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<br /> Tf under parngraph IS hereot the Froperty is sold c�r the Property is otherwise acquired by I.ender, Lender
<br /> shall spply, no Ister tllan immediaCely l�rior to tlic salc of t.he Propci•ty� or its acquisition by Lt:nder, nn,y F'unds
<br /> held by Lender at the time of �pplication as u cned"at a�ainst the sums securec! hv this VIoctgaSe.
<br /> 3. Applica6on of Pay�aenta Unless a��plicnblc Iatr Provides otherwise, u11 payments received by Lender
<br /> under the Note snd paragra�hs 1 3nd 2 hereof s1�n11 F�c ap��lied hy I,ender first in payment of amounts payable to
<br /> I.ender by $orrower under paragruph 2 hereof, Cfien to intereyt p�nynbic on Ehc Note and on Future Advunces, if
<br /> any, snd then to the principal uf the iVote und to tl�e prineirul of Future etdvances, if any. j '
<br /> 4. Charges: Liens. Bor:ower sMall psy ull tuxes, xssesstnents Rnd other chnrges, fines and impoeitions attrits- �' ''
<br /> utgble to the Property which mey attain u priority over tliis Mart�gge, und ground rents, if uny, at Lender's �
<br /> option 'in the msnner provided under paragraph 2 hereof or by BorroNer msking payment, when due, directly ta
<br /> the psyee thereof: Borrower shall promptly furnisli Co I.encier all notices of amounts due under this paragnaph,
<br />� and in the event. Borrower shslt make puyment directly, ]3orro�ver shall promptiy furnish to Lender recei�ts evi-
<br />� dencing such payments� Bocrower 6ha11 prom��tly dimchar,ge any Iien wkiich has prior'rty.. over. th�s Vlortgage ; pra-
<br /> yided, that Boxrotiver shsll not be required to disclrnrge any such lien so long as Borrower sl�sll agree in writing to
<br />� the payment of the obligation secured by such lien in ii manner acceptable to 7.ender, or sha1l in gpod faith contest
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<br /> � such lien by, or defend enforCement of sucti lien in, legaf ��roceedings which operute t-o prevent the eniorcement o£
<br /> � the lien or forfeiture of the Proparty or any {�art there�f.
<br /> 5_ Iiazard Insur�ce. Borrower sha1I keer, tl�e impravements no�c exist,ing or heaeafter erected on !he Peop-
<br /> � erty insured against loas by fire, hazards included within the term "extended coverage", and sucl� other hazards as
<br /> � Lender may require and in such nmounts snd for suclr periods us Lender muy reryuire ; �rpvideci, that Lender sha11
<br /> � not require thst the amounti of suqh covera�e exceed thnt amourit �f coveragc requirecl to pay the sums secured 'by
<br /> Ghis Mortgage.
<br /> The insurance carrier providing tl�e insurunce shall be chosen by 8�rrower subject to approval by Lender;
<br /> provided, that such apprpvai ahal! not be unreasonably withheld. All preminms on insuranee policies shall be paid +
<br /> st Lender's option in the maruier provided ur�der paragraph 2 hereof ar by Barrawer making nayment, when due, , �;
<br /> directly to the insurance carrier.
<br /> In the event any golicy is not renewed on or before ten days of its expiration, Lhe Lender, to protect �
<br /> its interest, ma rocure insurance on the im rovements � a�
<br /> Y P p , pay the premiums and such sum shall become �
<br /> imn�ediately due and payable with interest at the tate set farth in said note until paid and shall be
<br /> seCured by this MorEgage. Failure by Bo�rrower to comply may, at nption of Lender, constitute a defauIt '
<br /> u�nder the terms of this Moxtgage.
<br /> All insura.nCe polieiea and renewals thereof shall be in iorn� acceNta6le to I.en�icr ssnd shnll include a stanJard
<br /> inortgsge alause in favur of and in form aceeptable to Lender. I.ender shali have the right to l�old t;he �olicies and �s
<br /> renewals therepf, and Borrower shall �romptly Purnish to Lender all renewal noticP.s an3 all recei�ts of paid pre- '" j �,'
<br /> miums. In the event �f loss, Borrower shatl give prompt notice to the insurance currier and Lender, and Lender `��
<br /> msy m.ake proof of loss if not made promptlp by Borrower. .; i � ,
<br /> Ilnleas Lender aad Bocrower otl�erw3se sgree in writin�, insurance proceeds shall be applied tio restoration or `
<br /> repair of the Praperty damaged, provided such rectorxtion or repair is econon�icully Feasible and the security af ; ; , ..
<br /> Ehia Mortgage is 'not tl�ereby impaired. If such restoration or repair is not economically feasible or if the security y � � 4.
<br /> of this Monpgage would be impaired, the insurance ��roceeds shail t�e aPPlied to the sums secured by this Mortgage; " '`- <";;
<br /> with the excess, if any, psid to Botrowea•. I£ the Property is aban�ionQd by Borrower vr if $prrow;er inils to responcI :' ' S;�
<br /> to I,ender within 30 duys after notic+e by Lender to Borrower that the insurance earrier affers to settle a claim for �`*
<br /> insurance benefits, Lender is authorized to collect snd apply the insurance proceeds at I.ender'e option either to f ;�
<br /> restoration or repair of the Property or to the sums secured by this \-tortgage_ t s
<br /> Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall � " < 'r
<br /> not extend or postpone the due date of the inonthly installments referred to in paragraphs 1 and 2 hereof or change ; ' ;,:;
<br /> the amount of such installments. ;
<br /> If under psragraph 18 hereof the Property is ucquired by Lender, �Il right, titte snd interest of Borrower in �
<br /> and to sny insurance policies and in and to the proceeds tl�ereof ( to the extent of the sums secured by thia Mort- �
<br /> gage immediately prior to such sale or acquisition) resulting from damage to the Property prior to the sale or � � ` '
<br /> acquisition shall pass to Lender. ., � ;
<br /> 6. Presazvation �d Mmntea�ce of Pzoperty; Leaseholds; Condominivais. Borrower shall keep the Prop- �
<br /> erty in good repair and shall not permit or commit waste, impairment, or deteriorntion of the ProperLy and shall .
<br /> comply with the provisions of any lease, if this �Iortgage is on a leasehold. If this Mortgage is on a condominium
<br /> unit, Bonower shall perform all of Borrower's obligations under the declaration of condominium or master deed,
<br /> the by-laws and regulations of the condominium project and constituent documents.
<br /> 7. Protection of Lender'a Security. If Borrower fails to perform the covenants and agreements contained in
<br /> t6is 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 , insolvency, code entorcement, or urrangements or proceed-
<br /> inge involving a bankruptor decedent, then Lender at I.ender's option, upon notice to Borrower, may make such
<br /> appearances, diabvrse auch sums and take sucli action as is necessary to protect Lender's interest, including, but
<br /> not lunited to, disbursement of reasonable attorney's tees and entry upon the Property to make repairs. Any
<br /> amounte diabursedby Lender pursuant to this parsgraph 7, witli interest thereon, shall become additionat indebt-
<br /> edness of Bonower secured by this rlortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> amounts ahall be payable upon notice from Lender to Borrower requeating payment thereof, and sha11 bear inter-
<br /> est from the date of diabursement at the rate sta.ted in the Note unleas payment of interest ut such rate would be
<br /> contrary to applicable law, in which event such amounts shall bear interest at the higheat rate permisaible by
<br /> applicable7aw. Notihing contained in this paragraph 7 s6n11 require Lender to incur any expense or do sny act
<br /> hereunder.
<br /> 8. Inapeetio� Lender msy make or cause to be made reseonabie entries upon and inspections of the Prop-
<br /> erty, provided that Lender shsll give Borrower notice prior to nn� such inspection specifying reasonable cause
<br /> therefor releted to Lender's interesti in the Property.
<br /> 9. Condamnatioa Theproceeds of any award or claim for damages, direct or consequential, in connection
<br /> with say,,condexnnation or other taking of the ProPerty, m• part tliereof, or for conveyance in lieu of condemna- i
<br /> tion, are hereby assigned and ahall be paid to Lender.
<br /> In the event of a total taking of the Property, the proceeds ahall Le applied to the sums secured by this Mort- � '
<br /> gege, �vith the excess, if any, psid .to Borro�ver. In tl�e event of a partial taking of the Property, unless Borrower � ,y '
<br /> snd Leader otherwise agree in writing, there aha11 be applieci to the aums secured by this :biortgage such propor- � '
<br /> Eion of the roceeds��ag is � '�. `�
<br /> p eqpai to that propoztion .which the amount of the sums secured by this Mortgage imme-
<br /> diately, prior to the°date o£talring besrs to the fair uiarkeb value of t6e Property immediate]y prior to the date of ';"� � •'
<br /> �B> �?��:t�e 6a3ance of'the proceeds paid Lo Borrower. . "w�: .
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<br /> ; If the Pmper�3:'i's abandoaed by Bomower or if after notice by Lender to Borro�ver that the condemnor offers �«�"`
<br /> to ,mgk� ,ari,"awsrd. or settle a clsim for damsgea, Borrower fails to respond to I.ender within 30 days of the date � ""'
<br /> of.�such aatice,YSender„is_ s�uthozized to collect and apply the` proceeds at Lender's option either t.o restoration or '
<br /> repair of the Prope4ty orto:the sume secured by this \tortgage.
<br /> UnIeas Lender .snd Borcower othernise agree in writing, any such application of proceeds to principal ahall
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