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1f under paragraph lie hereot the Property is gold or she t'ropcrt :• is othcn~~isr acquired by Lander. Lender
<br />shall apply, no later than immediately prior to th+_~ slc ui the 1'ropcrt}~ or its ucyui~itiore 6y Lcndcs. sm~ Pund:~
<br />leeld by Lender at tl)e tune. of application as a credit a;;ain~t the aunts ~ccurvd !rv rhis~ \~larr„;arr•.
<br />3. Application of Payments. Tlnless applirablr law lu~avides otherwi~a, all I)aynuazels roceived by Lender
<br />under the :tiota anci paragt~~phs 1 and 2 hereof shall hu applied h}• Lander first in paymer}t of amounts 1)ayable to
<br />Lender by BOPCOW£F under paragraph `l Icercof, t-heu ro interest- pazyablc on The, itiote and an I'utwc elrlvanees, if
<br />any, and then to the principal of the iv~ote and to the princil'rt! of Future Advances, if any.
<br />~„ 9. Charges; Liens. Borrower shad. pa}• al! taxes, acscssruents and other charges, fines and impositions attrib-
<br />utable to the Property which may attain a priority ever tl+is _vtortgage; and ground rents, if any, at. Lender's
<br />-~ option in the manner provided antler paragraph 2 hereof or ()}• Harrower making payment; when due, directly to
<br />the payee-ther~o£. Borrower shalt promptly farnisE) t-0 bender ail notices of amotuas due tinder this paragraph,
<br />grid in the event Borrower €hatl make payment ciirectiy, Ba•rower shad promptly furnish to Lender receipts evi-
<br />dencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; pro-
<br />w vided, that Harrower shall not be squired to discharge any such Lien so long as Borrower shad agree ir. writing to
<br />(~ the payment of the obligation secured by such lien in a manner acceptable to Lender, ar shall hi good faith contest
<br />~„ suoh lion by, or defend enfnrcemert of such lien in, Icgal proceedings which operate io prevent "the enforcement of
<br />I'' the lien or forfeiture of the Praperty or any part thereof.
<br />5. ~Iazrud Irssuronce. Borrower shall keep tine improvements oozy existing or 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 suet: amounts and for such periods as I:ender may require,; 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 />this Mortgage.
<br />The insurance carrier providing it)e insurauce shall be chosen by Borrower subject to approval by Lender;
<br />provided, That such approval shall not be unreasonably withlteid. All premiums on insurance policies shall be paid
<br />at Lender's optiou in the manner provided under 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 an or before ten days of its expiration, the Lender, to protect
<br />its interest, may procure insurance nn 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 />secured by this Mortgage. Failure by Borrower to comply may, at option of bender, constitute a default
<br />under the terms of this Mortgage.
<br />AlI insurance policies and renewals thereof shall be in Toren acceptable to Lender and shall include a standard
<br />mortgage clause in favor of and in form acceptable to Lender. Lender shah hate the right Co bald the. policies and
<br />renewals thereof, and Barrawer• shall promptly furnish to Lender alt renewal notices and sli receiptsc, of paid pfe-
<br />rniums. In the event of loss, Borrower shall give promut notice to the insurance carrier and Lender, and Lender
<br />may make proof of Loss if not made promptly i~}- Borrower.
<br />Iinless Lender and Borrower otherevise agree in writing, insurance proceeds shall bn applied to reef-0ration or
<br />repair of The Property damaged, provided such restoration or repair is ecomm~ically feasible and the security of
<br />this Mortgage is not thereby impaired. If such restoration or ret:air is not econamieall}- feasible ar if the security
<br />of this Mortgmge would be impaired, the insurance proceeds shall be al>z~lied to the stuns secured by this i4tortgage,
<br />with the excess, if any, paid to Borratver. ~f the Praperty is abandoned by Borrower or if Barrawer fails. to respond
<br />io Lender with`sn 3C3 days after notice by Lender to Borm:ver that the insurance carrier offers to settle a claim far
<br />insurance benefits, Lender is authorised to called and apply tt;e insurance pra•eeds at Lender's option either tE
<br />,~stnra repair ar tl:e Praperty ar o tn~ aulns see -G, by the= 13ar`oga~e.
<br />Unless Lender and Borrower otherwise agree in writing, stay such applicatior; of proceeds to principal shall
<br />oat extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof ar change
<br />the amount of such installments.
<br />If under paragraph tS hereof the Praperty is acquired by Lender, all right, title and interest of Harrower in
<br />and to any insurance policies and in and to the prn,^eeds thereof tta the extent of the sums secured be this :`viort-
<br />gage immediately prior to such sale yr acquisitioni resuttine from damage to the Properuv prior to the sale or
<br />requisition shall pass to Lander.
<br />B. Preservation sad I`wIaiaienance of Property: Leaseholds; Condominiums. Borrower shall keep the Prop-
<br />erty in good repair and _chatl not permit or commit waste, impairment; nr deterioration of the Property and shall
<br />comply with the provisions of any lease, if this Mortgage is ono Leasehold. If this llartgage is on a condominium
<br />unit, Borrower shall perform a!3 of Borrower"s obligations under the declaration of condominium ar master deed,
<br />the by-laws and regulations of the condominiun: project and constituent. documents.
<br />7. Protection of Lendei s Security. If Borrc•.ver fails to perform the covenants and agreements contained in
<br />this Mortgage, or if any action or proceeding is commenced which material}y affects Lender ~ interest in the Prop-
<br />erty, including, but not limited ta, eminent domaiu. insolvency, code ensoreeu:ant, or arrangements or proceed-
<br />ings involFZng a bankrupt or decedent, then Lender rt i.encier's opt.ian, upon entice to Borrower, may make such
<br />appearances, disburse such sums and take sucle action as is aecessar}• to protect. Lender's interest, including, but
<br />oat limited tq disbursement of reasonable attorney= fees and entry upon the Property to make repairs. Any
<br />amounts disbursed be bender ptnsusnt io this paragraph 7, with interest thereon, shall become additional indebt-
<br />edness of Borrower secured by this ltnrtgage. ITnless Barrawer and Lender agree to other te.-ms of payment, such
<br />amounts shall be payable upon notice from Lender to Borrower request%ng payment thereof, and shalt hear inter-
<br />est #rom the date of disbursement at the rate stated in the irate unless payment of interest at suoh rate would be
<br />contrary to applicable laa•, in which event such amounts shall bear interest at the highest rate permissible by
<br />applicable law. itiotiring contained in this paragraph 7 shall require Lender to incur any expense or do any set
<br />hereunder.
<br />8. Inspection. Lender may n;ake or cause to t>n made reasonable entries upon and inspections of the Prop-
<br />erty, provided that Lender shalt dive Borrower notice Inior to rnr such inspection specifying reasonable cause
<br />therefor related to Lender's interest in the Property.
<br />S'. `...K.',.a....-auvs.. The pr;zoreds ai any award or claim for damages, direct or consequential, in conneeiion
<br />with any condemnation or other taking of the Property, or part thereof, ar for eonveyanre in lieu of condemna-
<br />tion, are hereby assigned and shall be paid to Lender.
<br />In the event of a total taking of tfre Property, the proceeds shall be applied fa the sums secured b}• this ;Mort-
<br />: -gage, with the excess, if any, paid to Borrower. In the event of a,partisl taking of the Property, unless Borrower
<br />and mender otherwise iigree in writitzg, there shag be applied to the soma secured by this :lfortgage such propor-
<br />thin of the proceeds as is equal to that pr+3partion which the amount of the sums secured by this ;tfortgage imme-
<br />diately prior to the date of. robing bears to the fair znsrket value of the Property immediately prior to the date of
<br />taking, withthe balance of the proceeds jraid to Borrower.
<br />I# the L'r••sip3t~y is abandoned by Borrower artf after uotiee by Lender to Borrower that the condemnor offers
<br />to mako au aittaYrl ar settle a claim #or damages; Botraa•er fails to respond- to Leader within 30 days of the date
<br />a# sunk not'tee, Lender is authorised.'to collect snd-.apply the }iroe~eds-at Lender's-option either fo restoration or
<br />repair of the Praperty ar to the sums seeurcd'by-this Mortgage.
<br />Unless Lender.-and Borrower oihertvise agree in ivriting, any such application of proceeds to principal shall
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