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<br /> If under parsgraph 18 hereof the Property is sold or the Property is otherwise acquired by 7.ender, Lender
<br /> shall apply, no later tl�an immediately prior to thc salc of tl�c Propm�ty or its acquisition by Lender, any Tunds
<br /> held by Lender at the time of application as a credit against tLe sums secured by� this \4ortgage.
<br /> 3. Application oi Payments. Unless npplicnble Inw providec otherwisq ntl payments received by Lender
<br /> under the Note and pnragrapt�s 1 and 2 hereof shall bc applied by 7,ender first in pay�nent of amounts paysble to
<br /> Lender by Borrower under paragrnph 2 liereof, then to interest ��:�yuUle on the Note and on Future Advances, if
<br /> any, and then to the principal of the Note and to the principal of Ruture Advnnces, if any. �;
<br /> 4. Clsarges; Lieas. Borrower sl�all pay all taxes, ossessments und other charges, fines and impoaitions attrib- ` �
<br /> utpble to the Property whioh may uttain a priority over tl�is �fortgage, and ground rents, iE any, at Lender's +i
<br /> I' option in the msnner provided under parngraph 2 hereot or by Borrower inaking pay�nent, when due, directly to < �,:
<br /> „�; the payee thereof: Borrower,shalt promptly furnish to I,ender all notices of amourcts due under this paragraph, ,`.;
<br /> � ' ' and in the event Borrower shsll mnkc , payment directly, Borro��•er shal! promptly furnish to Lender receipta evi-
<br /> rs � dencing sucH payments. Borrower shall promptly disc2�arge nny lien which has priority over this Mortgage ; pro- �
<br /> vided, that Borrower shsll not be required to discharge any such lien so long as Bonower sliull agree in writing to
<br /> � ehe payment of the obligation secured Uy sucl� lien in s� mnnner acceptnble to Lender, or shall in good faith contest
<br /> ; � such lien by, or defend enforcement of sucli lien in, legal proceedings wliich operate to prevent the enforcement of
<br /> � the lien or forfeiture of the Property or any part tl�ereof.
<br /> � � 5. Hazazd Insuramce. Borrower shnll keep tl�e improvements now existing or herenfter erected on the Prop-
<br /> ' � erty insured against loss by fire, haaards included �vithin the term "extended coverage", and such other hazarda as '
<br /> � Lender may require and in such amounts flnd for such periods as I.ender mssy require ; provided , thnt Lender shall
<br /> n not require that the amount of such coverage exceed thnt umount of coverage required to pny the sums secvred 'by
<br /> this Mortgage.
<br /> '! The insurance carrier providing tlie insurance sliail be chosen by Borro�ver subject to approval by Lender •
<br /> provided, thnt such spproval shall not be unreasonably �vithheld. all premiums on insurance policies shall be paid
<br /> at Lender's option in the inanner provided under paragraph 2 hereof or Uy 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 .a
<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
<br /> j ' under the terms of this Mortgage. �;
<br /> All insurance policies and renewals thereof shall be in forui acceptable to I,ender and shall include u stssndard
<br /> '� inortgage clause in favor of and in form acceptsble to Lender. Lender shall have the right to hold the policies and '.�,
<br /> � renewals thereof, and Borrower shall promptly furnish to Lender aii renewal notices and all receipts o[ paid pre- �, '
<br /> ' 1: miums. In the event of loss, Borrower shall give proinpt notice to the insurnnce currier and Lender, and Lender ,
<br /> �' msy make proof of loss if not msde promptly Ly Borrower. " �
<br /> � Unless Lendet und Borrower otherwise agree in �vriting, insurance proceeds shall be applied to restoration or �� "
<br /> repair of the Property damaged, provided such restoration or repair is economically feasible und the security of �`
<br /> this Mortgage is not ti�ereby impaired. If such restorntion or repair is not economic�lly feasible or if the security � r
<br /> ;' of this 14ortgage would be impaired, the insurance �>roceeds siiall be npplied to the sums secured by this Mortgage,
<br /> � with the excess, if any, paid to Borrower. If the Yroperty is abandaned by Borro�ver or if Borrocver [ails to respond � `' "
<br /> to Lender within 30 days after notice by Lender to Borrower thnt �he insurance carrier offers to settle a claim for � �� :;
<br /> inaurance benefits, Lender is authorized to collect snd apply the insurance proceeds at Lender's option either to '�` , `;
<br /> � restoration or repair of the Property or to the sums secured by tl�is \Iortgage. �a„
<br /> ' 't Unless Lender and Borrorver othenvise agree in �vriting, any such application of proceeds to � ' `� < ,;
<br /> �: not extend or postpone the due date of the montl�ly installments referred to in paragrapha 1 and 2 hereof or ohsnge .�,,i
<br /> �+ the amount of such installments. :s
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<br /> '-- If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in { ^�'
<br /> � and to any insurance policies and in nnd to tlie proceeds tl�ereof (to tl�e extent of the sums secured by this Mort- x�.
<br /> �`. gage immediately prior to such sale or acquisition) resulting fro�n damage to the Property prior to tl�e sale or
<br /> �i acquiaition shall pass to Lender. e,
<br /> t 6. Preservation �d Mmntea�ce of Pzoperty; Leaseholds; Coadomiaiums. 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 /> , � comply with the provisions of nny lease, if this \fortga�e is on a lease4old. If this �lortgage is on a condominium
<br /> � unit, Borrower shall perform nll of Borrower'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. Proteetioa of Lender's Security. If Borrower fails to perform the covenants und agreements contsined in
<br /> , this Viortgage, or it any action or proceeding is conunenced whicL materiully nffects Lender's interest in the Prop-
<br /> � erty, including, but not limited to, eminent domain , insoh•ency, code enforcement, or arrangements or proceed-
<br /> ` ings involving a bunkrupt or decedent, then Lender at I,ender's option, upon notice to Borrower, m$y make such
<br /> } appearances, disburae such sums snd take such nction as is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonnble attomey's fees and entry upon the Property to make repairs. Any
<br /> ' amounts disbursed by Lender pursuant to this pnragraph 9, �vith interest thereon, shall become udditional indebt-
<br /> edness of Borrower secured by this \iortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> �� amounts ahall be payable upon notice from Lender to Borrower requesting psyment thereof, and shall bear inter-
<br /> est from the date of diabursement at the rate stated in the ATote unless puyment of interest at such rate would be
<br /> �' contrary to applicable Iaw, in which event such amounts shall bear interest at the higheat rate permiesible by
<br /> ;; applicsble law. Nothing contained in this psragrnpb 7 sl�nll reryuirc Lender to incur an ex ense or do an act
<br /> si hereunder. Y P y
<br /> . ;t 8• Inspeetion. Lender may make or cause to be inudc reasonabic entries upon and inspections of the Prop-
<br /> ; - erty, provided that Lender ehall give Borroa•er notice �.rior to nn}- such inspection specifying reasonable csuse
<br /> '. �- therefor related to Lender's intereat in the Property.
<br /> 9.. Condemnation. The proceeds of uny award or claim for damnges, direct or consequential, in connection
<br /> with, any condemnation or other taking of the Property, a• part tl�ereof, or for con��eyance in lieu of condemnn-
<br /> . tion, are hereby assigned and shall bepaid to Lender.
<br /> In the event of s total taking of the Praperty, tl�e proceed, shall bc applied to the sums secured by this Mort- ._ �,,, . �� :
<br /> - - gage, with the excess, if any, paid io Borrower. In the event of a partisl taking of the Property, unless Borrower � � .�,
<br /> �•- ' sad Zender otherwise agree in writing, there sliall be ap��lied to tl�e sums secured by this \4ort�age such propor-
<br /> `� tion of the proceeds as.is equal to. that proportion which the amount of the aums secured by this vlortgage imme- , �i: , '
<br /> diately prior to the dste of taking beara .to t(ie fair ivarket. value of t6e Property immediately prior to the date of �';°.. ; `^
<br /> t.al�ng, wittx the balance of the proceeds paid to Borrower. [�'
<br /> �` If the:Pr,operty. is abandoned byBorrower or if xtter notice by Lender to Borro�ver that the condemnor offers � - . .: _,�
<br /> J to ma7ce'sff award or aettle a claim for damsgea, Borrower fails io respond to Lender wit6in 30 days of the date �` �;,w. >�;�
<br /> °� of such�not�ce; I:ender is. suthorized to coIIecE and. ap��ly the proceeds at Lender's option eitl�er to restoratio� or --
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<br /> 'I ° repair of.'the Property orto the ewne eecured by this \lortgage.
<br /> _ .� : Unless 7,ender"and Borrower .othernise ' agree in writing, any such applicntion of proceeds to principn.l ahall
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