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If ,littler taragraph 78 herec,p' r,he Pratt3~: ty i r.r7, , o° tf i, Yral,erl,: ~r :;;^rxr ~ar~ctuirert ~9 Lt f:;fl,r. Ler::der
<br />shall apply, ni±:,aer than irnrnedizt~rdy price to tha~,~ =.air of t~,zc Yrii;i^:~t:• a:.t„ ur~r~uiS~ition by Lc:-:der, rrs~• Pn;rie~
<br />held by I•enr,ler~~ at the time of aplrltcata~or~ a. ,t trea'4it a~am,~t riE .urrd :+~ r~u ri k>}~ }.:-~ ~Irrrtt;ag;r
<br />3. F~.pplie¢tion of Payments. Un1esF tg')frhn~al~,ria~ iae:~ jnra:i~dre,• w:ul.lr~ttUisc, all l'>ayntcr,t ra,cervrc; t,y- Lent~ler
<br />under lire Note and p:rra~graplrs I atatd. 2 herraat shall 1 apfrhrrwl bp• i:etr~uiar dirst~ is: t>ayrru: nt t>f amCr2tnt ~ t'raro-i,l,>io, z~,,,N
<br />Leader by Borrower under l~raragraph 2 hereof. tir¢,=,n to intea•rtst p~~up~,7a~N)lu~ ort th:',!p, Nr,Ste oral ort Idtrt€:rc~ .tia9vanees, i~f
<br />any, and than to the principal of the Natc and to the principal of Future AcL-•ances. if anv.
<br />4. Charges; Liens. Borrower shall pay all tsxes, assessments and other charges, fines and impositions attrit}-
<br />uGahle to the Property which may attain a priority over this 1ortgage, and ground rents, if any, at Lender's
<br />aptian in the manner provided under paragraph 2 hereof or by Borrower making payment, when due, directly to
<br />the pa}-ee thereof. Borrower shad promptly furnish to bender all notices of amounts due under this paragraph,
<br />and in the event Harrower shall make payment. directly. Harrower slsrll prmnptly furnish to Lender receipts evi-
<br />dencing snob payments. Borrawer shall promptly discharge and- lien which has priority over this Mortgage; pro-
<br />vided, that Borrawer shall not be required to discharge any- such lien so tang as Borrower shall agree in writing to
<br />~ the payment ai the obligation secured by such lie:: in a manner acceptable to Lender, or shall in good faith contest
<br />such lien by, or defend enforcement of sucL• lien in, Icga; f~racecriings which operate to present the enforcement, of
<br />the lien or forfeiture of the Property or amt part thereof.
<br />>~ 5. Hazard Insssrance. Borrawer shay, keep tine intl~rnve:ncr,ts now existing or hereafter erecked on the Prop-
<br />~ erty insured against. loss by fire. hazards inciu.ie.1 •,sithin the term "extended coverage", anti such outer hazards as
<br />Lender mac require and in such at:Taunts and for suci: periods as Lander ntnr require: provided. that Lender shall
<br />~ not squire that the amount of such taveragr• r~sceed the? atneunr of coverage required to pay t.lre sums secured'by
<br />~ this Mortgage.
<br />The insurance carrier providing the insuc.nce obeli ixt chosen h~- Borrawer subject to approval by Lender;
<br />provided, thst such approval shad not ire :utreasonahl}- withheld. _~11 premiums on insurance politics shall be paid
<br />at Lender's option in the manner rrovtded urnicr paraKrapl~ 2 hereof or by Horrower making payment, when due,
<br />directly to the insurance carrier.
<br />in the event any policy is not. renewed on err before ten days of its expiration, the Lender, to protect
<br />its interest, map procure insurance an 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 1lortga;;e. Failure b~. Burrower to comply may, at option of Lender, constitute a default
<br />under the terms of this Alartgagt~.
<br />:~L insurance polities and renewals thereof =ltati t;a~ in form acceptable to ,Lender and shall include a standard
<br />mortgage clause itt f;t:•or of and in fora atccluahle to Lender. I-ender shall have the right to hold the laolieies and
<br />renewals hereof, and Horrox•er sh.,fl t;ronrpth- furnish to Lcnrl_r all renewal notices and all receipts of paid pre-
<br />miums. Ir. the event of lass, Borrower <hatl giv~, prompt notice to the insurance carrier and Lender, and Lender
<br />may make praef of loss it not made promptly t.ti• Borrower.
<br />Unless Lender and Harrower otl;envise agree itt u-ritin, insurance proceeds shall be applied to restoratiar or
<br />repair of the Propert}- damaged, pravide~i suzh restoration or repair is acouotnically feasible and the security of
<br />this _l-tortgage is eat thereby impaired. It cuei: restoration or repair is not ccunornicaih- feasible or if the security
<br />of this \iortgage t:rould 6e impaired, the insurance Iroceeds shall b applied to the sums secured by this ~4ortgage,
<br />with the excess, if any, paid to Borrawer- If the Yropertc is abandoned by Borrower or ii Berrower fails to respond
<br />to Lender within 30 days after notice by Lender to Borrower that the insurance carrier otfers to settle a claiar for
<br />insurance benefits; Lender is authorized to called and aplrh• the insurance Iroceeds at I,ender•s aptian either to
<br />restoration or repair of the Property err to the sums secured by this \Iortgagc.
<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 ntonthh• installments referred to in paragraphs 1 and 2 hereof or change
<br />the amount of such installments.
<br />if under paragraph IS trereaf the Property is acquired by I,endez•, ai! right; title and interest of $orrower in
<br />and to arty insurance I~aiicies and in and is the proceeds thereof ito tin extent of the suers secured by thts liort-
<br />gage immediately prior to such sale or acquisition) resulting from damage to the Property prior to the sale or
<br />acquisition shall pass to Lender.
<br />6. Preserration cad Mcuniexzatnce of Property; Leas®holds; Condorzziziuzns. Berrower shall keep the Prop-
<br />. erty in goy?<i repair and shall not permit err commit waste, hnpairtnent. or deterioration of the Property and shall
<br />aatuply `Riot tha',ravisiG=:= n= ` IGase, tf thr• ' gag- -
<br />. ; ; s _l~art c i orr a lr-ass=lr,,ld if rh« -- r-image an a aondamrzriun:
<br />unit, Berrower shall perform all of Borrower'; ohligettian under the deelaratrQrr c= cc_,derz.tmt.r.t err maser d~€d,
<br />the by-laws and regulations of the condominium project ;red coustitucnt docuuunts.
<br />7. Protection of Lendei s Security. If Borroner fails to perform the covenants and agreements contained in
<br />This Mortgage, or ii any action or proceeding is aonuuenced which materially affects Lender's interest in the Prop-
<br />erty, including, but not limited te,, eminent domain, insolvency, code aniorcement, or art:vtgernents or proceed-
<br />ings involving a bankrupt or decedent, then Louder at bender's option, upon notice is Iarrower, tnay make such
<br />appearances, disburse such sums and take such action ss is necessary io protect Lender's interest, including, but
<br />not Jimited t.a, disbursement of reasonable attontey's fees and entry upon. the Property to make repairs. Any
<br />amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtr
<br />edness of Borrower secured b•,r this Mortgage. Unless $orrower and Lender agree to other ternts of payment, such
<br />amounts shall be payable upon rrotirc front Lender to Harrower requesting payment- thereof, and shall bear inter-
<br />est from the date of disbur•senrent at the rate stated in the Note unless payment of interest at such rate would be
<br />contrary to applicable law. in which event such autoun<s shaft hear interest at the highest rate permissible by
<br />applicable law. Nothing Contained in this paragraph i shall require Lender to incur any axpennae or do any act
<br />hereunder.
<br />B. Ynapeetion. Lender utay make or cause to he made t•eaeana6lc entries upon and inspections of the Prop-
<br />erty, provided that L ender :hall give Harrower notice prior to anv sut•!t inspection spceifyinA rcasanalrle cartes
<br />therefor t•eltrteci to Lender`s interest in the Property.
<br />S. Condexnzzation. Ttie proceeds of any award or claim for damages, direct. or consequential, in connection
<br />with any condemnation or other taking of the Yraperty, or part thcreaf, or for conveyance in lieu of trondernna-
<br />tion, are hereby assigtred and shall be paid to Lender.
<br />In the event of a total taking of the Property, the ln•aceeds shall be applied to the sums secured by this Mort-
<br />- -gage; rvitir the excess, if any, paid to Borrower. In tltr. event of a partial taking of the Yraperty, unless Borrower
<br />and Lender otherwise agree in writing, there shall be applied to the sums secured by this \fartgage such propor-
<br />tion of the proceeds as is equal to-that proportion which the amount of the sums secured by this Mortgage imzne-
<br />.diately prier to the date of taking bearer to the fair market value of the Property immediately prior to 'the date of
<br />taking, with the balanoe of the proceeds paid to Borrower.
<br />If the Property is abandoned by Borrower or if after notice by Lender to Borrorves that the condemnor offers
<br />to make an award or settle a claim for damages, Borrawer fails to respond to Lender within 30 days of the date
<br />of such notice, Ixnder is authoriaed to Cotleet and »Iip13° the proceeds at Lender's aptian either to restoration or
<br />repair of the Property err to the sums secured by this 3ortgage.
<br />TJnless Lender and Borrower athe..vise agree itt writing, any aucir application of proceeds to principal shall
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