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<br /> � If under paragraph IS hereof the Property is sold or the I'roperty is othenvise acquired by i.ender, Lender
<br /> shnll apply, no later tlian immediately prior to ihc s�lc of tlie Yro�icrty or its sscquiaition by Lender, nny Funds
<br /> held by Lender nt the time of upplication as a credit agnin�c thc suins secured by this Viortgaga
<br /> 3. Applieation oI Paymeata Unless npplical>Ic ]a�r Provides othenvise , ull payments received by Lender
<br /> j under the Note and paragrapl�s 1 nnd 2 hereof shall bc applicd by Lender first in payment of umounts payable to '
<br /> ' Lender by' Borrower under paragrnph 2 hereof, then to interest puyable on thc Notc and on Future Advuncea, if F
<br /> ;,`: any, and then to the principal of the Note And to the principal of Future Advunces, if any. `'
<br /> 4.' Charqes: Liens. Borrower sliall j�sy all taxes, assessments nnd other churges, fines nnd impositions attrib- A ,
<br /> � ut,able to the ProperEy which may nttain a priority over this Mortgage, and ground rents, if any, at Lender's
<br /> � option in the manner provided under pnragraph 2 hereof or by Borro�ver inaking payment, when due, directly to
<br /> ` _� the payee thereof. Borrower ahall promptly furnish to Lender ull notices of smoimts due under this paragraph,
<br /> � and in the event Borrower ahall makc payment directly, Borrotver shull promptly furnish to Lender receipts evi-
<br /> i � deneing suoh payments. Bocrawer sfisll promptly discharge nny lien �vhich has priority over this \4ortgage ; pro- �
<br /> " � vided, that Borrower shall not be required to discharge any sucl� lien so long us Borrower st�aIl agree in writing to �`
<br /> � � the payment of the obligation secured Uy such lien in u manner acceptable to Lender, or shotl in good faith contest
<br /> , :� such lien by, or defend enforcement of such lien in, legal proceedings wl�ich operate to prevent the ent'orcement of
<br /> ' the lien or forfeiture of the Property or any part thereof.
<br /> ]� 5. Hazard Imuraaee. Borrower shull keep tLe improvements no«� existing or hereufter erected on the Prop-
<br /> i � erty insured sgainst loss by fire, hazards included within the tern� "extended coverage", and such other hazards se
<br /> Lendermay require and in such amounts anci for sucli periods as Lender ma,y require ; provided, that Lender shall
<br /> i not require that the umount of such covernge exceed that amount of covernge required to pny the sums aecured 'by
<br /> � this Mortgage.
<br /> The insurance cnrrier providing ilie insurauce shall be chosen by Borrower suhject to approval by Lender;
<br /> provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid
<br /> ; at Lender's option in the manner provided under paragrapl� 2 hereof or by Borro«�er 7naking payment, when due,
<br /> � directly to the insurance carrier. =
<br /> In the event an hc �s not renewed on or before ten da s of its ex iration the Lender to j '
<br /> � Y Po � Y � Y P > > Protect
<br /> '; ; its interest, msy procure insurance on the improvements, pay the premiums and such sum shalI 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 Borrower to comply may, at option of Lender, constitute a default F;
<br /> under the terms of this Mortgage.
<br /> ; ; All insurunce policies And renewals tliereof �l�alt be in fonu acceptable to I.ender and shzll include a standard
<br /> � inortgage clause in favor of and in form acceptable to Lender. I.ender shsll have the rigUt to l�old the policies und � ;;
<br /> � renewsls thereof, and Borrower shall promptly furnisl� to Lender all renewal notices and all receipts of paid pre- � '`
<br /> miums. In the event of loss, Borrower shall give prom�t notice to tl�e insurance r.irrier and Lender, and Lender
<br /> ' may make proof of loss if not made promptly by Borrower.
<br /> , { Unless Lender and Borrower otl�erwise agree in �vriting, insurance proceeds shull be applied to restoration or � , ` `
<br /> � repair of the Property damaged , provided such restoration or repair is econo�nicalty feasible and the security of
<br /> i this 14ortgage is not tl�ereby impnired. I[ such restoration or repair is not economically feasible or if the security ,
<br /> � of this Vlortgage �vould be impaired, the insurunce proceeds shall be applied to the sums secured by this Mortgage, .
<br /> with the excess, if any, paid to Borrower. If tLe Yroperty is abandoned by Borrower or if Borrower fails to respond �
<br /> � to Lender within 30 days after notice by Lender to Borrower tl�at the insurance cxtrrier offers to settle a claim for
<br /> inaurance benefits, Lender is authorized to collect and ttpply tlie insurance proceeds at Lender's option either to ,
<br /> restoration or repair of the Property or to the sums secured Uy this �Iortgage. � '
<br /> Unless Lender and Borrower otherwise ugree in �vriting, any such application of proceeds to principal shall � ';
<br /> not extend or postpone the due date of the �nonthly instailinents referred to in paragraphs 1 and 2 hereof or change
<br /> the amount of such installments.
<br /> If under paragraph 18 hereof the Property is acquired by Lender, nll right, title and interest of Bonower in " `%
<br /> { and to any insurance policies and in and to the proceeds thereof (to tLe extent of the sums secured by this Mort- ,'i
<br /> � gage immediately prior to such sale or acquisition ) resulting from du�nnge to t.he Property prior to the sale or
<br /> acquisition shall pass to Lender.
<br /> 6. Preservatioa �d Mmaten�ce of Pzoperty; Leaseholds: Coadominiums. Borrower shall keep the Prop-
<br /> erty in good repair and shall not permit or commit waste, impairment, or deterioration of the Property and shal!
<br /> comply with t.he provisions of nny lease, if this �Iortgage is on a leasehold. If this �Zortgage is on a condominium
<br /> unit, Borrower shall perform all of Borro�ver's obligations under t.he declnr�tion of condominium or master deed,
<br /> the by-laws and regulations of the condominium project and constituent documents.
<br /> 7. Proteetion of Lendez's Secu=ity. If Borrower fssils to perform the covennnts and agreements contained in
<br /> this _Vlortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Prop-
<br /> erty, including, but not ]imited to, eminent domain, insoh�ency, code enforcement, or arrangements or proceed-
<br /> in� invoiving a bankrupt or decedent, then Lender at I,ender's option , upon notice to Borrower, may inske such
<br /> appesrances, disburse such sums And take such ssction ns is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonable uttorney's fees and entry upon the Property to make repairs. Any
<br /> ' ;j amounte disbursed by Lender pursuant to this parngraph 7, �vith interest thereon , shall become ndditional indebt-
<br /> � ednesa of Borrower secured by this �fortgage. Unless Borrower und Lender a�ree to other tercns of payment, such
<br /> amounts shnll be payable upon notice from Lender to Borrower requesting payment thereot, and shall bear inter-
<br /> � est from the date of disbursement at the rate stated in the \Tote unless payment of interest at such rate would be
<br /> contrary to applicable law, in which event such amounts shall bear interest at tlie highest rate permissible by
<br /> ; � applicable law. Notliing contained in this paragrapli 7 shnll requirc Lender to incur any expense or do any act
<br /> hereunder.
<br /> � 8. Inspectioa. Lender may make or cause to lic made reseonablc entries upon and inspections of the Prop-
<br /> erty, provided that Lender shall gi��e Borro�ver noticc ��rior to nn}• suoL inspection specifying reasonttble cause
<br /> �'� therefor related to Lender's interest in the Property.
<br /> 9. Condemnatioa. The proceeds of any award or claim for damages, direct or consequentisl, in connection �
<br /> with any condemnation or other taking of the Property, or part thcreof, or for conveyanee in lieu of condemna-
<br /> tion; are hereby assigned snd shall be paid to Lender. ;?•�
<br /> „ In the evenL of s total taking of the Property, the proeeecis s6a11 be applied to the sums secured by this Mort- " �"" �s` .
<br /> y: gage, �vith t6e e�ccess, if any, paid to Borrotiver. In the event of a partisl tuking of the Property, unless Borrower ar `� �' '
<br /> - and Lender othenvise agree in writing, there ehail be appliecl to the sums secured by this �tortgage euch propor- `
<br /> � ', tion oj the;:proceede, a�'3a equsl to that proportion wl�ich the . amount of the sums secured by this \iortgage imme- � e< f
<br /> � diately prior to the date of faking bears to the fair markeE vslue of tlie Property immediately prior to the date of -� ,
<br /> : taking, with the..balana'e ofithe proceeds paid to Bonower. �! ��"
<br /> '."�= If the-Propeety isabandoned by Borrower or if stter notice by Lender to Borro�ver that the condemnor offers '""' w
<br /> F' � to make sn� atvaa�d or aettlela cla"un ior dsmages, Borioo�er fails to respond to Lender within 30 days af the,date ' x� .i` "�#
<br /> <� of such,notice, �.ender is suthorized •to. col2ect. and :appiy the. proceeds at Lender's option eitl�er to restoration ar <
<br /> ' 3 zepair of the Propei'ty,orto the sums secured by this \tortgage.
<br /> �� '. j- ETnless Lender'andBorrower ;othernise sgree in writing, any such application of proceeds to principsl shall
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