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<br /> If under puragraph 18 hereof the Property is sold m• the Property is othenvise ncquired by I,ender, Lender
<br /> shall apply, no Iater th:�n immediately prior to the sslc of the Yrcyperty or its ucquisition b,y 7,ender, any Funds
<br /> held by Lender at the time of application as a credit against. thc .ums .ecured b}• this �.4ortgage.
<br /> 3. ApplicaHan of Payments. Unles, applicnblc la�c �irovides otherwi�c, nll payinents received by Lender
<br /> und�r the Note and paragrnpl�s 1 and 2 hereof shnll bc applied by I,ender first in papment of amounts payable to
<br /> Lender by Borrower under psragrnph 2 I�ereof, then to interest �iayable on tlie NMc and on P'uture Advances, if
<br /> : ssny, and then to the principal 02 the Notc and to tl�e principal of I'uturc Advances, if any.
<br /> ; 4. Ch�ges; Liexis, Borrower shull pay all taxes, assessmenLs und other charges, fines und impositions attrib- �'
<br /> ; utable to the Property which mAy uttain a priarity over this 3Tortgagc, and ground rents, if any, at Lender's
<br /> � option in the manner provided under parngrsph 2 hereof or by Borrower mtxking payment, �vhen due, directly to
<br /> � the payee thereof. Borro�ver shall prornptly furnish to Lender all notices of amoiints dae under tliis paragraph,
<br /> � and in the event Borrower shsll makc payrnent directly, I3orroa�•cr shttill promptly furn:sh to Lend�r receipts evi-
<br /> � dencing such payments. Borrower slinll promptly discharge nny lien which has priority over this �Iortgage ; �ro-
<br /> � vided, thnt Borrower shall not be required to discl�arge any sucfi lien so long as Borrower shall agree in �vriting to
<br /> � the payFnent of the obligation secured by such lien in :i inunner acceptable to Lender, or sliall in goad fuith contest
<br /> such lien by, or defend enforcement of such lie.n in, legai proceedings wliich operate to prevent the eniurcement of
<br /> ' the lien or forfeiture of the Property or any part thereof.
<br /> � 5. Hazazd Insur�ce. Borrower shall keep tlie improeements no«- existing or hereftfter erected on the Prop-
<br /> ^, erty insured ugainst loss by fire, hazards included within the term "extended coverage", and such otlier hazards as
<br /> Lender may require and in such amounts and for such period� :is Lender mssy� require ; pro��ided, that Lender sheU
<br /> not require tl�ut the nmount of such co��ernge escced that amount of coverage required to pay the sums secured 'by
<br /> this Mortgage.
<br /> The insurance carrier providing the insurance shall be chosen by Borrower subject to npproval by Lender ;
<br /> provided, that such approval shall not be unreasonnbly �vithheld. :111 premiums on insursnce policies slisll be paid
<br /> ,' at Lender's option in the manner provided under paragrHpl� 2 hereof or by Borrower making payment, when due,
<br /> ' directly to the insurance carrier.
<br /> � In the event any policy is nat renewed on or before ten clays of its expiration, the Lender, to protect
<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
<br /> ' secured by this l�fortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br /> � under the terms uf this Mortgage.
<br /> All insurance policies nnd renewals tLereof shall bc in forn� acceptssble to I,ender :uid shall include c3 standard
<br /> i mortgnge clause in favor of and in form ucceptable to Lender. Lender sl�all hnve t6e right to liuld the policies and
<br /> } renewals thereof, and Borrower shall promptly furnisfi to Lender all rene�val notices an<I all receipts of puid pre-
<br /> i miums. In the event of loss, Borrower shall give prompt notice to the insurance enrriex• and Lender, and Lender
<br /> � may make proof of loss if not made promptly by Borrower.
<br /> Unless Lender and Borrower othenvise sgree in writing, insurauce proceeds shall be applied to restoration or
<br /> re��air of the Property damaged , provided such restoration or repair is econowicall}• fensible and the security uf
<br /> this Nlortgage is not thereby impaired. If such restoration or repair is not economic<slly Peasiblc or if the security
<br /> � of this \Iortgage wouid be impaired, tl�e insurance proceeds shall I�c uppiied to thc sums secured by this lbiortga�e,
<br /> iwith the excess, if any, paid to Borrofver. It the Yroperty is abandoned hy Borrower or if Borrower fails to respond
<br /> ! to Lender within 30 days after notice by Lender to Borrower that thc insurance currier aRers to settle a claim for
<br /> j insurance benefits, I.ender is suthorized to collect. and apply the insurance proceeds at Lender's option either to
<br /> , j restoration or repair of the Property or to the sums secured by tl�is \Iortgage.
<br /> ; Unless Lender and Borro�eer other�vise agree in �vriting, any such application of proceeds to principal shall ,
<br /> ; not extend or postpone the due date of the inonthly installments referred to in paragraphs 1 and 2 hereof or change
<br /> i the amount of such installments.
<br /> ; If under paragraph 18 hereof the Yroperty is acquired by Lender, fl❑ right, title and interest oF Borrower in
<br /> ? and to any insurance policies and in and to thc proceeds thereof (to tlie extent of the sums secured by this Mort-
<br /> ' gage immediately prior to such sale or acquisition ) resulting from damage to the Property prior to the sale or
<br /> , ;
<br /> � acquisition shall pass to Lender.
<br /> � 6. Praservation �d Mmnten�ce of Property; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br /> erty in good repair and shall not }>ermit or commit waste, impairment, or detcrioration of the Property and shall
<br /> ; comply with the provisions of any lease, if this \Iortgage is on a lextsetiold. Ii this �lortgage is on a condominium
<br /> � unit, Borrower shall perform all of Borro�ver's obligations under the declaration of condominium or master deed,
<br /> i the by-laws and regulations of the condominium ��roject and constituent doctiments.
<br /> ; � 7. Protection of Lender's Seeurity. If Borro�ver fails to perform the covenants and agreetnents contained in
<br /> thia Vlortgage, 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 dmnain, insoh•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 sucli action ns is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonable attorney's fee� and entty upon the Property to make repairs. Any
<br /> �' amounts disbursed by Lender pursuant to this puragraph i, �cith interest thereon , shall become additional indebt-
<br /> ' edness of Bosower secured by this �iortgage_ Unless Borro�ver and Lender agree to other terms of payment, such
<br /> � amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> jeat from the date of disbursement at the rate stated in the Note unless payment of interest at such rate would be
<br /> " contrary to applicable law, in which event such amounts shall bear interest nt the highest rate permissible by
<br /> applicable law. Nothin� contained in this psragraph 7 sl�nll reryuirc I.ender ta incur any expense or do any sct
<br /> # hereunden
<br /> 8. Inspae$oa. Lender may mttke or cause to be inade reasonable entries upon and inspections of the Prop-
<br /> : j erty, provided that Lender shall give Borroa•er noticc � �rior to 7117\' FUCII inspection �pecifying reasonable csuse
<br /> therefor related to Lender's interest in the Property.
<br /> 9. Coademaation. The proceeds of any award or claim for damages, direct or consequential , in connection
<br /> with any condemnation or other taking of the Property, or psrt thcreof, or for conti•eyance in lieu of condemnu- �
<br /> { tion, are hereby assigned und shall be paid to Lendea -y`
<br /> In the event of a total taking of the Property, the �iroceeds shall be applied to the sums secured by this Mort- �- � -
<br /> ; gsge, with the excess, if any, paid to Borro«•er. In t,l�e event of a partiai tuking of thc Property, unless Borrower �� ' �
<br /> { and Lender otherwise a ree in writin there sliall be a �lied to tl�e sums secured by tliis Jiort a e such ; '� zx
<br /> i 8 B, PT g g ProQor- � `
<br /> ` � tion of the proceeds as is equal to that proportion which ti�e nmount of the sums secured by this b'Iortgage imxne- u `
<br /> d�ately prior to the date of taking bears to the fair market value of tlie Property immediately prior to the date of
<br /> taldng, with the balance of the proceeds psid to Borrower. ; V�
<br /> - ..:a If the Property is abandoned by Borrotiver a• if ntter notice Uy Lender to Borrower that the condemnor offers " ' , ,,,
<br /> • 1 to make�sn awsrd or settle a claim fordamages, Borro�ver tnils to respond to Lender within 30 days of the date •
<br /> ' "; , of auch' notice, I;ender is suthorized to collect and upply the proceeds at Lender's option either to restoration or
<br /> repair of the Property or to the swns secured by tl�is \Iortgage.
<br /> ; UnIess Lender'and Borrower othenvise agree in writing, any such application of proceeda to principal shall
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