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If under 1'>aragraph 18 hereof the Property is sold or the property is othervise acquired by Lender. Lender
<br />shall apply, no later than immediately prior to the Hale of the Property m• its acquisition h;~ Lender. an}• Funds
<br />~ held by Lender at the time of application as a credit. against the sums secured by thin Alortgagc.
<br />3. Application of Payments. Unless applicable late provides otherwise, all payments receiw•.i by Lender
<br />~ under the Note and paragraphs I and 2 hereof shall be applied by Lender first in payment of amounts payable to
<br />~" Lender by Borrower under paragraph 2 hereof. thou to interest payable on the \ote and on Future ddvances, if
<br />`'~ any, and then to the 1rincipal of the Note and to the principal of future :~deanres, iF any.
<br />- ~ 4. Charges; Liens. Borrower shall pay all taxes, assessments and other charges, fines anc} impositions attrib-
<br />~ utable to the Property which may attain a priority over this Mortgage, and ground rents, if any, at Lender's
<br />' option in the manner provided under paragraph 2 hereof or by Borrower making payment., when due, directly to
<br />Q~ Ghe payee thereof. Borrower shall prompty iurnish to Lender all notices of amounts due tinder this paragraph,
<br />~^ and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evt-
<br />dencing s~tc(t payments. Borrower shall promptly discharge any lien which has priority over this ~lortgaga; pro-
<br />- vided, that Borrower shall not he required to discharge any such lien so long as Borrower shall agree in writing to
<br />_ the payment of the obligataat secured by such lien in a manner accepfabie to Lender. or shall in good faith contest
<br />_ such lien bp, or defend eniarcemeni of suet: lien in, legal proceedings which opet•atc to ]n•ecent the enforcement of
<br />the lien or forfeiture of the Property or any part thereof.
<br />5. Hazard lnstuance. Borrower shall keep rise iutlarovementn now existing ar hereafter erected on the Prop-
<br />erly insured against Ions by fire. hazards included +vithin the term '`extended coverage", and such other hazards as
<br />Lender may require and in such amounts and for such periods as I.e.nder may require: ]trorided, that Lender shall
<br />' not require that the amount of sneh coverage exceed that amount of coverage required to pay the sums secured'by
<br />'this Mortgage.
<br />The insurance carrier providing the insurance shall be chosen be Borrower sabjea to approval by Lender;
<br />provided, that such approval shall not be unreasonably withheld. 3Il premiums on insurance policies shall be paid
<br />at Lender's option in the manner provided tinder paragraph 2 hereof ar t,y Borrower making payment, when due,
<br />directly to the insurance carrier.
<br />In the event say policy is not renewed on or before ten days of its expiration, the Lender, to protect
<br />its interest, may procure insuranre on the improvements, pay the premiums and such sum shall become
<br />immediately due and payable wdth intermit at the rate set forth in said note until paid and shall be
<br />- ~.~~ by >~ ?tiQrtgaQe. Failure by Borrower to comply may, at option of Lender, constitute a default
<br />raider the teens of this Mortgage.
<br />.111 insurance policies and renewals thereof stall 6r in teen acccptablr to Lender and ;hall include a standard
<br />mortgage clause in favor of and in iarn~ acceptahle ro Lender. 1_ender shall hays the right to hold the yaliries and
<br />renewals thereof, and Borrower shall promptly furnish to Lender alt renewal notice; and alt receipts of paid pre-
<br />. miutns_ In the event of lass, Borraa•er shall giro prompt notice to the insurance carrier and Lender, and Lender
<br />may make proof of loss if Hoc made promptly ltv Borrower.
<br />TJnless bender and Borrower otherwise agree m writing, insurance ptviceeds shall he applied to restoration ar
<br />. repair of the Properly damaged, prucide<i suet: restoration ar repair in ceonomicalh• feasible and the security of
<br />this ~4ortgage is not thereby impaired. if suet restoration or repair is Hat eeonanically feasible or if the security
<br />of this Mortgage would be impaired, the insurance proceeds sltali be applied to the sums secured by this Mortgage,
<br />- with rite exrass, it any, paid to Borrower. Ii the Propenti• is abandoned by Borrower or ii Borrower faits #o respond
<br />to Fender within 30 days after notice by Lender to BorroR•er that the iti_surance carrier offers to settle a claim for
<br />insatatzce benefits, Lender is auchorised to collect and apply ti:e insurance proceeds at Lender's option either io
<br />r+es#e:ratitrn ar repair of the Property or to the sums assured 6c this _lfartgage.
<br />Unless I eztder and $orran'er atherwi_ce agree in writing. any surf: application of proceeds to principal shall
<br />_ ~t e~ead or postpaae the due date of the monthly installtuerts ref erred to in paragraphs 1 and ff hereof or cheeps
<br />tie amount at such instalYmenis.
<br />- ~ under paragraph f8 hereof the Property i; acquired be Lender. all right, title and interest of Borrower in
<br />asd tar am iua-ttraner polieie= and in and to the proceeds. thereof +to tiu• extern of the ;urns secured by this Mort-
<br />ga~e immediately prior to such sate ar aeyuisitiant resulting tram ~ian;sk-e to the Property prior to the sale or
<br />atysasiiam shall pass is Lender.
<br />~ ~ ~ i++lma' teesance aE property; Ltwsohokls: Coadoaaiaiums. Be: rower shall keep the Prop-
<br />- city in goad repair and snail not pettnit ar cornntit a°sste. smpa;rnt2r<t. c: ciztz cratien of thr Pra}~rty aed abet]
<br />crsmply with the proris'ton= ai am lease, ii this Mortgage i- an s leasenoid. li thts lfongage is on a condominium
<br />trait, Borrower spoil perform all of Batxowei s obligations under rise deciat~tion of eon:tominiutn ar master deed,
<br />the by-laws and zeguiation_: ai the rondominiura jrojtYt ami constituent documents.
<br />- f, protection of 1,sader'a Secrraty. Ii Bo.*rower fails to }rcrform the rovenants and ;agreements contained in
<br />able Mortgage, or if any artian or i.raeeetiing is comtne„ccwi whirls tuaterisllc affects Lender's interest in the Prop-
<br />, erty, inetudiag, but not limited Lo, eminent dontain.:n;olvenry, cede enforcement, ar arrangements or proceed-
<br />- ir~t iaralving a bankrupt or decadent, then Lender at Lender`s option, upon notice to Borrower, may make sneh
<br />appeaxxaces, disbtttsz step same and take suet: action "„ :s uece=~~.n io protect Lender's interest, inrludieg, but
<br />~ 'It,t to, di~a+i"mot ai reasonable attatneg•s few and entry upon th¢ Property to make repairs. ?any
<br />ammrsta dislttrrsrd by I erodes pursuant to this pansgraph ; , wiilt interest thereon, shall become additianai indebt-
<br />edzz~s of Baaawer seetrred by this ~#ortgage. Unless Burrower and Lender agree to other ferrate of payment, such
<br />stnaunta ~sal1 be payable upon Mace frt~ Lender to $orrawer tegttesting paymeni thereof, and =_hali bear inter-
<br />est from the date of disbunremersa at fire rate stated in the \ou unless payrrsent of interest at sneh rate would be
<br />tostsuy tar applicable law, im w @y2~t =txclt artsaunts shall bear inters=t at t3te highest rate permissible 6y
<br />_ a~ iaw_ \ofhing trontairxd in tn;< paragraph ;hall requim Lender to incur any expense or da any act
<br />;, ~setias- Linder outs make oz ratrr~ to ire tnatlc res-~sanable entrie6 u€ian am-1 inspeet;ans af the Prop-
<br />- ~-y, provx}ed Yhat Leader shall eiye Borr~'er twt[re infer to any sash inxpeetion slrerifving reasonable cause
<br />t~ rrelatot'1 io Lzadsr'a initarat in the Property.
<br />li. C.srideoswesmtatd 't'he proceeds of arty award ar clean for damages, direct ar consequential, in eottaettion
<br />wi#~ say oa»dtmrcaties ar otlxt takitgg ai the ,Yrrnperty, or iron thrmaf, or for conveyance in lieu of condemaa-
<br />taus, at+s he~vby s~igosd and Mall ire paid t+o L~der.
<br />In t3ae eveatt of a teal talciag of t3ae Pr~ersy, the proeeErls sltali Ire applied to the sumo second by this Siort-
<br />. w#lt ~ esti~, ~ tiny; paled tta 11~roser in the went of a partial taking of the Property, unle~ Borrower
<br />sad Inter' ~t agree is writing, there shall be applied to fire sums secured by this '_lfortgage such propor-
<br />tiea ~ the pr»oeeda ~ ffi et}uai ~ that. proportion which rise amount of the sums secured by this Mattgage itnme-
<br />' d3atdy pr>r~ to the dale of taking bears to the fair ruarket value of the Yrapem' immediately prior to the date of
<br />takisrs,ssl#t: bala~e ~ ~ prvtxeds paid act Bnrsower.
<br />$ tike prvppty is a#taadot~d by Bturower tn• if after notice by Lender to Borrower that the condemnor offers
<br />tar maim tap awttu+d or ardtle a claim for darnagea, Borrower fails w respond to Lender within 3A days of the date
<br />~ sos~h , I.errtiet ~ authteis+ed to rdleet and aplrly the proceeds at Lender'; option either to resioration or
<br />rem ctf ti~ Prvgrx#.y orito the s~tar+~ ~ t~ ~Ia=zgas-r.
<br />Tlt~ss Iaeadet' oral Borrower otdteswise agree in +vrit~g, any such application of proceeds to principal shall
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