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<br /> If under paragraph 18 hereof the Propert.y is sold or the Yroperiy is othenvise ncquired by Lender, Lender
<br /> shnll upply, no later tl�an immedistely prior to tl�e salc ot thc Property or its :acquisition by Lender, :tiny Funds
<br /> held by Lender st the time of apPlicntion as a credit against tLe su�ns secured hy this vlortfiage..
<br /> 9. Applieation of Payaieats. Unless npplicablc lst��• provides otherwise, aIl payments received Up Lender
<br /> under the Note and pat�sgrapl�s 1 snd 2 hercof shull bc upplie�l by I.ender first in payinent of amounts payabte to
<br /> Lender by Borrower under paragrapl� 2 hereaf, then to interest ��3yablc on tlie Notc and on Futarc Advances, if
<br /> any, and 'tiyen to the principal of the Note und to tlie prinripal of Future Advances, if any.
<br /> � , 4. Chargea; Lieas. Borrower sl�nll pay all tuxes, assessments and other charges, fines and impositions uttrib-
<br /> utable to the Property which may uttain u priority over ttiis vtort�;age, and ground rents, if nny, at Lender's
<br /> � option in the manner provided under parAgraph 2 hereof or by BorruR•eranaking payment, when due, directly to
<br /> � � the payee thereof. Borrower shall promptly furnish to Lender nil notices of amounts due under this paragraph ,
<br /> ; � and in the event Borrower shall makc payment directly, Borro�va• shall promptly furnisl� to Lender receipts evi-
<br /> dencing such payn�ents. Borrower shall promptly dischnr�e any lien which has priority uver this \'fortgsge ; pro-
<br /> - � � vided, that Borrower shall not be required to discharge any such lien so long as Borrower sl�ail agree in writins to
<br /> = � the payment of the obligation secured by sucli lien in a mnnner acceptable to Lender, or slialt in good faith coatest
<br /> '` such lien, by, or defend enforcement of such lien in , legal proceedings �vhich operate to prevent the en€orcement of
<br /> � the lien or forfeiture of the Property or any part tl�ereof.
<br /> � b. Hazard Insurmace. Borrower shull keep thc improvements now existing or hereafter erected on the Frop-
<br /> t� eaty insured sgainst loss by fire, hazards included within the term "extended coverage", and sueh ottier hazards as
<br /> { , Lender may require and in such amounts and for such pe�•iods as Lender may require ; provided, that Lender shall
<br /> � not require that the amount of siich coverage exceed that amount of coverage required to pay the sums secured 'by
<br /> i this Mortgage.
<br /> � The insurance carrier providing the insurance shall be chosen by Borrorver subject to appzoval by Lender ;
<br /> ` provided, that such approval shall not be unreasonably withheld. Ail premiums on insurAnce policies shall be paid
<br /> ' at Lender's option in the mrtnner provided under p��ragrapli 2 liereof or t>y Borro�ver making puyment, when due,
<br /> ' directly to the insurance carrier. '
<br /> ; In the event any policy is not renewed on or before ten days of its e�cpiration, the Lender, to protect f
<br /> its interest, may proeure insurance on the improvements, pay the premiums and such sum shall become '`.
<br /> ' ; irnmediately due and payable with interest at the rate set forth in said note until paid and shall be i
<br /> secured by this Mortgage. Failvre b,y Borrower to comply may, at option of Lender, constitute a default
<br /> under the terms of this Mortgage.
<br /> All inaurance policiea and renewals thereoi ehall be in torm accentable to Lender and shsll include :3 stnndard �; ' '
<br /> • t mottgage clause in favor of and in form acecptable to Lender. Lender shall have the right to hold the policies and <
<br /> i renewals thereof, and $orrower shull promptly furnish to Lender all renewal notices and all receipts of paid pre-
<br /> j miuros. In the event of loss, Borrorver shall give prompt notice to the insurance c�rrier and Lender, and Lender � ;;:
<br /> may make proof of loss if not made prom�tly by Borrower. ; , s';
<br /> � Unless Lender und Borrower othenvise agree in �vriting, insurance proceeds shall be applied to restoration or �;
<br /> �! repair of the Property damaged, pmvideci such restoration or repair is economically feasible :�nd the security of
<br /> + this Vlortgsge is not tliereby impaired. If such restorntian or repair is not economically feasible or if the security
<br /> � of this Mortgage would be impaired, the insurance ��roceeds shall bc applied to the sums secured by this Mortgage, � ,,
<br /> with the excess, if any, paid to Borrower. If the Yroperty is abandoned by Borrower or if Borrower fails to respond s
<br /> � to Lender w9thin 30 days after notice by Lender to Borrower thnt the insurance carrier offers to settle a claim for �:.
<br /> insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to
<br /> restoration or repair of the Property or to the sums secured by tliis \iortgage. � �
<br /> { IInless Lender and Borrower otherwise a.gree in writing, any such upplication of proceeds to principal shall ;
<br /> � not extend or poatpone the due date of the montlily installments referred to in paragraphs 1 and 2 hereof or change r
<br /> the amount of. such installments. �
<br /> `- If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in "�
<br /> � and to any insurance policies and in and to the proceeds tliereof (to the extent of the sums secured by this Mort-
<br /> , gage immediately prior to such sale or scquisition) resulting from damage to the Property prior to the sale or t
<br /> acquisition shall pass to Lender.
<br /> � 6. Preservatioa �d Mmatea�ce of Property; Leaseholds; Condomiaiums. Borrower shall keep the Prop-
<br /> erty in good repair and shall not permit or commit waste, impuirment, or deterioration of the Property and shal!
<br /> � comply with the provisions of any leuse, if this �Iortgage is on u lessehold. If this vlortgage is on a condominium
<br /> unit, Borrower shall perform all of Borro�ver's obligations under the declaration of condominium or master deed,
<br /> the by-laws and regulations of the condominium ��roject and constituent documents.
<br /> ' � 7. Protectioa of Lender's Security. If Borrower fnils to perform the covenants and agreements contained in
<br /> � this �2ortgage, or if any action or proceeding is commenced which mraterially affects Lender's interest in the Prop-
<br /> y erty, including, but not limited to, eminent domain , insoh•ency, code enforcement, or arrangements or proceed-
<br /> � inge involving a bankrupt or decedent, then Lender at 1.ender's option, upon notice to Borrower, may make such
<br /> appearances, disburse sucli sums and take such action ns is necessary to protect Lender's interest, inclnding, but
<br /> ` not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br /> ; amounts disburaed by Lender pursuant to this paragraph 7, �vith interest thereon , shall become additional indebt-
<br /> S edness of Borrower secured by this Mortgage. Unless Borrower and Lender sgree to other terms of payment, such
<br /> � smounta shall be paysble upon notice from Lender to Borrower requesting payment thereof, nnd shall bear inter-
<br /> est fmm the date of diabursement at the rate stated in the Note unless pnyment of interest at such rate would be
<br /> � contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible by
<br /> � applicable law. Nothing contained in this parugraph ? shnll require I.ender to incur any expense or do any act
<br /> � hereunder: _
<br /> 8. - Inapsction. Lender may muke or cause to be inade reasonablc entries upon and inspections ot the Prop-
<br /> `� erty, provided that Lender sliall give Borrower notice ��rim• to nny such inspection specifying reasonable cause -
<br /> ; therefor related to Lender's interest in the Propertp.
<br /> � 9_ Coademaation. The proceeds of uny award or clnim for damages, direct or consequential, in connection '
<br /> with any condemastion or other taking of the Property, or tiart thereof, or for conveyance in lieu of condemnn-
<br /> tion, are hereby aseigned and shaIl be paid to Lender. ,M,� •� ''
<br /> ;` In the event of a total taking of the Property, the proceeds sl�all be npplied to the suma secured by this Mort- -= �' '
<br /> •� gage, tivith the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Bonower � ,`�
<br /> +�� ;and Lender otherwise egree in writing, there sliall . be applied to the sums secured by this Mortgage such propor- ra � w
<br /> ,,, tion of the proceeds as is equal to that proportion which tl�e amount of the sums secured by this Mortgage imme- �`' �,
<br /> .diately prior to the date of taking beare to the fsir inarket value of tlie Yroperty iinmediateIy prior to the date of
<br /> �; �r �
<br /> � � � taking, with:the.bslance of�the proceeds paidto Borrower. ' ` � " � `
<br /> °`' `� If the �roperty is ab8ndoned by Borrower or it nfter notice by Lender to Borrower thnt the condemnor offers "� ' '+ -
<br /> " '� , � to mstte an aws'id`or settle a claim for dsmsges; Borrower fails to respond to Lender within 30 days of the date ' �"* '="-"�
<br /> � = of sucli noticef Lender is authorized to collect and -apply the proeeeda nt Lender's option either to restoration or
<br /> ": ; repsir of'ttie Property, or tio the stiuns secnred by this \Iortgage.
<br /> , + Unleas Lende.r and Borrower oEher�vise agree in writing, any such application of proceeda to principal ahall
<br /> , � , .
<br /> � � °�:,..:� �.,,� -�
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