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<br /> If under naragraph li; LereoF the Yroperty is sold or the Property is othertvise acquireti try Lender, Lender
<br /> shall appty, n� Jstec tlian immediately prior to tlm salc of the Property or its acquisition by Lender, any Punds
<br /> held by Lender at the time of a�plicat�on as a credit ngainst the swns secured by� this _ldortgnge.
<br /> 3. Application of Paymeats. ` Unless 'upPlicabtc la«• provides otherwise, all payments received by Lender , ''
<br /> under the Note and naragrapl�s 1 and 2 hereof shall I�c applied by 7.ender first in payment of amounts payuble to ' �'
<br /> � Lender liy Borrower un�er paragrapla 2 liereof, then to interest payable on tl�e ATotc aiul on I'uture Advances, if ��yr
<br /> j'` any, andithen 'Co the principal of ttie Note and to thc principal af Future Advances, if nny. �
<br /> ' Q � 4 ChargesiLiens, Borrowersl�all pay ;all tttxes, assessments and other r,h�rges, fines and impositions attrib- + ;t
<br /> ; pp utable to the ProperEy which mayc; attain a , priority over this Mort�age, and ground rents, if uny, aG Lender'e � _ °
<br /> �. *-.f option in .the msnoer provided under paragra�h 2 hereof or by Borroweran�king �syment, when due, directly fo z.
<br /> , � the payee thereof: Borrower $hall`promptly fvrnisfi to Lender all notices of amormts due under this paragraph; �,
<br /> P � and in the event Borrower ahall mske payment directly, I3orro�cee- shall promptly furnish to Lender receipts evi- ` 1'
<br /> �: r dencing sucli payments. Borrower shall peomptly discharge any lien which has �riority over this vIortgage ; pro-
<br /> j; vided, t}�at Borro�ver ahall not be required to discharge any such lien so long as Bonower shslC agree in writing to
<br /> 'r � ' the payment of the, obligation secured by sucli lien in n �nsnner ncceptable to Lender, or shall in good faith contest
<br /> sueh lien by, or defend enfarcement of suclr lien in, legal proceedings whicli operute to prevent the entorcement of
<br /> , � the lien or forfeiture of the Property or any part thereoL
<br /> ¢; S. Hazard Snsuranea. Borrower �hall keep tl�e improvements no«• exist.ing or hereufter erected on the Prop- ', � '
<br /> crty insured against loss by fire, hazsrds included within the term "extended coverage", and such other hazards as
<br /> Leniler may sequire und in such amounts nnd for sucl� periuds as Lender may require ; provided, that I.ender ahall
<br /> ` not.require that the amount of such coverage exceed thnt 3mount. of covemge reqaired to pay the snms aecured'by ° '
<br /> �: this Mortgage. 5;.
<br /> ti The insurance carrier providing the insurance shall be chosen by Borrower subject to nF�proval by Lender, ' ,�;
<br /> � provided, that such spproval sha11 not be unreasonably wfithheld. all premiums on insurance policies shall be paid � � '
<br /> 1' at I.ender's option in the manner provided under paragrapl� 2 hereof or l�y Borrower inaking payment, when due, , ,��`;.
<br /> ," directly to the insurance carrier.
<br /> ` In the eveat an hc is not renewed on or before ten days of its expiration, the Lender, to protect "
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<br /> its interest, msy procure insurance on the ixnprovements, pay the premiums and such sum shall become r ';
<br /> �; immediately due and payable with interest at the rate set forth in said note until paid and shall be f •
<br /> � secured by this biortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br /> „ under the terms of this Mortgage.
<br /> `� All insurance policies and renewals thereof shnll be in fonu ucceptable to Lencler and sliall include s standan3 _�;
<br /> mortgage clause in favor oF und in form acceptable to Lender. Lender shaq have the right tu hold the policies and �
<br /> �. renewals thereof, and Borrmrer shall promptly furnish to Lender ull renewal notices und all receiptz; of paid pre- ; '
<br /> !; miums. In the event of ]oss, Borrower shall give prompt notice to the insurance currier und Lendes und Lender VT�S
<br /> Y may make proof of loss if not made promptly Uy Borrower. � ,
<br /> Unleae Lender and Boaawer othenvise agree in writing, insurance proceeds shall be applied to re�toration or ` 'F
<br /> � repair of the Property damaged, provided such restoration or repsir is economically feasible and the securit of � X �
<br /> � this MorE a e is not tl�ereb �'� �
<br /> y� B S y impsired. If such restoration or repAir ic not economicslly feasiUle or if the security ' { „ "'.
<br /> r of this ti4ortgage would be impaired, the insurance proceeds shull bc npplied to tfie sums secured by thfis Mortgage, .' , � w,:
<br /> � with the excess, if any, paid to Borrower. If the Property is abancloned by Borrower or if Borrower fails to respond � ;r,.�
<br /> to I.ender within 30 days sfter notice by Lender to Borrower thnt the insurance catrier offers to settle a clsim for � ` r ��
<br /> ineurance benefits, Lender is authorized to collect and apply tl�c insurance proceeds at Lender's option either to '"
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<br /> restoration or repair of the Property or to the sums secured by- tl�is �lortgage. ��,
<br /> Unlesa I.ender ancl Borrower othenvise agree in writing, any such a lication of } r�`Z" '
<br /> pp proceeds to principal ahall �
<br /> not eztend or postpone the due date of the �nonthly installments referred to in paragraphs 1 and 2 hereof or change w v'�;
<br /> the amount of such instailments. e
<br /> : If under paragraph 18 hereof the Property is acquired by Lender, al] right, title and interest of Borrower in `' `� `'`
<br /> and to any insurance policies and in and to the proceeds thereof (to tl�e extent of the sums secured by this Mort- `r�
<br /> gage immediately prior to such sale or acquisition ) resulting from daruage to the Property prior to the sale or ;r�;
<br /> aequieition shali pass to Lender. �
<br /> 6. ' Preservation tmd Mmaten�ace o! Property; Leaseholds; Coadomiaiums. Borrower shall keep the Prop- , _ ;
<br /> ertY in good repair and shall not permit or commit waste, impairment, or deterioration of the Property and shall `
<br /> comply with the provisions of any lease, if this \Iortgage is on a leasehold. If this �iortgage is on a condominium .l
<br /> unit, Borrower shall perform all of Borrower's obligations under the declarntion of condominium or master deed,
<br /> theby-lawa and regulations of the condominium �>roject and constituent documents.
<br /> 7_ Proteetioa of Lender's Sacurity. If Borrower fails to perform the covenants and agreements contained in
<br /> thie Nlortgage, or ii any action or proceeding is commenced which materially af�ects Lender's intereat in the Prop-
<br /> _ erty, including, but not ]imited to, eminent domain, insolvency, code enforcement, or arrangements or proceed-
<br /> ings involving a bsnkrupt or decedeat, then Lender at 1,ender's option, upon notice to Borrower, may mske such
<br /> , appearances, disburse sucl� sums snd take sucli action ns is necessary to protect Lender's interest, including, but
<br /> not limited to, diebursement of reasonable sttorney's fees and entry upon the Property to mske repairs. Any
<br /> amounts disbursed by Lender pursuant to this paragcaph 7, �vitl� interest thereon, shsll become additional indebt-
<br /> edness of Boaower secured by this vlortgage. Unless Borro�ver and Lender agree to other terms of payment, such
<br /> amounfs shal] 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 1`'ote unless payment of interest at such rate would be
<br /> contrary to applicable law; in which event such nmounts shall bear interest at the highest rute permissible by
<br /> applicsble law. Nothin contained in this �:-
<br /> � paragraph 7 shnll require Lender to incur nny expense or do any act
<br /> hereunder: .
<br /> 8- Inepection. Lender may make or cause to fic madc reasonable entries upon snd inspections of the Prop-
<br /> erty, provided that Lender shall 'give Borrower naticc prior to am• such inspection cpecifying reasonable cause .
<br /> therefor related to 3,¢nder's interest in the Property.
<br /> 9- Condomaa3ioa The proceeds of any award or claim for damages, direct or consequentisl, in connection
<br /> with any condemnation or other taking of t6e Property. or part thereof; or for conveyance in lieu of condemna-
<br /> tion, are hezeby assigned and shall be paid to Lenden ,� .
<br /> Ia the event of a total taking of the Property, the pmceeds shall be applied to the sums secured by this Mort- "�-'""' '
<br /> gsge, with the excess, if any, paid to Borrower., In tl�e event of a partial taking of the Property, unless Borrower 7 E
<br /> and .I.ender otherwi8e agree in writing,.:there sltisll 'be applieci to the suma ' secured by this Afortgage such pro or- :� ��
<br /> tion of� the;p�oeeeds.as ia eqnal.to that proportion which tl�e amount of the sums secured b thie 1�Iort s e imme- � rM-�
<br /> diatel Y B B ,�
<br /> y y pnor to the date of taking bears to tfie fair inarket value of tl�c Property: immediately prior to the date of
<br /> t�skingna'�th,th�balanGe of the proceeds paid tp Borrower. ��,
<br /> : :,Ifrthe Eiropertyr is abandoned by Borrower or if nfter notice by Lender to Borrower that the condemnor offers fh`;�„ "`
<br /> to xnake� &ward or" settle s cla�m foc damagea, Borrower fails to respond to Lender witliin 30 days of the date w^ '� � :�-���
<br /> o#kuc� riotice�'L'�nde; ie authorized to colIect snd- 3.pply the proceede at Lender's option eitl�er to restoration or
<br /> re}3sir of the Propesty or to the aums secured by tl�is \Io;tguge.
<br /> ;'Uiil�ss Lender:and Borrower othernise agree in writing, any such application of proceeda to principst shall
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