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<br /> If nnder paragraph 18 hereof the Property is sald or the Property is otherwise acquired by I,ender, Lender ' ,`s
<br /> r slissll , a ! no later tl�an immediate! '
<br /> pP y, y prior to tl�e sale o[ t.he Property or its acquisition by Lender, any Furids <s
<br /> held by I,ender at the time of applicution as a credit :igainst the sums seeured b� this Vlortgagc.
<br /> � 3. Application of Payments. Unless , applicsblc lativ provides othenvisc, all payments received by Lender r '
<br /> j under the Note and paru�rapl�s 1 and 2 hereof sliall Gc ap��lied by Lender first in payment ot amounts payable to ` � fi , �,�,
<br /> i Lender by Borrower under psragraph 2 l�ereof, tlien to interest puynblc on the Note and on Futura Advancee, if � ,
<br /> � any, and then ta the principal of the Note and to ' the principal of I+'uture Advances , if any. F, ' ,!� � _ , r� r „s4 + f
<br /> ; �.� 4. Charges; Lieas. • Borrower shsll pny ull taxes,. asse.ssenents and other charges, fines and impositions attrib- � r ;; � � ,'i-�.
<br /> � ut�ble to the Property which may att8in u priority over tliis Martgage; and �round rents, if nny, at Lender's � '` ' ' ` " '�`�
<br /> ,� : option;in the manner grovided under psragraph 2 hereof or by Borrower mnking ' payment, when due, directly� to. � r� , " ,'" `� � ia
<br /> � � the psyee thereof. Borroner ahall promptly furnish to Lender a❑ notices of amounfs due under this paragraph, s r �° r�
<br /> ; � and in the event $orrower shall makc puyment directly, Borrouer shall promptly furnish to Lender receipts evi- ' � F V�
<br /> dencing aucti payments. Borrower shall pramptly discharge uny tien which has priority over thie Mort e • '
<br /> � ".; CD Ba8 . P�- .
<br /> � vided, that Borrower sball not be required to discl�arge any sucli lien so long ns Bonower shn)f agree in avriting to � r ', s'� ,°r+;
<br /> , _; � the payrnent of the obligation secured hy such ]ien in a manner acceptnUle to Lender, or shall"in �ood faith contest ; , ', ; �`�,�'
<br /> � auch Iien by, or defend enforcement of sucli lien in, legal proceedings �vhieh operate to prevent the enforcement of � " � ` � ?.
<br /> r the Iien or fo�feiture of the Property or sny part tliereof. � t �
<br /> pp 5. Hazard Insurance. Borrower shall keep the i�nprovements now existing or hereafter erected on the Prop- ' t;: ` ;=. ,
<br /> n erty insured against loss by fire, hazards included within the term "exten�led coverage", and sucl� other hazards as 4. " f�.
<br /> � .� Lender may require and in such amounts and for sucl� periuds as Lender mny require ; provided , tl�at Lender aha11 , ��i'
<br /> ' not require that the amount of such coverage exceed that amount of covera�e required to pay the sums secure@ 'by �
<br /> ^�'
<br /> this Mortgsge. ,;
<br /> The insurance carrier providing tlic insurance shall be chosen b Borrower sub' ect to a y , ; ��
<br /> y ) pproval b Lender• ' � � `
<br /> provided, that such upproval shall not, be unreasonably K ithheld. All premiums on insurance policies shal! be paid t � { � ,�-
<br /> at Lender's option in the manner provided under paragrapli 2 hereof or by Borro�ver making payment, when due, } ` � ,� ;
<br /> direetly to the insurance carrien , � ; �� ��'
<br /> In the event any policy is not renewed on or before ten days of its eapiration, the I.ender, to protect ` "�� �
<br /> � its interest, may proeure insurance on the improvements, pay the premiums and such sum shall become � � '
<br /> � ;: � � ` ;���
<br /> immediately due and payable with interest at the rate set forth in said note until paid and shall be u ' � �
<br /> � � seeured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default � ' . ,� 5 ;f�'r
<br /> under the terms of this Mortgage. ,� , 4 ti .
<br /> A11 inaurance policies and renewals thereof shall be in fonn accepiable to Lender and shall include a standard �`�`"
<br /> � � � s y Yrt 'A.
<br /> f �nortgage cl�tuse in fuvor of and in form scceptablc to Lender. Lender shalt have the right to liold the policies and „ 3 ,
<br /> # renewstls thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid pre- 5 "T'w �'`"
<br /> ; miums. In the ewent of loss, Borrower shall give prompt notice to the insurance carrier and Lender, and Lender ,'�F��k
<br /> ' � msy make proof of loss if not made promptly by Borrower. � = � ' y� 5
<br /> Unless Lender and Borrower otherwise agree in writing, insurnnce proceeds shall be applied to restoration or ( � ' i5"�''�%4� '
<br /> re p a i r o f t h e P r o p e r t y d a m a g e d, p r o v i d e d s u c h r e s t o r a t i o n o r r e p n i r i s e c o n omica l ly feasi b le an d t he security o f :i �^ � *�"k5�`
<br /> this Mortgage is not thereby impaired. If such restorntion or repnir is not economically feasible or if the security Y ' fi '; �wY�,
<br /> of this hlortgage would be impaired, tl�e insurance ��roceeds shn.11 be applicd to the sums secured by this lbiortgage, ; " � ',�
<br /> with the escess, if nny, paid to Borrower_ If the Yroperty is abandoned by Borrower or if Borrower fails to reapond f ' �Y+,� ��:�
<br /> � ( to Lender within 30 days after notice by Lender to Borrower that the insurance carrier offers to settle a clsim for ' � .� '�' �a""`"
<br /> t ;:� a"�� �-�,'�`
<br /> ineurance benefits, Lender is authorized to collect and upply the insurance proceeds at I,ender's option either to {�r,r';,�`�
<br /> restaration or repair of the Paoperty or to the sums secured Uy this :\Iortgage. 1 ' - _ �w� '
<br /> ilnlese Len3er and Borrower otherwise a ree in writin an such a licaf,ion of roceeds to " `"£'�' "
<br /> b S. Y PP P principal shall � , : + "�.��''
<br /> not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change f `' ` �'�� -
<br /> the amount of auch installments. f �4 `
<br /> If under paragraph 18 hereof the Property is acquired by Lender, a11 right, title and interest of Borrower in i *� �`!
<br /> and to sny insurance policies and in and to tlie proceeds thereof (to tlie eactent of the sums secured by this Mort- K ' ' �
<br /> gage immediately prior to such sale or acquisition ) resulting from damuge to the Property prior to the sale or ? L '.,
<br /> acquieition shsll psss to Lender. ?.�
<br /> 6. Preservatioa cmd Mmntenaaee of Property; Leaseholds; Condomiaiums. Borrower shsll keep the Prop- F :'��o "F
<br /> erty in good repair snd shail not permit or commit wuste, impairment, or deterioration of the Property and shall �` ` ` � a�:
<br /> comply with the provisions of nny lease, if this \tortgage is on a leasehold. If this i�lortgage is on a condominium � '' ' K;r
<br /> unit, Bonower shall perform all of Borrower's obligations under the declaration of condominiurn or master deed, _ �
<br /> theby-laws and regulations of the condominium project and constituent documents. �
<br /> 7. Protecfioa of Leader's Seeurity. If Borrower fnils to periorm the covenants and agreements contained in ;- � " '
<br /> thia Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Prop- ;'
<br /> erty, including, but not limited to, eminent domuin, insol��ency, code enforcement, or arrangements or proceed- ' ��
<br /> ings involving 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 auch action ns is necessary to pratect Lender's interest, including, but ` '
<br /> 3. not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repaiis. Any
<br /> amounts diebursed by Lender pursuant to this parsgraph 7, witl� interest thereon, shall become additional indebt- x ,
<br /> edness of Botrower secured by this Viortgage. Unless Borro�ver and Lender agree to other terms of payment, such 'f ,
<br /> amounts ahall be payable upon notice from Lender to Borrower requeating payment thereof, and shall bear inter-
<br /> est from the date of disburaement at the rate stated in the Note unless payment of interest at auch rate would be
<br /> contrary to applicsble law, in which event such amounts shall bear interest at the highest rate permissible by
<br /> ' applicable law. Nothing contained in this pnragrapli 7 shnll require Lender to incur any expense or do any act
<br /> ';-' hereundea
<br /> 8• Iaspection. Lender mny make or cause to 1>e made i•ensonnble entries upon and inspections of the Prop- , �.
<br /> erty, provided that Lender shall give Borroa•er notice �u•ior to nn}• such inspection specifying reasonable cause
<br /> ;' therefor related.to I,eader's intetest in tiie Property. r �;
<br /> 9: Coademaalioa. The proceeds of uny award or elaim for damages, direct or consequential, in connection
<br /> ^�. with any, condemnstion or: other taking of the Property, or part thereof, or for conveyance in lieu of condemnn- J�'' ' ''�
<br /> ��• tioa, are hereby assigned- and shall be paid to Lender. F ,°; ,F , `
<br /> In the event of a totsl taking of the Property, the proceeds shall be applied to the sums sewred by this Mort- + ^" '
<br /> '� gage, �yith the exceas, ifsny, psid to Borrorver. In ,the event',of a partial taking of the Property, unless Borrower `"'��" �' �"
<br /> and Lender otherwise agree in writiag, there slisll be spplied to tiie sums secured by this 1lortgage such propor- �;
<br /> tion of the proceeds as is equaL to that proportion which the amount of the sums secured by thia Mortgage imme- ( `"
<br /> diately pnor to the date, of taking bears to the fair inarket vslue of tl�e Property immediately prior to the dste of J ��� ' �`°
<br /> talong, wtth the 6a3ance of;the praceeds paid to Borrower. ��,r '" '''
<br /> Ifitfie" Eraperty�is`abandoned by`Borrower or if xfter notice by Lender Lo Borrower that the condemnor offers �� ` ,,E � j.;
<br /> to;make,anraward or settle s claim for damages, Borrower fails to respond to Lender within 30 days of the date �;�
<br /> * � of;auch xiot�e�, Leuder, ie suthoriaed to collect•and apply the proceeds at Lender's option either to restoration or """"
<br /> repair of_tha Prope`rty or to the anms eecured -by this \fortgage: �
<br /> � UniegB. Lencler atid Borrower. otl�eraise agree in writing, any auch application of proceeds to principal ahall
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