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If under paragraph IR hereof t6c Property is ;old or the Property is otherwise ucyuircd b.- Lender, I,enrler
<br />:iutll ripply, no later tban itmediately prim• tv the sale of the Yrupertc or it.~ xcyuisition l,y Lcuder.:rm° Fut:cl
<br />held by Len<{er at. the time oC rapplication as a credit agnin.t t:,e sun,< =ecure:4 he rhi> >4ort~a~e.
<br />3. Rpplicatioa of Payments. L1nle~s applicable I:,w provide otiterwisc, all payments receivuri by Lender
<br />under the Noie and paragraphs 1 and 2 hereof shall he applied by Lemlcr tu•st in payment. of amounts parable to
<br />Lender by Borrower under }taragraph 2 hereof, then to interest payahk on tl,c Rota and on I•uturc advances, if
<br />any, and then to the principal of the Note and ro the principal of Future Acivanccs, ii ant.
<br />4. Charges; Liens. Borrower shall pa}• all taxes, assessments anti other charges, fines and impositions attrib-
<br />utable to the Property which may attain a priority over thin Mort-gage, and around rents, iF any, at Lender's
<br />option in the manner prodded under paragraph 2 hereof or by Borrower making payment, when due, directt}• to
<br />Ghe payee thereof. Borrower shall promptly fm•uish to Lender all notices of amounts due under this paragraph,
<br />~ and in the crept Burrower shall snake payrttam du~~crig, Itv,•ron•cr sl,trll }„•nmptly furnish to Lender receipts evi-
<br />~ denting such payments Borrower shall promptly discitsrge an}• litre which has priority over this Mortgage: pro-
<br />~ vided, that Borro+crer shall not be required to discharge ran such lien so long as Borrower shat' agree in writing to
<br />~ tha payment of the ol,,ligation secured be such lien in a manner acceptable to Lender. or shall in good faith contest
<br />C such lien by, or defend enforcement of such lien in, legal prose 7lings which operate to irrevent the enforcement of
<br />~ the lien or forfeiture of the Property or• any part thereof.
<br />5. Lazard insuraaee. Borrower shall keep the intpravements no+t~ exist u,,• ur hereafter c-rotted on the Prop-
<br />tarty insured against loss by fire, hazards included within the tens '`extended coverage", and such other hazards as
<br />~ Lender pray require and in such amounts and for such periods as Leader ma}- require: }n•ovidcd, that Lender shall
<br />= not require that the amaupt of such coverage exceed that amount of coverage required to pay the some secured'by
<br />this Mortgage.
<br />The insurance carrier }?roriding tlrc iusurar:re shah be chasm he Borru+ver subject to approval i>y Lender:
<br />provided, chat. such approval shall not he unreasonsbh• withheld. All premiums on insurmmce policies shall be paid
<br />st Lender's option in the manner provided ender paragra}ti, 2 boreal or by Borrower making payment, +chen due,
<br />directly to the insurance carrier.
<br />In the event any policy is not renewed on or before ten davs 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 wdth interest at the rate set forth in said note until paid and shall be
<br />secured by this l4iortgage. Faifore by Borrawer to comply may, at option of Lender, consiituie a default
<br />under the terms of this '\lartgage.
<br />All insurance policies and renensls'tl.ereof stall i,e in ion„ acceptable to Lemlcr and shall include a e~tandard
<br />mortgage clause ip fs+ror of and in iann acceptable to hendec Lender shall have the right- to hold the polities and
<br />renewals thereat, and Borrower shall promptly furnish to Lender all rene+vsl natives and all receipts of paid pre-
<br />miums, In ±he Brent of loss, Borrower shalt give prompt notice to the insurance carrier and Lender. and Lender
<br />may make proof of loss if not tnsde promptly hr Borrower.
<br />Iinless Lender and Borrower other+vise agree in writing, insurance proceeds sltal! be applied to restoration or
<br />repair of the Property damaged. prarided such resu,ration or repair is eronu;picrlh feasible anti the security of
<br />this Mortgage is not thereby impaired. Ii such resoaratian or repair is oat e~vnomicali}• feasible or if the security
<br />of this \fortgsge u•auld be impaired. the insurance proceeds shall be applieri to the saute secured by this 3iortgage,
<br />with the excess, if an}•, paid to Borrawer. If the Ysopertt- is abandoned i,}• Bornnver or ii Borron•er fails to respond
<br />ttr Lender within 30 days after notice hr Ixnder to Barrawer that the msurarce carrim~ offers to settle a claim fur
<br />insurance benefit,. Lender is authorized to collect and app}y the iusurance proceeds at bender; option either to
<br />restoration or repair of the Properir' ar to the sums secured ln- this \lortgage.
<br />Unless Lender and Borrower othendsc agree in +vriting, au}• such application of }?roceeds tv principal shall
<br />not extend or postpone the due date of the rnmttith• instailmerts referred to ir, paragraphs I and 3 hereof or change
<br />the amount of such installments.
<br />- If under paragraph 18rrereoi fire Property is acquired by Lender, ail right, title and interest of Borrower in
<br />and to an}* insurance policies and i^ and to rite uroceed= thereof rte the extent of the runts secured by this D€ort-
<br />gage immediately prior to such sale or acqutsition~ resuL•ing leant damage to the Yrapert} ,,rive to the sale or
<br />acquisition shall pass to Lender-
<br />6. Preservatiaa sad Maintenance of ?roperty: Leaseholds: Coadomiaiums. Borrower shall keep the Prop-
<br />erty in gaad repair and sl;ail oat oenuit or corunit was*_e- itnpairutent. or ,ieteriaration of the Propert}- and shall
<br />comply with the provisiore ai an}• 'ease. ii zhis ~lartgage r- un a .easehuld- Ii this \lortgage is an a condominium
<br />unit, Borrower shall perfarrn all ai Borrowcr'~ obligstiun> order t+ir- declsrstiau of corulotninium or master deed,
<br />the by-laws and regulation. of the rar,dumntiurn },ru}ect nu,i constituent documents.
<br />7. ~•oteetioa of Lender"s Security. It Borrower i;:iis to pcrfarm tl:e rovensr,2~ :and :,greemeuts captained in
<br />this liortgage, or if any action ar proceeding is comp,enee+i whirl; rnsterislly at7ects lender s interest in fire Prop-
<br />erty, including, but not limited to. eminent domain. insai•:cnc}-. code rniorcement. ur arrangements or proceed-
<br />ings involving a bankrupt or decedent, then Lender at bender's option. upon notice to Burrower, may make such
<br />appearances, disburse such sung and take sucl::.etiorr :ts ,~ ne<.::=acv ,o protect Let;der'c intercat, including, but
<br />oat &mit,~f to, disbursement. ai rassonable attomay's fees and entn• oast. the Property to make repairs. Any
<br />amotmts disbursed by Lender pursuant to this paragrapl€', :;-ith in*.erest thereon, shaft becorire additional indebt-
<br />edness of $orrower seeuteci b} :his liorigage- Iinless Borrawer and louder agree to other terms of payment, such
<br />amounts shall be parable upon: notice irons Lender to Borrower requesting payment il;ereof, and shall bear inter-
<br />est from the date of disbursement at the rate seated in the \ote unle_s psyntent of interest at such rate would be
<br />contrary to applicable law, in which e+•ent suite amaants shall bear interest at fire highest rate permissible by
<br />applicable law- \ot}ring roittair,ed in this paragra!>h ' sha(1 require Lender to incur any expense or do any act
<br />hereunder.
<br />B. Iaapse5oa. Lender mac make or cause to 1K• made reasonai>}c entries upon anti inspectlcns ofi the Prop-
<br />erty nraridAtl that Lender shall gi+•e Borrower notice ±+rior tv an} -uch inslrertion >pecifyiug rrasonahle cause
<br />therefor related to Lender's interest in the Property.
<br />& Gcmdomnatioa Tire proceeds of any award or claim for damages, direct or consequential, in connection
<br />with sAy cmrrlemnatian or ottser taking of the Yrapcrt}. ur pan thereof. or for ce,nvcyanre in lieu of candernna-
<br />tion, are hereby assigned and shall be paid tv Lender.
<br />In tie event of a Total taking of t#re Yt~l>ierte•, tlu• prueeeils ,.hall he :rpplieri to the -ups secured by this liart-
<br />~8e, with tree exee~; it' any paid to Borrawer. In the? evt^uc ai a partial taking of cite 'Yropertt', wales Barro+rer
<br />sad I:ender otherwigr agree in wetting, tltare Slrall be applied to the swears Mernreci by t}ri:+ltor•tgage such },ropor-
<br />tioa of tl:e protseedr: ss is equal to that proportion which the amount of the sum- sceurerl h}• this \iortgage intme-
<br />dfat,ely print to the date at" taking bears to the fair ntarkel value of tt,e I'rapcrty rmmetiiately prior to the date of
<br />tafci~, wick balance oftfre proceeds yard m Boreawer.
<br />I[ tie-Propart} i~ abandorsesf 6;; Borrower or iti attez notice l,~,• Lender to Harrower that the condernnar offers
<br />tauwka as sinned or aetLte a-claim for rlsurs$ee, Isorrowcr sari, to rc~}sand tzt LPnd~r witlsin 3t1 dais of the date
<br />c~iatiifk 1t6kiMC; Letxltr i€ autlrOt'ts4d to eol~ct &nd apply the pre;ntrrrls at IxpderS uptiar:.~iN:,•r re n•auratiun ur
<br />r of_ the Pr~~#-v or tc, the sums urerl h~• this ~fortca}zr~.
<br />Ilnl~ Ler.dar anti k3nrrower otlrern-ise agmr in wrttrn~,, aa,y yur,6 appliestian of ;+n,c,•rrf_t =_u t!rint•y,a; sht2il
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