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<br /> If under paragraph IS hereoF the Property is sold or the Property is otherwise acquired by Lender, Lender
<br /> shall apply, no later than immediately prior to the salc of thc Propertp or iks acquisition b�� 7,ender, any Funds
<br /> held by Lender ut the time o[ applicution as a credit agnin�t the aums secured bc this \1lortgugc.
<br /> 3. Applicatioa �i pcyxnents. Unless applicablc Itnt• provides othenvise, al! pnyments received by Lender
<br /> under the Note and paragrapl�s 1 snd 2 hereof sh�tll bc Applied by f.ender first in pa}•ment of amounts payable to
<br /> I Lender by Borrower under paragraph 2 I�ereof, then to interest pttyable on thc Note und on Future Advances , if ' ' ' z,
<br /> � uny, and themtio the principal of the Note and to tl�e principal of Future Advunces , if any. �':`
<br /> ? 4. Ch�ges; Liena. Borrower shall pay all taxes, assessments and other charges, fines and impositions attrib- � ` �
<br /> ut,able to �he Property which may attain a priority over tlyis l�fortgnge, and ground rents, if any, at Lender's � � ' f
<br /> � option in the manner.provided under parugrap6 2 hereoi or !�y Borro��•er makin ' �
<br /> � t he payee t hereof. Borrower shall S P a y m e n t, w hen due, direct ly to �« `�
<br /> � � promptly furnislr to Lender all notices of amounts due under this paragraph, � ''-
<br /> and imthe event Borrower shall makc payment directly, Borro�cer shsll � "'
<br /> ± O promptly furnish to Lender receipts evi- i ; ;
<br /> = dencing such payments. Borrower shall promptly discharge any lien which has priority over this \3ort a e • `�:
<br /> � , "'� vided, that Borrowershall not be reyuired to discl�arge any- such lien so long as Borrower shslt ugree ingvritingrto �
<br /> � the psyment of the obligation secured by such lien in ;i manner acceptable to Lender, or sha�I in good taith contest
<br /> }� � such lien by, or defend enforcement of such lien in, legal proceedings w6ich operate ta pre�•ent the enforcement of �,
<br /> � the lien or forfeiture of the Property or any �>art thereof.
<br /> � � 5. Hazard Insuraace. Borrower shall keep t6c iinprovernents no«� existing or hereafter erected on the Prop- �
<br /> ? erty insured against loas by fire, hazards included within the term "extended coverage", and such other hazards ss r
<br /> ' Lender may require and in such amounts :tnd for such period� as I.ender may requim : provided , thut Lender ehsll
<br /> ; not require that the smount of such coverage exceed tl�at ait�ount. of coti•era e re uired to
<br /> g 4 P�3' the sums secured 'b ` '
<br /> this lt4or�gage. y
<br /> �; The insurance carrier providing the insurance shall be cf�osen by Borrowcr subject to approval by Lender; ?
<br /> provided, that such approva! shall not be unreasonubly withheld. _\ll premiums on insurance policies sha11 be pa.id �i;
<br /> nt Lender's option in tl�e manner provided imder pnragrapli 2 hcreof or by Borro�ver mnking payment, when due, �:*
<br /> directly to the insurance carrier.
<br /> ' Ia the event an
<br /> ; y 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 prem�ums and such sum shall becorne r`
<br /> f 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 und renewals thereof shall hc in for�i� ncceptable to I,ender snd ehall include a standard r
<br /> - ? mortgage clavse in favor of und in fonn acceptuble to Lender. Lender shnll have d�e right to hold the policies and �
<br /> i renewsls thereof, and Borrower shalI promptly furnish to Lender all renewal notices and all receipts of paid pre-
<br /> miums. In the event oi loss, Borro�ver shal( give prompt notice to the insurance cnrrier and Lender, nnd Lender '
<br /> may make proof of loss if not made promptly by Borro�ver.
<br /> � Unlese Lender and Borro�ver othenvise agree in �vriting, in,urancc proceeds shall Ue applied to restoration or ` "
<br /> ' �; repair of the Property damaged, provided such restoration or repair is econon�icnlly feasible and the security of
<br /> thie Mortgage is not thereby impaired. If such restoration or repair is not economicalty feasible or if the security � �
<br /> � of this biortgage tivould be impaired, the insura�ice proceeds �ha11 be applied to the sums secured by this Vlortgage, �
<br /> ; with the excess, if any, pnid to Borrower. If the Yroperty is abandoned by Borrower or if Borrower fails to respond � �
<br /> ' ; . , :
<br /> ; to Lender within 30 days after notice by Lender to Borrower that the insurance carrier offers to settle a claun for
<br /> �� ineurance benefits, Lender is authorized to collect and apply the insurance proceeds at I.ender's option either to �
<br /> restoration or repair of the Property or to the sums secured by this �-Iortga�e. '
<br /> d Unless Lender and Borrower othenvise agree in �vriting, an}• such application of proceeds to principal shaIl �
<br /> ; not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereoF or change r;
<br /> the amount of auch installments. 1,
<br /> , j� If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in � �
<br /> and to sny insurance policies and in and to the proceeds thereof jto the extent of the sums secured by this Mort-
<br /> 3 i gage immediately prior to such sale or acquisition) resulting frmn damage to the Property prior to the sale or
<br /> acquisition shsl! pass to Lenden
<br /> 1 6• Preservation �d Mmntenaaee of Property; Leaseholds: Condomiaiums, $orrower shnil keep the Prop-
<br /> erty in good repAir and sha11 not permit or commit waste, impairment, or deterioration of the Property and shall
<br /> comply with the provisions of any leasc, if this \Iortga�e is on a lessehold. If this \Zortgage is on a condominium
<br /> unit, Borrower shall perform al1 of Borrower's obligations under the decluration of condominium or master deed,
<br /> the by-laws and regulations of the condominium project ssnd constituent documents.
<br /> 7. Protecaoa of Lender's Security. If Borrower fzsils to perform the covennnts and agreernents contained in
<br /> this Mortgage, or if any action or proceeding is commenced which materially affects Lender's intere.st in the Prop-
<br /> j: erty, including, but not limited to, eminent domain , insol�•ency , codc enforcement, 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 /> ' �1 appearances, disburse sucli sums and take sucli uction as is necessary to protect Lender's interest, including, but
<br /> , not limited to, disbursement of reasonable attorney � fees and entry upon the Property to rnake repairs. Any
<br /> , amounta disbursed by Lender pursuant to this paragraph 7, �vitl� interest thereon, shall become sdditional indebt-
<br /> { edness of Borrower secared by this �fortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> } amounts ahall be payable upon notice from Lender to Borrower requesting payment thereof, und shall bear inter-
<br /> - k est from the date of disbursement at the rate stated in the ?v'ote unless payment of interest ut such rate would be
<br /> ,� contrary to applicable Iaw, in which event such amounts shall bear interest at the highest rate permisaible by
<br /> applicsble law_ �Tothin� contasined in this parugrapli 7 shall require Lender to incur any expense or do any sct
<br /> '1 hereunder.
<br /> $- Inspeetion. Lender mt►y make or cause to bc inndc i•enwnat>Ic entries upon and inspections of the Prop-
<br /> � erty, provided ' that Lender slis.11 giv¢ $orroe•er notice �+rior to an}- such inspection specifying reasonsble cauae
<br /> j thazefor related to Lender's interest in the Praperty.
<br /> 9. Condemaation. The proceeds of any award or elaim ior damages, direct or consequential, in connection
<br /> � with $ny condemnation or other taking of the Property, or �iart thereof, or for conveyance in lieu of condemna-
<br /> tion, are hereby assigned and shall be paid to Lender.
<br /> In the event of a total taking of the Property, thc proceed� sliall be applied to the sums secured by this Mort-
<br /> gage, �vith the excess, if any, psid to Borro�ven In the event of ra partial takin of the Pro ert V� `' � � � . �
<br /> snd Lenderothenvise s g P y, unless Borrower
<br /> tion of the �'ee in writing, there ahall be applieci to the sums secured by this �3ortgnge such propor- "' '
<br /> Pro��ds as is equal to that proportion which the amount of the sums secured by this 1-fortgage imme- J ��' :k `
<br /> distelp prior to the date of tgking bears ko the tair market value nf tlie Property immedistely prior to the dste of +��",. `:
<br /> tsking, with':the"bolance of the proeeeds paid to Borrower. y�, . ,
<br /> If the, Property, 9s abandoned by Bonower or if after notice by Lender to Borrower that the condemnor offers ��
<br /> to make an;avvsrd or settle a claim for damages,•Borrower fsits to respond to Lender within 30 days of the date 4
<br /> � � �:,>�
<br /> of:such notice; I.ender is suthorized to collect snd 8pjily the ��roceeds at Lender'� option either io restoration or ' � "Y" -'"
<br /> repair of the Pmperty orto the sums secured by this \tortgage,
<br /> � Unless Lender and Borrower other�vis¢ agree in ivriting, any such applicatian of proceeda ts prineipal shall
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