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If i,lnder , ill°Hgrap4, lg l,r,~rr: r1c~~: Yra}~=~w'ty , »=rat a3- .s:,ar s"r:',>;~-€r4~ is ~:~r€!a- isw :, ~~'i.r.-~E _~~ 1,,.ir.Rs~. Ler:der
<br />:hail appl}•, no later iliari irnrwcliate'ti• IIr11.1!I' ti> ~ :..~t!.E^ of tl,e 1"!rciji,~s°ny c,r iv ~~•i;r~i=,taorr iu}- f .r~cl+~:, .ink ia~.sri:l;
<br />I:eid by I,.e r-vier at ther,irrae at anl,>iit,+a~tloti.!rs a crcdrt againt rho .~,~ I •~^c~!~re ;>- tVtiiss O~Imrtgagc.
<br />3. ,gpplacation aI Fa~yments. Unlrzss ~~1lapliuaR,lc• fal5s pl-avirE~eti ot,ti~crtii~;~e, all pa:hnents rcectce!oi b~,r Lender
<br />under tiro gate and paragraphs : anti 'u Icere+oi suatl 'I,e~ a}~,ptl~=~,3 lv~r LvnchT~r hr d~, in e~3a~l}nrlr;ni. ai amounts payabIo to
<br />L~~ender l,,y Borrawer under pacagraptl 2 trc:¢•~ecu", then tso in . rat p~i,iyai,ila an t,Ee :cw#e sn<; an Fut.tirc::4d-vances, if
<br />any, and then io the principal of the Note and to the principal of Future :~rivanc•es. if any.
<br />4. Chsarges; Lietvs. Borrower shall pay aii taxes; assessments and other charges, fines and impositions attrib-
<br />utable to the Property which may attain a priority -over this 1•lortgage, :lad ground rents, if any, at Lends*s
<br />~ option ir. the manner provided under paragraph 2 hereaf or by Borrower making payment. when due. directly to
<br />the payee ttlereof. Borrawer shah promptly furnish to bender all notices of arnounts due under this paragraph,
<br />and in the event. Borrower shall make payment directly, Barrocver shall promptly furnish to Lender receipts eei-
<br />dencing such payments. Borrower shall promptly discharge any lien which has lrriority over this Jlortgag pro-
<br />~ vided, that Borrower shall 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 lien ir. a mam7er acceptable to I.c;ider, or shall ire good faith contest
<br />such lien by, or defend enforcement of such lien in, legal proceedings whict± operate to prevent the enforcement of
<br />the lien or farieiture of the Property or env part thereof.
<br />~ 5. Hoaard Insurance. Borrower shall keep the improvements now existing or hereaf+.er erected an the Prop-
<br />erty insured agsinsttosstry 6re,hazardsincluded within the term "extended coverage". and such other hazards as
<br />- , Lender may require and in such amounts and for svclt periods as Lender may require; provided, that Lender steal!
<br />not require that the amount of such coverage exceed that. amount of coverage required to pay the sums secured'by
<br />this Dortgage.
<br />The insurance carrier providing the insurance shall be chosen b}• Borrower subiect to approval by Lender;
<br />provided. that such approval shalt not be unreasonabh• withheld. all premiums on insurance policies shall be paid
<br />at Lender's eptian in the mam7ee providedl under paragraph ?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 interest, may procure insurance on the improvements, pay the premiums and such sum shall become
<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 />All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include s standard
<br />mortgage clause in fever of and in form acceptable to Lender. Lender shall have the right to hold the policies and
<br />renewals thereof, and Borrower shsIi promptly furnish io Lender all renewal notices and aii receipts of paid pre-
<br />miums. In the event of loss. Bol:ower shall give prompt notice to the insurance carrier and Lender, and Lender
<br />may make proof of loss if not made promptly by Borrower.
<br />unless Lender and Borrower otherwise spree in writing, insurance proceeds shall `7e applied io restoration ar
<br />repair of the Property- damaged, provided such restoration or repair is ecanomicall}• feasible and the security of
<br />this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible ar if the security
<br />of this Mortgage would be impaired, the insurance proceeds shall be applied t.o the sums secured by this Rlortgage,
<br />with the excess, if any, paid to Borrower. Ii the Property is abandoned by Borrawer or if Borrower fails to respond
<br />to Lander 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 of the Pmoerty or to the sums secured by this Jlortgage.
<br />L`nless Lender and Borrower otherwise agree in writing, am• such application of proceeds to principal shall
<br />not extend ar postpone the due date of the morthl}• installments :•eferred to in paragraphs 1 and 2 hereof or change
<br />the amount of such installments.
<br />If under paragraph 18 hereaf the P;;,pert.y is acquired by Lender, alt rigtlt, tit}e snd interest of Borrawer in
<br />and to any insur~nze ~liei~ and iu and to =.l,g pracec~ls thereof tta the extent of rile sums seeurecl by thir. M~rt-
<br />gage immediately prier to such sate or acquisitiont resulting Pram damage to the Property prior to the sale ar
<br />acuui€itian 4ha11 r:ass to Lender.
<br />6. Preservation cad Maintenance a1 Property; Leaseholds; Corldgmipittnns. Burrower shall kip the Plvp-
<br />e~y in ~aad repair anal sliaii not pei':.iit ce eamnlit waste, ilr7pairne ~., ar .:etCriOratian of the Property ,nd shall
<br />Eaz •,1•: Itll the vi tune ni t• loupe-, if this \Inrt,gnge is an a Iv_vicehald. If f_tli~ Jlnrt~aoe ig on ~ conda~iaru
<br />pra.s.~.._ .• ?
<br />UtI3t,,B4rraVTBY shall perform all 41 BQrCO1Vei'•~ Obhgatlan~ llrideC [he declaratlan Ul l'aIklaminlnnl ar master deed,
<br />the by-laws snd regulations of the condan7iniunc prajere and eanstituant docutncnts.
<br />7. Protection of Lendei s Security. If Borrower fail. to perform the covenants and agmements contained in
<br />this Mortgage, or if any action or proceeding is commenced which matorialh• affects Lender's interest in the Prop-
<br />erty, including, but not limited ta, eminent domain, insoh•enc}•, etxie enforcement. or arrangements or proceed-
<br />ings involving a bankrupt or decedent, then Lender at Lender'; option, upon nat.ice to Borrower, tray make such
<br />appearances, disburse such sums snd take such action as is necessary to protect Leader's interest, including, but
<br />not limited Lo, disbursement of reasonable attorney's fees and entn~ upon the Property tea make repaim. Any
<br />arnounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shag become additional indebr-
<br />edness of Borrower secured by this ~Sortgage. Unless Borrower and Lender agree to other terms of payment, such
<br />amounts shall be payable upon notice from bender to Borrawer requesting payment thereof, arid shall dear inter-
<br />est from the date of disbursement at the rate stated in the Nate unless payment of interest st such rate would be
<br />contrary t-0 spplieshle law, nl :vhich event suety amounts shall hear int-crest at. the highest. rate ponuissi2lle by
<br />apglicabfe lax; Nothieg i:ontainect in ehia paragraph ;steal! require Lender to incur any expense or da any act
<br />hereunder.
<br />$. Inspection. bender may make or cause to he n7adc reasonable entries upon anti inspections of the Prtlp-
<br />erty, provided that Lender Shall give Borrower noNc-c• prior to any such inspect-ion specifying reasapablc Cause
<br />therefor reIatetl to Lender's interest in the Property.
<br />~. Candauustrtibn. TPIe praeeE•iis of oily award or etaim tar dan7ages, direct ar eonsequentiat, in cannscrian
<br />with any oonden7natinn or ether taking of the Yroltert}•, or part thereof, or for conveyance in lieu ai candenrna-
<br />tion, are ltareby assigned and sllali be paid to Lander.
<br />In the event of a total taking of the Property, the proceeds shall be applied to the sucns secured by this ;~lart-
<br />gage,with the axaess, if any, paid to Borrawer. In tl7e erenc of a }?atrial taking of the Property, unless Borrower
<br />and Lender otherwise agree in writing, there stla}I be applied to ttte sums secured by this ltartgage such propor-
<br />Lion of the proceeds as is equal to that. proportion which the amount ot• the sums secured by this Mortgage imme-
<br />diately 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 paid io Borrower.
<br />If the Property is abandoned by Borrower or if after notice by Lender to Borrower tllai the condemnor offers
<br />to make an award or settle 11 claim for damages, Borrawer fails to respond to Lender within :30 days of the date
<br />of such rtatice, Lender is authorized to collect. and apply the proceeds at L+:nder's option either to restoration ar
<br />repair of the Property or to the sums secured by this Jlortgage.
<br />Ltnless Fender e:nd Borrawer otherwise agree in Evriting, any such application of proceeds to principal shall
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