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<br />� If under I�aragraph 1S hereof th� YroperGy is sold m� the Yropert�• is othcrwise acquired b,y Lender. Lender
<br />� ehall ap�>ly, no iater tl�ian inunediately prior to [lir, sale oS 41ic Yropert,y or itc nequisition by Lender, any Funds � � � � � �
<br /> — lield by Lender at tlie tirne of application as a credit aR.iin�t thc; sum, secured Ir}• t }iia �4ortgagc.
<br /> 3. Application of Payments. Unless .ap��licablc la�e �irovides othcrwise, all payments received by Lender
<br /> under the Note and paragra�iLs 1 and 2 hereof shall bc apl�lied by Lender first in payment of amounts payable to
<br /> Lender by Borrower under paragraph 2 liereof, then to interest: p.�yat�le on tl�c Note �nd on Future Aclvances, if
<br /> nny, aud then to the principal of the 1�Tote. and to the principal of P'uture Ad��nnces, if anv:
<br /> � 4. Charges; Liens. BoTrower siiall pay ' all taxes, assessments and bther chnrges, fines and impositions attrib-
<br /> utable to the Property which may �,ttain a }�riority over this \�ortgage, and ground rents, if any, at Lender's
<br /> ; option 'in tl�e manner provided under 1>aragra��li 2 hereof or by Borro�ver ynaking {�ayment, when due, directly to
<br /> the payee 'thereof. Borrower shall promptly furnish to Lender all notices of ainouiits due under this paragraph ,
<br /> � and in the event Borrower shall make payment direotly;Borro��-er shall Promptly furnish f.o T.ender receipts evi-
<br /> � dencing such payments, Borrower shall promptly discharge any ]ien' which has priority over this Mortgage ; pro- '
<br /> � vided; that Borrower shall not be required to tlischurge � ny suc}� liea so long as Borrower sha31 agree in writing to ,
<br /> ' the payment of the obligation secureci by sucli lien in :� inanner acceptable to Lender, or shall in good faith contest
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<br /> � such lien by, or defend enforcement of such lien ' in, Iegal proceedii�gs wl�ich oper:�te to prevent the en#orcement of
<br /> �,,; the lien or forfeiture of the ProRerty or any part tl�ereof: � '
<br /> "'� 5._ Hazard Insurance. Borrower sha,ll keep tlie improvecnents now• existing or hereafter erected on the Prop- ' `
<br /> �' erty insured against loss by fire, hazai•ds included �vit•hiu the term "extended coverage", and such othei• hazards as
<br /> � Lender may require and in such amounts :�nd for such periods :is I,ender may require ; provided , th&t Lender sh,all
<br /> not require that the amount of such coverage exceed tiiat amount of coverage required to pay the sums secured 'by
<br /> this Mortgage:
<br /> The insurance carrier r�roviding the insurauce sl�ull t�e ctiosen by Borrotiver subject to approval by Lender ; `
<br /> provided, that such approval shall not be unreasonably withheld . All premiums on insurance pulicies s}iall be paid
<br /> at Lender's option in the manner provided under paragrapli 2 ]iereof or by Borrower tnaking payment, when due,
<br /> directly to tlxe insurance carrier.
<br /> In the event any polScy is not renewed on or before ten days oF its expiration, the Lender, to pratect f `
<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 Mortgage.
<br /> All insurance policies and renewals thereof shall be in form :�cceptable to Lencler aind shall include a standard
<br /> � mortgage clause in favor of and in form acceptable to Lender. Lender slisll l�ave tl�e right to 3iold the policies and
<br /> � renewals thereof, and Borrower shall �aromptly furnish to Lender all renewal notices and ali receipts of paid pre- -
<br /> , miums. In the event of loss, Borrower shall give prompt notice tq the insurancc earrier and Lender, and Lender ' `
<br /> may make proof of loss if not mude promptly by Borrower.
<br /> Unless Lender and Borrower other�vise agree in writing, insurance proceeds shall be appiied to restoration or ;
<br /> repair of the Property damaged , provided such restoration or repair is economic:illy feasible �tnd the security of
<br /> thns A�Iortgage is not tliereby impaired. If such restoration or repair is not economically feasible or if the security
<br /> of this l�iortigage lvould be impaired , tfie insurance l�roceeds shall be applied to tlie sunis secured by this ASortgage,
<br /> witki the excess, if any, paid to Borrower. If the Yroperty is abandoned liy Borro�ver or if Borrower £rsils to respond
<br /> � to Lender within 30 days after notice by Lender to Borrower that the insurance carrier offers to settle si clairn for
<br /> insurance' benefits, Lender is authorized to collect and spply the insurince proceeds at Lender's option either to
<br /> restoration or repair of the Property or to the sums secured by this A4ortgage. - ;
<br /> Unless Lender and Borrower otherwise agree in writing, any suc}i application of proceeds to principat shall
<br /> not extend or postpone the due date of the monttily installments referred to in paragraphs l and 2 hereof or ehange
<br /> the amount of such installments.
<br /> If under paragraph IS hereof the Property is acquired by Lendei•, all rigl�t, title and interest of Borrower in
<br /> and to any insurance policies and in and to the proceeds thereof (to the extent of the sums secured by this Mort- �
<br /> gage immediately prior to such sale or sequisition ) result.ing from damage to the Property prior to the sale or
<br /> acquisition sha11 pass to Lender.
<br /> 6. Preserva6on mad Mainten�ce oE Properiy; Leaseholds; Condominiums. Borrotiver shall keep the Prop-
<br /> � erty in good repair and shall not permit or commit waste, impairn�ent, or deterioration of the Property and shall
<br /> i comply with the provisions of any lease, if this �Iortgage is on a leasehold. If this h�ortgage is on s eondominium
<br /> unit, Borrower shall perform aIl of Borrower's obligations under the declaration of condominium or master deed,
<br /> the by-laws and regulations of the condominiuni project and constituent documents.
<br /> 7. Pzotection of Lendez's Security. If Borrower fails to perform the covenants aud agreements contained ' in
<br /> this Mortgage, or if any action or praceeding is cmnmenced which materially affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent dotni�in, insol��ency, code enforcetr�ent, or arrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at 1,ender's option, upon notice to Borrower, may make such
<br /> appearances, disburse sucl� sums and take such setion as is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonable attorney 's fees and entry Upon th¢ Property to make repairs. Any
<br /> amounts disbursed by Lender �ursuant to this paragraph 7, �vitl� interest thereon, shall become additionat indebt-
<br /> edness ofBorrower secured by this 3iortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> � amounte shall be payable upon notice from Lender to Borrower requesting payment thereof, a.nd shalt bear inter-
<br /> ' eat from the date of disbursement at t.he rate stated in the Note unless payment of interest at such rate would be
<br /> contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible by
<br /> applicable iaw. Nothing contained in ti�is paragraph 7 shall reryuire Lender to incur any expense or do any act
<br /> hereunder.
<br /> 8. Inspeetion. Lender muy n�ake or cause to Ge made rea�onable entries upon and inspeot.ions of the Pmp-
<br /> ert.v, provided that Lender �hall aive Borro���er netioe t +z•ior ± o s���� such in�t�cctior. s��ecif3•ir.g rensoaabl.: cau�e
<br /> therefor related to Lender's interest in the Property.
<br /> ? 9. Goademaation. The proceeds of any award or clsim for damages, direct or consequential, in connection �
<br /> ' '' with any condemnation or other taking of the Property, m• part thereof, or for con��eyance in lieu of condemna-
<br /> ' tion, are hereby assigned and shall be paid to Lender. �• �
<br /> ; , In the event'of a total taicing of the Yroperty, the �iroceeds sl�all be applied to the sums secured by this Mort- - :�> a �Y��'- '
<br /> gage, wjth the excess, if any, paid to Borro�ver. in the event. of a partial tmking of the Propeny, unless Borrower �`�.: �- � :
<br /> �t and Lender otherwise agree in writing, tl�ere sliall be ap��lied to the suzus secured by t}iis 1Sort�age such propor- r �� � :
<br /> tion of the proeeeds as is equal to that pro�ortion which tlie amount of the sums secured by this ibiortgage imme- �sb'�`,
<br /> ; diately prior Yo the date. of #aking bears to the fair market value of t.tie Property immediately prior to the date of �'�' '
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<br /> ' taking, with the balsnce of the proceeds paid to Borrower. , " • > .
<br /> ?s i�e �'zp�erty is a�a�,n�'oned by 'Bo:zon•er or if :,.;ter r;oiicu Ly Leucier tu Burrower ilia 'c tne con3emnor oaers ° «+t
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<br /> to make �.n aw�rd ar settle a clsizn for d3;�s�e„ Bo:rotivcr fails Lo respond to Lender witLiu 30 clay, uf the da1:e � -
<br /> of such notice, Lender is authorzzed to collect and apply tlie �iroceeds at I,ender's option either to restoration or
<br /> repair of>the Property or to Lhe sutns secured by tl�is `�lortgage.
<br />� Unless Lender and Borrower 'otherwise agree in writing, any such application of Procee�iF to jirinciPttl ahall
<br /> � - � .,.,� " �
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