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<br /> If under paragraph 18 hereof the Property is sold or the Property is othenvise acquired by Lender, Lender '
<br /> shall apply, no later than immediately prior to the salc of the Prolierty or its acquisition by Lender, ang Funds
<br /> � held by Lender at the time of application as a creciit ngainst the swns secured by this �rlortgaga
<br /> � 3. ` Applieation of Paymeats. IInless npplicsblc Ia�v provides othenvise, all payments received by Lender
<br /> `� under theNote and paragraphs 1 and 2 hereof shall bc applied by I.endcr first in payment of umounts payable to ' '
<br /> j Lender by Borrower under paragruph 2 hereof, t}ien to interest pxyable on tlie Note and on Future Advances, if ;
<br /> '. any, s�id then to-the. principal oi .the Note und ta the principal of Future Advances, if any. ; � ; 7;•
<br /> 4. Ch�ges; Lians. Borrower sliall puy all 'taxes, assesaments and other chargea, fines and impositions attrib- � � ��
<br /> atgble to the Property which may attiain u priority over titis Mortgsge, and ground rents, if nny, at Leuder's E '"" �
<br /> � � option -in the manner �rovided under paragraph 2 hereof or !ry Borrower making' pa,yment, when due, directly ta A ` ,;`
<br /> ? � the payee thereof. Borrower shsll promptly furnish to Lender all notices of amounts due under this paragraph, 5 `
<br /> 4� ` � and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evi-
<br /> � "r"� dencing such payments. Bonower shall promptly dischar�e any lien which has priority over this \3ortgage ; pro- � �'
<br /> � vided; that J3orrower shall not be required to discharge any sucl� lien so long as BorrowRr shall agree in writing to ; ' <<
<br /> } � the payment af the obligation secureci by such lien in a inanner neceptable to Lender, or shall in good faith contest r
<br /> ;� auoh lien: by, ardefend enforcement of sucli lien in, legal proceedings wl�ich operate to prevent the entorcement of _
<br /> ; � � tbe lien or forfeiture'of the Property or any part thereof. �� '
<br /> � 5. Hazard Insusamee. Borrower shall keep tlic i�nprovements now existing or liereafter erected on the Prop- `� :
<br /> 5 � erty insured against loss by fire, hazards included within the term "extended coverage", and sueh other hazards as � �" �
<br /> Lender may require und in such amounts and for sucti periods as Lender may require ; provided , that Lender shall ,';'
<br /> „ � not require thst the amount of such coverage exceed tLat amount of r.overage required to pay the suma secured'by
<br /> � this Mortgage. p �
<br /> � The insurance carrier providing the insursnce shall be chosen by Borrower subject to approval by Lender ; ; *�
<br /> ; provided, that such approval shsll not be unreasonably withheld. All preminms on insurance policies shall be paid � s >i
<br /> at Lender's option in the mnnner provided under paragraph '2 hereof or by Borrower making payment, when due, � � ;`
<br /> � directly to the insurance csrrier.
<br /> In #he event any policy is not renewed on or before ten days of its expiration, the Lender, to protect ,�
<br /> � ! its interest, rnay 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 `
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<br /> ; under the terms of this Mortgage. � ' ,`,
<br /> All insurance policies and renewals tliereof shail be in forni acceptable to Lender and shall include a stsndard ��:
<br /> mortgnge clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and ;-; r ^;
<br /> renewals thereof, and Borrower shall promptly furnish to Lender nll renewai notices and nll receipts of paid pre- !
<br /> + miums. In the event of loss, Borrower shall give prompt notice to the insurance carrier und Lender, and Lender � �;
<br /> � may make proof of loss if not made prompWy by Borrower. � 4d
<br /> Unlesa 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 repair is economically feasible and the security of ', ,` h s�
<br /> this Mortgsge is not thereby impaired. If sueh restorntion or repair is not economically feusible or if the security u„ �: ; �e ',�
<br /> � of this Mortgsge would be impaired, the insurance proceeds shall 6e applied to the sums secured by this Mortgage, � , , ,;
<br /> with the excess, if any, paid to Borrower. If the Yroperty is ubandoned by Borrower or if Borrower fails to respond ` x� n'
<br /> ' to Lender within 30 days after notice by Lender to Borrower that the insurance currier offers to settle a claim for ; ;3 � , x �^
<br /> • � insurance beaefits, Lender is suthorized to collect nnd apply the insurance proceeds at I,ender's option either to s, '"` �,rycf' ,�;
<br /> restoration or repuir of the Property or to the sums secured by t6is �Iortgage. 4; � t 5 �. �
<br /> ; i Unless I,ender and Borrower otherwise agree in �vriting, any such application oF praceeds to principal shall �, �*^m�
<br /> � not extend or postpone the due dnte of the monthly installments referred to in paragraphs 1 and 2 hereof or change ; ; � ,�4
<br /> the amount of such installments. 7' • � ax�`s�' '
<br /> � If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Bonower in �'
<br /> j and to any insurance policies and in and to the proceeds thereof (to the extent of the sums secured by this Mort-
<br /> gsge immedistely prior to such sale or acquisition) resulting from damage to thc Property prior to the sale or > � .�
<br /> acquieition ahsll pass to Lender.
<br /> 6. Preservatioa �d Mmatea�ee of Property; Leaseholds; Condominiums. Borrowec shall keep the Prop- �
<br /> erty in good repair and ahall not permit or commit waste, impairment, or deterioration oS the Property and shall �"
<br /> comply with tlie provisions of any lease, if this \fortgage is on a leasehold. If this VLortgsge is on a condominium !
<br /> ; unit, Bonower shall perform all of Bonower's obligations under the declarAtion of condominium or master deed, ? ;
<br /> � � the by-laws snd regulations of the condominium project and constituent documents. ? ,'j
<br /> 7. Protectioa of Lendei s Security. If Bonower fuils to perform the covenants and agreementa contained in �
<br /> , this Mortgage, or if any action or proceeding is commenced which materisily affects Lender's interest in the Prop- "
<br /> ` � erty, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceed- ; ,;?
<br /> , ,,� ings involving a bsnkrupt or decedent, then Lender ut I,ender's option , upon notice to Borrower, may mske such
<br /> appeatances, disburse sucli sums and 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 disbursed by Lender pursuant to this parsgraph 7, with interest thereon, shall become additional indebt-
<br /> � edness of Bonower secured by this �Sortgage. Unless Borrower and Lender agree to other terms of payment, sueh
<br /> � � amounts ehall be paysble upon notice from Lender to Borrower requesting payment thereof, and ahall bear inter-
<br /> eet from the date of diabursement at the rate stated in the ATote unless payment of intereat at such rate would be
<br /> : � contrary to spplicable law, in which event such smounts shsll bear interest at the higliest rate permissible by
<br /> ° � applicable law. �Tothing containeci in this paragrsph 7 shnll require Lender to incur any expense or do any act
<br /> hereunder.' '
<br /> , ,� '� 8:.Inspaeflon. Lender may make or caure to hc madc reasonablc entries upon and inspectiona of the Prop- _`
<br /> "'' 3 erty, proyided that Lender shall give Borrower noticc prior to anp sUch inspection specifying reasonable cause '"
<br /> ` � therefor related to Lender'e interest in the Propertp.
<br /> 9. Cond�emnation. The proceeds of any award or cisim for damagea, direct or consequential, in connection
<br /> �, � with say condemnation or other taking of the Property, or �iart tl�ereof, or for con�•eyance in lieu ot condemnu-
<br /> tion, are hereby assigned and shall Ue paid to Lender. �
<br /> In the even£ of s total taking of the Property, tlte proceeds sliall be upplied to the surns secured by this Mort- ��„,.,
<br /> ' gage, with the excess, if any, psid to Borrower. In .tl�e event of a partial taking of the Property, unless Borrower "
<br /> .. '� �nd.Lender otherwise agree in writing, there sl�all be , applied to the sums secured by this �Iortgsge such propor- � '��
<br /> t3onof tha � ; ,
<br /> � pmceed6 ss is ,equsl to• that proportion which the amount of the sums secured by this Mortgage imme- � , , ..
<br /> d�ately prior #o t,Be date of taking:bears to the fair market value af t6e Property immedistely priar to the date of _� . ,�
<br /> ,; `talnng: n�th 4�e �aTance of the proceeds paid to Borrower. r=�'� '.'
<br /> r�- If the°Priopertp is abandoned by Borrower or if nfter notice by Lender to Borrower that the condemnor offers � �� a
<br /> , ;`a �o m8"k'e:s`�c =s�vaid or'seEtIe a clsim for dattisges, Borrower fails to respond to Lender within 30 days of the date ��Fw� ;��
<br /> , ,# ' of e,ucTt ii�itiiSC, �de� is authorized to. collect and appiy the proceeds at Lender's option either to restoration or ' ''
<br /> � 1 reps�r of;the Progerty or to the euuis aecured by tlris \Iortgage.
<br /> � ; � "�nle9s 7;endes andBorrower,othenvise sgree in°writing, any such application of proceeds to principal shall
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