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<br /> � If under paragraph 18 hereof the Property is sold or the Property is otherivise acquired by Lender, Lender
<br /> shall apply, no , later than immediately prior to tlic sale of t6e Property or its acqui�ition by Lencler, nny Funds
<br /> held by Lender at the time of ap�lication as s credit against tl�e sums ,ecured by this vIortgage.
<br /> 3. Application of Payuients. Unless npplicablc !n}e provides othernise, all payments received by Lender
<br /> under the Note and Paragrapt�s l and 2 Uereof shnll bc upplied f�y Lender first in payinent of amounts payable to
<br /> Lenderby Borrower under parag;aph 2 hereof, then to interest payable on tlie Note and on FuWre Advances, if �. ,°
<br /> ? any, and then to the principal ot' the Note anci to the principal of Future Ad�•ancca, if ssny:, r ,
<br /> t � 4. Charges; Liens. . Borrower sl�all pay all taxes, assessments and other charges, fines und impositions attrib- ;
<br /> � utable Lo the P{operty which may nttain a , priority overlliis �4ortgsge, and ground rents, if any, at Lender's ; ; '
<br /> ' j � option in the manner provided under parsgrsph 2 hereof or by Bonower inaking pnyment, when due, directly to ; f
<br /> r the payee thereof. Borrower shatl promptly furnisit to Lender ull notices of umounts due under this paragraph, : � 2,
<br /> '. O and in the event Borrower shall makc payment directly, I3orro�ver sttull promptly furnish to I.ender receipEs evi- � � '
<br /> { C dencing such payments. Borrower shall promptly discharge auy lien which has priority over this Vlortgage ; pro- ; a
<br /> ,i vided, thatBorrowershall not be required to discl�arge any such lien so long 3s Borrower sLall agree in writing to ,
<br /> j r the payment of the obligation secured by such lien in u munner acceptaUle to Lender, ot shall" in good feith conteat `
<br /> � such lien by, or defend enforcement of such lien in, legat proceedings wl�ich operute to prevent the enforcement of �
<br /> " � the lien or forfeiture of the Property or any part thereof. ' "^
<br /> -i ^ 5. Hazard Inaur�ce. Borrower shall keep the improvements now• existing or hereafter erected on the Prop- ' '
<br /> ; erty inaured against loss by fire, hazards included within the term "extended covernge", 3.nd such otlier hazards as '
<br /> � Lender may require and in such amounts and for such period� as Lender may require ; provided, that Lender shsl] �
<br /> i not require that the amoant of sueh coverage exceed that amount of coverage required to pay the sums secured 'by
<br /> ; this Mortgage. ; 5 '
<br /> , The insurance cztrrier providing the insurauce shall be chosen by Borro�ver subject to approval by Lender ; �
<br /> `v provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid „
<br /> at Lender's aption in the manner provided under paragrapli 2 hereof or by Borro�ver muking payment, when due, ' =_
<br /> � directly to the insurance carriea "
<br /> ; In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect 5
<br /> ita interest, may procure insurance on the improvements, pay the premiums and such sum shall become g s „'
<br /> immediately due and paysble with interest at the rate set forth in said note until paid and shall be 'r;
<br /> secured by this Mortgage. Failure by Bonower to comply may, at option of Lender, constitute a default Y, t
<br /> j under the terms of this Mortgage. " ` :
<br /> All insuranee policies and renewals tl3ereof �hall be in tonn acceptable !0 1.ender and shall include a atandard s
<br /> ' mortgage clause in favor of nnd in form acceptnble to Lender. Lender shali have the rigltt to hold the policies and 4 '" `"�
<br /> j renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid pre- F k :.
<br /> miums. In the event of loss, Borrower shall give prompt notice to tLe insurance carrier and Lender, and Lender � `
<br /> ' may make proof of loss if not msde promptly by Borrower. � Y ` �
<br /> � Unless Lender and Bonower otherwise agree in �vritii�g, insurancc proceeds shall be applied to restoration or ; , .,;
<br /> j repair of the Property daxnaged, provided such restoration or repair is economically fea,sible and the security of � ` `
<br /> ithis Mortgage is not thereby impaired. If suclt restoration or repair is not economically fetuible or if the security � ' � *` � '
<br /> ! of this \Iortgage wouid be impaired, tUe insurance ��roceeds shall be applied to the sums secured by this Mortgage, �
<br /> � with the excess, if any, paid to Borrower. If the Yroperty is ubandoned by Bormtiver or if Borrower fails to respond t ; ,, ; '
<br /> � to Lender within 30 days after notice by Lender to Borro�ver t1�At the insurance carrier offers to settle a claim for � , , �
<br /> E ineurance bene&ts, Lender is authorized to collect and apply the insurance proceeds ut Lender's option either to = 4 �;
<br /> � restoretion or repsir of the Property or to the sums secured by this \fortgage. T n-
<br /> j Unless Lender and Borrower othemise agree in writing, any such application of proceeds to principal shall h �
<br /> , , �
<br /> not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change ;�',;:
<br /> ; the amount of such installments. ` h
<br /> } If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in i
<br /> � and to any insurance policies and in and to the proceeds tl�ereof (to the extent of the sums secured by this Mort- `;�
<br /> 1 gage immediately prior to such sale or nequisition) resulting from damage to the Property prior to the sale or �ir
<br /> .� acquisition shsll pass to Lender. �
<br /> 6. Pzesezvatioa �d Mmaten�mce of Property; Leaseholds; Condomiaiums. Borrower shall keep the Prop-
<br /> � erty in good repair and shall not permit or commit �vaste, impairment, or deterioration of the Property and ahall
<br /> z comply with the provisions of any lease, if this Jtortgage is on a leasehold. If this Mortgage is on a condominium ,
<br /> # unit, Borrower shall perform all of Borrower's obligations under the declaration of condominium or master deed, ,
<br /> � the by-laws and re�,nilstions of the condominium project i�nd constituent documents. �
<br /> y 7. Protectioa of Leadei s Security. If Borrower fails to perform the covennnts and agreements contained in
<br /> ` "i this Nlortgage, or if any action or proceeding is commenced �vhich materially uffects Lender's interest in the Prop- �
<br /> � erty, including, but not limited to, eminent domain, insoh�ency, code enforcement, or srrangements or proceed-
<br /> + ings invoIving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such
<br /> f appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but `
<br /> " ; not limited to, disbursement of reasonable sttorney's fees and entry upon the Pmperty to make repairs. Any
<br /> ' amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebt-
<br /> � ednesa of Borrower secured by this �fortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> � amounts 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 A�ote Unless payment of interest at such rate would be
<br /> contrary to applicable lsw, in which event such amounts shall bear interest ut the highest rate permissible by
<br /> j, applicable law. Nothing containeci in this paragrapli 7 shnll requirc I.ender to incur any expenae or do any sct
<br /> � hereunden :
<br /> � 8. 'Inapeetion. Lender may make or cause to be �nndc reasonnble entries upon and inspections of the Prop- �:
<br /> � , � erty, provided that Lender shall give Borroa•er notice ��rior to anp surB inspection specifying reasonable cause
<br /> therefor related to Lender's interest in the Property.
<br /> � 9. :Coademaation. Thepmceeds of uny awarcl or claim for damages, direct or consequential , in connection
<br /> r . , � with any_condemnation or other taking of, the Property , or �iart ttiereof, ar for conveyance in lieu of condemna- .
<br /> �, , tion, si�e heieby assigned and sha11 be paid to Lender.
<br /> ,t � � � .__ Inthe event of a total taking of the Property, the procceds sl�all be upplied to the sums secured by this Mort- ' '
<br /> •� gage, with the'excess, if any, paid to Bono�ver. In the event of a portutl taking of the Property, unless Borrower '• r='"'""
<br /> '�4 -�� and Leader otherwise agree in writing, t here s1isA be applieci to the sums secure d by t his V lo r tgage suc h propor- ,-,r '"�
<br /> ,,, ' tion of,the proceeds ss is equsl to that proportion which tl�e amount of the sums secured by this �4ortgage imme- ' ` h` �;
<br /> � ' diately,psior tothe date of taking. bears to the fair �narket value of the Property immediately prior to the date of � W;`:
<br /> '� 4 - Eslang,,i�th�the.;l�slanae of the proceeds paid to Borrower. ��s.. ;
<br /> r 4 ` Ifkthe,�.'roper6y ss atiandoned'by,Borrower or if after notice by Lender to Borrower that the condemnor offers ��` ��
<br /> ' � to,malSe sn award `dr aettle a claim for damages, Borrower fails to respond to Lender within 30 days of the date ;�y�,
<br /> ,., � ,. G . of.sucFs n+oface,_Z,ender is suthoraaed to coltect and;apply the proceeds . sst Lender's option citlier to restoration or r
<br /> sepisir of the Property or to the sssms aecured by tliis �lortgnge.
<br /> �< T7i'ile9a Lender�and Boaower . othertvise agree in �vriting, any such application of proceeda to principal ahall
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