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<br />If under paragra}.th 18 hereof tkte Property is sold or the l'roperf.}• is othern ise acquirer! by Lender, bender
<br />shall apply, no later t-ban nntttediatcly ~rrior rsa the s:~tlc of the ProNert:}• ur it; rzcyrrisitiau Iry L.e+ndor, any h`i.trdfi
<br />held by Lende?• at the time of application as a. rred'st as2;.aiu;,t the sums recunacl by this Mortgage.
<br />3. Application of Payments. I]nless apq,ali,ealtle lntw provides athercvise, all l;tayrpyt;ts received by Lender
<br />under tL-e';lrotet sect paragral~~tlis 1 and;' ~ hereof ~~hatl l,tc applied by Lerrder first. in pa}=2t,rc~nt a~f zurnpunts pa~yatrle tq,
<br />Lender by Borrower under Iaragraph '2 hereof, then t~ interese paiysthrle on the 1~rotc and on Future ~1dv'ances, if
<br />any, and then t.o the principal of the Note and to the principal of future Advances, if any.
<br />4. Charges; Lieas. Barrower shall pay alt taxes, assessments and other ettarges, fines attd impositions attrib-
<br />utable to the Property which may attain a priority. over this Mortgage, and ground rents, if any, at Lender:
<br />option i?t the manner provided under paragraph 2 hereof or by Borrower making payment, when due, directly to
<br />the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due ender this paragraph,
<br />and in the event Borrower shalt make payment directly, Borrower shall prmuptly furnish to Lender receipts evi-
<br />dencing such payments. Borrower shaft promptly discharge any lien which has priority Deer this Mortgage; pro-
<br />vided, that Borrower shall rot be required to discharge any such lien so long as Borrower shall agree in writing to
<br />the payment o[ the obligation secured by such lieu in a manner acceptable to bender, or shall in good faith contest
<br />such lien b~;, ar defend enforcement of such lien in, legal proceedings which operate to prevent- the enforcement. of
<br />t:6e !ten or forfeiture of the Property or any part thereof.
<br />S. Hazard Insurance. Borrower shall keep the improvements no+v existing or hereafter erected on the Prop-
<br />erty irsnred against loss by fire, hazards included +vithiu the term "extended coverage", and such other hazards as
<br />Lender may require and in such amounts and for such period. as Lender may reyuire; provided, that Lender shall
<br />pat requite that the amount of such coverage exceed that amount of coverage required to pay the sums secured by
<br />this Alortgage.
<br />The insurance carrier providing the insurauce shall Ue chosen by Borrower subject *_o approval by Lender;
<br />provided, That such aplirovai shall not be nnreasortabiy withheld. A11 premiums on insurance policies shall be paid
<br />at Lender's option in the manner provided under paragraph 2 hereof or by Borrower making payment, when due,
<br />directly to the insurauce 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 shalt become
<br />immediately due and payable with interest at the rate set forth in said note until paid and strati be
<br />secured by this Dortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br />under the terms of this Mortgage.
<br />9II insurance Iwiieies and renewals thereof shall he in farm acceptable to bender and shat! include a standard
<br />n;artgage ri;=rte in ~ of and i fartzt s<?ce}>ta.>;a: to Lrndor. Ixnda:r steal: !•°.~ the riK?t to lto:d 'ht' pe;ioies an
<br />renewals the-~~of, an:i Borrawer shall prompth• furnish to Lender all renewahncstices and alt receipts at paid pre-
<br />miums. In rite event of lass. Burrower shall give prompt notice to the insurauce carrier and Louder, and Lender
<br />rnsy nfske itrt?ai of lass if not. made promptly by Borrower.
<br />Unless I _•=,xicr and Borrower other+vise sigree. in +vritiug, insurance Itruceeds shall he applied to restoration or
<br />repair err the i'rupert-}- damaged, provided such restorstimt ar repair is r•eunotun•ttlly Feasible sad the security of
<br />this i\lartgage is not thereby impaired. If such restoration ar repair is not econauzieally feasible or if tha security
<br />of this \lortgage would be impaired, the insurance proceeds shall he :rlntlied to the sums secured 6y this Mortgage,
<br />with t}te excess, if any .paid to Borrower. If the Property is abandoned by Borrawer ar if Borrat+°er folio to respond
<br />to Lender within 30 days after uoiice by Lender to Borrower That the insurauce carrier offers to settle a claim for
<br />insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Fender's option either to
<br />restoration or repair of the Property or to the sums secured b}• this Mortgage.
<br />Unless Lender anti Borrower otherwise agree iu writing, any such application of proceeds to principal shall
<br />not extend or postpone the due date of the monthly installments referred to in ltaragrsphs 1 and 2 hereof or change
<br />the rourz. of ouch In;tt»llment~.
<br />If under paragraph 121 hereof ttte t'roperty rs acquired ity Lender, ;tit rigid title an~~ inixr+< ai i?arrawc~ s~~
<br />and tU any insurance Iwhcies anal in and to the proceeds thereof i_to fife extent of the sates secured by this ~Iaet-
<br />gage immediately prior to such sale or ;<cquisitiatr resultiut; front dauragc to the Property prior to the sale ar
<br />aeytriaiGiou shalt peas to I.rnder.
<br />5. I"resarvatiort and Niatattenance of Progeny; Leasehotdsr Cortdarniniuma. Barrower s}tall keep rho Prop-
<br />erty in ~guod repair and shall not permit ar commit waste, impainuent, ur dets•iuratiun o£ the Prol~rty and shall
<br />canypiy with the pro+°sians of an+ tease, iE 4ltis \Iurtgage is an a leasehold. If this ttartgaga is on a condominium
<br />affil, Berro+ver shall }}eriarat all of Berrowcr's obligations tutdet' the der laeatiott of condamtttiuut ur master dam,
<br />the by-laws and regulations of the condou'tiniunt project and eonstiutetu dacuntents.
<br />7. Proteekion of I.endei s Sectuity. II Borrower Intl;: to perl'artu the cavenanta and agreenuatt cantsmad in
<br />this :llartgage, or if anv action ur proceeding is conunenccd which utateriali}' ~Iects l.endt±r'a interea~i in the Prop-
<br />erty, including, teat not limited to. rmiuent ~iornaiu, rn,oh'rn~y, rtui~ c•niorec•rut•nt, ur arrangements ur proce~d-
<br />inga involving a bankrupt or deeedcnt, thou Center at Lender's option, ulu~tt notice to Borrower, rosy maka suc!a
<br />appearances, disburse such sums and take such action as r-• ne:•t~•.~ssr}' to ttroicc•t l.ertder's intertist, including, but
<br />nai limited ta, aitsttursentent of t-easonabte »tzorney's fc~a and eatn• upon tits I'ntprrty to tuaitc tepaira. Any
<br />amuunts~ disbursed by Lender pursaaru to tlti: }raragrupit T, with interest thertmn, sha$ herons ad~titiansl indebt-
<br />edness of Borrower secured by this Mortgage. Ilztlevs Barra+rer anti Lender agree to other terms of paymenf, ouch
<br />amounfKo shall be payable upon notice tram fender to Burrower requesting payment tttereof, and shalt bear inter-
<br />eat frarrr the, date of dishursenzcru at the rater statad ut the \ate unless psynzent of intet~st st such rate would bo
<br />eantrarr• to applicable law, in +vlrirt event Puri, amounts shalt tKrar intErest at the highest rate pcrtnissiblc by
<br />applicable Rtw. Aot-l:iag coattsincd in chi. }rsragrapir xhal! requrrc I~nder to incur any expanse ar Rio any act
<br />hertzutzder.
<br />8. Inspetaion. Lender ttrav ntakc• or ~ ause to t+c mad. reasonabic• cmrie= upon and inspeetiona of the Prop-
<br />er~`, l~trc?vtdeci tlrai I,enf r :troll give Ltctrrirwa.r ti 7ti~e }friar to arty -uelr in-peetiatt ~pc2ity±ttg r2aaanahia rouse
<br />therelaT related t(t LrndeP ~ lRtCTeyt in the P'reti:rty:
<br />8. Condemnation. The proceeds of any award or claim for damages, direct ar couscituential, in connection
<br />with any condemnatiatt or etcher tak~rtg ttt rtes Pm}tarty. at• part thereat, ur fur convcyattec in lieu ut cundctnna-
<br />tion, are hereby assigned and shalt lee paid to Lender.
<br />In the event of a total taking of the Propert-y, the pnureetis shalt be appheii to the. Burns secured by this i`Iort-
<br />gage,with the excess, if any, paid to $armwer. In the anent of a partial taking at the Property, unless Borrawer
<br />and Lender otherviac agree in +vriting, there shall rte ap}tlied to the sums secured 6}• i~isllartgage Such propor-
<br />tion of the proceeds »a is equal to that proportion which the amount of the sums scoured try this Mortgage imme-
<br />diately prior to the date of taking !tears to the fair market value of the Property immediately prior to the date of
<br />taking, with rtes balance of the proceeds paid to Borrower.
<br />If 6hta Property is attandoned :ty Borrower or if after notice key Leader to Barrower that the condemnor offers
<br />to mmake sn award or settle a claim far damages, Borrower fails to t•esponcl to I.endcr within 30 days of the date
<br />of sash notice, Lender is authorised to collect. attd apply the proceeds ai- Lender's optiat either to restoration or
<br />repair of the Pmporty or to the sums secured by this Mortgage.
<br />I;nlc"sa I.c;rder iliid norrawer all-ierwise agree in writing, any such »pplicaiion of proceeds io principal shall
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