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<br /> If under paragraph 7$ hereof the };roperty is sa&i ar lire t'mperty is otherwise aeyuired 6y Lender, Tinder
<br /> chat! apply, no later than immediately prior to the sslr_ of fire Yropcrty or its acquisition by Lender, any l+'unds
<br /> held by Lender at the lime of application as a credit, against the sum..:>ecured by ibis M1lortgage.
<br /> 3. Application of Payments. Unless applicable inw pi•avides atlrerwise, all payanents received by Lender
<br /> under file-Note and paragraphs -1 end 2 Hereof shelf-.tie applied JFk' Vender first in payment of amounts payable to
<br /> Lender by Borrower w2der paragraph 2 hereof, tl}t;n to interest payable on tits 'Vote-and an Future Advances, if
<br /> any, and then to the piincipal. of tixe iVot;: and to tile„ 3rineipal of Future Advances, if any.
<br /> 4. Cbdrges:-Lams. Borrawer.slislTpag aiI taxes, tissessnaents and other taharges, fines and impositions attrib-
<br /> utabl;; to the Fra~sert5 which may a4,tain a priar7ty river shin Mortgage; and grpwid rents; 1£ any, at Lender's
<br /> option in the tnannfr{rravided lender laragraph 2 hereafter by'Borrower making naynient, when due, ds'2•ertly to
<br /> tits psayee thereof. Harrower shall pramji#ly €urnislr to I.eniler alI notices of amounts due under tills paragraph,
<br />t~ anti in the event Borrower shall make payiirent directly, Harrower shall promptly furnish to Candor recei:its evi-
<br />C$? denting such gaymemts. Borrower shall promjtly.discharge any lien which has priority over this Mortgage; gro-
<br />(3"m vtded, tiler Borrower shall nat#te iequirect tosliseharge any suelr hen ao-lung ss llaizower-shall agree zu wntmg to
<br />'~. LIt4 payment of the abligat24n secured by-such hen in a ina_nner aeceptatrte to Lender, ar shall in goad f$ith-ea2tte$t
<br />~; sash lien try, or defend enforeer22ent oi'stsch-lien in; legal proceedings :which operate to prevent- the enforcement of
<br />;~ the lien or forfeiture of the Property or any part tlrereaf:
<br /> !a" >'€azdrd tiisurimaee. $arrawer shall keep fire imprnvements raw existing ar hereafter eructed on the Frog-
<br />b
<br />"
<br />"
<br />~ arty insured against toss
<br />y fire, hazards included within the tams
<br />extended coverage
<br />, and sash other hazards as
<br />-
<br />n Lender may ret3uire and in s2ich amounts and
<br />for such periods as Lender may requim; provided, that Lender sha~li
<br />
<br />~ not'retjuire that the amount of such coverage exceed t}aat amount of coverage required to pay the- sums seeured'by
<br />" this Mortgage.
<br /> -The insurance carrier providing lire insurance shalt be chosen by Borrower subject to approval by Lender;
<br /> provided, tiler such approval shall not be unreasonably withheld. All premiums on insurance policies shall 6e paid
<br /> at Lender's option in the manner provided under paragiapir 2 Hereof nr by Borrower making payment, when due,
<br /> directly to the insurance t:arrier.
<br /> In the event any policy is cot renewed ott or before -ten days of its expiration, the Lender; ~ protect
<br /> its interest, may procure insurance on the improvements, pay the premiums and such sum shall bet:ome
<br /> immediately due and payable with interest at the rate set forth- in said note unfit paid and -shall be
<br /> secured by this Rfortgage. Failure by Borrower to comply may, at option of Loader, constitute- a default .
<br /> under the terms of this Mortgage.
<br /> All ir+suranee galicies and renewals thereof shall be in form acceptable to Lender and shall include a standaid
<br /> rnrrtgage aiause in favor of end in form acceptable to Lender. Lender shall have 'the right to 'riotd tli+~ pulse-'ies and
<br /> renewals thereof, aml Borrower shall promptly famish io Lender all renewal notices and atT_reaeipis of paid pre-
<br /> miums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender, and. Lender '
<br /> may male proof of lass if not made promptly by $orrower.
<br /> Unless Lender cad Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration ar
<br /> repair of the Property damaged, provided such restoration ar repair is economically feasible. and the security of 'j
<br /> this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if -the security
<br /> of this lt3tntgage would be impaired, the insurance proceeds shall be applied to the sums secured hg tills Mortgage;
<br /> with the excess, if any, paid to Borrower. If the Froperty is abandoned by Borrower or if $orrawer fails to r.,~.r:~nd
<br /> to Lender within 3El ri.,,, after natsee by Lender to Harrower ti~at the insurance-carrier Offers to settle a claim for
<br /> .insurance benefits; Tinder is authorized ta-collect and apply rile insurance proceeds at Lenders aptson either to,
<br />-
<br />-
<br /> r[slnrawf.t'nn nr repair of tFjg Fra nrf
<br />ar ta.the cttmq SeG1'ed by th,g dart - - - ~ -
<br />p---y - gage.
<br /> Unless T.,ender and Borrower ott;ercvise agree in writing, any such .application of proceeds to principal obeli
<br /> oat extend ar postpone the due date of the mairthly installments referred to in paragraphs 1-and 2 heiirof or change
<br /> rile amount of such installmetts.
<br /> if under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Barrasver in
<br /> and tv any insurance-policies and in and to the proceeds tlremof (to the extent of file sums secured by'this Mort-
<br />. unmediately prior to such sale or acquisstiani resulting from damage to the Property prior to the sale or
<br /> acquisition. shall pass to Lender. ;
<br /> 6. Prrvatiseri red ~faiateascmce of Property: Lease&olds: Caadomiaiums. Borrower shall keep the Prng-
<br /> erty in good repair and shall oat permit nr cainruit waste, impsirmpnt, or deterioration of the Property- and shall
<br /> comply with the provisions of any 2~sse, if this \faztgage is on a leasehold. If this ;Mortgage is on a ctmdoniiniuni
<br /> unit, Borrower shall perform all of Borrower's obligations under the declaration of condominium or master deed,
<br /> the by~daws and regulations of the condominium project and constituent documents.
<br /> y. Praieeticm ~ 3 eader`a Sgcuziiy: I# Borrower fails to perform the eovenaniY, and agreements eoritsin~ itr
<br /> this Mortgage, ar if any action ar proceeding is commenced which materially affects Lender's interest in rile Frog-
<br /> arty, including, but not limited to, eminent domain, insolvency, Bode enforcement, as arrangements ar proceed>
<br /> lags involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may -make such
<br /> appearances, disburse such sums and take such action as is necessary to protect Leader's interest, including, but
<br /> not< limited to, disbu2semenG of reaaonabie attorney's fees and entry upon th8 Property LQ make repairs: Any s
<br /> ansaunia dicpursed try L-ender pursuant to this paragraph. ?, with interec-t tlrerean, shatT become additianaT indebtr
<br /> ednese of Borrower secured by-this ,Mortgage. TSnless Barrtiwer and. Lender agree to ether terns- of payment, such.
<br /> amounts shall be payable -upon notice. from Lender to Tarrower requesting payment
<br />Llaereof
<br />silcl shall -bear inter- f
<br /> .
<br />,
<br />eat from the date of disbtu•sement at the rate stated. in the 1Vote unless payment of interest at such rate. would be €
<br /> C~trary tai applicable law; in -which event such amaunis shall bear interest at -the highest role permissible by l
<br /> applicable law.-Nothing contained in this paragraph 7 shall mtluire Lender ttt:irieur any expen~ gi da any sCt
<br /> hereunder i
<br /> &. lea. Lender may make or cause to lie: inadc reasonalble entr.es upon and trzsnections of the Trap-
<br /> arty: grnvided -that Lender shall give Horrtrmer notice prior to env ouch"inspection specifying reasonable eaiise
<br /> there¢or relai~ti to r~ende>`'s iateresi in tbs. Property. _
<br /> 9: xienation. The proceeds of-env award or claim flat daxtx; darCet.or aons~uent;nl, in rntie~t, !
<br /> with a~~.a:ondamnation or outer .taking tt,€,the Ffxigerty, or tart-thereof, or for eoitveyanee in lieu of candeinna- i
<br /> _ n, xtw ha*eby kit .,.~ sad shall be.pa?~to-3,esider.
<br /> In the event of s fetal taking of-the I'raperty
<br />the proeeetisslialt ire applied to the sums secured by this Mort- s;
<br /> ,
<br />pope, :with iha cxce~s, if any, paid to Borrower. In the rveiitvf a partial talsin~ of t.lie L'tolserty, unless Harrower
<br /> xn~l Ts!nr}pr ntha _ _~.~ r -rit;;,g. tkn, y,st...lf ~ sF,~Fie~ c t~,~_si....o .~'u~' by tl:is.;f~-tgaga such p-opor-
<br />^
<br /> lion of the proceeds as
<br />is egos! tathat proportion which. the amount of the sums secured by this Mortgage imme- z
<br /> disteiy grioz to the date of taking bears to rite fair market value of t!it~ Pmperty.iinmediateiy;-prior to the da#e of
<br /> taking, with ihc+ balaracri of the. pnrceeds paid ttr Borrower.
<br /> f ;Ire Pmperty ie abandoned by Borrower or if .:liter notice ley Lender to Bot2~a~er drat'-the condemnor aHers
<br /> W make air award or settle a ~Itsim far datuages,'liarrawer fails to respond to Lender vRithin 3U days of the date:-
<br />-. of suelr notice, TReder is atrtihorixed to collect and u~rh• t.lce i>roceeds-at Leirder'a aptiart either to restoration or
<br /> repair of the Propertyar tm the stuns aeeured by tltis_:tlo~rtgage:
<br /> Unless Lender and T3an•awer aihert.ise_agrae in-~rriting, any such. applicatimi of proceeds to principal shall
<br /> ,
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