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Lf under lzarag~rap}t 18 hereof the Property is rolaE or !hd• Propert.v is etht^rsa;5~e sequircd by Lender, Lender
<br />1re.lk apply, ^o later than inunerliately prior tts the sate o7 the Property or its aci}ui~~~ition in• Lender. unw• ;Funds
<br />held by I',enc}e;t• <a t•he time of ap}tlication as a credit against the rite,: >ocun~} L~•c t~iis l7cn•tgrrage.
<br />tR, 1$pplication of Payments. Unless ap}nlica}rlc law }rrovicles otherwise, at}l I,rtymetrt~~s rc'eceived t,n• I,enrler
<br />under t}?e Atat.n;md },iaragraphs 1 and 2 he~rcof shall be sp}tfied b4,- LencEcr first in payment tai atuuunts payable t,<r
<br />Under by Borrower under paragraph ?hereof, then trt interest pztyrtk>]c on t'hc ;Vote and on Future Advances, if
<br />any, and then to the principal of the Note and to the principal of Future Advances, if any.
<br />4. Charges; Liens. Borrower shat} pay all taxes, assessments and other charges. fines and impositions attrib-
<br />utable to the Property which may attain s priority over this Mortgage, and ground rents, if any, at Lender=
<br />option in the manner provided under paragraph 2 hereof or try Borrower making payment, when due, directly to
<br />the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due tinder this paragraph,
<br />~ and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipis evi-
<br />denting such payments. Borrower sha}1 promptly discharge any lien which has priority over this Mortgage; pro-
<br />vided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in tvriiing to
<br />the payme:at of the obligation secured by such }fen in a manner acceptable to Lender, or shall in good faith contest
<br />~ such lien by, or defend enforcement of such lien in, legal proceedings +.ehich operate to prevent the enforcement of
<br />Q the lien or Forfeiture of the Property or any part thereot"".
<br />5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Prop-
<br />erty insured against loss by fire, hazards iueluded ,vithiu the term "extended coverage'', and such other hazards as
<br />~ Lender may require and in such amcunts and for sue}t periods as Lender may rz quite; provided, that Lender shat}
<br />not require that the amount. of such coverage exceed Thar. amount of coverage required to pay the sums secured'by
<br />-. "this Mortgage.
<br />The insurance can•ier providing the insurance shall be chosen b}• Borrower subject. to spproral by Lender;
<br />provided, that such approval shall not be unreasonabh• withheld. All premiums on insurance policies shall be paid
<br />at Lender's option in the manner provided under paragraph '% 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 />it`s interest, may procure insurance on the improvements, pay the premiums and such sum shall become
<br />immediately due and payable with interest st the rate set forth in said note until paid and shall be
<br />secured b}~ this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br />tinder the terms of this Mortgage.
<br />All insurance policies and renewals thereof shat} be in form acceptable to Lender and shall inc}ude a standard
<br />mortgage clause i^ favor of and in forth aceelitable to Lender. Lender shall have the right to hold the policies and
<br />renewals thereot, and Borrower s}tai} promptly furnish to Lender iii renewal notices and s}i race}pis 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 rttake prom of loss if not. made promptly liy Borrower.
<br />Unless Leader and Borrower ntlrertvise agree in writing, insurance proceeds shall be applied to restoration ar
<br />repair ui fire Frapert-}• damaged, prntiided sueh restoration or repair is eccnotuieal}y feasible and the se.^arit-y of
<br />this Dortgage is not thereby impaired. It such restar:uion ur repair is not ecunomicalh• tensible or if the security
<br />of this 1lnrtgage x•ould be impaired, the insurance proceeds shall hr applied to the sums secured by this irforigage,
<br />with the excec_s, iE any, paid to Borrowett If the Yroperty is abandoned by Borrower or if Borrower fails to respond
<br />to Lender within 3o days after notice by bender to Borrower that the insurance carrier offiers to settle a claim tar
<br />instrance benefits, Lender is authorized to collect and apply the insurance proceeds at bender's option either to
<br />restoration or repair of the Property or to the sums secured by this \[ortgage.
<br />Unless Lender sod Borrower otherwise agree in writing, any such alaplicatuon ui proceeds to principal shell
<br />not extend ar postpone the due date of the motrthh• installrnenis refecred to in paragraphs 1 and 2 hereof or change
<br />the amount of such installments.
<br />If under paragraph Ig harem the I'tap~rty is acquired b• Lender, a}} right. title and interest of Harrower in
<br />and to any rrtt,,4n+~ ,=z}fete: and it t:<i ~~ t}tfl prcue~.i~ t},er,~c?r <, t}-r et:tcnt , I.,. surtt-~ st'~fli~' by thr~ ~Iazt-
<br />gaga utntnediately prior to suc}t sale or acquisitions resu}tirtg from =.}anrage to t}re Property prier to the sate or
<br />ae_nuisition shtzk} Baas to Lendea•.
<br />6, Preservation std I~Iainttanance of Property. Leaseholds: Condominiussur. Burrower shat} keep the Prop-
<br />ert}• is goad repair ar,1 si.alt not permit or cmm~rit tv`aste, impairment, ur cii~ierioration of titc~ Yroperty and shall
<br />entnply with the prnvisin:ts ni :ttrv (ease, ;i the, MortQagc is uu :, lcase}rald, If thus Mortgage is on a cundom_inium
<br />unit, Borrower shall perform all of Borrawcc's obligations under the uec}ar:uion of rondominuurn or master deed,
<br />the by-laws and regulations of the eoriditntinituu project sod eanstitucnt dacutnet,t~.
<br />7. protection of Lender's Security. if Borrower tails to perform the cuvenatrts and agreements contained in
<br />this Mortgage, or if an}• action or proceeding is comureuced which nrrterialh~ atTcrt bender's inierest in the Prop-
<br />erty, including, Ixu nut limited to, eminent donurin, unsolvrnc}•, c,xle eutorccrncnt. ur xrraugeruents or proceed-
<br />ings involving n bankrupt or decedent, then Lander at Lender's option, upon uotice to Borrower, Wray snake sueh
<br />appearances, disburst• such smtz- noel take stmh action as is accessary to protect Lcndcr's interest, including, but
<br />not }united to, disbursement of reasonable attorney's tees and entry upon ttre Yroperty to make repairs. Any
<br />amounts disbursed b}° Linder pursuant to ±his paragraph'. wi!!t interest titereou, shall L,eeanx- ariditional indebt-
<br />edness of Borrower secured b}• thisllurtgage. Unless Borrower and herder agree to other teens ui payment, such
<br />amnun'w shall be payable, upmr rtntice from I.cnder to Borrower reyuestutrg payment t}tereot, and ::=hall bear inter-
<br />est front the date of disbursement ai the rate Mated un the \ote unless pacntent of untereat at sorb r;rte tcoutd be
<br />eantrary to anpticabic law, in which event such amounts shall hear interest at the highest rate permissuble by
<br />t:,... 4. ~,. 1,. 1 ..} .1.: .. 1 1 '1 .. i.. a n an ar
<br />app,IliiLe,C law. _ otruig airi:;rri;,-a ,., , ,,. {ixrngrwp,i r aa:...':ln.rt' l.i:,~.r to .Ercurany exp..nse Lr d_- _._y t
<br />hereunder.
<br />8. Inspection. lender may crake or cause to !k nradc r•eastrnahk• eutrues upon and inspections of the Prop-
<br />erty, }arovided that Lender shall give Burrower rroucr prior to sut• such ius}tectimr specifying reasonable cause
<br />therefor related to Lender`s interest in t}te Pn>periy.
<br />3. Condoausaaon, `I'he proceeds of anc• atvanl or i~lairt? ter i}an?ages, direct er censequentia}, in ct?nneotian
<br />with any condemnation or other taking of the Yrop~+rt}•, ur part tbereol. or for conveyance in Herr of condemna-
<br />tion, are hereby assigned and shaft Gc paid to Lend~r-
<br />In tkte event of a total taking of the Yroperty, the pracecd~ s1u;11 lx altpliad to the sums secrnetl by this ~iort-
<br />gage, tvit}r the eeress, if any, paid to Borrower. Its U?c event nt" a p:.rtial tatting of the Yroperty, unless Borrower
<br />and Lender otherwise agree in writing, them. str:ai} ]te spplied to the ,ants secured by this \Int•tgage such propor-
<br />tion of the proceeds as is equal to that propartian u•huch the amount of the Burns secured by this Mortgage imme-
<br />duatety prior to the date of takinb bears to the fear utarket value of the Property immediately prior to the date of
<br />taking, with the balance of the proceeds paid to Borrower.
<br />If the Property is abandoned by Borrower or of after notice 6}• Lender to Borrower that the condemnor offers
<br />to make an award or settle a claim for damages, Borrower fails to respond to Ixncter within 30 days of the date
<br />of sueh notice, Lender is authorized to collect and apply the proceeds at Lender"s option either to restoration or
<br />repair of the Property or to i.he sums senureti by this Mortgage.
<br />iTntess Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall
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