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<br /> If under paragraph 18 hereof thc Property is sold or the Property ia othenvisc �cquired by T.ender, Lender .
<br /> shall apply, no later than itnmediately prior to thc sale of the Pro�icrty or its nequisition by I.ender, any Funds
<br /> held by Lender at the time of application ns a creciSt against thc sums sccured by this �rlortgage.
<br /> 3. Application of Paymeats. Uniess IIPPIIC&I�IC IR\t• provides othenvise, uli payments received by Lender
<br /> under the �ToEe and paragrupf�s l and 2 hereof shuil Me ap��lied by Lender first in payment of amounts payable to
<br /> Lender by Borrower under paragrapli 2 hereof, tlten to interesG pssyable on the Note and on Future Advances, if
<br /> sny, and then to the principal of the Note snd to the principal of Future Advances, if any.
<br /> ; 4. Charges; Liens. Borrower shall pay all taxes, assessments snd otl�er charges, fines and impositions attrib- � `
<br /> utpble to the Property which may uttain a priority over tliis Mortgage, and ground rents, if any, at Lender's `
<br /> j: option in the manner provided under paragraph 2 hereof or by Borroarer muking pnyment, when due, directly to -'�
<br /> ; ; Q�. the psyee thereof. Borrower §hall promptly furnisl� to Lender all notices of amounts due under this paragraph , "- '. • `.
<br /> i : Cp and in the eventBorrower shall make payment direcWy, Borrowcr shall promptly furnish to Lender receipts evi- �
<br /> !t7 dencing such payments. Borrower shall promptly discharge any lien which has priority over this vIortgage ; pro-
<br /> s , p vided, that Borrower shsll not be required to dischnrge uny such lien so long as Borro�ver shall agree in writiug to
<br /> p the payment of the ob]igation secured Uy such lien in :ti �nanner acceptable to Lender, or shalt in good faith contest
<br /> � such lienby, or defend enforcement of sucl� lien in , ]egal proceeditigs �vhich operate to prevent the enforcement of
<br /> "� the liea or forfeiture of the Property or any part thereot
<br /> a � 5. Hazard Insuzaaee. Bonower shall keep tlte i�nprovements now existing or hereafter erected on the Prop-
<br /> ^ erty inaured against ]oas by fire, hazards included within the term "extended coveruge", and such other haznrds as
<br /> � Lender may require and in such amounts and for suc6 periods us Lender may require ; provided , that Lender shall
<br /> not require that the amount of such coverage exceed that amount of covernge required to pay the sums secured 'by
<br /> this Mortgsge.
<br /> The insurance carrier providing the insurance shall be chosen by Borrower subject to approvul by Lender ;
<br /> � provided, that such approval shall not be unreasonably withheld. _111 premiums on insurance policies shail be paid
<br /> � at Lender's option in the manner provided under paragraph 2 l�ereof or by Borrower 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 protect
<br /> its interest, may procure insurance on the improvements, pay the premiums and such sum shall become '"'
<br /> S 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 /> a under the terms of this Mortgage. ,
<br /> AIl inaurnnce policies nnd renewals thcreof shall be in form acr,eptable to Lencler ;tnd shall include a standard ±
<br /> inortgage clause in favor of and in form acceptable to Lender. i.ender shal! have the rigl�t to t�old the policies und
<br /> renewuls 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 shal! give prompt notice to the insurance currier and Lender, nnd Lender �'
<br /> may meke proof of loss if not made promptly by Borrower. r
<br /> ; Unless Lender and Borrower othenvise agree in �vriting, insurnnce proceeds shall be applied to restoration or
<br /> ' tepair of the Property damnged, provided such restoration or repnir is economically feasible and the security af � , ,
<br /> ; ' this -'�Iortgage is not thereby impaired. If such restoration or repair is not econo�nicnlly feasible or if the security r,
<br /> � of this Mortgsge would be impaired , the insivance proceeds sliall be applied to the sums secured by this Mortgage, ;�
<br /> '' with the excess, if any, psid to Borrower. It tl�e Yroperty is abandoned hy Borrower or if Borrower fails to respond '� �" `
<br /> , , i, to Lender within 30 days after notice by Lender to Borrocver tliut the insurance carrier offers to settle a claim for �� �'t
<br /> ineurance benefits, Lender is authorized to collect and apply the insurnnce proceeds at Lender's option either to '� , � ,tF;
<br /> �'' restoration or repair of the Property or to the sums secured by t6is _llortgage. 4 ��t •;
<br /> ! Unless Lender and Borrower otherwise agree in writing, any suc}� applicntion of proceeds to principal shall ; a
<br /> not extend or postpone the due date of the monthly instullments referred to in paragraphs 1 and 2 hereof or change
<br /> t the amount of such installments. ; n:,
<br /> �: If under paragraph 18 hereof the Property is ucquired by Lender, all right, title und interest of Borrower in + 'i
<br /> and to any insurance policies and in and to tlie proceeda tliereof (to tlie extent of the sums secured by this Mort- ''`
<br /> �� gage immediately prior to such ssle or acquisition) re�ultin � from damu e to the Pro ert
<br /> �j � � 6 g p y prior to the sale or �
<br /> y acquieition shall pass to Lender. :'
<br /> 3' 6. Pzeservation �d Mmaten�ce of Property; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> j' erty in good repair and shall not permit or commit waste, impninnent, or deterioration of the Property and shall
<br /> {' comply with the provisions of uny lease, if this tIortgage is on n leasehold. If this Mortgage is on a condominium
<br /> � unit, Borrower shall perform all of Borrower'� obligations iinder the declarution of condominium or master deed, '
<br /> s the by-lawa and regulations of the condominium projeci and constituent documents.
<br /> l 7. Proteetioa of Lender's Security. If Borrower fuils to perform the covenants and s6reements contained in
<br /> ' this Mortgage, or if any action or proceeding is commenced �vhich materisily nffects Lender's intereat in the Prop-
<br /> � erty, including, but not limited to, eminent doinain, insoh•ency, code enforcement, or arrangements or proceed-
<br /> ' ings involving a bankrupt or decedent, then Lender at I.ender's option, upon notice to Borrower, may make such
<br /> ' ;: appearances, disburse sucl� sums and take such action as is necessary to protect Lender's interest, including, but
<br /> g, notlimited to, disbursement of reasonnble attorney's fees and entry upon the Property to make repairs. Any
<br /> � amounts diabursed by Lender pursuant to this paragrsph 7, a�•ith interest thereon, shall become ndditional. indebt-
<br /> edness of Borrower secured by this �Iortgage. Unless Borrower and Lender agree to other terms of payment, auch
<br /> f: smounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall 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 amounts shell bear interest at the highest rate permissible by
<br /> ¢ applicable law. Nothing contuined in this parugruph 7 shall requirc Lender to incur any expense or do any act
<br /> � hereunder.
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<br /> 8• Ii+speetion. Lender may make or cnuse to he made reasonablc entries upon and inspections of the Prop-
<br /> � � erty, provided that Lender shall give Borrower notice ��rior to :tim- such inspection specifying reasonable cause
<br /> t6erefor related to I,ender's interest in the Property.
<br /> i " '• ' 9: Condemnatioa. The proceeds of any nward or claim tor damages, direct or consequential, in connection '
<br /> s with any condemnation or other taking of the Property, a• part thcreof, or For conveyance in lieu of condemna-
<br /> ? tion, are hereby sssigned and shall be paid to Lender.
<br /> In the event of a total taking of the Property, the proceeds sliali be applied to the sums aecured by this Mort-
<br /> ,L� gage, with the excess, if any, paid to Borrowen, In the event of a partial tnking of the Property, unlesa Borrower �°--e,.—^::'
<br /> VN� , sad Lender otherwise agree in writing, tl�ere shall:be spplied to t1�e suins secured by this vlortgage such propor- ;:
<br /> ' tion of the proceeds ss is equal to that proportian which tl�e amount of the sums secured by this Mortgage imme- � -� ;
<br /> � distely prior to the date of taking bears to t6c fair market value of tl�e Pro ert immediatel "�" ~ _ �
<br /> ' p y y prior to the date of „ r �
<br /> takingf with the�bal�inee of�the proceeds paid to Borrovrer. '
<br /> ' Zf thePro,perty;is absndoned bq Borrower or if Rfter notice by Lender to Borsower that the condemnor offers ��, �,
<br /> ¢ to ma�e su.eiva`�d br settIe a clainn for damages, Borrower isils to respond to Lender within 30 days of the date �" "
<br /> `.� of'sdck���notice,�I:�nder is suthonzed fo collect and ap�ly the proceeds at Lender's option either to restoration or � ��5 �' .��'k
<br /> , i - �re�fsir of 'the Property or to. the sums seoured-by Lhis \Iortgsge.
<br /> '" `} Unl�9s'Lender: and Barrower otherwise a ree in writin an auoh a lication of p p
<br /> � : ,�: r . B B� . Y PP � Proceeds to rinci sl ehall
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