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<br /> If under paragraph 18 hereof the Property is sold m• thc Property is othenvise acquired by 7,ender, Lender
<br /> chall apply, na later thacr i�mediately prior to the aalc oC tl�e Property or its acquisition by Lender, any Funds
<br /> lyeld by Le:nder at the time of spplication as a credit against tiie sums secured b�• this Viort�age.
<br /> ; ' 3. Applicatioa of Pqyments. Unless applicablc la«• �7rovides othenvibe, sll payments received by Lender
<br /> ' under the Note and Paragrapl�s l und 2 hereof chall bc applied by Lender first in payment of amuunts payable to
<br /> 1 ' ; ;
<br /> Lender Gy Borrower under paragrapli 2 hereof, t6en to .interest payable on the Note and on Future Advancea, ii , , ; �' , �;
<br /> ` uny, ana the`a to the principsl of the Notc and to t3ie principal of Future Acivances, if any. ' + � ,
<br /> 4. Charges; Liens. $orrosver sl�sil pay ,all taxes, assessments nnd other char�es, fine,s and impositions attrib- '� ' y.�,
<br /> � i utpble to' the Property whicti may attain a priority over tl�is D3ortga�;e, and {;round ren�5, if any, at Lender'e �
<br /> „ �. option in the manner provided under paragra�>h 2 lYereof or by Borrower inaki►zg payment, when due, directly to � ” E�'.
<br /> ' G�"J the payee thereof. Borrower shall promptly furnisl� to Lender s1l noLiees of amounts due under tl�is puragraph, a
<br /> 1 Lt> and in, the event $orrower ehatl makc a �ment directl - Borrow-er shalt �
<br /> p S } , promptly furnish to Lender receipts evi- * „
<br /> r{ dencing cuch payments. Borrovicer shsll, promptly discl�arge nny lien �vhicli has pi•iority over this Mortgage ; pro- ;<
<br /> Q vided, thatBorrower shall not be required to discharge any sucli lien vo long as Borrower shalf agree in writing to ->
<br /> ,� ; Q the paytnent of the obligation secured by such lien iq :ti inanner Acceptnble to Lender, or sl�all in good faith contest , '<
<br /> suoh lien by, or defend enforaement of sucl� ]ien in, legal proceedings �vl�ich operate to prevent the eniarcement of �`;
<br /> �� , prp the lien or forfeiture of the Property or any part tl�ereof.
<br /> �� 1'� S: Hazard tnsuraaca. Borrower shall keep tlie iinprovements no«• existin�; or hereafter erected on tlie Frop- - '
<br /> eety insured agsinst loss by fire, hazards included within the term "extended coverage", and such other ha,zards as ' `
<br /> r.
<br /> 3 ' Lender may require nnd in such amounts nnd for sucl� periods as I.ender may require ; provided, that Lender shall `
<br /> not requize that the atnount of such covesnge exceed that amonnt of coverage required to puy the sums secured 'by
<br /> � � LhisM�rtgage.
<br /> J1 ' The insursnce carrier providing the insurance shali Ue chasen b Borrower sub ect. to a
<br /> rovided thatsuch a Y J PProval by Lender ;
<br /> ] ' P , pproval shsll not be unressonabl,y �vithheld. �Il premiums on insurance policies shall be paid `�F.;
<br /> j ; �t Len�er's option in the munner provided under paragraph 2 hereot or by Barro�ver making payment, when due, ,; ' ���
<br /> ' directly to the insurance carrier. ,� .: � ,.
<br /> ` In the event an t
<br /> y policy is not renewed on or before ten days of its expiration, the Lender, to protect ' ,, x � ,
<br /> }; its interest, may procure insurance on the improvements, pay the premiums and such sum shall become = r;;
<br /> � ! unmediately due and payable with intereat 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 /> i' under the terms of this Mortgage. ' ; • '
<br /> �i All insurance poHcies and renewals thereof cl�all be in fon�i acceptable to Lender and shall inciude u standard ; N"��
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<br /> mortgage clause in favor c�f and in form acce�table to Lender. Lender shall have the right to liold the policies and �� "
<br /> renewals thereof, and Borrower shall promptly furnish to Lender ail renewn! notices nnd all receiptb of paid pre- � �" �'fr,'_�a{
<br /> miums. In the event of loss, Borrower shall give prompt notice to the insurnnce cssrrier and Lender, and Lender ` ��`'�"
<br /> ' may n�ake proof of loss if not mAde promptly by Borrower. : ' , -re �s
<br /> �f
<br /> �' Ualess Lender and Borrower otherwise agree in �vriting, insurance pmceeds shall be applied to restoration or ' ,"'�
<br /> ; repair of the Property damtsged, provided such restoration or repair is economicallq feusible and the seeurity of ;, � � ' �'�x
<br /> this Mortgage is not thereby impaired. Yf such restorntiot3 or repair is iyot economically fensible or if tlie security �}� �
<br /> • of this �Iortgage would be impaired, the insurance proceeds shall E�c npplied to the sums secured by this 1�4ortgage, [� '� ` �
<br /> i.� ' Y ���1 R'
<br /> ; with the excess, if any, paid to Borrower. If the Property is abandoned by Borro�ver or if Borrower fails to respond x ��` �w��i.
<br /> , to Lender within 30 days after notice by Lender to Borrower that the insurance carrier offers to settie a elaim for �. ���� � ?
<br /> � insurance benefits, Lender is suthorized to collect and apply tlie insurance proceeds ut Lender's option either to " ;;�
<br /> restoration or repair of the Property or to the sums secured by tl�is Jfortgage. �. , �;�;
<br /> Unleas Lender and Bonower othenvise a ee in �vritin an suc}� a licution of � x' �
<br /> �' g� Y PP proceeds to prineipal ahall , ;
<br /> , not e�ctend or postpone the due date of the monthly installments referred to in pnragraphs 1 and 2 hereoF or chsnge � ' �:'-
<br /> t the smount of suc6 iastallments. ,. t
<br /> � - If under parsgraph 1S hereof the Property is acquired by Lender, sll right; title and interest of Borrower in �' ' � "�'I
<br /> s,nd to any insurance policies and in and to the proceeds tl�ereof (to tl�e extent of the sums secured by this Mort- r' . � s:,
<br /> " gage immediately prior to such sale or acquisition) resulting from damage to the Property prior to the sale or
<br /> j acquieition shall pase to Lender. i
<br /> � 6. Preservalioa �d Mmatan�ce of Property; Leaseholds; Coadominiums. Borrower shall keep the Prop- � K' :
<br /> erty in good repair and shall not permit or commit waste, impairment, or deterioration of the Property and shall '' '
<br /> � comply with the provisions of uny lease, if this �lortgage is on a ]easehold. If this Mortgage is on a condominium ' �
<br /> unit, Borrower shull perform all ot Borrower's obligations under the declaration of condominium or master deed, � � ' '
<br /> ' the by-iaws and regulations of the condominium project and constituent documents.
<br /> 7. Protection oi Leadei s Security. If Borrower fails to perform the covenants and agreements contained in '
<br /> this Mortggge, or if any action or proceeding is comn�enced which materially uffects Lender's interest in the Prop- '
<br /> erty, including, 6ut not limited to, eminent domain , insolvency, code enforcement, or arrnngements or proceed- ' "t
<br /> ings involving a bankrupt or decedent, then Lender at I,ender', option, upon notice to Borrower, may make such
<br /> appearattces, disburse such sums snd take such action as is necessary to protect Lender's interest, ineIuding, but
<br /> not limited>to; diabursement of reasonuble attorney's fees and entry upon the Praperty to make repairs. Any
<br /> smounts diebursed by Lender pursuant to this parsgrnpl� 7, vvitl� interest thereon, shall become udditionsl indebt-
<br /> edaesa of Bortower secured by this lfortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> amounts ahall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> eat from t5e date of disbursement at the rate stated in the IQote unless payment of interest at s�ch rate would be �^
<br /> contrary to applicable law, in wl�ich event such amounts shall bear interest at the hi hest rate ` �
<br /> g permissible by
<br /> applieable ]aw. Nothing containeci in tl�is paragrapli 7 shzll require I.ender to incur any expense or do any act ,;;
<br /> hereunder.
<br /> 8• Iaspectioa. Lender may make or cause to Ge madc reasonable entries upon and inspections of the Prop- ' � `
<br /> erty, provided that Lender shall give Borrower notiee ��rior to nny sucli incpection specifying reasonable cause
<br /> therefor �lated to Lender's interestin the Property.
<br /> 9. Condemantiw�, The proceeds of any awsrd or claim for damages, direct or consequentisl, in connection
<br /> with artg ,condemnation .or other taking of the Property, or ��art tiiereof, or for conveyance in lieu of condemna- �:. `. . t
<br /> tion,.are heieby aseigned and shall be paid to Lender. _ ' -= "
<br /> In the event of a total taking of the PFope;ty, tl�e proceeAs stial ] bc applied to the sums secured by this Mort- *�c'w'a r ,;
<br /> �' "gage; with the 'e�cceas, if any; paid to Borron•er. In the event of a psrtial taking of the Property, unless Borrower �;
<br /> and;I,ender 'otlierwise agree .in writing, there efis❑ be applieci to the sums secured by this Dfortgage such propor- � tia`- , s�
<br /> tion of the,proceedsss is equal to tb$t praportion which tl�e amount of the sums secured by this iVIortgage imme- '�? ' "
<br /> distelypnorlo the date of, talcing bears to the fair inarket value of the Property.immediately prior to the date of "}> ' "4,
<br /> tsl�inB, wa�h,3'the,lsalartce o€"-the proceeds;paid to Borrower_ �; •
<br /> � ��xltrtf�e'��p�,�s�i�bandonerl by Borrovver ;or if after notice by Lender to Borrower that the condemnor offers � � "` �� ` �
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<br /> totmalte.st► at�ra� or 'settie,a ols"lm for damag0s, Bottower fails to respond to Lender within 30 dnys of the date �.��""�: _;�r
<br /> of-suc$'�nofice,�L'�ender is authorized to! colIect and apply the F�roceeds at Lender's option either to r�storation or
<br /> ' repsir of the'Propeity. or to the sume secured by tliis \Iortgage.
<br /> Uaiess Lertder:"and Bocrowet nther�vise agree in �vriting, any such appliaation of proceeds to principal shall
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