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t .. . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . � � � ��.� .:
<br /> If under paragraph 18 hereof the Property is sold or the Property is othcrwise acquired by I,ender, Lender
<br /> shall apply, no later than immediately prior to the sale of the Property or its acquisition by I.ender, nny Funds
<br /> held by Lender at the time of application as a credit ngainst tl�e sum, secured by this l�[ortgagc.
<br /> 3. Applieation of Payments. " Unless applicable In«• provides othenvise, u❑ payments received by Lender x;
<br /> under the Note .and paragrapLs 1 and 2 hereof shnll be applied by Lender first in payment oi umounts puyable to
<br /> � Lender by Borrower under paragraph .`L hereof, then to interest iiayablc on the iVote and on Futurc Advances, if , , ": 5:
<br /> , any, and then to the Principal ,of tihe Note and to the principal of Future Advances, if uny. � '
<br /> 4. Ch�gea; Lieas. . Borrower sliail pay all tuxea, assessments and uther charges, fines and impositions attrib- � ' " ''�
<br /> a ' uQsble to the Property which may nttain a priority over this vlortgage, snd ground rents, if sny, at Lender's <
<br /> ` option in tl�e manner provided under paragraph 2 hereof or by Borrower making payment, when due, directly to "
<br /> �' � the payee thereof; Borrower ahall promptty furnish to Lender all notices of amounts due under this paragraph, ' �
<br /> ;' . � and in the event Borrower shall makc payment directly, Borrower shall �romptly furnish to Lender receipts evi-
<br /> ' dencing such payments. Bor;ower shall promptly disciiarge uny lien which has priority over this \iortgage ; pro-
<br /> � l' '"'� vided, that Borrower ahall not be required to discharge any such lien so long sss Borrower shall agree in �vriting to
<br /> ,; � thepayment of the obligation secured by sucli lien in n manner ucceptaUle to Lender, or shall in good faith contest
<br /> such lien by, or defend enforcement of sucli lien in , legal proceedings wl�ich operate to prevent the ent'orcement of
<br /> � � the lien or forfeiture of the Property or any part tl�ereof.
<br /> � pp 5. Hazazd Insuz�ee. Borrower shatl keep the improvements now existing or hereafter erected on the Prop-
<br /> � � erty insured against loss by fire, hazards included within the term "extended coverage", and sucli other liazards as
<br /> Lender may require und in s�ich amounts nnd for sucb periods as Lender may require ; provided, that Lender shal]
<br /> not require that the smount of such coverage exceed tliat amount of coverage required to pay the sums secured 'by
<br /> this Mortgage.
<br /> � The insurance carrier providing tlie insurance shall be chosen by Borrower subject to approval by Lender, �
<br /> provided, that such approval shall not be unreasonably withheld. Atl premiums on insurance policies shall be psid
<br /> at Lender's option in the manner provided under paragraph 2 hereof or by Borro�ver making payment, when due, � �"
<br /> directly to the insurance carrien �� ' ' "
<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 by Borrower to comply may, at option of Lender, constitute a default
<br /> f under the terms of this Mortgage.
<br /> All insurance policies and renewuls thereof shall bc in form acceptable to Lender and shall include a standard
<br /> � mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to liold the policies and � "`
<br /> � renewals thereof, and Borrower shalt promptly furnish to Lender ull rene�val notices and sll receipts of paid pre- �;
<br /> l miums. In the event of loss, Borrower sl�all give prompt notice to the insurance carrier and Lender, snd Lender " z;
<br /> � may make proof of Ioss it not made promptly by Borrower. ;� z; :;
<br /> , � Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or �. ,}
<br /> ': repair of the Property damaged, provided such restoration or repuir is economically feasible and the security of
<br /> � thia Mortgage ia not thereby impaired. If such restorntion or repair is not economically feasible or if the security ✓ `
<br /> f of thia Mortgage would be impaired, the insurance ��roceeds shall be applied to the sums secured by this Mortgage, �
<br /> � with the excess, if any, paid to Borrower. If the Property is abnndoned by Borro�ver or if Borrower fails to respond
<br /> 's to Lender within 30 days after notice by Lender to Borrower thut the insurance carrier offers to settle s claim for ; � �„ `
<br /> �" insurance benefits, Lender is suthorized to collect and apply the insurance proceeds st Lender's option either to
<br /> ' restoration or repair of the Property or to the sums secured by tliis \3ortgage. _ .
<br /> � Unless Lender and Borrower otherwise ugree in writing, any such application of proceeds to principal shall �
<br /> ' i not extend or postpone the due date of the montlily installments reterred to in paragraphs 1 and 2 hereof or change , �,r'�
<br /> �. the amount of such installments. °;`k
<br /> . f If under psragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in
<br /> ; and to any insurance policies and in and to the proceeds thereof (to the extent of the sums secured by this Mort- ;'
<br /> rY gage immedistely prior to such ssle or acquisition ) resulting from damage to thc Property prior to the sale or f'`.'
<br /> ' � acquieition ahall'�Sass to Lender.
<br /> � 6. Preservation �td Mmaten�ce of Property: Leaseholds; Coadomiaiums. Borrower shnll keep the Prop-
<br /> erty in good repair and ahall not permit or commit wuste, impairment, or deterioration of the Property and shall �
<br /> comply with the provisions of any lease, if this �iortgnge is on a ]easehold. IF this Mortgage is on n condominium
<br /> � unit, Borrower shall perform all of Borrower's obligations imder the declaration ot condominium or master deed ,
<br /> the by-laws and regulations of the condominium project and constituent documents.
<br /> � 7. Protection of Eeader's Security. If Borrower fails to perform the covenants and agreements contained in
<br /> this Mortgage, or if any sction or proceeding is commenced �vhich materially affects Lender's intereat in the Prop-
<br /> ' � erty, including, but not limited to, eminent domain, insolvency, code enforcement, or nrrangements or proceed-
<br /> i ings involving a bankrupt or decedent, then Lender at 7.ender's option, upon notice to Borrower, may make such
<br /> -f appearances, disburse sucit sums xnd take such action as is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br /> - -; amounts diabursed by Lender pursuant to this paragraph 7 , �vith interest thereon, shall become ndditional indebtc
<br /> - ' ! ednesa of Borrower seeured by this �4ortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> � amounts shall be payable upon notice from Lender to Borrower requeating payment thereof, and shall bear inter-
<br /> est from the date of disbursement at the rate stated in the 1Vote unless payment of interest at such rste would be
<br /> contrary to applicable ]aw, in which event such amounts shall bear interest at the highest rate permiasible by
<br /> applicable law. NotUing contained in this paragraph 7 shnll require Lender to incur any expense or do any act
<br /> hereunder.
<br /> 8. Inapae4on. Lender may make or cause to bc madc reasonablc entries upon and inspections of the Prop-
<br /> erty, provided that Lender shall give Borroa�er notice ��rior to nny such inspection specifying reasonable caUse
<br /> : .� , therefor related to Lender's interest in the Property.
<br /> 7. 9. Condemaation. The proceeds of any award or claim for damages, direct or consequential, in connection
<br /> with any condemnation or ot6er taking of the Property, or purt 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 totsl taking of the Property, ihe proceeds sliall be applied to the sums secured by this :Vlort- "' �� '�'
<br /> � ' gage; with the exceas, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower x� �,
<br /> � snd Lender otherwiae agree in writing, there ahsll be applied to the aums secured by this '_�fortgage such propor- `"' ';
<br /> tion of, tHe pmceeds ae is.eqaal to that proportion which the amount of the suma secured by this Mortgage imme- I 'r;T
<br /> �° diatelp prior to the ciate of taking bears to the fsir inarket value of the Property immediately prior to the date ot ; .� �;
<br /> ` talong;wiffi the baI'an6e o� the proceeds paid to Borrower. ��
<br /> If the Property�ss abandoned by Borrower or if after notice by Lender to Borrower that the condemnor offers �`�
<br /> "' to mske'sii sward' or settle a claim Yor damages; Borrower fails to respond to Lender within 30 days of the date "`'� '�"
<br /> '� of auoli riotice, Lender is authoriced to collect and apply the proceeds at t.ender's option eitl�er to restoration or
<br /> `'_� re sir of the Pro
<br /> p pesty.or to the aums aecured, by tlus \lortgage.
<br /> Unless Lender: and Borrower: othercvise agree in writing, any such application of proceeds to principal shall
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