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<br /> If under parsgraph 78 hereof the Property is sold or the Property is othenvise acquired by T.ender, Lender '
<br /> shall. apply, no later than immediately prior to tt�e salc of the Property or its acquisition by Lender, nny Fundc
<br /> heidby Lender at the time of application aE u credit against the sums secured by this Mortgage. ;
<br /> y 3. Apglica6on of Payaaeats. �:lcss s�,licsblc !sit• prov:dee otherwie�, a11 rayment� received by Lender
<br /> x uncler the i�ote niid paregraplis 1 and 2 )iereof shall hc appliec� by I.endcr first in payment oF amounts payable to
<br /> ¢ . Lender by Borrower under paragrapli 2 hereof, then to interest pay:aUle on tl�e Note and on Future Advances, if , , :!, >
<br /> ; � any, and then ,to the principai of the iVote at�d to tlie principal of Future Advunces, if any. ' ' `� + r
<br /> $ 4. Charges; Lieas. . Borrower sl�all pay atl tnxes; assessments and other charges, fines und impositions attrib- � �� t .� � jy
<br /> ,r�
<br /> �: � _ut�ble ta the Property which muy , attain . a priority over t6is vIortgage, and groun3 rents, iE any, at Lendez's ' + `�'
<br /> � op"tion in the manner provided under paragraph 2 hereof or by Borrnwer mukin� payment, when due, directly to � , �f�;
<br /> ;'� �p the payee- thereof_ Borrovver shail promptly furnisG to L�nder �11 notices of amounts due undcr this pars�raph, : '
<br /> �--� and in the event Bonower shall make payment directly, Borrowcr shall promptly furnish to Lender receipts evi- ' -' ' ' �
<br /> � Q dencing such y�ayments. Borrower shall prompily discharge any lien wh'rch hss priority over this AZort�age ; pro- � �
<br /> p vided, that Bormwer ehail not be required to discharge Rny such lien so long as Borrower sl�ull u�ree in writing to s
<br /> the payxnent of the obIigation seeured by such lien in s manner acceptuble to Lender, or shall in gaod fnith contest ` ` ,' � ` w
<br /> .� such lien hy, or defend enforcement of such lien in, lega] proceeelings which operate to prevent the en€orcement oF
<br /> Op the lien or f+orfeitvre of tfie Property or any part thereof. „
<br /> t ^ 5. Hazar d i n s u r�¢e. $orrower s ha l l keep t lic i�nprovements now existing or l�ereafter erected on the Prop- '' :'
<br /> -:� erty insured againstloss by fire, ha.zards ineluded within the term "extended coverage", and �uch other hazards as ; `r „
<br /> t � Lender may require and in such amounts and for such periods as Lender may require ; provided, that Lender shall
<br /> � not require that the smount of such coverage exceed tl�nt amount of coverage required to pay the sums secured 'by ,;;
<br /> . 'j this Mortgage. -,
<br /> ,� The insurance carrier providing the insurance shnll be chosen by Borrower subject to approval by Lender ; � s �
<br /> E �ro.�aea, that such approval shall not be unreasonably withheld. All premiums on inaurance policies shall be psid � ,� s
<br /> S at Lender's oPtion in the manner provided under paragrapl� 2 hereof or by Borrower making payment, when due, �s`
<br /> , d"uectly to the insurance carrier. s ' �
<br /> � In the eveat any policy is not renewed on ar before ten days of its eapiration, the Lender, to protect � ' ` ��
<br /> • } its intereat, may procure insnrance on the improvements, pay the premiums and such sum shall become ; �:
<br /> l immediately due and payable with interest 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 I.ender, constitute a default � k ?
<br /> � under the terma of this Mortgage. � � '
<br /> 7 All insurance policies and renewtsls thereof shall be in form acceptable to I.ender and shall inciude a standard �' k ',�.
<br /> ; � moxtgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the poticies and F2 h`.
<br /> � renewals thereof, and Borrower shull promptly furnish to Lender all rene�val notices and alt receipts of paid pre- z' . �� xr:F
<br /> g miums. In the event of loss, Borrower shall give E�rompt notice to the insurunce carrier and Lender, and Lender � , ` '� ' �"'
<br /> � may make praof of loss if not made promptly by Borrower. ? �� 'a^"_
<br /> � ,r
<br /> Unless Lender and Bonower otherwise agree in writing, insm•ance proceeds shall be applied to restoration or � ; , � ��
<br /> { repair of the Property damaged, provided such restoration or repair is econornicalty fessible and the security of c ' �:
<br /> � this Diortgage is not thereby impaired. If such restorntion or repuir is not econoinically feasible or if the aecurity � �:, ,5 N"�
<br /> ,; of this Mortgage would be impaired, the insurance �roceeds shall be applied to the sums secured by this Mortgage, r ir= =
<br /> with the excess, if any, paid to Borrower. If the Property is abnncioneci by Borrower or if Borrower fails to sespond ' " ,, :i�+'� �, �,v;.
<br /> to Lender within 30 day5 after notice by Lender to BorroK•er thut the insurance csrrier offers to settle a claim for � � " �4},� 4
<br /> ineuranee , bene&ts, Lender is suthorized ta collect and apply the insurance proceeds at Lender's option either to , � 'e Y '-=,
<br /> reatoration or repair of the Property or to tlie sums secured by tl�is �3ortgage. ` ,� i�,
<br /> Unieas Lender and Borrower otherwise agree in writing, any such applicution of proceeds to principal aha11 � „ �;�'
<br /> not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change ` � ' ""
<br /> the amount of sueh installments. F ; ��
<br /> If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in i ,,,
<br /> and to any insurance policies and in and to the proceeds thereof (to tlie extent of the sums secured by this Mort- ,� ;
<br /> gsge immediately. prior to such sale or acquisition) resulting from damnge to the Property prior to the sale or ; 3;-
<br /> acquieition sball pass to Lender. � .
<br /> 6.' Preservation �d Mmnten�ce oI Property; Leaseholds: Coadominiums. Borrower shall keep the Prop- ;. „
<br /> erty in good repair nnd shall not permit or commit wsste, impairment, or deterioration of the Property and shall � �
<br /> comply with the provisions of uny lease, if this �Iortgage is on a leaseliold. If this Mort�age is on a condominium � , '�
<br /> unit, Borrower shall perform all of Borrower's obligations under the declaration of condominium or master deed, �
<br /> the by-laws and regulations of the condominium project and constituent documents. ?
<br /> 7. Proteetioa of Leader'a Seeuzity. If Borrower fails to perform the covenants snd agreements contained in
<br /> this Mortgage, or if any action or proceeding is commenced �vhich tnaterially affects Lender's interest in the Prop- �
<br /> erty, ineluding, but not Iimited to, eminent domain, insolcency, code enforcement, or arrangements or proceed- 'r,
<br /> inga invblving a bankrupt or decedent, then Lender at I.ender's option , upon notice to Borrower, may make such ��'
<br /> appearances, disburse sucl� sums and take such action as is necessary to protect Lender's interest, including, but
<br /> , not limited to, disbursement of ressonable attorney's fees and entry upon the Property to make repaiis. Any
<br /> amounts disbursed by Lender pursuant to this paragraph i, with interest thereon, shall become additionai indebt- -��
<br /> ednese ofBorrower secured by this lfortgage. Unless Borrower and Lender agree to other terms of payment, euch
<br /> amounte shall<be payable upon notice from Lender to Borrower requeating payment thereof, and shall bear inter-
<br /> est from the date of disbursement at the rate stated in the Note unless payment of interest ut such rate would be
<br /> contrary ,to applicable law, in which event such amounts shall bear interest at the highest rate permiasible by
<br /> applicable law. Nothing contained in this paragraph 7 shnll require Lender to incur any expense or do sny act
<br /> hereunder.
<br /> �� 8. Inapaction. Lender. may mske or cau=e to be tnadc reasonable entries upore snd inspections oi the Prop- ' :
<br /> :'� erty, provided that Lender s1�s11 give Borrower noticc �n•ior to nny s�ch inapection specifyin� reasonable csuse
<br /> tlierefor related to Lender's interest in the Property. ,�
<br /> , 9. Condamaation. The proceeds of any awarci or claim for damages, direct or consequentisl, in connection �
<br /> .. . with aa _ . >. ;
<br /> � y condemnataon ar other takjng of the Property, or part thcreof, or for conveyance in lieu of condemna-
<br /> ; tion, are &ereby assigned and shall be paid to Lender_ � �
<br /> N Tn the event of a total taking of the Property, the �>roceeds sl�all be applied to the sums secured by this Mort-
<br /> gsge, �vi£Ii the excess; if any, paid to Borrower. In the event of a partial taking of the Property, unlesa Borrower "� � "`
<br /> gad Lender otheravise. agree in :writing, there sliall be applied to the sums secured by this �4ortgage such propor- ".+
<br /> � tioa of the proceeds as is equsl to that proportion which tl�e amount of the sums secured by this Mortgage imme- � ' �''� '�
<br /> distely prior to the date of •fakiag,bears to the fair inarket value of tlie Property immediately prior to the date of �`"'' �..z
<br /> tsking4 wi'�h,thebalanCe of•the pmceeda paid to Bonower. ;� , ''
<br /> : Zf the�p0�ty; i8'abandoned by`Borrower or if after notice by Lender to Borrower that the condemnor offers ���-f
<br /> to�m�kC;an;�ard'or'settle a claim for damsges, Borrower fails to respond to Lender within 30 days of the dete ��. {°_
<br /> � of,�euc6�notzce; Lentler is suthoYued °to collect and apply" the proceeds at I,ender'.s option either to restoration or
<br /> FC� repair.af:the Prop�lctp or to,the suchs seeured .by tliis \fortgage.
<br /> Iry�
<br /> UnTess Lender'end Borrower oChernise' sgree -in �vriting, any sucb application of proceeds to principal shall
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