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If urrdor paragraph lg hereof the Prapr:rt.}° i_=, sold or the Vropertc is otherwise acquired !sy I,euder, Tender
<br />.hail apply, no latex than itnntediately prior to the ~a!c at the Property or• it= ace•uisit.ion by Lender, any Funds
<br />held by Under af, the tirue of application as a credit agan;si the ctuus =ecurcil by this Mortgage.
<br />3. Application of Payurents. Unlzs= appficabl.~ !at; providca othct•tvise, sl( paynrent~ recciwed by Lender
<br />under the r;otz and laaragraphs t and 2 hen:of shall hc- sappGt^d b}• Lender Cirst. in payment of atnaunis payable to
<br />Lendzr by Barrolvzr under paragraph ~> hzrsof, then ur inter~•st payable an the ttte :ind on Future advances, if
<br />any, and then io the priucipal of the A4otc and to the !irirxipai of Future adv;lnees, if auy.
<br />4. Charges; Liens. Borrower shall pac• aI! lases, assessments nncl other charges, fines and impositions attrib-
<br />utable to the Property ;which may attain s priority aver this Mortgage, and ground rents, if any, at Lender's
<br />option in the manner provided under paragraph 2 hzreof or by Horro;ver making payment; cvtren due. uirzctty to
<br />the payee thereat. Borrower shah promptly furnish to Lender all ttetices of amounts due under this paragraph.
<br />and ire the overt Barro~szr shalt make payrnzat directly, Barrmver slntl't Itrornptiy furnish to Lender receipts evi-
<br />dencing such payments. Harrower shall promptly discharge any lien which }tae priority over this Mortgage; pro-
<br />~ vided_, that Barrawer shah nat. he reo,_trired to dischsr5z ar:,,• suety lien sa !wrap as Barrawzr steal! agree in turtling to
<br />the payment of the obligation szc_ured by such lien in :r manner acceptable to Lender, or shaft in goad faith contest
<br />such lien by, or defend enforcement of alter: lien in, Legal proceedings ;v}tict; operate to prevent the enforaement of
<br />the lien or forfeiture of the Property or any hart thereof.
<br />'"~ 5. Hazard Insurance. Borrower shall keen the improverrznts no;c existing or herzzfter erected on 'the Prap-
<br />°~ very insured against loss by fire, hazards included within the term "extended aaverage", and such other hazards as
<br />Lender may require and in such amounts and far such periods as Leader may require; provided, that Lender shall
<br />rat require that the amount of such coverage exceed that amount of eaveragz rzyuired to pay the sums secured'by
<br />~ this l4orkgage.
<br />The ]nsuraaaz carrier providing the insaratrcc shall be chosen by Borrower subject to altpraval by Lender;
<br />provided, that such approve! shall not bz unreasonably withheld. AlI premiums on insurance policies shell he paid
<br />at Lender's option in the manner prowided 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 renew°ed an or before ten days of its expiration, the Lender, to protect
<br />ifs interest, may procure insurance on the improvements, pay the premiums wad such sum shall become
<br />immediately due and payable x~ith interest at the rate set forth in said note until paid and shall be
<br />secured by this il4ortgage. Failure bg Borrower to comply may, at option of Lender, constitute a default
<br />under the terms of this tvlartgage.
<br />Alt insurance policies and renewals thereof slew!! be m form acccptsltlz to Lender and shall include a standard
<br />mortgage clause in favor of and in form acceptable to Lender. Lender shall have ilte right to hold-the policies and
<br />renewals thereof, and Harrower shall promptly furnish io Lender all renewal notices and all receipts of paid pre-
<br />miums. In the event of loss, Borrower shalt give prompt notice to the insurance carrier and Lender, and Lender
<br />may make proof of ions if rat made promptly by Borrower.
<br />Lrnlzss Lender and Borrower otherwise agree in writing, tt:suraucc procecc'ts shalt he applied to restoration or
<br />repair of the Property damaged, provided such restoration or repair is rcanatnicall}• feasible and the security of
<br />this itilartgage is not thereby impaired. If suels restoration or repair is not ecanamicalh feasible ar if the security
<br />of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this R4ortgage,
<br />with the excess, if -any, paid to Borrower. Ii the Property is abandoned by Borro;er or it` Borrower fails to respond
<br />to bender within 30 days after notice by Lender to Barrawer that the insur..rtce carrier offers to settle a claim 1nr
<br />irsuranee benefits, Lender is authorized to collect and appTV rite insurance prx,zeds at Lender's option either to
<br />restoration ar repair of the Property ar to the sums secured by +.ttis ~lorgagz.
<br />Unless Lender and Barrasczr otherwise agree in writing. any such application of proceeds to principal shall
<br />not extend or postpone the due date of the monthly installments referred to in paragrsplts I and Z hereof or change
<br />the amount of such installments. `
<br />If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Barrawer in
<br />and is anysnsurance policies and ir, and to the proceeds thereof tto the extent of the sums secured by this R3ort-
<br />gage immediately prior io such sale or acquisition} resulting tram damage to the Property prior to the sale or
<br />acquisition s',^.alt pass to Lender.
<br />S. Preservation and ttriaintenance of Property; Leoseixoids: ioadaminiuuts. Barrawer shall keep the Prop-
<br />erly in good repair and shall not permit or commit waste, impairment, or defcrioration of 'the Property and shalt
<br />comply with thz prat~isions of any lease, it" this ~tertgage is or. a leasehokt. If this Mortgage is an a condominium
<br />unit, Borrower shell perform ail of Borrower's obligations under the declaration of condominium or master deed,
<br />the by-laws and regulations of the condominium project anti constituent documents
<br />T. Protection of Lender's Security. It Borrower fails fo t,erformi the covenants and agreements contained in
<br />this 1lortgage, or if any action or proceeding is commenced which rarateriailc affects Lender's interest in the Prop-
<br />erty, including, Uut not limited ta, eminent dorasin, insoh=envy. code enfomemznt, or arrangements ar proceed-
<br />ings involving a hankrupt ar decedent, then Lender at sender's option; upon notize tc Borrower, may make stick
<br />appearances, disburse such sums and take such actinn as is necessary to protect Lender's interest, including, but
<br />oat limited ta, disbursement, of reasonable attorney's fez;. and entry upor, 'the Property to makz repairs. Any
<br />amounts d"rsburaed by Lender pursuant to this paragraph 7, with interest Thereon, shall become additional indebt-
<br />zdness of Borrower secured by this ]iorugage. Unless Borrower and Lender agree to other ternts of payment, such
<br />amounts shall be payable upon notice from Lender to Borrower requzsting payment thereof, and shall bear inter-
<br />est from the date of disbursement at the rate stated in the ~otz unless payment of interest at such rate would be
<br />contrary to applicable law, in which evznt suet amounts shall bear interest at the highz`t ratz permisr~ibie by
<br />applicable law.:Vothiag contained in this paragraph i allot! require I.znder to incur any expense or do any wet
<br />h~reunder-
<br />8. Iaspectiaa. Lender may make ar cause to he trade ressonah[r entries upon and inspzctions of the Prop-
<br />erty, provided that Lender shaft give Borrower notice prior to :any suelt inspection specifying reasonable cause
<br />therefor related to Lender's interest in the Property.
<br />~, Candem~atioa. -The prozzeds of ar=v award or claim far damages, direct. ar consequential, in connection
<br />with any condemnation ar other felting of the Property. or part thereof, or for conveyance in lieu of condemira-
<br />tian, are hereby assigned and shall be paid to Lender.
<br />In tlte~avent of a total taking of the }?rapesty, the proceeds shall lrz applied to the sums secured by this ~fort-
<br />gage; with the oxcxss, if wry, paid to Borrower. In the event of a partial taking of the Property, unless Borrower
<br />and Lender otherwise agree in writarig, there allot) be-applied to the sums'secured by-this liortgage such propor-
<br />tion of the proceeds as is equal to that proportion which the amount ¢f the sums secured by this Itilortgage imme-
<br />diately prior to the date of taking bears to the fair market value of the Property immediately priorty the date of
<br />Calting,tuitls tti~ balance of the proceeds paid to Borrower.
<br />If tae I'reperty is.abarxloned by Borrerar i$-after notice by Lender tit Borrower that'the condemnor offers
<br />to make sit aerated ar settle a claim far damages, Harrower fails fa respond to Lender within 30 days of the date
<br />of such iiotit`e, Lender is authorised to eblli!rr and apply tlte_laraeeeds °t I.ertder's option zifltzr to restoration or
<br />repair of the Property ar ti> the sums secured by t his. MnrtgagE. v
<br />Unless bender and Borrower oidrertcise agree =n writing, any such application of proceeds to principal shall
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