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<br /> ; �; If under paragraph 18 hereof the Property is sold or the Property is othenvise acquired by I.ender, Lender
<br /> shall apply, no later t6an immediately prior to tl�e sule of the Pro�Tcrty or its ucquisition by Lender, �ny Funds
<br /> held by Lender ut the time of application as a credit a�ninst tLe �u�n, secured hy this Vlortgagc.
<br /> ' 9. Application oi Paymeats. Unless npplicablc Inw provides othenvise, all payments received by Lender
<br /> t under the Note and paragrnp6s l and 2 l�ereof shalt bc ap��lieci by I,ender first in �syrnent ot amounts pnyable to
<br /> : j Lender by Borrower under �aragrn�h 2 Lereof, tlien to interest payable on tlie Note and on Future Arlvancea, if .�� 'r
<br /> , � any, and then .Lo tihe prineiNal of the Nole and to tl�e principal ot Future Advances, if •rny. ;
<br /> 4. Char4e�s: Lieas. . Borrower shall pay all taxes, assessments an�! other charges, fines and ixnpositions attrib- �.,.
<br /> , ut,able to ,the Property whieh mny atbain n prioriLy over this 14ortgage, and ground rents, if any, at Lerxder's y n "
<br /> 'option in tlte inanner �arovided under paragruph 2 F�ereof or by Borrower �nsking payment, when due, ciirectly to %
<br /> ,. x the payee t.hereof. Borrower shsll promptly farnish to Lender all notices of amotmts due under this parograph, %
<br /> ' � and in the event Borrower shnll makc payment directly, Borro�cer shall promptly iurnish to Lender receipts evi- `
<br /> � �j denoing such payments. Borrower shall promptly discharge any lien which l�as prioriY.y over, thi� vlortgage ; pro-
<br /> � ` � vided, that Borrower shall not be required to discharge any sucli lien so long as Borrower shall agree in writing to , :�:
<br /> � � the payment of the obligstion secured by such lien in i� manner acceptnble to Lender, or shall in good faith contesE
<br /> i � euch lien by, or defend enforcement of such lien in, legrsl proceedings �vhich operate to prevent the enforcement of
<br /> � d the ]ien or forfeiture of the Property or any part tliereof.
<br /> t � 5. Hazard Insur�ee. Borrower shnli keep the improvements no�v existing or hereafter erected on the Prop-
<br /> ? erty inaured against loss by fire, hazards included within the ter� "extended coverage", und such other hazards as '.
<br /> r I.eadermay mquire an�! in such amounts and for sach periods as Lender may require ; provided, that Lender shatl �
<br /> Op not require that the amount of such coverage exceed tliat amount of coverage required to pay the sums secured 'by �
<br /> � this Mortgage. �
<br /> The insurance carrier providing the insurauce shall be chusen by Borrawer subject to approval by Lender ; �
<br /> ; provided, that sach approval ahatl not be unreasonabl,y withl�eld. A11 premiums on insurance policies shall be paid , r e,� :'
<br /> � at Lender's option in t6e manner provided under parugraph 2 hereof or by Borrower rcyaking payment, when due,
<br /> j directly to the insurance carrier. �7
<br /> � In the event any poiicy 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 became
<br /> �` immediately due and payable with iaterest at the rate set forth in said note nntil paid and shall be
<br /> ' � secured by this Mortgage. Failure by Bonower to comply may, aC option of Lender, constitute a default
<br /> : { under the terms of this Mortgage.
<br /> ? All instzre�nce policies snd renewalc thereof c��all be in form seceptable to Lender and shall include a standsrd
<br /> ? mortRage clause in favor of and in form aceeptable to Lender. Lender shall huve the right to hold the policies and ` k �
<br /> � reaewals thereof, and Bonower shall promptly furnish to Lender uU renewal notices nnd nll receipts of paid pre- �tir.
<br /> miums. In the event of loss, Borrower s6a11 give prompt notice to the insurance carrier and Lender, snd Lender � `
<br /> 1 may make proof of loss if not made promptly by Borrower. '` ` �
<br /> � Unless I.ender and Bonower otherwise ugree in writing, insurance proceeds shall be applied to restoration or � � �;;.
<br /> � repair of the Property damaged, provided such restaration or repair is economically feasible and the security of ; "` `
<br /> this Vfortgage is not thereby impaired. If such restorntion or repair is not econocnically feusible or if the security ° fit��
<br /> , � of this Martgage would be impaired, the insurance f�roceeds shnll he applied ta the sums secured by this Mortgage, i, �r,�
<br /> , � with the excess, if any, paid to Borrower. If the Yrope��ty is ssbandoned by $orrower or if Borrower fails to respond ' ,3-;;
<br /> � to Lender within 30 days after notice by Lender to Borro�ver thnt the insurance carrier offers to settle a claim for ; W µe;
<br /> ,� inauraace benefits, Lender is suthorized to collect and apply the insurance proceeds nt Lender's option either to f " '
<br /> restoration orsepair of the Property or to the sums secured by tliis \Iortgage. �' '�
<br /> �' , �
<br /> ,1 Unleas Lender and Borrower othernise agree in writing, any such application of proceeds to principal shall - �?
<br /> � not extend or postpone the due date of the inonthly instuliments referred to in parngraphs 1 and 2 hereof or change ' ', f �
<br /> the amount oF such installments. �,;
<br /> If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Bonower in �`
<br /> and to any insurance policies and in and to the proceeds thereof ( to tl�e extent of the sums secured by this Mort- �a°
<br /> gage immediately prior to sucli sale or acquisition ) resulting from damage to the Property prior to the sale or
<br /> acquisition shall pass to Lender. ,,;�;.
<br /> 6. Preservation �d Mmntea�ce o! Property; I.easeholds; Condoxniaiums. Borrower shall keep the Prop-
<br /> erty in good repair and shall not permit or commit waste, impuirrnent, or deterioration of the Property and shall `
<br /> comply with the provisions of nny lease, if this vlortgage is on a leasehold . If this yIortgage is on a condominium '
<br /> unit, Borrower shall perform all of Borrower's obligations under tf�e declarution of condominium or master deed,
<br /> the by-]aws and regulstions of the condominium project and constituent documents.
<br /> 7. Proeection of Lender's Security. If Borrower faiis to perform the covenants and agreements contained in
<br /> thie rlortgage, or if any action or proceedins is commenced which �naterially affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domain , inaoh•ency, 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 /> appesrances, disburae such sums and take sucli action as is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursemeat of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br /> - ( amo�ts diebursed by Lender pursuant to this paragraph 7, witl� interest thereon, shall become additional indebt-
<br /> � edness of Borrower secured by this bfortgage. Unless Borrower and Lender agree to other terma of payment, such
<br /> amounts ehall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> � est from the date of disbursement at the rate stated in the Note unless payment of interest at such rate would be
<br /> contrary_ to applicsble law, in which event such amounts shall bear interest at the highest rate permiasible by
<br /> �_� applicable law. Nothing contained in this parugraph 7 sl�nll reryuirc Lender to incur any expense or do any act .r
<br /> hereunder.
<br /> 8• Inapeetion. Lender may inake or cause to t�e madc reasonablc entries upon and inspections of the Prop-
<br /> `• � erty, provided that Lender Qhall give Borrower noticc l.rior to am• �ucL inspection �pecifying reasonable cause
<br /> thereforselated ,to I,ender's interest in the Property.
<br /> �- 9. Condemnalion. The proceeds of any awarci or claim for damnges, direct or consequential, in connection � ` (
<br /> with sny oondemnstion or ot6er taking of the Property, or part thereof, or for conveyance in lieu of condemna-
<br /> �; tion,sre hereby assigned and shall . be paid to Lender. ' ' • � ?
<br /> � _........ � ,�.
<br /> In the event of a total taking of the Property; the proceecls shall be applied to the sums secured by this Mort- , ;
<br /> gage, �vith the excess, if any, psid to Borro�ver. In tlie event of a partial taking of the Property, unless Borrower =ea =
<br /> y ' , sad Lender o.therovise agree; in writing, there sl�all be applied to the aums secured by this biortgage such propor- J �%- 'i
<br /> tion of the ;proceeds ss.is eqnal to that proportion .which tl�e amount of the sums secured by this i�Iortgage imme- W��r � ��
<br /> dietely prior� to the date of tsking bears to the fair msrket vslue of the Property immediately prior to the date of `, � .
<br /> talna8, w�fi,�i��h"� balsnce oE'the proceeds, psid to Borrower. � �%i� � ;
<br /> �f thet'P.rogerty;i 's`abandoaed by Borrower or if niter notice by Lender to Borro�ver that the condemnor offers ��h;
<br /> to;mak`e-an:�award. or seEtIe ,a claim for dsmsges, Borrower fails to respond to Lender within 30 days of the dste
<br /> '� of�,guch �ioti�e, Leader is author'iaecl lq collect and ap��ly the proceeds ac Lender's option either to restoration or
<br /> `,� rep`s�r of the Property or to the eums eecured, by this �iortgage.
<br /> ��
<br /> iJnleea Lender and Borrower:other�vise, sgree in writing, any such application of proceeds to principal sha❑
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