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<br />~. Application of 1?exyrswemmts tr,,l~~~ :l, s:aa~l=~ aa~~~~e r,t,.,i,~-, ~~a,. i~ ~ ~ =,~~~i.ir :t ~,i,rr,iv ;.I: li}• 'f~i,arier~
<br />ut;der rite 1'ia,;te surf l,rzt~ru~r.;,p;~ies 3 yrurl ",~ h~~c:e ,t ~l,reill ::h;~, n~~rv: ~~~,~- Lr^n ~i r .u. d~l i,, , i:,~4 _.r~~r~f of a~rir:wnun: l~i ~~,rpr~uklrle t:a~
<br />l~ettrcter by Bcnr^rr)wwa' tlC'Itl,~e;C '1';NarmLgral,,h '« FU(-fi,l.I,, -1M.CI ?,n ]It1tE";P"F Y ~ deS,:I.It„ IM7. h7.i'll' .M ~ ISfiui f.,t'E Y~:1tll3r 5 p'i alt{d?8,, 7',t
<br />any. and then tc the principal of the \ntc ani ro t..c- !,rir.cit=al =..f T`+±t.,,r„ ~=I;~anee~. ;. any.
<br />4, Chs_*aas; 35ei==. Borrower shall oar all twos. as~iss::ceuts surf oci;e-r chargr~s. hne~ and impositions attrib-
<br />uiable to the Yropertc which may attain a priority over ti,i~ Mnrroa;;F~. ar,d ;:round rent=., it an}-, at Lender's
<br />option in the manner provided under paragraph 2 hereof or in' Borrovver making payment, when due, directly to
<br />the payee thereof. Borrower shall nromntly furnish to Lender all tt9ttrn: of aP.:!,tiP,`S dL'C t, .der this paragraph,
<br />~ and in the, event Borrower shall make payment directly. liorroa-cr sh ali promptly is:rnish to Lender receipts evi-
<br />~ denting such payments. Borrower shelf promptly riiscl;arge any lien which has priorit}~ over this Mortgage; pro-
<br />*--t vided, that Borrovver shall not be required to discharge any such lien so long as Borroccer shall agree in writing to
<br />the payment of the obligation secured by sac-h Tien in s manner acceptable to Lender, or shall in good faith contest
<br />such lien by, or defend enforcement of such lien in, legal proceedings whief: operate to luevent the enforcement o7
<br />the lien or forfeiture of the Property or any part thereof.
<br />5. Hazard Insurance. Borrovver shall keep the improvements note existing or hereafter erected cn the Prop-
<br />~ erty insured against loss by fire, hazards included within. the teen "extended coverage". and such other hazards as
<br />~ Lender may require and in such amounts and for sue!: periods as Lender mac renuirc; provided, that Lender shalt
<br />not require that the amount of such coverage exceed ti,at amount of coverage required to pay the sums secured-by
<br />this Mortgage.
<br />The insurance carrier providing the insurance ,hail be chose=; by Borrower subject to approval by Lender:
<br />provided, that such approval shall not be unreasonably vvithheid. _111 premiums on insurance policies shall be paid
<br />at Lender's option 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 on or before ten days of its expiration, the Lender, to protect
<br />its interest, may procure insurance 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 note until paid and shall 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 />All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard
<br />mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and
<br />renewals thereof, and Borrower shall promptly Iurnish to Lender all renewal notices and all receipts of paid pre-
<br />miums. In the event of foss, Borrovver shall give prompt notice to the insurance carrier and Lender, and Lender
<br />may make proof of loss if not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in n•riting, insurance proceeds shall be applied to restoration or
<br />repair of the Property damaged, provided such restoration or repair ie economically- feasible anti the security of
<br />this Mortgage is not thereby impaired. If sorb restoraien or repair is not ecunumicalic feasible or it the security
<br />of this i~iortgage would be impaired, thelnsurance proceeds shall be applied to the sums secured by this Mortgage,
<br />with the excess, if any, paid to Borrower. If the Propert'y' is abandoned it}• Borrower or if Borrower fails to respond
<br />to Lender within 30 days after notice by Lender to Borrovver that the insurance carrier offers to settle a claim for
<br />insurance benefits, Lender is authorized to collect and apple the insurance proceeds at Lender's option either to
<br />restoration or repair of the Property or to the sums secured h}• this Mortgage.
<br />Unless Lender and Borrovver 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 paragraphs 1 and 2 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 Borrower in
<br />and to any insurance policies and in and to the proceeds Thereof tto the extent. of the sums secured by this bfort-
<br />gage immediately prior to such sale or acquieitionl resulting from damage to the Property prior to the sale or
<br />acquisition shall pass to Lender.
<br />6. ]Preaervatioa mid Maintenance of pxopezty; Leaseholds: Condominiums. Borrower shall keep the Prop-
<br />' erty in good repair and shall not permit or commit waste, impairment, m• deterioration of the Property and shall
<br />comply whit fire provisions of any lease:, if this Mortgage is on a lesseitoid. If this \Iartgagc is on a condominium
<br />unit, Borrower shaiI perform all of Borrower's obligations tinder the. declaration of condantinium nr master deed.
<br />the by-laws and regulations of the condominium project and constituent documents.
<br />7. 1?rotectioa of Lender's Security. If Borrower fails to perform the covenants and agreements contained in
<br />this klortgage, or if any actior, or E,roceeding is conuneneed which materially affects Lender's interest in the Prop-
<br />erty, including, but not limited to, eminent domain, insoh-enty, code enforcement, or srrsugeutent;. or proceed-
<br />ings involving a bankrupt or decedent, Cher; Lender at bender's option, upon notice to Porrower, may make such
<br />appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but
<br />not limited to, disbursement of reasonable attorney's tees and entry upon the Property to make repairs. Any
<br />amounts disbursed by Lender pursuant to this paragraph i, with interest thereon, shall become additional indebtc
<br />ednese of Borrower secured by this Mortgage. Unless Borrower and :.ender agree to other terms of payment, such
<br />amounts shall be payable upon notice frmn Lender to Borrower requesting payment thereof, and shall bear inter-
<br />est from the date of disbursement at. the rate stated in the Note unless payment of interest st such rate would be
<br />contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible by
<br />applicable law. ~tothing contained in this paragraph 7 shall require Lender to incur any expense or do any act
<br />hereunder.
<br />8. Itupsctioa. Lender may make ot• cause to he made reasonable entries upon and inspections of the Prop-
<br />erty, provided that Lender shall give Borrower notice prier to nnv sorb inspection specifying reasonable cause
<br />therefor related to Lender's interest in the Property.
<br />9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection
<br />with any eondetunation or other taking of the Property, or part thereof, or fir eatveyanre in lieu of condemns-
<br />- tion, are hereby assigned and shall be paid to Lender.
<br />In the event of a total taking of the Property, the proceeds shall he applied to the sums secured by this i`Iort-
<br />gage, with the excess, if any, paid to Borrower. In the event of a partial Laking of the Property, unless Borrower
<br />and bender otherwise agree in writing, there sha{I be applied to the sums secured by this Sortgage such propor-
<br />tion of the proceeds as is oqual to thaC •proporiion which the amount of the sums secured by this 1\fartgage imme-
<br />• diately prior to the date of taking bears to the fair market value of tf;e Property' immediately prior to the date of
<br />taking, with. the balance of the proeeEds paid to $orrowor.
<br />If the Property is abandoned by Borrower or if after halite by Lender to Borrower that the eendemnor offers
<br />to make'sn sward or settle a claim for damages, Borrower fails to t•espond to Lender within 3t? days of the date
<br />of such notice, Lender is authorizsci to collect aad apply the proceed. at bender's option either to restoration or
<br />repair of the Property or to the sums secured by this Mortgage.
<br />Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall
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