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If under ;iaragraph I8 hereaf the Property is ~oi,l ter the; Yropesty is othcrtcise urr!uire~l by E.arxier. (.ender
<br />=hall apply, no !at-er than immediatel~• prior ro tht~ sale of the Yrayi'•rt~• or it.ti acgnisit-inn be LcniVcr, risky I~"uncle
<br />held by Lender at. tf~ie tirne of applic:nticu! a, t+~t creiiit agalnw~t the suuu sccwrr°l 1rc' liars Alortgai;t',~.
<br />3..9{pglication of Payments. Utlless api~iira4rle Ittty provides gtl.hc~ncia~, ,tll l,r,eyrnents ra~ceivcd by Lastr,der
<br />under tree Note and paru.graphs 1 and 2 hereaf shall ht a},rpi'ied by L<~nder tit•st in Ira}'nurtit of aamorrntw paayatdt,~ to
<br />Lender by Borrower unt9cr paragraph °.} hereof, Chen to aitarast pacab}e on rile loCe zutd on I'uturt+ ~rlvances, if
<br />any, and then }a the principal of the lore and to the principal of Butner Adrances, if any.
<br />4, Charges; Liens. Borrotver shall pay a!I taxes, assessments and otht r charges, fines and impositions attrib-
<br />utable to the Property which may attain a priority over ibis \fortgagc, anti ground rents, if any, at Lender's
<br />~ option in the manner provided under paragraph 2 hereof or it}• Rorrotcer making paynrtant, when due, directly to
<br />the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph,
<br />and in the event Borrower shall mako payment directly, Borratcer shall prompth• iurnish to Lender receipts evi-
<br />dencing such payments. Borrotver shall promptlr discharge err lien tahich has priority over this Mortgage; pra-
<br />~ vided, that Borrotver shall not be required to discharge qtly such lien so 'ong as Borrotver shall agree in writing to
<br />® the payment of the obligation secured 6,y such lieu in a manner acceptable to Lender, or shalt in good faith contest
<br />such lien by, or defend enforcement, of such lien in, legal ptveeeduigs tchich operate to p!~:vent the enforcement of
<br />the lien or forfeiture of the Property or an}• part thcreo.
<br />~ 5. Hazard Insurance. Bon•orcer shall keep tLe uiy,roremcnts note existing or hereafter erecten on the Prop-
<br />10 ert.y insured against loss by fire, hazards included width: the term "extended coverage", and such other hazards as
<br />Lender n,ay require and in saeh amamits and :or aucl! ;ie, ions a= Lender may require; provided. tilai. Lender shall
<br />not require that the amount of saeh coverage. exceed chat amount of rocerage required to pay file sums seeured'by
<br />this blartgage.
<br />The insurance carrier providing; the insurance s}rtsll he chosen by I;orrower subject to approval bti• Lender;
<br />provided, that such approval shall not he unreasonably withheld. All premiums on insurance policies shall be paid
<br />at Lender's option iu the mariner provided wider par;graph 2 hercoi or by Borrower making: pa}•mert, 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 prated
<br />its interest, may procure insurance nn the improvements, pay the premiums and such sum shall bee^;??A
<br />immediately due and payable with interest at the rate set forth in said note until paid and shall he
<br />secured by this Mortgage. Failure by Borrower to comply may, aY. option of Lender, constitute a default
<br />under the terms of this Mortgage.
<br />Ali insurtnc: po!iciea send renewals thereof shall br in corm aet•eprnhle to i.t-Wrier and shalt include a standard
<br />mortgabe clause in favor of and in form acceptable to Lender. Lender shall have the rieht to hold tine I>r,tiFiP,: ~!,d
<br />renewals thereof, and Borrower shall prmnptly furnish in Lender all renetcai notices and all receipts eI paid pre-
<br />miums. In }he event of loss, I3arrae•er .hr,li gh~c prompt notice to the insurance carrier and Lender, and Lender
<br />tnay make proof ai Sosa if net- made prompth br Borrotver.
<br />finless Lender and Borrotver otherwise agree in reciting, in-ur:uuc proc•eetis shall he applied to restoration or
<br />repair ai the Property damaged, provided sucir rrsraration or repair it econumicaliy feasible anii the security of
<br />this 1-fortgage is not thereby ioglaired. If suci, mstoration or repair is not eoanunttcaUy feasible ar if the security
<br />of this _lortgage would he impaired, the insurance- proceeds shall Ire applied to the gums secured by this ;4ortgage,
<br />with the excess, if any- paid to Borrotver. If rile 1'ropcrt~° is atrandoued 6r Barrou~cr nt• iI Borrower faits to r~pand
<br />to Lender tt•ithin s0 days liter notice by Lender to Harrower that lire insw•ancc carrier oH•ers to sett-le a claim for
<br />inswanee benefita, bender is authorized to collect and apply th,r insurance pruecads at Iender's option either to
<br />restoration or repair of the Property or to the sums secured h}• ti!u \tot•tgagc.
<br />unless Lender anti Borrotver otherwise agree m wramk, tun sues; a!rplicauou of proceeds to principal shall
<br />n~extend ar postpone the due date of the monthly ursta!Itnent> referred nl rn }taragra}rlrs 1 anti '2 hereof or change
<br />the amount of such irtstalkments.
<br />if oFiar ::wrsar~i:S; i32 {,Y rt.. }a.- - - - ,
<br />. __. ... ..- „ ,. .- .,... - ,rat„_ - -1.,.• steel r!ttcret ai torrower m
<br />i+n,Y tat ,4n :' tri~uruncc• pahiie~ arE7 in an,1 to the proceed thrrt*tt .!tt ta!t~ vt •... +.t! }r. ,.,. se•e•ur,,.d F. tl ~~_llnrt-
<br />guge itr_tneshateiy prior to _.ueh aerie ~n aciptiaition~ !t>aititi~; rr ,~ :isle tc,- ~o !i } ropers}~ peter to the sale ar
<br />esi~{:iiatiai, s~ai; k.~- t, Li~iider-
<br />€, s~'res~rva#iv.: imd I~+Iaintenanee o! Property; Letasaltotdy; Condominituns. Bornrtt•t•* >i;ai {;.~~„ !sc= Pr~_
<br />T e~y 1 r,.hn5 iT-f-~ a F .ii:it Jhali oat pf'PlTttt ar rVlFr{t12t w late, In7p:t7rlntnt. .ir .tt'ii'rit)r:tttn!1 l~! lilt' I'raprrtl ;loll ails!(
<br />~.",. .., :,,..- u _ - Ya"- , th-~ ll~. tiR 3-: _ .--- .. .. c.,... . . -~. t:., a;<,t .. ..-,. .. ,-iit,dnrrnniittTi
<br />uttit~I;arr.,~=. shill IT°:a;nt aE; at Barrrwrt : a „fbr<:t.,~... .rr•r .... ,-.. .i~,.t ...,.. _.,.,se>n n! ,~,.i -~, ..asset aet3.
<br />the by-lawn and regulations of the cantiominiutn pro)rrt .ur.i cutest kturnr dr.rri!arrrY:..
<br />7. Ptot~tion of Lendrrr'a Security. if Borrotet>r fa!i~ to },t•ritrrlir thr• ~~t,ct•nant~ ;u,d awrerments t~untama•tI ir;
<br />this \Iarr.~sge. or if any action m• proceeding is cutimcuctd rt ta,t~i, ntsaterla!!t alit-t~t- 1_rrrder's tnteraat in tht: Prttrr-
<br />trty, on.luritng. Prtlt not limited to. cuuu+ot duuuun. ur•olt~t-ia,•}- ~~o+h~ outorc,~nrcnt. o! :,!r:u:gcmrnt: ur proceivi-
<br />ut~ SnvolEiug a bankrupt or dei•edetrt. then Li+ereler at Lender's optrm up„!, notice tr Bt.rrott'er- tuay snake such
<br />appeararccs,,?isburse such sums and take= auch action as i, riect~ssarv to }rrntcrt Lender's urterect, mehuling, knit
<br />rrat ltrnlte;l C(r~ dt'3hl~rsi'nri!lt t?t r'c`a~al1't1)!e :a tt aC!:Cy ~ i€"en ;e!!;i e..!r~ !k}~:>;; !„f' P .tp:i•rty fir itiaiit° rcpatrs. +~hiii'
<br />~tz~u lam- disbursed by Lender putsuatx to thrs paragraph ,". ;vtt- !atte~ra-=t thereou.ha!t recamt~ atiti~itrousi intfebt-
<br />eclnea of Ban•awer secured 6v this Alortgagc. C?nicss Borrower sari (.ender agri'e to ether terms ot` pay!stcnt, saeh
<br />amounts "hall be payable upon notice from (.ender to Borrotver requcstiug tnsy!nent thereof, aril sftaii hear inter-
<br />est fr~:rm the date of disbutaen.ent at the rate statc~i in the lute unie-s p,tymi•nt of interest at auch rate ,tuuld he
<br />contrary to apphcahie late, in which event such atuannts <hail hear rnterest ai the highest rate pernussible by
<br />appiictsttle laty. lotlring container( in this psaragrraph ~ shaU tt•cgture~ l.eutier lei utvur any expense ar da any net
<br />hereunder.
<br />g. Ie>agec-tion. Leude-r may make ar cause to be made reasonahio entries upean and inspections of the Prop-
<br />erty, rrr,v~itled tt t t.e„tlet• ~tr.,ir g;v:~ I?.,r~t,t;_. .,,t, .~, , ,,, ... ., .!~t• m:nF ~~asau•ier'sv r<:i}~r
<br />"horn; t tai C il...d~r t:.t~,~~ t.. l Pt l~rt i
<br />~. t;,ondetnnation. The proec.t-d4 of any award or claim for date:ttp,es, direct ar eon4equential, in ennneetion
<br />with any condemnation ar other taking of the Property, m• part tlu•reai, ar !oe enuvcyurec in lieu of condenurtt-
<br />tion, are hereby assigned and shall be paid to I.etrder. •
<br />In the event of a total taking of the Pralrecty, the proceeds ..halt 6e a~rpl+~ d at t he sums secured by this \Iort-
<br />gage, with the excess, if any, paid to Harrower. In the event. of a partial taking of thc~ Yraperty. unless Borrower
<br />and Lender otherwise agree in writing, there shall be applied to the stuns serureel by this Mortgage such propm•-
<br />tion of the proceeds as is equal to ti:1t groportion tvhieh the attlaunt of the sums secured by this \fort.gage imme-
<br />diately prior to the date of taking bears to the fair market value of the Property iuunediatxly prior to the date of
<br />taking, with the balance of the proceeds paidta Borrower.
<br />If the Property is abandoned by Borrower or if after notice by bender to Borratcer that the condemnor offers
<br />to make an award ar settle a claim for damages, Borrower faits to respond to Lender within 30 days of the date
<br />of such not-ice, Lender is authorized to collect. anti epic(}' the prod-eci at Lt~nder' opiiau either to restoration ar
<br />repair of tho Property or to the sums secured by this \tortgage-
<br />Unless bender and Barratver atbertvise agr~ i-. -_ ritt!:g tiny such al>plicatiar. of Iroceeds t„ !mint°ipal shall
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