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If t!nd?r paragraph IS hereof ti;c. Properi•}- is sold ar the Pra})arty i.. atherwisc, acquired by bender, Lender
<br />snail apply, no later ihan immediately prior to the sale of the Property ar its acquisition by bender, any Funds
<br />held Jsy L emdar at. the time of app};^aLion as :e credit against the suave secured by this \I<n•tgage.
<br />3. ~ipplisatioa of Paymenata. Lfnless applicalrlc laze provides otherwise, :ail payments received by Lander
<br />under t1]e Dote and paragraphs I and 2 hereof shall tie. ap}died by Lander first in })aymrait- of amounts payable to
<br />Lender by Borrower under paragraph 2 1]ereaf, then to interest payable on the \ote an:I an F_utnre Advances, if
<br />anp, ae]e-i Then is the yuinoipai of the vote and to the principal of I`uLure Advances, if any-.
<br />j -- 4. irhhar4esc Li¢s~s• Borrower shall pay aiI faxes, assessments and other charges, $nes and imposition, attril)-
<br />utsble to floe Property which may attain a priority over this Mortgage, and ground rent;, if any, at Lender's
<br />age a the mart]]er } ~•oa dell .,rind rI a,agra}~~ ° titriof ar n}- Borrower n]aking payment, when due, directly ta-
<br />erwa the nz=_cee flrvraaf, Rnr finer ~hrsti_ - -•„LF ~i - r,pna{ _ tt .,c#~w Cri `a.ntS due t]nder-this paragrtipfi;
<br />and in the event Borro?vet _i:ali max pa}n.enc d)recLly, Borrec+e, shalt pramptlpafurnish to Lender-receipts evi-
<br />r-~ denerng such payments. Barrower shall promptl}• discharge. any Iien Which has priority over this Alnrtgage; pro--
<br />'~ yac~a hat Bt~rsv-war shall „•., ,a.,re:I La d:sahargF soy s
<br />.' ""t ~ r~ ^ uch Iien sa long as Borronrer shall agree in writing to
<br />the payment of the olrligatian secured by such lien in :n manner arsegtable Eo L :ender, or shelf in gaoci faith u-hnt ;4
<br />;,^•~ such lien by, or defend enforcement of such lien in, legal proceedings ]which o}aerate to prevent. the enforcement of
<br />the Iien ar forfeiture of the Froperty or any pari thereof.
<br />~ 5. Iiazurd Tsrsuronce. Borrower shall keep the improvements-now existing w• hereafter erected on the Prop--
<br />~ arty insaired against loss by fire, hazards included within the Lertr] "extended coverage", and such other hazards as
<br />Leader,.,sy require and in such arianunts and far such periods as Lender tna}- reazain_; provided, that Lender shall
<br />vat require that the amount ot" such coverage exceed that amount of coverage required to }iav the sums secured'by
<br />this i4lort~age.
<br />'Poe rnBnT$RCQ CarlleT prOVldang t}le ins-nra]]ee S11aII ISC ei]a9eaT i%t• BnrraiG-CP sllbj EC't t15 approval I5y LCnd@r;
<br />provided, that such approval shall not be unreasonably ivithheid. Ali premiums on insurance policies shalt be paid
<br />at bender's option in the manner provided under paragraph 2 i]eres>f or In• Borrower making payment, whet. due,
<br />directly to iheinsurance carrier.
<br />In the event any policy is vat renewed on ar before ten days of its exgiratian, the Lenuer, to protect
<br />its interest, may procure insurance an the improvements, pay the premiums and such sum shall IJecome
<br />inznaediately due and payable with interest at the rate set forth in said note until paid and shaIl 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 />AIi insurance policies and renewals thereof snail he is] fairs]) atxeptabte to T ender and shah include s standard
<br />mortgage clause in fac•or of and in farm acee}rLable to Lfinder- lender snail Dave the rigl]t to hold the policies and
<br />renewals thereof, and Borrower shall promptl}• iura]ih to Lender aI! renewal notices and all receipts of pc:d pre-
<br />miums. In the event of ions, Borrower shall give prampi notice fa zhe insurance carrier-and Lender, and Lender
<br />may make proof of loss if not made promptly by Barrower.
<br />Unless Lender and Borrower otherwise agme in ;t:-iting, insurance proceeds shat! !)e applied to restoration or
<br />repair of the Property damaged; provided su{,h reriorat_=on ar rr;;sir i; z'zcnamics!!y feasible and the security of
<br />this Mortgage is not thereby impaired. Ii such restoration u repair is ::at economically feasible or if the security
<br />of this lortgage would be impaireu, the ir]sursa)ce }Jroc~oed; si:all I)e s};} id to the sums secured by this Mortgage,
<br />.:th the excess, if any, paid to Barrower. Ii ti]e Propert}- is at?arc}aneal lw F3arrasvea• ar if narrower fails to rzspnF:~?
<br />to Lender within 3tt days after ]iotice a}° Lender to Barr; ::•er ii_at the infi,~~n:•n carrier offers to rettie a claim far
<br />insurance benefits, Lender is authorized to collect and apply tl:e z=-.sa:m ore ~~at~°„s at Lender's aptivra sitner zo
<br />restoration ar repair of the Property or to 'the sums secured EJr t!]is _liortgagej
<br />Unless Lender and Borrower atherw=.se agree in writing. any suds application of proceeds tt> principal shall
<br />- *wt extend or p~tpone the due-date of -the .uanthlg installments referral is in paragraph-.~ 1 and 2 hereof ar chaaye
<br />the amount of such installments.
<br />If under paragraph IS hereof the Property i` acquired by Lender; sli right, title and interest of Borrower in
<br />and to any insurance policiri and in anti Lo tae pracee+is iher~af eta flax extant of tI]e seems secured by this Mort-
<br />gage immediately pros to suah sale ar acquisitianl res4icin} from da:na~;€ to flea Frapert}- prier tv Lhe sale or
<br />acq-ursi`ion shall pass to Lender.
<br />6. Preaervatioa and I~oinntenaase of Property; Leaseholds; Coadomiaiums. Barrower sh~i! keep the Prop-
<br />erty in good repair and shall not pernrt ar ..ammit :waste. iu;pa.rn;enL, or cieterio.•atlon of Lhe Property and shall
<br />comply with the provisions of any ?ease, if tt;i 1ortgage i ot] s Ie.~]seizoid. If this :Slor4gsge is on a condominium
<br />snit, Borrower shall perform alI of Borrower's obiigatinr:; zancier the deciaracion of condominium or master deed,
<br />th '---
<br />e vy-Jaws and reguiatians of the condominium I~ropeet dad constituent dasuments. -
<br />7. Protection of Lender`s Sss•:,-ity. If Re>zozver fails to oerfonn the a~ovenants and agreements contained in
<br />this Mortgage, or if any action a- praceedis]g is conamerced u=hiela rnstaria,liv affects, Lender's inttr~t in the Pr~p-
<br />erty, including; bui not limited to; ensinert domain. i*;=nire€.cx. cacle cniorcement, or arrangements or proceed-
<br />ings involving a bankrupt or decedent, then Lender at I.ee.der's aptior,, upon nonce Lo Borrower, may -wake such
<br />appearances, disburse such sums sod take such action ~: is =]ecessan- to protect Leader's interest, including; but
<br />not lirnitad to, disbursement of reasonable attorney's fees and entry upon the Froperty to make repairs. Any
<br />amounts disbursed by Lender pursuant to this paragraph ", witls interest thereon, shall became additional indebt-
<br />edness of Barrower secured by this 'z<Iartgage. Ilniess Barrower and Lender sgtee to other terms of paymenf, such
<br />an.ounts shall be payable upon notice from Lender to Borrower rccluesting payment thereof, and shall bear inter-
<br />est from floe date o€ d.6urs:,aaent aL the rate stated in Lhe Dote ssnle~ payment oftnterest at suah rate would tre
<br />contrary to applicable law, in which event such amounts eI]aII bear interest at the highest rate permissible by
<br />al7glicsbla Isw. itathing contained in this paragraph sl:aS! require Lender to incur tiny expense or do any act
<br />hereunder.
<br />8. Inapeetiou. Lender may make or esu_~e to he. anode ies. ;enable entries upon and itLSpeetians of the Prop-
<br />~y. provided that Lender sloe#1 give Barrower notice pi•iar is env such inspection specitying reasonable cause
<br />t~~f€ir related to Leffler s inE~resi iia the Fropertc.
<br />9. Cercdsmnabi~, i he piaceeds of any award or claim t`ar damages, direct or consequential, in connection
<br />r`ith sr~y.c~Jr>detnraa¢ioat ar atlter taking of the Property,. ar }fart thereof; or tar canyeyance in lieu of eandemna-
<br />tion; are lierei7y assigned and shall be paid Ln Lender.
<br />In ulte evei}t of a total taking of the Property,. Lhe proceeds-snail iDe applied to the sums secured by Chia. Mott-
<br />~.ith.I:ls~'ex-c~ ifany, paid to Barrower. Ir. the event of a parkisF taking,af the Property; unless Borrower
<br />sxuf I-ender athE?w}se agree in'ivriting, tlaeie snail be applied to tJze sutaas secured by this «ortgage suah propor-
<br />tion of thaprbceeds ,~, is equal to tEtaf pmportiuti-which-flan amount of_the sums secured by this Alartgage imme-
<br />ditttely prig, to the date of taking hear, ta.the fs:ir-market uaftte of Abe I?rapei~;y, i:imiediatelV prior to tl;e-date-cif
<br />ta3[c]Q, ivitt! the :.lance of t;:a pr;cet raid to noirtrwer:
<br />Ii the I'rnpe-ty is abandcn~-d by Borroie•er u:• if after notice by Lender to Borrower that the condemnor offers
<br />±a-make an acward or settle a claim for damages, I3nrrswer faits to-respond to Lender n-ithin 34 days of the date
<br />of such nonce, I.erder is °authoriied tq collect ant{ :E}Jgly th!"pr_oceeds at Lender's option either to restoration or
<br />repair oi;Lhe Ymperp ur to tite sums secured bt• tl~; 3fBrt-gage:
<br />'tJnl~ Lender and $orrower atherwi?e agree in vvr]Ling, any siaeh applioation of proceeds to principal shall
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