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<br />If under paragraph 1$ hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br />shall apply, na later than immediately prior to the satr of thB Prapert} or its acquisition by Lender, cw;r Fuud>;
<br />held lty Lender af. the time of application as to credit against the earns secured by this .Mortgage.
<br />3. Application of Payments. Ilnle`s applicabh~ lat+ ]rrovides othprwis~, all payurents received by Lender
<br />under the 2tiofe and paragraphs 1 and 2 hereof shall he ap}rliEkl by Lender first in payment. of amounts payable to
<br />Lender by Borrower undcu• paragraph 2 hereof, then fo interest payable on the i~otc and on Future Advances, if
<br />- any, .and th€n to the fuiaeipal of UITe Note and to the principal of Future Advances, 3f any.
<br />9. Ghargas: Liens, Boirowar shall pay-all."taxes, a_~sessttrcnts and afher charges, fines and impositions attrib-
<br />utable to the Property ~vhieh may attain a priority aver #his it3ortgage, and ground rents, if any, at Lender's
<br />option in the manner provided-under paragraph 2 heseaf ar by Borrower making payment, when duo,. directly to
<br />the payee iaa;~of. r>orim~oe c~rali prot:~7rtrv furnish to ;ender alt noiiees of amounts due under tnis paragraph,
<br />and in the event Borrower shall make payment directly, $orrotver shall promptly furnish to Lender receipts evi-
<br />denci a-such par€TSen#r.-Borrower shall proxnl?£ly disclrsrge any lien which has priority- ever this ~fortgsge; i?~-
<br />~ vded, that Borrower shall- not Ile required tit- discharge anti. surEi lien sa }ong as Borrower shall agree. in variting to,
<br />~ the payment of th4 oblig$tian secured bysuclr lien in ,i "manner acceptatle to Lender, or shall iu good faith contest
<br />~ such lien by, or defend enforcement of such lion in,-legal proceedings which operate to prevent the enforcement of
<br />Gti': the lien or forfeiture of the Property ar airy part thereof:
<br />c:,s 5. Iidzatd Insurance. Borrower shall -keep- the improvements nocv existing or hereafter erected on the Prop-
<br />arty insured- against loss by fire, hazards included ~vitliin-the term "`eretendecl coverage", and suelt other hazards as
<br />Lender inay require and in such amounts and far sueit periods as Lender may requim; provided, that Lender shall
<br />~ not require that-the amount of such coverage exceed that amount of coverage required to pay-the sums secured'by
<br />~' thin rofartgage. - - - .
<br />The insurance Barrier providing the insurance shalt be chosen by ;3orrower subject to approval by Lender;
<br />provided, thin such approval shall not.be unreasonably rtithheld. All premiums on insurance policies shall be paid
<br />at L,ender's option in the manner provided under paragraph 2 hereof or by Borrower making payment; when due,
<br />dtreetiy to the insurance Barrier.
<br />Ir, tl:e event airy ~ficy is not reae~ved oia or before ten days of its expiration, the Lender, to protect
<br />ifs interest,- may procure insurance on the improvements, .pay the premiums and such sum shall become
<br />immediately-dub and payable with interest at the fate set forth fn said note untal gold and shall be
<br />secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br />under the terms of this Mortgage.
<br />- All insurance policies and renewals thereof shall be in form acceptable io Lender and shall include a standard
<br />tnartgage clause in favor of and in farm acceptable to Lender. Lender shall have the right to held the gatieies and
<br />renews#s thereof, and Harrower shall promptly 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 rho insurance Barrier and Lender, and Lender
<br />may make proof of loss if not made promptly ity Borrower.
<br />iTrtless Lender and Bornzwer otherwise agree in writing, in::uranBe proceeds shalt be apgiied to restoration or
<br />repair of the Property° damaged, provided such restoration or repair is Bconomieally feasible and the- security ai
<br />this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the sec...':y
<br />of this liortgsge waulsf t,o impaired, the insurance proceeds shall be applied to the sums secuTrod ity this Mortgage,
<br />with the excxss, if any, paid to Borrower. ~If the Property is abandoned Isy Harrower or if Borrower fails. to reapand
<br />to Lender within 3Ct days after notice by Lender to Horrower that ihB insurance carrier otters to settle a-claim-for
<br />i_rs~rra,-n r~wfe#_c I.rndar is airhnriza~ k lian+ ~rtj n li• fl c.~ na.i T~n,~a +'., ;ter t
<br />sY; be_____, a Bo..__ ~ .... _pp., _ to tn„_ranBe praB „s at ..r's ap.,T..n a, .,o
<br />restoration or repair ai the Properly or to the sums secured bg- this :rlartgagB.
<br />Unless Lender and Harrower otherwise agree in writing, any such application of proceeds to principal shall
<br />not *.,end or postpone the due date a€-the monthly instai'sments referred to in paragraphs i and 2 hereof or change
<br />the amount of such installments..
<br />If under paragraph 28 hereof the Property is acquired by Lender, a#i right, title and interest of Borrower in
<br />and ~ any insurance po?iBies end in and to t?:e proceeds il:ereaf +,to il:e ea~tent of the sums secured by this Mort-
<br />gage immediately prior to such sale or acgvLtition t res~ttmg tram damage to the Property prior to the sale or
<br />acquisition shall pass to Lender.
<br />6. Preservation and Mai>ce of Property: Leaseholds: Gondamiaiums. Borrower shall keep the Prop-
<br />- arty in goad repair a:r1 shall not permit ar commit. waste, impairment, ar deterioration of the Property and-shall
<br />comply with the provisions of any lease, if this liartgage is on a fessehald. If this Mortgage is on a caTtdomirtium
<br />unit, Borrower shall perform all of Borrower's obligations under the declaration of eondaminfum ar master deed,
<br />the by-laws end regulations of the eandantinium project and constituent doctunents.
<br />7. Prtftection of Leader`s Security. if Horrower faits to perform 'the covenants end agreements contained in
<br />this !Mortgage, or ii any action or proceeding is eammenoed which materially affects Lender's interest in the Prop-
<br />. arty, including, b,t not limited to, eminent domain, insaivencp, code enforcement, or arrangements ar proceed-
<br />. lugs involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, map make such
<br />appearances, disbar e such sums and lake suBl: action a.s is necessary to protect Lender's intsrest, including, but
<br />not limited ta, dixburssment of reasonable aitontey's fees end entry -upon the Property to make repairs. Any
<br />amounts disbursed by Lender pursuant to this paragraph 7; with interest thereon, shall become additianaI indebt-
<br />educes of 'Harrower seBUrecl by this Mortgage. Urn?ass Harrower and Lender agree to other terms o€ payment, such
<br />amounts shall be payable upon notice front Lender to Harrower requesting payment thereof, and shall hear inter-
<br />oat from ll+x datr. of dtshussenzent at the rata, stated m ihB date artless payment of interest at such -rats waalsl-be
<br />contrary to applicable law, in which event such amounts shall bear interest at the highest rate pormissible by
<br />apglir-able lave. ~stthing een_tainad in tlsis paragrap!a i she?! inquire Lender to incur any expense or do anp act- - -
<br />hereunder.
<br />(3. Vii. 'Lender may. tn€ake ar caTiQe to 1tB made reassanable entrres upon and inspections of the Prop-
<br />errkpp~ pras7ded that Lender shalt give Borrower notice prior to env such inspeetitin i<peBifyittg i~issonahIe cstvye
<br />th~far relet€~ t<t Lender'ssnter::strn t4Te Property.
<br />S:. -* The pYOceeds of any award ar claim for damages, direct or censequentisl,in conneciinn
<br />w;s~ p eartd~rrrir`tiun or;ot~er $eking of the Property. or-Wart thereat, ar far eeinveyance' in-.lieu of condemns-'
<br />ti6T1, a~ ltersltp a9signed-and shall be peril to 7.,ender,.
<br />In the went of a total taking of the Property, the proceeds elicit 1?e applied to the-sums secured by this Mort-'
<br />gage, ;,,t;, ate e~-~ , if any, paid to ~arran•er, In the went at a:partial txtking of the Property, unl'$orT~er' "
<br />sn:: LeTxler otherni.P xgree in »Pitiitg, them ehail 6B applied to"--the attrkTB seBuretl by this hfoi'tgage such.-prop~r-
<br />i lion cf the prxeaxis as is er{aal let t#iat prnpartiact which the smotint oF`€fie suuig seemed by.this M'ctrtgsge imme- _
<br />diately prier to the date of taiciag hears to'alie fair nTarket value ni the Pir~perty immedia+.ely-prior is the date of
<br />baking; mtir the he?anc~. of thc~F~s d ~ BarxrTwer.
<br />I€ the Feoperk.y is aeaerdor~~ by Borrotveror if;after rmtiee sir- Lancer tcr=Ho.°rower that the eondetnuur offers
<br />eti niakc au aayard or settta a Bzaini fardannges, Bgrranrer:fails to respond tat Lender ctrirhiu 3p days of the date
<br />of such nof.iee, Lender is authiiritted tat etsflect atxt tl3t tttn ,rruceeiis at- Lender'. option either to restoration or
<br />x~pair o: the.Propert}= ttr to the scans geonre€l-by this ~lai°#ge_
<br />+3nless I,endcr and Borrower otherwise agree in ivriting; any ouch application of ptr,Beeds to prineipai shall
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