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<br /> Ij If tmder paragrapl� 18 hereof the Yroperty is sold or the I'roperty is otherwise acquired Uy I.ender, Lender
<br /> shall apply, no later t6an immediately prior to the sale of t;lie Yropert,y or its acyuisiCion l�y I.ender, uny Funds
<br /> he2d :by Lender at thetime oi application as a cred'aG .zgxinst the sums secured by this ��Iortgage.
<br /> 3. Application of Payments. Unless applicable la�v �irovides otherwise, all psyments received 6y Lender
<br /> under tiie Note and paragraplis ' 1 und 2 hereof sl�all bc applied h,y I.ender first in payinent of ssmounts payable to
<br /> `Lender; by Borrower vnder paragraph 2 liereof, tlieii to inferest �Sayai�le on tlie Note and on Future Advances, if
<br /> any, and' then to the principal of the Notc and to the princinal of rutum :�dvances, if any.
<br /> 4. Gharges; Liens. Borrower shail pay all taxes, assessments and other charges, fines and impositions attrih-
<br /> � utable to the PropeTty �vhich may attain a priority over tliis tifortgage, and grouiYd rents, if any, at Lender's
<br /> option in the manner provided under p3ragraph 2 hereof or l�y I3orrower inaking payment, when due, directly to
<br /> ! ` the pay+ee thereof. Borrower shall '��roznptly furnisli to Lender all ' notices of ' amounts due under tl�is paragraph, ; <
<br /> # and in the event,Borrower shall make payment �iirect]y; Bqrro�vei• shall pron�ptly furnish to Lender receipts evi-
<br /> ; dencin sucli a inents,`Borrowei� shdll rom �tl discliar e an lien tivhich 1�As priprit over this 14ort a e • ro-
<br /> g P X P T Y � Y Y S g , A
<br /> " � vided� �iiat, $orrower shall not be required to discl�arge any;sucli lien so long as liorrower shall agree in' writing to
<br /> , a the payment of the obligation secUred by such lieii in n manner seceptable t,o Lender, or shall in good faith contest
<br /> ; � such lienby, or defend enforcernent of suchlien in,' 1ega1 proceeditigs wl�icl� oE�erate to' prevent t.he entorcement: of
<br /> : C''3 ` the lien or forfeiture of the Property oi• any part ti�ereo4. ' '
<br /> `. ' �. 5. .?Hazard Insuranca. Borrower shall keeF� the iiupro�ements no�v existing or hereafter erented on the Prop-
<br /> �"' erty insured against loss by fire, hazards included rvithin the term "extended coverage", and such r.thei• hazards as
<br /> ; � - Lender rnay require and in suct� amounts , and for suc1� periods as Lender may require ; provided , that Lender shall
<br /> .� not require tliat the amount of such coverage exceed tl�at a.mount of coverage required to pay the sums secured 'by
<br /> � � - bhis Mortgage.
<br /> �'r, The insuranee carrier providing the insurance shall be ' chosem by Borrower subject to approval by Lender ;
<br /> provided, that such approval shall not be w�reasonably withheld. Ail premiums on insurance policies stiall be paid'
<br /> at Lender's option in ihe manner provided under �5aragraplt 2 hereof or by Borron�ei• making E�ayinenti, when due,
<br /> ' ' directly to the insurance carrier:
<br /> � In the event any policy is nob renewed on or before ten days of its expiration, the Lender, to protect
<br /> its interest, may procure insurance or� the improvements, pay the premiums and such sum shall become
<br /> ' immediatelg due and payable with interest at the rate set forth in said note until paid and shall be
<br /> ; secured }�y this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a defauIt
<br /> under the terms of this Mortgage.
<br /> Alt insurance policies and zenewals tl�ereof sliall be in fonu acceptable to Lender and shall include' a standard
<br /> t inortgage clause in fxvor of and in form accept¢ble to Lender: Lender shall have the right to l�old the policies and
<br /> ; renewais theTeof, and Borrower shall promptly furnish to Lender all rene�val notices and all receipts ot paid pre-
<br /> i miums. In the event of loss, Iiorrower shall give prompt notice to the insurance carrier and Lender, and Lender
<br /> � may make proof of loss if not made promptly �y Borrower.
<br /> Unless Lender and Borrower othei�cvise agree in �vriting, insurance proceeds shall Ue applied to restoratian or
<br /> t rcyair' of tLe �ropz��ty iittri��ged, pi•ovided such re�ioraiion ar reEiair is economicaiiy ieasiUle and the secunty of
<br /> d - this Mortgage is no£ thereby impAired. If sucli restoration or repair is not econoinically feasible or if the security
<br /> ' of this 1�7ortgage would be impaired , the insurance �aroceeds shall be applied to tlie suu�s secured by il�is Mortgage,
<br /> ; with the exceas, if any, paid to Borro�ver. If the Yroperty is abandoned by Borrower or if Borrower fails to respond
<br /> ; to Lender witBin 30 days after notiee by Lender to Borirower tliat the i»surance carrier offers to settle a claim for
<br /> insurance benefita, Lender is authorized to collect a�nd apply the insurance proceeds at Lender's option either to -
<br /> restoration orrepair of tl�e Yroperty or to ihe sums secured by tl�is \3ortgage.
<br /> UnIess Lender. and Borrower otherwise agree in writing, anv such application of proceeds to principal shall
<br /> not extend or postpone' the due date of the monthly installn�ents referred to in paragraphs 1 and 2 hereof or change
<br /> the amount of such instailments.
<br /> ' If under parsgzaph 18 hereof the Property is acquired by I�ender, all rigl�t, title and interest af Borrower in
<br /> and to any insurance policies _and in and to tl�e proceeds thereof (tu t.l�c extent of the suins secured by tl�is Mort-
<br /> � gage immediately prior to such sale or acquisition } resiilting frmiz dainage to the Propeity prior to the sgle or
<br /> � acquieition sha11 pass to Lender.
<br /> j 6. Presezvation �d Mmatenance of Pzoperty; Leaseholds; Condomussums. Borro�ver shall keep the Prop-
<br /> erty in good repair and shall not permit or commit waste, impairment, or deteriorution of the Property and shall
<br /> comply witli tl�e provisions of any lease, if this 1lortgage is oi� a leasehold. If this 17ortgage is on a condorainium
<br /> - unit, Borrower shall perform all of $orrower's obligations under ttie declaration of condominium or master deed,
<br /> the, by-laws and regulations of the condominium project and constituent documents.
<br /> ; 7. :Protectioa of Lendei s Security. If Borrower fails to perforin the covenants and agreements contained in
<br /> � this Nlortgage, or if any action or proceeding is commenced �vhicl� materially uffects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent danain, insoh�ency, code enforcement, or arrsngements or proceed-
<br /> + ings involying a bankrupt or decedent, then Lender at I.ender's option , upon notice to Borrower, may make such
<br /> appearances; disburse such sums and take such action as is necessary to protect Lender's interest, including, but
<br /> not limited 'to, disbursement of reasonable attorney's fees and entry upon thB Property to make repairs. Any
<br /> smounts disUursed by Lender pursuant to this paragraph 7, with interest thereon , shall become udditionsl indebtc
<br /> � ednesaoiBorrower secured by this yfortgage. Unless Borrower and Lender agree to other terms oY payment, such
<br /> i . amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear 3nter-
<br /> est from the dnte of disbursement at the rate stated in the Note unless payment. oi interest at such rate would be
<br /> : contrarp to applicable law, in which event such amounts shall bear interest at the highest rate permissible by
<br /> ' � applicable law: Nothing coutainecl in tliis Parugraph 7 sl�nll reryuire Lender to incur any expense or do any act
<br /> � hereunder.
<br /> 8. Iaspection; I,ender may make or cau�e to be ma�ie reasonabic entries upon and inepect.iona of the Prop-
<br />� crty�, pra��ided tiiat Lcndcr shall gire Borrocrc: uoficc �+r:o� to ;u:}• suc! i ir.spccLioi. �;accif3•iag rcasonab.e cause
<br /> therefor related to Lender's interest in the Property.
<br /> , � 9. Condemaation. ' The proceeds of any a�vard or claim for damages, direet or consequential, in connection
<br /> ` � w•ith any condenir.ation o; other taking of the Property , oi• Z?art thereof, or for conveysnce in ]ieu of condernna- �
<br /> + tion, are hereby assigned and shali be paid to Lender:
<br /> " Is the event of s total takin oF the Pro ertv, the �roceecis sLall t�e a � lied io the sums seeured by this Mort- ' ` ^�'� `
<br /> - ; � � � g P l i P � �;� ' ,,, �
<br /> gage, with the excess, if any, paid to Borrower, In the event of a partixl taking of the Yroperty, unless Borrower ' "' �'
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<br /> , � �� and Lender otherwise agree in writing, there slial] be applied to tlie sums secured Uy ttiis :�Sortgage such propor- ^ ' x ,
<br /> tion of the proceeds as is equal to that proportian which tl�e amounL of the sums secured by this Mortgage imme- £����
<br /> ; ' diatelyprior to tlie date of ,taking bears to the fair lnarke.t value of tlie Property iminediately prior to tl�e date of �`.y, k.
<br /> ` � taking, u+ith the 1�aIanee o£ the proceeds paid to Borrower. 3`� ��'�
<br /> ". :�. . .
<br /> r Sf tlie I'sokei.ty ia. ubandone3 by ,3orrower or it .sfter iwtice Ly 3..enucr to Borro�ver 6iixi iiie corideirinur o�ers
<br />� to makc an atrard ar scttle a cJa:nx for dainages, �o.-raticcr .ails to . responl to Lender .vithin 30 day-a of tt�e date . " "
<br /> � of suGh notice, Lender is r�uthorized to collect and a�p�>3y the proceeds at Lender's option eiiher to restoration or �
<br /> � repair of:the Property or to the sums secured' by tliis _liortgage.
<br /> : UnieEs Lender snd Borrower othenviFe agree in writ,ing; any sueh application o£ prn�eed� to principal ehRll
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