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<br /> If imder pnragraph 18 hereoP thc Property is sold or the Property is othcrwisc acquired by Lender, Lender
<br /> shall npply, no Ister tl�an immediutely prior to tlic salc of thc Propert�• or its ucquisition 63• I.ender, any Funds
<br /> held by Lender ut the timc of application as a eredit against tlie sums �ccured by this vlort�agc.
<br /> 3. Application o[ Payaaents. Unless applicahlc In«• provides othenvise, nll payinents received by Lendet
<br /> under the Note nnd paragraphe 7 and 2 hereof sl�sll bc apjolied :sy 7.encli r fii�t, in payment of amounts payable Lo
<br /> � Lender by Borrower under parogrnpl� 2 hereof, then to interest �uiyablc on ttic Note and on b'uture Advances, if
<br /> any, and then to the principal of the Note and to the principal of I�ttture Advances, iC sny.
<br /> I : - 4. Ch�gea; Liens. Borrower shnll pny alI tnxes, nssessments nnd other charges, fines and impositions attrib-
<br /> utable to the Property which may attain a priority over ti�is \Zortgage, And ground rents , if any, at Lender's
<br /> :; �j option in the manner provided under parugraph 2 hereof or i�y 73orroH-er mnlcing psyment, when due, directly to
<br /> � the payee thereof. Borrower shall promptly fun�iah to I.ender all notices of amo�mts due undcr this paragraph,
<br /> � and , in tl�e event Borrower shall make payment directly, Borrower shsll pro�nptly furnish to I.ender receipts evi-
<br /> ? � dencins such .payments. Bonower shall promptIy discharge xny lien which has priority over this A'Iortgage ; pro-
<br /> , ; � vided, that Borrower shall not be required to discharge any such ]ien so long as 13orrower shull a�ree in writing to
<br /> ; � the payment of the obligation secured Uy sucl� lien in :i �nanner acceptable to I_endeq or shall in good faith contest '
<br /> such lien Uy, or defend enforcement of such lien iu, legal �>roceedin�s �vhicti opernte to prevent the enforcement of
<br /> � the lien or forfeiture of the Property m• any part thcreof.
<br /> ^ 5. Hazard Iasuz�ce. Borrotver sliall keep thc iinprovements 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 /> Lender may require and in such amounts and for such periods us Lender may require ; provided, that Lender shall
<br /> not require that tBe amount of sucl� coverage exceed that amount of r,overage required to pay the sums secured 'by
<br /> this Mortgage.
<br /> The insursnce carrier providing the insurssnce shall be chosen by Borrower subject to approvril by Lender,
<br /> provided, that such approval shall not be unreasonably �vithheld . 311 premiums on insursnce policies shall be paid
<br /> at Lender's option in tl�e manner provided under paragraph ':. hereof or by Borrower inaking payment, �vhen due,
<br /> direetly 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 Bozrower to comply may, at option of Lender, constitute a default
<br /> under the terms of this Mortgage.
<br /> All insurance policies and renewals thereof �hall be in fonn acceptaUle to Lender 3nd shaIl include a standard
<br /> mortgage clause in favor of und in form acceptable to Lender. Lender shull havc the right to l�old the policies and
<br /> ; renewals thereof, and Bonower shall promptly furnish to Lender all renewal notices and nll receipts of paid pre-
<br /> ; } miums. In the event of loss, Borrower shall give prompt notice to the insurancc cnrrier and Lender, and Lender
<br /> F ina make roof of loss if not made � i
<br /> � y p promptly by Borrower.
<br /> � Unless Lender und Borrower othenvise agree in writing, insurance proceeds shall be applied to restoration or r "'
<br /> ' � repair of the Property damaged, provided such restoratimi or repair is econoroically fcasiblc nnd the security of
<br /> 'F this Mortgage is not tl�ereby impaired. If such restoration or repair is not ecomm�ically feasible or if the security
<br /> of this Viortgage would be impaired, the insurance }�roceeds shall bc applied to thc sums secured by thia Mortgage,
<br /> ' with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower or if Borrower fails to respond +
<br /> ` to Lender within 30 days after notice by Lender to Borrower that the insurance csrrier offers to settle a claim for '
<br /> ' ( insurance benefits, Lender is suthorized to collect and apply the insurance proceeds at Lender's option either to �
<br /> j restoration or repair of the Property or to the sums secured Uy tl�is \Iortgage. = '
<br /> � Unlees Lender and Borrower otherwise agree in writing, any such application of praceeds to principal shall _ r; �.
<br /> not extend or postpone the due dute of the montlily installments referred to in psragraphs 1 and 2 hereof or change
<br /> � the amount of such installments. �
<br /> If under paragraph 18 hemof the Property is aequired by Lender, nll right, title and internst of Borrower in
<br /> ` � and to any inaurance policies 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 acquisitiott) result.ing from damnge to the Property prior to the ssle or
<br /> � acquisition shall pass to Lender.
<br /> , 6. Preservatioa �d Mmatea�ee of Property; Leaseholds; Condominiu:ns. Borrower shnll keep the Prop-
<br /> � erty in good repair and ehall not permit or commit waste, impainnent, or deteriorution of the Property und shall
<br /> comply with the provisions of any lease, if this �lortgage is on a leasehold. If this viortgage is on a condominium
<br /> ; unit, Borrower ahall perform all of Borrower's obligations under the declaration of condominium or master deed ,
<br /> 3 the by-laws and regulationa of the condominium project and constituent documents.
<br /> j 7. Proteetion of Lendei s Security. If Borrotver fails to periorm the covenunts and �tgreements contained in
<br /> this �Iortgage, or if any action or proceeding is commenced which mnteriully 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 /> in� involviag a bankrupt or decedent, then Lender ut I,ender's option , upon notice to Borrower, 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, diabursement of reasonnble attorney's fees and entry upon the Property to make repairs. Any
<br /> amounte diebursed by Lender pursuant to this paragraph 7, �vith interest thereon, shall become ndditional indebt-
<br /> � ednesa of Borrower secured by this Viortgage. Ualess Borrower and Leader agree to other terms of payment, such
<br /> amounte ehall be payable upon notice from Lender to Borrower requestin� payment thereot, and shall bear inter-
<br /> eat 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 amounts shall beur interest at the highest rate permiasib[e by
<br /> , � applicable Iaw. Nothing contained in this paragrapli 7 shnll require I.ender to incur any expense or do any act
<br /> a hereundea
<br /> 8- Inspeetioa, Lender tnay make or cauce to bc madc reasonahlc entries upon and inspections of the Prop-
<br /> �� erty, provided #hat Lender shall give Borroa•er notice �uior to nny such inspeetion specifying reasonable cause
<br /> therefor related to I,ender's interest in the Propert}•.
<br /> 'r 9. Condemaatioa The proceeds of ssny award or claim for damages, direct or consequential, in connection
<br /> ?., ,. with .anp condemnstion or other taking of the Property , or part thereof, or for con��eyance in lieu of condemna- _ -.;, ;; ;`
<br /> tion, are hereby seaignecl and ahall be paid to Lender. ^ �, i
<br /> In the event of a total taking of the Property, the t�roceeds shall be applied to the sums secured by this Mort- " '`�
<br /> gage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower �.„ r ; �
<br /> = end Lender otherwise agree in writing, there aliall be applied to tl�e auma secured by this �Iortgage such propor- ;; . ,T" '
<br /> � tion of the proceeds as is equsl to that proportion which tt�e amount of the sums secured by this �4ortgage imme- �;' `
<br /> `' i�iately p;ior to the date of taking beare ta' tl�e fair market value of tLe Property immediately prior to the date of �� '-
<br /> ,n�' takiug, wif,li the balance 'of'the proceeds paid to Borrower. .;�� ,, .,
<br /> °r" ff.tTie�P�ipeityis ,abandoned ,by Barrower or if after notiee by Lender to Borrower that the condemnor offers �� <�
<br /> Co make sri eward or 'settle a clsim 3or damages, Borrower fails to respond to Lender within 30 days of the date . "`' ' '' '"
<br /> . ; ; of•such notice, Lender ie suthorized to 'coIlect and apply the proceeds ut Lender's option eitl�er to restoration or
<br /> -;: repair.of,the,Property or to the sums aecured by tl�is \Iortgage.
<br /> ' Unless Lender and Borrower othenvise 'agree in writing, any such application of proceeds to principal shall
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