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<br />If tu~¢:de',r IparagrapE; 18 3;ereaf nc~ Prop.errr,; ~ v -he l"""r~,r--:r oft ,r.uh-r_- ;,--ta~rcri u- G.-,..,lwr- i._~,.a.ie-
<br />~Etah apply, rta later tltart imateriiateiy prior to ti,e ~r:i~e re;' ti:r f'ra{„ ~<c nrr it- _ t:ui-iris*: hr I ~~nq~er. a:u- ~urad-
<br />lse'tld by ILencter at. t'Ire time of application as a rr+°~dit ag:itrt~~z +1,3,, t,:;n..;:-tmm•~=' ls•~ this 'tlotts~a~r•. -
<br />3. ~4ppiigation of Payments. Unie.~ a{,u,lieablc lux prorir}cam u•i;rrua'i.~:.:aD9 {rs..nc~ut. recci:;E•,J 1~:~ Leriaier
<br />under the Note and paragraphs 1 and 2 herrrof ~i::af i=a~ applic•:1 t.r }:.t:<ie.r first ir; psvmenz of amount:, parable to
<br />Lender by Borrower under paragrapE:2 hereof. th~•t, to imerc~t .,,~ al>l~ art ti3e \ct,.c~ .act=z o=s Future a,ivanees, if
<br />any, and then to the principal of the ~ou• and to the principal ui Future 3dcanrc, ii anv.
<br />4. Charges; Liens. Borrower shall pay a!i taxes, assessntea:ts and other charges, ftres and impositions attrib-
<br />utable to the Property which may attain a priority over this Jlortgage. and ground rents, if any, at Lender's
<br />option in the manner pro:ided under paragraph 2 hereot` or by Borrower making pavment, when due, directly to
<br />the payee thereof. Borrower shall promptly furuish to Lender all notices of amounts slue under this paragraph,
<br />and in the event Borrower shall make payment directEr. Borrocver shsli prempth- iurrish to Lender receipts evi-
<br />dencing such payments. Borrower shall protttpuv di-charge snr lien vvhicF. has priority aver this Mortgage; pro-
<br />~ vided, that Borrower shall not be required to disc};arge and' such lien so long 3s Borrower shall agree in writing to
<br />~ fire payment of the obligation secured ltv such hen in a manner acceptable to Lender, or shall in good faith contest.
<br />such l•.en by, ar defend enforcement of such tier, itt, legal pracec zinc; whicit operate to prevent the enforcement of
<br />~ the lien or forfeiture of the Property a• any part f hereot.
<br />5, Hazard Insurance. Borrower sitail keep t ire iutprocemcnts non- existing or hereafter erected on the Prap-
<br />~ err}' insured against loss by fire, ]taaards htcluded within the term "extended coverage", and such other hazards as
<br />Lender may require and in such amounts and for such l~teriods as bender mu}- require: proviued. that Lender shall
<br />~ not require that 'the amount of such coverage exceed first amount of coverage required to pay the sums seeured'by
<br />this Mortgage.
<br />The insurance carrier providing the inatrauce shall be chosen by Borrower subject to approval by Lender;
<br />provided, that such approval shat} not be unreasonably withheld. All premiums on insurance policies shall be paid
<br />st Lender's option in the manner provided under paragraph 2 hereof or b}• Borrocver 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 sod renewals thereof shall he in farm acceptable to Lender and shall include a standard
<br />mortgage clause in favor of and In foram acceptsble to Lender. Lender shall have the right to hold fhe 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 bender
<br />may make proof of loss if not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall he 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. If such restoration or repair is not economically feasible or if the security
<br />of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by ibis Mortgage,
<br />with the excess, if any, paid to Borrocver. If the Property 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 the insurance proceeds at Lender's option either to
<br />restoratior: or repair of the Property or to the sums secured by this _\Iortgago.
<br />Unless Lender and Borrower 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 bender, sil right., title and interest of Borrower in
<br />and to any insurance policies and in and to the proceed. thereof t to the extent of the suat~ secured by this Mort-
<br />gage immediately prior to such sale or acyuisitionl restdtint; from damage to the Prnpertr prior to the sale ar
<br />acquisition shall pass to Lender.
<br />S. Preservation and Maintenance of Property; Leaseho} ~; Condominiums. Borrower shall keep the Prop-
<br />erty. in goad !•epair and shall not permit or commit waste, impairment, or dcterioratia:: of the Property and shall
<br />comply with the provisions of any lease, if this Mortgage is mt a leaselteld. If this \Iortgago is on a condamiuitun
<br />unit, Borrower shall perform al! of Borrower's obligations under rite declaratiou of condominium nr master deed,
<br />the by-laws and regulations of the condmninium project and constituent document.
<br />7. Peotectioa of Lendei s Security. If Barrovc•e~ lolls to ]terform Ute covenants and agreements contained in
<br />this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Prop-
<br />erty, including, but oat limited to, eminent doutaiu, insoh~ency, code enforcement, or arrangements or proeeed-
<br />ings involving a bankrupt m• decedent, then Lander at E.endcr's option, upon notice to Borravver, may make such
<br />appearances, disburse such sums and take such action as is necesssry to protect Lender's interest, including, but
<br />not limited tc, disbursement of reasonable attorney's tee; and entry upon the Propert}• to make repairs. Any
<br />amounts disbursed by Lender pursuant to this paragraph 7, 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 Lender to Borrower requesting payment. thereof, and shalt fear inter-
<br />estfrom the date of disbursement at the rate elated in the Note unless payment of interest at such rate would 6e
<br />contrary to applicable lavv, in which event such amounts shall bear 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. Tuapection. Lender may make m• cause to be made reasonable entries upon and inspections of the Prop-
<br />erty, provided that Lender shall give Borrower notice prior to cry such inspertiatt specifying reasonable cause
<br />therefor related to I.ender'sinterestin the Property.
<br />9. CondemnaUOn. The proceeds of soy an•ard or claim for damages, direct or consequential, in connection
<br />with any condemnation or other taking of the Property. ot• part thereof, or for emtceyance in list: of condemna-
<br />tion; are hereby ~<signed and shall be paid to Lender.
<br />In the event of a ~nta1 taking of the Property, the proceeds shall be applied to the sums secured by this Mort-
<br />gage, with'the execs, it any, paid to Harrower. In the event of a psrtial taking of the Property, unless Borrower
<br />and Lender otherwise agree in writing, th^re 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 stuns 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 />tsking, with the balance of the proceeds paid to Borrower.
<br />Tf the Property is abandoned by Borrower or if after notice by Lender to Borrower that the condemnor offers
<br />to meke an award or settle a claim for tlsmages, Borrower fails to respond to Lender within 30 days of the date
<br />of sorb notice, Lender is sathariaed to collect and apply tle proceeds at Lender's option either to restoraiion or
<br />repair of the Property or to the sums secured by this \Iortgago.
<br />Unless Lender and Borrower othervise agree in writing, auy surf application of proceeds to principaz shall
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