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<br /> If under paragrnph 18 hereof the Property is sold or the Property is otherwise acquired by I.ender, Lender •
<br /> shall appFy, no later tlian immediately prior tn the salc of the Propsrty or it� acquiaition by I,r_nder, any Funds
<br /> held by I.ender at the time of application as u credit ngainst tlie sums �ecured by this Mort�age.
<br /> 3. Applieetion of Paymenta Unless applicable lau• provides otherwise, all payments received by Lender �
<br /> under the Note and paraginpUs 1 and 2 hereof shall 'he npplied by Lender first in payment of umounts payable to `
<br /> Lender by Borrower underParagraph 2 hereof, then to intereat pxyable on tlic NoEe and on Future Advances, if �
<br /> any, and then to Lhe principal of the Nc�te 'and ta tlie principal of Future :�dvanecs, if nny. ; , :i. ��
<br /> 4. Chargea; Liens. $onower shall payail Eaues, asseasments and other charges, fines and impoaitions attrib- Y ' ;; s �
<br /> utable to the Property which may attain a ,priority over t4is Vlortgage, and ground rents, if any, at Lender's
<br /> � aption is the manner providecl under paragraph 2 hereof or by Borrower rnaking payment, when due, directly to' � r
<br /> '� the payee thereof: Borrower shall promptly '.fnrnish to l:ender all notices of amounts due under this paragraph,
<br /> � ' and in tBe event Borrower shaA makc payment directly, Borrower shall promptlY furnish to Lender receipts evi- ��
<br />^f dencing euch payments. Borrower shall promptly disciiarge nny lien which has priority over this Mortgage ; pro- �.
<br />� vided, thst Borrower shalL not be required to discl�ar�e any sucl� lien so long us Borrower shali ngree in writing to �: , ,:
<br />� the.paymentof the obligation secured bysuch lien in a manner ucceptflble to Lender, or'shall "in good faith contest '' `'�� '
<br />�' snch lien by, or defend enforceme»t of such lien �n, legul proceedings �vhich operate to prevent the enForcement of i;
<br /> p the lien or forfeiture of the Property or any part thereof. R
<br />� 5. Hazard Insurcmce. Barrower shall keep the improvements now existing ar hereafter erected on the Prop- '' ` '
<br /> erty' insured againat loas by fire, hazards included within the term "extended coverage", and such other hazards as
<br /> Lender may require and in such amounts and for such periods ais Lender may require ; provided, that Lender shall
<br /> not require that the. amount of such coverage exceed thnt amount of coveruge required to pay the sume secured 'by
<br /> this Mortgage. �
<br /> The insurance carrier providing the insurance shall be chosen by Borrower suUject to approvssl by Lender;
<br /> provideci, th�+t such spproval shall not be unreasonably withheld. All premiums on insurance policies shall be paid k ,'
<br /> at Lender's option in the manner provided under paragrapli 2 hereof or by Borrower making payment, when due, :; � �;,;:
<br /> directly to the insuraace carrier. ;r
<br /> Tn the event any poticy is not renewed on or before ten days of its expiration, the Lender, to protect f ` '
<br /> its interest, may procure insurance on the improvements, pay the premiums and such sum shall become
<br /> immedistely due and payable with interest at the rate set forth in said note until paid and shall be '
<br /> seeured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default r ''
<br /> under tfie terms of this Mortgage.
<br /> Ali insursnce policies und renew•als thereof shall be in Form acceptable to Lender and shall include a standsrd
<br /> mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and j . ;;
<br /> renewals thereof, and Borrower shall promptly furnisli to Lender atl renewul notices and al] receipts of paid pre- � �; t>.;;
<br /> miums. In the event of loss, Borrower shall give prompt noiice to the insurance carrier nnd Lender, and Lender � �'.
<br /> may make proof of lass if not made promptly by Borrower. � •
<br /> Unleae Lender and Borrower otl�erwise a ree in writin insurance ''� ��,
<br /> g S, procee�ls shall be npplied to reatoration or t �;K
<br /> repair of the Property damaged, provided such restoration or repnir is economicully feasiUle and the security of �
<br /> this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security } ` ' 'vr�-
<br /> of this 114ortgage wouid be impaired, tlie insurance ��roceeds shall be applied to thc sums secured by this Mortgage, �
<br /> with the excess, if uny, paid to Borrower. If the Yroperty is abssndoned by Borrower or if Borrower fzails to sespond y , : Z
<br /> to Lender within 30 days after notice by Lender to Bon•ower t6at the i��sursnce carrier offers to settle u claim for ' ` � `;%
<br /> insurance benefits, Lender is suthorized to collect and apply tl�e insurance proceeds nt Lender's option either to ; �" ' >�
<br /> restoration or repair of the Property or to the sums secured by this \fortgage. � �� , <4.
<br /> ITnleas Lender and Borrower othenvise agree in �vriting, any such application of proceeds to �rincipal ehs11 r ; `> wz
<br /> not extend or postpone the due date of the monthly installments referred to in paragraphs 1 snd 2 hereof or chsage ;,
<br /> the smount of such installments. V
<br /> If under paragrsph 18 hereof the f'roperty 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 tlie extent of the sums secured by this Mort- i �
<br /> gage immediately prior to such sale or acquisition ) resulting from damage to the Property prior to the sale or ; . -'
<br /> acquieition shaA pass to Lender. } �
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<br /> 6. Praservatioa mzd Mmaten�ce of Property; Lecseholds; Condominiums. Borrower shall keep the Prop- �
<br /> erty in good repair and shall not permit or commit waste, impairment, or deteriorution of the Property and ahall � � �'' '
<br /> compiy with the provisions of any lease, if this vlortgage is on a leasehold. If this Mortgage is on a condominium
<br /> unit, Borrower ahall perform all of Borrower's obligations under the declaration of candominium or msster deed,
<br /> the by-Iaws and regulations of the condominium project and constituent documents.
<br /> 7. Proteetion o! Lender's Security. If Borrower fuils to perform the covenants and agreements contained in
<br /> this Mortgage, or if any action or proceeding is commenced which inaterially affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domain, insoh�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 /> appearancea, disburse such sums and take sucli action as is necessary to protect Lender's intereat, including, but
<br /> not limited to, disbursement of reasonable attorney's fees nnd entry upon the Property to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become xtdditional indebt-
<br /> edaess,of Bonower secured by this l�fortgage. Unless Borrower and Lender agree to other terms of� payment, auch
<br /> amounts shall be papsble upon notice from Lender to Borrower requesting psyment 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 rste 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 pnragraph ? shnll require Lender to incur sny expense or do nny act
<br /> hereunder.
<br /> B• Inspeetion. Lender may make or cause to be �nadc reasonablc entries upon and inspections of the Prop-
<br /> erty, provided that I.ender shall give Borrower notice �,rior to nny such inspection specifying reasonable cause
<br /> therefor related to Lender's intereat in the Property.
<br /> 9. Coademaation. The proceeds of uny uward or claim for damages, direct or conseryuentisl, in connection
<br /> with sny condemnation or other taking of the Property, or pnrt thereof, or for conveyance in lieu of condemna- �
<br /> , tion, sre hereby assigned and shall be paid to Lender. -
<br /> In the event of a totsl taking of the Property, the proceecis shall be npplied to the suma secured by this Mort- � " �' �- + r`
<br /> gege, with, the exceas,. if any, paid to Borrower. In the event .of a partial taking of the Property, unl�a Borrower
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<br /> and Lender othetwise agree in writing, there sliall be applied to tl�e sums secured by this �Iortgage such propor- ' '
<br /> tion of the proceeds as is equal to that proportion which the smount of the sums secured by this Mortgage imme- � �'��' h
<br /> diateIy prior to the date of talciag beare to tl�e fair market value of the Property immedistely prior to the date of x'
<br /> talong, nnt�i�the baladce oE the pmeeeds paid to Borrower. � ,
<br /> If the Pmperty �s abandoned by Borrower or if after notice by Lender to Borrower that the condemnor offers �w�w;, �;
<br /> to mslce aa aWard 'oii'settle a cIsim for damagea, Borrower fails to respond to Lender within 30 days of the date :.
<br /> o€=8uch� aoiace, 1`.ender iarauthorized to colIect and spply' the proceeds at Lender's option either to restorstion or �"*•'�-� ��"'
<br /> npa�ir_of;the Prop"erty. or to the sums aecured by tl�is 1Iortgage. :
<br /> UnIcss Lender and BorYower .othenvise agree in �vriting, .any auch application of proceeds to principal shall
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