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_ _ _ _ _ r- " �
<br /> If under paragraph IS hereof the Property is sold or the Property is otherwise :zcquired by I.ender, Lender �
<br /> shall apply, no later tl�on immediately prior to thc salc of thc Property or its acquisition by I,ender, any Funds
<br /> held by Lender at the time of npplication as n credit against the su�ns secured hy this :bfortgage.
<br /> 3. Appficatioa 'oi Payments. Unless a�pIicablc Int�• Provides othenvise, ull payments received by Lender
<br /> under the Note and paragrgpl�s 2 and 2 liereof sliall bc npplied f>y 7.ender first in payment of ainounts payable to �
<br /> ` Lender by Borrower under paragrapli 2 hereof, then to interest payable on tl�e Note and on Futurc Advances, if
<br /> ; any, nnd then to the principal ot the Note ond fo tlie principal of Future Advances, if any. R � < � � ,
<br /> {i 4. Charges; Liens. Borrower shall pay al! taxes, assessments and other chsrges, fines and impositions attrib- ` 4 � y"'
<br /> � utp6le- to: the Property whiah muy attain a' priority over this Mortgage, and ground rents, if any, at Lender's � _ ' °�
<br /> . i . . . . � �'.
<br /> 1� optiosin the manner provided under parugraph 2 hereof or by Borroaver roAking payment, cvhen due, directly to ; , i ,�'
<br /> ' the payee thereof. Borrower:shalt promptly furnisli' to Lender nll notices of amoimts due under this paragraph, r
<br /> �' and in the event Borro�ver shall �nake payment directly, Borro�ser shall promptly Curnisl� to Lender receipts evi- ; � � ,
<br /> ' ' dencing such payments. Borrower shal] prompt]y discharge any lien which has priority over this �4ortgage; pro-
<br /> r � � tt� � � � ,r
<br /> yided, that Borrower shall not be required to discl�arge any sucl� lien so long as Borrower shall agree in writing to i
<br /> �;
<br /> � the payment of the obligation secured by such lien in n manner acceptable to Lender, or 'shall in good faith contest
<br /> :` � such lien $y, or defend enforcement of such lien in , legal proceedin�s which operate to prevent the entorcement of
<br /> �, O the liea'or forfeiture of the Property or any part thereof.
<br /> � 5. Hazard Iasssramce. Borrower shall keep tl�e irnprovements now existing w• hereafter erected on the Prop- j
<br /> erty insured ageinst loas by fire, hazards included within the term "extended covernge", and such other hazards as y ,
<br /> ; � Lender may require and in such amounts nnd for such periods as Lender may require : provided, thst Lender shall `
<br /> "�: n not require that the amount of such coverage exceed t6at amount of coveru�e required to puy the sums seeured 'by
<br /> � this Mortgage.
<br /> ii The insurance currier providing the insnrauce al�all be chosen by Borro�ver ,ubject to upprovnl by Lender; ,-
<br /> �: provided, thst such approval shall not be unreasonably withheld. All premiums on insursnce policies shall be paid -"-
<br /> ; st Lender's option in the manner provided under paragraph 2 hereof or by Borro�ver maLing payment, when due, ' �:
<br /> ,: directly to the insurance carrier. a
<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 `Y � ;
<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 by Borrower to comply may, at option of Lender, constitute a default �:
<br /> nnder the terms of this Mortgage. . '
<br /> �- All insurance policies snd renewals thereoF shall be in fonn acceptable to Lender and sl�xtll include a standard � �4H 1
<br /> [ mortgage clause in fnvor of and in form acceptable to Lender. Lender shall have the right to hold the policies and
<br /> � renewals t6ereof, and Borrower shAll promptly furnish to Lender all renewal notices and all receipts of paid pre- : �� � , �Sg
<br /> miums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender, and Lender , ' h �a y
<br /> may make proof of loss if not made promptly Uy Borrower. 'y2
<br /> + Unleas Lender and Borrower otl�ernise agree in writing, insurance proceeds shall be applied to restoration or ` ` ^ " `
<br /> ' Z repair of Ehe Property damaged, provided such restoration or repair is economically feasible and the security of s �,� "
<br /> this Mortgage is not thereby impaired. If such restorntion or repair is not economic311y feasible or if the security ; ` `. .��; ��;
<br /> �; of this Mortgage would be impaired, the insurance I�roceeds shntl be applied to the su�ns secured by this Mortgage, ' - " "
<br /> �; with the excese, if any, paid to Borrower. If the Property is abandoned by Borrower or if Borrower fuils to respond ! K; Y ` � -z'�
<br /> ;, � - to Lender within 30 days after notice by Lender to Barrower tliat the insurance carrier offers to settle a claim for � ' '� � ,,;
<br /> : ineurance benefits, I.ender is authorized to collect and apply the insurance proceeds at Lender's option either to � ` ` A #,,%,F;�
<br /> restoration or repair of the Property or to the sums secured b3• tliis \3ortgage. F � t = ,,,
<br /> ' � Unless Lender and Borrower othenvise ssgree in writing, uny such application of proceeds to principal shall " r t -�
<br /> not extend or postpone the due date of the monthly installments referred to in pazagraphs 1 und 2 hereof or change t �, +°
<br /> the amount of such installments. �
<br /> If under ara fi �
<br /> p graph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in z,
<br /> =p snd to any insurance policies and in and to the proceeds tl�ereof (to the extent of the sums secnred by this Mort- � '�
<br /> ' !. gage immediately prior to such sale or acquisition ) resulting from dainage to the Property prior to the sale or 1 .
<br /> � acquisition shall pass to Lender. ° z
<br /> � 6. Preservatioa �d Mmatea�ce of Property; Leaseholds; Condomiaiums. Borrower shall keep the Prop- f
<br /> erty in good . repair and shail not permit or commit waste, impairment, or deteriorution of the Property and ahsll � ;
<br /> , � comply with the provisions of any lease, if this \Iortgaee is on a leasehold. If this vlortgage is on a condominium ,;
<br /> nnit, Borrower shali perform all of Bonower's obligations under the decluration of condominium or master deed, �
<br /> the by-laws and regulationa of the condominium project und constituent documents.
<br /> ' � 7. Protectioa of Leader s Security. If Borrower fails to perform the covensnts and agreements contained in
<br /> '; �� this Mortgage, or if sny setion or proceedin� is commenced which materially aSects Lender's interest in the Prop- 3
<br /> erty, including, but not limited to, eminent domain , insoh•ency , code enforcement, or arrangements or proceed-
<br /> � inge involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such '�
<br /> appearances, disburse sucl� suxns and take sucli action as is necessary to protect Lender's interest, including, but
<br /> �• nab limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br /> amounte disbursed by Lender pursusnt to this paragraph 7, �Y1tI1 interest thereon, shall become additional indebt-
<br /> �: edness of Borrower secured by this �iortgage. Unless Bonower nnd Lender agree to other terms of payment, such
<br /> ' x smounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shsll bear inter-
<br /> k , est #rom the date of disburaement at the rate ststed in the Note unless payment o[ interest at such rate would be
<br /> 'i contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible by
<br /> � applicable law. �Tothin contained in this
<br /> �t S Pa�Brapl� 7 shall re�uirc Lender ta incur any expenae or do sny act
<br /> ::t hereunden _ .i
<br /> � 8.`Inspeetion. Lender may make or cause to be madc reaEonnblc entries upon and inapections of the Prop- �
<br /> erty, provided that I,ender ehall give Bonower notice prior to any such inspection specifying reasonable cause
<br /> ;� therefor related to Lender's interest in the Property. ;^
<br /> 9. Coadamaation. The proceeds o[ any award or claim for damages, direct or consequential, in connection
<br /> z with' any condemnatioa or other taking of the Property , a• part thereof, or for conveyance in lieu of condemna-
<br /> �` (aon, are hereby assigned snd shall be paid to Lender. :
<br /> In the event of a totaI taking of the Progerty, the proceeds shall l�e applied to the sums secured by this Mort- ���; '
<br /> , ,:
<br /> , � , &age; with the excess, if any, paid to Borro�ver. In the event of a partiul taking of the Property, unless Borrower �
<br /> � ' and Lender otherwise agree in writing, t6ere `shall be applieci to the sums secured by this VIortgage such propor- *
<br /> �� Eaon of the,proceeds;as is equsl to that proportion which the amount of the sums secured by this �Iortgage imme- I ` �
<br /> cfiateIy prior to the date of {aking;bears to the faii. inarket valuc of tlie Property immediately prior to the date of •� ` '
<br /> 'csiong, ant,h �he balance. of the proceeds paid to Bozrower. � ` ,"',
<br /> I� the, Propesty;ae abandoaed by Borrower pr if siter notice by Lender to Borro�ver that the condemnor offers � ,;.z-,
<br /> ;
<br /> to mak� sa;�svard or'settie a claim fdr damages;'Borrower fai3s to respond to Lender within 30 days of the date �` '
<br /> of eucfirriotice�T.en�er is suthorized °to coltect And' apj�Iy the }irroceeds at Lender's option either to restoration or """�
<br /> �� : repau of the Pmpen$y. orto `the snms aecured. by tl�is \fortgage.
<br /> u� ,";; UnTess_ I,endec ;asd Borrower opherwise agree in �vriting; any auch application of proceeds to principal ahall
<br /> �� � ,..,�
<br /> y ".. "' �
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