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<br />If under paragraph 18 hereof the Property is sold or the Propert} is ot.herw ise acquired by Lender. Lender
<br />,hall apply, no later than immediate }} prior to the safe of the Property or it.s acquisition by Lender, any Funds
<br />held by Lender at the time of application as it credit against the Beaus secured by this Mortgage.
<br />3. Application of P
<br />e ayments. Unless applicable lace provides otherwise, all payments received by Lender
<br />under the Note and paragraphs I and 2 hereof shall be apl,lied by Lender first. in payment of amounts payable to
<br />Lender by Borrower under paragraph '2 hereof, then to interest payable ma tilt Note and on Future Advances, if
<br />any, and then to the principal of the Note and to the principal of Future Advances, if any.
<br />4. Charges; Liens, Borrower shall paw all taxes. and other charges, fines and impositions attrib-
<br />' utable to the Property which may attain a priority over this Mortgage, and ground rents, if any, at Lender's
<br />t
<br />Option a the roof. B provided model paragraph 2 hereof or by Borrower making payment, when due, directly to
<br />the payee thereof. Borrower .shall promptly furnish to Lender all notices of amounts nett under due
<br />and in the event forrower shall make payment directly, Borrower shall Promptly furnish to I:ender receipts evi-
<br />parsgraph,
<br />dencing such payments. Borrower shall promptly discharge any lien which has priori v over this Mortgage; pro-
<br />vided, that Borrower shall not ec required to discharge ant such lien so long as Borrower shall agree in writing to
<br />the payment of the obligation securer by such lien in a mantel acceptable to Lender, or shall shall good in
<br />contest
<br />such lien by, or defend enforcement of .nth lieu m, legal proceeding `rl;ic!: operate to lurvernt the enforcement of
<br />the lien or forfeiture of the Property or ally part I hereof.
<br />5. Hazard Insurance, Borrower shall keep the inmrovernents nor existing o• 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 as Lender nosy require; provided, that Lender shall
<br />not require that the amount of such coverage exceed that amount. of eoverage required to pay the sums secured -by
<br />This Mortgage.
<br />The insurance carrier providing the Insurance shall be chosen by Borrower subject to approval by Lender;
<br />provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall he paid
<br />at Lenders option a the manner provided ender paragraph 2 hereof or by Borrower. making payment, when due,
<br />directly 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 />under the terms of this Mortgage. secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br />All insurance policies and renewals thereof shall he in form acceptable to Lender :and hall include a standard
<br />mortgage clause in favor of and in form acceptable to Lender. I_nder s}Ialf have the rlgiit to i:o"' the Policies and
<br />renewals thereof, and Borrower shall pronpthv furnish to Lender all renewal notices and all receipts of paid pre-
<br />miums. In the event of loss, Borrower shall give prompt notice to the uisurance carrier and Lender, and Lender
<br />may make proof of loss if not made promptly by Borrower.
<br />Unless Lander and Borrower otherwise agree in tcriting. uasmnnct' proceeds shall be ,applied to restoration or
<br />repair of the Property damaged. provided such resroratioit or repair is econonucally ieasibler and the security o[
<br />this Mortgage is not thereby impaired. If ue'h restoration or re pall, :ur is rat economically feasible d h the security
<br />Of this Mortgage would be impaired, the insurance proceeds .-hall in• apt >iieri to the Burrs secured by this Mortgage,
<br />with the excess, if any, paid to Borrower. It the Property is abandoned fay Borrower or ii Borrower tails to respond
<br />to Lender within 30 days after notice in Lender to {irrower that the insurance carrier otters to settle a claim for
<br />insurance benefits, Lender is authorized to collect and apph• the insurance proceeds it Lender's option either to
<br />restoration or repair of the Property or to the sums secured by this Mortgage,
<br />Unless Lender anti Borrower otherwise agree in :vritint •anv such applicaation of proceeds to principal shall
<br />not moue or postpone the due date of "the monthly Installments referred in in ptaragrapias i and 2 hereof or change
<br />the amount of such installments.
<br />If under paragraph 18 hereof the Propert }' is acquired by Center. ,iii right. title and interest of Borrower in
<br />and to any lately r policies and in and to the proceeds thereof Ito the extent of the sums secured by this Mort-
<br />acquisition immediately prig to such sale or act uisufon t resultin r from damn �c to the Property arior to the s
<br />acquisition shall pass to Lender. I r g
<br />6. Presery 1 ale or
<br />atioa cod Madnteaance of Property; Laoseholds; Condominiums, Borrower shall keep tire Prop-
<br />erty in good repair and shall not permit or commit waste, impairment, or deterioration of the Property and shall
<br />comply with the provisions of any lease, if this Mortgage is on a Icnsehold. If this Jlortgagt a on a condominium
<br />unit, Borrower shall perform all of Borrower's If outer t }ur declsraf th of eondonain's Oil
<br />or master deed,
<br />the by -laws and regulations of the eondorninitill) project and constituent documents.
<br />7• rtgage, or 1 Leador's Security. If Borrower fails to perform the covenants and ;agreements contained in
<br />this Mortgage, or it any action o proceeding is comn:tncc''1 which nuatenally affects Lender's interest in the Prop-
<br />erty, including, but not limited to, eminent dornain, insolvency, code enforcement, or arrangements or proceed-
<br />ings involving i bankrupt or decedent, then Lender at as Ile' option, upon notice to Borrower, may make sorb
<br />appearances, Eiishurse etch Burns and take such action :u is neressnry to protect Lender's interest, including, but
<br />not limited to, dlshurselnent of reasonable attorney', fees and entry rywn the Property to make repairs. Anv
<br />amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebt-
<br />amous s Borrower secured by this \lortgage Unless Borrower and Lender agree to other terms of payment• such
<br />amounts shall bt payable ,thorn notice front Lender to Borrower if)
<br />payment thereof. ;uui shall bear inter-
<br />aft from the date of disbar cnaent at the rate :dated in the Notc unless payment of interest at such rate would be
<br />contrary to applicable jaw, in which event such aunounts shall hear interest tit the highest rate p ate wool by
<br />Applicable law. \othwag contained
<br />hereunder. in this paragraph 7 shall require Lender to Incur any expense or tin anv tact
<br />S• Inspection- thfil Gender may nrakc or cause to he nude reasonablc otrivs upon ;uui inspection,. of tilt, Prop -
<br />erty, providers that Lender shall give Borrower not tcc prior lo anv ,ul l: m.peehran l,ec:fvinr reasonnlale vaunt
<br />therefor related to Lender'w interest. in the Property.
<br />9. Condemnation, 'Che plot
<br />Beds of any award or lams ;ot lanru en,
<br />with any condemnation or other tanking of the Propeuv, u:
<br />g direct or emIsequentlal, in connection
<br />tion, are hereby asst reel ands I'111I r he rr of ,n to a om vc:uu'e' tie hcu of voudernn:a-
<br />g hull be pair! to I r nder.
<br />In the event Elf a eotal taking of tilt. Property, till puu`ceds'h all In•
<br />gage, etath the rxae ;f any. paid lu Borrower, In thral't�lred to thr auras r•rcured Ir
<br />and Leader otbf -rwise Iagree m tvrtituat, tlrcrc slcell hr ,aeaaafuv: �a I'nru:ai talon . of rhr y than \[ort-
<br />rinn of the prvicetds ,a is err „ a 1'''ral'crt}•, unless 1ptuporr.
<br />I I hr nunw �ertu'r'd hw th:n Alorrrage ,sad: prnpur•
<br />e -teal a that proportion ,chi b tilt• amount of the_ rum. -e, tired hw rill.
<br />diateiy pt k:r to the dale tit tukutq henln to :he Inn' uuu'kct r;aluv .rt :i
<br />akiriR, with the badianee, : r lortgage arms•.
<br />�f he` ,rove •ran n' f topcst t un:nr nisi vly' prkat' to fill .:ate of
<br />If the Property I., ; h I e I,atd to 1 11J!!t I
<br />e a nrnloned by Horrowel nr Ii �: tr r
<br />ear make all nwtar 1 a r . a tth I �: r tr, liuruxte r th ar i
<br />r mina far In:nape. IGn7 u i a;, � Le r„n,ienmur diet
<br />t' sur6 tustieo ! r r de r Ix :nUhnr reed rn , rll••vt "I I I `'
<br />repair <rf flit u" I nta� ! rn, I �_ .'cal hit, '� Iht nl lot, t, .1aty
<br />l bops rti t, l' I JIIi. 'i 1111,111 I,t
<br />. er nfnal,e:ne I I e a;iea;t
<br />Ieman6tl(11 t t -nlEU .Inc ! cagn-e :u •
<br />,:UmK it iy .arc, at 1,w It ;11or„•,:. :, i'en"„t,nl ,h'ui
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