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<br />If trader paragraph 1$ hereof t-Ile Prrit3<~arty i5 solri or the Yroprrty is otherwise acquiredt br• Lr,~nder, Lender
<br />shall apply, no later than immediateeh• t~n•im• t~.o tl:c;• Hale of t,hc Proll.€n•ty or it_. acgtd>ition lry I,.rnder. any h+,teds
<br />held by Lender at the t-itna~ of application as ;~a c.rc;clit agr~rinst~ the Banns gn•urq~d i',ty iiris i4lor°t.gaga^..
<br />3. Applynation of Payments. Unless ;.u}~,rplit:a~t~,l+a lawv t~trovidc^s othecwi,.we, rtkl paynietrts rr.ceivix3 by Lcrnd,or
<br />under the Note and paragraphs I and 2 hereof shall be applied by I-ender fiat in payment of amounts payable to
<br />Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note 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 />9. Charges; Liens. Borrower shall pay all taxes. assessments and other charges, fines sad impositions attrib-
<br />utable to the Property which may- attain a priority over this Mortgage, and ground rents, if any, at Lender's
<br />option iu the manner provided under paragraph ?hereof or 6y Borrower making payment, 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 sha[I make payment directly, Borrower shalt promptly furnish to Lender receipts evi-
<br />denting such payments. Borrower shall promptly disct~argc any ties which has priority over this Mortgage; pro-
<br />vided, that Borrower shalt not be required to discharge any such lien so long as Borrower shall agree in writing to
<br />~ the payment of the obligation secured by such tier in a manner acceptable to bender, or shall in good faith contest.
<br />such Iien by, or defend enforcement. of such lien in, legal proceedit:gs which operate to pt•event the enforcement of
<br />+~ the lien oe forfeiture of the Property or ant part thereof.
<br />5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Prop-
<br />erly insured again=_t loss by fire, hazards included within the Term "extended coverage", ;md such other hazards as
<br />, bender may require and in such amounts and for such periods as Lender mac require; provided. that Lender shall
<br />~ not require that the amount of sac}, coverage esi•eed that amount of coverage required to pay the sums secured'hy
<br />!~ thrs Mortgage.
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender;
<br />provided, that such approval shall not be unreasonable withheld. All premiums on insurance policies shall be paid
<br />at Lender's option in the manner providcci undo:• paragraph 'l 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 />its inierest, may procure insurance wit tiiii iraf..o. ^ta Yay ` :- p,:,... ., ..nd ., eti m eholl hcrnma
<br />immediately due and payable with interest at the rate set forth in~said note until paid and shall be
<br />secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br />under the terms of this Mortgage.
<br />net .,,_ ,ante }mlir,~. ate rene~vts there^f shalt he in form accel>tablc, to I~~nder tend slralt incl,ade a ar-ntlard
<br />mortgage clause in fat°m• of and in form acceptable to Lender Leader shad have the right to hohi the policies strd
<br />renewals tttereoi, and Boercrwer shrill promptly furnish to Louder all renewal notices and all receipts of paid pre-
<br />rniums. In late event „± l~s, Borrower shall gire~prornpt notice to the insurance carrier and bender, and Lender
<br />tray !Hake ~ranf of loss it not. made prompth• by Borrower.
<br />Unles~~ i•euder and Borrower otherwise agree iu u•ritiug, insar,;nce prucecd shall be applied to restoration or
<br />repair nt the Yropert}• damaged, provided such restoration nr repair is cconouucully feasible and the security of
<br />this llortgsge is not thereby impaired. It such restoratior or repair is not ccunomically feasible or if the security
<br />of this 1lartgage would be impaired, the htsuranee proceeds shall he applied to the Banos secured by this Dortgage_
<br />with the excess, if any, paid to Borrower. Ii the Yropert}• is abandoened by Borrower or it Borrower faits to respond
<br />to Lender within 30 days after notice by Lender to Borrower that the insurance carrier offers to settle a claim for
<br />insurance benefits, Lender is authorized to collect and apply the insu::uue proceeds at Lender's option either to
<br />restoration ar repair of the Property or [c the sums secured by this Mortgage.
<br />Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall
<br />not extend or postpone the date date of the monthly installments reterred to in paragraphs 1 and 2 hereof or change
<br />•L_ _ -t• : _ tilt».nn:..
<br />,,.,.. if under}.,aragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in
<br />and to any insurance policies anti in and to the proceeds thereof Ito the extimt of the sums secured br ibis 1liort-
<br />gage lmmedlately }?rit51' IO sUeh male ~r acgttisiflrJni resnl{irif: fritrii dania~e iu fhc Propi.r{~` prior {U t12i° Bala Ur
<br />acquisition shall pass to Lender.
<br />ti. Presor+aiiort and Riaint9nanco oI Property; Loastoh+gide; Condominiums. Borrower shall keclt the Ptop-
<br />ert:y in got,d repair and sl;atl ;tot. permit .tr eorumit wwastc, irnpairment, or iieteeioration of tt:e Property :and shall
<br />comply with the prov9aions of any =ears, if this Mortgage is un ar leaseitoki. If this Mortgagi' is on a condominium
<br />unit, Borrower shall perform ail of Borrotacr's Ohhgatl0t15 under the declaration of condominium or master deed,
<br />the by-laws uud regulations of the wrrdominium t,rojart :uxl cwtstituent documents.
<br />7, Protection of Loader's Security. If Borrower iitils to pectoral the rovi-Hants and agreements contained in
<br />this \Iartgage, or if any action or proceeding is commenced which tmtterialh• allects Lendee ~ interest m Cho 1'rop-
<br />erCy, including, but Hat limited to, etuineu€ tloutaiu, inxoh•eury, rode euforccurent, or areangements or procescl-
<br />inge involciug a bankrupt or decedent. then Leader to l.eu~let's option, upon notice to Borrower, may make such
<br />appearaucrs, disburse such sums and take Buell action as r. neceasu•y to protect Lender's intemst, including, but
<br />not limitrcl ta, disbursenrcnt of reasonat,ie attornev•~ fees and entry upon the Property to make repairs, any
<br />amounts disbm•sed by Lender pursuant to this paragraph 7, with interest thereon, shall becotnc additional indebt-
<br />edness of Borrower secured by this \lortgage. ilnless Borrower and Lender agree to other terms of payment, such
<br />amowrts shall he payable upon notice from Lender to Borrower requesturg payment thereof, and shall tzear inter-
<br />est Irorn the Bats= of dialtutsetrrent at the late ,tatezi ir. the Note unless payment of interest at ouch rate would be
<br />corrttary to applicable lave, in which event, such amounts shalt bear interest ae the trighest rate peetnissible by
<br />applicable lax•. Authiug eartaincd in this pRrugrapb i sha?1 require Lender to incur any expense oe do any act
<br />hereunder.
<br />B. Ir~poctiats, Lender° ,nav trtakc~ er cause to b,• ili:idi• reasatrabie entries upon and inslreetians .:f the Pmp-
<br />erty, provided chat I.endrr rhsll si't`e >3+?rrower naitca• tuior to an}' curb insne_etion spsritv_inc ti'asonahle cattst
<br />therefor related to Lender's interest in the Property.
<br />9. Condemnation. The proceeds of any award or claim t'or dmuages, direct. or consequential, in connection
<br />with any condemnation 4r other taking of the Props^rt1-, or pant thcrtntf. ar for ronveyanrr in lieu of cwtdemua-
<br />tion, are hereby assigned and shall be paid to Lender.
<br />In the event of a total taking of the Yropert-y, the proceeds shall be a}tplied to the stuns secured by this A~Iort-
<br />gage, with the excess, ii any, paid to Borrower. In the e+vent of a partial taking of the Yropixty, unless Borrower
<br />and I endae otherwise agree in writing, there s1ta11 be ap}ilied to the sums secureii by this .Mortgage such proper-
<br />. tion of the proceeds ae is equal to that proportion which the amount of the sums secured by this Mortgage imme-
<br />diately prior to the date of taking bears to t-he Lair tuarket value of the Property immediately prior to the date of
<br />taking, with the balance of the proceeds paid to Bor.ovver.
<br />If the Property is abandoned by Borrower or it after notice by Lender to Borrower that the condemner affets
<br />io make an award a• settle a claim for daruagos, Borrower fails to respond to Lender within 30 days of the date
<br />of such notice, Lender is tutthot•irec! to collect and apply the proceeds at- Lender's option either to restoration or
<br />repair of the Property or to the sums secured by t.itis \lortgage.
<br />Ilntess Leader anti Borrower otherwise agree in writing, any such application of proceeds to principal shall
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