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<br /> If under parsgraph 18 hereof thc Property is sold or thc Propertp is othenvise acquirnd b�• i,ender, I,ender
<br /> shnll upply, no later than immediately prior to tlic salc of tLc Property or its acqui�ition hy I.ender, any Funds
<br /> held by Lender at the time of appiication as n credit aguin�t thc sum, secured b}• this �fortgagc.
<br /> 3. Application of Payments. Unless applicablc la�c �u•ovides othenvi:c, all pay�nents received by Lender
<br /> under the Note and psragrapl�s 1 and Z hereof shnil be ii�i�ilied by I,cudcr firet in pnyment of nmounts payable to
<br /> Lender by Borromer under paragrapl� 2 hereof, then to interest �uiyublc on the \Totc aud on Future Advnnces, if
<br /> any, and then to the principal of the i�'otc and to tl�e principnl of Tuture Advances, if any.
<br /> 4. Chargesr Liens. Borrower sliall pay all taxes, assessments and other char�es, fines and impositions attrib-
<br /> f r"� utable to the Property which may attain a priority over this Vlortgage, and ground rents, if any, at Lender's
<br /> � option in the manncrprovided under pttrugrstph 2 l�ereof or by Borro�cer �naking payment, �vhen due, directly to
<br /> � the payee thereof_ Borrower shallpromptly turuisii to Lendcr all notices of nmounts due imder tliis paragraph,
<br /> � and in the event Borrower shall make payment directly, Borro�cer shall prornptly turnisl� to Lender receipts evi-
<br /> � dencing sucl� payments. Borrower shall promptly discharge any lien which has priority over this \Iortgage ; pro-
<br /> � vided, that Borrower shall not be required to discl�arge an�• such lien so long ns Borrower shall agree in writing to
<br /> ' the payment of the obligation secured by sucli lien in :i manner acceptable to Lender, or shall in good faith contest
<br /> � such lien by, or defend enforcement of such lien in , legal proceedin�s �vLich operat.e to prevent the en£orcement of
<br /> ^ the lien or forfeiture oF the Property or any- part tl�creof.
<br /> � 5. Hazard Insvraaca. Borroa•er shall keep the improvements no��• existic�g or hereafter erected on the Prop-
<br /> erty insured against loss by fire, hazards included �vithiu the term `° extended coveruge", and aucl� ot,her l�azards as
<br /> I.endermsyrequirennd in such amounts und for suci� period. a. 1,endcr may requirc : provided, that Lender shall
<br /> not require that the amount of such coverage exceed that amount af co�•erage reqnired to pay the sums secured 'by
<br /> this Mortgage.
<br /> The insurance carrier providing ilie insurance shall be chosen by Borrower subject to ttpprovat by Lender,
<br /> � provided, thnt such opproval shall not be unreasonably withheld. Atl premiums on insurance policies shall be paid
<br /> at Lender's option iri the manner provided under ��aragrt;ph '> hereof or by Borro�ver making payment, �vhen due,
<br /> directly to the insurance 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 /> 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 policiec nnd renewals thereot chall be in Corro acceptable to Lender and shall include a standard
<br /> mortgage clause in fuvor of and in forn� acceptable to Lender. Ixnder shall have the right to l�old tl�e policies and
<br /> renewals thereof, and Borrower shnll promptly furnich to Lender all rene�val notices and all receipts of paid pre- ' '
<br /> ' � miums. In the event of loss, Borrower shall give prompt notice to thc insurance carrier and Lender, and I,ender '
<br /> may make proof of loss if not made promptly by Borrower. ;
<br /> U n l e s s L e n d e r u n d Borrower o t herwise agree in writing, insurance proceeds shall be applied to restoration or ; �;%
<br /> ; repnir ot the Property damaged, provided such restoration or repair is econo�nicallp feasible and the security of
<br /> this Mortgage is not thereby impsired . If such restor:titiou or repair is not economically feasible or if the security �
<br /> f of this �3ortgage �vould be imosired, the insurance proceeds sl�all bc applied to thc sums secured by this Mortgage,
<br /> +� with the excess, if any, paid to Borrower. If the YroE�erty is sbandoned by Borrower or if Borrower fails to reapond r
<br /> � to Lender within 30 days after notice by Lender to Borrower tliat the insurance carrier offers to settle a claim for i , >:
<br /> ineurance benefits, lender is suthorized to collect and spply 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 otherwise agree in writing, any such application of proceeds to principal shall �
<br /> � not extend or postpone the due dute of tl�e �nonthly installments referred to in paragraphs 1 and 2 hereoF or change i ;,
<br /> ' : j the amount of such installments.
<br /> y If under paragraph 18 hereof the Yroperty is acquired by Lender, nll right, title and intemst of Bonower in `
<br /> ` � and to any insurance policies and in and to the proceeds thereof (to tlie extent of the sums secured by this A4ort- '
<br /> ' gage immediately prior to such sale or acquisition ) resulkin� from dnmage to the Property prior to the sale or ` '� ''=
<br /> , � acqUieition shall pass to Lender.
<br /> ; 6. Preservation �d Mmatenanca of Pzoperty; Leaseholds; Condominivau, Borrower shall keep the Prop- '
<br /> � erty in good repair snd shall not permit or commit waste, impairment, or deterioration of the Property and shall
<br /> comply with the provisions of any lesse, if this �Iortgage is on n leasehold. If this �tortgage is on a condominium -
<br /> , 4 unit, Borrower shall perform all of Borrower's obligations tmder the declaration of condominium or master deed , ° -
<br /> ; , � the by-lawsand regulations of the condominium project and constituent documenta
<br /> : � 7. Proteetion of Lender's Security. If Borrower fails to perfonn the covenants and agreements contained in
<br /> � this �iortgsge, or if any action or proceeding is commenced �vhich inaterially �tffects I.ender's interest in the Prop-
<br /> � erty, including, but not limited to, eminent don�uin , insoh•ency, code enforeement , or �rrangements or proceed-
<br /> p ings involving a bankrupt or decedent, then Lender at Lender's option , upon notice to Borrower, may make such
<br /> fi appearances, disburse such sums and take such action ns is necessary to protect Lender's interest, including, but
<br /> 1 � not limited to, disbursement of reasonuble attorney's tees and entry upon the Property to make repairs. Any
<br /> iamounts disbursed by Lender pursuant to this parngraph 7, �vitl� interest thereon, shatl become additional indebt-
<br /> � edness of Borrower secured by this �iortgage. Unless Borrower and Lender agree to other terms of payment, such
<br /> - j amonots shall be payable upon notice from Lender to Borrower requesting payment tl�ereof, nnd 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 law, in which event such nmounts shall bear interest nt the highest rate permissible by
<br /> `� applicable law. Nothing contained in this paragraph 7 shnll reryuire Lender to incur any expense or do any act
<br /> ;- , hereunder.
<br /> '� 8• Inspectioa. Lender may inake or cause to be 2llR({C rea�onablc entries upon and inspections of the Prop-
<br /> 't erty, provided that I.ender sliall give Borroa•er noticc ��rior to nn}• eucl� inspection specif3ing reasonable cause
<br /> .: p theretor related to Lender's interest in the Property.
<br /> - � 9. Coademnation. The proceeds of any award or claim for damages, direct or consequential, in connection �
<br /> � , with any condemnation or other taking of the Property, or part thereof, or for con��eyance in licu of condemna-
<br /> • � tion, are hereby assigned snd shall be paid to Lender. '.,�,t. :
<br /> ,,� In the event of s total tsking of the Property, tl�e proceeds shali be applied to the sums secured by this Mort- '"`=�'"`'
<br /> gage, }vith Lhe eaccess,_if any, paid to Borro�ver. In tlie event of a partiul taking of tl�e Yroperty, unless Borrower 'r "
<br /> �;� and Lender otherwise agree in writing, there sl�al] be applied to ti�e sums secured by this \Iortgage such propor- �� "'
<br /> tion of the pmceeds ae is eqpal to that proportion which tiie amount of the sums secured by this Mortgage imme- � �+ '
<br /> diately prior,ta, the date of faking bears tathe fair n�arket value oi tl�e Property immediately prior to the date oi � `
<br /> tslcing, witkithe balance of the proceeds paid to Borrower. a= F , u s
<br /> ' If the Pzopertyris abandoned by Borrower or it after notice by Lender to Borrower that the condemnor o�'ers " '"^'�
<br /> , , . . -.._;, 1' �,=•,�<i . �.,
<br /> ;,s to make an awerd or settle ss claim for damagea, Borrower fails to respond to Lender within 30 dnys of the date
<br /> . � of sucfl notice, Lender.is suthorized to collect snd apply the proceeds at Lender� option either to restoration or
<br /> repair.of Ehe Property or to the sums secured by t6is \Iortgage_
<br /> �„� IJnlesa. 7,ender 'snd BorroweYothernise agree in �vriting, any auch application of proceeds to principat shall
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