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<br /> � If under parsqraph 18 hereof the Property is sold or the Property is othenvise acquired by l.ender, Lender
<br /> shall apply, no later than immediately prior to thc s3le of the ProPerty or its acquisiti�n by I,ender, any Funds
<br /> lield by Lender at the time of applicution as a creciit against the sums securecl by this Mortgage. >
<br /> 3. A plicatioa o! P >.
<br /> � y p aymeats. Unless. spplicablc ls�v I�rovides atherwisc, ali payments received by Lender
<br /> under the Note un�1 pAragragits 2 snri 2 hereof sl�ali Lc applied by Lender }irst in payment of amounts paystble to
<br /> Lenderby Borrower under nazagraph 2 iiereof, then to interest payabie on tlie Note aad on Future Advsnces, if � <' � + y u.
<br /> , any, and then to; the jirincipsl of the Notc and to tf�e principal qf Future Advances, it uny. • . � �'� *
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<br /> � 4.: Charqes; I.ioas: , Borrower ahall pay al! taxes, assessments nnd other charges, fines and impositions attrib- �; "
<br /> `� � . ; r ka��" .
<br /> ut,sble to the Property which may atbain 'a priority over this 14ortgage, and ground rents, if any, at Lender's � . . , ' � � �
<br /> � option imthe mannerprovided under psragrar�h 2r tfereof or by I3orrower making payment, wfien due, directly to �� ' _ � r�';
<br /> ;" the psyee thereof. Borrower shsli promptly furnish to Lender all noticcs of amoimts due under this paragraph, ;� ' ^
<br /> ,5 .
<br /> .� and in;the„evenG Borrower .shull make payn�ent directly, Borrower shaJi promptly furnieh to Lender receipts evi- R ` t,}
<br /> '� .� dencing such payments. Borrower shall prom�tly discl�arge any lien which has priority over this \Iartgage ; pro- ` „k;.
<br /> " � �r vidied, that Borrower shall not be required to discharge any sucli lien so long as Borrower shall agree in writing to ' � "
<br /> � thapayment of the obligation secured by such lien in a manner ucceptabte t.o Lender, or shall in good faith contest Y ` ` •
<br /> , ; � such tien i�y, or defend enforcementi of such lien in, legal proceedings wl�ich operate to prevent the en£orcement of � : ,'
<br /> i � the lien or forfeiture of the Property or any part tl�ereof. �
<br /> � ', 5_ Hazard Iasur�ee. Borrower Ehall keep tl�e improvements now existing or hereafter erected on the Prop- ' `
<br /> erty insured against loss by fire, liaxards included within the term "extended coverage", and such other hazards as � � ' "
<br /> �: i � Lender may require nnd in such amounts and for sucl� periods as I.ender may re quire ; provided, tha t I.en der s ha 1 1
<br /> � not requiie that the smount of auch coverage exceed thut umount of covera e re uired to w � „<
<br /> this Mortgage. g a Aay the aums secured'by � {
<br /> .,� The insursnce carrier providing the insurance shall be chosen b Borrower sub' ect to a 5 + r� `
<br /> 9 rovided that such a y 1 pproval by Lender;
<br /> P , pproval shall not be unreasonably withheld. All premiums on insurance policies shsll be paid " �„, ,, ' ;.
<br /> , � at Lender's option in the manner provided under paragraph 2 hereof or by Borrocver making payment, when due, ` '" �
<br /> � directly to the insurance carrier. r � � �'s �
<br /> � :
<br /> i Tn the event an lic ia nat renewed on or before ten days of its expiration, the Lender to " � � .,i
<br /> � Y 1� Y , rotect
<br /> its interest, may procure insurance on the improvements, pay the premiums and such sum shall become � � �"�^
<br /> ,! immediately due and payable with interest at the rate set forth in said note until paid and shall be i �3
<br /> � secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a defsult �:�:.
<br /> " � under the terms of thia Mortgage. , t ;;
<br /> °�� All insurnnce policies and renewal� tl�ereaf shull Ue in forin ncceptab]e to Lender nnd shall include a standard '' '�`
<br /> morbgage clause in favar of snd in form acceptnble to Lender. Lender shall have the right to hold the policies and ,,,;
<br /> jrenewals thereof, and Borrawer sha11 promptly furnisl� to Lender nll renewa] notices and sU receipts o£ paid pre- '' r i�
<br /> , miums. In the event oi ]oss, Borrower shall give procript notice to the insuran¢e carrier and Lender and I,ender ��
<br /> , ' ��v�ye;.
<br /> ' msy make proof of loss if not made promptly by Borrower. , ,�,�
<br /> � Unless Lender and Bonower othernise agree in �vriting, insur:tnce proceeds shali be applied to restoration or � .; , ���
<br /> repair of the Property damaged, provided such restoration or repnir is economically- fensible and the security of ` r
<br /> this Mortgage is not thereby im paired. If such restorati o n o r r e p a i r i s n o t e c o n o m i c a lly fessi b le or i f t he security ` ` ,} � ;'
<br /> ` of this Mortgsge would be impaired, the insurance proceeds shaIl be applied to the sums secured by this Mortgage, � ��.
<br /> d y 4?IS
<br /> � with the excese; if any, paid to Bonower. If the F'roperty is abandoned by Borrower or if Borrower fails to Lespond � , `:' �Y< �` �"��
<br /> �l to Lender within 30 days after noGice by Lender to Borrower thut the insurance carrier offers to settle a claim for �` ; � �,`�;'
<br /> � insurance benefits, Lender isauthorized to collect and apply tt�e insurance proceeds at Lender's opCion either to °` ^ �+ ;`�,f,�
<br /> restoration or repair of the Property or to the sums secured by tliis ��Iortgage. , �A�ra„f,
<br /> iTaleas Lender and Bonower otherwise agree in �vriting, any such application of proceeds to principal shall ; , '��;'?g
<br /> not extend or postpone the due date of the montl�ly installme�ts referred to in paragraphs ? and 2 hereof or change � � ^< < -�;;"��
<br /> ' the amount of such iastallments. ; �
<br /> ,� If under paragraph 18 hereof the Property is acquired by Lender, all right, title nnd intereat of Borrower in ° 7�"
<br /> and-to any insurance policies and in and to the proceeds tliereof (to tlic extent of the sums secured by this Mort- j � , �''
<br /> �� • gage immediately prior to auch sale or acquisition ) result•ing from damage to the Property prior to the sale or � � ">, '
<br /> acqu�eition shsll pass to Lendea
<br /> 6. Preservation �d Meriaten�ce of Propexty; Lecseholds; Condominiums. Borrower shall keep the Prop- � _
<br /> erty in good repair and shall 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 Mortgage is on a condominium �
<br /> unit, Bortower ahal2 perform all of Borrower's obligations under the declarution of condominium or master deed, ?
<br /> the by-Iaws and regulations of the condominium project and constituent documents. q
<br /> 7. Proteetion of Leader's Secuzity. If Borrower fuils to perform the covenants and agreements contained in
<br /> this vlortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Prop- '
<br /> ertp, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceed- '
<br /> ings involving a bsnkrupt or decedent, then Lender at I.ender's option, upon notice to Borrower, may make such
<br /> appearances, disburse such sums and take such action ns is necessary to protect Lender's interest, including, but
<br /> • not limited to, disbursement of reasonable nttorney s fees and entry upon the Property to make repairs_ Any
<br /> amounts diabursed by Lender pursuant to this pnragrapli 7, �vith interest thereon, shall become additional indebt-
<br /> edness of Borrower secured by this biortgsge. Unless Borrower and Lender agree to other terms of payment, auch
<br /> amouats ahall be payable upon notice from Lender to Borrower requesting payment thereof, snd shall bear inter-
<br /> est from the date of disburaement at the rate stated in the Note unless payment of interest at such rate would be '
<br /> cont;ary to applicable law, in which event such amounts shall bear interest at the highest rate permiesible by �"�
<br /> hep euna re ,iaw. Nothing contained in this psragraph 7 sl�nll reryuire Lender to incur any expense or do any act
<br /> S• Iaspeetion. Lender may lnake or esuee to Ac madc reaaonable entries upon and inspections of the Prop- , �
<br /> erty, provided thatr'Lender shall 'give Bonoa•er noticc �n•ior to nn}� +uch inspection snecifying reasonsble cause ,":
<br /> therefor related to Lender's interest in the Property.
<br /> 9. ; Coademnation. The proceeds of any award or claim for damsges, direct or consequential, in connection '4
<br /> with ,say condemnation or other taking . of the Property, or part thcreof, or for conveyance in lieu of condemna- ' t
<br /> tion, are l�ereby aseigned and-shall be paid to Lender. * �,
<br /> In the event of a total taking oB the Property, the .proceeds shall be upplied to the sums secured by this Mort- ..�„ : L `
<br /> gage. with t6e excess, if any, paid to Borro�ver; In the event of a partial . taking of the Property, unless Borrower ,'��:'
<br /> and Lendei otherwise agree in writing, there" sUsll be applied to tl�e sums secured by this Mortgage such propor- � � . .<'
<br /> tion of theproceeds as is equsl to that proportion which tlie amount of the sums secured by this Mortgage imme- �� ;,„ ;
<br /> diately.prior to the-date of taking beare to the fair msrket value of tlie Property immediately prior to the date of � � '
<br /> �8. ��`�71� bafsnce of tLeproceedspaid to Borrower. ° °'
<br /> . .,A,Y i f'?
<br /> �.��N$7rbperEy, rs abaadoned bg Borrower or if aftier notice by Lender to Borro�ver that the condemnor offers h �' `
<br /> tosnatke�stt a�v�ard or�settle s cls'un for damages; Boaower fails- to respond to Lender within 30 days of the date �;��' - ' .
<br /> of:,such ao�ice, Lendez is :avthorized ib collecG: and apply the'pmceeds at Lender's option either to resWration or �'
<br /> repa;r of tha Propertg or tu'the sutris secured tiy:f.Ius 1lortgage. . .
<br /> f '`�Jiileee Lender' and BorFower othernise agree .in �vriting,: any such sPPlication of proceede to principat shall
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