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<br /> If under parsgraph 18 hereof the Property is sold or the Property is othercvise acquired by I.ender, Lender '
<br /> shall spply, no later than immediately prior to the salc of the Property or its acquisition by Lender, any Funds
<br /> held by Lender at the time of application as r� credit against tlic swns secured hy thi, vlortguge.
<br /> 3. Application of Paymeats. Unless apPlicablc In�c provides othenvisc, ull payments received by Lender
<br /> under theNote and paragraplis 1 und 2 hereof shall be applied by Lender first in payment of atnounts payable to
<br /> � Lender by Bo;rower under parsgrapli 2 liereof, then to intemst payablc on the �7otc and on Future Advances, if
<br /> any, and then to the principal of the Notc nnd to the principal of Future Advnnces, if uny.
<br /> 4. Ch�ges;; Liens. Borrower siiall pay p.11 taxes, assessments and other charges, fines and impoaitions attrib- '
<br /> � utpble to the Property which may attain a priority over tl�is Mortguge, and ground rents, if any, at Lender's (
<br /> aption in the manner provided under parngraph 2 hereof or by Borrower making pnyment, when due, directly to
<br /> , � the payee thereof. Boerower shsll promptly furnisli to Lender al! notices of amounts due under this paragraph ,
<br /> and in the event Borrower shall makc payment directly, Borro�ver shail promptly furnish to Lender receipts evi- � '
<br /> ; dencing euch payments. Borrower shall promptly discl�arge any lien �vhich has priority over this Vlortgage ; pro-
<br /> � vided, thst Borrower shall not be required to discharge any sucl� lien so long as Bortower shull agree in writing to
<br /> � the payment of the obligation secured Uy such lien in a manner ncceptnble to Lender, or 'shall in goad faith contest
<br /> + auah lieq by, or defend enforcement of sucli lien in, legal proceedings �vhich operate to prevent the en£orcement of
<br /> � � the lien or forfeiture of the Property or any part thereof.
<br /> ' ;F � 5. Hazard Insurcmee. Borrower shall keep the i�nprovements no�v existing or l�ereafter ereeted on the Prop-
<br /> � � erty insured against loss by fire, hazards included within the term "extended covernge", and such other hazards as
<br /> d Lender may require and in such amounts and for such periods as Lender may require ; provided , that Lender ahall
<br /> � not require that the amount of such coverage exceed that nmount of coverage required to pay the sums secured 'by
<br /> ' a this Mortgage.
<br /> ' The insursnce carrier providing the insurauce shall be chosen by Borrower subject to approval by Lender,
<br /> r provided, that such approval shsll not be unressonably µ•ithheld. All premiums on insurance policies shall be paid
<br /> � OO at Lender's option in the manner provided under p�ragrapl� 2 hereof or by Borrocver making 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 pmtect
<br /> ';. its interest, may procure insurance on the unprovements, pay the premiums and such sum shall become
<br /> ' i 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 und renewals tLereof ehnll be in fonn acceptable to Lender und shall include a standard
<br /> + mortgage cluuse in favor of nnd in form xcceptable to Lender. Lender shall have the rigl�t to I�old the policies and
<br /> � renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid pre-
<br /> : miums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender, and Lender
<br /> ' may make proof of ]oss if not made promptly by Borrower. ;
<br /> 1 Unlesa Lender and Bonower othenvise agree in �vriting, insm•ance proceeds shall be applied to restoration or
<br /> t , repair of the Property damaged , provided such restoration or repuir is economically feasible and the security of
<br /> ' this 14ortgage is not thereby impaired. If such restoration or repair is not economicnlly feasible or if the security
<br /> { of this i�4ortgage would be impaired, the insurance proceeds shall be applied to the swns secured by this Mortgage,
<br /> % i with the excess, if any, paid to Borrower. If the Yropeity is abandoned by Borrower or if Borrower fnils to sespond ;
<br /> ' ? to Lender within 30 days after notice by Lender to Borrower thut the insurance carrier offers to settle a claim for
<br /> ' ? ineurance benefits, Lender is suthorized to collect and apply the insurance proceeds at Lender's option either to
<br /> ! restoration or repair of the Property or to the sums secured by tliis \Iortgage.
<br /> �.� Unless Lender and Borrower othenvise ssgree in �vriting, an,y such upplication of proceeds to principal shall
<br /> not extend or postpone the due dsste of the monthly installments referred to in paragraphs 1 and 2 hereof or change
<br /> � the amount of auch installments.
<br /> ; If under paragraph 18 hereof the Property is acquired by Lender, sll right, title and interest of Bonower in
<br /> j and to any insurance policies and in snd to the proceeds thereof (to the extent of the sums secured by this Mort-
<br /> : � gage immediately prior to such sale or acquisition ) resulting from damage to the Property prior to the sale or ;:;
<br /> , acquieition shall pass to Lender.
<br /> :: � 6. Preservation �td Mmatan�ce of Property; Leaseholds; Coadominiums. Borro�ver shall keep the Prop-
<br /> ;; erty in good repair and shall not permit or commit wuste, impairment, or deterioration of the Property and shall
<br /> + comply wiEh the provisions of any lease, if this \4ortgage is on a leasehold . If this �lortgage is on a condominium
<br /> iunit, Borrower shall perforn� all of Borrower's obligations under the declaration of condominium or master deed,
<br /> � ;, the by-lawa and regulations of the condominium project and constituent documents.
<br /> � 7. Proteetion o! Lender's Sacurity. If Borrower fuils to perform the covenants and agreements contained in
<br /> � this Viortgage, or if any action or �roceeding is commenced which materially affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domain, insolcency, code enforcement, or arrangements or proceed-
<br /> inge involving a bankrupt or decedent, then Lender at I.ender's option, upon notice to Borrower, may make such
<br /> ';a appearances, disburse sucl� sums and take sucli action as is necessary to protect Lender's interest, including, but
<br /> a , not limited to, diabursement of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br /> � amounts disbursed by Lender pursuant to this paragraph 7, �vith interest thereon, shall become ssdditional indebt-
<br /> � edness of Borrower secured by this riortgage. Unless Borro�ver and I.ender agree to other terms of payment, such
<br /> � amounts ahall be payable upon notice from Lender to Borrower requesting payment thereof, and ahall bear inter-
<br /> ;� est from the date of disbursement at the rate stated in the Note unless payment of interest at such rate would be
<br /> -! contrary to applicable law, in which event such amounta shall bear interest at the higheat rate permissible by
<br /> � applicable law. Nothing contuined in this parsigraph 7 shnll require Lender to incur any expense or do any act
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<br /> ��g hereundea � �
<br /> '4 8• Iaspection. Lender may make or cnuse to he mnAc reasonable entries upon and inspections of the Prop-
<br /> erty, provided that Lender shall give Borroa•er notice �u•ior to an�• �ucl� inspection specifying reasonnble cause
<br /> ;j therefor related to Lender'e interest in the Propertv.
<br /> � 9. Coademaatioa. The proceeds of any ativarcl or claim for damages, direct or consequential , in connection
<br /> with aay condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemna-
<br /> tion, are hereby assigned and shall Ue paid to Lender.
<br /> In the event of atotal tsking of the Property, the proceeds slial! be applied to the sums secured by this Mort-
<br /> gage, with the excess, if any, paid to Borro�ver. In the event of a partisl taking of the Property, unlesa Borrower ""'��`
<br /> and Lender otherwise agree in writing, there sl�all be applicd to the sums secured by this 1lortgage such propor- j; �
<br /> tion of the proceeds as is equsl to that proportion which tl�e amount of the sums secured by this Mortgage imme- I -^ , '
<br /> diately prior to the date af .taking bears to the fsir market value of tlie Pro erty immediatel " %
<br /> p y prior to the date of J � , ;i ' � ;
<br /> talang, with the, balance of;the proceeds paid to Borrower. �;, � �
<br /> If tlte Propei�Gy is abandoned by' Borrower. or if after notice by Lender to Borrower that the condemnor offers r , ��'
<br /> to :mek8. sn, award or settle a claim for damsges,' Borrower [ails to respond to Lender within 30 days of the date '} •��
<br /> � of,suah riotice; Lender is suthorized to collect and apply-the proceeds at Lender's option either to restoration or `"" � - ""
<br /> rap�ir of the Property or to the suu�s secured by tl�is ltortgage_
<br /> '� Urileba Lender and Borrower othenvise 'agree in writing, any such application of proceeds to principal shall
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