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<br /> �
<br /> If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br /> shall apply, no later thsn immediately prioc to the sale of t1�e Property or its acquisition by Lender, any Funds
<br /> � held by Lender at the time of application as a credit ugainst thc sums securec( by this Mortgagc.
<br /> ' 3. Applicatioa of Payments. Unless applicablc ]nw ��rovides otherwise, all payments received by Lender
<br /> � under the Note and paragrapl�s 1 and 2 hereof si�alf bc applied by Lender first in payment of amounts payable to �-r r':
<br /> ; ' Lender by Borrower unde; paragrapi� 2 ltereof, tlieu to interest payable on the Note and on Future Advances, if � . ',4
<br /> � any, and then to the pnnetpal of the Note and to the princiPal of Future Advances, if uny, i' `
<br /> � 4. Ch�ges; Liens - Borrower s6alt pay all taxes, assessments and other charges, fines and impositions attrib- � Mwx�,
<br /> utpble -to the Property which may attain n priority over tliis Mortgage, and ground rents, if' nny, at Lender's �r ` "
<br /> r � o tion in the manner rovided under ara ru h 2 hereof or b Borrower makin "',
<br /> r P P P B P y g payment, when due, directly to t � :;
<br /> , X � the payee thereof; Borrower shall promptlq furnish to ' 7.ender all notices of amounts due tmder this paragraph , �, �
<br /> and .in the event Borrower shall make payment directly, Borrower shnll �rompf,ly furnish to Lender receipts evi- �:
<br /> !# � dencin such a ments. Borrower shall p y g y � y g g p f ; ` r
<br /> � g p y prom t! disetxar e an lien which has �riorit over thia Nlort a e • ro- > .;
<br /> vided, that Borrower shall not be required to discharge nny such lien so long as BorroweP shall agree in writing to i �
<br /> �'� r the payment of the obligation secured by such lien in a inunner acceptable to Lender, or shnll in good faith conteat � ` '
<br /> = such lien b or defend enforcement of such lien in le al roceedin "
<br /> � 00 Y� , g p gs �vhich operate to prevent the enForcement of �
<br /> t� the lien or forfeiture oF the Property or any part thereof.
<br /> * S. Hazard Iasur�ce. Borrower shall keep the improvements now 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 may require and in such amounts and for such periods as Lender may require ; provided, that Lender shall `J
<br /> ; not require that the amount of such coverage exceed that amount of coverage required to pay the aums secured 'by ""
<br /> this Mortgage. r �;
<br /> 3 The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender ; � ` `
<br /> , � provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid ; , x
<br /> i at Lender's option in the manner provided under puragrapii 2 hereof or by Borrower making payment, when due, , r s ar; , �
<br /> directly to the insurance carrier. � � }';
<br /> '' In the event an lic is not renewed on or before ten days of its espiration, the Lender, to protect ' `
<br /> � rno ' y ' ; k =
<br /> its interest, may pracure 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 Bonower to comply may, at option of Lender, conatitute a default i {
<br /> iunder the terms of this Mortgage. �
<br /> ::� Ali insurance policies and renewals thereof shall be in Corm acceptssble to Lender und shall include u standard x : ti
<br /> mortgage clause in favor of nnd 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 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 � �,7s,'r
<br /> may make praof of loss if not made promptly by Borrower. � {
<br /> Unlees Lender and Borrower othenvise agree in writing, insurance proceeds shall be applied to restoration or � _ �?
<br /> repair of the Property damaged, procided such restoration or repair is economicaAy feasible und the security of i " c y��
<br /> 66is Mortgage is not thereby impaired. If such restoration or repair is not economicnlly feasible or if the security ` � ' '`
<br /> of this Mortgage would be impaired, the insurance ��roceeds shall be appiied to the sums secured by thie Mortgsge, ` � 'r
<br /> with the excess, if any, paid to Borrower. If the Yroperty is abundoned by Borrower or if Borrower fnila to respond s ?„ °'i;�
<br /> to Lender within 30 days after notice by Lender to Borrower thnt the insurance carrier oflers to settle a claim for � 't�
<br /> ,
<br /> ineurance benefits, Lender is authorized to collect and apply the insurnnce proceeds at Lender's option either to � ,'
<br /> restoration or repair of the Property or to the sums secured by tliis �fortgage. � � ' �
<br /> Unless Lender and Borrower othenvise a ree in �vritin an suc}� a lication of �� 7 ;�
<br /> B g� Y pp proeeeds to principal shsll ; �
<br /> not extend or postpone the due date of tlie montlily installments referred to in parngraphs 1 and 2 hereof or change t:�
<br /> the amount of such installments. ' ;!
<br /> ^ ,
<br /> If under paragraph 18 hereof the Yroperty is scquired by Lender, all right, title and interest of Borrower in
<br /> and W any insurance policies and in and to the proceeds tLereof ( to the extent of the sums secured by this Mort- "�':M
<br /> gage immediately prior to such sale or acquisition ) resulting From damage to the Property prior to the sale or t '"'
<br /> ncquieition shall pass to Lender. �
<br /> w ;
<br /> ;� 6. Preservation �sd Mmatea�ce of Property; Leaseholds; Condomiaiums. Borrower shall keep the Prop-
<br /> erty in good repair and shall not permit or commit waste, impairment, or deterioration of the Property and shall
<br /> j comply with the proviaions of any lease, if this Mortgage is on a leasehold. If this ,14ortgage is on a condominium �•
<br /> Sunit, Bortower shall perform sll of Borro�ver's obligations under the declaration of condominium or master deed, ;;
<br /> � the by-laws and regulations of the condominium project and constituent documents. :
<br /> 7, .Proteetion of Lender's Seeurity. If Borrower fails to perform the covenants and agreements contained in �
<br /> this Mortgsge, or if any action or �roceeding is commenced which tnaterially uffects Lender's interest in the Prop-
<br /> � e=ty, including, but not limited to, eminent domain, insoh•ency, code enforcement, or arrangements or proceed-
<br /> iaga involving a bankiupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such
<br /> appes;aaces, disburse such sums and take such action as is necessary to protect Lender's interest, including, but
<br /> '� � not limited to, diaburaement of reasonuble attorney's fees and entry upon the Property to muke repairs. Any
<br /> ^� amounts diabursed by Lender pursuant to this paragraph 7, �vitli interest thereon , shall become ndditional indebt-
<br /> ednesa of Borrower secured by this �iortgage. 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 /> est from the date of disbursement at the rate stated in the �Tote imless payment of interest at such rate woutd be
<br /> contrsry to appiicable law, in which event such amounts shall bear interest ut the highest rste permissible by
<br /> applicable law. �Tothing containeci in this paragrapli 7 shnll require Lender to incur any expense or do any act
<br /> hereunder. '
<br /> 8- Iaspeetion. Lender may make or cauee to he inude reasonnble entries upon and inspections of the Prop- ` '
<br /> erty, provided fhat Lender shall give Borroa•er notiee Fu•ior to nnc sucl� inspection specifying reasonable cause
<br /> therefor related'to Lender's>interest in the Property. . "�
<br /> 9. Condeamation, The proceeds: of any award or claim for damuges, direct or consequential, in connection
<br /> with any condemnation or other taking of the Property, or part thcreof, or for conveyance in lieu of condemna-
<br /> tion, sre fieseby assigned and shall Ue paid to Lenden �„ = ;
<br /> In the event of a total taking of theProperty, the proceecis sl�all be applied to the sums secured by this Mort- '"-C""�" '>'
<br /> gage, �vith the excess, it any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower -�
<br /> aad I.endei'otherwise agree in writing, there shall be applied to the auma seeured Uy this Mortgage such propor- � �,��
<br /> tion of the proceeds as'is equal to that proportion which the amount of the sums secured by this A4ortgage imme- .� ;
<br /> diately prior to the date of taking besre to the fair inarket value ot the Property.: immediately prior to the dste of M�,�r J
<br /> taking, vaatli-the;bals�ce of the p�aceeds paid to Borrower_
<br /> LtxttiePir6p�cEy is!+�bsndoaed by Borrower, or if after notice b Lender to Bonower that the condemnor ofl'era �•�� '
<br /> to ms#te �n�swar� or;settle a claim for dams Y ` ;��' 4"�'
<br /> „,r g@s, Borrower fnils to respond to Lender within 30 days of the date
<br /> �'� of 'suck,�iE"tiee, .�ender ia suthoriaed to• collect and ap�51y theproceeds at Lender's option either to restoration or
<br /> repsir of tkte Pmperty or to the'sums s�cured by: tuis \Iortgage.
<br /> ,� LTnIess Lender"and Borrower othernise agree in writing, aay such application of proceeds to principal shall
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