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<br /> i If under parugraph 18 hereof the Pro�erty is sold or the Yroperty is otherwise ncquired b,y Lender, Lender ',
<br /> ' shal! apply, no later tl�an i�nmedistely prior to thc sale of tLe Property or its ncquisition by Lender, any Funda r ,
<br /> held by Lender at the time of applicntion as a credit against the sums secured by this 14ortgage. � �
<br /> , � 3. Applieatioa of Paymeats. Unless applicablc laca• nrovides othenvise, ull pnyments received Uy Lender `
<br /> uader the Note and ara ra l�s 1 and 2 }iereof shsll I>c a �lied i> Lender first in �a ment of amounts a able to t '��'
<br /> ', i p g P PI Y 1 Y P Y , 4,r
<br /> I,ender by Borrower under paragrapli 2 hereof, then to interest payable on the Note and on Future Advancea, it 4.� " ' � �
<br /> nny, and' then �o the principal of. the Note nnd to the principal of Futurc Advances, if uny. ; ' , '` � 1 �.
<br /> � 4.' Charges: Liena. Borrower shnll pay all taxxes, assessments and other charges, fines and impositions attrib- � ` ��
<br /> utpble to the Property which may attain a . priority over this �Iortga�e, and gmund rents, if any, at Lender'e ' '� ` �
<br /> � - option in:the manner provided under parsgraph 2 hereof or by Borro�ver making payment; when due, directly to - a''�'
<br /> � the payee thereof:' Borrower sli�tl promptly fprnislt to Lender a❑ notices of amounts due under this paragraph; ; '�„"
<br /> and in the event Borrower shali make payment directly, Borro�ver slial! promptly furnish to Lender receipts evi- "r �
<br /> � � dencin sucU pa ments. Borrower sliall rom tl dischar e an lien which has riorit over ,this vlort a e • � ' ��
<br /> � B Y P P Y g Y P Y, B B . Pro- �
<br /> , � vided, thst Borrower shall,not be required to,discharge any sucli lien so long as Borrower shall agree in writing to ` `�
<br /> r tha payment of the obligation secured by such lien in ii manner acceptable to Lender, or shall in good faith coatest , �-
<br /> " : � � sueh lien by, or defend enforcement of sucli lien in, legal proceedings wliich operate to prevent the enforceroent of
<br /> � the lien or forfeiturebf the Property or any part ihereof. �r
<br /> 5. Hazard Insur�ce. Bonower shall keep the iinpro��einents no«• exist.ing or hereafter erected on the Prop- � '
<br /> : i erty insured against loss by fire, haznrds included within the term "extended coverage", and such other hazards as ` � �
<br /> � I:ender may require nnd in such amounts and for sucli Periods us Lender inay require ; provided, that Lender ahall « �r
<br /> ''' nat require that the amount of such coverage exceed thnt amount of coverage required to pay the aums secured'by ` ``'
<br /> � this Mortgage., ,,:, �_; j
<br /> � The insurance carrier providing tl�e insurance shall be chosen by Borrower subject to approval by Lender ; r , ;� t � wa'
<br /> Nro�,aea, that such approval shall not be unreasonably withheld. all premiums on insurance policies shall be paid ' x� �'� Y
<br /> v w��:
<br /> . . � at Lender's option in the manner provided under puragrapli 2 hereof or by Borrower cnuking payment, when due, z n`,t
<br /> ' � direatly to the insurance carrier. , ;, �;�
<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 �' � ti �
<br /> immediately due and payable with interest at the rate set forth in said note until paid and shall be �`�s ' :
<br /> secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default ; z r r`';
<br /> under the terms di this Mortgage. � � w" '�
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<br /> All insurance policies and renewals thereof shall be in forni acceptable to Lender and shtsll include a standard �, M ,��<
<br /> � .; mortgage clause in favor of and in form acceptable to Lender. Lender shall havc the righG to liold t,he policies and z , ; r���
<br /> renewals thereof, and Borrower shall promptly furnish to Lender nll rene�val notices and all receipts ot paid pre- j , � �,�+
<br /> mi�ms. In the event of loss, Borrower sliall give prompt notice to the insurance currier and Lender, and Lender ` � y���
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<br /> may make proof of loss if not made promptly by Borrower. � �.��a,.e
<br /> Unleas Lender and Borrower othenvise agree in writing, insurance proceeds shall be upplied to restoration or ;�� �
<br /> { repair of the Property damaged, provided such restoration or repair is economically feasible and the security of ' ' ; �'`�"_'
<br /> ; i thia blortgsge is not thereby impaired. If such restoration or rspair is not economically feasible or if the security t - y ,T ��.�,
<br /> of;t6is Mortgage would be impaired, the insurance proceeds shnll bc applied to the sums secured by this biortgage, [ ' � ; -r y�
<br /> with the eaccess, if any, paid to Bonower. If the Property is abandoned by Borrower or if Borrower fails to respond ! ` ' ��'�.,�s`
<br /> to I,ender within 30 days after notice by Lender to Borrower tl�ut the insurance carrier offers to settle a claim for ; , � r , ��,� �.
<br /> insurance benefits, Lender is suthorized to collect and apply thc insurance proceeds at Lender's option either to r ' �
<br /> . � restoration or repair of the Property or to the sums secured by this \-Iortgage. E ' ' 'r +'�+�
<br /> � , , �y4
<br /> IInless Lender and Borrower othernise agree in writing, any such application of proceeds to principal shall �' �.
<br /> not e�ctend or postpone the due date of the monthIy installments referred to in paragraphs 1 and 2 hereof or change � . � '
<br /> ' .� the amount of such inataAments. } :
<br /> If under paragraph 18 hereof the Propertg is acquired by Lender, all right, title and intereat of Borrower in f, ,,�
<br /> and to any inaurance policies and in and to tl�e proceeds tliereof ( to tl�c extent of the sums secured by this Mort- - 3, '� �;�
<br /> gage immediately prior to such sale or acquisition ) resulting from damage to the Property prior to the sale o; „ , , �:.
<br /> acquisition shall pass to Lender. � ,r�
<br /> 6. Preservation aad Mmatea�tee of Property; Leaseholds; Condomiaiums. Borrower shall keep the Prop- ; "
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<br /> erty in good repair and shall not permit or commit waste, impairment, or deteriorution of the Property and shall ; ,
<br /> comply with the provisions of any lease, if this \-lortgoge is on n leasehold. If this vIortgage is on u condominium i
<br /> unit, Borrower shall perform all of Borrower's obligations under the declaration of condominium or master deed , ; � `
<br /> the by-laws and regulations of the condominium project and constituent documents. `
<br /> 7. .Proteetion o! Lender's Security. If Borrower fails to perform the covenants and ngreements contained in �`
<br /> this Mortgage, or if any action or proceedin� is commenced �vhich materinlly affects Lender's interest in the Prop- �'
<br /> ' erty, including, but not limited to, eminent domain, insolcency, code enforcement, or arrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender at 7,ender's option, upon notice to Borrower, may make such
<br /> appearances, disburse such sums and take such action ns is necessary to protect Lender's interest, including, but
<br /> noL limited to, diabureement of reasonable attorney's fees and entry upon the Property to make repairs. Any
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<br /> amqunte disbursed by Lender pursuant to this paragraph 7, �vith interest thereon, shall become additional indebt- -
<br /> edaess of Borrower secured by this �lortgage. Unless Bonower und Lender agree to other terms of psyment, such
<br /> 'j . a:nounts ahall be payable upon notice from Lender to Borrower requeating payment thereof, and shall bear inter- ;,`
<br /> _ eat from the date of disbursement at the rate stated in the Note unless payment of interest at such rste would be
<br /> cont;$ry, to applicabie law, in which event such amounts shall bear interest ut the highest rate permiesible by
<br /> applicable Iaw. �Tothing containeci in tl�is paragrapli 7 shnll require Lender to incur any expense or do any act =`:
<br /> hereunder.
<br /> 8. Inspecfion. Lender may make or cause ta be madc rea�onable entries upon and inspections of the Prop-
<br /> erty, provided thst Lender shall give Borrower noficc �+rior to mny sucli inspection specifying reasonable cause
<br /> ' ' therefor relaLed to Lender's interest in the Property.
<br /> �' 9.-:Coadomaation. The proceeds o£ uriy award or claim for dsmages, direct or consequential, in connection ,� `
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<br /> � " with any ;condemnation or;other; taking oF the Property, or part thereof, or for conveyance in lieu of condemna- ,� ,, '
<br /> t y tion, are. hereby sssigned snd sha11 be paid to Lender. .,,r��• ��
<br /> ,,. , In the event of a total taking ot the Property, the proceecis sl�all be applied to the sums secured by this Mort- �
<br /> " > . i � ,, gage, with, the excess, if any, paid to Borro�ver. In _tUe event of a partial taking of the Property, unless Borrower � , ,: ' F�
<br /> ' '"8ad Lender`oEherwiae agree in writing, £here shatl' be applied to tlie sums secured by this J3ortgage such propor- ' ; ,�. �$
<br /> tion of tl►e�pmceeds as �s equsi to,that proportioa which tl�e amounb of the sums secured by this b4ortgage imme- 3 s;
<br /> ti�stely pstor to the date of'taking:>bears to tGe fair:n:arket value of tl�e Property immediately prior to the date of �r, 'q'
<br /> T�,� t�ng,.wil�Jt��6��baIance af;�,he.proceeda paid to.Borrbwer. �� , �
<br /> IF ,�ti�PlO�er��r �9 absndoned tiq BorroWer or if'ttfter notice by Lender to Borrower that the condemnor offers �+;,
<br /> to ms7ce sn kwaiii or settle a cIai� fordamages� Borrower fails to respond to Lender witl�in 30 days of the date "` '� �
<br /> �� � of spoh rioiacp;'`�ender is suthorized�-to ctrllect�and apply the. 'proceeds at I,ender's option either to restoration or
<br /> , repa�r of:the Property or to the.sums secured�bp this\Iortgage.
<br /> , �� � TltSleas Lcmder„ 'snd Borrower .otherteise agree :in:writing, any suoh applicstion of pmceeds to principal shall
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