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<br />if under paragraiil! ltd hereof the I'rupr_rt}- is sold or. the Pra{,recto is citl'~rrta•i~e ucgt!iretl by Lender. Lender
<br />shad app!}•; no later than i~tumt,dtately luior to th,. Stlc of the Yropant*• ar its ucqursitiorr 1.rw i.ender. an}' Funds
<br />betel 6}~ i.amtier at the tune of application as a crcdtt ag:~rinst rho :,~unns «ecurnd by t t.rn A~Iortgarge.
<br />9. iRpplicafiott of Payments. Uttle.ti tppliaable Ir~tw lnov!ies atpert+ise'~, all patytttt~t}~ rea;civ+~~d by Lender
<br />under the mate and paragtrtttphs 1 and 2 hereof s}tall I,ro al~yi~died b} Lant3e, nest ut lea}^rnenG of anm!ants }~,>=apak>le to
<br />Lender by Borrower under paragraph 2 hereof, then to interesf. paya6ln on the tiote and on Future Advances, if
<br />any, and then 'n the principal of tho Fate. and to the principal of Fut~rc •~,t{vances, if any.
<br />d. Charges: Liens. Borrower shall pay all taxes, assessments and miter charges, fines and impositions attrib-
<br />utable to the Property which may attain a priority over this \Iortgtygc• anti ground rents, if any, at Lender's
<br />optiary in the manner provided under paragraph2 hereof or by Borroq.ep making payment, when due, directly to
<br />the payee thereof. Borrower shall promptly furnish to Lender all notiCeS of amounts tine under this paragraph,
<br />and in the event Borrower shall make payment directly, Barrower shall pratyrptly furnish to Lender receipts evi-
<br />dencing such payments. Borrower shall promptly discharge any lien wpirlt ttas priority over this Mortgage; pro-
<br />vided, the! Borrower shall not be required to discharge any such lien sp ?o!tg as Borrower shall agree in writing to
<br />the payment of the obligation secured by such lien in .! manner accepta~ic to Lender; or shall in good faith contest
<br />such lien by, or defend enforcement of such lien in, legal proree!iings w•piglt operate to prevent the en€orcement of
<br />the 1}en or forfeiture of 'the Property or any part thereof.
<br />5. Hazard Insurance. Borrower shall keep the improvements no+t• existing or hereafter erected mt the Prop-
<br />erty insured against. loss by fire, hazards included within the term "extePtied coverage", sod such oiher bazard-:as
<br />Lender Wray require and in such a~r+.ounts and for such periods as Lender tsta}~ rt;qu}re; provided.. that Lender s~all
<br />not require that the amount of such coverage exceed thin amount. of cot.epage required to rys}' the sums secured'by
<br />this Mortgage.
<br />The insurance carrier providing the insurance shall be chosen br• ~prroa'er subject to approval by Lender;
<br />provided, that such approval shall not be unreasonably ccithheld. Ail ppepsiums on insurrnce policies shall be paid
<br />at Lender's option in the manner provided under l~aragraplr '2 hereof or lyy 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 />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 iri said notx until paid and shat} be
<br />secured by this Rortgage. Failure by Borrower to comply may, of option of Lender, constitute a default
<br />under the terms of this Mortgage.
<br />All ir!suranee policies and renewals thereof shall be in form accept~ple to I,euder and shad include a standard
<br />!nnt•tgag~~ claause in favor of and ir, lotto arccptable to Lender. Lender 317~3i hair, fire righi to hold the policies and
<br />renewals thereof, and Borrower shall promptly furnish to Lender all re0e++'al nokices and all receipts of paid pre-
<br />miums. In the event of loss. Borrower shall give prompt notice to the irlSUranec carrier and Lender, and Lender
<br />may make proof of lass it not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree it: +vriting, insurance I`poceeds shalt be applied to restoration or
<br />repaie of the Property damaged, provided such restorstimy ur repair is oronumicall}• feaaihle and the sceurity of
<br />this ~Iartgagc is not thereby impairod_ If such restoration or repair is trot econamicall}• feasible or if the secun~y
<br />of this Mortgage would be impaired, theansurauee proceeds shall be aptilied to the sums secured by this r4lortgage,
<br />with the excess, if env, paid to Borrower. If the Property is abandoned trc- 3orrawer or if Iiarrotver fails to respond
<br />to Lender within 30 days after notice by Lender to Borrower that the it~strraace carrier offers to settle a claim for
<br />insurance laenefits, 1,ender }s authorized to collect and apply the insurrpt~e proceeds at L.ender's option either to
<br />restoration or repair of the Property ur to the sums secured b}• this \Ioytgage.
<br />Unless Lender and Borrawer athenvise agree iu writing, any such rtplylication of proceeds to principal shalt
<br />oat extend or poskpone the due date of the monthly installments referrer{ tp in paragraphs 1 and 2 hereof oc change
<br />the amount of sash iastallmetttz`_
<br />If under taragraph IS hereot the Yraperty is acquired by lender, ~l right, titlo and interest o€ Borrower in
<br />an^i tp 12 ~• i-"t!?nraOCe policies and in and t0 the proceeds thereof ttn tltS t;~tiht ai the st[ms secured n}` t[tiS h~knFt-
<br />,gage itnmediatoly prior to such eats or acquisitions rest;ltmg from dater+lge. to th~~ 1'ropert}• prior to the s_aio ar
<br />acquteatian :hat: pa.*s to Lender.
<br />}a. PrBaervatiOA uad 14IQiAt9IIQ4CB OS Property: Leaseholds; Candq~t3rgiutrie. Borrower shalt keep rho Pr~p-
<br />erty in good repair and shall not }>ermit or ,•ununit waste, impairment, rtP ~latcriorar.inr! ui the Property and shalt
<br />rurnp,y with the f.>ruvis e - of :+ny lease, if tins :tlortga~ is on a }<:asent~I!{. 3f this Mortgage is on a condominium
<br />unit, Borra+:'rr s}.ail l~cslnrtu till c!f Borrower`s ohhgatinn- ism}er the dt*e~lu,r;+riors of eundotniniuui ar master deed,
<br />t-hr' by-laa-s and reguiatian~ of the• condominium project and constituent t3nctnuents.
<br />7. Protection of Londei a Security. If Borrower iailx to perform tlm covetyauta and agreements contained in
<br />this Mcr'tgage- nr tf ally netinn ar proceeding is connaer!eed whirls suatery'jtl iv ttiYeets Leader's interest in the Pr~p-
<br />erty, including, i,ut nut limited to, eminent domsiu. rnsotri'ncy, code tpforccment, ur arrangements or pracecd-
<br />ings involving a i!aokrupt or decedent, then Lender at l.euder'> opt-ion, dlrorr notice to Ilorro+~-er. loco make such
<br />appearances, disburse sue,h su!!!s and take such actimr as !. necc~sat,ry tp protect Lender's interest, including, but
<br />.not lintit~ci tu, disburseruzrtt of reasonable attorney's fte_: and miry trlyGsh the Property to make r€paira. An}•
<br />arnnnunts tiisburaed be Lender pursuant to tI:rs paragraph r, with interest thereon, chat! tyecome additional indebt-
<br />edness of Borrower secured by this '+lortgage. Unless Borrmcer colt l.en,jef agrne to other to-errs at payment, such
<br />arnaunts shall be payable upon notice Frum Lender to I3orrow•er t•eyuestip~ paytner!t ther•eaf, and shall bear inter
<br />cat front rho date of t}isbttrsettyent at the rate scared in the Note unless Rtsly!srent of interest at such rstF would ]x
<br />eantrary to app;icable law. ir, which event such amounts shall bear intnttt at rho ttighast rate permissib}: by
<br />appticabte ls+c°. tiathing ,~ontaincd in this paragraph "steal! requite 1•ePder to incur any expense or da soy act
<br />hereunder.
<br />8. Inspaetian, !.ender may utakc or cause to he rnadc reasonable trltiries u{yon sue} inspections of f}te Prop-
<br />e=,", pea°ai=dam'- that I~t=nd€r ° .;,tl r;ive Bar€nt+°er riatirc prior to ttst}• ~u!-;! inspection specif}•ing reasana'tyle rouse=
<br />therefor re}at~`# to Lender's interest in the Propert}'.
<br />9. Condomaation. The proceeds of any award or cla}ru for darna~eii, direct, or consequential, in connection
<br />with any randemnation ar other taking of the Yrolyerty, m• lyart thereof, .yr tar canveyanre in lieu of condemna-
<br />tion, are hereby assigned and shall be paid to Lender.
<br />in the event of a tats! taking of the Property, the proceeds shall be ;rhplied to the solos secured by this ,Llart-
<br />gage, with the excess, if an}°, paid to Borrower. In the e+rent of a partial taking at the Property, unl€ss Barrower
<br />and Lender othervise agree its writing, there shall be alaplied to the sugls secured ty}• this \tartgage such propor-
<br />tion of the proceeds as is equal to 'hat proportion which the amount of the sums secured by this linrtgage imme-
<br />diately prior to the date of taking bears to the fair market value of the pDOperty unmediately prior to the date of
<br />taking, with the balaneo 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 an award or settle a claim for damages, Borrower fails to resppnt3 to bender within 30 days of the date
<br />of such nntiea, Lender is authorised to collect and apply rho proceeds !t6 Lender's opt-ion either to restoratiort or
<br />repair of the Property ar to tlye sums secured by this ~lartgage.
<br />Unless Le}1d?r and Barrower other+vise agree, in writing, any sash tyltplieation of proceeds to principal shall
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