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If ender *aragra,ph i8 sreoi the Yrai-e tr-;.- ~e:lcl or rife 1'ru;punrt ro:~€~rer , ~_:e~ ;~r,~}u.~ire^,d l~>ti• I ~nr',ier, i,enrjea~
<br />,hall apply- r:a later th~:rn irmnediateE}~ larva ;;r'r fire sslr', rn}~ ~tlrc., Yru@'r,~rt_ or i~t,= ,r,gyti,=it~ii~rr I,r~~ Lrnflrtr ,;nr Fusarlrt
<br />htzld by I.cnder at tt;c+ time rt application; ,° .t s°rt:xi,t st;zrirast t,; nuori.=.: urn-;i i r ~;it.~ ~irrrtt ;:r:~.
<br />3. }4.pplicatioaz of Yaywnents. Unles..r}~rl.iica}rlc luny ~p,nuvider; ra tir.rwise~, ~t'll }~,ayrtr~ rat;; r,i~erv,_r, }.w Lencien~
<br />canner thc• ~otc ante] ~,Iiwragra.phs I and B l~uerc,of .~l;,~ull t e t~tp~,[rl!i, ri l,a 8,..~:rndc rar:~~tl~ =,rr pay u~~entr„C aanoutrts I,ayabir= tt:r
<br />Lender by Borrower under paragraph 2'hereoE,. C-ht•,a to irrtc°tc.s~+ I~t;ryaidc~r on tlsr:~ `dot.~c; au;~,a' orr .I"afore eldvanees. if
<br />any, and then to The principal of life Nati~ and to the: principal of Putt;rc :ldrnnces< if enc.
<br />4. Charges, Liens. Borrower shall pay ail taxes. assessnnent:> and other charges, tines and impositions attrii~-
<br />utable to the Properly which may attain a priority over this .]iortgage, and ground rents, if any, at Lender's
<br />option in the manner provided under paragraph 2 hereof ar by Borrawer making payment, when due, directly to
<br />the cayee thereof. Bormwer shall prompt]}• Iunrish to Lender all notices of amounts due under this paragraph,
<br />and m the event Harrower shall make pavnnent direr±.l}•, Borrower shall promptly tarnish io Lender receipts evi-
<br />denting such payments. Borrower shah pronq;tly diseirarge any lien which has priority over this Mortgage; pro-
<br />+~ oiled, thai Borrower shall not be required to discharge an}• such ;ion 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 proceedings which operate to prevent the enforcement of
<br />the lien cr forfeiture of the Property or any 1•nrr thcreo;
<br />Q 5. Hazard Insurance. Hon~ower shall kec}~ lift inq,rovements now exisiing or hereafter erected an the Prop-
<br />erty insured against loss by fire; hazards included tcidrin the term "extended coverage", and such ether hazards as
<br />~ Lender ma}- require and in suet: amounts .nut or such [oriels as Lender ma}r require; prof idol, that Lender shaA
<br />j'a ~ not require that the amount of such coverage exceed tiro amount of coverage required to pay the sums secured'by
<br />this Mortgage.
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject fo approve! by Lender;
<br />provided, that such appro~^ai shall net be unreasonat;h- withheld. all premiums an insurance policies shall be paid
<br />ai Lender's option in the manner provided under paragraph 2 hereof or by Borrower making payment, when, due,
<br />directly to the insurance carrier.
<br />In the evert any polic}* is not renewed on or before ten days of its expiration, the Lender, to protect
<br />its interest, mar procure insurance on the improvements, pay the premiums and such sum shall become
<br />immediately due and payable wdth interest at the rate set forth in said note until paid and shall be
<br />secured by this ~torigage. Failure by Borrower t.o comply may, at option of Lender, constitute a default
<br />under the temps of this Mortgage.
<br />:111 insurance policies and renewals thereat s},aI1 be in term acceptable to Lender and shall include a standard
<br />mortgage clause in fever of and is fans acceptable to Lender. Lender shall have the ria;ht to hold the aelicies and
<br />renewals thereot"", and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid pre-
<br />miums. In the event of loss, Borrower shall glee prompt notice to the insurance carrier and Lender, and Lender
<br />may make proof of lass ii not made promptly Icy Borrower.
<br />Unless bender and Borrower otherwise agree in writing, insurance poceecls shall bc: applied to restoration or
<br />repair of fire Property damaged, provided such restoration or repair is econamicall}- feasible and the security of
<br />this ,l-Iorigage is not thereby impaired. It such restoration or repair is not economically feasible or if the security
<br />of this \iortgage would be impaired, the insurance proceeds shall he applied to the sums secured b}' this \iortgage,
<br />with the excess, if any, paid to Borrotc•er.Ii the Yroperty 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, bender 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 \iortgage.
<br />Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall
<br />not extend ar postpone the due date of the monthly installments referred to in paragraphs I and ?hereof ar change
<br />tl.e amount of such installments.
<br />Ii under paragraph I$ hereof the Yroperty is acquired by Lender, ail right, title and interest of Parraa•er in
<br />and io any insurance policies and in and to 'the proceeds Thereof tto the extent of the sums secureti'! by this hart-
<br />gage immediately prior to such sale ar acquisition} resulting from damage to the Property prior io the sale or.
<br />aequisitian shall pas`: to Under.
<br />g, Preservation and Maintenance of Property; Leaseholds; Condominiums. Barratver shall keen the I'ron-
<br />erty in good repair and -1:all not permit or canunit waste, im.pairmeni, ar deterioration of the. Property and shalt
<br />ca,-„ply with t__o prrvisia?s of any lezeso, is gi:is lforgage i4 tit: a ieasehaicl. If this i:artgagr3- is .~n a candatrcinium
<br />unit, Borrawer shah perform all of Borrower's abhgations under the deelaratian a rarrdan;irfium ar ma.,--ter derci.
<br />the h}•-laws and regulations of the condominium project and carstiiuent documents.
<br />7. Protection of Lendei s Security. If Borrawer faits to perform the covenants and agreements contained in
<br />this Mortgage, or if any action ar proceeding is cammenc-rd which materially affects Lender's interest in the Prop-
<br />erty, including, but not limited to, eminent danmin, insoh•cncy, Cade enforcement, or arraugemenis or proceed-
<br />ings involving a bankrnpi ar decedent, then Lender at Lender', option, upon notice to Borrower, may make such
<br />appearances, disburse such suers and take such action ss is necessary to protect Lender's interest, including, but
<br />not timitea to, disbursement of reasonable attarncy's fees and entry upon the Property to make repairs. Any
<br />amounk~ disbursed 6y Lender pursuant to this paragraph i, with interest thereon, shall 1>tcanre additional indebt-
<br />edness of Borrower secured by this ]iortgage. Unless Borrower and Tender agree to other terms of payment, such
<br />amounts shall be payable upon notice (torn Lender to Borrower requesting payment thereof, and shall bear inter-
<br />est from the date of disbursement ai the rate stated in the Note unless paytnetnt of interest at such rate would be
<br />contrary t.u applicable law, to which event such amounts shall hear interest at the highest rate pertnissib[o by
<br />applicable law, Notlrhrg contained in this paragraph 7 shall require ].ender is incur any expense ar do any not
<br />hereunder.
<br />$. Inspaetion. ],ender ma}• make ar cause to be made reasonable entries upon and inspeatians of the Prop-
<br />erty, uncoiled that Lender shall give Harrower nati.e ]crier to any such inspeo-tiara =pecifving reasonable cause
<br />therefor related to I:endor's interest in the Prapert.y.
<br />9. Coedetnaatian. The praceeds of any ataarci or claim for damages, direct. nr canseriuential, in connection
<br />with any condemnation or other taking of the Yrolrertp, ar part thcreaf, or for conyevarace in lieu of condemn-
<br />lion, are hereby assigned and shat} ba paid to Lender.
<br />It; the event of a total taking of the Yroperty, the proceeds shalt be applied to the suers secured by this Iviort-
<br />gaga, with the excess, if any, paid to Borrower. Ir. fire event of a partial taking of the Yroperty, unless Borrower
<br />and Lender otherwise agree in writ.irg, there shalt be applied to the sums secured h}• this \Iorigage such propor-
<br />tion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mottgage imme-
<br />' diately prior to the date of taking bearx to the fair market value of the Property immediately prior to the date of
<br />taking, with the balance of the proceed8 paid to Borrower.
<br />If the Iroperty is abandoned by Borro}vei• or if after notice by Lender to Borrower that the eoademnor offers
<br />to make an award or settle a claim far dama~s, Borrower fails to raspanci to Lender within 30 days of the date
<br />of such raatice, Lender is authorized to collect anti apI'>ly the proceeds at 'Lender's option either to restoration or
<br />regain of the Property ar to the sums secured by this Mortgage.
<br />Unless ixrrder and Borrower otherwise agree in writing, any such application of proceeds to principal shall
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