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<br /> � Tf under PazagzaPh 1$ irereof I;he Pto}�erky i5 solci or the Property is other�v 'rse aci�uire� h�• L:cnder, I.ettder
<br /> r shall npply, no-later tl�axi iinmetliutebv j>rior to tha sxt� of the F'roPcrty or its scqt�ieitiou by I.en.lr:r, anV Funds
<br /> i�eld by Lender at the tirne of ai7lalicatian as u credit against the �uimas ��curc�l t�y chis �inrt�ngc.
<br /> 3. Appliccction of Paymeats: Unless applicnb'Ic I:ia� T�r�viQcs othvnvi�e, afl payments �•eecived }�y Lendel�
<br /> under the Note and naragrapDs 1 und Z hereo! slralt l.�r sp��l:ied hy I,,en�i�r fii�i ar� Pxyinerit of amounCs payable to
<br /> Lender hy Borrpwer und. er �,a#agruph 2 hereof, then to interest, ���yu�le un t,l�e \'vte un�1 on F'r�turr. �dvanees, if
<br /> any, �nd; then to the princ,ipal of the \Tote npd to tli� �>rincinal of F'utiiire liivancef, if tiny. '
<br /> I4. Charges; 'Lieag. $orrower shall �5ay all taxefs, assessinents �nd other r,I�ar�es, fines and impoaitions attrib- � t ;
<br /> utpble to the Property w�hich may at4ain u �riority over this JSortgage, sncl ground rents, it u�ry, at Lend.er's '
<br /> option in the ma�ner ��rovidecl und'er parngraph 2 liereoE nr 15y T3orru�ver makSng payn�ent , when due. �IirecUy to �
<br /> : � the payee th�ereef: Borrower shall prnmptly furnisle to T.en�ier nll noCiaes of amoui�t, �ue undee this paragraph, '
<br /> ', � snd ie the hvent Borrower rhall mukn, payment clirectl3•, Ii�rro�cr.r shall prniiiPtiy iurr, ish to Lender receipts evi-
<br /> 't T"� denciug sucli pt�ymenis. 33orrUwer 5hn11 prompfly elisc,lrarge an,y lien wliich l�ns priority ,oye•r this h4ortgnge ; prq-
<br /> � vided, that Borrower sha.11 not be required to dis�Irar�e ztny Qu.ch lien so long os Aorrower shall agtee in writing to
<br /> � the payment of the obligaUimi securecl by sucl� Iien in ii n�anne�• seceptnUl� to I.ender, �r shall in �ocxi faith contest
<br /> � auch lisn 6y, or defend enforcenient e�f sucli lien iti, legal proceeriings �vhich o.peraLe to �rrevAni the enf�reemenh of
<br /> � tha lien or forfeit�re of tthe PTopert�y or any �xnrt thereof.
<br /> � 5. Hazard 7nsuraaee. Rorrower shall keep tlre im;�roven�ent� now r.xi�tin� nr laerenCter erected on the Pcvp-
<br /> � erty insured against loss by fire, hazards included �citF�in the tern� "exteiidecl cc�vers�e"', an�l sucli other hazards as
<br /> � h Lender may reqairc and ir� suah Amounts nnd for such perial= t�h Lend�r rn;zt• reclu3ra� tzrov7deJ, tthat Zeniier shs11
<br /> not requixe that thc anlnc�nt c�f sucli !zoversge exceeci tltat. aipount �f covera�e requir�ri to ray the sum�s secured `by
<br /> i thie Mortgage.
<br /> '� The insurance i:arrier ��rovici;trg tt�,e ir�surni�ce shall t�e chosen Fry Rorc•otver subject t� approv;�i �y Lender ;
<br /> ; �rovidRd, that �uch sspprovul slaull nnt i>e unreasona,bly �vitiiheld. A71 prem�nms �n insurnnce poIicies shaCl 6e paid ; "
<br /> at l.emder's optian in ttre manner T�rovided un�er pnrmgraph d hercof or hy �iorrower rnaking ps,yn�ent, R•hen d';ue;
<br /> j +iire�Cly to the ansursnce carriet
<br /> ' In the event any policy is not renewed on or before ten days af i#s expiration, the Lendet; to prptect
<br /> � its interest, mav pr�cur� insuranee on the iraprovements, pay the prezxt�iums and su�h sum shall become
<br /> irumediately due and pa ,yable with interesC at Lhe rate set forth in sa'sd note until paid a-nci sh�11 be
<br /> 3 �ecured by this 1�lortgage. Failure by Borrower to cpmply may, at option uf I.ender, constitu.te a rlefault
<br /> under the terrais of th"ts Moztgage.
<br /> i A'll insurnnce Naiicies and senewals therr.of �tiall Ire in f�rm accepiable tU 7.enr3Pr mnrl ;liall ine�aide a stan�tsrd �
<br /> i tnortgage claus� in tavor of an� in form acac�rtet�le to Lender. Lender s1�a11 hut�e tl �e right tc� Gnld thc Pplicies und
<br /> � ± renewals tihereof, and $oxrowea^ chall promptlyr fiirnish to Lencier a11 renewal notices anc3 all reeei;pts of paid' pr.e- y
<br /> ,y miums. Tn the event of' loss, f�orrower sliall git^e Irrom��t notice to Clie ivaursnce carrier acid F.ender. �nd Lender s
<br /> ' may make proof of loss it not made promptlp I�y. Borrowei�. f
<br /> 1 Unles,s I.ender and Barrotver qtherwise agree dn �vritin�, insurance �ruceeds shall he ngplied to restorat�on or ,,;
<br /> ', repair of the Pcoperty damuged , provided sucli restoration or ve:pair i� e;c:aneruicaliy feaaibli una the secnritiy oif �r`
<br /> C6is Mortgsge is not tl�ereby imps'rred. If s�sefi restorntion or reF�air i� n�G eeonornicuily feasible or i[ the sacuritp '
<br /> i of this r'Iortgage would be impqired, tlie insurance �rraceccis sltall ! �c ap�lie�i to fhe sums seeured 6y t.h;is Mortgsge, ,c, ,:
<br /> ' with the exaee�b, if �ny, paid Co $prxower. It tlie Yrupeety is ahan��ned 1��� F3orrower or if Bprrower fails to respond 1° ' ' '
<br /> Co Lender within 30 days s�fter notice by Ley�der to Borrowet tirnt th,e insuran�e caraier ofterg tio settle a eisim fo�r �.;
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<br /> insurance benefits, Lender is authokized to colleet snd apply tlie insurance �roceeds aC Lendcr's uption either to • " `
<br /> restorataon or repair of the Property or to the sums secured by tivs _lfortgage. �
<br /> � Unless Lender and Borrower othenvise agree in �vriting, any such applicntion of proceeds to principaI shsll r ,i
<br /> ,Z not extend or postpone the due dste of the manthly installments referred to in paragraphs 1 and 2 hereof or change � , �;
<br /> .V the amount of such installments. ; ':'
<br /> .� Sf under paragraph I8 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 tl�ereoi (to tLe extent of the sums secured by this 1bIort-
<br /> � gage immediately prior to suc6 salc or ucquisition ) resulting from damssge to the Property prior to the sale or �
<br /> acquieition shall pass to Lender.
<br /> j 6. Pzeservatioa �d Mmnten�ee of Property; Le�seholds; Condominiums. Borrower shsil keep the Prop- ' '''
<br /> ferty in good repair and shall not permit or commit waste, impairment, or deterioration of the Property ssnd shall �
<br /> } comply with the provisions of any lease, if this Jlortgage is on n leusehold. If this b4ortgage is on a condominium
<br /> ; unit, Borrower shsll 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 /> j 7. Protectioa of Lender's Saeurity. If Borrower fnils to perform the covenants and agreements contained in
<br /> jthis 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 arran�ements or proceed-
<br /> i in$e involving a bankrupt or decedent, then Lender at I.ender's option, upon notice to Borrower, may make such
<br /> ' �' appearaaces, disburse such sums and take sucl� action ns is necessary to protect Lender's interest, including, but
<br /> � not 1"united to, disbursement of reasonnble attorney's tees and entry upon the Yroperty to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this parsgrapl� 7, �vitli interest thereon , shall become additional indebt-
<br /> : � edness of Borrower secured by this blortgage. Unless Borrower and Lender ngree to other terms of psyment, such
<br /> amounts shall be paysble upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> est from the date of disbu:sement at the rate stated in the Note unless pnyment of interest at auch rste would be
<br /> contrary to applicsble law, in which event such amounts shall bear interest nt the higheat rate permissible by
<br /> applicable law, Notliing eontaineci in this paragraph 7 sl�nll require Lender to incur any expense or do any act
<br /> hereunden
<br /> B• Iaspaction. Lender �nay make or cau=e to be inadc reaeonsblc entries upon und inspections of the Prop-
<br /> erty, provided that Lender shall give Borroa•er notice ��rior to nnp �ueli inspection �pecifying reasonable cause
<br /> therefor reiated to Lender's interest in the Property_
<br /> 9. Condemaatioa. 'The proceeds of any award or claim for damages, direct or consequential, in connection
<br /> with any condemnation or other taking of the Property, or part thereof, or for conceyance in lieu of condemna-
<br /> e: tion, are hereby assigned and shall be paid to Lender. � �,,; '
<br /> ; In the event of a totai taking of the Property, tl�e �iroceed� shall bc applied to the sums secured by this Mort- �
<br /> gage, with the excese, if any, pnid to Borrower. In t6e event of a partial taking of the Property, unless Bonower " v'_
<br /> and. Lender otherwise agree in writing, there ahall be applied to tl�e sums secured by this Mortgage such propor- � �
<br /> �`. tion of the�maeeds as is equsl to t6at proportion which tlie amount of the sums secured Uy this \Zortgage imme- �^i `
<br /> T� diately prior {o the date of taking bears to the fnir ii�arket valvc of tlie Property immediately prior to the date of ��;,;�
<br /> ' taking, wit� t,he I�alance o£ the proceeds paid' fo Borrower. r ; g-,
<br /> � ' If�the,Fropertg, is abandonad byBorrower or if after notice by Lender to Borrower that the condemnor offers '�' �.w;
<br /> to maTce`,sa awaTd or settle;a claim for damages; Borrower fails to respond to Lender within 30 days of the date �
<br /> �,a of such�notice, Lender is r�uthorized to cdilect and ap��ly the: proeee<is at Lender� option eitiier to restoration or
<br /> ;� repsir of the Propertq or to the aums secured .by tliis liortgage.
<br /> ,� Urile'ss Lendersud Boiirower otheswise agree in tvriting, any euch applieation of proceede to principal, shall
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