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If ntnder paragraph 78 hereof Ch,~= Praperty 'ms s~nt=~,1 Csr t}ae t'ropert}° is oUlenviac• sc+~~tau•ed lay .. cuter, Ler;dt~>r
<br />;lhall apply, no later than immediatelc priCU• to thr na~Jr.~ tat t1~,~ Property nr rt~ ac•rt :isition b} Lcruter. ,~ttry Functa
<br />held by Lender at, ihcr time of applieatian as a rea~adif.: s~irtrt tht ,ut~e~ secumd by ehis~ Mortgage.
<br />9. Application of Pay;renis. Un.lc~t; ssppRu~'aahlc la:v~ pt•ovstLcs athett-i,er_ all pa~iymaint rc+ccised ?.+~~ L,ender
<br />under t~i!tc Troia and paragraphs l and 2 hera'~af shall }w. uFrprlirr+l by Lender }Brat its paaYntemt. of atrtotmts payga.hle t'sa
<br />bender l,y Borrower under paragrapi~u 'l hea•caf, then ro irrtorc~,-t {+aya~,le ot; the ~~ate- and on i;'uturn A+~lvanees, if
<br />any, and then to the principal of the \otc and to the principal of Future .advances. if anv.
<br />~3. Charges; Liens. Borrower shall pay all taxes, assessments acrd other charges, fines and impositions attrih-
<br />utable to the Praperty which may attsin a priority over this Jiartgage, and ground rents, it" any, at Lender's
<br />option in the manner prosided under paragraph 2 hereof ar 6}• Borrower making psyment, when dm directly to
<br />the payee thereof. Borrower shslL promptly furnish to bender ail notices of amounts due under t`.tis paragraph,
<br />and in the event Borrower shall make paymeni direetl}•. Borrower shall nrampth• iurnish io Lender receipts evi-
<br />dancing such payments. Borrower shall protnpfly discharge an}- lien which ltas priority over this Mortgage; pra-
<br />~} vided, that Borrower shall not be required to discharge am• such lien so long as Borrower shall sgree in writing to
<br />~,~ the payment of the obligation seemed by such lien in a manner acceptable to Lender, or shall in good faith contest
<br />such lien by, or defend enforcement of such lien in. legal proceedings which operate to present the enforcement. of
<br />the lien or forfeiture of the Property ar any part ti~ereof.
<br />S. Hazard Insurance. Borrower shall keel, the iro;travements note existing a• hereafter erected on the Frop-
<br />arty insured against loss b}• fire, hazards iuchtded wi~hin t-he Term "extended coverage". and such ocher hazards as
<br />Lender may require and in such nmaunts and tar ouch periods as Lender may require: precis}ed, that Fender shall
<br />` not require that the snrount of such coverage exceed ±hai amount of coverage required to pay the sums secured'by
<br />this :Mortgage.
<br />The insurance carrier ptrosiding tl:c 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 he paid
<br />at Lender's option in tht; manner prosided under paragr:.ph 2 hereof or by Borrower making payment, when due,
<br />directly to the insurance carrier.
<br />In the event any policy is not renewed on ar 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 become
<br />immediately due and payable with interesC 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 teens of this ?Mortgage.
<br />.ill insurance policies anti renewals thereof :hall he Ln form scceptahlc to Cruder and shall }nclude a standard
<br />mortgage riuuse in lnsos• of and in farm acceptable to Lender. Lender shat} have thr. right to hold the policies and
<br />renewals thereof, anti Harrower shall promptly furnish to bender all renewal entices and all receipts of paid pre-
<br />miums. L~ rite event of lass, Borrower shall give prompt notice to the insurance harrier and Lender, and Lander
<br />may make proof of loss tf not made promptly b}• Borrower.
<br />Unless Lender and Borrower otherwise egret: in writin„ insurance proceeds shall be applied to restoration ar
<br />repair of the Property damaged, prosided such restoration or repair is rcononrirallY feasible and the security of
<br />this Mort-gage is not thereby impaired. If such restoration or repair is not cc•enomically feasible or if the security
<br />of this Mortgage would be impaired, the insurance proceeds steal} be spptied to the sums secured by this Mortgage,
<br />with the excess, if any, paid io Borrower. If the Property is ahandored by Borrower or if Borrower fails 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 insurance proceeds at Lender's option either to
<br />restoration or repair o2 the Property or to the sums secured b}• this \lortgage.
<br />Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall
<br />eat exceed or postpone the. due data of the monthly instailnrents referred to in paragraphs I and 'l hereof or change
<br />the amount of such installments.
<br />If under paragraph i$ hereof the Praperty is acquired by Linder, sil right, title and interest of Borrower in
<br />and to an}• ittsurat+ce policies and in and to tlsc pracceels thereat fro the extent of fhc suttrs secutt~rl by this Mort-
<br />gage im:nediaeely !friar to such sale ar aoquisitiont resulting irrom <}lounge to the Property prior to the sale or
<br />acquisitiau steal! pass to Under.
<br />6, I>ze>;ervation ezxtd h3aLmtenance of Progarty; Leaseholds: Condorrtruum~, Barrnws r .steal} keep the Prap-
<br />ertY i;, }SaJi,L repair a;.Sl pliali not permit. ur camtt;ii cc•aste, impairment, ur deteriaratiatt ea the Prapert-y' atnd '<1r51I
<br />rnmplu wit.4; tlu~ eirni~t~t{rr;g nt ~• lun•.A iF th;g \[t,re an..a j. Cn a lea=eL;ahl It CL:'° I^ ~ -- ~ ,. ~ t~i.d~ ..•. .
<br />unit, Borrower steal} pertartrt atl!•al Borrower'- ohlydakians under th•' declaration ut condon~iri~ ar LL~4ter d€e~,
<br />the by-laws and reguiatians of the condominium project and consrituen[ tLUCUtnents.
<br />7. Protection of }:cedar's Security. If Borrower tails to perform the covroants and agreements contained in
<br />this V'tortgage, or if any action or proceeding is commenced which materially atTects Lender's intermit in the Prop•
<br />arty, including, but not timited to, eminent donutin, msoh•ency, ea}r enforcement, ar arreutgemeuts or proceed-
<br />ings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such
<br />appearances, disburse such sums and take such action as is necessary to protect Len+lrtr's interest, including, but
<br />not Limited ta, disbursement of reasonable attorney's ter, and entry ulxrn thr Prapert,}• to make repairer. Any
<br />amounts disbursed by !.ender ptusuant to this paragraph 7, with interest thereon, .halt become additianat indeht-
<br />edness of Borrower secured LrY this yortgage. Unless Borrower and Lender agree to other teens of payment, such
<br />nmaunts shalt be payable upon native from Lender to Barroa-or requesting payment thamaf, and shall bear inter-
<br />est from the date of disbursement at the rate stalest in the ?Vote unless payment of interest ut such rate would be
<br />contrary to applicable law, in which eyertt such amounts shall besu• interest at the highest rate pern:izvit,ie by
<br />applicable law. ?latldng rantained in this paragraph T shalt t~;quira lender to incar any expense or da any act
<br />hereunder.
<br />8. Insgaclioe. Lender may tuake or cause to he made roasonahlc entries upon and inspections of the Prop-
<br />erty, provided that bender Ahall give Borrower notirr prior to any vueh iospect.ion spceifz°ing reasonable cause
<br />therefor related to bender's interest in the Property.
<br />@. Gondena:atiae. The proeetals of a ° awatt4 or claim for damages, direct ar canaequerstiaL, in eanneetian
<br />with tiny condcrrtuatian ar ether caking of the Praperty, or part thereof, or for eouceyane+~ in lieu of eonelemna-
<br />t~ion, are hereby assigned aril shall be paid to Lender.
<br />In the event of a fatal taking of the Property, the proceeds shall be agy~lird to the sums secured by this Mort-
<br />gage, with the excess, Lf any, paid to Bortotvzr. In the event of a partial taking of the FrapeetY, unless Borrower
<br />and Lender otlret•wise agree in writing, there shall be appiierl to the rums race+ur:el b}° this 'ifartgage such prupar-
<br />tion of the proceeds as is equal to that proportion which the amount of the: sums secured by this ilfortgage imme-
<br />• diately prior to the date of taking bears to the fair markei value of the PrapartY immediately prior to the date of
<br />taking, with the balance of the pracectis paid to Borrower.
<br />If the Property is abardaned b', Borrower ot• if after notice by I_xnder to Borrower that the cantienmor offers
<br />to make an award or Bottle a claim far damages, Harrower faits to nspand to Lender within 30 days of the date
<br />of such notice, Lender is authorised to col}act and apply the proceeds at Lender'. ootian either to restoration or
<br />repair of the Property or to the sums secured by this \fartgage.
<br />In:ass bender and Harrower otherwise agree in writing, sny such applieatian of proceeds to principa} shall
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