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<br /> If under paragraph 78 hereof the Property is sold or the Property is otherwise acquired by I.ender, Lender
<br /> shsll npply, no later than immediately prior to thc saic of tl�c Property or its acquisition by Lender, any Funds
<br /> heid by Lender at the time of application as a credit agninst the sums secured b�• this �fortgnga
<br /> 3. Application ot Payanents. Unless applicablc In«� provides otherwise, all Payinents received by Lender
<br /> under the Note snd para�rapl�s 1 and 2 hereof shall bc npplied by I.ender firsG in psyment of amotmts paynble to
<br /> � I,ender by Borrower under paragraph 2 hereof, then to interest �iayabte on tl�e Note and on Fiiture Advances, if
<br /> r any, and then to the principal of the ATote and to tlic principal o[ Future Advssnces, if any.
<br /> �� 4. Charges; Lieas. Borrower sl�all j�ay nll taxes, assessments and other charges, fines nnd impositions attrib-
<br /> utable to the Property which ' may attain a priority over tl�is vlortgage, and ground rents, if uny, at Lendes's
<br /> ', � option in the manner provided under parugraph 2 hereof or by Borrower making payment, when due, directly to
<br /> � Q the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under ihis paragraph,
<br /> R �. snd in the event Borrower shall makc payment directly, Borro�cer shnll promptly turnisli to Lender receipts evi-
<br /> ? � deacing such payments. Borrower shall promptly discharge any lien which has priority over this \lortgage ; pro-
<br /> � � vided; that Borrower shall not be required to discharge any sucl� lien so long ns Borro�ver shali ngree in writing to
<br /> ' � Q Lhe payment oI Ene obligation secureci uy sucii lien in :t n�ssnner ncceptuble io Lender, or si�uli iu gous f,�ith eonteat
<br /> } � auch lien by, or detend enforcement of sucli lien in, legal ��roceedings which operate to prevent the enforcement of
<br /> - i the lien or forfeiture of the Property or any part tl�ereof.
<br /> ( 5. Hazard Iasuzanee. Borrower shnl! keep tl�e i�nprc+vements no«• existing or hereafter erected on the Prop-
<br /> � erty insured against loss by fire, hazards included within the term '`extended coverage", nnd such other liazards ns
<br /> i ^ Lender may require und in such amounts nnd for such periods as I.ender ma,y require ; provided, that Lender shall
<br /> ' not require that the amount of such coverage exceed tl�at amount of coverage required to pAy the sums aecured 'by
<br /> • � this Mortgage.
<br /> - j The insursnce carrier providing the insurance shall be chosen by Borrower subject to upprovttl by Lender ;
<br /> provided, thst sucl� approval shall not be unreasonably withheld. all premiums on insurance policies shall be psid
<br /> � � st Lender's option in the manner provided under parngrsph 2 hereof or by Borro�ver tnaking payment, when due,
<br /> - directly to the insurance carrier.
<br /> : ; In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect
<br /> ! ita interest, may procure insurance on the improvements, pay the premiums and such sum ahall become
<br /> j immediately due and payable with interest at the rate set forth in said note until paid and ahall be
<br /> � secured by tkus Mortgage_ Failure by Borrower to comply may, at option of Lender, constitute a default
<br /> i under the terms of this Mortgage. �
<br /> ! All insurance policies and mnewals thereof shall be in forui acceptable to I,ender and s1�a11 include ss standard �'
<br /> ;; j inortgage clause in favor of and in forn� acceptuble to Lender. Lender shull liave the right to liold the policies and
<br /> � renewals thereof, and Borrower shall prompWy furnish to Lender all renewal notices and all receipts of paid pre-
<br /> � miums. In the event of loss, Borrower shull give prompt notice to the insurnnce carrier and Lender, and Lender ;',
<br /> i may make proof of loss if not made promptly by Borrower.
<br /> Unlesa Lender and Borrower otherwise sgree in �rriting, insurance proceeds shall be apptied to restoration or �
<br /> f repsir of the Property damaged, provided such re=toration or repair is economically feasible and the security of
<br /> i this Vlortgage is not tl�ereby impaired. If such restoration or repair is not economically fensible or if the security
<br /> � • of this Mortgage would be impaired, the insurnnce �roceeds s1�311 hc applied to the sums secured by this Mortgage, �
<br /> � with the excess, if any; paid to Borrower. If the Yroperty is Abancloued by Borrower or if Borrower fails to reapond `
<br /> � to Lender within 30 days nfter notice by Lender to Borrower that the insurance carrier offers to settle a claim for ' '
<br /> inaurance benefits, Lender is uuthorized to collect and apply tlic insurunce proceeds at Lender's option either to �`"
<br /> � restoration or repair of the Property or to the sums secured by t6is �3ortgage.
<br /> � Unleea Lender and Borrower otherwise agree �n writing, any such applicution of proceeds to principal shall =
<br /> � not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change
<br /> � the smount of such installments.
<br /> If under psrsgrnph 18 hereof the Yroperty is acquired by Lender, atl right, title and interest of Borrower in
<br /> , i and to any insurance policies nnd in and to the proceeds t6ereof (to tlic extent of the sums secured by this Mort-
<br /> gsge immediately prior to such sale or acquisition ) resulting from damage to the Property prior to the sale or
<br /> � ; acquisition shsll pass to Lender.
<br /> � 6. Preservatioa tmd Mmnten�ce of Pzoperty; Eeaseholds; Condomiaiums. Borrower shall keep the Prop-
<br /> 4 erty in good repair and shall not permit or commit waste, impairment, or deterioration of the Property nnd ahsll
<br /> comply with t.he provisions of nny lease, if this �Iortgage is on a leaseliold. If this b4ortgage is on a condominium
<br /> • , f unit, Borrower shall perform ull 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 /> f 7. Proteetioa of Leader's Seeurity. If Borrower frxils to perform the covenants and a�reementa contained in
<br /> tthis vlortgsge, or if any action or proceeding is commenced whicl� materially affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domain, insoh•ency, code enforcement, or arrangements or proceed-
<br /> ;• ings involving a bankrupt or decedent, then Lender at I.ender's option, upon notice to Borrower, may make such
<br /> appearances, disburse such sums and take suc4 action as is necessnry to protect Lender's interest, including, but
<br /> not Iimited to, diabursement of reasonable attorney's fees and entry upon the Property to inake repairs. Any
<br /> - � amounte disbursed by Lender pursuant to this paragraph 7, ivith interest thereon , shall become additional indebt-
<br /> edness of Borrower secured by this Mortgage. Unless Bonower snd Lender sgree to other terms of payment, such
<br /> � amovnta shall be payable upon notice from Lender to Borrower requesting payment thernof, and shall bear inter-
<br /> est from the date of disbursement at the rute stated in the Note unless pnyment of interest at such rate would be
<br /> , { contrary to applicable Iaw, in which event such amounts shall bear interest at the highest rate permiesible by
<br /> - � appIicable lnw•. Nothing containecl in this paragraph 7 shnll require Lender to incur any expense or do any act
<br /> hereunder.
<br /> y8• Inspeetion. Lender may make or cause to be madc reasonuble entries upon and inspections of the Prop-
<br /> ' erty, provided that Lender shall give Borroa�er notioc �.rior to any �urh inspection specifying reasonable cause
<br /> t therefor related to I,ender's interest in the Property, e
<br /> ' � ,.: 9. Condemaation. The proceeds of nny award or claim for damages, direct or consequential, in connection
<br /> with say , condemnation or other taking of the Property, or part tliereof, or for conveyance in lieu of condemns-
<br /> tion, sre hereby assigned and ahali be paid taLender. -="� � :,
<br /> In the event of s total taking of the Property, the proceeds shal! lie applied to the sums secured by this Mort- -' � ,
<br /> ,� gage, with the excess, if any, paid to Borrower. In the event of a }�artisl taking of the Property, unless Borrower N ''. '
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<br /> and Lender otherwiae agree in writing, there shull be applied to the Aums aecured by this �Lortgage such propor- ,
<br /> °� tipn of the'procecds as is equal to' that prdportion which Elie ainount of the auma secured by thie Nlortgage imme- ,.
<br /> ' distely prior to the dste of taking bears' to tl�e fair market value of tlie Property immediately prior to the date of � ;�
<br /> ail' takiag, with,the:balanoe of:the proceeds paid to Borrower. � �, a�=,�,
<br /> :� Zf the'Pioperty:iS sbandoned`by Borrower or it after notice by Lender to Borrower that the condemnor offers "" `` � "
<br /> + to make sn award or. settle s olaim for damages; Borrower fails to respond to Lender within 30 days of the date
<br /> ; � oE such nbtice, L.ender is $uthorised :to collect and;spply the proceeds nt Lender's option either to re.ytoration or
<br />� Y repais of $he Property or to, the sume aecured by this \fortgage.
<br /> ; ' iTnless I,ender and Borrower other�viae agree in writing, any such application of proceeds to principul ahall �
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