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<br /> If under :paragmph 18 hereof the Property is sold or the Property is othenvise acquired by i.ender, Lender
<br /> i shall >apply, no later than immediately prior to the sale of thc Pro�icrty or its acquisition by I.ender, :my Funds ' :;? ,,,;
<br /> held by Lender at the time of upplication ns a credit aguinst the sums securnd b�� this �Iort.�nge. '
<br /> �; , 3. Application of Payments. Unless spplicablc In�v �rovides otherwise, all puyments received by Lender ;� y''
<br /> ;: under the Note and paragrapl�s l and 2 hereof shall bc npplied by I.ender first in payment of atnounts paysble to t <w �`
<br /> k ' Lender-by.Borrower under parsgraph 2 hereof, then to interest pa�yable on the Note und on Future Advances, if � ; ' {„9 ' 3 a
<br /> ,�� any, and then tq the principal of the Note and to the princi��al of Future Advunces, if any. , �- } ` •; �
<br /> � 4. Ch�ges; Liens. Borrower shall pay all tiaxes, ussessments snd other charges, fines and impositions attrib- ;< � ,
<br /> �,� utable to the Property �vhich may uttain a priority over this �fortgage, and growid rents, if any, at Lender's ;� . `
<br /> ' r � : option'in the manner provided under paragrapli 2 hereof ar by Borrower inaking payment, when due, directly to " ' ' "
<br /> ;;�; � the payee thereof. Sorrower' sLall promptly furnish to Lender uil notices of umounts due under this pnrrsgraph,
<br /> ' �,,� and' in the event Borrower shall makc puyment directly, Borrower c���ll promptly furnish to Lender receipts evi- �. �
<br /> '� M denoing sucl� payments. Borrower shall promptly discharge uny lien �vhich has priority over this \4ortgage ; pro- `
<br /> vided; that Borrower shall not be required to dischnrge any sucl� lien so long us Borrower sholl agree in writing to
<br /> �° � the payment of the obligation secured by sucli lien in u manner aeceptuble to Lender, or shull in good faith contest
<br /> x' � such lien by, or defend enforcement of such lien in , legal proceedings ��•hich operate to prevent the entorcement of ;
<br /> i � the Iien or forfeiture of the Property or any ��art tl�ereof.
<br /> j ^ S. Hazard Insurcmce. Borrower shall keep tlic improvements no�v existing or hereafter erected on the Prop-
<br /> t erty insured against loss by fire, hazards included within the term "extended coverage", and such other hnznrds as
<br /> { Lender may require and in such amounts and For such periods ns Lender muy require ; pro��ided, that Lender ahall `- ;
<br /> not require that the nmount of such eo�•erttge exceed thnt amount of coverage required to pny the sums secured 'by � ' ,.,
<br /> this Mortgage. -
<br /> The insurance carrier providing the insuranee shall be chosen Uy Borrower subject to approvul by Lender ; «. ,; , _ "
<br /> � provided , that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid � r; �;'
<br /> 3 at Lender's option in the manner provided under parngraph 2 liereof or hy Borrower making payment, when due, �. ` « _ :;c �"=:
<br /> directly to the insurance carrier. _ 4 ` � �;
<br /> f In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect �' � �>��ti
<br /> � its interest, may procure insurance on the improvements, pay the premiums and such sum shall become �F f `'�,�,�,
<br /> j; immediately due and payable with interest at the rate set forth in said note until paid and shall be ' ' ' _ "'t =
<br /> secured by this Mortgage. Failure by Bonower to comply may, at option of Lender constitute a default � ` " �° _�,.��'�'
<br /> under the terms of this Mortgage. �
<br /> � ' , � � °<< , ;; ;�
<br /> wa;.
<br /> � All insurance policies and renewals thereof sLal! bc in fonn aceeptnblc to Lender nnd shull include a standard � , `s , � +}�`,'"�i
<br /> ! ' mortgage clause in favor of and in fortn acceptable to Lender. Lender shall hnvc the right to hold the policies and ' ' �r x��
<br /> renewals thereof, and Borrower shall promptly furnisl� to Lender ull rene�val noticPs and nll receipts of paid pre- �' � ` �
<br /> �� miums. In the event of loss, Borrower shall give prompt notice to the insurance cnrrier und Lender, and Zender � j 3T��;
<br /> + may make proof of Joss if not made promptly by Borrower. � , ,
<br /> � 3 �Y �m��
<br /> � Unless Lender and Borrower othenvise agree in writing, insurancc proceeds shall be applied to restoration or r ¢-,
<br /> .. . , -.,, .'*ya
<br /> f, repair of the Property damaged, provided such restoration or repair is economically feasible and the security of � ,
<br /> � �� ,�
<br /> this Mortgage is not tl�ereby impaired. If, such restoration or repnir is not economically feasible or if the security � �,,, „� �tr�'�
<br /> ,3` of this \4ortgage would be impaired, the insurance proceeds shal! bc applied to the sums secured by this Mortgage, "'` Y>� t�
<br /> fi ' with the excess, if any, paid to Borrower. If tUc Yiro��erty is abandoned hy Borrower or if Borrower fsils to respond � �'j��r�
<br /> b LJI . ,ya
<br /> • �• to Lender within 30 days after notice by Lender to Borrower tUat the insurunce carrier offers to settle a claim for � , �+� �
<br /> ; ineurance benefits, Lender is nuthorized to collect and apply thc insurance proceeds nt Lender's option either to r ""`°
<br /> ? restoration or repair of the Property or to the sums secured by tliis 14ortgage. & , '� , A �
<br /> Unless Lender and Borrower othenvise agree in writing, an,y such applicntion of proceeds to principal shall s =
<br /> � not extend or postpone the due date of the montHly instulla�ents referred to in paragraphs 1 and 2 hereof or change ^
<br /> the amount of such installments. ,�
<br /> ' � If uader paragraph 18 hereof the Yroperty is acquired by Lender, sll right, title and interest of Borrower in '
<br /> A .� and to any insurance policies and in and to tlie proceeds tliereot (to thc extent of the sums secured by this Mort- � . '
<br /> gage immediately prior to such sale or acquisition) resulting from damage to thc Property prior to the sale or
<br /> t � acquisition shall pass to Lender. , :�,w�'±
<br /> � �s �r
<br /> . � 6. Preaezvation �md Mmatea�ee of Property; Leaseholds; Coadominiums. Borrower shall keep the Prop-
<br /> erty in good repair and shall not permit or comrnit waste, impairnient, or deteriorntion of the Property ar � shall ` . '
<br /> � comply with the provisions of uny lease, if this �fortgage is on a leasehold. If this �4ortgage is on a condominium : , t
<br /> unit, Borrower shsll perform all of Borrower's oUligations under the declaration of condominium or master deed ,
<br /> �.:,> ,,;
<br /> t •� the by-1aws and regulations of the condominium project and constituent documents. £
<br /> �� 7. Protection of Lendei s Security. If Borrower fails to perform the cwenants and agreements contsined in
<br /> n this AiIortgage, or if any action or proceeding is commenced whicl� inaterially ntfects Lender's interest in the Prop- `
<br /> erty, including, but not limited to, eminent domain , insoh•ency, code enforcement, or arrangements or proceed- � r•�
<br /> ings involving a bankrupt or decedent, then Lender nt i.ender's option , upon notice to Borrower, muy make such
<br /> appearances, disburse such sums and take such action us is necessary to protect Lender's interest, including, but ' '
<br /> �,;'
<br /> ` x` ' not li�ited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br /> ` = amounte disbursed by Lender pursuant to this psragraph 7, with interest thereon, shull become additional indebt- '
<br /> 4 ��;'. edness of'Borrower secured by this �+Iortgage. Unless Borrower und I.ender agree to other terms of payment, such '. �
<br /> ;� ,;, ' amounts shall bepayable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br /> � i� eet from the date of disbursement at the rate stated in the Note unlesa payment of interest ut such rate would be �
<br /> $�� contrary to applicsble law, in which event such amounts sl�all bear interest at tl�e highest rate permiasible by � '.
<br /> applicable ]aw. �Totl�ing contsinecl in this paragrapl� 7 shnll reryuire I.ender to incur any expense or do any net �
<br /> r �� herevndea > .,$'
<br /> 5 "'r 8• ' Inspection. Lendermny make or cau�e to he madc renFonahlc entries upon and incpections of t.he Prop-
<br /> -� erty, provided: that Lender shalF give Borroa•er noticc ��rior to nn� curh inspection �pecifying rersaonuble cause �
<br /> ��� . therefor related to Lender's internst in the Property. � 3 ' �. i:
<br /> . a S.-:, Coadem=iation. The proceeds of any awurd or claim for damages, direct or consequential, in conneotion , � ` '� � `rY`
<br /> -. , with say condemnstion or' other taking of the Property, or part thcreof; or tor com•eyance in lieu of condemna- ,,,�,
<br /> `�� tion, ase hereby ssaigned and shall be paid to Lender. �
<br /> � ' In the event of a total taking of the Property, the proceeds shal! l�c applied to the sums secured by this Mort- r
<br /> gage, �vith the excess, if any, paid . to Bono�ver. In tl�e .event of a partial tnking of the Property, unless Borrower '^'^i
<br /> , : ;=as�dnT.endek pt�ei�wise agree ia ,writing, �,here sl�all be upplicd ';o tl�e surns secured by this \Zortgage such propor- ; ' ; ' " �,�
<br /> - '� , 'tioa o€ tlie pr�ceeds as is equai to that proportion which the amount of the sums secured by this Mortgage imme- < r;
<br /> y; diatelpprior to the date Q#,talcing beara to the fair market value of tlie Property immediate]y prior to the date of � � r '!
<br /> � f,sksng, with �tG E�aisuce of`th� piroceeds paid��to Borrower. � � � � � � � � � , � � , :
<br /> If �he.l'mperty. ie abandoned by Borrower or it after notice by Lender to Borro�ver that the condemnor offers " "�' - �^'"� ' �'
<br /> ` 5� to Ynak�'an ai'varti or settle a elaim ;fAr damsges, Borrower Caiis to respond to Lender within 30 days of the date
<br /> , ' ,� of sae2i notice;�Lehder is suthoriied,' to ,collect and apply the ��roceeds at Lender'c option either to restoration or
<br /> � . ., rep'air o£:the Propezty`or to the'evms aecured;by ti�is �fortgage.
<br /> k � �� T3nless.Lender snd $orrower oLhernieC 'agree in writing, any sur.h appliention of pmceeds to prinripal shn❑ �
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