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<br /> If udder paragraph 18 hereof the Property is sold or t.he Property is otherwise acquired by Lender, Lender • '
<br /> shall apply, no :later than immediately prior to thc sale of the Property or its acquisition by I.ender, any Funds
<br /> held by Lender at the time of application as a credit against . the sums secured by this vIortgage.
<br /> � 3. Application of P.aymeats. Unless applicnblc ls�v, provides otherwise, ull payments received by Lender
<br /> under Ehe Note snd paragraplis 1 and 2 hereof sl�all bc applied by 7.ender first in pay�nent o[ nmounts payable to
<br /> ,� Lender by.Borrower under paragraph 2 hereof, tlien to interest payable on thc Note and on Futurc Advances, if
<br /> any, and then to the principal of the:Note and. to tlie princiPal of Future Advances, if any. �,. `
<br /> 4. Claargas; Liens. Borrower sl�all pay all taxes, assessments and other charges, fines and impositions attrib- ` r
<br /> ntpble :to the Property which may attain a priority over this ?�Iortgage, and �round rents, if sny, at Lender's � 3` -
<br /> option :in the manner provided under paragraph 2 hereof or by Borrower malcingpayment, when due, directly to ` ,
<br /> � the payee thereof: Borrower shall promptly furnisli to Lender all notices of amounts due under this parsgraph,
<br /> � and in the event Bonower ahall make payment directly, Borrower shall promptly furnish to Lender receipts evi-
<br /> dencing such payments. Borrower shall promptly discl�nrge nny lien which has priority over this Mortgage ; pro-
<br /> � � vided, that Borrower shall not be required to discl�arge any such lien so long as Borrower shall sgree in writing to
<br /> � the paymentrof the obligatian secured by such lien in n manner acceptaUle to Lender, or shall in �ood faith contest
<br /> �� � such lien by, or defend enforcement of suah lien in , legal �roceedings which operste to prevent the enforcement of
<br /> the lies or forfeiture of the Property or any part tl�ereof.
<br /> � S. Hazard Insuramee. Borrower shall keep tlie improvements no�v existing or hereafter erected on the Prop-
<br /> , � � erty insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as
<br /> Lender msy require and in such amounts and for sucli periods ns Lender muy require ; provided, that Lender shall
<br /> not reqvire that the amount of such coverage exceed tliat amount of coverage required to pay the suma aecured 'by
<br /> � this Mortgage.
<br /> The insurance carrier providing tlie insurssnce shall be chosen by Borro�ver subject to approval by Lender ;
<br /> provided, that such approvai shall not be unreasonably withheld. All premiums on insurnnce policies shall be paid
<br /> ; � at Lender's option in the manner provided under paragrapli 2 l�ereoF or by Borrower making payment, when due, �
<br /> directly to the insurance carrier.
<br /> , j In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect
<br /> j its interest, may procure insurance on the improvements, pay the premiums and such sum shall become
<br /> j ixnmediately 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 compiy may, at option of Lender, constitute a default
<br /> ' � under the terms of this Mortgage. �
<br /> AII inaurance policies and renewals thereof shall be in fonn aceeptxble to Lender And shall include u standard �
<br /> inortgage clause in fsvor of and in form acceptable to Lender. Lender shall have the right to l�old the policies and '
<br /> . � renewals thereof, and Borrower shall promptly furnish to Lender ali renewnl notices and sll receipts of paid pre- i
<br /> miums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender, and Lender
<br /> may mske proof of loss if not made promptly by Borrower. ': ,' ., :
<br /> Unless Lender and Borrower othenvise agree in writing, insurance proceeds shall be applied to restoration or � ; , >�'
<br /> repair of the Property damaged, provided such restorntion or repair is economically fcnsible and the security of
<br /> this Mortgage is not thereby impaired. IC such restoration or repair is not economically feasible or if the security �.%
<br /> of this i�Iortgage wouid be impaired, the insurance proceeds shall !�c applied to the sums secured by this Mortgage, � :q;
<br /> � with the excess, if any, paid to Borrower. If the Yroperty is abandoned by Borrower or if Borrower fails to respond
<br /> to Lender within 30 days after notice by Lender to Borrower thnt the insurance carrier offers to settle a claim for '
<br /> ineurance benefite, Lender is suthorized to collect und apply the insurnnce proceeds at Lender's option either to ;
<br /> reatoration or repair of the Property or to the sums secured by tliis D3ortgage.
<br /> Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall
<br /> not extend or postpone the due dute of the monthly installments referred to in parsgrapha 1 und 2 hereof or change
<br /> the amount of such installments. '
<br /> If under paragraph 18 hereof the Property is scquired by Lender, all right, title and interest of Borrower in � <
<br /> and to any insurance policies and in and to the proceeds thereof f to thc extent of t6e sums secured by this Mort- ��
<br /> gage immediately prior to such sale or acquisitian ) resulting from damage to tlie Property prior to the sale or ` g;�
<br /> acquisition shall pass to Lenden
<br /> 6. PreaezvaEioa cmd Mmx►tea�ce of Property; Leaseholda: Condoassniums. Borrower shall keep the Prop-
<br /> erty in good repair and shall not permit or commit waste, impuirment, or deteriorution of the Property and ahall
<br /> comply with the provisions of nny lease, if this \fortgage is on n leasehold. If this bfortgage is on a condominium
<br /> unit, Borrower ahall perform all of Borrower's obligations under the declaration of condominium or master deed ,
<br /> the by-Iaws and regulations of the condominium project and constituent documents.
<br /> 7. Proteetion of Lendei s Security. If Bonower fails to perform the covenants and agreements contained in
<br /> this Mortgsge, or if any setion or proceeding is commenced which materially affects Lender's intereat in the Prop-
<br /> erty, including, but not liunited to, eminent domain, insolvency, code enforcement, or nrrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at T.ender's option, upon notice to Borrower, may make such ,
<br /> appearances, disburse such sums and take such action as is necessary to pratect Lender's interest, including, but
<br /> not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this parsgrapl� 7, �vith interest thereon, shall become additional indebt-
<br /> ednese of Borrower secured by this VIortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requeating payment thereof, and shall bear inter-
<br /> eat fmm the date of diebursement at the rate stated in the Note unless payment of interest at such rate would be
<br /> contrary to applicable Iaw, in which event such amounts shall bear interest at the higheat rate permissible by
<br /> applicable law. Nothing contained in tltis paragraPh 7 shn❑ require Lender to incuc any expenae or do sny act
<br /> hereunder.
<br /> ; ' 8. Iaapaction. Lender may make or cause to be inadc rensonable entries upon and inspections of the Prop-
<br /> erty, provided that Lender shall gi6e Borroacer notice ��rior to flny sueli inspection specifying reasonable cause
<br /> therefor releted to Lender's interest in the Property. "
<br /> ; 9. Coademnatioa The proeeeds of any award or claim for damoges, direct or consequential, in connection
<br /> a; . with any aondemnation .or other taking of the Property, or part thereof, or for conveyance in lieu of condemna-
<br /> tion, are hereby assigned and shall be paid to Lender. �
<br /> ,r In tke event ofa total taking of the Property, the proceeds sliall be applied to the sums secured by this Mort- ; ;
<br /> ;,,; gage, with the exceas,.if sny, paid to Borrower. In the event of a partial taking of the Property, unless Borrower *="'�' � ;
<br /> s :� andLendefoCherwise agree in writing, the;e sUall be applied to the sums secured by thia \4ortgage such propor-
<br /> ;. tion of the proceeds as is equal to. that proportion which tlie amount of the sums secured by this vlortgage imme- i gr ..�
<br /> ,{ diately pnor to the date of tsking bears to the fair_ ivarket value of tl�e Property immediately prior to the date of ��;
<br /> �+, Eslnng, with,,�he Kslance of�the proceeds paid to Borrower., ,�
<br /> �x . If,tit"gP,rQperE���e abandoned by,Borrower or if; nfter notice by Lender to Borrower that the condemnor ofiers � �',�,
<br /> "� r, to maclrs �sntawaiid-'or setWes clsim;:fordamages, Borrower fails to respond to Lender within 30 days of the date ?�"'
<br /> �-u� of suob noE�ce, .�.ender is authorised to collect and apply the proceeds at Lender's option eitl�er to restorstion or - �` ,�
<br /> repa�r,,of��he Propeety or to tlie suu�s secured bq tl�is �IorLgage.
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<br /> r �a�ese Lender snd Borrower othernise agree in wriLing,. any such application of proceeda to principsl shall
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