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<br /> � If tmder paragrapfi 18 PiereoC t.hc Yroperty is sold or the Property is other�a•ise acquimd by Lender, I.ender '
<br /> � sha,ll apply, no later tl�an i�7�mediately prior to tl� c ssic of t�l� e Proper6,Y �i' its acqtaisit.ion b�� T,ender, any Punds � � � � �
<br /> lield by I.ender at the time of application as a creciit again,t the ;um. secured I>�- thi: 1'[ort�ahe.
<br /> 3. Application of Paymenls. Unless npplicablc 13«� pi•ovides otherwise, :tll payment5 received by Lender
<br /> � � under t6e Note �and �parngraPLs 1 snd 2 1�ereof shall bc eAl7plieci b,y Lendci• first, in payinc�ni, �f arnounts payable to � � � �
<br /> Lendei• by Bcirower under paragrapl� 2 liereof; t,lYen to iiit<:rest i�n���ble a� 1Le 1Vote and on Future Advances; if
<br /> any, �nd tk�en to the ��rincipal of tlre ,vTote und to the principnl of Tuture AdvsLnce� , if any.
<br /> 4: Charges; Liens. Borron�er shall ��ay all taxes, assesstvents and otl�er charges, fines tind impositions attrib-
<br /> futable ta the 1'roperty which inay attain a priority over t6is \Zo�•tgage, and grouud rents , if any, ac Lender's
<br /> option in the rnanner provided under l�arn,grapl� 2 i�ereof or t�y Borro�ver making payment, when due, directly to
<br /> the puyee thereof: Borrowec sl��Il prom��tty furnish to Lender all notices of amounts duc under tl�is paragraph,
<br /> and in the eeent Borrower shall make payment directly; 13orro�rer shall promptl,y fw�nish to I.ender_ receipts evi-
<br /> ' dencing sucli payments.` Borrower shail promptly �iischnrge �ny lien �vhich }xas nriority over this 3lortgage ; pro-
<br /> videdJ that 13orrower shnll not Ue requirecl to discl�arge uny sucl� lien so long as 13orrower sLall agree in writing to
<br /> the payment of the obli�ation seciired by Sueh lien in u manner acceptnble t.o Lender, or shnl! in good faith contest ' °
<br /> � such ]ien t�y, or defend enforcernent o€ such lien in, legal pruceeciings w6ich operate to predextt ttie entorcement of
<br /> '"'� the lien or forfeiturebf tti� Yroperty or ar2y i>art tliereof.
<br /> � -' S. Hazard Insurance. Borrocver sliall keep t3�e improvetnents now eaisting oi• hereufter erecteu on tiie Prap-
<br /> �� erty insured against loss by fire, hazards includeci within the terin "extended coverage" , and sucli otlier iia�xrds as
<br /> � Lender may require and in such aniounte �,nd for sucli �ieriods ns I.,ender ma,y rcquirc ; provided; that Lender shall
<br /> �� not require that the nmount of such coverage exceed that amowit of coverage required to pay the sums secured 'by
<br /> � t]ais Mortgage.
<br /> The insurance carrier I�roviding tl�e insurauce shall Ue cliosen by Borrower sut�ject to uppro��a.l by Lender,
<br /> provided, t,hat such ap��roval sl�ull not k�e unreasonably withheld. All premiums on insurance policies shall Ue �aid
<br /> st Lender's option in t.tie inunrier provided under paragrapli 2 hereof or by I3orrowei• inaking 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 shall become
<br /> immediately due and payable with interest at the rate set forth in said note until paici and shall be
<br /> secured by this MortF�age. Failure by Borrower to comply may, ut option of Lender, constitute a default
<br /> under the terms of this Mortgage.
<br /> All insurance ��olicies and renetiva]s thereof staall be in farm :icceptuble to Lenc,ier ani� shall include a stand�rd
<br /> � mortgage clause in fuvor of and in form acceptal>le [o Lender. T;ender shalI hace the right to I�old the polieies and
<br /> renewals thereof, and $orrower shssll pro:nptly furnish to Lender i; l renewal notices uiid aIl receipts of paid pre-
<br /> miums. In tlie event of loss, Borrower sli�ll give prompt iiotice t.o the insurnnce carrier and Lender, and Lender
<br /> may rnake proof of loss if not made prompt]y by Borro���er.
<br /> Unless Lender and Borro�ver othernvise agree in �c-riting, insurance proceeds shall Ue applied t,o restoration or
<br /> repair of the Yroperty damaged, provided such restorZt.ion or reE�xir is econaniicnlly fessible :�nd the security of
<br /> this 1VIortgage is not thereby impaired. If sucli restoi.3timi or repsir is not econoinically ieasible or if the security
<br /> of this 1lortgage would Le impaired , ihe insurance �>roceeds �l� all i,c a�>plieci t,o tlie sums secured by this ibSortgage,
<br /> with the excess, if any, paid to Borrowei•. If tl�e Yroperty is abandor�ecl by Bori•o�ver or if Borrower fails to respond
<br /> to Lender �vithin 30 days after notice by Lender to Borrow�er that the iusurance carrier offers to settle a claim for
<br /> insurance t�enefits, Lender is authorized to collect anc9 apply the insurunce proceeds at Lender's option either to
<br /> ; ;;storation or repair of the Property or to the sums secured by tl�is \iortgage.
<br /> Unless Lender and Borrower othenvise agree in writing, any such application of proceeds to principal shall
<br /> not extend or postpone the due dnte of the monthly instalhnents referred to in paragraphs 1 and 2 hereof or change
<br /> the amount of sucli installments.
<br /> If under paragraph 28 hereof the Property is acquired by I,ender, nll right, title and interest of Borrower in
<br /> and to nny insurance policies znd in snd to the proceeds tl�ereof ( to tLe extent of the suras secured by this Mort-
<br /> i gage immediately- prior to su.:h sale or acquisition ) resu]ting fi•om dainage to i.l�e Property prior to tl�e sale or
<br /> acquisition shall pass to Lender.
<br /> 6. Pzeservation cmd Mmntenance of Property: Leaseholds; Condominiums. Borrower shali keep the Prop-
<br /> erty in good repair and shall not permit or conunit waste, impairment, or deteriorution of t.he Property and shall
<br /> comply with the provisions of an�� lease, ii this \fortgsge is on a leasehold. Ii this Nlortgage is on a condominium
<br /> unit, Borrower shall perform all of Borrotver's obligations under the declai•atiori of condominium ��r master deed ,
<br /> the by-laws and regulations of the condocninium projeci snd constit,uent docinnents.
<br /> 7. Protectioa of Lender's Security. If Borro�ver faits to perform the covenants and ngreements contained in
<br /> ? this l�fortgage, or if any action a• proceeding is commenced which naatsrially affects Lender's interest in the Prop-
<br /> erty, including, but not liinited to, eminent dom�in , insolvency, code enforcement, or srrangen�ent,s or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at l.ender', option , upon notice to I3orrower, may make such
<br /> appearances, disburse sucli suins and take such action as is �iececsazy to prot.ect Lender's interest, including, but
<br /> not limited to, disbursement of reasonable aitorney's fees and entry upoT� the Property to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shnil become additional indebt-
<br /> edness of Borrower secured by this �Sortgage. Unless Borro�ver nnd I,ender agree to other tenns of paytnent, such
<br /> amounts shall }�e payable upon notice from Lender to I3orrower requesting payinent thereof, �nd shall bear inter-
<br /> est from t.he date of disbursement at the rate stated in the I`'ote unless payment of interest at such rate would be
<br /> � k contrary to applicable law, in which event such amouz�ts shall bear interest at tY�e highest rate permissibie by
<br /> applicable law_ Nothing contained in this paragraph 7 sl�all require Lerider to incur any expense or do any act
<br /> hereunder.
<br /> .8. Inspectioa. Lender �nny make or cause to he madc reasonssble entries upon and inspections oP the Prop-
<br /> erty , provided that I,ender �ha ?1 gi��e i3orro��'er reti�e ��rior te :tn}• �uch inspection s,�ecif3-inn rcasonzb?e cause
<br /> � therefor related to Lender's interesCin the Property.
<br /> ; 9. Condernnation. The proceeds of uny a�vard or ct�im for c�amages, direct or consequential , in connection
<br /> ` with any condemnntion or other tuking of the .Yroperty , or part thereof, or for com•evance in lieu of condemna-
<br /> tion, are hereby sssigned xnd shall be paid to Lender. "
<br /> In the ecent of a total taking of t.he ProC�erty , thc proceeds shalI t,c ap�lied to thesums secured by this Mort- , q " . :w, '
<br /> gage, with the exeess, if any, paia to Borro�ver. Li tl�e event of a p�rtial taking oi tiie Yroperty, unless Borrower z �y� r�:�,�
<br /> and Lender othern•ise agree in writing, tlaexe stia�lI be sppliecl to tl�e �ums �ecured hy thie �lortgage such propor- k� " �i� .
<br /> � tion of the proceeds as is equat to that proportion �c}iich the amount of the sums secured Uy this �fortgage imme- `=�y;
<br /> dia,tely prior to the date of taking bears to the fair �uarket. vulue qf tl�e 1'ropert�� imtnediately prior to' the date of ,; 4"'�"
<br /> ' #.aking, with the balance of the proceeds paid to Borro�uer. '� x
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<br />� �i the Prcperty, is »bsndoned b� Ba;res:ti�ei• or ;: .ti.'ter no'.i c L� �.�r�der to �orrorver that :�he wi,deiiinur �ffera ; ,
<br /> to mske an swgr� or settle a c!aim for d»msges, l3o:ro`rer fsils to _•cspond to S_cndcr witt3in 30 day-s of the daL.: n> .." -
<br /> of such noiice,' Lender is`authorized to collect and appl�+ the proceeds at I.ender's option either to restoration or �" '
<br />� repair of the Property or to the swns secured by this \Iortgage. �
<br /> TTnless Lender andBorrower other�vise aRree iu �vritin�, anp such appl:oation oi proceeds to principal shatl
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