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<br /> ' � If under paragraph 18 hereof the Property is sold or the Property is othenvise acquired by I.ender, Lender �
<br /> i ahall apply, no luter than immediately prior to the snlc of the Property or its acquisition by Lender, any Funds _
<br /> ' CD held by Lender at the time of application as a credit ugainst the su�ns secured by this Mortguge. ;
<br /> Cp 3. , Appliartioa of Paymants. Unless applicublc lai�• provides otherwise, zil payments received by Lender
<br /> Op und'er the Note and paragrnpl�s '1 and 2 hereof sliaU bc upfilied by 7.ender first in payment of amounts payable to �
<br /> i Q Lender by Borrower under paragrapli 2 ' l�ereof, then to interest i�ayable on the Note und on Future Advances, if ; �
<br /> tl : ; Q any, and then to the principal of the iVote und to the principul of Future Ad��ances, if nny. , " f�;
<br /> � Q 4. .Charges; Liens. Borrower shsll pay all taxes, assessments and other charges, fines and impositions attrib- ° ;��.
<br /> utable to the Property which may attain a priority over this Mortgage, nnd ground rents, if uny, at Lender's �� ' � ,„
<br /> � opLion in the msnner provided under paragraph 2 hereof or by Borrower inaking payment, when due, directly to �` $
<br /> ` � Op the payee thereof. Bonower ahall promptly furnish to I.ender all notices of amounts due under this paragraph, � E ` *;
<br /> :.� � aad in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evi- + �
<br /> � deacing such payments. Borrower ahall promptly discharge any lien which has priority over this VIortgage ; pro- E ' S
<br /> ;a vided, ,that Borrower shall not be required to discharge any such lien so long as BonowGr sha❑ Agree in writing to � nw;,
<br /> a the,payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in �ood faith contest , , ,�
<br /> � auch Len by, or defend enforcement of such lien in, legal proceedings which operate to prevent the entorcement of v �t
<br /> the hen or forfeiture of the Property or nny part thereof. ' "
<br /> 5 ` Hazard Iasuraace. Borrower shall keeP tl�e improvements no�c existing or hereafter erected on the Prop- '
<br /> ? erty msured against loss by fire, hazards included within the term '°extended coverage", and such other hazards as . -
<br /> <� Lender muy require and in such amounts and for such periods us Lender may require ; provided , that Lender ahalt n ti ';
<br /> . ,� noL require that the amount of such ooverage exceed that smounL of coverage reqnired Lo pay the sums seeured 'by ; .}
<br /> tlus Mortgage. i s ;
<br /> :� The insur8nce carrier providing the insursnce shal] be chosen by Borrower subject to approval by Lender, � x
<br /> , � provided, that such approval shall not be unreasonsbly withheld. All premiums on insurance policies shall be paid � ^ -
<br /> at Lender's o tion in the manner rovided under `� I�ereof or b Borrower makin � L
<br /> = P p paragraph _ y g payment, when due, ,
<br /> directly to the insurance carrier. g L �"f_
<br /> ' ' ; In the event any policy is not renewed on or before ten days of its expiration, the Lender, to pmtect } � 4�
<br /> ; 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 paid and shall be �
<br /> ; secured by this Mortgage. FaIIure by Borrower to comply may, at option of Lender, constitute a default ` ` "'
<br /> ! under the terrns of this Mortgage. ; . -
<br /> 1, All insurance policies snd renewals thereof shall be in forni acceptable to Lender and shnll includc a standsrd ' 3x,
<br /> ' �+ mortgage clsuse in favor of and in form acceptable to Lender. Lender shsll have the right to hold t.he policies and � �
<br /> renewals thereof, and Borrower shall promptly furnish to Lender all renewul notices and all receipts of paid pre- : 4 ;,�
<br /> -. � miums. In the event uf loss, Borrower shall give prompt notice to the insurance carrier and Lender and Lender � +
<br /> may make proof of loss if not made promptly by Borrower. � � � �
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<br /> Unless Lender nnd Borrower other�vise agree in writing, insurance proceeds shall be applied to restoration or + '
<br /> � repair of the Property damnged, provided such restoration or repair is economically feasible and the security of 2� f ' ';'i
<br /> this Mort e is not thereb � ' �
<br /> j gag y impaired. If such restoration or repair is not economieally feasible or if the seeurity � � ,
<br /> � of this Mortgage would be impaired, the insurance proceeds shull be applied to the sums secured by this Mortgage, : s "
<br /> with the excess, if uny, paid to Borrower. If the Yroperty is abandoned by Borrower or if Borrower fails to reapond ` ` �� '
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<br /> to Lender within 30 days after notice by Lender to Borrower t6at the insurance carrier offers to settle a claim for � � ,`� % '_
<br /> insurance benefits, I.ender is authorized to collect and apply the insurance proceeds at Lender's option either to � rxN1
<br /> restoratioa or repair of the Property or to the sums secured b�• this JIortgage. � ;,,
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<br /> Unless Lender and Borrower othenvise agree in writing, any suc}i spplication of proceeds to principa( ahall x �-sr�
<br /> not extend or postpone the due date of the mont4ly instaliments referred to in paragraphs 1 and 2 hereof or change �
<br /> � the amount of such installments. � �
<br /> ;� If under psragraph 18 hereof the Yroperty is acquired by Lender, all right, title nnd interest of Borrower in � :;�
<br /> � eJo
<br /> and to any insurance policies and in and to the proceeds thereof (to the extent of the sums secured by this Mort- ,.
<br /> � gage immedistely prior to such sale or acquisitionl resultin� from datnage to the Property prior to the sale or `•., :;
<br /> acquieition ahall paes to Lender. ; , � �
<br /> ; 6. Preservation �d Mmaten�ce of Property; Leaseholda; Condomiaiums. Borrower shall keep the Prop- � , <
<br /> erty in good repair and shall not permit or commit waste, impairment, or deteriorution of the Property nnd shall
<br /> . a comply with the provisions of any lease, if this �fortguge is on a leasehold. If this Mortgage is on a condominium
<br /> � unit, Borrower shail perform all 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. Protectioa of Leadez's Seeuzity_ If Borrower fails to perform the cavenants and agreementa contained in
<br /> this Mortgage, or if $ny action or proceeding is commenced which materislly affects Lender's interest in the Prop- ,
<br /> . t erty, including, but not limited to, eminent domain, insoh•ency, code enforcement, or nrrangements or proceed-
<br /> j ings involving a bankrupt or decedent, then Lender ut I.ender's option, upon notice to Bonower, may make such
<br /> � appearances, disburse such sums and tske such action as is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br /> ;� amounte disbursed by Lender pursuant to this pnrsgraph 7, �vith interest thereon , shsll become additional indebt-
<br /> � � edneas of Borrower secured by this �Sortgage. Unless Borrower ond 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 \'ote unless psyment of interest at such rate wauld be �
<br /> contrary to applicable law, in which event such amounts shsll bear interest at the highest rate permissible by
<br /> � � applicable Iaw_ Nothing contained in this paragraph 7 shnll require Lender to incur any expense or do any act
<br /> hereunder.
<br /> ,� 8. Iaspection. Lender may make or cauee to be madc rearonablc entries upon and inspections of the Prop-
<br /> erty, provided that Lender ahall give Borrower notice ��rior to am• st�ch inspection specifying reasonable cause
<br /> ��� therefor rel8ted to Lender's interest in the Property.
<br /> � 9. Condemaatioa. The proceeds of uny awasd or claim for damages, direct or consequential, in connection
<br /> with any condemnation, or other taking ot the Properiy, or part tliereof, or for con�eyance in lieu of condemna-
<br /> 7 tion, are hereby assigned and shall 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 /> .g.r—,-*.
<br /> '; - gage; �vitih the exeess, if any, paid to Borrower. In the event of s partial taking of the Property, unless Borrower
<br /> and Lender othetwise agree in writing, there slisll be applied to the sums secured by this Mortgage such propor- � �� �
<br /> � tioa of the proceeds as is eqa�al to that proportion which tl�e amount of the sums secured by this Mortgage imme- y ''.
<br /> diately prior to the ,dste of taking bears to the fair markeb valae o[ tl�e Pro ert immediatel ��`
<br /> p y y prior to the date of
<br /> � ��If�the"Pro� rEla s abandoned b�s paid to:Borrower. �';y . ��
<br /> p� y Borrower or if after notice by Lender to Borrower that the condemnor offers �r��;
<br /> ; to,znakg<rin award 'or sattle m claim 'for damsges, Borrower fnils 10 respond to Lender within 30 days of the date ;,:; �, , �;,, ;
<br /> � ' of.;$uctiao�iCe, �ender is authorised to aollect and apply the proceeds at Lender's option either to restorstion or ` " -
<br /> °� � repair of the Prope;ty orto the aums secured by tl�is \Iortgage.
<br /> F� Unless Lender and Bonower otherniae sgree in writing, any such applioation of proceeds to principal ahall
<br /> ' :a . s . �, � �
<br /> : �.r+ `,r%.
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