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If under lt;tragraph IS hereof tltr Prapr~~rty i5 raltl or Uke Propcrh i; athcin9 r s~~qutrcn( Iw 1 ender, L.e,nder
<br /><.ilal! apply, na h~,,ter than immwliateiy ~Itior to the w13(r of the F'ropcriti r,rr it: ur}ui~itiUn'i ii~• ].en,ie~r, urtr Fundti
<br />held by i.c^nder;ut the tilnc o¢ application a,=., ,t credit slt;atiomt ~i;e surn,~.. reure~i h~~ phi- Aiurt~;ag,~~
<br />3. Appliaatian of Payments. ['nle<s a!>plicahlc la;tr pr~ocidcs atherwi~c. nil psgnse.uts n~ce~ivad kr~r• l..endea~
<br />under the Nottr, and paragraphs 1 and 2 h<reof shall i~u• Ell;lll i~td t,y l,ene,lcr llrst in payu;t, nrt of .uae~;ant }raya,ble t~e;r
<br />Lender by Borl•otir•er under paragrak~l~h 2. herarof, tltes; ter intetrsi pmty;~~tktCc on the !ti~ote acrd on F'utum Adwance~s, ii
<br />any, and then io the principal of the dote xnd ro the principal of }'uture Ad~aures, if anv-
<br />A. Charges; Liens. Borrower shah ps}• all taxes, assessments and other charges. fines and impositions attrib-
<br />utable to the Pmpertg which may attain s priority over this ylortgage. and tirouud rents, ii any, at Lender's
<br />option in the manner provided under paragraph 2 hereot or by Borrower making payment, when due. directly to
<br />the payee thereat. Borrower shall prompth• furnish to Lender all notice, os' amounts due under this paragraph,
<br />and in the event Borrower s!lal] snake payment direct(}•, Harrower shell prampti}' furnish to Lender receipts evi-
<br />dencing such payments. Borrower shall prompth= disehart;c ors}~ lie^ which has priority over this ylortgage; pro-
<br />y vided, that Borrower shall trot he required to disch:uge an~• such lien so long as Borrower .hall agree in writing to
<br />~ the payment of the obligatial secured by such Lien rn a mannes• acceptable to Lrnder, m' shall in good faith contest
<br />® such lien hy, or defend enforcement of sorb lien in, legal pracecding.~ which operate to prevent the enforcement of
<br />the lien or forfeiture of the Property or any part t hereof.
<br />~ 5. Haaard Insurance. Borrower shell keep the nnprovenlents now existing oa hetrafter erected on the. Prop-
<br />~ erty insured against. Ioss b}• fire, hazards included wititin the term "extended coverage'", and such other hazards as
<br />Tender ma}- require and iu such unromus und for such periods as Leader may ref;wire: provided, that bender shall
<br />not mquire that the amount. of such coverage exceed that amount ai coverage required to pay the sums seeured'by
<br />this ylortgage.
<br />The insurance carrier pravidirg the iusursnee slla,il be choser. '..~}• Borrower subject to spprova! by Lender:
<br />provided, that. such approcai ,hall not be uureasonabh• withheld.:111 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 dux,
<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 bet Dore
<br />immediately due and payable with interest at the rate set forth in said note until paid and sha[i be
<br />secured liy this '~fartgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br />under thl terrns of this ivtortgage.
<br />:}ll ;nsuram•e pa!ieies and renewals thereof shalt be in form acceptable to Lender and shall include a standard
<br />mortgage clxuee in favor of and iu form acceptable to Lender. Lender shall have the right to hold the nolicie. und
<br />renewals tdlereof, and Borrower shat! promptly furnish to bender all renetsal notices and all receipts of paid pre-
<br />miums, In rise event of toss, Borrower shall give prompt notice to the insurance carrier and Lender, and Lender
<br />nosy make proof of loss ii not oracle promptly i,y Bm•rotem•.
<br />Unless Lender and Borrower otherwise agr•ec in writing, insurance pruceeeis shall be applied to restoration or
<br />repair of the Property damaged, provided suet, rrsroratiat; ar repair is ceonamit•alVy feasible and the si~eurity ai
<br />this it~Iort.gage is slot thereby impaired. ti such t•i•storation ur repair is not ecouamicalh' feasible er it the security
<br />of this ylortgage would be impaired, tie instrranee proceed, shall he applied to the souse secured by this :Mortgage,
<br />with the excess, if any, paid to Borrower. If the Ytopert.y is abamlaued 6}• Harrower or if Barroiver !ails to re~pand
<br />to Lender within 3U days after native by Lender to Borrower that the insurance carrier atTers to settle a claim for
<br />insurance benefits, Lander is authorized to called and apply the insurance proc•ceds at Lender's option either to
<br />restoration or repair of [he Property ar to the stuns secured by this Mortgage.
<br />Unless Lender xnd Borrower otherwise agree in writing, any such application of proceeds to principal shalt
<br />not extend or liasi~pana the due date of the mantidy installments referred io in paragraphs 1 and ? hereof or change
<br />t~:, .... :: G..,..cl:...<t., 11., .,r..
<br />If under paragraph Ig 6ereoi ttty Property is acquired by Lender, a!~ right, title at;d interest at Borrower in
<br />gird to sty in~arancr Ixrricie€ anil :r, an,l to titr prucecda thereof (to tits extent of tin` sum> securtYt by flats ~Iart-
<br />gage rmnledtatriv }IS-tar is .,ue`t: sah~ or acquisttlont re~uft111}; from rlumuhr [o Ihr I'ropa-rtr prior to the .ale ar
<br />._.,;;-=it or, =ha'1 l,a: ~ ,v . _..lil_
<br />6. Pressrvatian trod Medateatm4e of Property; Letrsehatt#s; Condominiums. Borrower shaft keep the Yrop-
<br />~lt-y -. -oc;r: -el;:..r at:. ~.llali .:€st l:;r.,.., i;r , , wttstc, is-rptcirnu~nt, fir deiersorattan of tiltrroperty strait
<br />` " 3111Y
<br />:-~ua~?}' - t ~? t } ,,,. «: ~? , ., • fLr a ~e 1 2 e_-_ ~, T' [ rta~ c -' ~;. S: lExii{3air-'.SllitirrS
<br />unit- Bc_ ever 1 elf ~ re ai!1c ! Bo..rnt~ ol.!ifl.t.ta.,: ~,..dtl ,ll. de ';~r3~.>_„ a~ curdo.,rinlutn nr master deed, -
<br />the by-lass and raguiatlon_ of the caruianrinlum prole°c•t anti constituent documents.
<br />7. Protection et Leader's Security, li Harrower tails to perform the covenant; and :tt;rz'~etneuts cantsineti in
<br />this ylortgage, or if any action m• procrediug is coumrcuc•ed which materially affect. Lcuder'~ interesC in the Prop-
<br />erty, including, but. oat limiter! ta, eminent dmuain. ur~olrency, rock r•aforcentent, m urrangument. or proceed-
<br />ings involving a ban!+rupt ar decedent-, then Itrnder at I.ender'n ohtltm. upon nut-ire ttl borrower. may make such
<br />appearance,, disburse snob ums ssad take such action as i,c ru`cessary to protect Lender's intcrrst. including, but
<br />not limited to, disbursement of reasonable attorney', fec> :;nd entry ul?en the Property to nsL-e repairs. any
<br />amaunt~ dishersed by Lemler pursuant to this paragraph ;. te~ith interest thert'on, shall became adtirional indebt-
<br />edness of larrower secured by this ylorttssge. Llntess Borrower and Lender agree to other terms of uayment• such
<br />amounts shall be payable upon native icon! Lrnder to Harrower rcquesGng paynleut thereof, and sisal} bear inser-
<br />est, tram the date of disburseme?rt at the rate atated iu the \ote unless payalent of interest at such rate would be
<br />r.atltrary to apph:able law, m wh%rlr event such an,oturte .hail bear interest at t}re highest- rate permic9ible by
<br />applicable law. ~~otiung contained in this parssgrttph 7 sh?tll rte}rote Lender to incur unv exnets~e or do any act
<br />hereunder,
<br />9. Inspection. Lender ^?ay msske ar cause to he made reasnnrthlo~ entries upon and inspections of the Prop-
<br />erty, pravidecl that Lends r :halt ~*n•e Narrower nog mar o --nv ~ e { =pe ..,-.. , a--, # ~v~.., a`~le ~attte
<br />therefor related to Lender K Itltere;at „ tl,e p e ,.t.tv~,
<br />S. Gotsdemnmtion, 'T'he proceeds of any award or claim for dssnusge, direct or consequential, in connection
<br />with any condenurstion or other taking of the Yropcety, ar part thereof, or for conveyance in lieu of condeuma-
<br />tion, are hereklp assigned and shall 6e paid to Lt rdcr.
<br />In the event of to total taking of the Property. the llroee•ed.~ -hall be applied to the stuns secured by t,hie Mort-
<br />gage, with the excess, if any, paid to Borrower. In tllc event of a partial taking of the t'roperiy. unless Harrower
<br />and Lender otherwise agree in writing, there shall be applied to the =urns eecttred by this ylortgage such pr~por-
<br />tion of the Iiroceeds as is equal to that proportion which the amount of the sums secured by this yfortgsge imme-
<br />• diately prior to the date of taking bears to the fair :uarket value of tree Property immediately prior to the date of
<br />taking, with the laslance of the proceeds paid to Borrower.
<br />1f the Property is abandoned by Borrower or if after notice by Lender to Borrower that the condemnor offers
<br />to make an sward or settle a claim tar damages, Bol•rawcr fails to respond to Lender within 3fl days of the date
<br />of such notice, Lender is sot-horised to collect- and apply tht~ llraceeds :It Landm•4 option either to restoration or
<br />repair of the Property or to the stuns secured lay this ylortgage.
<br />• ILntess bender attd Harrower otherwise agree in w•riti:le, env such application of l±raceeds to principal st.al
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