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<br /> � If .under naragraph 18 [�ereof thc Property is sold or the Property is othenvise ucquired by I.ender, Lender '''
<br /> � shnll apply, no later ttian -immediatety prior. to tl�e sate of t1�e Property or its acquisition by Lender, nny Funds ' .
<br /> "; held by Leader at the time of npplication as a credit against the swns secured by this Mortgage. ' `� "'
<br /> `" ` 3 A' hcatioa, ol Paymeats. Unless a licahlc lu�e rovidey othernisc nll y ' F � '
<br /> 1yP pP � . , . payments received b Lender � � �r ,� „ �=
<br /> % under tbe;l�TuEe, nnd paragraplis 1 and 2 hereo;f shall bc applieil E�y Lender first in payment of amoants payable to ` ._ : � *' � ' i""w� ''
<br /> Lender liy, Borrowei under. paragraph 2 Itereof, then to interest liaya4le on tlic Note and on Future Advances, if r � � { , � >.,�`R*°"��w�"''i'��
<br /> an and;then to, the nnci al of the Note and to the rinci a�: of Future Advanees if un � ` '� � '� iY"��
<br /> Y: P � �P P [� , Y• , � ,� � ;� � ��x;
<br /> � 'L Cli�4es: Liens. Borrower sl�all pag' all taxes, $ssessments und other cliarges, fines and impositions attrib- ' t ,� .,� �„ „�
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<br /> utpble to;.the Property which inuy; attsin a priority over tliis _�Iortgu�e, and ground rents, if any, at Lender's ,i;' r ` ° , ; s'�
<br /> ` aptiou, in the manner pr,ovided under paragraph 2 hereof or �y Borro�ver mnking �byment, when due, directly to ' � r: `; ' ' � :f
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<br /> the payee :thereof: Borrower ahsil :promptly furnisli to Lender a;ll notices of amounts due under this paragraph, " , , �r �, ,+ =�;
<br /> � and in the event Borrower shall make payn�ent directty, Borro�cer shalt promptly furnish to Lender receipts evi- � ; � t L��;
<br /> K � dencing euch payinents_ Borrower.shall prornptly discliarge any lien which has priority over this VIortgage ; pro- � , 1�^
<br /> pQ vided, that $orrower shall not be required to discl�arge any such lien so long as $orrower shnll agree in �vriting to z ' ; ,' t ^"A �; i }
<br /> :� the payment of the obligation secured by such liem in n inunner ucceptable to Lender, or shall iti good faith conteat ;, i . - � ' �„_;',
<br /> � " � such lien bq, or defend enforcement of such lien in, legal proceedings wl�ich operate to prevent the enforcement of rk � ` �' �
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<br /> My ��
<br /> 0 the lien or forfeiture of the Property or any part thereof. � ' ' rt
<br /> 0 5. Flazard Insurcmce. Borrower shall keep the improvements no�r existing or hereufter erected on the Prop- � f `- `y
<br /> erty insured against loss by fire, hnzards included within the term "extended coverage", und such other haznrds as " � � s $ a r" � �
<br /> � I:erider may require and irr such amounts and for suci� periods as Lender muy require ; provided, that Lender ahall '� � -�F r ;
<br /> n notrequire that the amounb of such co�erage exceed that nmount of covera�e re�uired to pay the aums secured 'by � ' j x � n ,��
<br /> this Mortgage. , ' { ; . �' , `�. ,�a"��
<br /> The insurnnce carrier providing tl�e insurance shall be chosen by Borrower suhject to approval by Lender ; � ` _, ' �:`�
<br /> provided, that such spproval shall not be unreasonably withheld. All premiums on inaurance policies shall be paid � ' �, '� � ,tifa �r`r'�.-'�;
<br /> at Lender's option in ttie manner provided under nnragraph 2 hereof or by Borrower making payment, when due, , �� , ,� ��1�,'$;
<br /> direatly £o the insurance carrier. + k ,r,r�'�,U ,,�,�
<br /> = In the event any policy is not renewed on or before ten days of its expiration, the I.ender, to protect ` ; , � ; ; x � ;'�� �+�
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<br /> `, its interest, may procure insurance on the improvements, pay the premiums and such sum shall become � ' � e t- ,� ,a�=�
<br /> immediately due and payable with interest at the rate set forth in said note untii paid and shall be , ,�, 'a`��';�, �
<br /> secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default ` , y °. �` +�' �. ��'��
<br /> urider the tern�s of this Mortgage. , � , �" �, ` y$`'",�w�
<br /> All insurance policies and renewals thereof shall be in tonn acceptable to I.ender snd shall include a standard � 4 "-� ��,��:
<br /> T tnortgage clause in favor of and in form ucceptable to Lender. Lender shall have the right to hold the policies and ' ' ` ``
<br /> renewals thereof, and Borrower shsll promptly furnish to Lender alt rene�val notices and nll receiptssoE paid pre- � a s" � s"`5�"'�'�`i��`f°
<br /> ! miums. In the event of loss, Borrower shall give prompt notice to the insurance crirrier and Lender, and Lender ` �� ' � M ����`�*, '
<br /> may make proof of loss if not msde promptly by Borrower. � ;a��,���fz" ,
<br /> ; Unlese Lender andBonower otherwise a�ree in writing, insurunce proceeds shall be applied to reatoration .or � : � u,����:
<br /> repair of the Property damaged, provided such restoration or repair is economicalIy feasible and the security of � � �..�
<br /> this Mortgage is not thereby impaired. If such reatoration or rep3ir is not economicslly feasible or if the security , � ,, £
<br /> af. this Mortgage would be impaired, the insnrance I�roceeds shull bc applied to the sums secured by this Mortgage; , � a � .,*��,���.
<br /> with the excess, if any, paid to Borrower. If the Property is nbancloned by Borrower or if Borrower fails to xespond ti �;,` � y ,.;,,"a� ;'�
<br /> to Lender within 30 days .after notice by Lender to Borrower that the insurance carrier offers to settle a cisim for � ' � , ,,' ltar`" ,3�y�� "
<br /> ineurance benefits, Lender is suthorized to collect nnd apply the insurance proceeds at Lender's option either to- � ` ' < , '� '�'`
<br /> restoration or repair of the Property or to the sums secured 6y this Jiortgage. '�' � >f�
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<br /> IInless Lender and Bonower othenvise agree in writing, any such applicution of proceeds to principal ahall ` 3Ja s
<br /> not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change � �
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<br /> the'smount of auch instellments. . • '' , ,, , . :.,,.
<br /> ° If under paragmph 18' hereof the Property is acquired by Lender, all right, titie and interest of Borrower in � , r �� .
<br /> and.to any;insurance policies and in and to the ploceeds thereof (to the extent of the sums secured by this Mort- . 5,
<br /> gage iunmedistely prior to such sale or acquisition) resulting fro�n dainage to the Property prior to the sale or ' �
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<br /> acquisition shalI pass to Lender. . . , ; r��
<br /> 6. Preservation cmd M�maten�ce of Property: Leaseholds; Coadomiaiums. Borrower shall keep the Prop- �i ', ` '' rS
<br /> erty in. good repsir and ahai] not permit or commit wsste, impairment, or deterioration of the Property and ehall f � Kr '� �
<br /> comply with the provisions of any lease, if this ldortgoge is on s leasehold. If this Mortgage is on a condominium ` � " t :r�;
<br /> ; unit, Borrower shall perform all of Borrower's obligations under the declaration of condominium or master deed, . , � ' ;r
<br /> the by-laws and regulations of the condominium ��roject and constituent documents_ z ` { � �y ��;;
<br /> : 7. Pzotection of Lendez's Seeurity. If Borro�ver fails to perform the covenants and agreements contained in ,� 'r ; x s
<br /> a this MorGgage, or if sny sction or proceeding is commenced which materially affects I.ender's interest in the Prop- + ` y ,s;;� r„�
<br /> A er6y, including, but not limited to, eminent domain, insolvency, code enforcement, or aaangements or proceed- � ° ' "
<br /> `� ings involvings bankrupt or decedent, then Lender ut 1.ender's option, upon notice to Borrower, may make auch '' �$'�'
<br /> appeerancea, disburse aucli sums and take such action as is necessary to protect Lender's interest, including, but '
<br /> not limitied to, disbursement of reasonable attomey's fees 3nd entry upon the Property to make iepairs. Any ` � %'
<br /> � ' amounts diebursed by Lender pursuant to tliis paragraph 7, �vith interest thereon, shall become additional indebt,- '+,x "� '`'
<br /> edness of Borrower secured b this Mort a e. Unless Borro�ver and Lender a E "
<br /> Y B B gree to other terma of payment, such f � �
<br /> amounts s5all be payable upon notice from Lender to Borrower requeating papment thereof, and shall bear inter- ` r - `;
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<br /> ' eat from the date of diabursement at the rate . ststed in the Note unless paymenti of interest at such rste would be ;` �P"=
<br /> contrary to appiicable law, in which event such amounts shsll bear interest at the highest rate permissible by � ' � '=
<br /> apsplicalile ;law. Nothing containocl in this paragrapl� 7 s1�a11 re�uire Lender to incur any expense or do any act � ;,v��
<br /> • . ' lie:e�iader. ' � ` � =
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<br /> ` 8. Inspeetion. I.ender inay �nake or caur•e to he madc reasonable entries upon and inspections of the Prop- . 3a� F;; �
<br /> etty� provided 'that Lender sl�sll give Borroner notice >>rior to am• such inspection s�>ecifving reasonable cause :
<br /> t6eieforselsted to IsenBer's interest in the Property. ' ; <�
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<br /> :r:' 9.r,Condemaation. >> Tlse proceeds of any i�wani or claim for damages, direct or consequentisl, in connection �„���. ts�
<br /> with any,�oiideiiittatiion or othei taking of the Property, or part tliereof, or for conveyance in lieu of condemna-
<br /> � , . tionasre,hereby §ssigned sad shall be paid to Lender. ' -.� ,. r , . ,
<br /> In the event of a total tsking of the Property, the proceeds sl�all be . applied to the sums secured by this Mort-
<br /> gageta�y,�,Lh the excese, if aay,. paid to Borro�ver. In the event of a partisl taking of the Property, unlesa Borrower � � ; ' ��
<br /> , ah�s[t��:ot�[`erwie'e a�;ee �n �eriting; there ehall�be applied to tilie suma secured bp this Viortgage such propor- �
<br /> � ` tibh &f�e'`p ` �i&"iL,eqxaai 1;o thsb projSortion which the amount of the sums secured by this Morkgage' imme- �
<br /> '' . d�ately�paor�,o;�ad.atcap� t�skyag bears ta,. thefair, msrkeL value' o# tl3e Property immediately prior to Ehe date of ��f
<br /> " . ` �e&' S �e`�sace4o�:�iSae proc�ds paid to Borrower� �` .�
<br /> 4 '^�������F*��"�ss'baudoned by �orrower or if xftRs notice by I.ender Lo Borrower that the aondemnor offers �' " N w; ,
<br /> to:.msiae°�u.�w*�d`�r aettle-a'claiap ib�^ 8amage's",' 8orrower tails`to respond Lo Lender within 30 days o[ the date
<br /> o� '�t�s a o�ace, L e�c der �e*s t�o r i z e d' t o Go llect�,an d<app ty the proceeds at Lender's option either to reatoration or
<br /> repaucyo#'#,hePmp�rL}^ or.�a;�e sums secured Fsji:Litis �ior�gage. . ,
<br /> .� : �[Tn1es� Lmdai�Nand Bos'rower vtherivise 'sgree, ia writing, any auch application of proceeda to principal shsll �
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