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<br /> If under paragraph IS hereof the Property is sold or the Property is otherwise acquired by I.ender, Lender �
<br /> shsll spply; no lster than immediately prior to the salc of the Property or its acquisition by Lender, any Funds
<br /> held by Lender at the time of application as a credit against t4e swns secured h}• this vlortgnge.
<br /> ' 3. ' Applicafioa of , Paymenta. IInless upplicable lu��• provides othenvise, nll payments received by Lender
<br /> uri`der the:Note and parsgrapi�s l und 2 hereof sltall bc a�plied, bp I.endcr first in payment of amounts pnyable to �Y
<br /> I.ender by Borrower under psragrapla 2 Itereof, then to .interest j>ayablc on tl�c Note and on Future Advances, if �
<br /> �i any, and thep to the principal of the Note and to tl�e principal of Future Advunces, it nny.
<br /> 4. Cl�argas;, I.ieas. - $orrower stiall psgul) taxes, assessments and other cliarges, fines and impositions attrib- i Y
<br /> utpble to the Property -which may attain a priority over this vIortgage, and grovnd rents, if any, at Lender's 1 � ` z,�'
<br /> t,� :optioa in the manner provided under liaragruph 2 hereof or 't�y Borrower making payment, when due, directly to 5 _ -,
<br /> � the psyee' thereofr Borrower ahalY promptly furnish to Lender all notices of amounts due under this paragraph, ` � r�;
<br /> r ty� and in the,event Borrower .ehall make payment , directly, Borro�cer shall promptly furnish to Lender receipts evi- . , � �
<br /> � dencing aucli payments. Borrower shall promptly discharge any lien which hae priority over this \�Iortgage ; pro- �
<br /> q vided, that Borrower shall notbe required to dischar�e any such lien so long as Borrower sha14 agree in writiag to ' ++F_
<br /> � � the payment of the obligation secured by such lien in a manner acceptable to Leuder, or shail in good faith contest `
<br /> " such lien by, or defend enforcement of such lien in , legal proceedings which operate to prevent the entorcement of � �
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<br /> � the lien or-forfeiture of the Property or any part thereof.
<br /> � S. Hazard Iasur�ce. Borrower shall keep the improvements now existing or herenfter erected on the Prop- � 2 ' r
<br /> � � crty insured sgainst loss by fire, hazards included within the term "extended coverage", and such other hazards as
<br /> s Lender may reqaire and in such amounts and for sucl� periods as Lender may require ; provided, that Lender shsll �
<br /> � not require that the amount of such coverage exceed t�iat amount af coverage reqaired to pay the sums secured 'by � "
<br /> �` this:lVSortgage. „ ,
<br /> The insurance carrier providing the insurunce shall be chosen by Borrower suhject to approval hy Lender;
<br /> ?` provided, that such approval shal! not be unreasonably withheld. �ll premiums on insurance policies shall be psid �
<br /> ' at Lender's o tion in the manner rovided under ara ta �h 2 l�ereof or b Borrower makin a ment when due ` =
<br /> F P P P g I Y g P Y > >
<br /> "s 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 t ' '
<br /> its interest, may procure insurance on the improvements, pay the premiums and such sum shall become _ t " "
<br /> 'i immediately due and payable with interest at the rate set forth in said note uatil paid and shall be ' A, %.
<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 nnd renewals thereof shall be in form acceptable to Lender and shull include a standard .i
<br /> ;3 mortgage clause in favor of and in form acceptable to Lender. I.ender shall hs��e the right to hold the policies and ''
<br /> :3 renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid pre- `4r-f
<br /> t miums. In the event of losa, Borrower shsll give nroinpt notice to the insurance carrier and Lender, und Lender � i � {�;
<br /> � may mske proof of loss if not made promptly by Bonower. � �
<br /> � Unless Lender snd Borrower otherwise agree in �vriting, insurance proceeds shall be spplied to restorstion or Y��?„
<br /> repairof the Property damaged, provided such restoration or repair is economically feasible nnd the security of � �'.�
<br /> thie �Iortgage is not thereby impaired. If such restorn.tion or repair is not economically feasible or if the aecurity ' '
<br /> ; of this Mortgage would be impaired, the insurance proceeds sliall be applied to the sums secured by this Mortgage, � "� � f,
<br /> � with the excess, if any, paid to Borrower. Zf the Yroperty is abandoned by Burro�ver or if Borrower fails to respond � 4 � ;
<br /> fy�s!
<br /> to Leader within 30 days after notice by Lender to Borrower tt�at the insurance carrier offers to settle a claim for ' , �:
<br /> inaucanee benefits, Lender is suthorized to collect and spply the insurance proceeds at I.ender's option either to ^ ;+� ,'4Y
<br /> � restoration or repair of the Property or to tl�e sums secured by tl�is �Iortgage.
<br /> IInless Lender and Borro�ver othenvise agree in �vriting, any such application of proceeds to principai shall Fh�i,�
<br /> � not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change ' �E3.<.
<br /> Ehe suiount of auch installments. ` r�,�
<br /> � Ii' under psrsgraph IS hereof the Yroperty is acquired by Lender, all right, title and interest of Bonower in
<br /> and to any insurance policies and in an�i to the proceeds tliereof (to tlie extent of the sums secured by this Mort-
<br /> gage immediately prior to sucli sate or acquisitionl result.ing from damsge to the Property prior to the sale or , ��
<br /> acquisition shall pasa to Lender. '
<br /> � Preaervation �d Mmatea�ce of Property; Leaseholds; Condomiaiums. Borrower shall keep the Prop-
<br /> erty ia good repair and shall not permit or commit waste, impairment, or deterioration of the Property and shall
<br /> compiy with the provisions of any lease, if this �lortgage is on a leasehold. If this �4ortgage is on a condominium
<br /> unit, Bonower ahall perform all of Borrower's obligstions under the declaration of condominium or master deed,
<br /> the by-laws and regulations of the condominium project nnd wnstituent documents.
<br /> Z Protection of Lendei s Security. If Borrower fnils to perform the covenants and sgreements contained in
<br /> thia Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domain, insolvency, code entorcement, or arrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at I.ender's option , upon notice to Borrower, may make such
<br /> 4�. appearances, disburse sucli sums and take sucli actian ns 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 /> ; amounts disbursed by Lender pursuant to this paragrapli 7, �vith interest thereon, shaU become additional indebt-
<br /> ednesa of Borrower secured by this l,fortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> a�ounts ahall be payable upon notice fzom Lender to Borrower requesting payment thereof, und shall bear inter-
<br /> est from the date of disbursement at the rate stateci in the Note unless payment of interest at such rate would be
<br /> coatrary to appIicable law, in which event such amounts shall bear interest at the higheat rate permiasible by
<br /> applicsble law. Nothing containeci in this pnragraph 7 shnll reryuire Lender to incur uny expense or do any act
<br /> hereundea .
<br /> # 8. Iaspection. Lender may make or cuuse to he innde rea�onablc entries upon and inspections of the Prop-
<br /> „ � erty, provided that Lender shall give Borroa•er notice ��rior to any surli inspeetion �pecifving reasonable cause
<br /> therefor relsted to Lender'e interest' in the Property.
<br /> �:J- 9. .Coademaatioa. The proceeds of any award or claim for damages, d5rect or consequentisl, in connection
<br /> "' with anp condemnation-ox other taking' of the Property, m• part thcreof, or for con��eyance in lieu of condemnn- � ry;
<br /> tion, sre hereby ssaigned and shall Ue paid to Lendec
<br /> In the event`of a totai taking of the Property, the proceeds si�all be applied to the aums secured by this Mort- ,,.�...�;
<br /> � , ;gsge, with the excess, if any, paid to Borrower. In ttie event of a partial taking of the Property, unless Borrower ' '
<br /> and Lender otherwise agree in writing,'tliere sliall be applied to the sums secured by this �4ortgage such propor- k �ti - b
<br /> �S tion of tlie proceeds as is.equsl to that proportion which the amount oF the sums secured by this Mortgage imme- I ;; ; ;
<br /> �,, ' diately, prior to the date.af taking bears to the isir marketvalue of tl�e Pzoperty immediately prior to the date of + ' t
<br /> +� tiakusgr w�#h�ie ba3ance,of;the,proceeds psid to Borrower. � ' , •;
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<br /> ,. I� Ehe ProperEy �s sbandoned by Borrower or .it after notice by Lender-to 23orrower that the condemnor offers ,�,, ; -
<br /> `:;'� Lo mslGe:att<�w8rd::or aettle a olaim for damages;Borrower fails Lo respond to Lender within 30 days of the date ;".;;�* ,;:� . ,, ,`
<br /> r.:'t o�te,ueh-a'notice; I.ender ,issuthorized to collect :nnd apply the proceeds at Ixnder's option eitl�er to rer�toration or
<br /> `; repair of„thePropecty or to thasuius secured Uy tl�ia liortgage.
<br /> , •� ' 'Eliiless Lendee and Borrower othenvise agree iri ,writing, any such application of proceeds to principal shatl
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