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If under Itaragraplt Ili hereof the: Property is sold or the Property is otherwise acquired by ].ender, bender
<br />shall apply, ns later than immediatEL prior to the sale of the Prapeety ar its acquisition by Tender. any T'unds
<br />held by Lender at the time of apl>iication as a credit against the sums secured by this 1+Iortgage.
<br />~. Application of Paymeats, Unless appllrable latr prnridcs athersvise, all payments receiveii by Lender
<br />under the :Vote and paragraphs I and 2 hereof sl~rtll he applial b} bender first, in payment of amounts payable to
<br />Lendt:r by Harrower unclir paragrapIi 2 her<af, then tc interest-payablt: bn the \Tote ni an• Future Advan~•es,,if
<br />any, and Then [o the prisicipsl of the -Moto and io rite principal of Future Advances, if any.
<br />4, ~~aarges; Litns.. Eorrd~er-shltil pay G!i ta+ces, asses.znents and other charges,-fines and impositia~ attsil~-
<br />atable to the-Property which-may attain a gziority aver this Mortgage, and ground rents; if-any, at Lender's
<br />option in the manner prarided under Ixaragraph 4 hereof or by Borrower taiakinR payment. ,Ykien due, lir2etly to
<br />the payee thereof. Borratver shall promptly furnis}s to ];ender alt notices of amatmts due under this paragraph,
<br />i~ and in the event Fsorrovrer shall make payment-dir8ctly, Borrower shall promptly furrislt to Londe receipts evi-
<br />Z°~ deneing such-payments. Borrower snail promlitty discharge-any lien nhicti has prior`ty aver this Mortgage; pro- r
<br />vidscl, €hat.$orr•ower shall xtot be required to discharge any such lien sa long as Borrowers}Salt agree in writing to
<br />the r~agmeat oi' the obiigatian secured by snc}t lien in a manner acceptable to Lender, or shall in -good faith v'4ntest
<br />~ such flee by, or defend en#areement of-such lien in, legal proceedings which operate to prevent the enforcement of
<br />the Tien or fcsrfeiture of the Pmperty or any part thereof..
<br />S, Itfaaered dt3suraace. Bartower shall keep rite impraretnents nosy existing ar neresfter erected an the Fmp-
<br />~- erty.iztsured against Ioss by fire, hazards inehzded within the term "extended coverage", and such other hazards as
<br />Lendermay require and in such amounts and for sitc6 periods as bender mai° require; provided, that Lender shat]
<br />~- not rp~ui~ that the amount of such coverage exceed that arnoeznt of coverage required to pay the sums secured'by
<br />this ~foztgage. _
<br />T#ze insurance carrier providing rite insurance shall be c'stosen h•;• Borrower subjec± to anprorat 6y Lender;
<br />provided, that such approval shall not be unreasonably withheld. Ali premiums an insurance policies shall he paid
<br />at Lender's option in the manner provided under paragraph 2 hereof ar by Harrower making gayment,.when due, -
<br />direetiy to-the insurance carrier.
<br />Tn the event r~ny policy is not renewed an oz before ten days of its expira#~on, the Lender, t~ protect =
<br />its interest, may procure insurance on the improvements, pay the premiums and such sum shalt becorrze
<br />immediately due and payable with interest at the rate set Earth is said note urztii paid and- slza}t be
<br />seaared isy this lbiortgage. Ft?ilure by Bormwer to comply may, at option of Lender, constitute a default
<br />under the terms of this. IVtortgage.
<br />All insurance policies and renewals thereof shall he in form acceptable to Lender acrd shall include a standard s
<br />mortgage e[ause in favor of and in form acceptable to Lender. Under sttai7 have the right to hold the policies and -
<br />renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts. of-paid pre- _
<br />tniuzr~. I, fife @veut of lass, Borrower shah give prompt native to fife insurance carrier and Lender, and Lender _
<br />map make proof of loss if oat made pmmptdy by Borrower.
<br />tTnleas Lender and $orrower otherwise agree in tvriting, insurance proceeds shall be applied to restoration or
<br />regaii• af`the Property damaged, provided such :ez-t-0ration or repair is oconanticaiiy- feasibts and the security of ¢'
<br />thw ~Iartgage is oat thereby impaired. If such restoration or repair is trot ecoz:omica[ly feasible or if tine security
<br />of rhea :~Iartgsga would be impaired, the ialsnrance proceeds shall lxr applied to the sums scoured by this I4Sortgage,
<br />whiz the excess, if any, paid toBorrower. If the Property is abandoned by Barmwer or if Borrower fails tts reap~id
<br />to Lendet within 3f! days after. notice by Lender to $orrow•er that the insurance carrier offers 8o settle a etaim far =
<br />insurance benefi€s, Lender is authorized to collect and apple €he insurance prac*_•eds at Lender's aptaca eit3zer to _ h'
<br />restoration ar repair of the Property or to the sums seau,-ed by this \IOrtgage.
<br />Z;Inle~ Lender and Borrower ~thersvise ogres; in writing, any such apgtication of proceeds to principal shaft t-
<br />oat extend ar gastgane the due date of the mantTzly iztstallntent;: referred tv in paragraphs 1 and ~ hereof or chase
<br />the amount of such installmen~_ =°
<br />~;
<br />If under paragraph >.~ hereof the Property is aegtnred by Lender, ail right, tide and interest of 3orroeter iiz -
<br />and tcs any insurance policies$nd in and to the prace~ls thereof t_to the ex*exit of the sums secured- by tl;`Le ;fart- _
<br />gage immediately prior to such sale ar acquisition] resulting from damage to the Property prior Gz the sale or
<br />a~uisitit u shsld pass's a Leader.
<br />S. Prtaservaticn ~xd Mauat~msca of 1?rogsazlg: f,ecseholda, Ce~dotrtissivazs. Borrower shall keep the Frap-
<br />- arty in good repair and shall not aernzit ar commit waste; impaizr:ent, ar deterioration of the Pmperty and snail.
<br />comply with the grovisians of any lease, if this Mortgage is on a leasehold. If this itiortgage is on a eondaminitmz
<br />unit, Borrower shall per#orm all of Barmwer's obligations under the dsclaraiion of condominium ar mas`oer-deed,
<br />the by-laws wed reg=tlattons of € he condoazntum pro}Get ar:d cans€ttucnt documents.
<br />?> FratsaYlGa of Ieascder`s 2'sscurty. If Harrower fails to perfarnz the cavensnts and agreements contained in
<br />this ]fort, or if any action ar groeeed1ng a cozztrtzeneed which materially affects Lender's interest in-the Prop-
<br />erty, including, brit oat limited to, eminent domain, insolvency, code enforcement, er azxangernents ar proceed-
<br />ings involving a baztil-rapt or decedent, th¢n Lander at Lender's option, upon notice to Bormwer, inay make s?ich
<br />appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but
<br />nttt-li.~nited to-; disbursetzzeut;af reasoztab}e ~ttarney`s -fees and enter upon the Pmperty to make repairs; Any
<br />amounts disbursed by Lghder pwsuant. to f his paragraph s ,with interest thereon, shall becaaze-adsiitie~l' i~ebt-
<br />edness,of Bozmwez secured •liy this Mortgage. Unless Borrower and Lender agree to odter terms of gaeisritr such
<br />- amauat~s:shall tze_payable:izpon notice Irons Lender to Borrower requesting payment thereof, and shall-best inter-
<br />- ant Iron? the date`pf disbtirsement_at the rate stated in the ;gate. unless-payment of.inter~st at such rate w~ be
<br />cantrary.ao apptieable Iai+r;_in which event such amoittits.shatl bear interest at the highest rate permi~ibie 6y
<br />agpitcable law. \ otlting caotsiued in this paragraph 7 shall require Lender to incur any ~€gense; or da any act
<br />hereundrs.
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<br />8. Inapectieh. ].ender may -make ar cat>ar-ta be made reasonable entric ; u}iou'and inspeM.ions of the Pmp-
<br />eriy, provided thsi I.en3er shalt teiVe Boars~rgr notice l*rior to =any such inspection- sp~ifyigg tessonable cause
<br />_ fliPtvfnr ratnt.?r'.:!n T a -'~ jn4 ~ '..tk°~x?ra~rty- - ..
<br />8. Caztdasnnntzoa. The proceeds of any award ar claim for .tal'tnges, direct ar .cozzsequt;iztiai, in connection
<br />t~ -tix• , -2r ,_;~af,r~ ~,- n ;e: ,.xki~ 4 eTf t}tr ?rnn~rEr,.a ,z_n ii,een.~r nr f _ intntrnr~ea t„n::iia,~ n_t' rn~dmm~a- -
<br />floe, are hereby assigtrrd and sisli be l,nid to Lc~etrler.
<br />Ii7tha cveut of a tassel taking of the I'ropert,y, fife i~,roreec?a sitali be applied to the Rums-secured by this ;4fart-
<br />r~, ti~tt ' -- ,f says I;3id to i3arrorver. in i:he ec-ent of a I;artiz,i taking of the r~rupee•ty; unless forrower
<br />and Lender otherwise agree ;r. writi*tg, there'shall be app;ied t9 tls~ sums secured be this ;~1ut'tgage-such proper-
<br />6ioA of the pniceads as'is equatto that praportian which fhc amount of the sums scrot:red by this i~fortgage intrne- _ _
<br />diately prior to the dale of takinghears to the fair tuari:eGtialu? of flee Pralterty imnzediatety prior to the de#e of
<br />tasiag, with the t?alance of the j~rrar_rotls paid to Bo=•!•er-er.
<br />If the "rat~tg iF,~banecned h}-Sarrma=er er if efternotice by I;ender to Borrower that-th'e _COndsnttfor offers
<br />ta,make an aa~aXd'orsettie s claim fcrdantagas, Borrower faits to :~spand u> Lender. Within"34 days of"the date
<br />of suvh natt'e, bender is authorised to voile^i: aS:d-apply the pracEeds at:t~euder's ription wither to restoration or
<br />repair of tLe I'roparty or tc the sums seaurc-d.ksy this :tlcrtgage.
<br />IIxiless Lender azSd $orrawer nthersvisir: agree in writing, any such apgiiaattan of proceeds to principal shall
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