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<br /> _ rr _ —�
<br /> � �- ad � o �g "
<br /> � If under paragraph I8 hereof the Property is sold or thc Property is othenvise acquired by I.ender, Lender
<br /> shall apply, no Iater than immedistely prior to thc salc of thc Proncrty or its ucquisition by Lender, any Funds
<br /> held by Lender at the time of application as a credit a�sinst tl�c sums �ecumd by this Viorigaga
<br /> 3. Applicatioa of Paymeata Unless applicablc law provides otbenvise, nll payments received by Lender
<br /> under the . Note and paragrapLs 1 and 2 hereof shalt 1>c applied by I.endcr first in payment of amotmts payable to
<br /> � Lender by Borrower under paragraph 2 Izereof, then to interest pxyable on the Note and on Future Aclvsnces, if
<br /> � any, and then to the principal of the �Tote and to tl�e principal of Future :ldvances, if uny. , ��
<br /> Y I 4. Cla�ges; Liens. Borrower shall pay ull tuxes; assessments and ott�er charges, fines snd impositions attrib- �
<br /> ut,able to the Property which may attain n priority over t6is Vlortgage, and ground rents, if sny, at I.ender'a
<br /> � option in the manner provided under Paragraph 2 hereof or by Bonower making payment, when due, directly to
<br /> the payee thereof_ Borrowershull promptly furnish to Lender oll notices of amounts due under this paragraph,
<br /> '`� and in . the event Borrower shsll make payment directly, Borrow•er shn11 promptly furnish to Lender receipts evi-
<br /> dencing sncli payments. Borrower ehall promptly discharge any lien which 6as priority over this �fortgage ; pro-
<br /> , ; vided, that Borrower shall not be required to discharge any sucl� lien so long as Borrower shail agree in writing to "
<br /> the payment of the obligation secured by sucl� lien in a inanner ncceptable to Lender, or shn]t in good faith conteat
<br /> ' ; such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the entorcement of
<br /> the lien or forfeiture of the Property or any part t6ereof.
<br /> ' S. Hazard Insuramce. Borrower shail keep thc improvements no«• existing or hereafter erected on the Prop-
<br /> erty insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as
<br /> Lender may require and in such amounts and for such periods as Lender may require ; provided, that Lender shall
<br /> not require tliat the amount of such coverage exceed that amount of coverage required to pay the sums secured 'by
<br /> ° tlus Mortgage.
<br /> The insurance carrier providing tlie insursuce shall Ue chosen by Borrower subject to approval by Lender;
<br /> provided, that such upproval shall not be unreasonably withheld. �11 premiums on insurance policies shall be paid
<br /> at Lender's option in the manner provided under paragrapli 2 hereof or by Borrower making payment, when due,
<br /> directly to the insurance canier.
<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 shull 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 /> ` Ail insurance policies and renewals thereof �hall be in fonn acceptable to I.ender and shall include a standard
<br /> mortgage clause in favor of and in form acceptsble to Lender. Lender shall have the right t.o hold the policies and
<br /> renewals thereof, and Borrower shall promptly furnish to Lender all renewul notices snd all receipts of paid pre-
<br /> miums. In the event of 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.
<br /> Unles4 Lender and Borrower othenvise agree in writing, insurance proceeds shall be applied to restoration or
<br /> i repair of the Property damaged, provided such restoration or repair is econotnically feasible and the security of
<br /> this Mortgage is not thereby impaired. If such restor3tion or repair is not economically feasible or if the security
<br /> � of this Vlortgage would be impaired, the insurance ��roceeds shall be applied to the sutns secured by this biortgsge, '"
<br /> with the excess, if any, paid to Borrower. If the Yroperty is abandoned by Borrower or it Borrower fails to respond �
<br /> to I.ender within 30 days after notice by Lender to Borrower that the insurunce csrrier offers to settle a claim for f ' ,'",
<br /> insurance henefits, Lender is suthorized to collect nnd apply the insurance proceeds at Lender's option either to
<br /> restoration or repair of the Property or to the sums secured b}• tliis \Iortgage.
<br /> .3 Unless Lender nnd Borrower othenvise agree in writing, any such applicntion of proceeds to principal shall :
<br /> not extend or postpone the due date of the montlily installments referred to in paragraphs 1 and 2 hereof or change ' � . .
<br /> the amouat of such installments.
<br /> If under psragraph 18 hereof Lhe Yroperty is acquired by Lender, all right, title and interest of Borrower in
<br /> and to any insurance palicies and in nnd to the proceeds t.hereof lto the extent of the sums secured by this Mort- ; . �
<br /> gage immediately prior to such ssle or acquisition � resulting from damagc to the Property prior to the sale or
<br /> acquieition shall pass to Lender.
<br /> 6. Preservation caad Mmnten�ce of Property; Leaseholda: Condominiums. Borrower shull keep the Prop-
<br /> erty in good repair and shall not permit or commit waste, impairment, or deterioration of the Property and shall
<br /> comply with the provisions of any leuse, if this \Iortgage is on a leaseliol3. If this \1ort�age is on n condominiurn
<br /> unit, Borrower shall perform all of Borrower's obligations under the declaruiion of condominium or master deed ,
<br /> ; the by-laws and regulations of the condominiurn project and constituent documenta
<br /> 7. ProteeGoa of Lender's Seeurity. If Borrower fails to perfornz the covenants and agreements contained in
<br /> this �Sortgage, or if any action or proceeding is cominenced which materially atiects Lender's interest in the Prop-
<br /> + erty, including, but not limited to, etninent domain, insola•ency, code enforcement, or arrangements or proceed-
<br /> : s ings involving u bankrnpt or decedent, then Lender at I.ender's option, upon notice to Borro�ver, rnay mske such
<br /> # appearances, disburse such sums and take sucfi action ns is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonttble nttorney's fees and entry upon the Property to make repai:s. Any
<br /> amounts diabursed by Lender pursuant to this paragruph 7, �eith interest Lhereon , shaIl become additional indebt-
<br /> ; edness of Borrower secured by this Jiortgage. Unless Borrower und Lender agree to other terms of payment, such
<br /> � amounts sliell be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> � est from the date of disbursement at the ratc stated in the ?�Tote unless payment of interest at such rate would be
<br /> � contrary to applicable law, in which event such amounts shalt bear interest at the highest rate permissible by
<br /> ; applicable law. Notl�ing contAined in this patagraph 7 shnll require I.ender to incur uny expense or do any act
<br /> `F hereunder_
<br /> ,y
<br /> � 8. Iaspectioa. Lender may make or cauc¢ to be made reaconablc entries upon and inspections of the Prop-
<br /> ` � erty, provided that Lender shall give Borrow�er noticc �n•ior ro nny such inspection specifying reasonable cause
<br /> � therefor related to Lender's intemst in the Property.
<br /> o .. � 9. Comdemaation. The proceeds of any awarci or claim for damages, direct or consequential, in connection
<br /> ,: -� with any condemnstioa or other taking of the Property, or part thereof, or for conveyance in lieu of condemna-
<br /> tion, are hereby assigned and ahall 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 /> `� gage, with the excess, if any, paid to Borrower. In t.he event of a partinl taking of the Property, unless Borrower '� � ;
<br /> ' and Lender otherwiae agree in writing, there ahall be applied to the sums secured by this �lortgage such propor- I � °; ,. ,,^` �
<br /> `� tion of the proceeds as is equal to thaG proport5on which tl�e amount of the sums secured by this Mortgage imme- { ;; , ` :
<br /> cjiately pr"sor to the date of taking bears to tl�e isir inarket �•alue of tl�e Property immediately prior to the date of �' �
<br /> � tis3dng; witli the balande of the proceeds paid to Borroavea �` �
<br /> ', If the Property is 'abandoned by Borrower or if after notice by Lender to Borrower that the condemnor offers �' 'x'+. � "
<br /> t to mske Hsi award' or` settle a claim for dsma po y ' "�"' `'"��
<br /> ; � , ges, Borrower fails to res nd to Lender within 30 ds s of the date �e�;..
<br /> of such n6Atice, Lender is authorized to collect- and ap1�ly the proceecis st 7.ender's o�tion either to restoration oz
<br /> � :� ' repair of the Property or to the aums secared by tliia Jlortgage.
<br /> Unless Lender and Borrower othernrise agree in �vriting, any such application af proceeda to principal shai]
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