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<br /> If under paragraph 18 hereof the Property is sold urthe Property is otherwise acquired by Lender, Lender
<br /> shall apply, nolater tlxan immediately prior to the sule of the Property ur its acquisition by Lender, any Funds
<br /> I hcld by Leade; at the t•ime af application as a credit against tLc swns secured hy this Vlortgage.
<br /> � 3. AppBaation af Payments. Unless applicuble ]ss«• provides otherwise, ull payments received 'ny Lender
<br /> under the I`Tote nnd puragraphs 1 and 2 hereof sl�all hc applied I�y I.ender first in pay�nent of umounts payable to ,'
<br /> ;j I,enderby Borrower under �aragraph 2 he��eof, then to interest payable on the Note and on Fiiturc Advanees, if ';
<br /> � any, :snd then to the principal of the Nota and Eo the principal of Tuture Advances, if any. e. � ��
<br /> 4. Chargea:Lieas- Borrower sUall pay ull tuxes, sssessments and other charges, fines and impositions attrib- , „
<br /> 3 utable to the Property which mnry attain apriority over this Mortga�e, and ground rents, if :sny, At Lender's ? '
<br /> t � option in the manner provided uader paragruph 2 hereof or by Borrower mukin� payment, when due, directly to �
<br /> ' � the �ayee thereof: Borrower ehall promptly furnish to Lender all notices of amounts due under this priragraph , 4
<br /> " } � and in the event Borrower ahall make payment directly, Borra«er sl�ssll promptly lurnish to Lender receipts evi- '
<br /> dencing such payments. Borrower shall promptly discliwrge �:ny lien which has priority, over. this Mortgsge ; pro- `
<br /> i � vided, that Bormwer ahall not be reyuired to dischurge any such lien so long ns Borrocver shall agree in writing to ;
<br /> : � � the payment of the obligation secured by such lien in a manner acceptaUle to Lender, or shall in good faith contest
<br /> � auch lien Uy, or defend enforcement of such lien in, legal proceedings which opernte to prevent thc entorcement of
<br /> .f � the lien or forfeiture of the Property or any part thereof.
<br /> ^ S. Hazazd Insurzmce. Borrower shall keep the improvements no«� existing or hereatter erected on the Prop-
<br /> ? erty insured against loss by fire, huzards included within the term "extended covernge", ancl such other hazards as
<br /> Lender may require and in such amounts and for suc4 periodc as I.ender may require ; provided, that Lender shall t -
<br /> i not require that the amount of such coverage exceed thst amount oE coverage requirecl to pny the sums secured "by -
<br /> ' this Mortgage. `
<br /> 'i The insurance carrier providing the insurauce shall be chosen by Borro�ver subject to approval by Lender; f
<br /> 3 provided, that such spproval shsll not be unreatsonably withheld. Alt premiums on insurance policies shull be paid � � '�
<br /> ' at Lender's option in the manner provided under paragrapl� 2 liereot or 1>y Borrower making 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 y'
<br /> ' j its interest, may procure insurance on the improvements, pay the premivms and such sum shall become t �
<br /> . � immediately due and payable with interest at the rate set forth in said note until gaid and ahall be < < �
<br /> ¢ secured by this Mortgage. Faiiure by Borrower to comply may, at option of Lender, constitute a default `
<br /> ; under the terms of this Mortgage. ?�
<br /> : } All insurance po]icies and renewnls thereof shall Ue in forni acceptable to Lender and shall incfi.�de u standard . ;i
<br /> � mortgage clause in favor of nnd in form acceptable to Lendei•. Lender shall have the right to hold Che policies and j . M ` ;
<br /> renewsls thereof, and Borrower shall promptly furnish to I.ender all renewal notices and all receipts of paid pre- � {M�:
<br /> ; miums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender, and Lender ` '- � ' �
<br /> may make proof of loss if not made promptly Uy Borro�ver. �' �Fi > ' :
<br /> ` � Unleas Lender und Bonower othernise agree in writing, insurance pruceeds shall be apPlied to restoration or '*��a
<br /> ' repair ot the Prop�rty dsmaged, provided such restoration or repnir is economically fessible and the security of � r " '�
<br /> ' `� thie �vlortgage is not thereby impaired. If such restorstion or repair is not economically feusible or if the security "'
<br /> � of this �hortgage would be impaired, the insurance ��raceeds shall be applied to the sums secured by this 1�lortgsge, � �`,�x
<br /> ;} with the excess, if ttny, paid to Borrower. If the Yroperty is abandoned by Borrower or if Borro�ver fails to respond "'- ` u
<br /> to Lender within 30 days after notice by Lender to Borrower that the insurnnce cnrrier offers to settle a claim For � {
<br /> , .� insursnce benefits, Lender is suthorized to collect snd apply the insurance proceeds at Lender's option either to � �
<br /> reatoration or repuir of the Property or to the sums secured by this \Iortgage. � � y
<br /> � IInless Lender and Borrower othenvise ssgree in writing, $ny such applicntion of proceeds to principal shaA ' "'
<br /> � not mctend or ost one the due date of the monthl installments referred to in ara rs hs 1 and 2 hereof or chan e �
<br /> P P Y � P g P B : � , .�
<br /> � the amount of auch instsilments. { i
<br /> 7 Sf under ara ra h 18 hereof the Pro ert is uc uired b Lender all ri ht title and interest of Borrower in `x�
<br /> P B P P Y 4 Y , g , [ � .
<br /> � and to any insurance policies und in and to tlie proceeds thereof ( to tlie extent of tlie sums secured by this Mort- r -;
<br /> s e immediatel rior to such sale or ac uisitian ) result.in from dama e to the Pro ert rior to the sale or '+
<br /> = 8 8 Y P � g S 6 P Y P
<br /> j acquieition shall pass to Lender.
<br /> # 6. Preservatioa cmd M�sten�ce of Property; Leaseholds; Condomiaiums. Borrower shall keep the Prop-
<br /> ,, � erty in good repair and sha11 not permit or commit waste, impairment, 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 a condominium
<br /> i unit, Borrower shall perform all of Borrower's obligations under the declanition of condominium or msster deed,
<br /> 3 the by-laws and regulations of the condominiun� project and constituent documents.
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<br /> � 7. Proteetioa oE Landez's Seeurity. If Borrower fails to perform the covenants and ugreexnents contained in
<br /> , .� this rlortgage, or if any action or proceeding is commenced �vhich materiuliy affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domain , in,ol��ency, code enforcement, or anangements or proceed-
<br /> inge involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may mske sueh .
<br /> _ � appearances, disburse sucli aums and take such action xs is necessary to protect Lender's interest, including, but
<br /> not limited to, diabursement of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br /> � amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebt-
<br /> ednese of Borrower secured by this �lortgage. Unless Borrower ssnd Lender agree to other terms of payment, auch
<br /> ., ;; amounts shall be payable upon notice from Lender to Borrower requesting payment thereo[, and shall bear inter-
<br /> { est from the date of disbursement at the rate stated in the A'ote unless pnyment of interest at such rate would be
<br /> . ;� contrsry to applicable law, in which event such nmounts shall bear interest at the highest rate permissible by
<br /> ' j applicable law. Notl�ing contained in tl�is paragraph 7 shnil rcryuire Lender to incur any expense or do any act
<br /> J hereunder.
<br /> t8. Iaspeetion. _ Lender may make or cause to hc madc reaconablc entries upon and inspections of the Prop- i
<br /> ; erty, provided that Lender sliall give Borrow�er nofice � +rim• tu anp suc6 inspection ,�yecifying reasonable cause ,
<br /> F , q therefor related to I.ender's interest in the Property. ;
<br /> �, i 9. Coademaation. The proceeds of uny award or claim for damages, direct or consequential, in connection �
<br /> , } with any condemnation or other taking of the Property, a• ��art thereof, or tor conveyance in lieu of condemna-
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<br /> ' w`,i tion, sre hereby assigned and sha11 Ue paid to Lender. , ,,� ° � '
<br /> � r' In the event of a total taking of the Property, the proceeds shall be applied to the su�ns secured by this Mort- °
<br /> �s�� _ , gage, with Lhe excese; if any, paid to Borro�ver. In the event of a partial taking of the Property, unless Borrower r3' �
<br /> �� and Lende'r otherwiae sgree in writing, there sl�sll be applied to tl�e sums secured by this Mortgage such propor- „. � � ,
<br /> ,„; tion nf the proceeds ae ia equal to that proportion which the amount of tl�e aums secured by this NIortgage imme- � r�
<br /> �,� '� fliateiy pirior to the date of taking bears to the fair inarket value of the Property immediately prior to the dste of y. �
<br /> �,.; talring, with the bsI'sn�e of;the proceeds paid to Borrowerc, �;s�":`� r ' '
<br /> r �•,J � - Ff �Y� P . . . . � r .�:. x ,z� '.d
<br /> , roperty is abandoned by Borrower or if after notice by I.ender to Borrower that the condemnor offers �.,;� �,,, , ,
<br /> to make'�a.awar8 or settle a claim for damages, $orrower tails to respond to Lender witliin 30 da,ys of the date -
<br /> „� � of- suck'notice, Lender is authorized to collect snd' appIy the '}�roceeds at Lender's option either to restoration or '
<br /> j � repair of the Property 'or to the auius seaured'by this .liortgage.
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<br /> ' � � IInless Lender and Borrower othernise :agree in writing, any auch application of proceeds to principal ahall
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