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<br /> If under paragruph 78 hereof the Property is sold or the Property is otherwise acquired bv I.ender, Lender
<br /> ; shall agply, no later than immediutely prior to thc sale of CI�e Yroperty or its acquisition by I,ender, any Funds
<br /> ; ' tield by Lender st the time of application as a credit agninct tlie sums �ecured by this Mortgugc.
<br /> ; 3. Applica4on of Payment� Unless ap�ilieublc la�d provides otherwisr,, all puyments received by lender
<br /> ; � under the Note snd paragrapi�s 1 and 2 hereof sfisll I>c ap��lied I�y I,e�cier first in payment of amounts payable to � ' � q �
<br /> { � Lender bq Borrower under peragraph 2 hereof, then ta intcrest payable on tiie Note and on Future Aelvnnces, if " ��
<br /> � any, and then to ttte priocipal of Lhe iVote and to tiie ��rinciral of Tuture Advances, if any. ' ' , �
<br /> ' r � 4• C1�ar4es: 7.ies�s- Borrower shall pay, all taxes, sesessments and other charses, fines and impositions uttrib- %,
<br /> � ut,able to the Pxoperty which may attain a priority over this Mortgage, 3nd ground rents, if any, nt Lender'e '-
<br /> _ � ' � optios in the manner provided underparagraph 2 hereof or by Borrower msking payment, when due, directly to r � <�
<br /> : "� , - t6e payee thereof. Bonower shall promptly furnish ta Lencier atl notices of amounts due under this paragraph;
<br /> ; � and in the evenL Borrower shal] makc payment directly, Borro�rer shxll promptly furnish to Lender receipts evi- -
<br /> . q dencing suclx pay�nents. Borrower shall proxnpEly discharge uny lien which hns priority ove'r this Viortgage; pro- ' `'
<br /> r vided, that Borrower shail not be required to discharge sny such lien so long ns Borrower shnll agree in writing to
<br /> �� � tha payment of the obligation securerl by such lien in n munner acceptable to Lender, or shall in good faith contest
<br /> such lien by, or defend enforceinent of sucl� lien in , legal proceedings �vhieh operate to prevent the en£orcement of
<br /> j the lien or forfeiture of the Property or any part thereof. ;
<br /> ? ; IF7Y, � 5. Hazard Insur�ce.
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<br /> 3 ' The insurance carrier providing the insurance shall 6e chosen by Borrower subject to approval by Lender, �.
<br /> � provided, that sueh approval shall not be unreasonably withheld. All premiums on insurunce policies sl�all be paid � , � "
<br /> - r � tst Lendess option in the mnnner provided under paragraph 2 hereof or by Borrower inaking payment, �vhen due, p
<br /> j directly to the insurance carrier. �
<br /> In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect A
<br /> , � its interest, may procure insurance on the improvements, pay the premiums and such surn shall become
<br /> i , immediately due and payab]e with interest at the rate set forth in said note until paid and shall be �
<br /> � secured by this Mortgage. Failure by Bonower to comp]y may, at option of Lender, constitute a default
<br /> { ; under the terms of this Mortgage.
<br /> All insurance policies and renewals thereof shall be in fonn acceptable to Lender und shall include a standard
<br /> j! ' �nortgage clause in favor of and in form acceptable to Lender. Lender shall ha�•e the right to hold the policies and '
<br /> ' renewals thereof, and Borrower rhall promptly furnish to Lender a71 rene�vssl notices und all receipts of pssid pre- ;'
<br /> � ! miums. In the event of loss, Borro�ver shull give prompt notice to the insurance carrier and Lender, nnd I.ender �' ;`
<br /> mey make proof of loss if not made promptly by Borrower. �.
<br /> Unless Lender �nd Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or " � �
<br /> re air of the Pro ert dama ed � � �
<br /> P P y g , provided such rectorution or repair is econoinically feasib]e and the security of 7,
<br /> this 14lortgage is not thereby impaired. If such restoration or repair is not economically fensible or if the security „
<br /> �, ; of this 1�vIortgage would be impaired, the insurance ��roceeds shall bc applied to the sums secured by tl�is l�fortgage, F
<br /> w3th the excess, if any, psid to Borrower. If the Yroperty is abandoned by Borrower or if Bnrro�ver inils to respond ?'
<br /> �' to Lender within 30 days after notice by Lender to Sorrower tl�at the insurance carrier offers to settle a c2aim for 6 r ;
<br /> �i insurance benefits, Lender is authorized to collect and apply thc insurance proceeds at Lender's option either to f %
<br /> • �� restoratioa or repair of the Property or to the sums secured by tl�is \fortgage. �
<br /> 4 Unless Lender and Borrower otherwise ugree in �vriting, any such application of 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 F
<br /> f: the smount of such installments: t,
<br /> , +j� If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in
<br /> and to any insurance policies and in and to tl�e proceeds tl�ereof ( to tl�e extent of the sums secured by this Mort-
<br /> �� gage immediately prior to such sale or acquisition ) resulting from dumage to the Property prior -to the sale or
<br /> ' acquiaition shall pass to Lender.
<br /> y6. Preservation �d Mouaten�ce of Propezly; Leasehotds; Coadominiva�s, gorrower shall keep the Prop- ` ;, `
<br /> a: erty in good repair and shall not permit or commit waste, impsirment, or deteriorution of the Property and shall
<br /> i! comply with tl�e provisions of any lease, if this \Iortgage is on a leusehold. If this D4ortgage is on a condominium
<br /> unit, Borrower ahatl perform all of Borrower's obligations i�nder the declaration of condoininium or master deed, `
<br /> the by-laws snd regulations of the condominium project and constituent documents.
<br /> ' 7. Proteetion oI Lendez's Security. If Borrower faiIs fo petForrn the covenants snd a�reements contained in
<br /> �; this Mort a e or if an
<br /> �; g g , y action or proceeding is commenced whic6 materinlly affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domain , insolvency, code enforcement, or arrnngements or proceed-
<br /> ' inge involving a bankrupt or decedent, then Lender at I,ender's option, upon notice to Borrower, may make such
<br /> 1' appearances, disburse sucli sums snd take such action ns 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 /> �, amounte disbursed by Lender pursuant to this paragraph 7, �vith interest thereon, shall become additional indebt-
<br /> i edness of Borrower secured b this Mort a e. Unless Borrower and Lender s ec to other terms of
<br /> y g g � payment, such
<br /> �� smounts shall be payable upon notice from Lender to Borrower requeating payment thereof, and shslt bear inter-
<br /> �, est fmm the date of disbursement at the rate stnted 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 at the highest rate permieaible by
<br /> �' applicable ]sw. Nothin contained in tl�is �, p y
<br /> ;, � hereunder. S Paragroph 7 shnll require Lender to incur an ex ense or do an act
<br /> '. $j 8• , I*1sPe��- Lender mny make or cause to he madc reasonablc entries upon and inspections of the Prop- "'
<br /> -} erty, provided that Lender eliall give Aorron�er notice �n-ior to nm• cuch inspection �pecifying reasonable cause
<br /> therefor related to Lender's interest in the Property.
<br /> 9. Condamaatioa. The proceeds of nny award or clsim for darnages, direct or consequential, in connection
<br /> with any :eondemnation or other taking of the Property, or pnrt thereof, or for conveyance, in ]ien of condemna-
<br /> tion, are hereby assigned and shall be paid to Lender. � a<_—t;�
<br /> In the event of a total takin� of the Property, the proceecls shall be applied to the sums secured by this l�iort-
<br /> : � gage, �vith the excess, if any, paid to Borro�ver. In the event of a purtial taking of the Property, unless Borrower ;n'. !' , `
<br /> and Lender othenvise agree>in writing, there shall be applied to the suma secumd by thie �tortgage snch propor- � �,°;
<br /> 3 tion of the-proceeds as is equal to that proportion which tl�e amount ot the sums secuzed by this Mortgage imme-
<br /> distely prior to the date of:tskiag bears to the fair market value of tlie Property immediutely prior to the date of �4 ;A
<br /> , takmg, with tize balance of,the proceeds psid to Borrower. �at � t�
<br /> If the�ProperEy is abandoned:by: Borrower or,if nfter. notice by Lender to Borro�ver that the condemnor offers
<br /> � to make an. award or aettIe s claim for damages, Borrower fails to respond to Lender within 30 days of the date
<br /> oi suchnotice, Lender is. autl�orized` fo collect and apply the proceeds 'ut Lender's option either to restoration or
<br /> h' repai= of�the Pioperty or to the sums secured: by tliis \Iortgage.
<br /> +�� TTnle`ss Lender;and Borrower otherniae sgree,in �vriting, any such application of proceeds to principal shnll
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