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<br /> If under Paragraph 78 hereof the Property is sold or the Property is otherwise acquired by T,ender, Lender
<br /> shall apply, no later thsn immediately prior to the salc o[ thc Property or its ucquisition by I.ender, any Funds
<br /> held by Lender at the time of application as a credit ngainst the suins secured by this \�fortgage.
<br /> 3. Applieatioa oi Paymeats. Unless applicablc la«• provides othenvisc, all payments received by Lender
<br /> undertheNoteand paragraplis 1 und 2 hereof sliall bc a �lied hy Lender ftrst in �a ment of nmounts � '
<br /> PI ► y paysble to
<br /> Lender by Borrower under paragrapl� 2 liereof, then, to interest ��aynble on tlie Notc and on Futurc Advances, iF "t:
<br /> ' sny, and then to the principal of the Note and to the principal of Future Advances, if nny. . ` 4F�
<br /> i? � 4: Charges;:Liens. �orrower shall pay all taxes, assessments and other chnrges, fines and impositions attrib- I �
<br /> utable to the Pro which ma attain a ` '"
<br /> � � Pe�3' y priority over this Vlortgage, and ground rents, if any, at Lender's
<br /> option in the .manner provided under paragranh 2 hereof or by Borrower making payment, when due, directly to
<br /> �: � the payee tl�ereof. Borrower shall promptly furnish to I.ender all notices of ctmounts duc under tl�is paragraph ,
<br /> :� C� and in the event Borrower shall make payment directly, Ilorroa•er shall prornptly furnish to 7.ender receipts evi-
<br /> ` C7 dencing sucl� payments. Borrower sl�all promptly disclisrge any lien which F�as priority over this 14ortgage ; pro-
<br /> ra O vided, thst Borrower shall not be required to disci�arge any sucl� lien so long as Borrower s6n,11 a�ree in writing to
<br /> ; r the payment of the obligation secured by such lien in a rnanner acceptable to Lender, or shnll in good faith contest ,�'
<br /> -+ ' pp such lien by, or defend enforcement of such lien in, le�al procecdings which operate to prevent the enforcement of
<br /> s, the lien or forfeiture of the Property or any part tliereof. y
<br /> ; 5. Hazard Insur�ee. Borro�r•er shall keeP the i�nprovements no�v existing or hereafter erected on the Prop- ;
<br /> j crty insured agsinst loss by fire, hazards included within the terxn "extended coverrxge", and such other hazards as
<br /> .�' Lender may require and in such amounfs nnd for such �>eriods as Lender may require ; provided, that Lender shall
<br /> � noErequire thst the amount of such coverage exceed thut amount of covera�e reyuireci to pny the sums secured 'by
<br /> -1' tfiis Mortgage.
<br /> ' The insurance carrier providing the insurance sl�all Ue chosen by Borrower subject to approvnl by Lender; �
<br /> % provided, that such approval shall not be unreasonably withheld. All premiums on insumnce policies shall be paid
<br /> a at Lender's o tion in the manner � -
<br /> d p provided under parugraph 2 hereof or by Borrower making payment, when dve,
<br /> � directly to the insurance carrier. � � ;
<br /> `f In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect '� ,
<br /> ° �;
<br /> 'i 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 �,�
<br /> ; secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, wnstitute a default � y ";-,
<br /> under the terms of this Mortgage. ;
<br /> � All insurance policies and renewals thereof ehall be in forn� acceptable to Lender nnd shall include a standard ` �
<br /> n � � .;
<br /> ; inortgage clause in favor of and in form acceptable to Lendeit Lender shall have the right to l�old the policies atnd 'F
<br /> ,�" renewals thereof, and Borrower shall promptly furnisli to Lender all renewul noticrs and all receipts of paid pre- : , ;
<br /> miums. In the event of ]oss, Bonower shall give protnpt notice to the insurancc carrier and Lender, and Lender , �a ?
<br /> � may make proot of loss if not made promptly by Borrower. }.,
<br /> Unless Lender and Borrower othernise agree in writing, insurance proceeds shall be applied to restoration or ' >'!;
<br /> z repair of the Property dsmaged, provided such restorution or repair is economicssliy feasible nnd the security oi .k:
<br /> this Mortgage is not tliereby impaired. If such restoration or repair is not econo�nically feasible or if the security �- >"?
<br /> � )4i y�
<br /> of this i�fortgage would be impaired, the insurance ��roceeds shall be upplied to the sums secured by this biortgage, i ` �.
<br /> with the excess, if any, paid to Borrower. If tlie Yroperty is abnnJoned by Borrower or if Borrower fails to respot�d i ;; �, ,r ' ;
<br /> to Lender within 30 days 8fter notice by Lender to Borrower that the insurance carrier offers to settle a claim for
<br /> ineurance benefits, Lender is suthorized to coIlect and ri.pply the insurance proceeds at Lender's option either to � �,�' ���
<br /> restoration or repair of the Property or to the sums secured by tl�is �Iortgage_ ' ' `"
<br /> Unless Lender and Borrower othenvise agree in writing, any sucl� applicntion ot proceeds to principal shall
<br /> not extend or postpone the due date of the inonthly instaIlments re[erred to in paragraphs 1 and 2 hereof or change �'
<br /> the amount of such installments.
<br /> If under paragraph 18 hereof the Yroperty is acquired by Lender, �11 right, title nnd interest of Borrower in
<br /> and to any insurance policies and in snd to the proceeds tliereof (to tlie extent of the sums secured by this Mort-
<br /> gage immedistely prior to such sale or sequisition ) resul6ing from dainage to the Property prior to the sale or
<br /> acquisition shall pass to Lender. . ,
<br /> 6. Prasezvatioa �d Mmatea�ce of Property; Leasaholds; Coadominiums. Barrower shall keep the Prop- ` �
<br /> erty in good repair and shall not permit or commit �vaste, impairment, or deterioration of the Property and shsll
<br /> comply with the provisions of any lease, if this �fortgage is on a leasehold. If this ��ortguge is on a wndominium "
<br /> uait, Borrower shall perform all of Borrower's obligations under the declaration of condominium or master deed,
<br /> theby-laws and regulations of the condominium project and constituent documents.
<br /> R Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in
<br /> this Viortgage, or if any action or �roceeding is cominenced whic}� �naterially affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domain, insolvency, cocie enforcement, or arrangements or proceed- '
<br /> ings involving a bankrupt or decedent, then Lender at 7.ender's option, upon notice to Borrower, may roake such t
<br /> • appearsnces, disburse sucl� sums and take such action as is necessary to protect Lender's interest, including, but
<br /> notlimited ,to, disbursement of ressonable attorney's fees and entry upon the Property to make repairs. Any
<br /> amounts disbursed by Lender purauant to this paragrapli 7, witl� interest thereon, sl�all become additional indebt-
<br /> ednese of Borrower secured by this Vlortgage. Unless Borrower und I.ender agree to other terms of payment, such
<br /> amounts s5a11 be payabie upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> eat from the date of diebursement at the rate ststited in the Note unless payment oi interest at such rate would be
<br /> contrary to applicable Iaw, in which event such amounts shall bear interest ut the highest rate permissible by
<br /> applicable ]aw. Nothing contained in this ��aragrapli 7 shnll require Lender ta incur any expense or do any act '*
<br /> hereunder:
<br /> 8• rsspeeflon. Leader may inake or cause to be inadc reasonable entries upon and inspections of the Prop-
<br /> 1 erty, provided that Lender sl�all give Borrower notice ��rior to am• c���h incpection specif3•ing reasonable cause
<br /> therefor related to;Lender's interest in the Property.
<br /> �, 9: Coademnatiom The proceeds of, any award or rlaim for damages, direct or consequential, in connection
<br /> witd� any condemnation or, other taking of the Property, or part thereof, or for conceyance in lieu of condemnn- '
<br /> tion, are he;eby aesigned and shall be paid to Lender. � f �
<br /> In the evenL o£ a tota! taking of the Property, the �rroceecis shall I>e applied to the sums secured by this Mort-
<br /> gsge, w3t� the, excess, if any, paid to Borrower. In tUe event of a partial taking of the Property, unIess Borrower ,n �
<br /> anY'��+L��1er °t�ernist agree in writing; f�here s1is1l be applieci to the sums secured hy this biortgage auch propor- ���,, �:
<br /> Y�
<br /> tion of the prooeedg as ia equsl to that propqrtion which GY�e smount of the suma secured by this Mortgage imme- � ,.�, r �
<br /> . diateIy pnor;tq tl�e date ofttaking beare to tbe fsir inarket value of the P;operty immediately prior to the date of � r i
<br /> , ��8, ��s�ie'�aTsnce of.the proeeeds paid to Borrower. �;'+n ' '
<br /> ; , Iftti�� � �,�?s:abandonect.by Borrower or if after notice by Lender to Borrower that the condemnor offers a "'� ^�
<br /> to .mak�e�aa�,syrazd or:.settle,a clsim tordsmsges; Borrower fails to respond to Lender within 30 days of the date µ � "Y`�'""
<br /> of,'spcl� a6Y,i�€;��ehdet�_is�,autlloriaed ,t,o:collect and apply-the }�roceeds nt Lender's option either to restoration or
<br /> ' " of tlie;Pso
<br /> �- ='eP8ifi, > . P�3' or:to the sums se¢ured byr #I�is \iortgage. -
<br /> iUn"1e9g I;ender and $orrower othernvise agree in writing, any such application of proceeds to principal shaU
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