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<br /> If under paragroph 78 hereof the Property is sold or khe Property is otherwise :icquired by I.ender, Lender �
<br /> shall apply, ao later than immediately prior to thc sale of t6e Property or its acqui.ition by Lender, nny Funds
<br /> heldby Lender st the time of application as a credit ugainst tl�e sums ,ecured h�� this VIortgnge.
<br /> 3. Applicatioa of Payments Unless apPlicabic Ixn� procides othenvise, all payments received b,y Lender
<br /> under the Note and paragrapLs i and 2 hereof shall he spplied by I,ender first in payment of amounts payable to
<br /> Lender by Borrower under paragraplr 2 h¢reof, Lhen to interest �iayablc on tlie \Tote and on Future Advances, iF
<br /> riny, and then to the principal of the Note and to tlie ��rincipal of Future Advances, if any. ;
<br /> 4. Ch�ges; Liens. Borrower al�all pay all taxes, assessments nnd other chArges, fines and impositions attrib-
<br /> � ,' ut,able to tho Property which may ssttain a priority over tl�is viortgage, nnd ground rents, if an at Lender's >
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<br /> � option in the manner provided vnder parsgraph: 2 hereof or by Borrower muking payment, when due, directly to
<br /> j ' � the payee,tliereof: Borrower shall promptly furnis6 to Lender nll notices of amounts due under this paragraph,
<br /> � ; and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evi-
<br /> � dencing auch payments. Borrower shall prompWy discharge uny lien which l�as priority over this \Tortgage ; pro-
<br /> � vided, that .Borrower sha21 not be required to discharge any sucli lien so long as Borrower shall agree in writing to
<br /> � the payment of the obligstion secured by such lien in :i munner acceptflble to Lender, or shall in good faith contest
<br /> � such lien by, or defend enforcement of such lien in , legal proceedings which operate to prevent the en#orcement of
<br /> j the lien or forfeiture of the Property or any part thereof.
<br /> � 5: Hazard Insur�ce. Borrower shall keep the iroprovements no��• existing or hereAfter crected on the Prop-
<br /> I� erty insured againat loss by fire, hszards included within the term "extended coveruge", and sucl� other hazards as
<br /> =�% Lender may require and in such amounts and for sucl� periods ns Lender map require ; provided, th$t Lender shall
<br /> not require that theamount of sueh coverage exceed th3t amount of coverage required fo pay the sums secured 'by
<br /> this Mortgage.
<br /> : The insvrance carrier providing the insurance shall be chosen by Sorrower subject to approvat by Lendet ;
<br /> ? provided, that such approval shall nat be unreasonubly withheld. All premiums on insurance policies sha11 be paid * ;
<br /> at Lender's option in the manner provided under ��aragrapi� 2 hereof or by Borrower making payment, when due,
<br /> d"uectly to the insurance carrier.
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<br /> In the event an lic is not renewed on or before ten days of its expiration, the Lender, to protect " �'
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<br /> � ' its interest, may procure insurance on the improvements, pay the premiums and such sum shall become �
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<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, constitute a default
<br /> t under the terms of this Mortgage.
<br /> :' All insurnnce policies und renewals thereof ehall be in form ncceptable to Lender and shall include a standard � `
<br /> �' inortgage clanse in favor of und in form aeceptable to Lender. Lender shnll have the right to liold the policies and �
<br /> ` renewals thereof, and Borrower shal! promptly furnish to Lender all renewsl notices snd all receipts of paid pre- ` � �:;
<br /> `` miums. In the event ot loss, Borrower shall give prompt notice to the insurance cnrrier and Lender, and Lender « t;;,
<br /> �: may make proof of loss if not made promptly by Borrower. ��;,;
<br /> " Unless Lender and Borrower othenvise agree in writing, insurance �roceeds shall be applied to restoration or i
<br /> •,( repair of the Property damaged, provided such restoration or repnir is economically feasible and the security of ?, , �'r�
<br /> this Mortgage is not thereby impaired. It such restorntion or repair is not economically feasible or if the security ,, �"'�;
<br /> a of thie Mortguge would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, ' ,� az� �;
<br /> with the exceas, if any, paid to Borrower. If the Yroperty is abandoned by Borrower or if Borrower fuils to respond - '' "�
<br /> � to Lender within 30 days sfter notice by Lender to Borrower that the insurance carrier offers to settle a claim for � � �
<br /> ineurance benefits, Lender is suthorized to collect and apply tl�e insurance proceeds at Lender's option either to ' � 3 »
<br /> reatoration or repair of the Property or to the sums secured by this ltortgage. ,,; ,�,n
<br /> ` Unlesa Lender and Borrower otherwise agree in �vriting, any such application of proceeds to principal shall
<br /> i not extend or postpone the due date of the monthly installments referred to in paragraphs 1 snd 2 hereof or change
<br /> � the amount of such installments.
<br /> If under parsgraph 18 hereof the Property is acquired by Lender, nll right, title and interest of Borrower in
<br /> and to any inaurance policiea and in and to the proceeds tliereof (to the extent of the sums secured by this Mort-
<br /> gage immedistely prior to such sale or acquisition ) resulting from damage to tl�e Property prior to the sale or
<br /> � acquisition shall pass to Lender.
<br /> 6. Presezvatioa �td Mmaten�ce o4 Pzoperty; Leaseholds; Condomiaiums. Borrower shall keep the Prop-
<br /> erty in good repair and shall not permit or commit waste, impnirment, or deterioration of the Property and ahall
<br /> comply with the provisions of uny lease, if this \4ortgage is on a leasehold. If this lZortgage is on a condominium "
<br /> unit, Borrower ahall perform all of Borro�ver's oUligations under t.he declaration of condominium or msster deed, f'
<br /> the by-laws and regulations of the condominium project and constituent documents. _ ' �
<br /> 7. Proleetion of Leader's Sacurity. If Borrower fnils to perforrn the covenants and agreements contained in
<br /> this vlortgage, or if any sction or p=oceedin� is commenced whicli �naterially affects Lender's interest in the Prop-
<br /> erty, including, but not limited to, eminent domain, in,oh•ency, code enforcement, or arrangements or proceed- t:
<br /> ings involving a bankrupt or decedent, then Lender at Lender's option , upon notice to Borrower, may make such
<br /> appearances, disburse suc{i sums and take such action as is necessary to protect Lender's interest, including, but
<br /> ' not limited to, disbursement of ressonable attorney's fees nnd entry upon the Property to make repairs. Any
<br /> amounts disbureed by Lender pursuant to this paragraph 7, with interest thereon , shall become ndditional indebt-
<br /> ednese of Borrower seeured by this 13ortgage. Unless Borrower und Lender agree to other terms of payment, such
<br /> smounts shs1I be payable upon notice from Lender to Borrower requesting payment thereof, and shall 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 Isw, in which event such amounts shall bear interest at the highest rate permiseible by '
<br /> appticable law. Nothing contained in tl�is paragraph 7 shnll require Lender to incur any expense or do eny act
<br /> hereunden
<br /> 8. Inapeelion. Lender may inake or cause to he innde reasonablc entries upon and inspections of the Prop-
<br /> erty, provided that I:ender shall give Borroa�er notice ��rim• to nm• such inspection sp¢cifying reasonable cause
<br /> ' therefor related to Lender's interest in the Property.
<br /> 9. Coademination. The proceeds of any award or elaim for damages, direct or consequentisl, in connection
<br /> with any,;.Condamnstion or other taking of the Property, or part thereof, or for conveyunce in lieu of condemna-
<br /> tion, aze hereby assigned snd shall bepaid to I,ender.
<br /> In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by thia Mort- ' :`
<br /> , . gage, �vitih the_ exceas, if any, paid to Borrower. In tl�e event of a partial taking of the Property, unless Borrower �
<br /> snd I.end'erotliena!iae agree in writing, there 'shsll be applied to tl�e su�na secured by this 1-Iortgage such propor- , ;>�: �
<br /> tion of the;pmceeds as is equal .to that proportion which the amount of the sums secured by thia Mortgsge irnme- J ,�'�'s
<br /> diately pnor to the date, of taking bears to �he fairanarket value of the Property immediately prior to the date of ��`$,; ,;
<br /> �nB, vt�th`�he �alauce`of the,proceeds psid to•Borrower. � �,
<br /> T� t1T8'P�apprGyie absndoned by Borrower or if after noticeby Lender to Borrower that the condemnor offers .�:4
<br /> to'metka�:aria.�jn`Aid or; settle; a claiin foi damages, Borrower fsils to respond to Lender within 30 days of the date � .�*�? ��
<br /> of,¢ve�h no�t4pe;. L' ender, ie suthofized to collect and apply the-��roceeds at I,ender's option either to restomtion or
<br /> repair of the Proper�y or to the sums secur�d bp :tliis �fortgage.
<br /> ' l�Tnleas Lend�r and $orrovVer oti�erwiee sgree in writing, any auch application of proceeds ta principal shall
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