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<br /> � If nnder pnragraph 18 hereof the Property is sold or the Yroperty is otherwise ncquired by Lender, Lender
<br /> y shall apply, no laterthan immediatety prior to thc sale of tl�c ProperLy or its acquisition by Lender, any Funds
<br /> • held by Lender at the time of npplication ns a credit against the sums secured hy this Vlortgnge.
<br /> r 3. Application of Payments. Unless applicable Inw provides othenvise; all payments received by Lender `
<br /> 1 under the Note und paragraphs 1 and 2 hereof ahall l�c applieci by I,ender first in �ayment oi umounts payable to � `
<br /> , � Lender.by $oriower upder paragraplr 2 hereof, then to interest puyablc on the Note and on Future Advunces, if ; , *. , '
<br /> any, and theri to the principa[ of the Note and to t6e principal of Future Advance�, if sny_ `; ?7
<br /> 4. Charges; Liens. 'Borrower sl�all pay all tssxes, asseasments and othcr charges, fines and impositions attrib- ' � ,„,
<br /> ,� utpble to the Property which may nttain a priority over tliis _Vtort�nge, and ground rents, if any, at Lender's �� �, '�
<br /> ` I` option in the manner provided under pacagraph 2 hereof or by Borrower muking payment, when due, directly to �
<br /> C�2 the payee thereof. Borrower shall promptly furnish to Lendcr all notices of amounts due under this paragraph, "'�
<br /> r-1 and in the event Bonower ahsll makc a ment directl Borro�eer sl�all �" ' �
<br /> `> P Y y, nromptly furnish to Lender receipts evi- ' , '
<br /> G� dencin euch a ments: Borrower sUall rom tl dischar e un lien �vhich has y g g , P �t ` �;
<br /> ' a B P Y P P Y � y priorit over this �4ort a e • ro-
<br /> � O vided; that Borrowershall not be required to discharge nny suoh lien so long as Borrower sliall a�ree in writing to P ..
<br /> ' O the paymeat of the obligation secured by such lien in a manner acceptable to Lender, or shaIl in good faiEh contest � ' a
<br /> "r � j such lien by, or defend enforcement of such lien in, legal proceedings �vhich opersste to prevent the enforcement of �� ` ,'
<br /> the Iien or forfeiture otthe Property or any part thereof. �" ,
<br /> � 5. Haaard'Insur�ce. Borrower shall keep the iiuprovements no�v existing or hereafter erected on the Prop- ` '= ' '
<br /> x } erty insured against loss by fire, hazards included within the term "extended coverage", and such other haznrds a.s : ' �;''
<br /> 3 Lender may require and in such amounts ssnd for sucli periods as Lender may require ; provided, that Lender shaIl �
<br /> � not reqvire that the amount of such coverage exceed tktttt amoant of coverage required to pay the sums secured 'by �`, „�
<br /> ,: a thie Mortgage, �
<br /> � The insursnce carrier providing the insurauce shaU be chosen by Borro�ver subject to approval by Lender ; ` ,� i
<br /> provided, that 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 paragruph 2 hereof or by Borrower mnking payment, when due, �'
<br /> � directly to the insurance carrien � ;
<br /> In the event any policy is not renewed on or before ten days of its ezpiration, the Lender, to protect � t '' �
<br /> � its interest, tnay procure insurance on the improvements, pay the premiums and such sum shall become � + ' � � fG
<br /> • ,{ immediately due and payabie with interest at the rate set forth in said note until paid and shall be � µ
<br /> , � secured by tt:is Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default � *
<br /> under the terms of this Moztgage. � ti
<br /> ; i All insurance policies and renewuls thereof shall be in tor�u aceeptable to Lender and shall include u st&ndard +� , `iy `
<br /> i inortgage clause in favor of and in torm acceptable to Lender. Lender shall have the rigl�t to I�old tlie policies and � � i 'f"i
<br /> ^ r renewals thereof, snd Borrower shsll promptly furnish to I,ender all renewal notices and nll receipts of paid pre- z `< � trM x
<br /> miums. In the event of loss, Borrower shnll give procnpt notice to the insurance carrier and Lender and Lender ' k-� '�
<br /> � � may makeproof of loss if not made promptly by Borrowec � ' � � � �' �"`�' ��
<br /> � ' ` �x�e" i�
<br /> i IInless Lender and Bonower othenvise agree in tivriting, insurance proceeds shall be applied to restoration or ; �. ,w ;
<br /> repair of the Property damaged, provided such restoration or repair is economically feasible and the security of � ' ,� ,,��s'`�?
<br /> this Mortgage is not thereby impsired. If such restoration or repair is not economically feasible or if the security £ '' ' ` �� �""*�`�'
<br /> of this Mortgage would be impaired, the insurance proceeds shul! be upplied to the sums secured by this Mortgage, `a Y��r�
<br /> with the excess, if any, paid to Borrower. I£ the YroperLy is abandoned by Borrower 'or if Borrower fails to sespond j� � ^ � i���.
<br /> _ to Lender within 30 days after notice by Lender to Borrower thut the insurance earrier offers to settle a claim for ; ' ;r ,y �`;�"���
<br /> insurance benefite, Lender is suthorized to collect und apply the insurance proceeds ut Lender's option either to � K rf* af�` ^;
<br /> µ� restoration or repair of the Property or to the sums secured Uy this �3ortgage. ti . , �;?.��� ' '
<br /> IInlees Lender and Borrower othenvise agree in writing, any such application of proceeds to principal shall � . ` �
<br /> not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change
<br /> the amount of such installments. � , j
<br /> - � . If under psrag;aph ' 18 hereof the Property is acquired by Lender, all rigl�t, title and interest of Borrower in �
<br /> and toany insurance policies and in and to the proceeds thereof (to the extent of the sums secured by this Mort-
<br /> gage immediately prior to such salc or acquisition ) resulting from damage to the Property priorto the sale or � ,
<br /> .\� acquisition shaII pass to Lender. �,
<br /> 6. Preseroatioa �md Mmaten�ce oi Property; Leaseholds; Coado=aiaiums. Borrower shall keep the Prop- ' '�' x,�"� �,
<br /> �
<br /> erty in good repair and shall not permit or commit waste, impairment, or deterioration of the Property and ahalt � ` � �'r ' �
<br /> comply with the proviaions of any lease, if this �lortgage is on a leasehold . If this Vlortgage is on a condominium i � , =r
<br /> unit, Bonower shnli perform oll of Borrower's obligations under the declaration of condominium or master deed, ; ` �' �t`
<br /> the by-laws and reguls�ions of the condominium project and constituent documents. ` �<
<br /> a� 7. ;Pzoteetion oi Lendei s Security. If Borrower fails to perform the covenants and agreements contained in fr`
<br /> this vlortgage, or if any action or proceedin� is commenced �vhich materiatly affects Lender's interest in the Prop- � '�,� $�
<br /> erty, including, but not lunited to, eminent domain, insolvency, code enforcement, or urrangements or proceed- ' �`
<br /> � �.
<br /> ings involving a bankrupt or.decedent, then Lender at Lender's option, upon notice to Borrower, may make auch { �;.r°
<br /> sppearancea, disburse such sums and take such action as is necessary to protect Lender's interest, including, but "-r'.
<br /> = not limited to, ` disbursement of resaonsble attorney's fees and entry upon the Property to make repaire. Any ' '
<br /> � amounts disbursed by Lender pursuant to this paragraph 7, �vith interest thereon, shall become udditional indebt- � ^' � <
<br /> ;,
<br /> ��.
<br /> ednesa of Borrower secured by this �iortgage. Unless Borrower and Lender agree to other terms of payment, such � a :':
<br /> smounts shall be paysble upon notice from Lender to Borrower requeating payment thereof, snd shall bear inter- �
<br /> eat from tihe date of disbursement at the rate stated in the Note unlesa payxnent of iaterest at such rate would be � �
<br /> A Z�
<br /> r;� contrery ,to app]icable Iaw, in which event such amounts shail bear interest ut the highest rate permiesible by ?
<br /> �,� appIicable Iaw. Nothing contained in this paragrapB '7 shnll reryuire Lender to incur any expeose or do any sct , �
<br /> <, hereunder. � • %
<br /> 8• Iaspecticn.:, , I.ender may mske or cause to he madc reasonable entriea upon and inspections of the Prop- ° > r "���
<br /> tia . ' � � � � r ;
<br /> ; erty, provided that Lender sl�all give Borrower notice prior to nnv such inspection specifying reasonable cauae
<br /> � therefor related •to Lender's interest in the Property. �!+
<br /> � 9 .Coade�aatios The proceeds of nny award or claim ior damages, direct or consequential, in connection ""
<br /> ' vyith �np .condeisination or- other talking of the Property, or part tl�ereof, or for conveyance in lieu of condemna- " ' - . . � h
<br /> , � M1 + �
<br /> y`' . ;� , tion, are hereby sesigned and shall,be paid to Lender. . . " t �'`" �•,;r
<br /> _ In the event of a total taking of.the Property, the proceeds sl�all be applied to the sums secured by this Mort- -��-'�'' �,e�k
<br /> ,� ,�ag�;ivit�' t�ie;�aCl;ess, if any, paid to Bortower. In the event of a partisl tsking of the Property, uniess Borrower
<br /> and I,ender othenvise agree in writing, there sliall be spplieci to tlie aums secured by this ?�Iortgage auch propor- •` , �. �
<br /> ' : , taon oE Lhe;,p;oceeds ss,ig ,egual.to thaE proportion which :tLe amount of. the suma secured by thie Mortgage imme- .�i
<br /> � ; diatelpqp�:qr to�,the dat,�e ofrfalnng beara te the fsir �narket value of t1�e Property- immediately prior to the dste of �"
<br /> , ' �J 1�km8, ,ws��#�h�th4��lala�i� oE'the proceede paid;to Borrower. ; ,,',� �,
<br /> ; If,f�e"`• � `o�'s'�abandoned by,-$orrower or if after notSce by Lender to Borrower thst the condemnor offers , .r`
<br /> to' mske stl s g � p � 3, �t,:, � zc� ,�,
<br /> �rvi�rd or settl� a cis�m for dami�`es Borrower fails to ,res ond to Lender within 30 du s of the date •�.� ,.
<br /> , of'�ici�'ild�ice- i�'e�de,�r �a a'1�thor�zei� ;to qtikTect 'and apji2y tfie pioceeds at Lender's option eitlier to restoration or
<br /> � repairof tlie ProperGy or to the aums aecured by Eliie \Iertgage. . �'
<br /> � fiTa1�, Lender'snd Borrower oElierivise agree ,in writing, any such application of proceeds to principal shsll
<br /> Y� y�
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