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<br />If wader l,aea;;rap!: IFt hert•ot ~• ~ Yrot~±e~n~ •u'ns ~. •~ !'r~i~err•, i~ uch+~n•:i-e :u~yu~n•~l Lr L•~n~i«~r. }.et;,:er
<br />,hail rpl>h, nc later rru~ imrn,~dtnts•iv° prxu t«+ tip:~ ,:sir n! tier 1'rai:«-:i.- ~a i!~ ;i,.<iur,tu,n !n }-.•rnier.:,nc 1•'!m:!.
<br />-..,#, i,ti 1 t.+ler a th«° ri:ur ni ap;~lv,r,. i.n: ~-. a ~i„ - _ , i=+• ~ w ~ ,~ t, ~' tiu. rlr ,~:r ~. .
<br />3- Application of Payrneats. Lltlr:- :i+i~lir„L<«~'.:.. {~roviac~ utt:rt~tci~-,-, ::li {r_1:nrnts , •ccir«~+i },~ l.eudcr
<br />undertfre \ote and paragraphs I an-] ~ l-er=~o~ ~i J1 !„~ nly:iie-r! be Lrnrirr In>+ i„ pa~.i rr: of eu~ioun'.~ {-~yabh~ to
<br />Lender b~- Ban'ower under paraera}~,h 2',F~rcui, tiieu tr, int~rc;.t n:rcal,f«.• or. the Aah~ nr.«': un i~utur~° :Aug:,races, it
<br />ins, and then io the principal o: the i~otc~ arr.( u, tlrz• i~rin,°ipai ni ;lnrrre :ldcuncr~s, i~ sue.
<br />d. Charges; 7aens. Barrazver sha!1 pa;; a!1 'tuxes, asse~snscnt~ anti ether chsrg«•>, !roes .end unpesitians a*_irib-
<br />`I° [he Pr~•--rt. t~hicl• to attain . };.,., +aver vl,:. 'l:; ,age guff ro:;,,~, .-rat=. ii .,nv .Lender's
<br />ap`ion in the manner }.trovided under paragraph ? 1~erecf ar i«v 33arrcnccr makir,5 pa~.tpnnt, a-hen c}ue~ciireeti}• to
<br />the }?ayee thereof. Borracver s?call pronzptiy iuatish : ~ Let;aor a!! nntic~ of amam?ts du., ttndcr ibis },aragraph,
<br />and in the event Borrower shall make parnent direcd}-. Borroter shall promptly furnish to Lender receipts evi-
<br />~ deneing such payments. Barrazver shoe. I~rompti}• dis[lrarge arty lien :chick has priori±}• over this Mortgage: pro-
<br />.~, :~°ided, that Borrower shall r;at be required to discharge aria surly lien sa larg as I3arra~~er sha!1 agree in ccriizng to
<br />~ the pa}•ment of the abligatian secured by such lien in ;: manner acceptsl>le co Leader, or _=,hall in good faith contest
<br />~, such lien b}-, or defend enforcement ai such lien ire. Iegazl proceeding, ishich operate to }u•event the enforcement- of
<br />~ the lien ar forfeiture of the Properly or any ,,art , itereot.
<br />® 5. Htuard Insurance. Borrower shall keep the rani:racenu~nts nart~ existine t'u• hereafter erected on the Prap-
<br />erty insured against lass by fire; hazards included ;vithin the term "extended caverag^". snd ouch other hazards as
<br />Lezzder rzray require and in such amouras and for such }terioci: ss I ~.ntier unto inquire: lrrociiie«}. that. Lender shall
<br />~ not rertuite that the amount of such coverage exceed that amount r t ce. erage repaired to pa}• the sums secured'h}•
<br />r., this 1lort~gage.
<br />The insurance carrier providing the insuranec shall Le Chosen fry Borraner ~ui~ect to approval b}• Lender;
<br />provided, that such approval shall par be unreasonable vithhe!d.:~l! premiums cn insurance l,trlicies shall be paid
<br />at. Lender's option. in the manner provided order paragraph 2 !:ercot or }n• Borralcer making !+avment. whet, due.
<br />directly to the insurance carrier.
<br />In the event any policy is not renewed an or before ten daps of its expiration, the Lender, to protect
<br />its interest, may procure assurance 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 Hate until paid and shall be
<br />secured by this :Mortgage. Failure by Berrower to comply may, at option of Lender, constitute a default
<br />under the terms of this '~4artgage.
<br />All insurance policies and renewals thereoY elaall i~c in iota. r_crt•ptai;{e a Lr°n.:er grad shat? inrlurle a standard
<br />wort-gage clause in favor of and in form acceptah!e to Lender. I: ender shoe have ti,e right to hold the }raiicies and
<br />renewals thereof, and Borrower shall promptly furnish to Len«ler ai! renewal noticAS and all receipts o paid pre-
<br />miums. In the event of loss, Barron-er shat: give prompt. notice to the itattrant•c carrier and Lender, snd Lender
<br />map make proof of loss ii not mach promatly by 't?orro~cer
<br />i;nless Lender and Borrower otherwise agree in noting. insuranc«s prucee<is shall be applied to restoration or
<br />repair of the Prapcrty dar,?aged, prm'ided suci re torztion ar repair i= ~-eenonur•:a!i}- feasible and the security of
<br />this Mortgage is not thereby impaired. It such restoration or repair is not - U.urnically frtsititc or if fire security
<br />of this _l2artgsge n•auid be unpaired. the insurance procee•.?s si;,;li i,c ap{?iieti to the sums sarured by this \fo_*tgage;
<br />~,vitlr the excess, if ant, paid to Borrower. If Lire Pra{=ertc is a:^,ardanea be Barrewer or ; Borrower fails Lo respond
<br />to Lander within, 30 ,Ia.•s alter rr;,ice b~• Leader to Borraner that the inF!7ranCe earrier° ofrer_•ta settle a claim for
<br />insurance benefits. Lender is authorized to cal',ect and apple the insurance praceets st Lender's option either to
<br />restrrratian or repair of the Property ar to the sums socurer? Icy t!ris \Iortgaae.
<br />Unless Lender ana iiarroce°ec otherwise agree in n•riting, an_. such: appheatior. of proceeds to principal shall
<br />pat extend or postpone the due date of the monthly installtzrents referred to in paragraph`: 1 and 3 hereof or change
<br />the amount of such installments.
<br />If under paragraph S8 hereof the Property is acquired by Lenr,'er, all ri,i;t, title and interest of Borrower in
<br />~d to any insurance policies and in and to the proceeds thereof ,ta the extent of ttte sums secured by this ~iort-
<br />gage immediatel}- prier to s-uch cafe ar acquisitiant rests(ting irt:rri «la.nat;_~ *,,, file Property ariar to the sale or
<br />acquisition shall pass to Lender.
<br />6. Pseservaikan gad Maintenance of Pzoperty; Leasehokds; Condominiums. Borrmver shall keep the Prop-
<br />erty in goad repair anti shall not permit. or cotnrtit lcaste. impair=.nent, or ~ieterioratior: of the Property and shall
<br />eomp}y pith file pro. isions of any lease, ii this Zlottgage ;; on :; l:•aseholtl. if this Mortgage is on s candaminium
<br />uzzit, Harrower :.hall perfortzz ah of Borret=•er's ahlgation ,.=,«it•r t..e ~}eeiarstiar. of condamin=.un: ar master deed,
<br />the by-laws and regulation; ai the cordaminiunt proieet and crntstituent dorcments.
<br />7. Profeeiion of Lender`s Security. Ii Barrcicer fails to periorpz the covenants and agreemanvs contained in
<br />this _lfartgage, nr if spy action or proceeding is conmtenced whit h materiail}- affecta Lender's interest in the Prop-
<br />erty, inekeding, but nos }invited to, eminent domain. iraaivene}-. rode enforcement. or arrangements or proceed-
<br />ings inralG:ng a bankrupt or decedent, thee: I.enuer at i.ender`s option, upon rotire to Barrcwer, may make such
<br />appearanc s, disburse such sums and take s,._.. actiot; a .= nece= ar}• to protect Lender's interest, including, but.
<br />nnt, limited to, disbursement of reasanablc attorney's fees and entry upon, the Propert}• to make repairs. Any
<br />amnun#s disbursed by Lender pursuant to this paragraph i. whit interest thereon, sha11 become additional indebt-
<br />edness of Borrower secured br this \Sortgage. Iiriess Borrower and Lender agree to ether terms of payment, such
<br />amounts shad he payable apan notice trop: Lender to Borrower requesting pacment thereof, and shall bear inter-
<br />est from the date cf disbursement at ±he rate state. in the tiote unless payment of interest at. such rate would be
<br />contrary to applicable lau•, in which event su«:iz amounts shall bear interest at the highest rate permissibke by
<br />applicable law. \ot.lring contained in this paragraph 7 shall require Lender to incur any expense or do any act
<br />hereunder.
<br />6. Inspection Lender may make or cause to hr mar'.e reatonablc entries upon and inspections of the Ptrop-
<br />erty, provided that Linder =hall give Bnrratxer notice t~rior to env sue•h inspection specifying reasonable cause
<br />therefor related tv Lender's interest in the Prapert.y.
<br />N S. Condemrsation. The prnreeds of any award ar rlain_i fur damages, direct ar consequential, in cnnnectian
<br />with any eondemnatian or other faking of the Propert}•, or part timreof. or far :•onyeyanee in lieu at" candemna-
<br />tion,are hereby assigned and shall be paid to Lender.
<br />Irz the event of a fatal taking of the Property. the prac_~ds sltafl 1}e applied ±o tlza sums seettred br• this ~3art-
<br />gage, withtize>c-~a:~s tf;sny, paid to Borrower. In the event of a partial taking of 'the Property, unless $nrrower
<br />and Lender ntlzerwlse ~agtee in writing, there shall lze applied to the sums secured by this Mortgage such propar-
<br />tsan of the proceeds as is equal to that praportioa zvlxieh the amount of the sums secumd by this ?iiortgage imme-
<br />diaiaty prior to the date of taking bears to the fair marker value of the Property immediately prior to iha date of
<br />taking, wi#1z the balance of the proceeds paid io Borrower.
<br />If the Property is abandoned by Barrnwer or if after notice by Lender to Borrower that the condemnor offers
<br />to make an award nr settle a violin for damages, Borrower fails to nespnntl td Lender within 30 days of the date
<br />of such notice, Lender is authorized to collect and apply the proceeds at Lender's option either fo restoration or
<br />repair of the Property or to 'the sofas secured izc• this Mortgage.
<br />Unkas3 Lender and Bcrrawer otherwise agree in writing, any such spplicatian of proceeds to principal shall
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