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<br /> If wndec naragra�h IS liereot t:hr Pro�xrty is solc! or itir. 1'roperty is other�w�ise �rcquirec! F�y Lender, i.ender
<br /> Shall spply, no lat�r tlian iinmediately priur t� thcr ��ilc oE tJw Yra��cet+• or it� ucqui�ition by I;ender, amy l�unds
<br /> lield by Lender at the ti�ne of a�pliratinn as u crc�lit, aGainst tlre sums �c�curcd hy this �4ort�ugc.
<br /> 3: Appliection of Paymeats, Unless applicublc Iaw �na•�vides �thenui�c, a.il payiner�ts reeei��ed try Lender
<br /> under the Note and paragra�>ic$ 7 and 2 hereo[ slis:ll ba aP'�r� ieri bv 7',rhd�r first iu puVment �P amounts Payablc to
<br /> Lend,er by Iiorrower undQr Paragrapl� 2 hereof, then to inEeresi pnvable on tite hToCe ainei pn Future Advunces, it
<br /> nny, and then to the principal of the Note and to tl�e prineipnl af I'wture A:dvxnaes, iF an,y.
<br /> 4. Charge�; Liens. Borrower sLatl Puy all taxes, assessments and other cfiarg�c, fjnes and impqsikSnns attrih- i
<br /> u�ble to thc Prpperty which rnay attain �. pt•io:it,y aver ticis vlorLguge, anc! gzound rentis, if a:iy, at Lender's.
<br /> : � option in tl�c manner Providecl under ��arngru��h 2 heseof or by Aorrower rnakin� Iiu,ynient, when due, i3,irectly to
<br /> ' O7 Ghe payee thereof. 8orrower chall �romptly furniyla to 7.eneier u11 noti¢es of am�unts due undec tl�is paragrnph,
<br /> Q and in the even.t 13orruwer shn.11 make paiyment direr.tly , 13arro�vcr sh:t) 1 pr�mptly fur��ish to T.ender recei��ts evi-
<br /> C�t dencing suclti nayments. Borrower shall prorx;��tly discliargc aciy lien whicii hus �iriority over this \ioT�tg3ge ; pro-
<br /> O vided, that Borrawershatl not k�e re�i�ired to dis�:l�ar�e any suclr liea so long ns Borrowcr shsll agree in tvriting tiv
<br /> ;� the payinent of the obl3gation secured by sucli licn in :l �nanner accentable to 7.ender, or shMll in good faith contest
<br /> ' such lien by, or defend enforcement of such lien ir�, le�a1 �,roce¢clings �vhi.cl� opernte to E�reve�st thc eniorcement of
<br /> � the lien or forfeiUure of the Yroperty or anyy pa,rt thereuf.
<br /> � 5: Hazard Insnr�ee. F{orrower �:hali keel� tl�e iin4?r��•etiaents �io�v exiskin� �i• l� ereafttr erecte.� on the Prop-
<br /> ' i erty insu.ced against loss by fire, hazards Sncluded w'sthin the ierm "extenderl caverage'", and svch other hazards as
<br /> ' ' Lender n�ny require tthd in swch amowrts nnd t.or sucla periods us Lenaee ina}• requirc ; t>rovide�i , that Lender aha11
<br /> ; i not require LIiuE the amount af such coverage excee�i that i�lnown+t �f coveragr reqtrired to �aay tihe sums �ecured"by '..
<br /> th'rs Mortgage.
<br /> 1'he insuranca cnrrier r �roti�iding the insur•t.nce �h:all Uc cl�oscn by 13arrowcr subjecE to anprtiwal by I.ender ;
<br /> provided, that suc,h approval skxsll not He nnreasonalaly withheld. All prerniums on 'ansur�nCe I�olicies sMa11 be pai�1
<br /> at I.ender"s option in the mnnner provirled ��n�er ��arag[•:ipl� 2 liereoi' or }iy T3orro�ver inakin� F>ayment, when due,
<br /> directly to the insn .rance catrisr.
<br /> In, the event any p<�licy is not renewed on or before ten days o,f its expiration, the Lender, to protect
<br /> its ihterest, may proture insurance on the 9mpro�ements, pay the premiums and such surn Fhall become
<br /> im�ediatelp due and payable with interest at the rate set forCh in said note until paid and shall t�e
<br /> secvred by this Mortgage. Faiiure- by Borzower to eomply mav, at aption of Lender, constituCe a flef�ult
<br /> unfler the terms ot this Mortgage.
<br /> eTll insuranae pulicies and renewals bfiereof 53iaPi 1�c in Sosu� acceptul�lc t-� i:e��cler amd shall inclwdc a s4andard
<br /> 1 mortgage rlause in favor oi ssnd ia� form ar.cep-tabl:e tu Lender. I.enaer �half have the ri�l�t to hold the }�nlicies and
<br /> renewals thereqf, and Borrawer shall promptly furnish io Len<!er a]I rerrewal notices nnd sll rCaeipts �f paid pre-
<br /> miums. In the event ot loss, Barrpwer zhall give proin��t notice to tlie inauranr.e carrier and Lenxier, atsd I:en;der
<br /> may make pcocrf of loss if not rnade grompt.ly by Borrowei•_
<br /> ITnless Lende,r and Borrower athec�vise i�gree in writing, inscirance proceeds shall be applied to restoratinn or
<br /> - repsir of the Froperty c1amqged, �ro�-idec9 such rertoration. or repair is econo�ziic:;lty fessiblc nnd the security crf
<br /> this i�Iort�;age is no4 tl�ereby in2Puired. If sue}a restor:nti�n ur repair is not ecunumicslly feasil�le or xf the securiCy
<br /> of Lhis NiortgAge would t�e impaiaed, tl�e insurpnce � �roceeds shall be :3pplicii to Ghe sums secuxecl by th'ta Mortgege,
<br /> with Ghe exeess, iP any, pa;id to Borruweir. 18 the YroF�erty is at�andorr�cl I�y Eorrowe2• or i-f Bono«•er fuils to responci
<br /> y to Lender within 30 �ays aSter n,otice by I.ender ta liorrower thut khc: ins,urnnce c.arrier offerr> to setLle a clsim for ,
<br /> ' ;i insurance benefits, Lend'er is suthorized to collect and apply the insurance proceeds at Lender's option either to
<br /> restoratioa or repair of the Property or to the sums secured by this \iortgage.
<br /> � IInless Lender and Borrower otherwise agree in �vriting, any such application of proceeds to principal shall
<br /> not extend or postpone the due date of the monthly installments referred to in paragrsphs 1 and 2 hereof or change
<br /> ' the amounL of such installments.
<br /> � If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrowet in
<br /> " s and to any insurance po]icies and in and to the proceeds tliereof (to thc extent of the sums secured by this lbiort-
<br /> gage immediately prior to such sale or acquisition ) reculting from dainage to tlic Property prior to the sale or
<br /> - ucquieition shall pass to Lender.
<br /> 6. Preservation �d M�x►ten�ce of Property; Leaseholds: Coadomiaiums. Borrower shnll keep the Prop-
<br /> { erty in good repair and shall not permit or commit waste, impnirment, or deteriorution of the Property and ahaA
<br /> comply with the provisions of uny lease, if this �fortgage is on a leasehold. If this �fortgage is on a condominium
<br /> { unit, Borrower shall perform all ot Borrower's obligations under the declaration of condominium or master deed ,
<br /> , ,4 the by-laws and regulations oF the condominium project and constituent documents.
<br /> � 7. Protectioa of Lander's Seeurity. If Borrower fails to perform the covennnts and ngrnements contained in
<br /> i this Mortgage, or i[ any action or proceeding is commenced �vhich tnaterially affects Lender's interest in the Prop-
<br /> - y erty, including, but not limited to, eminent domain, insol��ency , code enforcement, or urrangements or proceed-
<br /> ' F ing�s involving a bankrupt or decedent, then Lender at I,ender's option, upon notice to Borrower, may make such
<br /> �� appearancea, disburse such sums and take sucli actian as is necessary to protect Lender's interest, including, but
<br /> � not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br /> amounte disbursed by Lender pursuant to this parsgraph 7, �vitli interest thereon, shall become additional indebt-
<br /> � ednesa of Borrower secured by this tiiortgage_ Unless Borrower and Lender agree to other terms of payment, such
<br /> amounts ehall be payable upon notice from Lender to Bonower requesting payment thereof, and shs11 bear inter-
<br /> � eat from the date of diabursement at the rate stated in the Note unless payment of interest at such rate would be �
<br /> � contrary to app)icable law, in which event such amounts shall bear interest at the highest rate permiseible by �
<br /> � applicable law. Nothing contnined in this paragraph 7 shnll require I.ender to incur uny expense or do any act
<br /> hereunden �
<br /> � 8. Inspsetioa. Lender may make or canse to hc madc rensonnble entries upon und inspections of the Prop-
<br /> � erty, provided that Lender shall give Borrower noticc �n�ior to nn� such inspection specifying reasonable cause 1
<br /> � therefor relsted to.Lender's interest in the Property. {
<br /> � 9. Coademaatioa. The proceeds of any award or claim for damnges, direct or consequentisl , in connection �
<br /> with any eondemnation or other taking of the Property, or paM thereof, ot for conveyance in lieu of condemna-
<br /> ; tion, are hereby asaigned and shall be paid to Lender. ,r, -+�.
<br /> In the event of s total taking of the Property, the �iroceeds shall be applied to the sums secured by this Mort- '`=��
<br /> gage, with the eucess, if any, paid to Borrower. In tl�e event of a partial taking of the Property, unless Borrower , s
<br /> M. and Lender otherwiae agree in writing, there shall be a�pliect to the aums secured by this �Iortgage such propor- } '� "
<br /> '� tion of th'e,proceeds as is equal to that proportion which tl�e smount of the sums secured by this �4ortgage imme- �;, ,�
<br /> ' . , he date of taking bears to the fair market �•alue of tlie Pmpertp immediately prior to the date of ^.`, '
<br /> ,� diately prior to t � �
<br /> talvng, witdi the, balsnce of the proceeds paid to Borrower. �' „ t ,� �;
<br /> �3 I£ the. Frtlpexty. is absndoned by Borrower or if xfter notice by Lender to Borro�ver that tl�e condemnor offers ` "" -�
<br /> , � to make an awazd or settle n clsim for dstmages, Borrou•er fails to respond to Lender witl�in 30 days ot the date " '
<br /> 4 � of suafi, noEice; Lender ie authorized to collect and apply the proceeds at Lender's option either to restoration ar
<br /> repair of the f'zoperty o: to the sums secured by tl�is _liortgage.
<br /> ... r Unless Lender:and Borrower;other�vise agree in writing, any such application of proceede to principal shall
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