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<br /> If under narsgraph 18 hereof the Property is sold or t.he Property is otherwise 3cquired by Lender, Lender '
<br /> shall apply, no later than immediately prior to thc sale of tl�c Property or its acquisition by� Lender, any Funds
<br /> held by Lender at the tiime of applicntion as a credit against thc sums securcd by this 1�Iortga;e.
<br /> 3. Applieation of Payments. IJnless upplicablc la«• provides otherwise, al! payments received by Lender
<br /> under the Note nnd paragraphs I und 2 hereof shall bc applied hy Lendcr first in payment of amounts payabte to
<br /> ' Lender by Borrower under paragruph 2 hereof, then to intcrest p:iyablc on the Note and on Future Advances, if
<br /> i nny, and then to the principal of the Note and to the principsl of Future Advances, if any.
<br /> �L Charges; Ziena. Borrower sLallpay ull tnxes, assessments nnd other charges, fines and impositions attrib- �
<br /> ; : utpble to the Property whTch may attain a priority over tliis VIortgage, and ground rents, if any, at Lender's a:
<br /> " option;in the manner provided under paragmph 2 hereof or by Borrowcr making pnyment, when due, directly to '
<br /> the payee thereof. Borrower shall promptly furnish to I.ender all notices of r�mounts due under this paragraph,
<br /> and in the event Borro�ver ehall makc payment directly, Borrower sliall promptly fumish to Lender receipts evi-
<br /> dencing sucl� payments. Borrower shnll promptly dischsrge any lien which has priority over this �4ortgage ; pro-
<br /> vided, that Borrower shall not be required to diseLarge any sucli lien so long as Borrow•er shall sgree in writing to
<br /> . ; � � the payment of the obligation secured by such lien in n inunner acceptable to Lender, or §hall in good faith contest
<br /> � such lien by, or defend enforcement of sucU lien in, legal proceedings �vl�ich operate to prevent the entorcement of
<br /> s � the lien or forfeiture of the Property or any part tl�ereof.
<br /> , � 5. Hazard Insurcnee. Borrower shall keep tl�e imx�ro��einents now existin� or hereuiter erected on the Prop-
<br /> ' 0 erty insured against loss by fire, hazsrds included cvithin the term "extended coverage", and such other hszards as
<br /> O Lender may require and in such amounts nnd for sucli periods :is Lender may require ; provided, that Lender ehall
<br /> not require that the smount of such coverage exceed that amount of coveruge required to puy the sums secured 'by
<br /> � this Mortgsge.
<br /> 3 OO The insurance carrier providing the insurance shall be chosen by Borrower subject fo approvul by Lender ;
<br /> � provided, that such approval shaU not be unreasonably withheld. All premiums on insurunce policies shall be paid
<br /> st Lender's option in the manner provided under paragrAph 2 liereof or hy Rorrower making E�ayment, 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, msy 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 /> i 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 insurnnce policies and renewals thereoE �l�all be in iorrn acceptable to Lender aind sliall include a standard
<br /> mortgage clause in favor of and in form acceptable to Lender. I.ender shull have the right to ]sold the policics snd
<br /> renewals thereof, and Borrower shall promptly furnish to Lender all rene�ral noticr.s and all receipts oE paid pre- i`
<br /> �� miums. In the event of loss, Borro�ver shnll give prompt notice to tl�e insurance currier and Lender, and Lender `
<br /> '' may make proof of loss if not made promptly by Borrower.
<br /> jUnless Lender nnd Borrower othenvise agree in �vritin�, insurauce proceeds shall 6e upplied to restoration or
<br /> j repair of the Property damaged, provided such restoration or repuir is economicslly feusible and the security of L
<br /> ' i this Mortgage is not thereby impaired. If such restoration m� repair is not economically feasible or if the security *
<br /> of this 14ortgage �vould be impaired, the insurance proceeds sl�all be npplied to thc sums secured Uy this Mortgage,
<br /> with the excess, if any, paid to Borrower. If the Yroperty is aUandoned by Borrower or if Borrower fails to respond ; �
<br /> ;: to Lender within 30 days after notice by Lender to Borrower that tl�e insurance carrier offers to sett(e a claim for
<br /> , �; insurance benefits, Lender is authorized to collect and apply t6e insurance proceeds at Lender's option �ither to
<br /> � restoration or repair of the Property or to the sums secured bp this \Iortgage. }"
<br /> f' Unleas Lender and Borrower othenvise agree in �vriting, any such applic3tion of proceeds to principal shall �
<br /> ; not extend or postpane the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change `
<br /> �' the amount of such installments.
<br /> ! If under paragraph 1S hereot the Yroperty is acquired by Lender, aIl right, 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 Vlort-
<br /> � gage immediately prior to such sale or acquisitionl reeulting from damuge to the Yroperty prior to the sale or :
<br /> acquisition shall pass to Lender.
<br /> " 6. Preservation �d Mmatea�tee of Pzoperty; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> erty in good repair nnd shall not permit or commit waste, impairment, or deterioration of the Property and sha11
<br /> � comply with the provisions of any lease, it this Jlortgage is on n leasehold. If this Mortgage is on a condominium
<br /> ' unit, Borrower shal] perform all of Borrower's obligations under the decluration of condominium or master deed ,
<br /> � the by-Iaws and regulations of the condominium project and constituent documents.
<br /> ;, 7. Proteetion oi Leader's Seeurity. If Borrower failc to perform the covenants and ngreements contsined in
<br /> :}; this �fortgage, or if n�y action or proceeding is commenced which mnterially affects Lender's interest in the Prop-
<br /> * erty, including, but not limited to, erninent dmnain , insoh•ency, code entorcement, or arrungements or proceed-
<br /> inge involving a bankrupt or decedent, then Lender at I.ender's option , upon notice to Borro�veq may make such
<br /> sppearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but
<br /> � not limited to, disbursement of reseonable attorney's fees and entry upon the Property to make repairs. Any
<br /> k amounts disbursed by Lender pursuant to this paragrapli 7, �vitli interest thereon, shall become additional indebt-
<br /> ednese of Bonower secured by this �iortgage. Unless Borrower and I.ender a�ree to other terms of payment, such
<br /> ,`- amounts ahall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> ; est from the date of diabursement at the rate stated in the Note unless payment of interest ut such rate would be
<br /> ' contrary to applicable law, in which event such nmounts shall bear interest at the highest rate permissible by
<br /> � applicable lnw. Nothing contained in this paragrnph 7 shnll rcryuirc Lender to incur any expense or do any act
<br /> ; hereunder.
<br /> 8. Inspectioa. Lender may make or cauee to hc madc reasonablc entries upon nnd inspections of the Prop-
<br /> � erty; provided that Lender chall give Bonoa�er noticc �.rior to nnp surli inspection specifying reasonable cause
<br /> � therefor related to Lender's interest in the Property.
<br /> 9. Condemnation. ' The proceeds of any a�vard or claim for damages, direct or consequential, in connection
<br /> with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemna- �
<br /> ; tbon, are hereby assigned and shall be paid to Lender. ?
<br /> In the eventi of a total taking of the Property, the proceeds shall 6e applied to the sums secured by this Mort- � °� '`
<br /> � gsge, �vith the excess, if any, paid to Borcower. In the event af a partial taking of the Property, unless Borrower "'�`" �- '
<br /> YS a.nd Lender otherwise agree in writing, tliere $I�slt be applied to tl�e sums secured by this \Iortgage such propor- � , ,'
<br /> ,. t':on of Eheproceeds as ia equal to that proportion which tl�e amount of the sums secured by thia T4ortgage imme- '. -�
<br /> � diately prior to the date of taking bears to the fair �nsrket value of the Property immediately prior to the dste of
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<br /> _„ tskmg,wtththe,balsnce of the proceeds paid to Borrower. �
<br /> . If the Psoperty is abandoaed by ,Borrower or if after notiee Uy Lender to Borrower thst the condemnor offers � ��+ ;
<br /> '' to' make sa;awai3 'or'settle o claim for damagea, Borrower fails to mspond to I,ender within 30 days of the date �'�),,,,, ��
<br /> � of such:.noLice; LEndcr is suthorized' to eollect and ap��ly tGe proceeds at Lender's optian either to restoration or ""'`^'' ' � .-
<br /> � repair o£ the Properby or to the sums secured by this \tortgage,
<br /> � Unleas Lenderfand Borrower othenvise agree -in �vriting, nny such application of proceeda to principal shall
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