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<br /> If under Irarn�rapli 1R hereaE the Property is vold ai Ef�e Proparty i� oGhcrwise :icc�uired by I,endcr, [.ender
<br /> shxll apply, na lAter tt,a,a immediately �>y^ioi to the .afc of t.lu Yru�ier6y or it� ucc�ui.itiun bv T.encler, :Lnp �unds
<br /> held hy I,ender st the fime of ap�ibication as u cretlit Agnin�t. tl�o �uins �ec�irerl � �ti• this Vlort�;nbe.
<br /> � 3: 1{pplication of Fayments. Unless upplicablr i� «� ��ioui�ice ntt�erwicc, nil payn�en�ta recrivecl by 7:ender
<br /> � urider Ehe Nate and nuragral�hs 1 und 2 lieni�of shall hc a��ilieii }�y Lr. nd.cr first in ��n,yment �E orsaotrnts �ayable tu
<br /> LenHer by Borrower under pa�ragruph 2 hereoE, then to int;erest � �nyable crn tlia Note anci nn Futuxc• advnnces, if
<br /> � any, and then t'a the principal oi the Not,F and to tl�e a7rinci�ial ��f Iiuture A �it�snres, if attiy.
<br /> I � 4, Charges; Liens, Borrower sh�ll pag all 8axes, asseysnicnts nnd otl�ec chnrges, fines anc9 impositions attrib-
<br /> � utable to the Property w}tich rnuv nttgin u priorit;� ovec t [�is �Iort;gage, un� grou�sci rents , if aiiy, at Lender's
<br /> � optibn iy the nranner Pruvided uni3er parsgruph 2 f�ereot a,r l�y Borro�ver innkin� ��rLytntnt , when �iue, directly to
<br /> � the payee thereo,f, Borrrnver shall ��rnmpf.l}� tuY�uisL: to L:en<ier n11 noticrs af amount.s due un�ler tl�is paragrnph ,
<br /> ^ and in the event iiorrower shall make payment directly, Borra�cer s15sil �rrnnaixtiv turnish tu I ,e:ider rer.eipts evi-
<br /> dencing such payments. 8orrower shall �rom)�tly cliselinr�e any lien �vlaich lias �sriority over t,his �lortgssge ; Pru-
<br /> vided, Ch�t Borrowcr shaCF not be required to diFaliurge aaw� suc}� 1'acn so long ua B�rrowi+r sliall as�r.ee in wriCing to
<br /> the payment of tlie obligaCiora secureri b}� such lien in r� mnnner acee�tafale to LcrrSee, ar s,hail in soo.d faith contest
<br /> suoh li,en b,y, ur d.efend enforcement of such lien im, fegul proceeciings cvhich o��erate to prevent ihc anforeement; of
<br /> the lien or farfeiture of the Prog�ertyv or any ��art t,Lereof.
<br /> 5. Hazazd Insur�ae. Botrower shs11 kee� ti�e improv�ments now �+xi�tin� or ti.ereafter creeted on the Pnp,p-
<br /> erty inswred agsinst loss by fire, laazards ineluded wiihin the tei�n "extended coverage", nnc3 such �tLer hnzards as
<br /> Lender rnay reqwire aT�d in suc13 amaunts ancd tor Suclz j�eriod:s re.� I.er�i4,er may rer�uis�e ; rxrou�ided , that Lender shnit
<br /> nbC requite tha8 the amount of such co�•eeage i.zceeci tlint i�mowil_ �!' coverae-g¢ i�ec�i �ired t� ray the suhis secured 'by
<br /> thie �Iortgss$e.
<br /> The insuYsnce carrier provnding t4ie �nsurance shnll Ur� cliosen !�y Barruwer subjeek ta apprnval byr I,ender;
<br /> providerl, thut such npprova.l shall rnot he unreasunsbfy �vithheld. _11l premiums on inyur�nce riolicie. sha13 �e paid
<br /> ' at Lender's option in kkie nasnner provirled ❑nder t�aragrapla 2 15ereuf or hy i3orrativer rnnking E�ay^ment, w^hen due, i
<br /> directly to the insurance carrier.
<br /> In the event any policy is not aenewed on or before ten days of its expirat:eon, the Lender, to pratzct
<br /> its inte,re.st, may prorure insurance on t:he improvemenCs; pay tlte premiums and sur.h sum �hall beeome
<br /> ; ammediately due and �ayable with interest at the rate �cet forth in said n�te until paid and shall be
<br /> secured by this Mnrtgage_ Failure by Borrower to c+c>mpl,y may, at option o.f Lendes, constitute a default
<br /> under the terms of thas 1Vl�rtgage.
<br /> ` All inrurunee po1iciea and renewul� thereof uixall Iie in fotq� nuce}�tul�le to I.en�l�r an1 sh:tl4 include v etanclaccl `
<br /> ; �nort�age clause i<n favot af and in Sorm aco4ptatile tu Lcus3er L.en3er sh311 have L1ie right k.a l�old Lhe �olicies nni3 � � . '
<br /> ranewale therevf, and I3orrower st;a11 pronrptly furnish t� Zender all renewal notices und ali recei�t� uf paid pre,
<br /> miums. In tl�e event o[ loss, Borro�vcr sha3l give ��rorn�t notice t.o tlre i,nsurancF carrier and Le��der, and Lender
<br /> may make proaf of Ioss if not made p,ratn�tlp I�y Borrpweit
<br /> Unleas Lender und Botrow�e.r ot,henvise agrr.e in �r•rikin�, in�urancc proceeds sh.all Ue ap�lied ko restorati4n or
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<br /> repsir of Lhe Pzoperty damnged , Irrovirle�fi Such restaratiun �ir re}�uir is econoniirall}^ ieavible nnd the cecurity� bf
<br /> ; this i�orEgage ,is not thereby in�paired. It sueh restar.itimi oi^ re�n�r iG not e��n�mically feasilil¢ crr if thr; �ecuriQy
<br /> ! of this D2ortgage would lie irnpaired, the in�-urance f�rocee�is sha14 be ap}�lied to the sum� secuced by thia MorCgage,
<br /> ' with thc exees3, "sf uny, paid Lo Borrou�er. Tf the Yr�perty is abancioxreci I�y E3orraw•er or if E3orrower fa.ils to respond
<br /> to Lender wfthin 30 da.ys a[ter notice by Ler�der to Borrower th�t tl�c �nsurance carrier offets to settle a clsim [or
<br /> inBurance betiefi,ts, I,ender is suthar�zed ta cullect anct ap}�1� tl�e insurnnae �roceedti at Lender's option either to '
<br /> restoratiion or repair of the Property or to the sums secured Uy this \Iortgage.
<br /> Unleas Lender and Borrower othenvise agree in writing, any such npplication of proceeds to principal sha11
<br /> not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change '
<br /> the amount ot such installments.
<br /> r If under paragraph 18 hereof the Property is acquired by Lender, nll right, title and interest of Borrower in
<br /> ' snd to any insurance poIicies and in and to the proceeds thereof (to tiic extent of the sums secured by this bLort-
<br /> i gage immediately prior to such sale or acquisition ) resulting from damage to the Property prior to the sale or
<br /> acquieition shall psss to Lender.
<br /> J 6. Preservation �d Mmaten�ce of Property; Leeseholds; Condominiuxns. Borrower sha1I keep the Prop-
<br /> : erty in good repair nnd shall not permit or commit waste, impairment, or deterioratimi of t.he Property and shall
<br /> ; comply with the provisions of any lease, if this �Iortgsge is on a leasehold. If this \Iortgage is on a condominium
<br /> ' unit, Borrower shall perform all of Borron•er's obligations under the declnration oF condominium or master deed,
<br /> : � the by-laws and regulations of the condominium project :tnd constituent documenis.
<br /> � 7. Ptotection oI Leadei s Seeurity. If Borrower fails to perfortn the covenants and agreements contsined in
<br /> ; � this tilortgage, or if any action or proceeding is commenced �vhich materially rsffects Lender's interest in the Prop-
<br /> � erty, including, but not limited to, eminent domain , insolvency, code enforcement, or srrangements or proceed-
<br /> ' inge involving a bankrupt or decedent, then Lender at 1,enders option , upon notice to Borrower, may make svch
<br /> i � appesrances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but
<br /> � not limited to, disbursement of reasonabie attorney 's fees and entry upon the Property to make repairs. Any
<br /> amounts disbursed by Lender pursuant to this puragraph 7, witli interest thereon , shall become additionat indebt-
<br /> 7 edness of Borrqwer secured by this �lortgage. Unless Borrower nnd I,ender agree to other terms of payment, such
<br /> � amounts shall be psyable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> est from the dute of disbursement at the rate stated in the Note unless payment of interest at such rate would be
<br /> contrary to applicsble law, in which event such amounts shall bear interest at the highest rate permissible by
<br /> ; � applicable law. �Tothing containeci in thic paragrnpl� 7 shnll re�uire 1.ender to incur any expense or do any act
<br /> hereunder.
<br /> 4 8. Inspeetion. Lender may tnake or cauce to he innde reseonable entries upon and inspections of the Prop-
<br /> > 3 erEy, provided that Lender ehall give Borron�er notic� I�rior to nn}' su�h inspection �i.ecifying rensonnble cause
<br /> , + therefor related to Lender's interest in the Property.
<br /> � 9. Condemnation. . The proceeds of nny awarci or claim for damages, direct or consequentisl , in connection N
<br /> p . with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemna-
<br /> ,.� tion, are hereby assigned and shall be paid to Lender. �c'- "q;
<br /> � In the event of n total taking of the Property, the proceeds shall be applied to the sums secured by this Mort- '
<br /> i gsge, with the excess, if any, paid to Borrowec In the event of n parfial taking of the Property, unless Borrower D ,� :
<br /> ,; and Lender otherwue agree'in writing, there ahall be applied to the sums secured by this \fortguge such propor- J `; ' �
<br /> ' 1 tion of tlie proceeds as is equal to that proportion which the amount of the sums secured by this ?bfortgage imme- ,3'
<br /> V� . diately prior to the date of taking bears to the fair market value of tLe Property immediately prior to the date of � ^ `
<br /> talcing; with the balanee of the proceeds puid to Borrower. ,� ` � • ,c h
<br /> :; If the:Property'is, abandoned by Borrower or if after notice by Lender to Borrower that the condemnor offers � �'"�'
<br /> �' to mske anaward oi settle a claim for damages, Borrower fails to respond to Lender within 30 days of the date � "`�"'"'
<br /> r of such notice, Lender is svthorized to collect nnd apply tl�e proceeds at Ixnder's option either to restoration or
<br /> � repair of the Pnoperty or to the sume secured by tl�is \iortgage.
<br /> Unieas i,ender snd Borcower othenvise agree in �vriting, any such application of proceeds to principal shall
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