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<br /> If under paragraph 18 hereof the Yroperty is sold or the Property is otherwise acquired by T,ender, Lender
<br /> shall spply, no later than immediately priar to thc sale of the Property or its acquisitio�i by Lender, 1ny Funds
<br /> held t�y Lender at the time of ripplication as n credit against tlic smns secured hy this ldortgage.
<br /> 9. Applieatioa oi Payments. Unless applicablc la�c provides otherwise, nll payments received by Lender
<br /> under Ehe Note anci paragrsplis 1 and 2 Iiereof sl�all I�c applied by T.ender first in payment of amounts pnyable to
<br /> Lender by Borrower under paragrapl� 2 lyereof, then to interest ��xyablc on kLe Note and on Future Advances, if
<br /> � any, and then to Lhe principal of the Note and to the principul of I'uture Advanees, if nny. ' � f;
<br /> , ' 4. Chcugesr Li�ens. Borrower shall �ny all taxes, assessments nnd other charges, fic�es and impositions attrib- _
<br /> utpble to: tfie Property �vhicU may uttain u' priority ovec this l�lortgage, and ground rents, if any, at Lender's ° "�'
<br /> ;j optian Sn the manner provided under paragrnph 2 hereoE or bv $orro�ver inakin� payment, when due, direotly to I ' ` , •
<br /> {; the psyee thereof. Borrower shall .promptly furnish to I.en�ier all notices of nmounts due under this parngraph, < `
<br /> � „ ead in the eyent Borro;ver shall make payment directly, BorroN-er sl�sll promptly furnish to Lender receipts evi-
<br /> i � dencing such payments. Borrower shall promptly discl�urge any lien �vhich has priority over this �lortgage ; pro- ,
<br /> ' t � vided, thatBonower shall hot be required to discl�arge any sucli lien so long as Borruw�er �hall agree in �vriting to "
<br /> the payment oi the obligation secured bg sucli tien in a mnnner acceptnble to Lender, or shall in good faith contest , , ':.
<br /> ' + � aueh lien by, or defend enforcement of such lien in, legnl proceedinga �vliich operate to prevent the entorcement of �
<br /> ' G. the lien or forfeiture of the Property or uny part thereof. '
<br /> � 5. Haxard Iasurauce. Borrower shslt kee� the improvements now existing or hereafter erected on the Prop-
<br /> erty insured agsinst loss by fire, hazards included within the t,erm "extended coverage", nnd such other haaards as
<br /> " � Lender may require and in such amoimts and for sucl� periods as Lender may require ; provided, that Lender ahall
<br /> ^ not reQuire that the smount of such coverage exceed that amount of coverage required to pay the sums secured 'by
<br /> c this Mortgag�.
<br /> � The insurance carrier providing tlie insurauce shall be chosen by Borrower subject to approval by Lender ;
<br /> provided , thnt such approval shsll not be unreasonably withheld_ All premiums on insurancc policies shall be paid
<br /> at Lender's option i:i the manner provided under paragraph 2 hereof or by Borrower making payment, when due,
<br /> ', directly to the insursnce carrier. ' '
<br /> In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect �
<br /> its intereat, 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 xaid note until paid and shall be '=
<br /> secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default � i
<br /> ' under the terms of this Mortgage. _`
<br /> , Ail insurnnce policies and renewals thereof shall be in fonu ncceptable to Lender and shall include a standard <
<br /> : � morGgage clause in favor of and in form acceptable to Lender. Lender sh311 liave the rigl�t to l�old the policies and +
<br /> renewals thereof, and Borrower shall promptly furnish to Lender nll renewal notices anci all reeeipts of paid pre- , l
<br /> � miums. In the event of loss, Borrower shall give prompt notice to the insurance carrier snd Lender, and Lender � s�
<br /> may make proof of loss if not made promptly by Borrowcr. >
<br /> , , j Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or i
<br /> : w repair of the Property damaged, provided such restorntion or repuir is economically feasible nnd the security of �
<br /> thia rlortgage is not thereby impaired. If such restorntion or repuir is not economically feasible or if the security a , ;
<br /> � of this I�fortgage would be impaired, the insurance �roceeds shall be spplied to the sums secured by this Mortgage,
<br /> with the excess, if any, paid to Bonower. If the Yroperty is abandoned by Barrower or if Borrawer iails to respond ?. ' ;
<br /> to-Lender within 30 days sfter notice by Lender to Borrower thut the insurance carrier offers to settle a claim for ' ' t }.
<br /> ineurance benefits, Lender is authorized to collect and apply thc insur:��ice proceeds at Lender's option either to � � �
<br /> restoration or repair of the Property or to tlie sums secured by tl�is �Iortgage. }
<br /> Unless Lender and Borrower othenvise agree in writing, any such upplication of proceeds to principal shall � ' „
<br /> � not extend or postpone the due date of the inonthIy installments referred to in parsgraphs I and 2 hereof or change ;?
<br /> � the amount of such installments. ' ' :
<br /> 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 the proceeds tl�ereof ( to tiie extent of the sums secured by this Mort- '
<br /> : � gage immediately prior to sucli sale or acquisition ) result.ing from damage to the Property prior to the sale or ;y
<br /> ucquisition shall pass to Lender.
<br /> 6. Preservation �d Mmnten�ce of Property; I.easeholds: Condominiums. Borrower shall keep the Prop- "
<br /> � erty in good repair and shall not permit or commit wnste, impairment, or deterioration of the Property and shall
<br /> comply with the provisions af any lease, if this �lortgage is on s leasehold . It this vlortgage is on a condominium
<br /> unit, Bortower shall perform ail of Borrower's obligations under the declaration of condominium ar master deed ,
<br /> t the by-Iaws and regulations of the condominium project and constituent documents.
<br /> � 7. Proteetioa oI Leadei s Security. If Borrower fuils to perform the covenunts and agreements contained in
<br /> � thie Mortgage, or if any action or proceeding is commenced �vhich materially nffects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domnin , insoh•ency, code enforcement., or arrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender nt I.ender's option, upon notice to Borrower, may make such
<br /> ' ' appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but
<br /> :� not limited to, diabursement of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br /> j amounts disbursed by Lender pursuant to this paragrapL 7, �vitli interest thereon , shall Uecome additional indebtc
<br /> 4 edness of Borrower secured by this �iortgage. 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, and shall bear inter
<br /> est from the date of disbursement at the rate stated in the ATote unless payment of interest at such rate would be
<br /> contrary to applicable law, in which event such amounts shali bear interest at the higheat rate permissible by
<br /> applicable law. Nothing contsined in this paragraph 7 sl�nll require Lender to incur uny expense or do any act
<br /> - hereunder.
<br /> B. InspeMioa. Lender may make or cause to be madc reasonablc entries upon and inspeetions of the Prop-
<br /> erty, provided that Lender ahall give Borrower notire prior to nny such inspection specifying reasonable cause
<br /> � therefor related'to Lender's interest in the Property.
<br /> 9. _ Coademnation. The proceeds of any a�vard or claim for damages, dimct or consequentiel, in connection
<br /> wiEh any condemnation or other taking of the Property, or pnrt thereof, or for conveyance in lieu of condemna-
<br /> tion, are hereby asaigned snd shall be paid to Lender.
<br /> ' In'the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mort-
<br /> gsge, �vith the excess, if any, paid to Borr,o�ver. In the event of u partial tatking of the Property, unless Bonower ...__..�.- , °-'
<br /> and Lender otherwise agree ia writing, there ahali be applied to the sums secured by this Dfortgage such propor-
<br /> ' ��' tiou of the proceeds as is equal 'to t6at proportion which tl�e amount of the sums secured by this Mortgage imme- .. k ';,-�
<br /> �` _ diately.'prior io the date,of talcing bears to the fair market value of the Property immediately prior to the date of = �
<br /> ;� - takmg, wi�h �e`;haIance of the proceeds paid to Borrower. ��, ; n
<br /> � If�the,P;op6rty,is�abandoned by Borrower or if nfter notice by Lender to Borrower that the condemnor offera
<br /> ' � ; to make aa award 'or 'sett2e n claim for damages, Borroa•er fails to respond to Lender within 30 days of the date � a �"
<br /> " �
<br /> `" "� of auch^nb£ice; I;ender is ,suthoriaed to collect and ajiply the proceeds at Lenders option either to restoration or � ', w� � `
<br /> � � rep'sir of the Property or`to the suma aee�red by �liis \fortgage.
<br /> .� . t7nless 7:endei, 'and Sorrower' othern*ise A�ee in �vriting, any such application of proceeds to principal shall
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