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<br /> If under paragraph 18 hereof the Property is sold or the Property is othenvise ncquired by Lender, Lender ,
<br /> shall apply, no Inter than immediately prior to the salc of tlic Propert}• or its acquisition by Lender, any I'unde
<br /> lield by Lender ut the time of application as a credit aguinat tl�c su�ns �ecurect hy this viortgage.
<br /> 3. Applieation of Paymeats. Unless applicablc In��• ��rovides otherwise, ali payments received by Lender
<br /> ; under the Note and patsgrupLs I and 2 hereof sl�all bc Applied by l.endcr first in payment of arnounts payable to '
<br /> Lender by Borrower under paragrapl� 2 liereof, then to interest payable on the �ote and on Fut�re Advances, if
<br /> any, und then to the principal of the Note and to the principssl of Future Advances, if any.
<br /> ; 4. Charges; Liens. Borrower sliali pay all tuxes, assessments and other charges, fines und impositions nttrib- '
<br /> , utable to the Property which may nttain a priority over tl�is vIortgage, and srom�d rents, if any, at Lender's � " :
<br /> ? : � option in the manner provideci under �aragraph 2 hereof or by Borrower mnking payment, when due, directly to
<br /> � the payee thereoL Borrower shall promptly furnish ta Lendcr ull notices of amounts due under this parsgraph ,
<br /> ' � and is the event Bormwer shall make payment directly, Borro��•er shall promptly furnish to Lender receipts evi-
<br /> .r; � denaing sucl� payments. Borrower shaU promptly discffurge any lien which has priority over this J�Iortgage ; pro-
<br /> � � vided, that Boriower shall not be required to discliarge any such lien so long as Borrower shall agree in writing to
<br /> ;{ � the payment of the obligation secured by such lien in :i manner ncceptable to Lender, or shall in good faith contest
<br /> ;! auch lien by, or defend enforcement of suclf lien in , legal proceedings wliich operate to prevent the en{orcement of
<br /> } � the lien or forfeiture of the Property m• any part thereof.
<br /> .i Op 5. Hazard Insur�ee. Borrower shall keep tl�c i�nprovements no« existing or hereatter erected on the Prop-
<br /> � erty insured against loss by fire, hnznrds included within the term "extended coverage", and such other l�azards as
<br /> `, Lender may require nnd in such amounts and for sucli periods as Lender may require ; provided, that Lender shall
<br /> �. not require that the amount of such coverage exceed tl�at sinount of coveragc required to pay the sums secured 'by
<br /> � this Mortgage. ,
<br /> The insurance cnrrier providing tl�e insurance shall be chosen by Borrower subject to approva! by Lender,
<br /> provided, thut such spproval shall not be unreasonably withheld. All premiums on insurance policies shall be paid
<br /> r at Lender's option in the manner provided under paragrnpli 2 l�ereof or by Borro�ver making pnyment, when due,
<br /> { directly to the insurance caniea
<br /> � 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 /> +' immediately due and payable with interest at the rate set forth in said note until aid and shall be
<br /> P
<br /> `�`'' secured by this Mortgage. Failure by Bonower to comply may, at option of Lender, constitute a default
<br /> under the terms of this Mortgage.
<br /> a; All insurance policies and renewals tl�ereof shall be in forn� :icceptable to I.endcr and shnll indude a standard
<br /> a mortgnge clause in favor of and in form acceptable to Lender. I.ender shall hnve the right to hold the policies and
<br /> :# renewals thereof, and Borrower shall promptly furnish to Lender ail renewal noticr,s �nd nll receipts of paid pre-
<br /> y miums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and I,ender, and Lender
<br /> ,; may make proof of loss if not mude promptly by Borrower.
<br /> ; Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or
<br /> ;; repair of the Property damaged , provided such restoration or repuir is economically fensible imd the security of
<br /> f; this Mortgage is not thereby impaired. If such restoration or repair is not economic:tilly feasible or if the security
<br /> j of this Mortgage would be impaired, the insurance proceeds shall bc applied to the sums secured by this Mortgage,
<br /> with the excess, if any, paid to Borrower. If t1�e Yroperty is abandoned by Borrower or ii Borrower fails to respond
<br /> to Lender within 30 duys after notice by Lender to Borrower tl�nt the insurnnce carrier offers to settle a claim for
<br /> Y insurance benefite, 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 this \Iortgage.
<br /> 3 UnIess Lender and Borrower othenvise agree in ��•riting, any such application of proceeds to principal shall
<br /> ;- not extead or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change ,�;��
<br /> 'f the amount of such inatallments_ ;�;
<br /> If under ara ra h 18 hereof the Yra ert q y , g � ��
<br /> j P g p p y is ac uired b Lender xll ri ht title and interest of Borrower in
<br /> � and to any insurance policies and in and to the pmceeds tliereof (to tl�e extent of the sums secured by this Mort-
<br /> �' gage immediste]y prior to such sale or acquisitionl resulting from damnge to the Property prior to the sale or ''
<br /> � acquiaition shall pass to Lender. .t
<br /> � 6. Praservatioa cmd Mmatea�ce of Property; Leaseholds; Condominiums. Borrower sholl keep the Prop- `
<br /> erty in good repair and shall not permit or commit wastc, impairment, or deterioration of the Property and shaU <;�;
<br /> comply with the pro��isions of any lease, if this �fortguge is on a leasehold. If this �tortgage is on n condominium i
<br /> unit, Borrower shull perform all of Borrower's obligntions under tlie declaration of condominium or master deed , �",`
<br /> � the by-laws and regulations of the condominium project and constituent documents.
<br /> r 7. Pzotection o[ Lender's Security. It Borrower fails to nerfonn the covenants and agreements contained in
<br /> •`' this Mortgage, or if any action or proceeding is commenced which mnteriulh• affects Lender's interest in the Prop-
<br /> � erty, including, but not limited to, eminent domain , insoh•ency, code enSorcement, or xrrangements or proceed-
<br /> ,� ings involving a bankrupt or decedent, then Lender at I.ender's option, upon notice to Borrower, may cnake such
<br /> � appearances, disburse sucl� sums a�d take such action sss is necessary to protect Lender's interest, including, but
<br /> i not ]imited to, diabursement of reasonuble attorney's fees snd entry upon the Praperty to make repsirs. Any
<br /> amounts disbursed by Lender pureuant to this paragraph 7, with interest thereon , shall become udditional indebt-
<br /> � ednesa of Borrower secured by this �iortgage. UnIess Borrower and Lender agree to other terms of payment, such
<br /> amounte shsll be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> ; eet from the date of disbursement at the rate stated in the 1\Tote unless payment of interest at such rate would be
<br /> ,T contrary to applicuble law, in which event such amounts shal] bear interest at the highest rate permissible by
<br /> applicable law. Vatl�ing contained in this paragrspli 7 shnll requirc Lender to incur any expense or do sny act
<br /> ' hereunder.
<br /> �
<br /> � 8. 7nspee6on. Lender may make or cause to hc inadc reasonablc entries upon and inspections of the Prop-
<br /> erty, provided that Lender sl�all give BorroK•er noticc �n•ior to nn}- such inspection specifying reasonable cause
<br /> therefor related to Lender's interest in the Property.
<br /> ,� 9.. Condemaatioa. The proceeds of any n�vsrd or claim for damstges, direct or consequential, in connection
<br /> y with any condemnation or other tal:ing of tlie Yroperty , a• part thereof, or for conveyance in lieu of condemna-
<br /> ! tion, are hereby assigned and ahall be paid to Lender.
<br /> In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mort-
<br /> gage, with the excess, if any, paid to Borro�ver. In tl�e event of a psrtial taking of thc Property, unless Borrower ...�.-.,-
<br /> and I.ender 'otherwiseagree in writing, there sliall be applied to tl�e smns secured by this �Iortgage such propor- �
<br /> tion of the proceeds as is equsl to that proportion which the amount of the sums seeured by this �tortgage imme- r;; �; � �
<br /> diately prior to' the date of taking bears to the fair inarket value of the Property immediately prior to the date of � �,1, � �
<br /> taking, w3th';the balance of the proceeds pnid to Borrower. , ; ,:
<br /> � c If the Property is abandoned byBorrower or if atter notice by Lender to Borrower that the condemnor offers ` '
<br /> to mske sa.awsrd or settIe a claim for damages, $orrower fails to respond to I.ender within 30 days of the date � ,,'� �
<br /> rr�y�
<br /> of anch`notice, I.enderis suthorized to col}ect'and ap�51y tl�e �roceeda- at Lender's option either to restoration or r c
<br /> ,. repsir of the Property or to tHe sums secured by this lfortgage.
<br /> w :..
<br /> ? Zlnless Lender and Borrower othenvise agree in writing, sny such applicstion o[ proceeds to• principal shull
<br /> 3 , �L� �
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