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<br />5. 117rpllicsxtion of Payments, l ~rsAa,:,,::~1 ~a+.,tirir it ,s :~roti ,r~ ,;rr.,hi r~u. . ;:r.Ei Ii ~,,;,.r.-t,sr, mri~,. r a.srn=ii¢3
<br />s;a't:dart.}~~e~otrf; ait~pcl, pak'ag,;rafa:a I arnq :~ ~~,utolx,at .=~.aJfl i,i t,e;aeri ,ti I Ku°~:~ri!. r hr~~=4 i~n i,,r, a'..rrYt~ ~~ ,arl,oahtufit 3,~y~~urhle tlrr
<br />l~iend~er Ihy,'ABorgoq~+n;r.~r ursda~,r parsgraldh y~lhi,u•e~it ~t~fr~r~i~ ~a a uu t+.rc= yr:i, d~kiairo~ nrr s¢ rir '.".~ tx ,~dsrr+6 uric r .~,9it:mu !31 a~.3~e~irue~~~s,, hfi
<br />any, ar;d then to the ptineipal of the cote an~I'+~ the principal r.? zl,tnre a:i.~arce~. s: w:.^
<br />4. Charges. Iieos_ $orrower shall pa} al} taxes, a.~casrrcros a.r,i other ei;arge. fines~and i~tit~itions attrib-
<br />ut~ble io the Yroperty which may attain a priority over this 9ortgage. and ^raund rn_nt=. if any, at Lender's
<br />option in the mariner provided under paragraph 2 hereof er Icy Borrrwer ma'sing payment., .when due. directly t~
<br />the payee thereof. Borrower shall prompeh• funrisir to Lender all notices of amounts due under thin paragraph,
<br />and in the event. Borrower shall make 1:,:.y;r,e;.t :lrrer:.~. }i07°i•u}te s.:Hll pran;ptl -.._.. to l.f;xinr receipts evi-
<br />dencing such payments. Borrower shall j~rourl,tly discharge ary hen w-hic}; i:as priorty over this Mortgage: pro-
<br />vided, that Borrower shall not be required tc discharge ens such lien so long as Borrower shall agree in writing to
<br />the payment of the obligation secured t>y such lien in :~ manner acceptai~ie to Lender. or shall in good faith contest
<br />such lien by, or defend enforcement of sucl. lied in, legal proceedings which operatr~ to present the enforcement of
<br />the lien or forfeiture of the Property or any part thereof.
<br />S. Hazard insurance. Borrower shall keep the improveaaenis non' existing or hereafter erected on the Prop-
<br />erty insured against loss by fire, hazards included within the farm "extended coverage", and such ciher hazards as
<br />Lender may require and in such amounts and for such periods as Lender may require; provided, that bender shat}
<br />not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured'by
<br />this 1ortgage.
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approti•al by Lender;
<br />provided, that. such approval shall not be unreasonably withheld..i.l premiums on insurance policies shalt be paid
<br />at Lender's option in the manner provided under paragraph 2 hereof or by Bormn~er 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 sl?all he in foam acceptable to Lender srd shall include a standard
<br />mortgage clause in favor of and in fain acceptable to Lender. Lender shall have the right to hold the policies and
<br />renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid pre-
<br />miums. In the event of loss, Borrower 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 writing, insurance proceeds shall be applied to restoration or
<br />repair of the Property damaged, provided such restoration or repair is economically feasible and the security of
<br />this ;Mortgage is not thereby impaired. Ii such restoration or• repair is not economically feasible or it the security
<br />of this Mortgage would be impaired, the ihsurance proceeds shall Le applied to the sums secured by this Mortgage,
<br />with the excess, if any, paid to Borrower. If the Yroperty is abandoned by Borrower or if Borrower fails to respond
<br />to Lender within 30 days after notice by Lender to Borrower that the insurance carrier offers to settle a claim for
<br />insurance benefits, Lender is authorized to collect and apply t.hc insurance proceeds at Lender's option either to
<br />restoration or repair of the Property or to the sums secured by this Mortgage.
<br />Unless Lender and Borrower otherwise agree in writing, an}- 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 Yroperty is acquired by Lender, alt right, title and interest of Borrower in
<br />and to any insurance policies and in and to the proceeds thereof Ito the extent of the sums secured by this Mort.
<br />gage immediately prior to such sale or acquisition: resulring from damage to the Property prior to the sale or
<br />acquisition shall pass to Lender.
<br />$, preservation cord Meaateaaace of Pzoper!y; Leaseholder Coadamiaiums. Borrower shall keep the Prop-
<br />erty in good repair and shall not permit or commit waste, impairment, or deterioration of the Property and shall
<br />comgly with the provisions of any lease, if this ~fortgsgc is on a leasehold. If this- liortgsge is on a condominium
<br />unit, Borrower shall perform all of Borrower's obligations corder the declaraiiou of cnndominium or master deed,
<br />the by-laws and regulations of the condominium project and constituent documents.
<br />7. Protection of Lender's Security. If Borrower tails to perform the covenants and agreements contained in
<br />'h~s ~ iortgr,ge, or if any artier. or proceeding is con,,,,encecl wh;rh r„ater;atly affects L-ender's interPSt in the Prop-
<br />erly, including, but not limited to, eminent domain, insolsency, code enforcement, m• arrangements or proceed-
<br />ings involving a bankrupt or decedent, then Lander at Lender`s option, upon notice to Borrower, may make such
<br />appearances, disburse such sums and lake such action as is necessary to protest Lender's interest, including, buL
<br />not limited te, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br />amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtc
<br />edness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such
<br />amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inter-
<br />estfrom the date of disbursement at the rate stated in the Note unless payment of interest at such rate would be
<br />contrary to applicable law, in which event such amounts shall hear interest at the highest rate permissible by
<br />applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or do any act
<br />hereunder.
<br />8. Inapectiom Lender may make or cause to he made reasonable entries upon and inspections of the Frop-
<br />erty, provided that. Lender shall give Borrower notice prior to any such inspection specifying reasonable cause
<br />therefor related to Lender`s interest in the Property.
<br />9. Coademaatioa. The proceeds of any award or claim for damages, direct or consequential, in connection
<br />with any. condemnation or other taking of the. Property, or part thereof, or for conveyance in lieu of condemn~-
<br />tion, are hereby assigned and shall be paid to Lender.
<br />Inthe event of a total taking of the Property, the proceeds-shall lre applied to the sums secured by this ~Tort-
<br />gage, with the exce~, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower
<br />and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such propor-
<br />tion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage imme-
<br />diately prior to the date of taking bears to the fair markek value of the Property immediately prior to the date of
<br />taking, wi€h tke balance.of-the proceeds paid to Borrower.
<br />If the Property is'abandoned by Borrower or if after notice by Lender to Borrower that the condemnor offers
<br />to-make art avrard or settle s claim for damages, Borrower fails to respond to Lender within 30 days of the date
<br />of $tieh'~trtiee; Lender is authorized to collect-and apply the proceeds at Lender's optior. either to testoration or
<br />repair of the Property ortu the sums secured by this :fortgage.
<br />Unless Lender and $orrower othervise agree in writing, any such application of proceeds to principal shall
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