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<br /> Tf under a�aragra�sh 1 $ }�e,reof fho Pro��.erty is solcl or tl�e I'roFerty iF otherwisw aecauired b,y 7.rnder;, Lender
<br /> ehall sxpply, na later tl�an immed,iately ��rior tu ilie asslc oF tlru 1'ro�icrt,y �r iLs ;i�r{ u,isiticiri Ly Lender, :iuy Fuw�ds
<br /> held .by I.ende�r at the titne nf apl�lication as a creci`rt agaimst Chr �.uwis tiecrureci i�y this \forCga�e.
<br /> 3: l►pplication of Paymeats. Unless aprilir.ablc IaR• {�rovi�l�•s o'therwi.ec, nll pi�y�nex�t� receiv�d by Lender
<br /> ttndes the Note antl paragrapEss 1 rtnd 2 he:reof shnll bc ap}xliecl hy 1.endt r first in pa}�ntint of umoun�� �ayable to _:
<br /> Lender hy 13orrower ut�der paragraNh 2 hereof, tlien to inEerest � rayahlc on ti�c �ic>tr and on Fwtuce ileivances, if
<br /> uny, und then to the princ"iPal of the Noke mn�t t� the princi�al of Futurr A�ivan�es, if ar.y. �
<br /> 4, Ch�ges; Liens_ Borrower staall pa}• all tnxes, assess�nents anci nt)aer chnrge,, fines ssn�i inipositiions attrib-
<br /> ut�ble to the Property whicl� insy attain a priority uver tA�s JSort�uge . an.d growu3 rents, if any, st Lender's
<br /> ; option in the n�annEsr gro�•ided under p3ragr$ph 2 herepf or !ry Rncro�ver anaki.ng �ayment, �v}aen dwe, �irectly Uu
<br /> the ps,y+ee thereof. Borrower sha11 ,Irro�nr�tly furnisli to 7:ender aLl notices of um�unts due un�ec bhis paragraph,
<br /> and in the event Borrower shall makc Naym�r�t d'rrectly, Borro�ccr shal! rrc�mnily fnrnish to Let�der receipts evi-
<br /> flencing such paymentr. Borrower sh�ll latomPCly� disclrntge nny tien �v►tich laas �iriority aver this \fiortgs�e ; pro-
<br /> vided, that Borrqwer shail not be requirec! to dischargc a�aw sucl� lien sa Iong ss Bc�rro�ro�er sl�el;l �gree �n writing to
<br /> the payment o£ the obi. igstion secured fyy* suc.la !{en in �r �nahtier accepts�de to Lerrder, or s!hall in ��od faith contest
<br /> such lien by, or alefend enfarcement of sucli lien iri, �e�al �>raceedipgs +u-l�ieh oF�erate w nrevr.nk the enForcement ��C
<br /> the lien or fo,rf�iC'ur4 of the Eroperty or �any piarC tl�ereof.
<br /> 5. Hazard Insuramce. Borra�ver Shall I:eep t{�e 1�nF�rovetiaents now exi�tirr� oc herenfter erected on the Prop-
<br /> erty inswred sgsinst losrs hy fire, hazard� inclut�ed �vi.thin the Cerm "extended coreragc", nnd such other Irazards as
<br /> Lender �map requiae flnd in such amou,nts and far such pe��iod: ns Y:ender maq require ; pro�-lcled , thaL Lencler r�hall
<br /> noE require t6at Ehe amou.nt af such r.oc•erage exceed tlinc ninount cif onversge requirrd tr� Pa}� tt�e sums secured 'by
<br /> this Mortgage.
<br /> The insurance carrisr pro��idin� t,hs insurauce shall he chosen ��y Burrower sui�jecl to appzo��tsf by Lene3er;
<br /> provided ;, that such s�pproval shall r�ol 6e i�uzexsotasbly �vithfielc3 . ,�11 pacmiums un insurance polici�s shall t�e paid
<br /> at Lender's �ption �n the m�.nner pru��ided unc3er r�Aragrxpd� 2 ] rereof or 1>y I3orruc��er �nrsk'rn� �:�xyment, when due,
<br /> direatly to t.he insusance cnrrier.
<br /> � In the event any policy is not renewed on or T�efore ten days of its expiration, the Lender, to prqtxct
<br /> its interest, may pro¢ure insuranc.e on the ,improvements, �ay the prerniums and guch sutn shall bec+ome
<br /> immediately due and payable with interest at the rate set forth in said note until paid and shall be
<br /> aecured by this Mortgage. Fuilure by Borrowe,r to comply may, at option of Lendea, constitute a �e;f,ault
<br /> under the termrs of this 1WIortgage.
<br /> All insurance policies and renewal� khere�f �hn11 1�,� in t�rna accey?tai�de to Linclee nnd sh.all inclwde u stanciarii
<br /> i»ortguge clause in fnvbr ot and in form vcre��tablu� to L�tt�ier. I:ender sl�all have tire ri�;ht to liold the policie� and
<br /> tenewsl.s thereof, �nd Borrower a.hall prompfly furtrisli Co Lernc�er a!I renecval notices and all receipts �f paid pre-
<br /> �iums. Tn the ev�nt nt loss, Borsower shnll give prain�t noCice to ttfe incurance cnrraer 3nc1 Leqder, snd I,ender
<br /> may mske proo;t ot foss if nat made prumpt'{p by 13orroµ er.
<br /> LTnless Len�er and Baarower otla�r«�ise ��ree in writing„ �nsurat�ce �xroceeds sha,11 be gpplied tu resEoration or �
<br /> repair pf the Property darna�;ecl, provide�l such reetorati�n r�r renair is ece;nomi.cull}• fea?ib-le and the sr,curi'ty of
<br /> thie Viortgage is not tliereby impaired. If sucli -estc,rsiion ui• repair is nat eaucismicxlly feasible c;r ir the securltp
<br /> of this �Iortigage would be; �mpaired, the insurti.nce }�rocceds slu-ali bc a��Yiied i� the sums secured by this Martgage,
<br /> with the raccess, if a�y, pss-id lo }3�rrowes. It tire Pi�operty i; sbsn,.lun. ecl Y;�- E3ori•o�eer or iC Borrower fuils to resfiqnd
<br /> W Lender within 30 dags after not:ice by Lender to Borrawec k.liat th� insurance carricr off<:rs to settle r� cls9m fot , ; .
<br /> ; insuraace bene$ts, Lender is nutharized to co] lect and ap�1x� the insurance procee�� at T;ender's option eithar to :. ;',
<br /> ; restorati'on a� repair of the Property or to �he sums secured by t[�is \1orEgag�. ^ _ , ;;,
<br /> % IInleas Lender and Borrower other�vise agree in writing, any such upplic�tion of proceeds to principal shall `
<br /> ; not extend or postpone the due date of the monthly �nstallments referred to in paragraphs 1 and 2 hereof or chaage 'Y
<br /> -: � the amount of such installments. ,:r
<br /> ' If under paragraph 18 hereof the Yroperty is acquired by Lender, sll right, title and interest of Borrower in
<br /> ` and to any insurance policies und in and to the proceeds thereof Ito the extent of the sums secured by this Mort-
<br /> � gage immediately prior to sucli sale or acquieition ) resulting Crom dainuge io thc Yroperty prior to the snie or
<br /> # acquisition shall pass to Lender.
<br /> � 6. Preservatioa �d Mmaten�ce of Pzoperty; Leaseholds; Condomiaiums. Borrower ahall keep the Prop-
<br /> � erty in good repair nnd shall not permit or commit wsste, impainnent , or deterioratioti af the Property und shsll
<br /> � � comply with the provisions of nny lease, if this tifortgage is on a leasehold . If this �iortgage is on a condominium
<br /> unit, Borrower shsll perform all of Borro�ver's obligations under ttie declarution of condominium or master deed,
<br /> *'� the by-laws and regulations oi the condominium project and constituent documents.
<br /> 'r � 7. Protection of Lendei s Security. If Borrower fails to perforn� the covenants and ugreements contained in
<br /> � this Vlortgage, or if any action or proceeding is commenced �vhich �naterially affects Lender's interest in the Prop-
<br /> � erty, including, but not limited to, eminent domain , insolvency, code enforcement, or urrangements or proceed-
<br /> � ,� inge involving a bankrupt or decedent, then Lender at I.ender's option , upon notice to Borrower, may make such
<br /> � appearances, disburse sucl� sums and take such action us is necessary to protect Lender's interest, including, but
<br /> , � � not limited to, disbursement ot reasonable attorney's fees and entry upon the Property to make repairs. Any
<br /> � amounte disburaed by Lender pursuant to this puragraph 7, �vitl� interest thereon, shsll Uecome additionsl indebt-
<br /> � edness of Borrower secured by this biortgage. Unless Borrower and Lender agrec to other tern�s of payment, auch
<br /> amounts ehall be payable upon notice from Lender to Borrower requesting payment thereof, and ahall bear inter-
<br /> I eet from the date of diabursement at the rate stated in the Note unless payment of interest st such rate would be
<br /> : contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible by
<br /> i' applicable law. Nothing contained in tliis paragrapli 7 shall require Lender to incur any expense or do any act
<br /> hereunder.
<br /> ;{ 8• Inspaction. Lender may inake or cause to be madc reasonable entries upon and inspections of the Prap-
<br /> ,, � erty, provided chat Lender ahalt give Borrower noticc � +rior to nm• suoh inspection specifying rear�onable cause
<br /> therefor related to Lender's interest in the Property.
<br /> ' � ' 9. Coademaation. The proceeds of any a�vard or claim for damages, direct or consequentisl, in connection
<br /> � � with"any condemnation or other taking of H�e Property, or part thereof, or for conveyance in lieu of condemna-
<br /> � tion, are hereby aseigned and shall be paid to Lender. ,�;, , '
<br /> In the event. of s total taking of the Property, the proceeds s6all be applied to the sums secured by this Mort- - �
<br /> �� gsge, with;the exoese, if any, paid to Borro�ver. In tlie event of a purtisl taking of thc Property, uniess Borrower �¢
<br /> � and Lender otherwise agree in writing, there sl�all be spplied to the sums secumd by this :�qortgage such propor- � � ` �
<br /> ;� tion of the proceeds as is: equal to that praportion which tl�e amount of the sums secured by this Mortgage imme- � ; ;
<br /> diately prior to the date of taking bears to"tlie fair m$rket value of the Property immediately prior to the date oi ' ��
<br /> {,•,
<br /> , � t a l a n g, w i t h t he 6a lance o f.-t he procee ds paid to Borrower. � ' * g � ,
<br /> If the'Property' is.aba.ndoned by Borrower or if after notice by Lender to Borro�ver that the condemnor offers "' "�
<br /> to make an:award or settle u claim for damages, Bonower fails to respond to Lender within 30 days of the date � .�t. : °�'�
<br /> ,'� of auch' Iiotice, Lender is suthorized to collect and- apply the proceedE at Txnder's oPt.ion either to restorntion or
<br /> ,.� repair of t6e Property or Lo the suma secured by this \iortgage.
<br /> �
<br /> Unless Lender and Borrower othenvise agree in writing, any such application of proceeds to principal shall
<br /> ..:,
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