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<br /> If under ryarssgraPh 1 $ hereof the Pcoperty is s�ld nr the hraperty i� otleenvisr lequired by Lender, Lender '
<br /> �hull apply, nn lnter tlian immediately Irrior to t.lic: sule of th�; Yro{ rerty or its ,i�yuisitiou !,y I.euder, un,y E'undc
<br /> held by I�ender ut khe Cime o[ apF�licati4n as a cre�iik a�uinet thc s�i�irs +e�•ured I�v t}iis vlortgnb�.
<br /> 3. Applieatioa of Raymeat� LTtaless applicnblc In��� �yrowdes othenviee, all paymPnts received by �:ender
<br /> under the 1Vute und para�raplis 2 a�nd 2 here�f sl�ull !>r ap� rlier-1 by T:ender first in �ray�nent of a:moiunts payak�le t.o
<br /> Lender by Borrowec iandez p�►ra;grapli 2' ltiereof, ti}ien to interest puyablc �n tlie Nnte ar��i �n t*uturc Aclrsncec, 9[
<br /> any, and theu to the principal of the �Votc and to klt.c j�rinc�Pal of T'uture Ac]t�atimes, if nny ,
<br /> 4. Chargesr Lieas. Bc�rrower sLall pay all tnxes, assessments nnd ott�er char�es, fines and impositions attrib-
<br /> r� �: ut,able to the Property which ma,y uttain u prioriEy over CLis �Iortgage, and ground rents, 'sf any, at Lender'a
<br /> IC , � option in the manner pmvided uniier ��arsgra�l� 2 hereof or by Borrower roaking payrnenk , ���Iien duer directly to
<br /> j � the payee thereof. Borrower shal`l pr�omptfy furnish to 7.entier all notic,es at amounts due under p1�is paragraph, '
<br /> Q snd in the e!rent Borrower shaPl make paymen# directly, I3orrower s}�ull pron��rtly h'urnish to Lenler receipts evi-
<br /> ' ,� dencing sucl� psyments. Borrower shall j�romptly d.ischarge any l�rn which hus prio,rity over this vIortgage ; pro-
<br /> ; vided', that Borrower shall not bx requ'tred to discl�ar�e pny sucli t'ren so long as Borrawer she�il a�ree in writing to '
<br /> ' the payment of the obligation secuxecl by such lien it� a manner acreptable to Lenrier, or` sh�l{ in good fait'h cuntest
<br /> � such lien by, or defend enforcernent of su¢}i lien in, Iegal pruaeedings tvlcicti operste to }�re��ent tt�e en�'arrcement of
<br /> � the lien or forfeiwuse nf the Proper�y or a-ny part tl�creof.
<br /> 5. FIazard 7nsuraace. Barrower �ha.11 kee�; tl�e icnpruvectients non• existin� ur l�ereafter ercoted on the Pzop-
<br /> � ert;y inaured agatnst loss by fire, hszartis included within the term '�extende�l c�veragz", and �uc,h othr:r liazards ss
<br /> Lender may require and in such simoucits �nd for sucli �erioc�� as Lender ma3• zequirc; ��roci�lecP , 'tirgt Lender shall
<br /> � not require Lhnt the anaaurat af such coverage exceed �fiitt Amount of couerage requrred to �n}• ttse sums secured 'bp
<br /> khis MorEg�ge.
<br /> The insnrance carrier providing ilie insuranee shsll Le chosen Uy Borro�ver subje;r.t to approval Fiy Lender;
<br /> i provided, thut such approvx�l shall not be unreaspnably withlield. All premiums on insurance pol3cies shsil he paad
<br /> ; at Lende.r's orytion in the mattner provided under ��nragrnph 2 liereof or b� Borro�ner making �ayment, when �iue,
<br /> directly to the insurance enrrier.
<br /> Tn the event any policy is not renewed on os befure ten days of its exp3.ration, tihe 7,ender, to pr�tect
<br /> � its intere.ct, mey procure insuramCe on the improvements, pay the prexniuma and such sum shall become
<br /> immediately due �and pa_yable with int�re�st at the rate set forth in said note antil paid and shall be
<br /> y secured by this Mortgage. Failure by Borsower to comply mny, at option qf I,ender, constitute a defaqlt "
<br /> '; under the terms of Ehis Mortgage.
<br /> All insuranee policies and rex�e�vels tliereof sC�nl! be in i,orm aicceptable to Lei�dPr And sl�nll include u 9ta�nrland
<br /> tnortgage clausc in favor of nnci in torn� accel�tsl�lr to Lender. I.eeider ,hall l�sve �he nght, to lirslcl the �olieies und
<br /> renewals thereof, und $orrower shx.1'1 promptly icirnish to I,encier all rene�vni notices an�i all reeei,ptis �f paid pre-
<br /> � miums. In the event of loss, Eiorsower shall �ive �rompt notiice io the insurance currier and I.ende,r, and Lender
<br /> may make prooi of loss if not made promptly uy Iiarrower.
<br /> Unless Lender und $brrower otihernise agrec in rvritins, insurance E�roceeds sha17 be ap��lied to restoration or
<br /> irepair of the Fr�perty dainaged , �rovided suctn re�torstion or repaic is econoraiically teasible i�nd the security ot , ` ;
<br /> ; this l�Iottgsge is not thereby in�paire�l. Tf such resturation or repair is not e��nomically feasible nr if ttie seeurity
<br /> of this :blortgage would be impaite.d, the inaurance �arorceds skiall i�r anPlied to the surns secured t�y this Nfortgage,
<br /> ' wiCh the excesa, if any, paid ta Borrower. If tlie Yra��erty is uk�an�lone�i by� Barrower or if 33orrower fails to reapond ' '
<br /> � ' to Lender within 30 days aftcr natice hy Lender to Borrower thnt the ins�uanr.e etarrier nH'ers ta settle a elaim tor
<br /> � insurance l�enefits, Lender is suthorized ta co;llect mnd upply tli� ins�a.runce procpeds st I.ender's vptiora eibhes to
<br /> � restoration or repair of the Property or ta the sunas �ecured b�- bhis �Lortgage.
<br /> • � Unless Lender and Borrower otherwise agree in writing, any such upplication of proceeds to principal shall
<br /> � not ractend or postpone the due date of the monthly installments reterred to in paragraphs 1 and 2 hereof or chsnge
<br /> the amount of such instsllments. ' `"
<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 thereoP (to thc extent of the sums secured by this Mort- �
<br /> � gsge immediately prior to such sale or acquisition ) resultin� from damage t.o the Property prior to the sale or `
<br /> F acquisitioa shall pass to Lender.
<br /> 1 6. Preservatioa �d Mmaten�ee of Property; Leaseholds: Condominiums_ Borrower shall keep the Prop-
<br /> :? erty in good repair and shall not permit or commit waste, impairment, or deterioration of the Property and ehall
<br /> � comply with tlie provisions of any lease, if this �fortgage is on n ]easehold. If this Mortgage is on a condomiaium
<br /> ! unit, Borrower shall perform all of Borrower's obligations under the declaration of condominium or master deed,
<br /> j tfie by-laws and regulations of the condominium project and constituent documents. '
<br /> 7. Protectioa of Leader's Secvrity. If Borrower fuils to pertorm the covenants snd ngreements contained in
<br /> i 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 , insoh•ency, code enforcement, or srtungements or proceed-
<br /> ) � inge involving a bankrupt or decedent, then Lender nt I,ender's option, upon notice to Borrower, may make such
<br /> ,.� appearances, disburse sucli sums and take sucli action as is necessary to protect Lender's interest, inclvding, but
<br /> ' ! not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br /> T amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon , shali become additionsl indebt-
<br /> � edness of Borrowersecured by this Viortgage. Unless Borrower nnd l.ender agree to other terms of payment, such
<br /> '+ amounts ahall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> . j est from the date of diebursement at the rate stated in the Note unless payment of interest at such rate would be
<br /> i contrary to applicable law, in which event such amounts shall bear interest at the higheat ra.te permiesible by
<br /> '! applicable law. �7othing contained in this paragraph 7 sl�nll mryuire Lender to incur any expense or do uny act
<br /> ,"„ } hereuader.
<br /> ." !, 8. 7aspeefion. Lender may make or cause to be �nadc reseonablc entries upon nnd inspections of the Prop-
<br /> 4 erty, proqided that Lender sl�all �ve Borroa•er notice ��rior to anp ,ucL inspeetion specifying reasonable cavse
<br /> ' � therefor re2ated to Lender's interest in the Property.
<br /> .; ;� 9. Condemmation. The proceeds of any sward or claim for damages, direct or consequenLisl, in connection
<br /> m . � with any coademnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemna- t
<br /> tion, ere hereby assignecl and ehall be paid to Lender.
<br /> In the event o€ a total taking of the Property, the proceeds shall be upplied to the sums secured by thia Mort- '�+,� ";
<br /> gage, �vith the excess, if any, paid to Borrower. Li t6e event of a partia! taking of the Property, unless Bonower •t . ,
<br /> f sad Lender 6therwise agree , in writing, there shall be applied to the sums secured by this �fortgage such propor- �� ;i •t� j ;
<br /> tion of the proceeds as is e�}ual to that proportion which tl�e umount of the sums secured by this Mortgage imme- r;, � �3
<br /> 4i. diately •prior to the dste of taking beare to the fair inarket value of tl�e Property immedintely prior to the date of �%`
<br /> � ; tstong,'wit��the balanc,e of the ptoceeds paidto Borrower. ��• :
<br /> , � If the `PrpperEy �s abandoned by Borrower or if nfter notice by Lender to Borrower that the condemnor offers " �` „� =�'
<br /> ; x to make'an- awsrd ' or settle u clsim for dsmages; Borrower fails to respond to Lender witl�in 30 days of the date '�-''k ".'��� ' .
<br /> ,. . § . - of euch notice, Leader is authorized. Eacollect and apply the proceeds at Lender's option eit6er to restoration or �
<br /> k repair of the Pmperty or to the sums secured by Ll�is \iortgage.
<br /> , IInless 7,endrr• snd Borrower otherivise, agree is writing, any such application ot proceeds to principal shall
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