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<br /> � ' If under paragraph 18 heteot the Property is sold or t6e Property is other�vise acquired by I,ender, Lender
<br /> ; shall apply, no later t4an immediately prior to tl�c eate of tl�e Prorcrty or its ucquisition by Lender, any Funds
<br /> held by Lender at khe time of application as n credit against t6e sums secured by this VLortgnge.
<br /> 3. Rppueation of Faymeats. Cinless appficablc la�c ��rovides othenvise, all payments received by Lencler
<br /> under the Note and paragrapZ�s 1 nnd 2 hereot §hall hc apptiect by Lendcr first in payment of flmounts payable to
<br /> ? Lender by Borrower under-paragraph 2 hereof, then to interest puyablc on the Note and on Futurc 4dvances if '�
<br /> � any, and then to the principal. of the Note nnd to the principal of Future Advinces, if any. � � : 'ti ;
<br /> " � 4. Charges; Lieas. Borrower ahall pay �ll taxes, assessments and other charges, fines and impositions attrib-
<br /> ' � ut,able to the ProPerty which may attain a priority over this rfortgage, and ground rents, if uny, at LendeYs �' � "
<br /> '4 � optSon a'n the manner providexl vnder parsgraph 2 hereof or by Borrower �naking payment, when due, directly to
<br /> � Qj the psyee thereof. Borrower shsll promptly furnish to Lender all notices of umounts due under this puragraph,
<br /> � � and in the event Borrower shall make payment directly, Borrower shnll promptly furnish to Lender receipts evi- � '-z
<br /> s r,� dencing such payments. Borrower ahail promptly discliarge any lien which has priority over this �Iortgage ; pro- F
<br /> , � d vided, that Borrower shail not be required to discl�arge. any such lien so long as Borrower shall agree in writing to
<br /> � Ehe payment of the obligation secured by such lien in i� �nanner acceptnble to Lcnder, or shall in good faith conteat
<br /> euch lien by, or defend enforcement of suc[i lien in, legal proceedings wliich operate to prevent the entorcement of ' `
<br /> � � the lien or forfeiture of the Property or any part tl�ereof.
<br /> pp 5. Hazazd Insuramce. Borrower ehall keep the improvements no�c existing or hereafter erected on the Prop-
<br /> h erty insured against ]oas by fire, hazards included within tlie term "extended coverage", and such other hsaards as
<br /> Lender may require and in such nmounts and for such reriods as Lender may require ; provided, that Lender ehall
<br /> not require that the amount of such coverage exceed that smount of coverage reqi�ired to pay the sums seaured 'by
<br /> this Mortgage. �
<br /> The insurance carrier providing the insurance shall be chosen by Aorrower subject to approval by Lender ;
<br /> � provided, that such approvat shall not be unreasonably withheld. All premiums on insurance policies shall be paid
<br /> � at Lender's option in the manner provided under p�ragrapl� 2 liereof or by Borrower �naking payment, when due,
<br /> directly 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 oa the improvements, pay tl�e premiums and such sum shall become
<br /> immediately due and payabie with interest at the rate set forth in sard note until paid and shall be
<br /> ' � secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a defauit
<br /> � under the terms of this Mortgage.
<br /> , f' All insurance palicies and renewals tliereof shall be in forin acceptable to Lender and shall iuclude u standard 1 f}
<br /> :nortgage clause in favor of ssnd in form acceptable to Lender. Lender shall have the right to I�old the policies snd �, �"
<br /> i renewals thereof, and Borroa�er shull promntty hirnish to Lender ull renewul notices and all receipts of paid pre-
<br /> 1 miums. In the event of loss, Borro�ver shall give prompt notice to thc insura�ice cnrrier and Lender, and Lender % `�-`
<br /> ; may malce proof of loss if not made promptly by Borrower. , ;;
<br /> { Unless Lender and Borzower othenvise agree in writing, insm•ance proceeds shall he applied to restoration or ` q��
<br /> � repair of the Property damuged, provided sucli restoration or repair is economicnlly feasible aad the security of
<br /> � this blortgage is not thereby impaired. If such restorntion or repair is not economically feasible or if the security :� : � `
<br /> �, .� of this Mortgage would be impaired, the insurance proceeds sliall bc applied to thc sums secured by this Mortgage, x { r ':
<br /> with the excess, if any, gaid to Borrower. If the Property is abandoned by Borrower or if Borrower fails to sespond a �>,
<br /> , � to I.ender within 30 days after notice by Lender to Borrower that the insurance cnrrier oR'ers to settle a claim for �
<br /> ineurance benefits, Lender is authorized to collect and spply the insurnnce proceeds at Lender's option either to
<br /> � restoration or repair of the Property or to the sums secured Ly tl�is �•Iortgage. Y �'
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<br /> � Unless Lender and $orrower othenvise agree in �vriting, sny such application of proceeds to principal shall � � �
<br /> not extend or postpone the due date of the monthly instalIments referred to in paragraphs 1 and 2 hereof or chsnge : " "'
<br /> the amount of such inatallments.
<br /> � If under paragraph 18 hereof tl�e Property is acquired by Lender, all right, title and interest of Borrower in �N
<br /> and to any insurance policies and in and to the proceeds tl�ereof (to tlie extent of the sums secured by this Mort-
<br /> 'i gage immediately prior to such sale or acquisitionl resulting from damage to the Property prior to the sale or :,
<br /> acquisition shall pass to Lenden
<br /> 6. Preaervation �d Mmaten�ce oi Property; Leaseholda; Coadomiaiums_ Borrower shall keep the Prop- ,
<br /> erty in good repair and shall not permit or commit �vaste , impnirment, or deterioration of the Property and shall , -;
<br /> comply with the provisions of any lease, if this \Iortgage is on a leasehold. If this D4ortgage is on n condominium
<br /> ? unit, Borrower shall perform ail of Borrower's obligations imder the declaration of condominium or msster deed,
<br /> ' the by-laws and regulations of the condominium project and constituent documents.
<br /> 7. Protectioa of Lender's Security. If Borrower fails to perform the covenants and agreements contained in
<br /> this VIortgage, or if any action or proceedin� is commenced �vhich muterially affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eininent domain, insolcency, code enforcement, or urrangements or proceed-
<br /> inge involving a bankrupt or decedent, then Lender at i.endcr's option, upon notice to Borrower, may make such
<br /> appearances, disburse sucli sums and tske sucl� action as is necessary to protect Lender's interest, including, but
<br /> not limited to, diabursement of reasonable attorney's Pees and entry upon the Property to make repairs. Any
<br /> i amounts diebursed by Lender pursuant to this paragrapk� 7, vvitl� interest thereon, shall become additional indebt-
<br /> - � edness of Borrower secured by this �fortgage. Unless Borrower and Lender ugree to other terms of payment, such
<br /> amounte shall be payable upon notice from Lender to Borrower requesting payment thereot, and shall bear inter-
<br /> eet from the date of disbursement at the rate stated in the ATote unless payment of interest st such rate would be
<br /> contrsry to applicable law, in which event such amounts shall bear interest at the highest rate permissible by
<br /> applicable law. Nothing containecl in thic paragrapl� 7 shnll reryuire Lender to incur Any expense or do any act
<br /> hereunder.
<br /> B- Inspaction. Lender may �nake or cause to be �nadc rea�onablc entries upon and inspections of the Prop-
<br /> '°r erty, provided Yhat Lender shatl give Borroa•er notice �u-im• to am• such inspection .pecifving reasonable cause
<br /> j therefor related to Lender's interest in the Property.
<br /> -,j 8: Coademnatioa. The proceeds of uny award or etaim for damages, direct or consequential, in connection �
<br /> f with any condemnation or otNer taking of the Property, or purt thcreof, or for conveyance in lieu of condemna-
<br /> ��� . tion, are hereby assigned and ahall be paid to Lender. ,prt' '
<br /> In the event of s total taking of the Property, the proceeds slisll be applied to the sums secured by this Mort- ��� ` ' `
<br /> ; gage, .�vitIa the exceas, if' any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower = `
<br /> and Lender otherwise agree in writing, there shall be appIied to the suine secured by thia Jfortgage such propor- � ,j„�'�
<br /> tion of theproceeda as is equal ta .that proportion which the nmount of the sums aecured by this Mortgage imme- � �': � ;
<br /> diately pnor�to the date of taking beara to the fair n�arket value of t6e Pro ert immedietel " � ' "` "
<br /> p y y prior to the date of
<br /> ta�ng, wi�h,th'e balance of;the proceeds paid to Borrower. g� ?„E � .;
<br /> If the'�roperty., is sUandoned by'Borrower or if after notice by Lender to Borrower that the condemnor offera �``
<br /> to make au awazd or settle a claim 'for damsgea, 'Borrower fails to respond to Lender witBin 30 days of the date " ""'� :���� `
<br /> }� of st,oI� notice, T,ender is suthorized to collect and ap��ly the proceeds at Lender's option either to restoration or
<br /> repa�r of,ti�e Property or tu the aums secured 6y this \lortgage.
<br /> %r Unleee Lender and Borrower: other�vise agree in writing; sny such appIication of proceeds to principal shall
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