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IS under paragraph 18 ?tereaf the Prolrerty ;. s~ r. ,~i ;i,e Prof>.•r*: rrYler:tL- - ! s-~• - .__.-_--
<br />=ha11 apply, no Inter than immediately lutur to rlr,~ .a'rr of ~hc• Yro~fr , it. ,-_ ,atton~l ,._.~%ic•r .utti r`un~L
<br />hold by Lender at the tithe of application a_ .. credit :. :inwt *.,.. ~atr:> ~-rr r~:i ,iii }in;-tFa~r°.
<br />3. Aggliaaifon of Payments- Unles< apl;!ice%;!< '.,.: I:r:;~•id€-: c :+_~r:ai.i-.:.: r,avtueut= received i}}- Lender
<br />under the, 'Vote and paragranlts I and 2 hereof ~h:iil be app!ie~-'. !rr Lrr:cit~~~r in•st ir,~l,ayment of amounts payable to
<br />Lender by Borrower under paragraph ? ;iereoi, theta to inters=t Iravahlr on the >;otc and on f'nturc- Advances, if
<br />any, and then to the prineipa! of the ~otc and to the l~rineipal of Yuture :~rl-,ane.~• if env.
<br />4. Charges; Liens. Borrower shall pay- all taxes, assessments and ether charges, fines and impositions attrih-
<br />utahfe to the Property :vhich may attain a priority over this \iortgage, and graunc rents, ii say, at Lender's
<br />option in the manner provided under paragraph " Itereoi or Icy Borrower tucking payment, when due; directly to
<br />the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts doe under this paragraph,
<br />and in t-he sushi Borrower shall make payment directly-, Rorro~:er Thai! prnn;ptl~~ furnish to Lender receipts evs-
<br />dencing such payments. Borrower shall promptly discharge any lien which ha; priority orer this Mortgage; pro-
<br />~ vided, that Borrower shall not be required to discharge any- sire!: lien so long as Borrower s1;aII agree in writing to
<br />'~ the payment of the obligation secured by such lien in n manner acceptable to Let;der. or shall in good faith contest
<br />~ such lien by, or defend enforcement of such lien in, legal proceedings which upscale to prevent ±he enforcement of
<br />C14 the lien or forfeiture of the Property or any pari, thereof.
<br />5. Hazard insurance. Borrower shall keep the improvements haw existing nr hereafter erected on the Prop-
<br />~ ertc insured against lass by fire,-hazards included within the term "extended coverage", and such ether hazards as
<br />Lender may require and in such amounts and for such heriads as Lender mac require: provided, that Lender shall
<br />not require that the amount of such coverage exceed that, amount of coverage regmreri to pa}• the sums secured'by
<br />~' this ;mortgage.
<br />The insurance carrier providing the insurance shall be ehoser, by 13orrawcr subject. to approval by Lender;
<br />provided, t-hat such approval shall not be unreasonably withhela. All premiums on insurance policies shah be paid
<br />at Lender's option in the manner provided under paragraph 2 hereoi ar bti• Borrower making payment, when due,
<br />directly to the insurance carrier.
<br />In the event any policy is not renewed on or be#ore 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 Earth in said note until paid and shall be
<br />secured by this 1~4ortgage. 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 ;hall be in iorui acceptable to Lender and =hat! iuclude a standard
<br />mortgage clause in favor of cad in fertn acecptahlc- to Lender- Lender shall have the right- to hold the policies and
<br />renewsfD thercvt`, and BVITI)wer s}tall promptly furnish to i.en~ier sit renewal notices and all receipts of paid pre-
<br />miums. In the event at loss, Borrower shall give luomht notice to the insurance carrier and Lender, and bender
<br />they make proof of loss if not made promptly by Harrower.
<br />Unless Lender and Borrower athersvise agree- in writing, insurance lrrocaeds shall be applied to restoration or
<br />repair of the Properly damaged. provided sorb re=tar:uion m• repair i> economicalh• tcasible and the security of
<br />this Mortgage is not thereby unpaired. Ii cavil restorntimt or repair is not ecmtauicall}• feasible or if the security
<br />of this ifortgage would be impaired. zhe insurance proceeds shat! Le applicvi to the sums secured by this i\4ortgage,
<br />with the excess, if any, paid to Borrawer. It" the Yrapertc is abandoned by Horrower or tf Borrower fails to respond
<br />fo Lender within 30 days after native by Lender to Borrower that the insurance carrier offers to settle a claim for
<br />insurance benefits, Lender is authorized to trolled and apply the i;isurancr pnt~reds at I,ende_*'s option either to
<br />restoratior. or repair of the Property or to the sums secured by this \lort.gagt:.
<br />Unless Lender and Borrower othencise agree in writing. an}~ such application of proceeds to prineipa! shall
<br />not extend or postpone the due date of the rtoml:Ic installments reft•rrcd to in paragraphs i and 2 hereof or change
<br />the amount of such installments.
<br />II under paragraph i8 hereof the Prooerty is acttuirt~.1 ht l,c=ndzr, all right, title and interest of Borrawer in
<br />and to any insurance }ralic':= a.,d in a.=., .~. ~lte }~;oie~~ls tl,cr~;f .to tlu• extent of the sutras serurt~c} bv° this Mort-
<br />gage immediately prior to such sale v'r aequi,itiont re-!dirt„ from damage to the Yropert-y prior to the sale ar
<br />acquisition shall uaos to Lender-
<br />6. Preservation cad Maiat~aace of Progeny; ?.easeholds: Cnndaminituns. Harrower shall keep the Prop-
<br />erty in gaud rpair and shall hat }:err„it or ,,ott;tiii'.- lutists, itnpatrntetit, or deterioration o? rite Property and shall
<br />r[3~ 1 with the }~rn~•i-¢inn~ n5 a5r'i• lna.:F, ii t}ti- M~rrt°'^e ;. .... R Ie s I' i. ~ ~ - -•
<br />p-y -- ~• • - sw~ _ ,,•, a'e t z d, If this y{art aa? a; ~,r Y c ~u *nt*rtum
<br />unit, Borrower shall perfanr; al! of Harrower ~ oLlisatton~ under the declaration of candotttiniunr ~~r ..rat ., deed.
<br />the by-laws and regulations of the condominitnt: project and constituent documents.
<br />7. Paofeera~ ref Lsadez's Se.`.urity. If Borrower falls to perform the covenants and agreements cunt-lined in
<br />this \iottgage, or if any action or proceeding is commenced whit•lt materiallc affects Lenders interest in the Prop-
<br />erty, including, but not limited to, eminent ttausut. inso!veucy. code enforcenicnt, or arrangements or proet'f•d-
<br />ings involving a bankrupt or decedent, then Lender ut Lender's option, upon notice to Borrawer, may make such
<br />appearances, disburse such sums and take such action os is necessary +~ protect Lender's interest. including, but
<br />not limited to, dsbutsement of reasonable attorney's lees and f:nt.ry upon the Property to make repairs. Any
<br />amounts disbursed by Lender pursuant to this paragraph : ,with interest thereon, shall become additional indebt-
<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 In:nder to Borrawer requesting payment thereof, and shall bear inter-
<br />est Irom the date of disbursement at the rate stated in the ;tote unless payment of interest at such rate world he
<br />contrary to applicable law, in which event such amounts shall bear int-erect at th€ highest rats permi~itsla by
<br />applicable law. Nothing contained in this laragraph 7 shall require Lender to incur any expense or do any act
<br />hereunder.
<br />8. Inspect3oa, Lender may make or cause to he made reasonable entries upon and inspect-ions of the Prop-
<br />erty, provided that, Lender shall give Borrawer notice l+rior (a arty sorb inspection specifying reasonable eat;y'e
<br />therefor related to bender's interest in the Property.
<br />8. Coadamnoiioa. The proceeds at any award or clairrt for eitunagce, direct or consequential, in connection
<br />with any condemnation or other taking of the Property • or pari thereof, or far conveyance in lieu of eandemna-
<br />tion,are hereby assigned and shall he paid to Lender.
<br />In the event of a total taking of the Property, the proceeds shall be apulied to the stuns secured by this A4ort-
<br />•. gage; with#,heexcess, if any, paid to Borrower. In the event of a partial taking of the Pro}terty, unless Borrower
<br />' and Lender otherwise 8gree in writing, there ,hall he applied to the sums secured by this \iortgage such propor-
<br />tion of the proceeds as is equal to that proportion which the amount of the sutras secured by this Mortgage imme-
<br />diately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of
<br />taking, with the balance of the proceeds paid to Borrower.
<br />If-the Prapecky_is abandoned by Borrower ar it after notice by Under to Borrower that the condemnor offers
<br />to crake $n award orsettls a claim far damages, Borrawer €aiis to respond to bender within 30 days of the date
<br />of sash-siatiee,-Under is authoi~iaecl to eo}feet-and apl3ly the proceeds at Lender's option either to restoration or
<br />rep~it• of t~lte Property ar to the surn€ secured by this Mortgage.
<br />Unless Lender grid Borrawer otherwise agree in writing, any such application of proceeds to principal shall
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