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<br /> If imder psragraph 18 hereof thc Yroperty is sold or the Yroperty is otherwise acquired by T,ender, Lender
<br /> shall apply, no )ater than immediately prior to the nale of tlie Yroperty or its acquisition by Lc��der, any Funds
<br /> held by Lender rst the tirr�e of application as a credit a�ainst. tl�e su�ns seciired bq this VIorigage.
<br /> 3: Application oi Pgymeats. Unless , applicablc las�• provides otherwise, all payments received by Lender
<br /> under the Note and paragrapl�s 1 snd 2 hereof shu11 I>c npplied by 7.endcr first in payment aI amounts payable to
<br /> i Lender by Borrower under paragrapL :2 hereof, then to interest �inyablc on thc \Tote and on Faturc Acivances, if
<br /> � any, and then to the prizzcipsl ot the \otc and to t6e �rrincipui of Future Acivances, ii any. � r �_�
<br /> �. 4: Ch�ges: Lieas. Borrowersliull pay nll tnxea, Assessinents and other charges, fines and impositions attrib- t � � :
<br /> utable to the Pro ert which ma attain a ti
<br /> f; C"J P Y y priority over this �Iortgage, and ground rents, if �ny, at Lender's i, . : .r.
<br /> � option in the manner provided under pnragraph 2 hereof or l�y Borro«•er making pnyment, when due, directly to � , ;:
<br /> • ' � the psyee'thereof. Bonower shall promptly turnish to Lender nll notices of nmounts due under this �' "
<br /> paragraph ,
<br /> � and in tYie event Borrower ahall make payment directly, Borro��•er shall promptly turnish to Lender receipts evi- j°
<br /> � r� dencing such payments. Borrower shall promptly discliarge uny lien whir.h has priority over this \tort s e • � •
<br /> j S S , Pro-
<br /> vided, that Borrower shall not be required to discharge uny such lien so long as Borrower shall agree in writing to ,
<br /> T the payment of the obligation secured Uy such lien in �� manner acceptuble to Lender, or shall in good faith contest
<br /> � auch tien Ly, or defend enforcement of such lien in, le�al Proceedings wliich operate to prevent the enforcement of f=
<br /> � the lien ar forfeiture of the Property or any purt thereof. } . "
<br /> ; 5. FIazard 7asuraace. Borrower shal! keep tl�c iinpro�•ements no�v existing or hereafter erected on the Prop-
<br /> erty insured against loss by fire, haznrds included within the term "extended coverage", and such other hazards as
<br /> ' Lender may require nnd in such amaunts nnd for such periods as Lender �uuy requirc ; provided , that Lender shall . , '.
<br /> ' not requirethat the amount of such coverage exceed Uiat samount of coverage required to pav the sums secured'by `
<br /> � this Mortgage.
<br /> The insurance carrier providing the insurance shall be chosen Uy Borrower subject to spprovnl by Lender ; }
<br /> provided, t6at such approval shall not be unreusonably withheld . All premiums on insurance policies shalt be paid ° �
<br /> at Lender's option in the mnnner provided under puragrnph 2 hereof or by Borrower making payment, when due, ,° ` !�
<br /> directly to the insuraace carrier. . :
<br /> ! In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect z , ?
<br /> ' ; its interest, may procure insurance on the improvements, pay the premiums and such sum shall become � ' ' '
<br /> immediately due and payable with interest at the rate set forth in said note until paid and shall be h r?
<br /> secured by this Mortgage. Failure by Bonower to comply may, at option of Lender, constitute a default
<br /> � under the terms of thia Mortgage. ' i
<br /> z "
<br /> � All inaurance policies snd renewuls thereof shall Ue in form acceptable to l,ender und shall include a atandard „ti
<br /> �' mortgage clause in lavor of and in Sonn acceptable to Lender. I.ender shal! have tl�e right to hold the policies and �
<br /> renewals thereof, and Borrower shull promptly furnish to Lender all renewal notices and all receipts of paid pre- ?
<br /> � miums. In the event of loss, Borrower shall give prompt noticc fo the insurance carrier a�nd Lender, and Lender � � � t
<br /> x may mske proof of loss if not made promptly by Borro�ver. � ='ri
<br /> i Unless Lender and Borrower othenyise agree in writing, insura��ce proceeds shall be applied to restoration or a ^ u� t
<br /> repair of tlie Property damnged, provided such restoration or rcpair is econon�icnlly Censible und the security of ` �' ��
<br /> � . this Mortgage is not tl�ereby impaired. If such restoration or repair is not economicslly feasible or if the security t
<br /> � of this viartgnge would be impaired, the insurance }�roceeds shall bc applied to the sums secured by this Mortgage, ^ .; , ' *;
<br /> {t • with the excess, if any, paid to Borrower. If the Yrope�ty is ubandoned by Borrower or it Borrotr-er fails to respond' x � ' 4 '
<br /> . x 1
<br /> to Lender within 30 days after notice by Lender to Botro�ver tl�ut the insurance currier offers to settle a claim for � `� ' Aa.
<br /> � insurance benefite, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to � � '�
<br /> w - � �i vs w�.
<br /> � � resto'ration or repair of the Property or to the sums secured by this \•Iartgage. � k �. `
<br /> Unless Lender and Bonower otherwise agree in writing, uny such applicution of proceeds to principal ehall r'
<br /> �: j Y=
<br /> not extend or postpone the due date of the inonthly installments reEerred to in parsgraphs 1 and 2 hereof or change '
<br /> + the smount of such installments. �,i
<br /> � If under paragraph 18 hereof the Yroperty is acquired by Lender, al! right, title and interest of Borrower in
<br /> � and to any insurance policies snd in and to tlie proceeds tl�ereof (to thc extent of the sums secured by this Mort- �
<br /> gage icnmediately prior to such sale or acquisition ) resulting from damage to the Property prior to the sale ur E
<br /> acquisition shall pass to Lender.
<br /> `, � 6. Preaervation �d Mmateaamce of Propezty; Leaselaolds: Coadominiums. Borrower shall keep the Prop- �
<br /> ,, � ' erty in good repair nnd shall not permit or commit waste, impuirment, or deterioration of the Property and shall
<br /> t complg with the provisions of any lease, if this \4ortgage is on ss leasehold. If this Mortgage is on a condominium
<br /> , � unit, Borrower ehall perforrn all of Borrower's obligations under t.he declaration ot condominium or master deed,
<br /> the by-laws and regulations of the condominium project and constituent documents.
<br /> 7. Protectioa of Lendez's Secuzity. If Borrower fails to perform the covenants and agreements contained in
<br /> thia viortgage, or if any action or proceeding is commenced �vhich materially affects Lender's iaterest in the Prop-
<br /> erty, including, but not limited to, eminent domain , insol�-ency, code enforcement, or arrangements or proceed- � '
<br /> iage involving a bsnkrupt or decedent, then Lender at T.ender's option, upon notice to Borro�ver, may make such
<br /> appearances, disburse such sums and take such acti�n as is necesssry to protect Lender's interest, including, but
<br /> notiimited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br /> amounts diabursed by Lender pursuant to this paragrnpG 7, witli interest thereon, shall become ndditional indebt-
<br /> ednesa of Borrower aecured by this �fortgage. Unless Borrower and Lender agree to other terms of payment, such � .`
<br /> , amounts sl�all be payable upon notice from Lender to Borrower requesting payment thereof, nnd ahall bear inter-
<br /> est from the date of disbursement at the rate stated in the Note unless payment of interest at such rate would be
<br /> contrary to applicable law, in which event such amounts shal] bear interest at the higheat rate permiasible by
<br /> applicable .law. Nothing containeci in this paragraph 7 shnll require Lender to incur uny expense or do any act
<br /> ",` hereunder.
<br /> 8. Inspaetion. Lender mayinake or cauee to be madc rear.onablc entries upon and inspections of the Prop-
<br /> erty, prov�ded that Lender, sl�all give Borroa•er noticc � +riw• to anp sucli inspection �pecifying reaeonnble cause
<br /> thereforretsted to Lender's interest in the Property.
<br /> 9. Conde:naation. The proceeds of any award or claim for damsgea, direct or consequentisl ; in connection
<br /> '' with any;condemnation or other tsking o€ the Yroperty, or part thereoi, or for com•eyance in lieu of condemna-
<br /> ,' tiion, Ate hereby"sssigned and shall be paid to Lender. � � `
<br /> �� In the event of s total tsking of the.Property, the proceeds sl�all be upplied to the sums secured by this Mort- '"�""="
<br /> . gage, with the exCess, if any, paid to Borrower_ . In tl�e event: of a partial taking of the Property, unless Borrower . 4'� �,j
<br /> �. and Zender otherwise agree in writing, there si�ull be applieci to the sums secured by this AZortgage such propor- � ;=`
<br /> tion of tl�e proeeeds as is equal to t1iaG proportion which the amount of the sums secured by this Mortgage imme- ""
<br /> ' diately-priar to the date. af takiag besrs te 'the fair �nsirket value of the ,Property. immediately prior to the date of s �- ` �
<br /> t�7ong, w3�h�t11e balanoe of .tha proceeda paid "to Borrower. �„. ,
<br /> ' 7�„Fdie�?�4pP,rEy is, abandoned by $orro�ver or if After natice by Lender to Borro�ver that Lhe condemnor offers �� '� ' '"
<br /> to' maiCe� �a�awa�d or"settle a cIsim for damages, Borrower fails to respond to Lender within 30 days of the date ="+'= � � '^*^�
<br /> y"f , , of.,snc}ir"ri'o�sC�, .Lender is autfioiiaed to- collecb snd ap>>ly the proceeds st I,ender's option either to reatoration or
<br /> rep�r of the Property or to.tho sdins secured by tlus \iortgage.
<br /> � z`� " Unle`es_ Lende�� and �Borrower ott3er�aiae sgree in �vriting, any such application of proceeds to principal shall
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