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<br /> �� If under paragraph 18 her�eof the Property is sold or the Praperty is othenvise acquired by Lender, Lender ,�.
<br /> � shall apply, no later thari immediately prior to thc aslc of the Property or its acquisition by I,ender, nny Funds ,•�%?
<br /> 3 held by Lender at the time af application aa a cred:t aguinst the sums se.aured by this Mortgage.
<br /> , 3. Applieatioa of Paymeats. ; Unless ap�licablc Iaw �irovides othenvise, all payments received by Lender � ' �;'
<br /> � underthe Note, and paragrapiis i and 2 hereof shnll bcanPlied !>y Lender first in paymenG of amounts payablc to ; ' °' ' � ' -s
<br /> Lender bq Borrovicer uader paragraph 2 IlereoE, then to interest �tayable on the Note and on Future Advances, if 'I , ! , r . `
<br /> � . �
<br /> ,any, and then tq. the principal of:the Note and ta tl�e Irrincipal �[ Future Advsnces, if any. �, ' ' 4�5,�,",'' , •
<br /> ,. 4. Ch�ges: Lfens. - BorrowersLall pay a1T -taxes, sesessrnents and other charges, fines snd impositions attrits- �� � ,' '' �s �`" a �� ��"� '
<br /> ,- �utable� to the Ptopert,y which may attain a priority over tttiiR vtortsage; and '�round i�nts, if any, at Zender's ` s '� � '�s �`
<br /> � option in the manner �royided under parsgraph 2 hereot or by Borrower inaking �nyment, when due, directly to �` � �' � m ° ""� , :
<br /> , {i the payeB thereot. Sonower ahalt promptly fun�ish to 7.ender All notices of amounts due under this paragraph, � . ' ' - � ? 3 a�3�"S
<br /> .and in t5e event,Borrower ahall_ meke paymen.L,directly, Borro«•er shall prorsptly furnish to Lender receipts evi- r�; ' ;� �; � �
<br /> , � , dencing;suc,h payments.,Boirower ahall Promptly discharge any lien which has priority over this vlortgage ; pro- �'' : ' .�, ��
<br /> vided, that Borrower shall not be required to discharge any sucl� ]ien so long as Borrower shall agree in writins to � r, M� �,
<br /> , z the payment of the obligation aecured by such lien irr a manner ucceptuble to Lender, or aha31 in good fsith contest � ' �`+
<br /> sueh lien by, or defend enforcement of such lien in, legal procer.dings �vhich operate to prevent the entorcement of �f ' r xi5��,:
<br /> � the lien or farfeiture of the`Property or any part thereof. ' ' �
<br /> ? " si ' �4 �
<br /> 5. FIazard 7asur�ee. Borrower shall keep tl�e iinprovements novV exirtinb or hereafter erected on the Prop- �y
<br /> erty insured agsinst loss by fire, hazards included cvithin the term "extended covernge", ssnd such other hazards ss f; �` ` r .sJ
<br /> '� Lender ma uire and in such amounts and for such eciods as Lender ma re uire • �` `� '• �i
<br /> . , Y � P y q , provided, that Lender aha11 ;
<br /> � not require that the amounti of sueh coverage exceed tliat amount of coverage reqvired to pay the sums secnred 'by ��' '� ��
<br /> ; � tfiis �141�or6gage. " � � _ .R�
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<br /> The insursnce carrier providing tl�e insurance shall be chosen Uy Borro�ver suUject to npproval by Lender ; � '�w �"r�°
<br /> � provided, that such sppsovnl shall not be i�nreasonably withheld. All premiums on insurance policies shall be paid �� '"�
<br /> at Lender's option in the manner provided under ara ra �h 2 hereof or b Borrower makin � , ° �'`°*
<br /> P � I y g paymenC, wl�en due,
<br /> directly to the insurance carrier. � . � ;x f?�
<br /> � � In the event any policy is not renewed on or before ten days of its expiration, the I.ender, to protect `; s V ����'
<br /> �. � its interest ma - � <4 �,.r^'
<br /> � , y procure insnrance on the improvements, pay the premiums and such sum shaIl become ' � r� y
<br /> : � �. immediately due and payable with interest at the rate set forth in said note until paid and shall be i '� ; " "'��+�'.
<br /> ,r„� secured by this Mortga�e. Failure by Borrower to comply may, at option of Lender, constitute a defauIt � ' ,,} r N' :�
<br /> � .
<br /> Q under the terms af thiA Mortgage. � ,A y r \
<br /> ' � � AII insurance policies and renewals thereof shsll be in fonn acceptable to Lender and si�all include a sCandard ��f �� �
<br /> inartgage clsuse iq favor of and in fonn acceptable to Lender. Lender shall have the right to hold the policies and � " ' �� 'r" -�'"��N;.
<br /> , � ' � renewals thereof, and Borrower shall promptly furnish to I�ender all renewal notices and ali receipts o€ paid pre- `� �`*n" �•
<br /> miums. In the event of loss, Borrower shutl give prompt notice to the insurance carrier and Lender and Lender � �` `"M.�'"`'
<br /> � may mske proof of loss if not msde promptly by Borrower_ ' � ' � :rR-%�` % *
<br /> I � , y `�
<br /> Unless Lender and Borrower otlierwise agree in writin�, insurance proceeds shall be applied to restoration or �. , "�`'z��
<br /> rep��r of the Pro pezt y dama ged, pmvided sucli res toru tion or repair is economically feasible and the security of } ' ' �; }��+
<br /> ' �� `Ehis Mortgsge ia not thereby impaired. If such restoration or repuir is not econoroieally feasible or if the security � > ' ;.*y ''�'°, �;;:
<br /> of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, � ° ` " ��'K-� �
<br /> with the excese, if any, paid to Borrower. If the Yruperty is abandoned by Borrower or if Borro�ver fnils to sespond � ' F � `}+;�+�`� �
<br /> _ to Lender with 'sn 30 days aiter notice by Lender to Borrower thut the insurance csrrier offers to settle s clsim for � , � ;� r�,�;:
<br /> insurance, beaefite, T.ender is .suthorized to eolleet and appiy the insumnce proceeds at I.ender's option either to � ; ` � ���` �
<br /> restoration or repair of the Property or to the sums secured by t6is \Iortgage. � r� .
<br /> Uni�se Lender and Borrower othernise agree in writing, any such application of proceeds to principal ahalt � � ' r ;;� '�°'�" '
<br /> not extend or postpone the due date of the monthly installments referred to in parsgraphs 1 and 2 hereof or change � ' t � �g�fi
<br /> y,} the amount of such installments. � �:
<br /> a If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in � ' '� ^�s„
<br /> snd to any inaurance policies and in snd to the proceeds thereof (to ttie extent oF the sums secured by thia Mort- `"'"
<br /> gage ,immediately prior to such sale or acquisition) resulting from damage to thc Property prior to the sale or ;;e � �{N
<br /> acquisition shall pasa to Lender. 4r
<br /> 6. Preservatioa �d M�datea�ee oi Pzoperty; Leaseholds; Condomiaivass. Borrower shall keep the Prop- � ��, ' + .
<br /> erty in good repair and shall not permit or commit wuste, impairment, or deterioration of the Property and shal! `
<br /> ' comply with the provisiona of Any lease, if this tiiortgage is on a leasehold. If this Mortgage is on a eondominium " �' '
<br /> ;� unit, Borrower shall perform all of Borrower's obligations under the declaration of condominium or master deed, ��
<br /> the by-Iaws and regulations of the condominium project and constituent documents. � >
<br /> 7. Proteetioa of Lendei s Seeurity. If Borrower fails to perform the covenants and agreements contained in '�
<br /> - ; this i1�Iortgage, or if any action or proceeding ia commenced which materially affects Lender's interest in the Prop- �
<br /> erty, ineluding, but not limited to, eminent domain, insolvency, 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 /> appearances, disburse sucli sums and take such action as is necesssry to protect Lender's interest, includin�, but
<br /> not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br /> amountadiebursed by Lender pursuant to tl�is paragraph 7, �vith interest thereon, shall become additionsl indebt- ' `
<br /> ednese of Borrower secured by this �fortgage. Unless Borrower und Lender agree to other terms of payment, such �"
<br /> ,,:" ' amounts shali be paysble upon notice from Lender to Borrower requesting payment thereof, and ahall bear inter-
<br /> eet frnm the date of disbursement at the rate stated in the Note unless payment of interest at such rate would be s;.
<br /> contra ,ry to applicable law, in which event sueh amounts shall bear intereat at the highest rate permiesible by
<br /> applicable law. Nothing conteined in this paragtapli 7 shnll require Lender to incur sny expense or do any act F:
<br /> ' hereunder. y
<br /> � 8•, 7aapeetion. Lender may �nske or cause to be �nndc reasonable entries upon and inspections of the Prop- "°'
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<br /> esty, provided tI�at Lender sl�ell give Borrower notice ��rior to nny such inspection specifying reasonable cause i`
<br /> tfierefor related to Lender'e 4nterest in the Property.
<br /> ' 9. CondemaaEioa. The proceeds of uny acvard or claim for damages, direct or consequentisl, in connection
<br /> witli sny condemnation or other taking of the Property, or part thereof, or for com�eyance in lieu of condemna-
<br /> ; Eion,,sre hereby sssigned and shall be psid to Lender. {y
<br /> In the eventofa total taking of the Progerty, the ��roceeds sliall Le applied to the sums secured by t6ia Mort- . ,,,, � •'
<br /> gage, with:the- excess, if any, paid to Borrower. In tl�e event of n partial taking of the Property, unless Borrower � � ,: '=:
<br /> and Leader ottier�vise agree in writing, there shalI be applied to the sums secured -by this l�iortgsge such pro or- ,: F �
<br /> tion of theproceeds ae ia equal to that proportion which:.tl�e amount of the eums secured by this A�Iortgsge imme_ � f ��• + ' �
<br /> �tely prior to the date of taking beara to the fair.market value of tlie Property iminediately prior to the dste of ?� k ����
<br /> taloag, wi,��''Ehe,"�ial'anqe�u�Ethe proceeds paid to Bormwer. � }.�
<br /> : -Ef t11,�'��es�tyF�s sbandoned by Borrower or if after notice by Lender to Borrower that the condemnor offers "��* ' `� '
<br /> �xn� IY �{.
<br /> � to��e;�an.svicezd"ox,settle, s olaim'for`"dsmages; Borrower fails to ;espond to Lender within 30 days of the date �,*� ; n;�
<br /> o , uc'$-ito�accb�,N�ender is authorized to collecti and apply the " proceeds at Lender's option either to restoration or ` ,
<br /> �a repa�r of the Pro�ie�rty or tb the isurris aec�ir�d by .this \iortgage_
<br /> U2`n�fss ;Lentter and Bor;ower ptherNiee: 'agree in writing, any auch application of proceeds to principa! ahall
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