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<br /> If under psragraph 18 hereof the Property is sold or the Property is othenvise acquired by I,ender, Lender �
<br /> shall spply, no Iater than immediately prior to the snlc of the Property or its acquisition by 7.ender, nny Funds
<br /> ' held by Lender at the time of appIication as a credit against tlie suins secured by this �fortgage.
<br /> ' 3. Applieation of Paymenta Unless applicable ]n�r provides othercvise, all payments received by Lender
<br /> ' under the Note and paragraplis 1 , snd 2 hereof sliall bc applied l�y Lendcr first in payment of amounts payable to
<br /> � Lender 'by Borrower under,paragrapli . 2 hereof, tUen to interest puynble on the Notc and on Future Advances, if
<br /> a any,, and then to; Ehe principal of the Note and to Lhe principnl of Future Advnnces, if any. , �;
<br /> i 4. . CfiargassLiens. Borrower sliall pay all tstxes, assessments and other charges, fines and impositions attrib- 5 ��
<br /> � i utable�to the Property which may attain a priority over this Mortgage, snd ground rents, if any, at Lender's � ;�
<br /> "� :option in-the manner grovided under'paragraph 2 hereof or by Borrower makin� payment, when due, directly to �
<br /> qthe psyee thereof: Borrower shall promptly furnish to Lender u❑ natices of amounts due under this paragraph, *�
<br /> <`i p.!) and in. the event Borrower shall make paymenti directly, Borro�ver shull promptly furnish to Lender receipts evi- '�
<br /> � g �1, denoing sucl� payments. Borrower shall promptly discharge any lien which has priority over this �Zortgage ; pro- � ' , �:
<br /> �j vided, that Borrower shall not be requireci to discl�arge any such lien so long as Borrower shall agree in writing to
<br /> " Ty the paymentof the obligation secuzed by such lien in a manner acceptable to Lender, or sl�sil in good faith conteat
<br /> p suah lien by, or defend enforcement of sucli lien in, legal proceedings �vl»ch operute to prevent the entorcement of � ;'
<br /> ,� the lien or forfeiture of the Property or any part tUereof.
<br /> r 5. Hazard Insurcmee. Borrower shssll keep tl�e improvements no«� existing or hereafter erected on the Prop- '
<br /> � pp erty insured against loss by fire, hazards included within the term "extended coverage", and sucl� other hazards as
<br /> 1� Lender may reQuire and in snch amounts snd for such periods as Lender may require ; ��rovided , Lhat Lender shal! f
<br /> ` � not tequire that the amount of such coverage exceed tliat amount of coverage required to pay the sums secured 'by
<br /> ; this Mortgage.
<br /> i The insurance carrier providing tl�e insurance shall be chosen Uy Borrower subject to approvnl by Lender : `
<br /> I provided, that such approval shatl not be unreasonnbly withheld. All premiums on insurance policies shsll be paid � � '
<br /> j at Lender's option in the msnner provided under paragraph 2 hereof or by Borrower making psyment, when due, � '
<br /> � directly to the insurance carrier.
<br /> ; ; In the event any policy ia not renewed on or before ten days of its expiration, the Lender, to protect ;
<br /> . j its interest, may procure insuraace 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 by Borrower to comply may, at option of Lender, constitute a default ; , , `
<br /> j under the terms of this Mortgage. 4 �,:
<br /> jAll insurance policies and renewals thereof sl�all be in form acceptable to Lender and shall include a standard ! �`:
<br /> <! mortgage clause in favor of nnd in form acceptable to Lender. Lender shall have the right to l�old the policies and �
<br /> � renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid pre- � r
<br /> :� miums. In the event of loss, Borrower shall give prompt notice to tl�e insurance cnrrier and Lender, and Lender �.
<br /> may make proof of loss if not made promptly by Borro�ver. d `�
<br /> ' Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or ' a �
<br /> � repair of' the Property damaged, provided such restoration or repair is economically feasible and the security of �- � , ae,a
<br /> k thie Mortgage is not thereby impaired. If such restorntion or repair is not economicully feasible or if the security � ` ';
<br /> i of this Mortgsge would be impaired, the insurance proceeds shnll be applied to the sums secured by this Mortgage, s
<br /> with the excess, if any, paid to Borrower. If the Yroperty is abnndoned by Borrower or if Borrower fails to respond -.
<br /> �. � to Lender within 30 days after notice by Lender to Borrower tl�ut the insurance carrier offers to settle a claim for � t:
<br /> ,� ineurance benefits, Lender is suthorized to collect and apply the insurance proceeds at Lender's option either to k ' ` d,
<br /> restoration or repair af the Property or to the sums secured Uy this �Iortgage. ! � ';
<br /> -� Unless Lender and Borrower othernise agree in �vriting, nny such application of proceeds to principal ahall ; s,"
<br /> , ;J not extend or postpone the due date of the monthly instaliments referred to in paragraphs 1 and 2 hereof or change � . 7,�
<br /> � the amount of such installments.
<br /> � i t .,
<br /> If under parugraph 18 hereof the Yroperty is acquired by Lender, ali right, title snd interest of Borrower ia
<br /> and to any insurance policies and in and to the proceeds there�f (to the extent of the sums secured by this Mort-
<br /> gsge immediately prior to such sale or acquisition) resulting from damage to the Property prior to the sale or �
<br /> � �
<br /> j acquisition shall pass to Lendea � ,
<br /> i 6. Preaervation �d Mmatea�ce of Property; Leaseholds; Condominiums. Borrower shall keep the Prop- '� ;�.
<br /> j( erty in good repair and shall not permit or commit waste, impuirtnent, or deteriorAtion of the Property and shall
<br /> comply with the provisions of any lease, if this �fortgage is on a leasehold. If this NIortgage is on a condominium
<br /> unit, Borrower shall perform ull of Borrower's obligations under t6e declaration of condominium or master deed , �
<br /> the by-laws and regulations of the condominium ��roject and constituent documents.
<br /> 7. Protection oE Leadei s Security. If Borrower fails to perform the covenants and n�reements contained in
<br /> { this i�4ortgage, or if any setion or proceeding is commenced �vhich muterially affects Lender's intereat in the Prop-
<br /> } erty, including, but not limited to, eminent domain, insoh•ency, code enforcement, or arrangements or proceed-
<br /> iage involving a bankrupt or decedent, then Lender at 7.ender's option , upon notice to Borrower, may make such
<br /> �, appearances, disburse such aums and take such action as is necessary to protect Lender's interest, including, but
<br /> � not limited to, disbursement of ressonable attorney's fees and entry upon the Property to make repairs. Any
<br /> amounts diabursed by Lender pursuant to this pnragi•aph 7, �vitli interest thereon, shal! become additional indebt-
<br /> � edness of Borrower secured by this tiiortgage. Unless Borrower and Lender agree to other terms of payment, auch
<br /> stnounts shall be payable upon notice from Lender to Borrower requeating payment thereof, and shall bear inter-
<br /> j est from the date of disbursement at the rate stated in the Note unless payment of interest at such rate would be
<br /> ';
<br /> contrary to applicable law, in which event such amounts shall bear interest at the highest rate permisaible by
<br /> . � applicable Iaw. Nothing contained in this paragraph 7 shnll requirc Lender to incur any expense or do any nct
<br /> hereunder.
<br /> r 8. Iaspeetioa. Lender may inake or cause to be �nadc reasonublc entries upon and inspections of the Prop-
<br /> ; r erty, provided that I,ender shall give Borrower notice ��rior to any such inspection specifying reasonable csuse
<br /> therefor related to Lender's interest in the Property.
<br /> ` �� ` 9. Condemaation. The proceeds of any uward or claim for damages, direct or consequential, in connection
<br /> ;_� with. any;condemnation or other taking of the Property, or part thereof; or ior conveyance in lieu of condemna- �
<br /> tion, are hereby aseigned and shall ,be paid to Lender.
<br /> In the event of a total taking of the. Property, the proceects sliall be applied ta the sums secured by this bIort- .,,. �..;. '� „
<br /> ; ;'� " ; gage,:with the excess, if any, paid to Borrower. In tl�e event of a partial taking of the Property, unlesa Borrower
<br /> �;,� aad Lender otherwise agree in writing, th'ere':sliall be spplied to tl�e sums secured by this VZortgsge such propor- : :�; , 'i
<br /> � tion of Lhe proceeds- as is "equal to that proportion which tlie amount of tlie sums secured by this Mortgage imme- , � ��r
<br /> ; distely, prior to Lhe date of faking bears to the fair �narket vaIue of tlie Property immediately prior to the date of � , *:
<br /> ' Ealnag, w�h��h�+balanae ot`the proceeds paid to Borrower. r ",�'*ti
<br /> x� ' �� If �h�'
<br /> .,, �ro�pjrtp:ls�abandaned by`Borrower or if nfter notice by Lender to Borrower thet the condemnor offers ; �'�
<br /> ' to ma'fce $ttx sw'�i+d"or"aettie .n ciaim for flsri�ages, Borrower fails to respond to Lender within 30 days of the date ' '• ry,'�
<br /> � �� � � �:
<br /> w�� o£ aua� noEiee; �ender' is suthon$ed to collecb and apiily the proceerle af I,ender's option cither to restoration or '
<br /> ° $ regass� of the Pmperty' or to the sums secured"by tlus Jiortgage. -
<br /> R' ��y . . � . .
<br /> ; �U'a�ees Leadef' and Borrower athenvise sgree. in writing; any auch application of proceeds to principal sha❑
<br /> .�
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