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Ier ~arrn era ~. lfi :.-.,c ~~ lse . ra~rr,t :- ol~l vre r'd+t;~ i rvper•+; ~ :dt:ta~~.r .;,r. der
<br />~..
<br />~h:!t!1 1, C,ia~~, etc, ,aver tkut; imnted',i~ c..v prkr,ai eu P.,P sale, c¢' do{• Fn ,, en, 9: t- _i ia~ uc°tt~i. rE,'o,,:..:~ L ux:ct. ;c,, .€"nr:~is-
<br />Pta'tr,i :-,y I r~n,yc~r..t the time o8 appltrat=,an ". =-r.rr~~rit .af,~.~t,i flat .,,ups w~,•r xrcr€ I~a+• art, Mvn,~,',~.,
<br />3, li~ppiicatian o~f Payments. Cnle~n:? ~ial',1,lica~l,iiv la,a' l~a~ortdes ti:;tl~l~ttr++ ~_~„ all ~,~~n.yrte;,t a`urr,:a' ati Laanrler
<br />mnder th+~ ",tiot~c and gtaragr<tlxltx l and 2 Ite.rrt>..#„ti" .=c alat+lieai lu. Le~tt+,;hr. '!'nest 'net p~ayH~ent o9 arnaun'~ };a~•,tha'~hs i~u
<br />Lender by Borrower ender paragraph '2 hereof". then tv interest l,xyab4c vri the "_ti'otc and on Future 3dvancee, if
<br />any, and then to the principal of tl;e ?'Tote and tv flee principal of Future _lcivances, if any.
<br />4, Charges; Liens. Borrower shall 1>ay all taxes, assessments and otl.er charges, fines and impositions attrib-
<br />utable io the Property which msv attain :; priority over this \ivrtgage, and ground rents, if any; at Lender's
<br />option in the manner provided under paragraph 2 hereof or In- Harrower making payment, .when due, directly to
<br />the payee thereof. Borrower shall promptly furnish to I.endcr alt notices of amounts dun tinder this paragraph,
<br />and in the event Borrower :hall make payment directly. Borrower shall promptly furnish to Lender receipts evi-
<br />dencing such payn;ents. Harrower shat! prornptlp discharge any liet2 which has priority over- this Mortgage; pro-
<br />vided, that Borrower shall not be required to discharge 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 acceptable to Lender, or shall in good faith contest
<br />such lien by, or defend enforcement of such lien in, legal in•oreedings which operate to prevent the en#oroement of
<br />the lien or forfeiture of the Pmlierty or any part thereof.
<br />S. Hazard Insurance. $orrower shsi! keel, 'thy improvements now existing or hcreafier erected an the Prop-
<br />,~ crty- insured against loss by fire, hazards included +vithin the term `extended coverage", and such other hazards as
<br />Lender may require and in such amount_< zuxi for such l~er•iods as ]_ender may rec,uire: prvvided, that Lender shall
<br />not. require that the amount of such coverage exceed that amount of coverage required to pay the sums seeured'by
<br />t this Mortgage.
<br />~ The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender;
<br />~. provided, that such approval shall noC be unreasonably withheld- Ali premiums on insurance policies shall he paid
<br />at Lender's option in the mauut:r provided antler paragraph 2 hereof or by Borrower making payment, when due,
<br />directly to the insurance carrier.
<br />In the event any policy is not renewed an 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 ratz 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 Aortgage.
<br />d11 insm~ance policies and renewals thereof shall be in form sccept.able to Leader and shall include a standard
<br />,t,~,rt.gage ria„s,. _u laver of and in farm acceptable to bender. Lender shall ha.-e the right. tv bald the pvlieies and
<br />renewal; thereof, and Borrva•er shall promptly furnish to Lender all renewal entices and all receipts oI paid pre-
<br />miums. In Cite e+•ent o: loss, Borrower shall give.prompi Holier: to the insurance carrier and Lender, and Lender
<br />may make proof of loss if not. made promptly by Borrower.
<br />Iinless Lender and Borrower otherwise agree in writing, insurance proceeds shall be app]ied to restoration or
<br />repair of the Property damaged, providec't such restoration yr repair is economically feasible and the security of
<br />this Mortgage is not thereby impaired. If such restoration or repair is eat- economic-ally feasible or if the security
<br />of this \lortgage would Ue impaired, the insm•ance proceeds shalt be applied to the sums secured by this Mortgage,
<br />with the excess, if any. paid to Borrau•er. If the Yroperty is ahant.loned by Bm•ro+ver or if Borrower fails to respond
<br />to Lender within 30 daps niter notice by Lender to Bortower 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 Property or to the sums secured by this \lortgage.
<br />unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall
<br />not extend or postpone the due date of the monthly installments yet"erred to in paragraphs L and 2 hereof or charge
<br />the amount of such installments.
<br />If under paragraph I& iicreoi the Prvpert.y is acquired by Lender, all right, title and interest ot" Borrower in
<br />and to any insurance 1+oiieies an<i in anti to the proceeds thereof ito the ex[ent of the sums secured by this ~iort-
<br />gage immediately prior to suei~ sale or ucquisitionl resulting from damage to t-he Property prier to the sale ar
<br />acquiaitivn shah pass to Letider.
<br />6. Preservurion and Aiaintemance oI Property, Leaseholds; Coxxdomituurns. Borrower shall keep fife Prop-
<br />erty in good repair ant: _.~.:,. Hat perrntt or catntrit waste, impairtucnt, or :ietrrioratior, of the Property and shall
<br />eoati,p,y SY,t..t ts:c. }3. ais~--..~ -.-. s. a asi'y' .~S~c.. ~, tt11S Mortgage in' i+n 1 lcnseltai,.l, It flits ~Iarigage Ss an .t ccirie~ta-.~i m:tlrn
<br />unit, Barrawer =iali perfarrti all 02 Bbrra+ver's obligations' tender tttc deciaratiaH of eondaminitrrn ~fi rrcastcr deed,
<br />the by-laws and regulations vi the condominium project and constituent documents.
<br />7. Protection of Lender's Security. If Borrower tails to perform the e•acenunts and agreements contained in
<br />this Jtartgage, or if any action er proceeding is commenced which materially affects Lender's interest in the Prop-
<br />erty, including, but nvt iarti*.-ed to, eminent domain, iusoh•eucy, rude enforcement, ut arraugemerts or prooeed-
<br />inga invclving a bankrupt. ar decadent, then Lender at Lender's aptian, upon notice to Borrower, may make such
<br />appearances, disburse such sums and take such action ns is necessary to prat-ect Lender's interest, inrluding, bat
<br />not limitrrl to, disbmsetucnt. of ressonable attorney's fees and entry upon the Yroperty to make repaire. Any
<br />amounts disbursed by Lender pursuant to this paragraph i, with interest thereon, shall become additional indebt-
<br />edness of Borrower secured by this Mortgage. [Inless Borrower and bender agree to other terms of payment, such
<br />amounts shall he payable upon notice from Lender to Borroa-cr requesting payment thereof, and shall bear inter-
<br />est from the date of disbursement at the rate stated in the \ote unless payment of interest at such rate would be
<br />contrary to applicable lasv, in which event suet; amounts shall bear interest at the highest. rate. permissible by
<br />applit;able law. \othing cantainecl in this paragraph i shall require I.,ender to incur any expense or do any act
<br />hereunder.
<br />B. Inspection. Lender may make or enure to he tnadc reasonable entries upon and inspections of the Prop-
<br />erty, pravid2rl that Under shall give Parrower Retire prier to any Eurlt ittrpt'etiatt slzai±ifying ranahle cause
<br />tharefar related to L,ender'a interest. in the Property,
<br />9. Condemnation. The proceeds of any a+esrei ar claim for damages, direct or consequential, in connection
<br />with any condenmatiou or other taking of zhe Prapert}', ar part thereat, ar far evnveyance to lieu ot` candenma-
<br />lion, are hereby assigned and shall be paid to Lender.
<br />In the event of a total taking of the Property, the praeetiis shall be applied to the sums secured by this Mort-
<br />. gage, with the excess, if any, paid Eo Borrower. In the event of a partial taking of the Property, unless Borrower
<br />-.and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such propor-
<br />tipn of the proceeds as is equal to that propartian which the amount of the sums seettred by this '_lfortgage imme-
<br />' diately prior to the date of taking bears to the-fair market value of the Property imntediatcty prior to the date of
<br />taking, with the halanoe of the proceeds paid to Borrower.
<br />If the Property is abandoned by Harrower or if after notice by Lender to Borrower that the condenmor offers
<br />to make an award ar settle a claim for den?ages, Borroa•et• fails to respond to lender within 30 days of the date
<br />of suet; notice, Lender is authorized to caliect and apply the proceeds at Lender's option either to resioratiat or
<br />repair of tT,e Property or to the sums secured by this !lortgage.
<br />iintess Lender and Borrower oihet•wise agree in writing, any such application of proceeds io principal shall
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