender
<br /> # shall' apply, no ]ater than iinmediat.ely prier to the sale of t ]�c Yroperty or ic; acyuisii.ion by Lender, :iny Funds
<br /> l�eld by Lender zt tlie time of application as u cred�t a�;ninst the suu�s secured h}• this \�forignga
<br /> 3. Applieation of Payments. Unless ap�licablc la�+� provicies otherwise, �ill payments received by Lender
<br /> underthe Note and'parugrapLs l �,nd 2 I�ereof shall bqupplied I�y Lender first in payment of amounts p�yaUle to
<br /> Lender by I3orrowervnder paragrapli 2 hereof, theii to ititerest l�ayablc o�i tlie �'ote and on Future Advances, if
<br /> any; a��d then to the {�riucipa! bf the I�rote anri ta the ��rinci��al of I'uture Advanccs, if any:
<br /> 4. Charges; Liens. Borron�er sl�atl puy atl t.iaxe:, ussessinents and other charges, F nes snd imPositions attrib-
<br /> utable to the Property whieh inay attain n priority over this DZortga6e, and ground retats, if ony, 'at Lender's
<br /> � option in the manner provided under paragraph 2 hereof or by Borrotiver �nakin� payment, when due, directly to
<br /> ; , the payee thereof. Borrower sl�all promptty furnisli to ,i,ender �ll notices of smounts due under tliis paragraph,
<br /> and in the event Borrotver shall inakc ��.�yu�ent directly, 13orro��•cr sl�all prom�tly lurnish to I.encier receipts evi-
<br /> � � dencing such payments': Borrower shall promptly discliarge any lien which has prioi�ity ouer this �'Iortgage ; pro-
<br /> Q': vided; that Borro�ver shall not kie require¢ fo disct�ar�e any suc]i lien so long as liorrower si�all agree in writing to :
<br /> CO the payment of tl�e oGligation secured by sucli lieii in .z munner :�ceepta�le to Lentlex•, or sl�all in good faith 'oontest
<br /> Lt:' such lien by, or defend enforeement of such lien iti, legnl proceedings ivliich opei•ate to prevent the enforcement of
<br /> : ; C7 the lien or forfeiture of tlie Property ,or any pmrt tl�ereof.
<br /> � �, 5. Hazcud Insurance. Borrower st:all keep the im��rovements no�v esist.ing or hereafter ereeted on the Prop-
<br /> � crty insured against loss by fire, hazards included within tlie term "extended covert�ge'; and sucir oiher haaards as
<br /> �- ' Lender m4ay require unc� in such amounts and Tor sucli j�eriods us I,ender mtly require; pro��ided , that Lender shall
<br /> , � not require that the amount of sueh coverage exceed t1iaC ainount, of coverage required to �.�ay the sums secured 'by
<br /> this'Mortgage::
<br /> � The insurance carrier providing the insurance shatl be ctiosen I>y Borro�ver sut,ject to approc�a [ by Lender ;
<br /> provided, that such approval shalt not be unreasonaUly witl�held: All premiums on insurance policies shsll be paid
<br /> at Lender's option in the manner provided under puragraph 2 liereof or by I3orrower �nalcing 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 procure insurance on the improvements, pay the premiums and such sum shail 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 golicies aind renewals thereof sliull be in fon�i acceptable to I,ender und shall inclnde a standard
<br /> mortgage clause in favor of and in form acceptable "to Lender. Lender sliall I�nve the riglit to liold the 7yolicies w�nd
<br /> � renewals thereof, and Borrower ,shall promptly furnish to Leiider all rene�val notices and t'�11 receipts of paid: Pre-
<br /> :..i,�:z�. In ±he evenbof loss, Borro�ver shall give prompt noiice to tl�e insurance caTrier and Lender and Lender
<br /> ' may make proof of loss if not made promptly by I3orrower. �
<br /> i ` Unless Lender and Borrower othenvise agree in writing, it�surance proceeds shall be applied to restoration or
<br /> repair bf 'the Property damaged; provided suc6 restoration or re�iair is econonlically feasible and the security of
<br /> ' this i�iortgage is not tliereby impaired. If such restoration or repair is not economicnlly feasible or if the security
<br /> ; ' of this Alortgage �vould be itnpaired, the insurance proceeds slinll be applied to the sums secured by this Mortgage;
<br /> � ; with the excess, if any, paid to Borro�c•er. Tf t1�e Yiroperty is aUan�loned by Bw•ro�ver or if Borrower fails to respond
<br /> � to Lender within 30 days after notice hy Lender to Borrower tl�at the insurance carrier offe�s to settle a clsim for ;
<br /> ` � insurance benefits, Lender is suthorized to eollect and apply tl:c insurance prooceds at Lender's option either to
<br /> y k ' restoration or repair of the Property or to the sums secured by this �lortga�e.
<br /> 1 Unless Lender and Borrower otherwise agree in �vriting, any suc}r application of ' proceeds to principal shall
<br /> not extend or postpone the due �?ate of the monthly installments referred to in parngraphs 1 and 2 hereof or chsnge
<br /> ; the amount of such instaliments. ' '
<br /> � If under garagraph 18 hereof the Yropertg is acquired by I�ender, nll right, titie and interest of Borrower in
<br /> and to any insurance policies and in and to the proceeds thereof (to tlie estent. of the sums secured by this :4Tort-
<br /> ` a e immediatel nor to such sa]e or ac aisition resiiltin froin daiila c to tdie Pro ert irior to the sale or
<br /> g g S' P � 4 ) � � P Y1
<br /> " ; acquisition shall pass to Lender.
<br /> � 6. Presernation mid Maintencmce nf Property; Leaseholds; Condominiums. $orrocver shall keep the Prog-
<br /> d erty in good repair and sl�all not permit or commit waste, im��airment; or deterioration of the Property and shall
<br /> � comply cvith the provisions of sny lease, if this \Iortgage ic on a leasehotd . If this MorGgage is on a condominium
<br /> � unit, Borrower sha11 perforn� all of Borrower's obligations under t }ie declaratition of condominium or master deed ,
<br /> tihe by-laws and regulations of the condominium project and constituent doeuments.
<br /> � 7.' Protection of Leader's Security. If Borrower inils to perform the covenants :ind agreements contained in
<br /> � this Vlortgage; or if any action or proceeding is cominenced �vhich materially affects Lender's interest in the Prop-
<br /> � erty, including, but notliinited to, eminent domaii�, insolvency, code enforcement, or arrangements or proceed-
<br /> � ings involving a bankrupt or decedent, then Lender at I,ender's option , upon notice to Borrower, may make such
<br /> 5 appearances, disburse such sums and take such action xs is uecessary to protect Lender's interest, including, but
<br /> ` not limited to, disbursement of reasonuble attorney's fees and entry upan the Yroperty to make repairs. Any
<br /> � ' amounts disLursed by Lendc* pursuant fo tl�is paragi•aplr 7, ���itii interest thereo�a, shatl Uecome additional indebt-
<br /> ? edness of Borrower secured by tnis vIortgage: Unless BoTrower Aiid I.ender agree to other terms of payment, such
<br /> 3 " amounts shall be payable upon ,notice from Lender to Borrower requesting payment Uiereof, and shall bear inter-
<br /> est from the date of disbursement at the rate stated in the Note unless payment of iiiterest at such rate ryould be '
<br /> ; contrary to appticable 'law, in which event such atnounts shall i�ear interest st the liighest rate permissible by
<br /> F ` applicssble law. Votl�ing contained in this paragraph 7 shflll reryuire Lender to incur any expense or do any act
<br /> � hereundea
<br /> ; , B. iIaspection. Lender msy inake or cause to he mFidc reasonable entries upon and inspections of the Prop-
<br /> " erty; �rovided that Lender sl�all give Borron`er noticc �mim• to an}• sucl� inspection ' st�ecifving reasonable cause
<br /> ; , therefor relate3 to Leudet�'s interest in t.l�e Property. ,
<br /> � . 9i Coademaation. The proeeeds of any a�i�srd "or claim for damages, direct or consequential, in connection
<br /> ; with any condemnation or other taking of the ProperLy; or part tiiereof, or for condeysnce in lieu of eondemna- w
<br /> j , tion, are hereby ussigned and shull be paid to Lender. t
<br /> ; In the event of t� totsl tsking of the`Property , thc proce�ds slisll be applied to the sums secured by this Mort- "
<br /> � ' gage, �vith the excess, if' any, paid to Borron�er. In "tlxe event of a' 2» rtist taking of the Property, unless Borrower "`- '��` * ^'��
<br /> and'Lender otherwise agree in writing, t}rere shail' be a�5plied to ti�e swns secured by this \Tortgage such propor- �* � �`�
<br /> i = tion of`the proceeds as is, equal to that proport�ion which the amount of the sums secured by this n4ortgage imme- ^� "'"
<br /> � . diately prior to the date of taking bsars to tl�e Sair inarket value of the Property immediately prior to the date of �`�"+,��a'
<br /> taking;tvith the }�alanee of the proceeds paid to Borrower. .`,�;
<br /> ; If the l'roperty is s6Andoned by Borroa•er or if after notice by Lender to Borrower Lhai the condenmor offers , ' � . $
<br /> . - io make x��i awnrci or settle r�. claim ior damages, Borro�ver faals to respond to l.enclerwithin 30 days of the date " _ , ' , ;.
<br />� ' of sucli-iiaLiaa, aT.ender i� suiiiorised to c:.iiect and, ap��ly tlie �7rnceeds ac i�ender:s o}>t�on eittier to restoration or �^ �: %
<br /> ; repair of the Property or to the suins secured 6y tIiis \tortgage,
<br /> � Unless Lender and Baa•retwer other:��ise �gze� :r. :oriti7g, auy sucf� application of proceeda to principal shall
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