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<br /> : If under paragraph 18 hereof t,he Property is sold or the Property is otherwise acquired by Lender, Lender
<br /> shail apply, no later ttian immediately prior to thc snlc oE the Property or its nequisition by Lender, any Funds
<br /> held by Lender at the time of upplication as n credit ugain�t tl�c sums �ecured b}• this Vtortgage.
<br /> 3. Applieation of Paymenta Unless applicuble la�r provides othenvise, all payments reccived by Lender
<br /> ` M under the Note und paragrapl�s l :�nd 2 hcreof shnll bc applied by I.ender first in pay�nent of ssmounts payable to
<br /> ; Q Lender by Borrower under parugrapli 2 hereof, then to interest pxyable on the Notc und on Future �dvances, if r
<br /> � any, and then to the principal of the Notc and to the principal of Future Advances, it any.
<br /> f �, 4. Charges; Liens. Borrower shuit pay, ull taxes, assessments and other charges, fines and impositions attrib- ' '
<br /> � utable to the Property which may attain a priority over this vlortguge, and ground rents, if uny, at Lender's
<br /> � option in the msnner provided under paragraph 2 hereof or by Borrower mnking payment, when due, directly to
<br /> the payee thereof. Borro�cer shall promptly furnisli to T.ender all notices of amounts due under tt�is paragraph ,
<br /> � and in the event Borrower shall make payment directly, Borrocver shall promptly furnish to Lender receipts evi-
<br /> � dencing sucl� paymenta. Borrower shall promptly discharge any licn which has priorit�- over this �fortgage ; pro-
<br /> � vided, that Borrower shall not be required to discl�ar�e uny sucl� lien so long as Borrower shall agree in writing to
<br /> the payment of the obligation secured by sucli lien in a �nanner acceptaUle to Lender, or shall in good faith contest
<br /> such lien by, or detend enforcement of such lien in, leg:�l �>roceedings �vhich operate to prevent the en£orcement of
<br /> ' the liea or forfeiture of the Property or any ��art thereof.
<br /> SEE RIDER 5. Hazard Insur�ce. ,
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<br /> The insurance currier providing tlie insurance shall be chosen by Borrower subjeci to approvul by Lender ;
<br /> + provided, that such approval shall not be unreasonabiy withheld . All premiums on insurance policies shall be paid
<br /> at Lender's option in the manner provided under parugraph 2 hereot or by Borro�ver 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 intereat, may procure insnrance 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. Failure by Borrower to comply may, at option of Lender, constitute a default
<br /> under the terms of this Mortgage.
<br /> � All insurance policies snd renewals thereof shall be in fonu acceptable to Lender and shal! include a stsndard
<br /> + �nortgage clause i� favor of and in form sscceptable to Lender. I,ender shall havc the right to l�old the policies and .
<br /> renewals thereof, and Borrower ahull protnptly furnish to Lender all renewal notices and all receipts of paid pre-
<br /> miums. In the event of loss, Barrower shnll gire prompt notice io the insursnce cnrrier nnd Lender, and Lender
<br /> may mske proof of loss if not made promptly by Borrower.
<br /> Unless Lender and Borrower otherwise agree in writing, insw•ance proceeds shall be applied to restoration or
<br /> repair of the Property damaged, provided such restor�tion or repair is economically feaeible and the security of
<br /> this Mortgage is not thereby iinpaired. If such restoration or repair is not economicully feasible or if the security `
<br /> of this vlortgage would be impaired, the insurunce proceeds shall be applied to the sums secured by this Mortgage, �.
<br /> with the excess, if uny, paid ta Borrower_ If the Yroperty is abandoned by Borrower or if Borrower fails to respond i�
<br /> to Lender within 30 days after notice by Lender to Borrower tliut ihe insurance carrier offers to settle a clsim for `
<br /> insurance benefits, Lender is authorized 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 tliis �tortgage.
<br /> ' Unless Lender and Borrower otherwise agree in �vriting, any sueh application of proceeds to principal shall
<br /> not extend or postpone the due dute of the monthly installments referred to in paragraphs 1 and 2 hereof or change
<br /> ; the amount of such installments. , �
<br /> ; If under paragraph 18 hereof the Yroperty is sscquired by Lender, s❑ right, title and interest of Borrower in `
<br /> ' � and to any insurance policies nnd in and to the proceeds thereof (to tlie extent of the sums secured by this Mort- ;
<br /> " gage immediately prior to such sale or acquic�tion) resulting from damage to the Yroperty prior to the sale or
<br /> ? acquieition shall psss to Lender.
<br /> 6. Preservatioa �d Mmaten�ce of Property; Leaseholds: Condominiums. Borrower shall keep the Prop-
<br /> erty in good repair and shall not permit or commit wuste, impuirment , or deterioration of the Property and shall
<br /> ' 'j comply with the provisions of any lease, if this \ Iortguge is on a leasel�old. If this �Iortgage is on a condominium
<br /> unit, Borrower shall perfornz 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 Lender's Security. If Borrower fnils to perform the covenants and agreements contained in
<br /> � this Vlortgage, or it uny action or proceeding is commenced which ruateriully affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent docnain , insoh•ency , codc enforcement, or arrangements or proceed-
<br /> � inge involving a bsnkrupt or decedent, then Lender st I.ender's option , upon notice to Borrower, rnay make such
<br /> appearances, disburse such sums and take such action ns is necessary to protect Lender's interest, including, but
<br /> not ]imited to, disbursement of reasonaUle attorney 's Fees and entry upon the Property to make repairs. Any
<br /> ' amounte disUutsed by Lender pursuant to this paragrnpl� r', �vitli interest thereon , shall Uecome additional indebtc
<br /> ` eduesa of Borrower secured by this �iortgage. Unlesc Borro�ver and Lender agree to other tern�s 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 Note unless payment ot interest at such rate would be
<br /> i contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible by
<br /> ; applicable law. TTothing contnined in tliis paragraph 7 shall requirc I.ender to incur any expense or do any act
<br /> hereunden
<br /> , .� 8. Iaspeetioa. Lender may �nake or cauee to i>c �nn�ic rcasonable entries upon nnd inspections of the Prop-
<br /> erty, provided that Lender shall gice Borroe•er notice � �rior to unp ,ucl� inspection �pecifyiug reasonable cause
<br /> � therefor related to Lender's interest in the Property. _
<br /> , 3 9. Condemaatioa. The proceeds of any nward or claim 7or damages, direct or consequential, in connection
<br /> f with any condemnation or other tnking of the Property , or part thcreof, or for conveyance in lieu of condemnn-
<br /> � tion, are hereby assigned and shall be paid to Lender.
<br /> , , -� In the event of a total tsking of the Property, the proceecls shall he applied to the sums secured by this Mort- �`y ^�, '
<br /> gage, with t14e excesa, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower �� 'i ,� .
<br /> ,� and Lender otherwise agree in writing, there sl�all be applied to tlie sums secured by this Mortgage such propor- `, ,'� � " `
<br /> ' tion of the pmceeds sa is equsl to that proportion which tl�e amount of the sums secured by this Mortgage imme- >; ;
<br /> "� � 'diately prior to the date of taking bears to the fair �narket �•alue of tl�e Property immediately prior to the dnte of <
<br /> x ,, � taldng, with the 6alance of the proceeds paid to Borrower. � � x `
<br /> 4 If the Prnpertq is absndoned by Borrower or if after notice by Lender to Borrower that the condemnor offers k � X``� '
<br /> : s to . msk 'e an 'award or settle a clnim for demages, Borrower fails to respond to Lender within 30 days of the date
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<br /> �, ' ; of such notice, I.ender is authorized to collect sad ap��ly the proceeds at Lender's option either to restoration or
<br /> ; repsir of the Property or to the sums seeured by tl�is lfortgage.
<br /> ' Unless I.ender and Borrower other�vise agree in �vriting, any such application of proceeds to principal shall
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