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<br /> If under paragraph 18 hereof thc Property is sold or the Property is oCfierwise aicquirecl by 7,ender, Lender
<br /> shall apply, no lal,er tlian immediately ��rior to tlic salc o( tl�c Fropert.y or its acGaisition byr I�ender, :�ny Funds
<br /> held by Lender at the time of application as n credit againEt tl�c su�t�s secured by this il'[ortgage.
<br /> 3. lSppliea&oa of Payments. Unless Rnr���Ant� iA��• �,ro���t� oGlierFvise, nll payments received by Lender
<br /> under the Note and garageapl�s l und 'l hereaf sliall hc s�r�ilied by Zencier first in paytnent of atnounts paynble to
<br /> Lender hy Barrower under psragrupl� 2 hereof, tlien to interest �>ayaUle on tl�e :�Tote and an F��iurc Advan¢ea, if "��
<br /> � any, nnd then to the �rincipal of the ilTote and to tl�c principal cyf I�'uture Advanccs, i! uny. `
<br /> � 4. Charges; Zieqs. Bonowee sUsll pny all tuxes, assessnients and otIier charges, �nes and impoaitions AttriU-
<br /> , utable to the Property which may uttain a prioriLy over 41�is ylortgsige, and sround renLs, if any, at Lender's , •
<br /> ; opEion in the mxnner providecY un3er ��aragraph 2 hereof or by Borrower making payTnent, when clue, disectly to �
<br /> " Lhe payee thereof. Borrower sh�sll pramgtly: furr�ish io I.ender sll notices of amounts �iue under tlais paragraph ,
<br /> nnd in the event Borcower shall moke payment direcWy , Borro�ver shall promF�tfy turn�eh to Lencier receipts evi-
<br /> ; � denaing sucli payments. Bonrower shall nrom��tlV disclia,rge any lien �vhich has priurity over thia �Tortgage ; pro- "
<br /> Q vided, that So. rcqwer shall not be required t.o <lischarge any sucl� lien so long us I�orrower shall ugree in wriCing to �'
<br /> 1 Qj the paqment of the obligatiion secured by* sucla lien in ;t iz�unner acaeptuble to Lender, or sl�ull in good fsith contest i
<br /> ' � auch lien by, ar defend enforcenient of suok� lien �n, legal �troceedings wLich operaie to prevent tl�e enforcement of ;
<br /> � the lien or forfeiture of the Propert,y or any part Eticreof.
<br /> ' � 5. Hazard Insurcmce: Borrower =haU keep tlae i�nprovements now cxisting or hereatter ecected on the Prop-
<br /> ? erty insumd againat toss by fire, hazsrds included within the term ' `extended coverage", nnd ;uch otlier liuzards as
<br /> � � Lender may require snd in such an�ounts nnd for suci� periods a, T.ender rnay require ; prov3Jed, that Lender shall
<br /> ; � not require that the smuunt of stich caverage exceed thni nmount of coverage reryuired Lo pay the sums secured 'by
<br /> n hhis Mortgsge.
<br /> The insurance carrier providing til�e insura�ice sha11 be cl�osen by Box•rowee subject to ap�roval by Lender ;
<br /> i provided , thnt suah approval shall not Le unrcasonably withheld. All premiums on insurance polieies shall be Naid `
<br /> ; { at Leuder's option in the manner �irovided under paragraph 2 liereof or hy Borrower making payvient, when d.ue,
<br /> direatly to the insunance carriea
<br /> I In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect
<br /> its interest, may pracure insvranee on the imprqvements, pay the premiums and such aum shall become
<br /> ` immediately due and paysble with interest at the rate set forth in said note until paid and shall be
<br /> secured by this Mortgage. Failute by Borrower to compIy may, at option of Lender, constitute a detault `'
<br /> ; under the terms of this Mortgage. �
<br /> $ ATI insuranr.e policies and renewals thereof �hall be in Sorm aeceptahle tu Lender• xnd siial! include a stsndsrcl �
<br /> morEgage clause in tavor of and in fortn accePtsble !o Lender. Lender aha] t have the r's�lit to hold the polioies and ; •
<br /> renewais thereof, nnd Borrnwer shnll promptly f�rrnish to Lender sl! rene�vul notices and all receipts of paid pre- 5, '
<br /> mium8. In the event of loss, Borrower shall give y�rompt notice to the insurancc r.arrier and I,ender, and Lender
<br /> may make proof of loss if not niade promptly liy Borrower. � `
<br /> � t Unless Lender and Barrowez ather�vise agree in �vriting, insui:3nce proceeds shall be sspplied to restaration or '
<br /> - ? repair of the Property damaged , proviSed svch restorntion or repair is economicnlly feasible und the security of f
<br /> % this �!IorCgage ie not tlieseby impeired. If sucl� restor�tion or repair is nat economica1ly feasible or �f the security
<br /> - of this Mortgage would be iingaired, tl�e insurance Nroceeds slaall l�e applied Cq the sums secured by this blortgage, I
<br /> � with the excess, if any, paid to Borrowei•. If the Froperty is abandoned hy Borrower or if Aorrower fails to respond °
<br /> to Lender within 30 days 8fter notice by Lender to Borrotver th:tt the insurx�ace currier offers to settle a ¢laun Sor � ' `
<br /> j insurance benefits, Lender is suthorized to cotlect and apply the iz�surance pr<�ceeds rst Lender's option either to f `� i
<br /> � restoration or repair of the Prbperty or to the sums secured by this \3ortgage. 2
<br /> ; Unlesa Lendet and Borrower otherwise agree in writing, any such upplication of proceeds to priacipal shall i
<br /> � not extend or postpone the due dste of the monthly installments referred to in psragraphs 1 and 2 hereof or change s
<br /> the smount of such instatlments. :
<br /> , j If under paragraph 18 hereof the Yroperty is acquired by Lender, all right, title and interest of Borrower in i
<br /> ' and to any insurance policies and in and to tl�e proceeds thereof (to the extent of the sums secured by this MorE- •'
<br /> � gage immediately prior to such sale or acquisition ) resulting from damage to tl�e Property prior to the sale or {
<br /> acquieition shall pass to Lender.
<br /> f . 6. Preservatioa �d Mmntan�ce of Property; Leaseholds; Candomiaiums. Borrower shall keep the Prop-
<br /> � erty in good repair and shall not permit or commit �vaste, impsinnent, or deterioratiou of the Propertv und shsll �
<br /> comply with the provisions of any lease, it this �Iortguge is on a ]easehold . If this �fort�age is on 3 condominium '
<br /> unit, Bonower shall perform all of Borrower's obligations under the declaration of condominium or master deed,
<br /> l the by-laws and regulations of the condominium project nnd constituent documents.
<br /> ; 7. Proteetion of Lendez's Security. If Borrower fails to perform the covenants and agreements contained in
<br /> , � this Mortgage, 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 domain, insol��ency, code enforcement, or urrangements or proceed-
<br /> ,� ings involving a bankrupt or decedent, then Lender at 7.ender's option, upon notice to Bonower, msy make such
<br /> , appearances, disburse such sums and take sucl� action as is necessary to protect Lender's interest, including, but
<br /> { not timited to, diebursement of reasonable attorney 's fees and entry upon the Property to make repairs. Any
<br /> s amounte disbursed by Lender pursuant to this paragraph 7, �vit6 interest thereon, shall become additional indebt-
<br /> edness of Borrower secured by this �fortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> , i acnounts ahaU be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> i est 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 shsll besr interest at the highest rate pernvsaible by
<br /> : i applicable lnw. Nothing contained in this paragrapli 7 shnll reryuire Lender to incur any expense or do any act
<br /> "! hereunder.
<br /> � 8. 7aspection. I,ender may make or cause to be made �rasonsble entries upon and inspections of the Prop-
<br /> � erty, provided that Lender shall give Borroa•er noticc � .rior to nny such inspection specifying reasonable cause
<br /> :z therefor related to Lender's interest in the Property.
<br /> ; � ; 9. Condemaation. The proceeds of uny a�varci or claim For damages, direct or consequential, in connection a
<br /> with aay condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemna-
<br /> � tion, sre hereby assigned and shall bepaid to Lender. ���_.: ^`"`"
<br /> In the event of a total taking of the Property, the proceeds sl�all be npplied to the sums secured by this Mort-
<br /> � : � ; guge, wiLh:the excess, if any, paid to Bonower. In tlie event of a partial taking of the Property, unless Borrower r 'S t
<br /> �i. snd Lender otherwise agree in writing, ti�ere 8Ga11 be applied to tUe sums secured by thia Mortgage such propor- r�, :'
<br /> r tian of the proceeds as is equal to that p;oportion which tl�e amount of the sums secured by this Mortgage imme- �. ,.
<br /> ' tiia.tely;pnor.to tfie dste of taking bears to the fair �narket value of tl�e Property immedintely prior to the date of q.
<br /> ' ' �4 ta�ng;withthe balance of��the proceeds paid to Borrower. � � � � � � � � ;�.. � :
<br /> �`,� If the Pmperty.is abandoned by Borrower or if after notice by Lender to Borrower that the condemnor offers ? ,�r � ; ,�`
<br /> ! ' to make`.=sn acvss3 or settle a clsiru for dsmsges, Borrower fails to respond to Lender within 30 days of the date
<br /> � } of such riot�ce�`l:ender is suthorized to collect and',sp��ly the proceeds ut Lender's option cit6cr to restoration or
<br /> - 's repair of t6e Propertq ar to the s�ma secured by tl�is \lortgage.
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<br /> Unless Leader.and Borrower :othern*ise sgree in writing, any auch application of proceeda to principal shall
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