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<br /> If under psragraph ] 8 hereof the Yroperty is sold or the Property is otherwise acquired by I,ender, Lender
<br /> shall apply, no ]ater tlian immediately prior to the sate o[ tl�e Property or its ucquisition bp 7,ender, uny Funds
<br /> lield by Lender at the time of application as a cmdit n�uinst the swns secured hy this \4ortgage.
<br /> 3. Applieation ot Paymeats, Unless applicablc In«� ��rovides otherwise, ssil payments received by Lender
<br /> under the Note snd paragrttpLs 1 itnd 2 hereof' shnll hc np��licr{ b�• t.�nr��r firct. in �iay�rmnt qf amounts payaMe to
<br /> Lender by Borrower under paragrupli 2 hereof, then to interest pssyable on tLe Notc and on Future Advances, if
<br /> any, and then to the principal of the Note und to the prinr,ipnl of Future Advnnces, if nny.
<br /> 4. Ch�ges; Lie�ns. Borrower shall pay all taxes, assessinents nnd other charges, fines and impositions attrib-
<br /> utable to the Property which may attain a priority over this _lRortgage, ssnd ground rents, if any, at Lender's
<br /> C� option in the manner probided under paragraph 2 hereoP or by Borrot�•er making payment, when due, directly to
<br /> � C1j the payee thereof. Bonower shaD promptly furnisl� to Lender all notices of umounts duc under this paragraph, ; "
<br /> Cp and in the event Borrower ahsll makc payment directly, Borrower shnll promptly furnish to Lender receipts evi-
<br /> C1j denaing sueh payments. Borrower s6a11 promptly disc6urge any lien which has priority over this \fortgage ; pro-
<br /> Q vided, that Borrower ahall not be required to discharge any sucl� lien so long as Borrower shatl agree in writing to
<br /> O the payment of the obligation secured by such lien in a manner aceeptable to Lender, or sh�tll in good faith contest
<br /> auch lien by, or defend enforcement of suciz lien in, legal proceedings which operate to prevent the enforcement of
<br /> '� the lien or forfeiture of the Property or any purt tl�ereof.
<br /> Op 5. Hazard Iasur�ce. Bonower shall keep the improvements no��• existing or hereafter erected on the Prop-
<br /> � erty insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as
<br /> Lendermay require a,nd in such amounts und for sucl� periods as Lender may require ; provided, that Lender shall
<br /> not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured 'by
<br /> y this Mortgage. � � � �
<br /> The insurance carrier providing the insursuce shall be chosen by Borro�ver suhject to approvul by Lender;
<br /> f provided, that such approval shall not be unreasonabl withheld . AIt
<br /> y premiums on insurancc policies shall be paid
<br /> � at Lender's option in the manner provided under paragraph 2 hereof or by Borrower making payment, when due,
<br /> directly to the insurance carriea
<br /> In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect '
<br /> its interest ma �'
<br /> ; , y 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, constitute a default
<br /> under the terms of this Mortgage.
<br /> ; All insurance policies und renewals thereof shall bc in form acceptable to I.ender nnd sliall include s standard
<br /> r mortgage clause in favor of and in form acceptable to Lender. Lender shail have the right to hold the policies and +
<br /> - i renewals thereof, and Borrower shall promptly furnish to Lender ssll renewal notices and all receipts of paid pre- �
<br /> ;' miums. In the event of loss, Borrower sl�all give prompt notice to the insurance carrier and Lender, and Lender
<br /> t. may make proof of Ioss if not made promptly Uy Borrower. �
<br /> � Unless Lender and Borrower othernise agree in writing, insurance proceeds shall be applied to restoration or k`?
<br /> ' r repair of the Property damaged, provided such restorntion or repair is economically feusible and the security of , � ;�;
<br /> this Mortgage is not thereby impaired. If such restoration or repair is not economically feusible or if the security
<br /> ; of this Mortgage would be impaired, tl�e insurance proceeds sl�all be applied to tlie sums secured by this Mortgage, � t
<br /> ' � with the excesa, if any, paid to Borrower. If the Property is sbandoned hy Borrower or if Borrower 4sils to reapond • ;
<br /> to Lender within 30 days after notice by Lender to Borrower tl�nt the insurance carrier offers to settle a claim for ` � :
<br /> insurance benefits, Lender is autt�orized to collect and apply the insurance proceeds at Lender's option either to � � a `'
<br /> t restoration or repair of the Property or to the sums secured Uy this \3ortgage. ; ,•�`
<br /> { Unlesa Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall `
<br /> � not extend or postpone the due date of the �nonthly instaliments referred to in paragraphs 1 and 2 hereof or change ;
<br /> � the amount of such installments.
<br /> , If under paragraph 18 hereof the Property is acquired Uy Lender, all right, title and interest of Borrower in
<br /> � and to any insurance policies snd in and to the proceeds thereof (to tl�e extent of the sums secured by this Dffort-
<br /> gage immediately prior to such sale or acquisition ) resulting from damage to the Property prior to the sale or
<br /> � acquisition shall pass to Lender. w
<br /> 6. Preaervatioa �d Mmatenmtce of Aroperty; Leaseholds; Coadomiaiums. Borrower shsll keep the Prop- ' ``
<br /> erty in good repair nnd shall not permit or commit waste, impairment, or deterioration of the Property and shall
<br /> comply with the provieions of any lease, if this `Iortgage is on a leasehold. If this b4ortgage is on a condominium
<br /> g unit, Borrower shall perform all of Borrower's obligations under the declaratian of condominium or master deed,
<br /> � the by-]aws and regulations of the condominium project and constituent documents.
<br /> j7. Proteetion of Lender's Seeurity. If Borrower fnils to perform the covenants snd ngreements contained in
<br /> . ; this blortgage, or if any action or proceeding is commenced which materially uffects Lender's interest in the Prop-
<br /> 3 erty, including, but not limited to, eminent domnin , insoh•ency, code enforcement, or arrangements or proceed-
<br /> ' ; inpe involving a bankrupt or decedent, then Lender at f.ender's option , upon notice to $orrower, may make such
<br /> �. appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but
<br /> not limited to, disbursement of reasonuble attorney's fees and entry upon the Property to make repairs. Any
<br /> = � smounte diebursed by Lender pursuunt to this paragraph 7, with interest thereon , shall become additionsl indebtc
<br /> i ednese of Borrower secured by this lfortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> amounte shall be paysble upon notice from Lender to Borrower requesting payment thereof, and sha11 bear inter-
<br /> eat from the dste 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 shall bear interest at the highest ratc permiasible by
<br /> applicsble law. Nothing containecl in this puragrapB 7 shnll reryuire Lender to incur any expenae or do any act
<br /> hereunder.
<br /> � 8- ,Iaspaction. Lender may �nake or cause to bc made i•easonable entries upon and inspections of the Prop-
<br /> erty, provided that Lender sl�all give Borma•er notice prior to nny suoh inspection specifying reasonable cause
<br /> tberefor related to Lender'R interest in the Propert}•.
<br /> 4 9. Coademaatioa. The proceeds of any award or claim for damages, direct or consequential, in connection
<br /> ti � with any condemnation; or other taking of the Property, or part thereof, or for conveyance in lieu of condemna-
<br /> tion, are hereby aseigned and shall be paid to Lender.
<br /> In the event of a total taking of the Property, the 7iroceecls shall be applied to the sums aecured by this Mort- `="'"'�' �
<br /> gage, �vith the -excess, if any, paid to Borro�ver. In tl�e event of a partial taking of the Property, unless Borrower �' '
<br /> �nd Lender otherwise agree in writing, there shall be applied to the smns secured by thia �Iortgage such pmpor- I `
<br /> tion of the proceeds as is ,equsl to that proportion which the amount of the sume secured by this Mortgage imme- � "
<br /> diately p{'sor to the:date of.,,taking bears te the fair �narket value of the Property immediately prior to the dste of y '
<br /> ; taldng, with,�he bal�riee of the proceeds paid- to Borrowec. � � '"
<br /> Zf the�,Property=is abandoned by Bonower or if stter notice by Lender to Borrower thst the condemnor offers t' � 4�:i
<br /> ,,,� . to make an award or settle u clsim for damages; Borrower fails to respond to I.ender within 30 days of the dste ^�"� ` -�
<br /> -^ � of such notice, Lender is authorized to collect and apply the proeeeds at Lender's option either to restoration or
<br /> , , ,� repair, of,the Pmpetty or to the auma aecured by this \iortgage.
<br /> � t , Unless Lender snd Borrower otherivise agree in �vriting, any such application of proceeds to principal shall
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