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f.f under paragraph 18 hereof the Property i~ sold or the Prpplrrty isot~ir,trr+rise ;u:getired by f.ctnder, Lender
<br />shall apply, no later Sian irnmediateh= prior to~t!',~e~ safe of the I'ro{Irerte• u,r it=_ acr,tni.~iti,'sn I~ry L+mdes•, nrr~• Funds
<br />hdd by Lender :rt, the lime of application as a cru~dit against the sums srrure,~I Y,v ibis ~Turtgagc.
<br />3_ Application of Payments. Unless applicabtc law provities otherwise. all payments rercived br- Lender
<br />under tl!e Note and paragraphs I and 2 hereof shall be applied by Lcuder first in payment of amounts payable to
<br />Lender b~- Borrotcer tinder paragraph 2 hereof, then to interest pa}^able on the Note xnd on Future Adv;umes; iC
<br />any, and then to the principal of the Note and to the principal of Pttture :lrlvances. if any.
<br />9. Charges; Liens. Borrower shall pay all taxes, assessments :out other charges. fines and impositions attrib-
<br />utable to the Yroperty which may attain a priority Deer this ~fortgagc, and ground rents, if any, at Lender's
<br />!y option in the manner provided under paragraph 2 hereof or by Rorrotver making payment, :when dua, directly to
<br />the payee thereof. Borrotcer shall promptly furnish to Lendm- all notices of anrouuts duo under this paragraph,
<br />and in the event Borrower shall make payment directly. Borrower slcrll promptly Ilrrnish to 7.ender receipts evi-
<br />dencing such payments. Bor~rotwer shall promptly discharge arc lien ::°hich has priority n:•er this Mortgage; pro-
<br />© vided, that Bon•owcr shall not be required to discharge env such lien so long as Borrower shall ngrec in writing to
<br />Q the payment-of the obligation secured by such lien iu a manner acceptable to Lender. or shall in good faith contest
<br />such lien hy, or defend enforcement of such lien in, legal proceedings tehich operate to prevent the enforcement of
<br />~ the lien or forfeiture of the Yroperty or any parr thereof.
<br />~ 5. Hazard Insurance. Borrower shall keep Lire improvements now existing or 6ereaiter erected on the Prop-
<br />nrt-y insured against loss by fire, hazards included within the term "extended coverage", and such other hazards ss
<br />Lender ma~~ require and in such mmounts and for sui•h periods as Lender may require: praciried, that Lender shall
<br />` not require that. the amount of such coverage exceed that amomtt of coverage rcyuired to tray the sums secured'by
<br />this 1ortgage.
<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 unreasonably withheld. All premiums on insurance policies shall be paid
<br />^t L~••drr's option ;n the manner provided under purngrap6 ° hereof or by Borrotcer making pscment., when due,
<br />directly to the inset;vrtce carrier.
<br />In the event any pofiey is not renewed on or before ten days of its expiration, the Lender, to protect
<br />its interest, may procure insuranre on the improvements, pay the premiums and such sum shall become
<br />immediately clue and payable with interest at the rate set forth in said note until paid and shall be
<br />secured by this Aiurtgage. ~~ailcre by °crra::•ce ±~ comply may, at nation of Lender, constitute a default
<br />under the terms of this Mortgage.
<br />All insurance policies and renewals thereat' shall ho in 1'm•m acceptable to Lender anti shall include a st:;nciard
<br />mortgage clause in favor of and in form seceptable to Lender. Lender shall have the right to hold the polio ire and
<br />renewals thereof, and Borrotcer shall prontptl• furnish to Lender all renewal notices and all receipts of paid pre-
<br />, miums. In the crept of loss, Borrower shall give prompt notice. to the insurance carrier and Ixnder, and Lenir•r
<br />may make proof of lass ii not made promptly b}• Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or
<br />repair of the Property damaged, provided such restpruiun or repair is ceonumirally feasible and the secueit}~ of
<br />this \lortgsge is not thereby impaired. If such restoration or repair is not ecmunnica!Iy feasible or it the security
<br />of this Mortgage would be unpaired, the insurance proceeds shall he applied to the sums secured by this Dortgage,
<br />with the excess. iC any, paid to Borrower. If the Property is abandoned by Borrower or if Borrower fails to respond
<br />to Lender within 30 days niter notice by Lender to Borrower that the insurmnce carrier otTers to settle a claim for
<br />insurance benefit;, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to
<br />restoration or repair of the Property or to the sums secured by this \lortgage.
<br />Unless Lender and Borrower otherwise agree in n•riting, any sad, application of proceeds W principal shall
<br />not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change
<br />the amount o[ such installments.
<br />- Ii ;,.;.±r..~_•_ a1,h ts: harem the Property is acquired by Lender, ;ell right, title and interest of Borrower in
<br />and to any in uranre policies earl in and to the proceeds thereof Lto the extent ut the runes securrti up ii,is i -..-
<br />gage rn.atetliately prior ur such salt or acluisttiotu restrhing from tiamaKe to the Property prior t, t-he sale or
<br />requisition shalt pass +.o Lender.
<br />5. Preservation cad Maintenance of Property. LeasahoIds: Coadoraiairrara. Borrmwcr shall kerb tier Prop-
<br />arty ir, good repair alai shall ttot per.e:it- or commie waste. impairment, ur deterioration oI the Property and shat!
<br />comply twith the procisiorrs of ruty !rase, ii thisllortgagr ie un a lea-eluld. Ii this Mort~;a};a is on ;t candeminium
<br />unit, Borrower shall perfarnr all of Boreowc•r's ubligaiion.~ under the dorinrutiun of cpudouriniuar nr master deed,
<br />the by-laws and regulations of the eemiomirtiunt project and ronstitueut doeuurrnts.
<br />7. Protection oI Leader's Security. If Borrotwor fails to periurnr the cat•eu:uus unit agreements contained in
<br />this \lortgage, or ii any action or proceeding is connnenecd which ruau•ria11}• :tllrets Leader's interest in the Prop•
<br />eery, ux•hrding, but not limited to, eminent domain. m.olvem•y. veto eniorrenu•nt, ur arrangements or proceexl-
<br />ings involving a bankrupt or decedent, then L.endcr :u Leader's option, upon notice to Borrower. may make such
<br />appearnncas, disbm•„ such auras and take such action as is necessary to prphrt Lender's interest, including, hui
<br />not limited tu, tirshw5rment of reasonable uttgrney'a fors and ctttry upon the' Property in make repair, Any
<br />amounts disbursed by Lender pursuant to tlti> paragraph r, with intenat thereon, shat) become additional ittdeht-
<br />ednese of Burrower secured by Ibis Mortgage. Unless Borrower null Lender agree to other terms of payment. sorb
<br />amounts shnli be pttyablc upon pollee trout Lender to Borrower requrstiug payment thereof, and shall bear inter-
<br />est Crone the data of disbursetuent ut the rnte stnurrl in the Notr unless paytuent of uurtwat rte such rate would he
<br />contrary to applicable late, err tt^lrirh etrnnt such aruount. shall iKar interest at the 1ri(fhrst rat.i perutir~ii>tt= by
<br />applicable law. tiothing cotttamed rn dris paragraph .shall rrqurrr Ltvrdrr to incur any experrae or do any act
<br />hereunder.
<br />8. Inspection. Larder may crake or rouse to 6r m:ulr• reasonable entries upon an,1 insprctrons of t6r Ptap-
<br />erty, provided that Lender *hal! give Borrower nnticr pe~tn ter ,yn_} •rr+•(r ms, setio[t apt ~ifv_ ing r r. nnat,iw rain
<br />therefor related to Lender's interest in the Property.
<br />9. Condemnation. The proreeds of any tttwar<i ar riaim for damage. rlirert ur eonseryuentiai, in caunection
<br />with nm• condemnation or ocher taking of the Property, ur port thereof. ur fur runveyanc•r iu Ilea of cunderntra-
<br />tion, are hereby assi}ined uml shall he paid to Lender.
<br />Tn the event. of a total taking of the Yroperty, the proceeds shall hr airplied to tier sums secured by this :wlort-
<br />g,.gc, with the eseess, if any. paid in Borrotcer, In the event of a partial taking of the Property, unless Borrower
<br />and Lender otherwise agree in writing, there shall be a{.tlrliod ht the sums secetrrd by this \tortgagu such prnpor-
<br />tion of the proceeds as is eyual to that proportion which the amount of the sums secured try this Mortgage imme-
<br />diutely prior to the date of taking bears to the fair market value of the Property immediately prior to the date of
<br />taking, with the balance of the proceeds }raid to Borrower.
<br />If the Property is abandoned by Borrower or if after notice b}• Lender to Borrnwer that the umtdettmor offers
<br />to make au award or settle a claim for dmnages, Borrower fails to r•rspond to Lrndrr a^itlrin 30 clays of the date
<br />of such notice, Lender is authorised to collect and apply the proceeds at Lender`s option either to resforatiat or
<br />repair of the Yroperty or to the runts secured t?y this: \(ortgage.
<br />Unless I:trnder and Borrow•et aiherwise agree in ~.:^riting, any such application of proceeds za principa{ shall
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