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fr .nder }raragrap}s 15 ,:e°°,reo[ the Pritl, e r r ~{ u. °las~ a salient. - a_ep~°r-r . =,iiu _.~~ ai 3r_,. -` er:per
<br />sh;ail appiv, no lates• tha~u irant~:ciLate-=: peso. '.ci tlicr ,~a t „~' ti,~r~ i'itss .°,t: r,r irr a~~+ln, n~.ttn~i ~ ,~~irulc~.t, ia<<• i•unds
<br />itefsl ?y Lerdc~r at tine time c; t` t~r}ttr°-s ststni r;- .t .r~rlit .}„e.:,t F.:; . ;,rnsr .<t a ~~.:: k r i, ylarr~~ ~ .,;;:.
<br />3. s~pplica6on ai payments- Uttlest~ ~l rtical,[s: !ctrl itr~r?•ide~r ~rnt9tett`r~t s! f,L,icutaC~til iu~ct.r~r,rt3 },~~ Lorries
<br />under the \nte and t.?ara{;ra;tlaia~ 1 atatd ~ hest o, ,harp !~~~ ~i p;~lier; ioy l.enri+•r 19i rst do Iray~n,~~rrc ri ;e,u~sst;utut }?,tyab,e trp
<br />Lender try I3orrower• satuder l~ara,gr'a,1>Ii 'y hr,~reof, t~hrn rco in#s•s`cst ltayra,F,ie ctn r,br; T_tit~yt,m a~od tree r~`~atta*cp, ~•kdvances, if
<br />an}•, avid t-hen to the principal of thz :late and to ti;e ,rinripal of Fufure :~d~an~re:, if any.
<br />9. Charges; Liens. Borrower shall pas all taxes, arse-strop*,s aril otl,e:• chargt:s. fines and impositions attrib-
<br />utable to the Property which may attain a priority over this ~Iortga>;f,. and ground rents, if any, at Lender's
<br />option in the r,?error provided under paragraph 2 hereo[ or in• I3orrower makint paytnent• when due, directly to
<br />the payee thereof. Borrower shall promptly furnish to Lender all notir es of amounts due under this paragraph,
<br />and in the event Borrower shall make pryment directly, Borretccr einali prompti}• furnish to Lender receipts evi-
<br />dencing such payments. Borrower shall prompii}• discharge anti- lien which hss priority over this Mortgage; pro-
<br />vided, that Borrower shall net be required to dischargt• an}~ such lien so long as Borrower shall agree in writing to
<br />the payment of 'the obligation secured by such lien in a manner aceeptai?te to Lender. or shalt in good fa~th contest
<br />Q such lien by, or defend enforcement of such Lien in. Iegai proceedings which operate to prevent the enforcement of
<br />the Iien or forfeiture of the Property m• any hart thereof.
<br />5. Hazard Insurance. Borrower snail keep the improvements now existing or hereafter erected on the Prop-
<br />erty insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as
<br />Lender may require and in such amounts and for such periods as Lender may require: provided, that Lender shalt
<br />not require that the amount of such coverage exceed that amnurt of coverage required to pay the sums seeured'by
<br />this lt4ortgage.
<br />~ The insurance carrier providing rite insurance ;half i>e chosen by Borrower subject to approval by Lender;
<br />fem. provided, That such approval shalt not be unreasonably withheld. X11 premiums on insurance policies shad be paid
<br />at bender's option in 'the mtutner provided unties paragraph 2 hereof or by Borrctver making payment, when due,
<br />directly to the insurance carrier.
<br />In the event any policy is not renewed on or befnre ten days of its expiration, the Lender, to protect
<br />its inierest, may procure insurance on the improvements, pay the premium, and Bach 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 />,ail insurance policies and rene:vsis t-hereof shall be in Corte acceptable to Lender and shall include a standard
<br />mortgage clause in favor of and in form seceptable to Lender. Lender shalt have the right to hold the lwlicies and
<br />renewals t•Sereof, and Borrower shall promptly furnish to Lender aft renewal noticPS and all receipts of paid }rre-
<br />miums. In the event of loss, Borrower 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 agree in writing, insurance proceeds shah be applied to restoration or
<br />repair of the Property damaged, provided such restoration or repair is economirail} feasible sad the seeurit}• of
<br />this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security
<br />of this Dortgage would be impaired, t-he insurance proceeds shall be spplied to the sums secured by this Mortgage,
<br />with the excess, it any, paid i.o Borrower. If the Propert}• is abandoned 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. er repair of the Property or to the sums secured by this \lortgage.
<br />Unless Lender and Borrower othernise agree in writing, any such application oC proceeds to principal shat!
<br />not extend or postpone ttte due date of the utonthtg installments referred to in paragraphs T and 2 hereof or change
<br />the amount of such installments.
<br />If under paragra}?l t6 htireot the Property is aegitired 6,y Lender, all sigh, title and intemst of Harrower in
<br />tend to any asutanre policies and itt and to rite proceeds thereof ita the extent of the sums secured b}• this .Mort-
<br />gage immediately 1?rior to such sale or scquisit.ioni resulting Crom damage to the Property prior to the sale or
<br />argaisitic_ttt shall pas- to Lender.
<br />g.. prervattiean and A4~ntenance of property; Leaseholdac Coadom;~iums. I3„rr„evNr slt;=li kt~p tits 1':*ap-
<br />only in gr~od repteir and shsti not- permii ar commit. caste, impairment, nr ietet•iarat;en of ~-ne Property and slap
<br />°1°• vttl. t!t ~. • lea4e, •f this .lortgsge t. ' t=oho" ' h' ~ _ .
<br />a aso i u ~~,iE~~,a~~tn;<u_
<br />ttnit,~T3orrc~wer sl~ll perfo_rtti allFof Borrower's obligati4nti under the declaration of t~sar,doa~_rim;•.;tn ~ tns~tN: d€t<d,
<br />the Fay-laws and regulations of the condounuinm project and constituent documents.
<br />7. protection of Lendei s Security. It Borrower !ails to pertornt ihr covenants argil agreements contained in
<br />this Mortgage, or if app action or proceeding is commenced which ntaterisliv sffeets Lender's interest in the Prop-
<br />erty, including, but not limited ter, eminent domain, insoh•eney, code euiorcemeut, or rtrrtutgentent~ ar proceed-
<br />ings involving s bankrupt m• decedent, then Lender at Lender's option, upon notic-c to Borrower, n:ay make such
<br />appearances, disburse such sums and take such :motion na is ueeesssry to protect T.cnder's interest, iuchtding, but
<br />not limited to, disburseuumt ui reasonable attorney's tees :uul entry upmt the Pro}testy to make repairs.:1ny
<br />amounts disbursed by Lender pursuant t2t this paragraph 7. with interest thereon, shall become additional Indents
<br />etlnass of Borrower secured by this \lortgage. Unless Burrower and Lender ag:ec to other terms of payment, such
<br />amounts shall be payable npott notice Ct.~u !.ender to Borrower requesting payment thereof, and shall bear intcr-
<br />eatfrom the date of disbursenunt at the rttte stated iu the dote unless payment of interest at scab rate would be
<br />contrary to applicstale laty, in w},ieh crept suela sutountY slwll bear interest at- the ltighe~t rat-e partnissible by
<br />:eppiicable law. tiothing rilotsincd in this hsragrsph 7 shall rec~luire Louder to incur ijtty espenae or do an}• act
<br />hereuuder.
<br />Jl. Znspsetion. Lender may crake or sett=e to ta• merle reysnnable entries upon and inspections o[ the larop-
<br />erty, t?ruvideel that Lender slap sloe Br?rrot+•er notice t,rior to env sttch itryt,?etit?n strecifvirt~ reason>ihTe cause
<br />t[tareirrr relst?ti to Lender s interest in the Pro reriv. . .,
<br />5. Caademnation. The proceeds of ttny atvar[f ar r•laln for damages, direct or consequential. in cotuieetion
<br />with any condemnation or other taking of the Yropcrty, or part thereof, ar for conveysnce in lieu a[ eondemna-
<br />tiott, art' hereby assigned and shall be paid to Lender.
<br />in the event of a total taking of the Property, the proceeds shall be applied to the rums scoured t?y this ~tort-
<br />gage, with the excess, if any, pelt! to Borrower. In the event of a partial taking oC the Property, unless Borrower
<br />and Lender otherwise agree in writing, there shat! be al?plies! to the sums secured by this \lortgage such propor-
<br />tion of the proceeds as is equal to that proportion which the amount of the sums secured by this :Mortgage imme-
<br />diately prior to the date of Faking bears to the fair market. value of the Property immediately prior to the date of
<br />taking, with rho hnlanee of ttze proceeds paid to Borrower.
<br />I# the Property is abandoned by Borrower or if after notice by Lender to Borrower that the condemnor offers
<br />to make au award or settle a china for damages, Borrower fails to respond to Lender within 30 days of the date
<br />of such notice, Lender is authorized to collect. sad spi?!y the proceeds at Lender', option either to restoration or
<br />repair of the Property or to the stuns secured by tlis ~tortrage.
<br />I7nltsss Lender and Borrav,•2r otlercvis2 agree in writing, any »uclt application of proceeds to principal snail
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