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<br /> If under parngruph 18 hereof thc Property is sold or the Property is otherwise acquired by T.ender, Lender
<br /> ahal! apply, no Iater tLan immediately prior to the sulc ot thc Property or i�ti acquisition by Lender, any Funds
<br /> held by I.ender at the time of ap�lication ns a credit aguinst the sums secured by this Vlortgage.
<br /> 3. Application of Paymeats Unless applicnblc lan• provides othenvise, ull pzyments received by Lender
<br /> under the Note and paragrapLs 1 and 2 hereof shnll bc ap�ilied hy I.endcr first in pttyinent of nmounts payable to
<br /> I.ender'by Borrower nnder'paragraph 2 I�ereof, then to interest lu�yablc on tl�c Notc and on Future Advances, if
<br /> ' � any, and then to the principal of the Note an¢ to the principal ot Future Advn.nces, it any. 3
<br /> 4. Chcrges; Lieas. Barrower shall pay all taxes, assessments und other charges, fines and impositions attrib- ' `
<br /> utpble to the Property which may nttain u priority over this Mortgage, and ground rents, if any, at Lender's ., z'
<br /> ; option: in the menner piovided under paragrsph 2 hereof or by Borrower making payment, when due, directly to
<br /> T"� the payee thereof. Borrower .shall promptly furnisli to Lender a❑ notices of ssmounts due under this psragraph, '
<br /> � ? � and in the event Borrowersliall make payment directly, Borro�cer sliall promptiy furnish to Lender receipts evi-
<br /> ' �' dencing suohpayments. Bonower shall Promptly discharge any lien which hns priority over this \?ortgsge ; pro-
<br /> � vided, that Borrower shall not be �equired to discharge any sucl� lien so long as Borrower shall agree in writing to
<br /> � the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest
<br /> ,: � such lien by, or defend enforcement of sucli lien in , legal proceedings �vhich operate to prevent the en£orcement of
<br /> �' �' the lien or forfeiture of the Property or nny part thereof.
<br /> Op 5. Hazard 7asurcmce. Borrower shall keep tl�e improveinents now existing or l�ereafter erected on the Prop-
<br /> orty insured against loss by fire, hazards ineluded �vithin the term "extended coverage", nnd such other hazards as
<br /> Lender may require and in such amounts and for such periods as Lender may require ; provided, that Lender shall
<br /> not require that the amount of such coverage exceed tlirtt umount of coverage required to pay the sums secured 'by
<br /> this Mortgage.
<br /> ' The insursnce carrier providing the insurance shall be chosen by Borro�ver subject to approval by Lender ;
<br /> : provided, thnt such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid
<br /> at Lender's option in the manner provided under paragrapl� 2 liereof or by Borrower rnsking payment, when due,
<br /> j directly to the inaurance carrier.
<br /> � In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect
<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
<br /> 3 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 /> ' ,j All insurance policies and renewals thereof chall be in fonn acceptable to Lender and shall include a standard � �
<br /> ' ; mortgage clause in favor of snd in form acceptable to Lender. I.ender shall have the right to l�old the policies and
<br /> � renewais thereof, and Borrower shall promptly furnish to Lender ull renewal notices and ail receipts of paid pre- ; , '
<br /> , miums. Iri the event of loss, Borrower shall give prompt notice to the insurance cnrrier and Lender, and Lender i
<br /> � may make proof of loss if not made promptly by Borrower. ��
<br /> { Unless Lender and Borrower othenvise agree in �vriting, incurnnce proceeds sliall be applied to reatoration or xf
<br /> � repair of the Property damaged, provided such restoration or repair is economicnlly feasible and the security of
<br /> � thie Mortgage is not thereby impsired. If such restoration or repair is not economically feasible or if the security , ` '
<br /> t of this Mortgage would be impaired, the insur$nce I�roceeds shull be applied to the sums secured by this l�iortgage, � G ��
<br /> with the excess, if any, paid to Borrower. If the Yroperty is abandoned by Borro�ver or if Borrower fails to reapond t
<br /> to I,ender within 30 days after notice by Lender to Borrower that the insurunce carrier offers to settle a claim for � , � .
<br /> insurance benefits, Lender is authorized to collect snd apply the insurance proceeds at Lender's option either to ; ,%
<br /> restorstioa or repair of the Property or to the sums secured by tl�is 3lortgage.
<br /> � Unless Lender aad Borrower othernise agree in �vriting, any such nppiication of proceeds to principal shall �;
<br /> not extend or postpone the due date of the monthly installments reterred to in paragraphs 1 and 2 hereof or change
<br /> � the smouat of such installments. ;
<br /> If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in
<br /> and to any insurance policies and in and to the proceeds tl�ereof (to tl�c extent of the sums secured by this Mort-
<br /> � gage immediately prior to such ssle or acquisition ) resulting from damage to the Property prior to the sale or
<br /> acquisition shalI pass to Lender. ,
<br /> , , � 6. Praservatioa �d Mmatea�ce oi Proparty; Leaseholds: Coadomiaiums_ Borrower shali keep the Prop-
<br /> � erty in good repair and shall not permit or commit waste, impuirment, or deterioration of the Property snd shali
<br /> comply with the provisions of nny tease, if this �Iortgage is on a leasehold . If this Mortgage is on a condominium
<br /> unit, Borrower shall perform all of Bonower's obligations under the declaration of condominium or master deed ,
<br /> � the by-laws and regulstions of the condominium project and constituent documents.
<br /> 7. Protectioa oi I.ender"s Seeurity. If Borrower fails to perform the covenunts and ngreements contained in "
<br /> f this Mortgage, or if any action or proceeding is commenced �vhich materiully 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 /> • � inge involving a bankrupt or decedent, then Lender at I.ender's option, upon notice to Barrower, may mske such
<br /> appearancea, disburse sucli sums snd take such action us is necessary to protect Lender's interest, including, but
<br /> d not limited to, diabursement of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br /> :;; smounts diabursed by I.ender pursuant to this paragraph 7, witli interest thereon , shall become additional indebt-
<br /> , I edaess of Borrower secUred by this �Sortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> � amounta shall be payabte upon notice from Lender to Borrower requesting payment thereof, and shall besr inter-
<br /> jeet from the date of disbursement at the rate stated in the Note unless payment of interest at such rate would be
<br /> ; � contrsry to applicsble law, in which event such amounts shall bear interest ut the highest rate permissible by
<br /> ; # applicable law. Nothing contnineci in this paragraph 7 sh:tll require I.ender to incur any expense or do any act
<br /> � hereunder.
<br /> � 8• Inspection. I.ender may make or cau�e to be inadc reaeonablc entries upon and inspections of the Prop-
<br /> - � erty, provided that Lender chall give Borroaer noticc �nim• to any sucl� inspection apecifying reasonable cauae
<br /> `� therefor reiated to Lender's interest in the Property.
<br /> f � . 9. Coademaatiom The proceeds of nny award or olaim for damages, direct or consequential, in connection
<br /> with ang ,condemnation or otber taking of the Property, or part thereof, or for conceyance in lieu of condemna-
<br /> tion, are'hereby assigned and shalt be paid to Lendea ; � • '
<br /> ` � � In the event of a total taking ot the Property, the proceeds shall be applied to the sums secured by thie Mort- ""=`"�" �
<br /> �' ` gage, with the exceas, if any, paid to Bonower. In the event of a partial taking oP the Property, unless Borrower sa. • � � ''
<br /> �� : snd Lender otherwise agree ' in writing, there sliall be appiied to tl�e sums secured by this �lortgage such propor- � ;" �`
<br /> ; tion of tlie'proc�ede as is equsl to that proportion which the nmount of the sums secured by this Mortgage imme- �:; ='
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<br /> diately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of �rry :
<br /> taltiag;witdi ,the balanoe of the proceeds paid to Borrower. rv ::� ��
<br /> � ' ' . If ths`P �s sbandoned �b Borrower or if' sfter notice b I.ender to Borrower that the condemnor offers '"' �'
<br /> �Pe�S' .. 9 Y �; � re ;�dk y
<br /> �,i Eo ma`ke'sn award 'or settle a 'claim for damagea;$orrower fails to" respand to Lender within 30 days of the date
<br /> , . , of euch'noEice, T:ender is sutharized to collect und apply the proceeds nt I.ender's option either to restomtion or
<br /> + • ? repau of Lhe Property or to the sums eecured .by 'tHis �Iortgage.
<br /> 3 Unless Lendei;and Borrower oEhenvise, sgree in writing, any auch application of proceeda to principai shsll
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