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If xmder parftt;rap6 18 hereof the Property- is sold ar the Propeety in other•r:isc: acquired t,v Lendet•_ Lender
<br />shalt apply, na't later than immediately prior to the sale of tire Property ar its acctt;isition by bender. any^ funds
<br />held Uy Lender ~,a1, the tune of apl,r]ication as a tuedit against the sums ~ecu!rd },,}• this Slortgaga.
<br />a". Application of Payments. Unless at>plicaUlc Isec provides ot.hereists, a.ll 1,>:€ymeutF received 'hy Lender
<br />order the TMiote atild paragraphs 1 and 2 }tereaf shall he applied by Lender tirst in payment. of arno«nts p:rvable to
<br />Lender by Bnrrrrwernrnler paragraph 2 hereof, then to interest laayablc: art tttr Note and an Futm•c. ~~~daanees, ii
<br />any, and then to the principal of the Note and ko the principal of Future Adwanres, if any.
<br />4. Charges; Liens. Borrower shalPpay all taxes, assessments and other charges, fines and imposition attrib-
<br />utable to the Property which may attain. a priority aver this Mortgage, and ground rents, if any, at Lender's
<br />option in the manner provided under paragraph 2 hereof or by Borrower making payment, when due, directly io
<br />the payee thereof. Borrotver shall promptly furnish to Lender ail notices of amounts due under f.his paragraph,
<br />and in the event Borrower shalt make payment directly, Boerotvcr shall prompt-ly furnish to lender receipts ev1-
<br />dencing such payments. Borrower shall promptly disrlrarge any lien which has priority over this Mortgage; pro-
<br />vided, that Borrower sha[I not be required to discharge any such Lien so long as Borrower shall agree in writing to
<br />r~ the payment of the obligation secured by such lien in a manner acceptable io Lender, or shall in good faith contest
<br />,,~ such lien by, or defend enforcement of such lien in, legs) proceedings which operate to prevent the enforcement of
<br />the lien or forfeiture of the Property or am• part thereof.
<br />;'1 5, Hazard Insurance. Borrower shall keep the improvements uotw existing o* hereafter erected on the Prop-
<br />ertcins«red against loss by fire, hazards included within the term "extended coverage", and .ugh outer hazards as
<br />^ finder may require and in such amounts :uxt £or such periods as Leander may require: provided, that. Lender shall
<br />~ not re ,wire that the amount of such coverage exceed 'that. amount of coverage required to pay the sums secttred'hy
<br />'this Mortgage.
<br />The insurance carrier ltruvi<ling the insurance shall be chosen b}~ Borrotver subject to approval by Lender:
<br />provided, f hat such approval shall not he unreasonably tvithheld.:111 premiums on insurance policies shall be paid
<br />at Lender's opt-ion in the mamter proviiie,l «nder paragraph 2 hereof or by Borrower making pa}•tuent, 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, t+, protect
<br />its in±erest, may procure insurance on the improvements, pay the premiums and such sum shall become
<br />immediately due and payable with interest. at the rata set forth in said note untit paid and shall be
<br />secured by this I!•fortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br />under the terns of this Mortgage.
<br />All insurance policies and renewals thereot shall be in form acceptable to I,ench•c and shat] include a standard
<br />mortgage clause in favor of and ir. form acceptable to Lender. Lender shalt have the right io hold the policies and
<br />renewals thereat. and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid pre-
<br />miums. In trite i•~ent of lass, Borrower shall give prompt notice to the insurance carrier and Lender, and Lender
<br />may make proo7 of loss ii oat made promptly by Borrower.
<br />Llnteas Lender and Borrower otherwise agree in writing, insurance proceeds shaft be applied to restorat}on or
<br />repair of the Proaerty damaged, provided such restoration or repair is economically feasiUte and the security of
<br />this Mortgage is not thereby impaired. If -such restoration oa• repair is not ecunotuiaatly feasible or if the secucity
<br />of this _lortgage would be impaired, rite intn•ance proceeds shall Ire applied to the sums secured by this Mortgage,
<br />with the excess, it any, paid to Aornnver. if the Nrol>erv is abandoned lay Borrower or it Borrotver fails to respond
<br />to Lender within 30 days after notice by Lender to Borrotver that the insurance carrier otTers to settle a claim for
<br />insurance benefits, Fender is ssuthorized to collect and apply the insurance proceeds at. Iender's option either to
<br />restoration or repair of the Property or to the sums secured by this JIottgage.
<br />Unless Lender and Borrower otherwise agree in writing, any such aplriicatiou of proceeds to principal shall
<br />not extend ar postpone the due date of the monthly installments referred to in paragraphs I and 2 }tereof or change
<br />the amount. of such installments.
<br />I€ under paragraph In hereof fire Property ie acquired n}• Fender, alt right, title and interest of Bnrmwer in
<br />and to a:ty :nsurance poicie: and in and to the proceeds thereof ito the extc:rt of ttae soma seeut'ed by this if art=
<br />Gage imrrtadiaely prior is aueic sale ar acquisitiani resulting frwn damage to the Property prior to t,re ale nr
<br />..; tltz.~itio:a ~h~'t -- ~- ..~ I:~stde .
<br />~. Pre~~r~t:tsu an3 ice e# Progeny; Leaseholds; C€radamiaiums. 13ertvwer sitssit k the Prop=
<br />eery in g=.~J r::Ir»ir »., s::asl a.nt •er;mt or co:emit waste, itnpairntettt, ar ~}eterior»tiau of tt;e Yro}~rty »nt} anal;
<br />4'nm~,'-~ .......~.._..w.C~ .. ..... ..~;. _. tot... inr_~e
<br />a ~ L _..._, -w=..t't~e~_ iss-? 3 -n=ir~.2°SLt...
<br />~n:~ Bv_=~w~ rls~il -~ r..--..~ ~ :1 0 B~r~~€r's elaligsti€~ns urcler th4 dollar-~iv€: c;= E•~d~T:':itti.rt,. -m ~ _t-:
<br />Ghe by-laws and regulations of the catu}ominiutn project and constituent documents.
<br />7. Protection of Leader's Security. If Borrower tails to perform the covenants :utd agreements contained in
<br />this Mortgage, ar it' any action or proceeding is eonunenced which materially affects I.ender~ inurest in ttte Pro}x-
<br />erty, including, hui nut limtted to, eminent <lomai«, insolvency, cot}e enforaeruent, or arrangctnents nr praceei}-
<br />ings involving a hankrulrt _rr dc~e<lent, then Lender at Lender', option, upon notice to Bar:v3wer, crsy make such
<br />appearattres, dish«tae suet: aunts and take such action :s is necessary to protect Lender`s ittters~st. induding, but
<br />oat limited tu, disbursement ut reasonable attorney's fees and entry upon th+t Property to make repaire. Any
<br />amounG~ disbursed by lender purseaartt to this paragraph 7, will. interest 'thereon, shall tx:conte sdditant.ai indent-
<br />edneds of Borrower aec•«red f,y this ".lortgaga. TJnless Barrow•er :utd lender agte2 to other tem>i. of payntwtt, such
<br />amount's shall he payable Matt notice fentrt Lender to Borrower- requesthtg payment thereof, and steal! boa; inzsr-
<br />est frorn the date of distiursentetit at the rate stated in the Note untess payment of interest ai such rote iwoutd he
<br />contrary to appltealtSa law, i n :vhteh rvenf *uetr amounts shalt near infetrst at the h}t;n~t rate- permissin}, ray
<br />applicable !reek \otl:ing eot:tairrcd ire this trar::graph " .hall require lender to incur arty expane~ ar rill any sat
<br />hereunder.
<br />8. Inspection. ],ender Wray make ur cause to Ix• made reasacatth~ entries ufton and inspertintts of the Prop-
<br />. -t3, }~ :vide that I.-ttd~r s=:at' g=.~= ~-r.otw•t=r notice }rrio !;t tiny ut•;t .r~~etiott =}~cafy:rag rea=~+r~bl~ tiers
<br />ths;rafar rc:latd tip I,ettder"s iriturc~s-t iri th+_ r~roperty.
<br />5. Condemnation 'I'ite proceeds of any award or claim for damages, direct or consequential, in cannectfon
<br />with any condemnation or other caking of tht? Pro}~rty, err hart thereof, or t'or eanveyanee in lieu of condenrtta,
<br />tiara, are hereby assigned and shat! he paid to Lender.
<br />In the event of a total taking of the Peoperty, the proceeds shall be ::pphed to the sattas secured ray this M~rt-
<br />gaga, with the excess, it" anv, paid to Borrower. In the event of a partial taking of the Property, unless L3arrower
<br />and Lender otherwise agree in writing, tltern alto]] he applied to ihr, runts secured by this Mortgage such propor-
<br />tion of the proceeds ere is equal to that proportion which the amount of the sums secured ray this Mortgage imme-
<br />cliately prior to the date of taking her.rs to the fair market value of the Property- immediately prior to the date of
<br />taking, with the natanoe of the proceeds paid to Borrower,
<br />If the Property is abandoned ray Borrower or if after notice ray Lender to Barrowver that the condemnor offers
<br />to make an atvard or settle a claiirn tae damages, narrower fails to respond to Lender within 30 days of the date
<br />aI such notice, -Lender is suEFtoraed fa aol[ect 8nd apply tlt2 proceeds at Tender's option either to resioraiian or
<br />repair of rho Property nr is the sums secured by iltis :tfartgage.
<br />Unless Lender and Borrower ntharviEe agree in writing, any such apglicatian of proceeds to principal shall
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