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<br /> If under paragraph 18 hereof the Property is sold ar the Property is otherwise acquit-ed by Lender, Lender
<br /> , shall apply, na Iater tLun immediately priur to thc sale oY tl�e Property or its acquisition by Lender, any Funds
<br /> heldby I.ender at the time of applicatiom ns u credit against the sums secured hy this Mortguge.
<br /> 3. Applicatioa of Payments. Unlexs applicnblc lasv provides othenvise, all payments received by Lender
<br /> ; under the NoY,e nnd psragrapl�s 1 und 2 hereof sliall bc applied by T.ender fir3t in payment of amounts paysbte to
<br /> Lender by, Florrower under paragrapli 2 hereof, then to interest puyablc on the Notc and on Future Acivances, if
<br /> any, and thea to the principat of the Note an�l to the principal of Future Advnnces, if sny. r,,
<br /> fi � 4. Charges; Liens. Borrower gl�ull pay !tll taxe=, assessrnents and other charges, fines anc3 impoeitions attrib- =�
<br /> C,� utable fo the ProperCy which may atta.in a priority over wLis VIortgage, and growid rents, if any, at Lender's
<br /> � �,p optioa in the manner provided under nnragrstph 2 hereof ar by Borrower itiaking pnyment, tivhen due, directly to
<br /> ! r{ the payee thereof. Borro�rer ahall prornptly furnisli to Lcnder �ll notices of amounts due under this paragraph ,
<br /> p and in the event Borrower ghnll makc payment direcWy, Borrotiver shall promptly fiirnish to Lendcr receipts evi-
<br /> � p deneing'such psyments. Borrower shaIl promptl,y- discharqe uny lien which has priority over this �lortgage ; pro-
<br /> � vided, that Borrower shalt not be required to discliArge any sucl� lien so long as Borrower shall n�ree in writing to
<br /> i � the payment of the obligation secured by sucl� lien in a �nanner acceptable to Lender, or shall in good faith contest
<br /> ; pp such Iien by, or defend enforcement of sucl� lien in, ]egal proceedings which oper�te to �rrevent tlie enforcement of
<br /> ? t�. the lien or forfeiture of the Property or any pnrt thereof_
<br /> ; 5. Hazard Insur�ce. Borrower shall keep the improvements now existing or hereafter erected on the Prop-
<br /> ; erty insured agsinst loes by fire, hazsrds included within the term "extended coverage", and such other hazards F►s
<br /> Lender may require and in such amounts nnd for such periods as Lender may require ; ��rovided, that Lender ahall
<br /> notrequire that the amount of such coverage exceed theit amount of coverage reyuired to pay the sums secured 'by
<br /> this Mortgage.
<br /> i The insurance enrrier providing the insurance shall be chosen Uy Borrower subject to approvul by Lender ;
<br /> ` provided, thut such approval shall not be unreasonably �vithheld. All premiums on insurance policies shall be paid t �
<br /> � at Lender's option in the manner provided under pnragraph 2 hereof or by Borrower making payment, when due,
<br /> directly to the insurance carrier.
<br /> ' Tn the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect
<br /> � its interest, may grocure insusance on the improvementc, pay the premiums and such sum shall become +
<br /> ; � immediately dae and payable with interest at the rate set forth in said note until �aid and shall be � `
<br /> i secured by this Mortgage. Failure l�y $orrower to camply may, at option of i.ender, constitute a default
<br /> � s, under the terms of this Mortgage.
<br /> All insurance policies and renewals thercof shall Ue in forni acceptable to Lender and shall include a� standard
<br /> { mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to I�old the �oticies nnd
<br /> ' i renewals thereof, and Borrower shall promptty furnish to Lender all renewal notices and ull receipts of paid pre-
<br /> � miums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender, and Lender
<br /> may make proof of ]oss if not made pramptly by Borrowen ;
<br /> . i Unless Lender and Borrower othenvise agree in writing, insurance proceeds shall be applied to restoration or
<br /> � repair of the Property damaged, provided such restoration or repair is economically feasible aud the security o[ - ,�.
<br /> this Mortgage is not thereby impaired. If such restorntion or repsir is not economically feasible or if the security
<br /> j of this Mortgage would be impaired, the insurance Wroceeds s1�alt bc applied to the smns secured Uy this Mortgage,
<br /> with the excess, if any, paid to Borrower. If the Yroperty is n,bandoned by Borrocver or if Borrower fails to reapand
<br /> � to Lender within 30 days ufter noLice by Lender to I3orrower that the insurance carrier offers to settle a claim for ri
<br /> 1 ineurance bene&ts, Lender is suthorized to collect and apply the insurance proceeds at Lender's option either to
<br /> ' " i resboration or repair of the Property or to the sums secured by tl�is \�Iortgage.
<br /> IInless Lender and Borrower othenvise agree in writing, any such application ot proceeds to principal shall
<br /> ' not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change „}
<br /> � Ehe amount of such installments.
<br /> � If uader paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in
<br /> ! and to an insurance olicies and in and to the
<br /> , � y p proceeds tl�ereof (to the extent of the sums secured by this Mort- `
<br /> { gage immediately prior to such sale or acquisition ) restilting from damage to the Property prior to the sale or i
<br /> acquieition shalI pass to Lenden -
<br /> j6. Preaervatioa �d Mmnten�ee of Pzoperty; Leaseholds; Condominiums. Borrower shull keep the Prop-
<br /> a erty in good repsir and shall not permit or commit waste, impuirment, or deterioration of the Property and shsll
<br /> t comply with the provisions of nny lease, if this �Iortgage is on n leasehold. If this Mortgage is on a condominium
<br /> ' f unit, Borrower shall perform all of Boaower's obligations under the declarntion of condominium or master deed,
<br /> , � the by-laws and regulations of the condominium project and constituent documents.
<br /> 7. Protection of Lender's Security. If Borrower fuils to ��erfonn the covenants und agreements contained in
<br /> � this Mortgage, or if any action or proceeding is commenced which materiully affects Lender's interest in the Prop-
<br /> , , erty, including, but not limited to, eminent domain , insol�•ency, code enforcement, or urrangements or proceed-
<br /> ' ,.� inga involving a bankrupt or decedent, then Lender xt I.ender's option, upon notice to Borrower, may mske such
<br /> � appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but
<br /> � not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Any :
<br /> r � amounts diabursed by I.ender pursuant to this parsgraph 7, �vith interest thereon , shall Uecome additionsl indebtr
<br /> edness of Borrower secured by this viortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, snd shall bear inter-
<br /> • . , eet from the date of disbursement at the rate ststed in the Note unless payment of interest at such rate would be
<br /> :� contrsry to spplicable law, in which event such amounts shall bear interest at the highest rate permiseible by
<br /> '. ` y applicsble law. Votl�ing contnineci in this paragraph 7 shnll require Lender to incur any expenae or do any act :
<br /> : hereunden _ .
<br /> { 8- Iaspectian. Lender may make or cauee to be made reaeonable entries upon and inspections of the Prop-
<br /> , ' � erty; provided that Lender shall give Borroa•er notice ��rior to nn� such inspection �pecifying reasonable cause
<br /> � therefor related to Lender's interest in the Property.
<br /> 9. Condemaation. The proceeds of uny award or claim for damages, direct or consequential, in connecEion q
<br /> ;� with any condemnstion or other taking of the Property, or part thereof, or for conveyance in lieu of condemna-
<br /> y tion, are hereby sssigned and shall Ue paid to Lender. �" . °
<br /> � : R In the event of a total taking of the Property, the ��roceeds shsi.11 be applied to the sums secured by this Mort- ` � ; �
<br /> � gage, with the excess, if any, paid to Borrower, In tUe event of a partial taking of the Property, unless Borrower i � ,
<br /> and Lender otheawiae sgree in writing, there aliall be applied to the sums secured by this �Iortgage auch propor- ¢t " , �
<br /> iw � tion uf theproceeds as is'eqval to that proportion which tihe amount of ttie sums secured Uy this Nfortgage imme- +�, r
<br /> ;i� diately prior.to bhe date of taking bears to the fair ivarket value of tl�e Pmperty immediately prior to the date of �i�`;. .
<br /> y tsloag, witk the balance of the proceeds paid to Borrowea t , a �
<br /> • 'r� If the P'ropeiEy is abSndoned 6y Borrowerbr if after notice by Lender to Borrower that the condemnor offers .. �
<br /> -K` to make an awasd`br settle a claim for dsmages, Borrower fails to respond to Lender within 30 days of the date 4`"
<br /> � af such: notice, "I.ender is authorized to collect snd apl�ly the proceeda xt Lender's optio❑ cither to restoration or
<br /> j repair of the Property ar to the suma eecured by this \fortgage.
<br /> " � Unlees I.ender and Borrowec other�vise sgree in writing, any such application of p;oceeda to principal shall
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