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<br /> � ` If under psragraph 18 hereof the Yro��erty is sold or the Yroperty is othercvise acquired by Lender, Lender
<br /> shall apply, no later than immediately prior to tl�e snlc of the Property or its acquisition by Lender, �ny Funds
<br /> held by Lender at thc time ot application as n credit ugainst the sums �ecured by this 1�Iortgage.
<br /> 3. Applieation of Paymeats. Unless applicable Ia�v �irovides othenvise, all payments received by Lender
<br /> under the Note und paragrap6s 1 and 2 hereof sl�all bc applied by Lender fir�t. in pnyment of arnounts payable to ;
<br /> ; Lender by Borrower under paragrapl� 2 Lereof, then to interest puyuble on tl�e Notc 1nd on Future Advances, if �
<br /> any, snd them to the principa! of the NoEc and to the principnl of Future Ac►vances, if any. ' `�:
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<br /> M 4. Ch�gss; Liens. Borrower shail pay all taxes, assessmenta nnd other charges, fines and impoaitions attrib- �r:
<br /> �' utable to the Property which may attuin a priority over this �Sortgs�ge, and ground rents, if any, at Lender's �
<br /> � option in "the msnner Provided under paragraph 2 hereof or by Borrower making payment, when due, direetly to +_' '
<br /> r � � the psyee thereof. Borrolver ahall promptly furnish to Lender all notices of amounts duc under tl�is paragraph,
<br /> � � and in the event Borrower sl�all moke payroent directly, Borrower shall promptly furnish to Lender receipts evi- � � '
<br /> ; dencing such payments. Borrower shall promptly discharge nny lien which has priority over this �Iortgage ; pro- �
<br /> ; � vided, that Bor=ower shall not be required to discharge any sucli lien so long us Borro�v,er sl�all agree in writing to
<br /> � the payment of the obligation secured by such lien in a �nanner ncceptable to Lender, or shnll in good fsith contest �
<br /> % � such lien by, or defend enforcement of sucli lien in , legai ��roceedings �vl�ich operatc to prevent the en£orcement of
<br /> the lien or forfeiture of the Property or any part thereof. > '
<br /> 5. Hazard Insur�ce. Borrower shall keep the i�nprovements no�v existing or hereafter erected an the Prop-
<br /> ; erty insured against loss by fire, haznrds inciuded �vithin the term "extended coverage", and such other hazards as
<br /> �' Lender may require nnd in such amounts and for such periods as Lender may require ; provided, thnt Lender ahsll
<br /> � not require that the nmount of such coverage exceed tLat umount of r.overage required to pny the sums secured 'by
<br /> i thia Mortgage.
<br /> ` The insurance carrier providing tl�e insurance shall be cl�osen by Borrower subject to approvnl by Lender ; �.•
<br /> , � provided, that such spproval shall not be unressonably withlieid. r�ll premiums on insurance policies shall be paid y :
<br /> � at Lender's option in the manner provided under paragraph 2 hereof or by 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 shail become = .
<br /> immediately due and payable with interest at the rate set forth in said note until paid and shall be �
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<br /> � secured by this Mortgage. Failure by Bonower to comply may, at option of Lender, constitute a default {<
<br /> j ander the terms of this Mortgage. i°.
<br /> �' All insurance policies and renewals thcreof �hnll be in for�n acceptable to Lender und shall include a standard i' �
<br /> mortgage clause in favor of und in form acceptuble tu Lender. Lender shall havc the right to I�oId the policies and '
<br /> renewals thereof, and Borrower shall promptly furnish to Lender all rene�val notices and all receipts of paid pre- '.' � <
<br /> � miums. In the event of loss, Borro�ver shall give proinpt notice to the insurance currier und Lender, and I.ender + =-
<br /> ' may make proof of loss if not made promptly Uy Borro«�er. k; t
<br /> " i Unlesa Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or � ' 4 i
<br /> , repair of the Property damaged , provided sucli restoration or repair is economically feasible and the security of ;�
<br /> - r this Mortgage is not thereby impaired. If such restorZtion or repair is not economically feusible or if the security
<br /> of this Mortgage would be impaired, tlie insurnnce �>roceeds shall I,e applied to the sums secured by this Mortgage, � ,, .,;
<br /> � with the excess, if any, paid to Borrower. If the Yroperty is ahandoned by Borrower or if Borrower fails to respond � � �+ y
<br /> , � to Lender within 30 days after notice by Lender to Borrower thnt Lhe insurance carrier offers to settle a claim for `r , ,�:
<br /> � ineurance benefits, I.ender is suthorized to collect and apply the insurance proceeds at Lender's option either to � ' °:
<br /> � restorstion or repuir of the Property or to the sums secured by- this \Iortgage. Y y�
<br /> Ualesa Lender and Borrower othenvise ugree in �vriting, an,y such applic�tion of proceeds to principal shsll `
<br /> " .� not extend or postpone the due date of the inonthly installments referred to in paragraphs 1 und 2 hereof or change =' �x
<br /> . } the smount of such installments. f <.
<br /> If under paragraph 18 hereof the Property is acquired by Lender, nll right, Litle and interest of Borrower in t h
<br /> '� snd to any insursnce policies and in and to the proceeds thereof (to the estent of the suma secured by this Mort- ` ` "
<br /> ,;.9 gage immediateIy prior to such sale or acquisition ) resulting from dnmage to the Property prior to the sale or ; `�
<br /> � acquisition shall pass to Lender. t
<br /> 6. Presezvation mad Mmaten�ca of Property; Leaseholds; Condomiaiums. Borrower shall keep the Prop- `
<br /> s erty in good repsir and shnll not permit or commit waste, impairment, or deterioration of the Praperty and shall � '
<br /> � comply with the provisions of any lease, if this \fortgage is on ss leasehold. If this Mortgage is on a condominium
<br /> unit, Borrower shall perforn� all of Borrower's obligstions under t.he declaration of condominium or master deed,
<br /> the by-laws snd regulations of the condominium ��roject and constituent documents.
<br /> ' ` 7 7. Proteetion of Leadei s Security. If Borrower fails to perform the covennnts and a�reements contained in
<br /> � this VIortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Prop-
<br /> : j erty, including, but not ]imited to, eminent domain , insolvency, code enforcement, or arrangements or proceed-
<br /> j ings involving a bunkrupt or deeedent, then Lender at I.ender's option , upon notice to Borrower, may make such
<br /> � sppearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but
<br /> s not limited to, diebursement of reasonable attorney's fees and entry upon the Property to mske repairs. Any
<br /> ;R amounts diebursed by Lender pursuant to this paragrnph 7, witl� interest thereon, shall become additiona] indebt-
<br /> � edness of Borrower secured by this �iortgsge_ Unless Borrower and Lender sgree to otl�er terms of payment, such
<br /> smounts ahall be payable upon notice from Lender to Borrower requesting psyment thereof, and shall bear inter-
<br /> yest from the dste of disbursement at the rate stated in the \Tote unless payment ot interest at such rate would be
<br /> contrary to applicable law, in which event such amounts shall Uear interest at the higheat rate permissible by
<br /> , � spplicable law. Nothing containecl in this parngraph 7 shnll reryuire Lender to incur any expense or do any act
<br /> heraunder.
<br /> 8, Iaspeetion. Lender may make or cause to he inadc �ra.�onable entries upon und inspections of the Prop-
<br /> . � erty, provided that Lender shall give Borrower notice �n•ior to an}• sucl� inspection specifying reasonable csuse
<br /> therefor related to I.ender's intereat in the Propert3,
<br /> , . � 9.. Condeaiaatioa. The proceeds of any nwarci or claim for damages, direct or consequentisl, in conneotion
<br /> •, � with any condemnation or other taking of the Property , or part thereof, or for conveyance in lieu of condemnn-
<br /> . > 1 tion, are hereby assigned snd shsll be paid to Lender.
<br /> In the event of a total taking of the Property, the proceeds shall be applied to the sums secumd by this Mort- �� ._ "� ^`
<br /> � � gage, �vith the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower "i:
<br /> f:+ and Lender othenvise.agree in writing, there sl�all be applied to the sums secured by this �Iortgage such propor- � ;
<br /> �: taon of tlhe proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage imme- ' ,d< <<
<br /> `'; diately prior to the date of, takingbears to the fair market vatue of tLe Property immediately prior to the date of �' {
<br /> ;, taking, with f�e,Eislance of;:the proceeds paid.to Borrower. �
<br /> a''.; If the Propea'ty:is absndoned by Borrower or if after notice by Lender to Borrower that the condemnor offers � N'� f
<br /> " to matce;an Aaai+d'.br" aettie a clsim for dam po Y ��°= �
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<br /> ', ages, Bonower fails to res nd to Lender within 30 da s of the date �,�„,^�, � �, ,
<br /> �� +� of euch notice; 7.ender is °authorized to cotlect and' apply `the 'proceeds at Lender's option eitlier to reatoration or
<br /> �,,� =+epair o£the Property or to,the sume aecured by this \lartgage. .
<br /> ; � `U'nless Lender and Borrower other�vise -sgtee in �vriting, any such application of proceeds to principal shall
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