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<br /> Zf under paragrsph 18 hereof the Property is sold or tiie Property is otherwise acquired by I.ender, Lender
<br /> shall apply, no lnter t6an immediately prior to thc salc of thc Property or its acquisition by Lender, nny Funds
<br /> held by Lender at the time of applicstion as a credit ngainst the s�ms secured hy this 1•Iortgage.
<br /> 3. Application of Paycnents. Unless npplicable la�r provides othenviFe, all payments received by Lender
<br /> under the Note and paragrapLs 1 and 2 hereof sl�all im applied by I.endcr first in nnyment of aruounts payable to
<br /> Lender by Borrower under paragrupA 21�ereoi, then to interest paynblc on thc Notc and on Future Advances, if
<br /> ' any, and then to the principal of the Note and to tlie principal of Tuture �dvances, if nny. „ y ;
<br /> 4. Charges; Liens. Borrower shnll puy ali taxes, nasessmenta and other c6arges, fines and impositions attrib- §i
<br /> ! utsble to the Property which may attain a priority over this vlortgase, and ground rents, if any, at Lender's �'`
<br /> ` optian in the manner provided under puragraph 2 hereof or by Borrower mnkin� pnyment, wlien due, directly to � , . -
<br /> � the gayee thereof. Borrower shall promptly furnish to Lender ull notices of amounts due under this paragraph,
<br /> } and in the event Borrower shall make payment directly, Borrower shull promptly furnish to Lender receipta evi- R� -
<br /> ,1 ,� dencing such payments. Borrower shal( promptly dischnrge any lien which hus priority over this �lortgage ; pro- � >,
<br /> , � vided, that Borrower shall not be reqaired to discl�arge any suc6 lien so long us Borrower shall sgree in writing to
<br /> I ; � � the psyment of tihe obligation secured by such tien in :i �nanner zcceptnble to Lender, or shali in good faith conteat
<br /> � such lien by, or defend enforcement of sucl� lien in, legal ��roceedings �vl�ich operute to prevent the eniorcement of
<br /> � the lien or forfeiture of the Property or any ��art tliereof.
<br /> ' ; � S. Hazard Iaaur�ee. Borrower shall keep tlie improvements no« existing or hereufter erected on the Prop-
<br /> `: erty insured against loas by frre, hazarcis included �vithin the term "extended coverage", und such other hazards as
<br /> � Lendermay reqaire A.nd in auch umounts and for suclt periods us Lender may reqaire ; provicted , that Lender sha11 ;
<br /> " � not require thst the amount of auch coverage exceed tLat nmount of coverage required to psy the sums secured 'by s.
<br /> ' Ehis Mortgsge. � `
<br /> ` T'he insurance carrier providing t6e insurance shall be chosen by Borro�ver suhject to approval by I,ender ; :
<br /> � provided, that such approvrsl shall not be unreasonably withheld. All premiums on insurance policies shall be paid
<br /> ` at Lender's option in the manner provided under paragraph 2 hereof or by Borrower making psyment, when due, '
<br /> i directly to the insurance carrier. f
<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 �
<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 Uy Borrower to comply may, at option of Lender, constitute a default '
<br /> � under the terms of this Mortgage.
<br /> ' i i All insursnce policies and renewals thereof cha❑ bc in form acceptable to I.ender nnd shnll include a standard E
<br /> mortgage clause in favor of and in form acceptable to Lender. I.ender shall have the right to hold thc policies and
<br /> renewnls thereof, and Borrower shall promptly furnisli to Lender all reneavssl notices and all receipts of paid pre-
<br /> : ? miums. In the event ot loss, Borrower shall give prompt notice to the insurance csrrier and Lender, and Lender ?
<br /> 3 may rnake proof of loss if not made promptly by Borrower. �
<br /> - ` � Unless Lender and Barrower other�vise agree in writin�, insurn.nce proceeds shsll be applied to resLoration or '
<br /> ' t re sir of tl�e Pro ert dama ed � . ` `
<br /> p p y g , provided sucl� restoration or repair is economicaFly feasible snd the security of � �
<br /> sthis Viortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security
<br /> � of this D4ortgage would be impaired, tl�e insurance proceeds shail be applied to the sums secured by this Mortgage, %, � '
<br /> � with t2ie excess, if any, paid to Borrower. If the Property is abandoned by Borrower or if Borrower fails to respond ' ' ''
<br /> , 'S to Lender within 30 dsys after notice by Lender to Borrower that the insurance caaier offers to settle a claim for 4 � -;'
<br /> � inaurance 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 tl�is \Iortgage. F
<br /> gnless Lender and Borrower otlienvise agree in writing, any such applicntion oC proceeds to principal ehall
<br /> � not extend or postpone the due date of the monthly installments referred to in paragraphs 1 snd 2 hereof or change
<br /> ' � the amount of such installments. �;'
<br /> If under paragraph 18 hereof the Property is acquired by Lender, �II right, title and interest of Borrower in ,,;.
<br /> and to any 'snsurance policies and in and to the proceeds thereof fto the e.utent of the sums secured by this ?4fort- , :'
<br /> gage iznmediately prior to such sale or acquisition ) resultin� from dainage to the Property prior to the ssle or `
<br /> j acquisition shall pass to Lender. 'y;
<br /> � 6. Preaervation �d Mmaten�ce of Pzoperty; Leaseholds; Coadominiums. Borrower shall keep the Prop-
<br /> erty in good repair and shall not permit or commit waste, impairment, or deterioration of the Property and ehall
<br /> � comply with the provisions of any lease, if this �iortgssge is on n lea.sel�old. If this �Iortgage is on a condominium
<br /> � unit, Borrower shall perform sll of Borrower's obligaiions under the declaration of condominium or master deed,
<br /> ;i the by-]aws and reguistions of the condominium project and constituent documents.
<br /> � 9. Proteetion of I.ender's Security. If Borrower fails to perform the covenants nnd agreements contained in
<br /> � this Vlortgage, or if any action or proceeding is commenced which materinlly affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domain, insoh•ency, code enforcement, m• arrangements or proceed-
<br /> � ?� ings involving u bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such
<br /> appearances, disburse such sums and take such nction as is necessary to pratect Lender's interest, including, but
<br /> not limited to, disbursement of reasonnble attorney's fees and entry upon the Property to �nake repairs. Any
<br /> � amounts diabursed by Lender pursuant to this paragraph 7, with interest thereon , st�all become additional indebt-
<br /> ?� edness of Borrower secured by this �fortgage. Unless Borrower and Lender agree to other terms of payment, auch
<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 ATote unless payment of interest at snch rate would be
<br /> i � contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible by
<br /> applicsble law. Not6ing contstined in this paragrapli 7 shnll require Lender to incar uny exper�se or do any act
<br /> hereunder.
<br /> ;,� 8. Inspection, i,ender may inake or cause to be mndc reasonablc entries upon and inspections of the Prop-
<br /> � : erty, provided that Lender shall give Bonov�er noticc �+rior to nrn- cuch inspect.ion s�iecifving ressonable oauae
<br /> ,� therefor related to I,ender's interest in the Property.
<br /> r � 9. Condsmaaliom The proceeds of uny award or claim for damages, direct or consequential, in connection y
<br /> with any condemnation or other taking of the Property, m• part thereof, or for conveyance in lieu of condemna-
<br /> ,k., tion, are hereby assigned and shall be paid to Lender. ,
<br /> In the event of a total takin of the Pro ert the iroceeci� sl�all be a iied to the sums secured b this Mort- '=µ `�
<br /> k : :
<br /> �( gage, �vith the excess, if any, ps'id to Borro�er. In the �event of a partial taking of the Property, unle Borrower ' ti � '
<br /> � + : :
<br /> snd Lender otherwise agree in writing, there sl�all be applied to the sums sec�red by thia Mortgage such propor- �: "
<br /> . tion of the proceeds as ia equsl to that proportion which tlie amount of the sums secvred by this Mortgage imme- �;, �"
<br /> diately prior to,the date of taking'bears to the fair inarket value of ti�e Property immediately prior to the date of ` ?
<br /> : talong, with �h'e balsace ofithe proceeds paid to Borrower. � ?�
<br /> . If Lhe P7CopeXtp ie absndoned by Sarrower or if n£ter notice by Lender to Borrower Lhat the condemnor offers r `', „ `�
<br /> :: -,..�.. �x ;r.,'
<br /> �.make aa eward:or settle a claim for dainsges, Borrower fsils to nespond to Lender within 30 days of the , date
<br /> ^ � , of sucl: notice, I,ender ,ie authorized ta collect und ap�ly tl�e proceeds at Lender's option either io restoration or
<br /> repair of the Property or to the sutns secumd by this \Lortgage.
<br /> , Unless Lender and Borrower:otherwise agree is writing, sny au�h application of proceeda to principal shall
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