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~; ~ F.f eu',[der l'taragral+l'r 18 hereof th€ lI'ra~ rt.}• is Bald nr r,lre Prop€rt3 rs oti9~eri~is€ zucquirrd Ctv I,errdcar. Lenrlcr
<br />;hall al:~ply, m:r l:ztcr t?'ittrt immediately prier t~,r q'he ~a!c of the- Pra{?'•ty or id_, s~rrcguinition by l.encter, am Furirls
<br />hel<a 'Ley Lender at the time of application ~a.~ a :.ar'tdit ag,rrnat t([c -rnas, ~,,rrtarer;9 by tl:;b ~Iortga;i;?t.
<br />",C. Applicaiign of Payments. Unless ap}rlicatrlc lazy provides crtrrc*e svse...r11 lt:~ytrxert ~ u•ccei+re+:l by L€nrier
<br />~, undert@te Note an+i paragraphs 1 and 2 fiercer ,~waii) l t~ at:plird Irv i.€rpaicr first in payrnegtt ref amounts payable to
<br />Lender by Borra~wer under paragrajti[ 2 fiercer, t'1[€n to interest. payats~le on T'V:c '.rote anrt on Future tldvances, i'f
<br />any, <:nd then to the principal of the Nate and to the 1}rineipal ai Future Adcanre<, if any.
<br />d. Charges; Liens. Borrower shall pay all taxes, assessments and other charge;. fines and impositions attrib-
<br />utable to the Property which may attain a priority over tbis _\lortgage, and ground rents, it any, at Lender's
<br />option in I he manner provided under paragraph 2 hereof or by Borrower snaking payment, when due, directly to
<br />the payee thereof Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph,
<br />~ and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evi-
<br />dancing such payments. Borrower shall promptly discharge any lien +vhich has priority over this \lortgage; pro-
<br />vided, that Borrower shall not he required to discharge any such lien so long :ta Borrower shall agree in writing to
<br />the payment of the obligation secured by such lien in a manner acccittnble to i,ender, or shall in good faith contest
<br />C7 such lien by, or defend enforcement of such Tier, in, legal proceedings which apertte to pre+•ent the enforcement. of
<br />the lien or forfeiture of the Property' or any' part thereof.
<br />S. Hazard Insurance. Borrower shall keep tl:c improvements now existing or hereafter erected on the Prop-
<br />erty insured against. loss by fire, hazards included within the term "extended coverage", and such other hazards as
<br />~ - Lender rosy require and in such amounts and for such periods us Lender may require; provided. that Lender shall
<br />not require that the amount of such coeersge exceed that amount of coverage required to pay the sums secured'by
<br />this Dlortg>ige.
<br />the insurance carrier pror•iding the insurance shall be chosen by Borrower subject to approval by Lender;
<br />provided, that such approval shall not be uurcasonably withheld. All premiums on insurance policies shall be paid
<br />at Lender's option in the manner provided cinder 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 on 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 tvit.h interest, at the rate set forth in said Hots 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 term; of this Mortgage.
<br />All insurance policies and renewals ther€o! shall b€ in form acceptable to Lender and shall include a standard
<br />mortgage clause in favor of and in form acceptable to Lender. Lender shall Kaye the right to hold the policies and
<br />renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid pre-
<br />miums. In the event of lass, Borrower shall give prompt notice to the insurance carrier and Lender, and Lender
<br />_ may make proof of loss if not made prompth• by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, inswmnce proceeds shall be applied to restoration or
<br />repair of the Properly damaged, provided such restoration or repair is .--_onomically feasible and the security of
<br />this \lortgage is not thereby impaired. If such restoration m- repair is not economically feasible or if the security
<br />of this \lortgage would be impaired, the insurance proceeds shall he applied to the sums secured by this ~lort.gng€,
<br />with the excess, if any, paid to Borrower. It the Property is abandoned by Borrower or it Borrower fails to respond
<br />to Linder within 30 days after notice by Lender to Borrower that the insurance carrier offers to settle a claim for
<br />' insurance benefits, Lender is au[harized 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 \Iortgag€.
<br />Unless Lender and Borrower otherwise agree in writing, anp such application of proceeds to principal shall
<br />not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change
<br />the amount of such installments.
<br />- If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower-in
<br />' _ and to any insurance policies and in anti to the proceeds thereat to the extent of fare sums secured by this Dlort-
<br />gage immediately prim, to such sale or acquisitiont resulting frmn damage to the Property prior to the sale ar
<br />acquioition shall pass to L°nder.
<br />-- li. Preservation and Mezintenanea of Pxa~t#y; Leaseholds; Condominiums;. Barra+v€r shall °.:eep the Prop-
<br />= arty in goad repair and shall net permit. or cam:nit waste, impairment, ar deterioration of the Property and shall
<br />compl_= wit;... ~ provisia..~ _. ny lease, .ibis =ilo*tgage is e;ra ;t 1€::sel:a:d. - " tl., ~Sartgsge is an a c9ttdymittitam
<br />unit, Borron•~r sh::ll Itc.:~.r...sll ai Bartttwcr'3 obligation: under th;' d~ciaa•atic~., c;i cardtt^.iniutn ar master deed,
<br />the by-laws and regulations of the condaninium project and constituent documents.
<br />7, Protection of Lender's Security. It Borrower fails to 1[erinrm the covenants and agreements contai:ted in
<br />this i+iartgage, or it any action or proceeding is cwuntenc€cl which materially atTects I:ender•s interest in the Prop-
<br />erty, including, but not lirniieai to, eminent donutin, insoh•enry, cafe enforcement, qr arrangeruents or proceed-
<br />, . ings irvolsing a bankrupt or decedent, then Lend€r at Lender`, option, upon :totice to Borrower, may make such
<br />appearances, disburse such sums and cake such action as is necessary- to protect- Lender's interest, including, but
<br />not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs, any
<br />amounts disbursed by Lender pursuant to this paragraph 7, with interest. ther€on, shall become additional indebt-
<br />edness of Harrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such
<br />amounts shall he nayaGle upon native from Lend€r to Borrower requesting payment thereof, and shall bear Itlt€T-
<br />eat from the date of disbursement at the rate stated in th€ Note unless , ayment of interest at such rate would be
<br />€antrary is apltlicahle law, in w-hi€h evont- such amounts shall hear interest at the highest. rate= pem~issiMe by
<br />- appfieaLle law. nothing emttaiurii in this parugraph r shall require Lend€r to incur any expense ar do any, act
<br />hereunder.
<br />8. Ir-apectioa. lender may utake m• cause to he uutdc reasanaltle entries upon and i[tspections of the Prop-
<br />__ arty, provir?eel tbst Lc nder shall give Borrower natirc briar to ttm' such inanection speeifrina reasonable cause
<br />therefor relat€d to Lender's interest in the Property.
<br />9. Condemnation. The proceeds of any award or claim for damages, direct ar eats€quential, in connection
<br />with any condemnation or other taking of the Prap€rty, or prtrt ther<rot•, or for sonveyanee iu lieu of cartdenma-
<br />- - - - lion, are hereby assign€d and shall be paid to Lender.
<br />In the event- of a total taking of the Property, the proceeds shall be applied to the sums secured by this ~fort-
<br />i gage, with the excess, if any, paid to Borrower, In th€ event of a partial taking of the Praiierty, unless Barrow€r
<br /><and Lender otherwise agree in writing, there shall be applied to tltc soots secured by this \lortgage such propar-
<br />lion of the proceeds as is aqua! to th~.t proportion which the amount of the sumo secured by this \lortgage imme-
<br />diately prior to the date of taking hears to the fair market value of 6he Property immediately prior to the date of
<br />- taking, with the balanec of-the proceeds paid to Borrower.
<br />If the Property is abandoned by Borrower or 'sf after notice by Lender to Borrower that the condemnor offers
<br />to make an award or settle a claim for damages, B4rr4R'et• fails to respMond to Lender wltltin 30 days of the date
<br />of such notice, Lend€r is authorised to €ollect anti apply the proceeds at, bender's option either to restaratior. or
<br />repair of the Property ar to the stuns secured by this Mortgage.
<br />I1n1€ss Lender and Barrow€r otherwise agree in writing, any such application of proea€ds to principal shall
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