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<br />If tinder paragraph 18 hereof the Property is solri' ur t9ze Proper+,y is otherwise acquired by 7.ender, Lender
<br />shall apply, no later than immediately prior to the sale of the Prol~m•ty m' it= acquisition by Itnder, any Funds
<br />held by Lender at the lime oI application as a credit again,[ the =un~s ,ccured by this Aortgage.
<br />3. Application of Payments. Unless applicahiu Ian prrovitics otherwise, ail pa-vincula received by Lender
<br />under the Note and paragraphs I and '2 hereof shall be applied by Lender first iu payment of amounts payable to
<br />Lender by Borrower under paragraph l hereof, then to interest payable on the Note and an Future Ach:mees, ii
<br />any, and then tr, the principal of the Note and to the principal of Future Advances, if any.
<br />/s. Charges; Liens. $orrower shall pay all taxes, assessments and other charges, fines and impositions atkrih-
<br />utable to the Property which may :attain a priority over this Mortgage, and ground rents, i[ any, at Lender's
<br />option in the manner provided under paragraph '2 hereof or by Borrower making payment, when due, directly to
<br />the payee thereof. Borrower shall prompth• furnish to Lender all notices of amounts dt:e tinder this paragraph,
<br />ar-d in tiro event Borrower shall make payment directly, Borran•er shall promptly furnish to Lender receipts ewi-
<br />L"°l denaing such payments. Borrower shall promptly discharge any lien which has priority over this illortgage; pro-
<br />',Rj tided, that Borrower shall not be required to discharge env such lien st; long as Burrower shall agree in writing to
<br />the payment of the obligatimi secured by such lien in a manner acceptable to Lender, or shall in good Caitli contest
<br />such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of
<br />the lien or forfeiture of the Property m• any part dx=reof.
<br />5. Iiaaard Insurance. $arrower shall keep the miprovements now existing or hereafter erected on fire Prap-
<br />erty insured against loss by fire, hazards inelucted a-ithin the 'term "extended cocerage", and such other hazards as
<br />Lender may require anti in such amounts :rod for such period: as Lender ma}• require: provided, that Lender shall
<br />~ not requirs that the amount of such cocerage carrell that amount of coverage required to pay the stuns secured'by
<br />this Irlortgage.
<br />The insurance carrier providing tLe insurance shall be chosen by Borrower subject to approval ly Lender:
<br />provided, that such approval shall not be unreasanabh• withixeld. Alt premimns on insurance policies shalt be paid
<br />at Lenders opt-ion int-he nrarmer provided under psz:+6raph 2 hereof or by Borrower making payment, .Then doe,
<br />directly to the insurance carrier.
<br />In the event any policy is not renewed on or before ten days of its expirntion, the Lender, to profect
<br />its interest, may procure insurance on the improvements, pay the premiums and such sum shall becnane
<br />immediately due and payable with interest at the rate set forth in said note until paid and shall he
<br />secured b° this *fortgage. Failure by Barrawor to comply may, at. option of Lender, eanstitute a default
<br />under the-`:erns of this Mortgage.
<br />All insurance policies and renewals thereof <l:all be in iorm acceptable to E,cutier and shall include a standard
<br />mortgage clatase in favor of and in form aceelsable to Lender. Lender shall have the right to !told the policies and
<br />renewals thereof, and Borrower shall prumptlc furnish io Lender all renewal notices and all receipts of paid pre-
<br />miums. In tine 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 6y 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 restoration ar repair is economically feasible and the securer o[
<br />this Rfottgage is not thereby impaired. If such restorat-imr ar repair is not economically ieasibk or Sf rho security
<br />of this \iortgnge would be impaireti, the insurance proceeds shall be applied to the sums secured by this Mortgage,
<br />with the caress, if any, paid to Borrower. IC the Propcri.y is ahandaned by Borrower or if Borrower fails to respanri
<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, Under 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 be this Mortgage.
<br />Unless Ixnder and Borrower otherwwise agree in writing. any skids applieatiau of proceeds fro principal alas!!
<br />not extend or postnone the due date of the monthly installments referred to in paragraphs 1 sud 2 herenf ar chatage
<br />the amount of such installments.
<br />If under paragraph IS hereof the Property is acquired by bender, axll right, title and interest of Borrower in
<br />and to any insuranec policies and in and to the proceeds t;tercaf ttn the extent of the corns seeittetf lay tlkis =4lort-
<br />gagn ienatatdiat•ely prior to sash sate' or c:luisition} tYSialting fr~am tiauiage m tle Property' ntzor tg flap sale sr
<br />acquisition shall lass to bender.
<br />.w Y Y,
<br />"e. P:ss~*-•"'~on ~d ~isa~te_*!ea:.e e[ Frarer*.y; Leeseiio'rds; Crinds>minnu,:s. II rro:v;~• =i.a1= ker'p th - wk
<br />---- -- -arty in g~~l repair a. d shalt sae=- p~rnkit a^ .-•jnxasai+ waste is*>p~irntt*a*, ex ,1etr:.orat~.aza cf ~aR, u v~aert} =~-1 alas!!
<br />comply with the provisions ei any lease, iC thisllurtgagt ;. ou a leasehold. If this !fortgage is on a enndominiunt
<br />unit, Borrower shah perform all of Borrower's ohligatiana under the deeituatian of condominium ar masi.er deed,
<br />the by-laws and regulations of the condominium project ;uul constituent dncumcnts.
<br />7. Protection of Leader's Security. [i Borrower iaiL to perform the covenants and agreements contained in
<br />this \fortgage, or ii any action or 1}roceeding is comnxeneetl rchich materially atleets bender's interest in the Yrola-
<br />erty, including, but not limited to. eminent domaun, inrolvrncy, talc tnforctutetn. ar nrrannentents at ptucted-
<br />ings invoh•ing u 6atakrupt or decedent, Then Lcn.ier at 1-euder's option. upau notice to Barrorcer, quay snake suclx
<br />appearances, disburse aorta gums anti take such action as i. necessary to protect Leaders interest, including, but
<br />not limited to, disbursement at reasonable attorney's Iec- :uad entry upon the Property to iuake repairs- Any
<br />amouu~ disbursed by Lender pureuaut to this paragraph 7, with interest tkierean, alas!! hccotne addit;~.l ind~t-
<br />edmess of Borrower secured by this \fortgage. Uultss Harrower and Lender agree to other ternts of payment, aorta
<br />amounts shall he payable upau notice frmu Lemler to Harrower requtstiaig paytnetat thareot, and shall later inter-
<br />est tram t.hc. date of disburstiuent at the :rate stated iu the Nate nnle~ puymtnt of interest at such rake would he
<br />contrar,~ to applicable law, in which event such amounts stool! hear interest aG the highest rate permissible by
<br />applicaiatc law. Nothing eoataiucd in this I>at•agrapb i shall acquire Linder to %uaur env expense ar da aay set
<br />hereunder.
<br />8. Iaspee6oa. t.endHr mss snake ur t`auso to 1__>F made reasannbl<" x=ntacs upau a_ nd inspaat%ans of the Praca-
<br />erty, provided Ehat !.ender stall give Harrower natirc lnikar to any ~~uch iaaslxaetion specifying rc~snttahle c~msH
<br />thsrefar related to Lender's interest in the Property.
<br />9. Candemaatioa The proceeds of any award or t=lairo t'or efamages, direst or enusecluentiaL in connection
<br />with any eandeannation nr other taking oI the Property, or part thereof, or Cor conveyance in lieu o[ eondenina-
<br />Lion, are hereby assigned and shall lee paid to Lender.
<br />- In the event o[ a total taking of the Property, thr ptr>cceds shall he applied to tle sums sec ursd lay this ~riart-
<br />;- gage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Properly, unless Horrower
<br />and Lander otherwise agree in writing, there shall be applied to the sunxs secured by this Jiartgage such proper-
<br />- Gion of the proceeds as is equal t+ thak proportion which the amount of the sums secured by this iiSortgage imme-
<br />' diately prior to the date of taking beans to the fair market value of tle Property iminediatel}• prior to the date of
<br />taking, with the balance of the proceeds paid to Borrower.
<br />If the Property is ahandaned by Borrowwer or i[ after settee try Lender to Borrower that the condemnor offers
<br />to snake an award or settle s claim for damages, Harrower fails to respond to Lender within 30 days of the date
<br />of such nattee, Lender is authorised `ct) ecllect-and apps}• the proae~ls at I.ander`s option cikhtr to rtstorsiian or
<br />repair of the Property or to the sums cured by this \fartzkge.
<br />TJrltaas T:~rder and Harrower otherwise agree ir, writing, any such applicatinn of proceeds to principal shall
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