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<br /> � If, under paragraph 18 hereof the Property is sold or the Property is othenvise ncquired by I,ender, Lender
<br /> • shall apply, no ,later tlisn immediately prior to tlie salc of the Property or its ncquisition by Lender, �ny Funds ' >,`.
<br /> held by Lenderst the time of application ss a creditagainst the sums secured by this �Sortgnge, - � ? -�
<br /> � 3. Application of Payinents. '�Jnless aPP>i�ah�� 1n«' Provides othernise, all payments received by Lender 4
<br /> w � under the 1Vote and paragraplis 1 and 2 hereof ahall 1>c apF�lieci by Lender first in paymenG of amounts payable to =" ? ' �i`'
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<br /> k: I,eader, by BorroweF �ider, paragraprIi 2 liereof, then Eo interest payuble on tlie Note and on Future Advances if ' f;�'�a ' �
<br /> �3 any, and �hen to the principal of tlie iVote and Eo tlie principal of Future Advannea, if any: ' � t r ,r G� �i��9
<br /> '�- ' ��4es:�e�• $orrower shalf pay all taxes, assessments anci other 'charge§, fines and impoaitions attrib- � . , � : ° <
<br /> �' � utgble to: the Property which may attain a priorit over tl�is Mort a e und ' �`'
<br /> , Y g g , ground rents, if uny, at Lender's- t: �` ;
<br /> ,,; � :option in the manner provide�3 under para gra ph 2 hereof or l>y Borrowen making payment, when due, directly to "
<br /> �� '"'i the payee°ther+eof: Borrower ahall 'pmmptly furnish to Lender ull notices of amounts due under this # � '
<br /> `i` � and in tk�e event_Borrower shall make paymenE directly; Borrotver shull Paragraph, ,,;
<br /> � promptly furnish to Lender receipts evi- � < `�+
<br /> ��� denoing sucli payments,,Boirower shall promptly dischurge uny lien which has priority over thie D4ortgage; pro- .� t :
<br /> � vided, that Borrower ahs1l not be reguired to discharge any such lien so long as Bonower shull agree in writing to � �`'
<br /> �i the payment of the obligation secured by sueh lien in m m�nner Acceptable to Lender, or shall in good faith contest } �
<br /> ji � suoh lien ;by, or defend enforcement of such lien in, legal proceedings wl�ich operate to prevent the enForcement of ' �ry' Tt<
<br /> °�� ^ the Iiea or forfeiture of the Property or any ;�art tlrereof.
<br /> '�' �S. Hazard 7asur�ce. Borrower shalt keep tl�e improvements now- existing or hereafter ereeted on the Prop- " � , ',
<br /> }�j erty insured sgainst loss by fire, hazards included within the term "extended coverage", and such other hazards as �, ,1
<br /> . Lender"may require and in such nmounts and tor suc1� periods as Lender muy require ; provided, that Lender shail L '
<br /> not require that the amount of such coverage exceed that umount of coverage required to pay the sums secured 'by r�� s �
<br /> �� this Mortgage. < < � �+ ;
<br /> 'j The insurance currier providing tt�e insurance shall be chosen by Borrower subject to approval by Lender; r t �n�=
<br /> ;! provided,' that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be psid
<br /> ,,�, at Lender's option in the manner provided under pAragrnph 2 I�ereof or by Borrower makin a ment when dne �
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<br /> ' directly to the insurance carrier.
<br /> g P Y , , s r , xf
<br /> �� � In �the event an � � ' , , � ��
<br /> y policy is not renewed on or before ten days of its expiration, the Lender, fo protect ; ` # ' �
<br /> its interest, may procure insurance on the improvements, pay the premiums and such sum shall become " �' Y� W��
<br /> immediately due and payable with interest at the rate set forth in said note until paid and shall be � w3 ' +�.�
<br /> a�; secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default '� '"'
<br /> "; under the terms of this Mortgage. � ' * �'��+a+,;��
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<br /> ; - All insurance policies and renewals thereof shalf be in forni acceptable to Lencler and shall include a standard � * �M*4
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<br /> .�; inortgage clause in favor oF and in form ucceptsble to Lender. Lender shall have the right to l�old the policies and � . � � � �Y`��n�`�y
<br /> � renewals thereof, andBorrower shall promptly furnish to Lender all rene�val notices and all receipts of paid pre- k, ' " ` ° "�`� `��
<br /> �' miums. In the event of loss Borro�ver shall � ? '` 9""` �`��
<br /> r , give prompt notice to the insurance carrier and Lender, snd Lender � + , �
<br /> - msy make proof of loss if not made promptly by Borro�vcr. �, � �`J .s:��
<br /> � � IInless Lender and Borrower otherwise ugree in writing, insurance proceeds sholl be applied to restoration or � ' s ' ,A ' ^' ���
<br /> � repnir of' the Property damaged, provided such restoration or repnir is economically feasible and the security of � �` �� '��F �+ n
<br /> ; th�s �Iortgage is not thereby impaired_ If such restoration or repair is not economically feasible or if the security � yi r ' � "��`�
<br /> of this Mortgage would be impaired, the insµrance ��roceeds sh�ll Le app]ied to the sums secured by this Mortgage, z ° �� � } �'`�;
<br /> ' with the e�ccesa if an � y, �, � ,�� `�
<br /> ' , y,paid to Borrower. If the Yro ert is abandoned b Borrower or if Borrower fails to zes nd " � � �" '"""
<br /> � to Lender within 30 days after notice by Lender to Borrower tlint the insurnnce carrier offers to settle a claim for � ' ' > ���;#�� `'
<br /> � ineurance benefits, Lender is authorized to collect and apply the insurance proceeds nt Lender's option either to § �, , r' ,,� ';'�
<br /> F restoration or repair of the Property or to the sums secured by this \Iortgage. -
<br /> Unless Lend'er and Borrower otherwise agree in writing, anv sucl� application of proceeds to principal shall � ' ' ` ,�
<br /> not extend or postpone the due date of the monthly installments refermd to in paragraphs 1 and 2 hereof or change
<br /> the amount of such' installments.
<br /> If under paragraph 18 hereof the Property is acquired by Lender, a11 right, title and interest of Borrower in K - � �
<br /> and to any.insurance policies and in and to the proceeds thereof (to the extent of the sums secured by this Mort- 3 - ';=
<br /> gage immediately, prior to such sale or acquisition) resulting from dumage to tlie "roperty prior to the :sale or ` .i s
<br /> acqnisition shall pass to Lender: �
<br /> & Preaervation cmd Mmnten�ee of Property; Leaseholda; Condomiaiva�s. Borrower shttli keep the Prop- ' t ; s ,�
<br /> erty in good repair and shall not permit or commit �vaste, impairment, or deterioration of the Property und shall � ,,,, t -�
<br /> comply with the provisions of any lease, if this lfortgage is on u leasehold. If this Mortgage is on a condominium s � �� b;
<br /> ' uait, Borrower shall perform all of Bortower's obligations under the declaration of candominium or master deed, ; ' "��'
<br /> the by-laws and regulatibns of the condominium project ond constituent documents. i�'
<br /> 7. Proteetioa of Lender's Security. If Borrower fails to perform the covenants and agreements contained in �' ;� ~ x
<br /> ': t6is Mortgage; or if sny action or proceeding is commenced which materisIly nffects Lender's interest in the Prop- ' ?�� >:
<br /> exty, inciuding, but noti limited to, eminent domain, insoh•ency, code enforce�nent, or arrangements or proceed- '� ;� �;;
<br /> ings involVing a bankrupt or decedent, then Lender at l.ender's option, upon notice to Bonower, may make such ' � ' `x;
<br /> appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but �"
<br /> not limited .to, disbursement of . reasonable attorney's fees and entry upon the Property to make repairs, Any ;;
<br /> smounta diebursed by Lender pursuant to this paragraph 7, �vitli interest thereon, shall become udditionsl indebt- „;q
<br /> ednesa of Borrower;secured by this �fortgage. Unless Borrower and Lender agree to other terms of payment, such "'
<br /> smouats.shall be gSyabTe�pon notice from Lender to Borrower re uestin ' � '� ^ '
<br /> 4 g payment thereof, and shall bear inter- �x
<br /> est from the da� of disburs�ment at the rate stated in the Note unless payment of interest at such rate would be b
<br /> contrary to a�plicable law, in which event such amounts shall bear interest at the highest rate permiasible by V " '
<br /> applicable l�w. Piothing contained in this parugrapl� 7 shnll require Lender to incur any expense or do any act yx `� h y`
<br /> 6ereunder_ ' a .r � �,
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<br /> 8 Inbpectioa. Lender may muke or cauee to he madc reasonu6le entriea upon and inspections of the Prop- � '
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<br /> erty, provided that S.ender shall give Borrower noticc �+ria• to nny sucl� inspection specifving reasonable cause �
<br /> Elierefor reIated to Lender's iatierest in the Property. ; s:
<br /> : ' " 9 Condemaetion. ' The proeeeds ,of uny awarci or claim for damages, direct, or consequential, in connection � * ; f 'r�
<br /> ,- witii am,�, condemnatioa or, other taking of the Property, or part thereof, ar for conveyance in lieu of condemna- ` •�' � � "' `�'�=w
<br /> " tion; are he`zebp nsa'igned and shali be paid to Lender. ,,,�,�,,�,�,;i =K
<br /> k "In `the e`vent of a total taking of th'e Property, the proceeds sl�all be Applied to the sums secured by this Mort- ��
<br /> gage, wnth tl�e excese if aa �'
<br /> ' y, psid to Borroive'r.`In .the event of a partial takin� of thc ProperEy, unless Borrower � ,� ,
<br /> « ` , : a � `Btnd�Lgndee;OthflrW' r agreein; writing,;;�ere shall' be applieci to, the suma' secured by this �Iortgage such propor- � ', �'�
<br /> 7 i ° fao�� ofSEhepiroc'eeds�ss�is equ�l to that. propqrtion which tlie amount of the sums aecured by this Mortgage imme- ���'
<br /> , u t�iate.� no�r,.ta th�e ds�e.of taking beare to tfie fair'ma;ket vatue of the. Property iinmediateIy prior to the date of � "x
<br /> � ��B�,��al�i�'e'�"o��he;proaeeds�-paid�to;Borrower: �� ' �� � � � � � � � � �� � :� k
<br /> � � + �,� ��,�' �,,, ,�,� ��st�abandoned`hx Borro�ver or if after notice f�p Lender to Borrower that the eondemnor offers `�+s�;�
<br /> ' z . Lo�.�mskem wa�r} or;settle s claun foi� datnages; $orrower faila fo respond to I.ender within 30 days of the date
<br /> "` o� �oh�nqta'"`qe;'�iendei � suthorued tci� oallecE and• aply�Y t�e Pmceeds 'ut Lender's option eiti�er to rwtoration or
<br /> � reps� ofthe :PsopBrty, brtoi:he'�mgse¢uredbgtihieJiortgage. � ` �� � � � �
<br /> �t "Ull1� Lendar�and BoirowGr otheriv:se agree in ,writimg, any such application of proceeda to principal ahall
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