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Li tutder patagrai~rh iS hereof the Yrarrarr.}• t~ sn:x-i s-~r rh~~ 'Prop€-rt}~ i other+=Ji-c ,iurrruiec:x' I,r I:~~~na~r, S.~er~tder
<br />=tu~~~tii appNy, no L~ctc~a,r than in'urneeliaGei}• prior u5 r},ic nalc of x°.tr• Yro~pcrty rn it- acgtti~utian be ].ender, +n~r 3'r';tnds
<br />held by L?n+lcr,+r thu tirn¢ 04 application Jae a e•rc=~,Yit ukainsf. t1ix~..vrt'i, : isL rdret i,+~ tltt~ 31c+a•~rgago~.
<br />3. ,Appficatian of 1?aym~an4s. Unles+;~ al,l~slicx•titlc let+~ 1•u•ot•ida~n otd.ert+i e, aIV ,rayuter p~ tucervt;t6 b}" T~ac~.a~ider
<br />under tlre'rotn_ and paragral~sFts, 1. attd a }:c°reuf sltt.rll bo apI>Iiecl ley Lends: first. in E;~.t} tt~ic~•nt rJ*` amouattn T.ayalh}e to
<br />Lender by Borrower under l~taragraplt 2 hcroaf. then to interest payable an rbe ^~otk aruP ¢tn Frrfur^ Arivta~nees; if
<br />~ any, and then fo t-hs principal of the Note and to the principal of I•'uture Advance-., if env.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositinus attrib-
<br />utable to the Yroperty which may attain a priority over this 3ortgage, an<7 ground rents, if an}•, at Lender's
<br />option in the manner provided under paragraph 2 Itereof or by Borrower making payment, when due. directly to
<br />the payee thereof. Borrower shalt prompt l}- furnish io Lender alI notices ai amounts due under ibis paragraph,
<br />and in the ee•ent Borrower shall make payment. direct-Iy, I#orro+ver shall pramptly tarnish to bender receipts evi-
<br />dencing such payments. Borrower shall pramptly discharge any lien +vhich has priority over this \Iartgage; pro-
<br />vided, that Borrower shat! not be required to discharge anv such lien so long ss Borrower shall agree in writing to
<br />~ the payment of the obligation secured by such lien in a manner acceptable to Leader. or shall in good faith contest
<br />~ such lien by, or defend enforcement of such lien m, legal lxocaedings +vhich operate to prevent the enforcement of
<br />the lien ar forfeiture of the Yroperty or any part thereof.
<br />5. Hazard Insurance. Borrower shall keep the intla•ovements 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 may require and in such amounts and for such periods as Lender map reyuire: provided, that. Lender shall
<br />` not require that the amount of such coverage exceed that amomtt of coverage required to pay the sums secured'by
<br />this Mm-tgage.
<br />The insurance carrier providing the insurance shall be chosen by Borrawer snbject to approval by Lender;
<br />provided, that such approval shall not be unreasonaitly withheld. all premiums on insurance policies shall be paid
<br />at Lender's option in the manner provided under paragr:t}?h 2 hereot or by Bon•ower making payment, when due,
<br />directly to the insurance csn•ier.
<br />In the event any polity 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 with interest at the rate set forth in said note until paid and shall he
<br />secured by this Mortgage. Failure by Borrawer to comply may, at option of Lender, constitute a default
<br />under the tcrnts of this Mortgage.
<br />All insurance policies and renewals thereof shnl! ho in form ac•eeptable to bonder and shalt include a standard
<br />mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and
<br />renewals thereof, and Harrower shall promptly furnish to Lender all rene+val notices and ail receipts of paid pre-
<br />miums. In the event of loss, Borrower shall give prompt uoiica to the insurance carrier and Lender, and Lender
<br />may make proof of loss if not made l:rrompcip b}• Borrower.
<br />Unless Lender and Borrawer otherwise agree in writing, insurance proceeds shall be applied to restoration or
<br />repair of the Yroperty damaged, provided such restoration ar repair is economically feasible anti the securiie of
<br />this ;Aiartgage is not thereby impaired. If elch restoration or repair ie nog ecanomicalty icasible or it the security
<br />of this Mortgage would be impaired, the insmrance proceeds shall he applied to ilea sums secured by this '4fartgage,
<br />with the excess, if any, paid to Borrower. If the Yroperty is abandoned by Borrower or if Borrower fails to respond
<br />to Lender within 30 days after notice by !:ender to Borrower that the insurance carrier offers to settle a claim for
<br />insurance benefits, Lender is authorized to collect and apph• the insurance proceeds at I:euder's option either io
<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 referred to in paragraphs 1 and 2 hereof or change
<br />the amount of such installments.
<br />If under paragraph 18 hereof the Yroperty is acquired by bender, alt right, title and interest of Borrower in
<br />and to any insurance politics and in and to the proceeds tltcreaf eta fire extent of the sums secured by this ~Iort-
<br />gag? itntnzdiat+?ly prier to e^h sale ot• ttequisitiatt) resulting from :iatuagc to the Prap~-rt~y prior to as sale ar
<br />:tcquisitiotr sktali pass to Lender.
<br />&, Preascaatian and Maintenance of Properly: Leaseholds: Condominiums. Barea+ver sh a':l keep ti:e Prop-
<br />arty in goad repair and sl;sli ro±. permit or camtui! was!e, impairment, u:• deterioration of the Yroperty and shall
<br />+_'anlp!_- .._t_. i-,e l - 4:-stnn.. _~ ;tell" ia~ li tl~iZ~ ~it,ri ~~aax~ i xxlx -i 1- naix3. Ii iii tc Z_ .tg~cl. a.. *1 ~'Cxnd7rnr??Iti?*?
<br />unit, Harrower st,atl 1?erfc,rnt aU of I~osrower' ullhgatiu:,• ttnd~r +h« dex~lar~+iiE~n ~i et=ttdominiutn nr *ttas±er je~ct,
<br />the by-laws and regulations of the condominium ln•oject :uxt constituent documents.
<br />7. Protection of Lender's Sectuily. If Horrower tails to perform the coveuat»ts and xgreemants contained in
<br />this Aortgage, or if any aotian or proceeding is connucnced +vhich materialh• attests Lender's interesk ice the Pr~p-
<br />erty, including, but not limited to, eminent domain, insolcencp, ra.k auforcentent. ar arrtngentent,~ ar proceed-
<br />ings involving abankrupt- ar des-eden±, then Lender at 1 •endta•'s aptinn• upon notice tit 1#arrawer, .uav make such
<br />appe:u•ane-as, disburse sur.is sums and take such action as i~ necass:try to protect l.,ender's interest, including, but
<br />not limited io, disbursement of reasonable attante}• s ides and entry upmt the Yroperty to make repairs. Any
<br />amounts disbursed by Lender pursuant to thin paragraph i, with interest thereon, shall become adiiitianal indebt-
<br />edness of Borrower secured by this \iortgagc Unless f#orro+cer anr? Lender agree to other tertus of payuumt, such
<br />amounts shall he payab[c upon notice from Lender to Borro+cc^r requesting payment thereof, and shall bear inter-
<br />est from the data :tf disbtu2entent at the ri'ttr stated in the Aota unless payment of interest at such rate e•ould be
<br />contrary to apphatahle law, in which event such antetutt~ shall bear mterest at the highest rat-e pertni:>ible t}y
<br />applicaGle htw~ Nothing cautainc4i in etas l,aragralrh i sh.t!1 requtr,~ Lander to incur any expense et do any act
<br />hereunder.
<br />8. Inepectian. Lender mar make ar cause to Ix~ ruadc reasanaltle entries a}ton and inspections of the Prop-
<br />erty, onn•idcd that Lender shall givr~ Borraw•e~t• notice priot• to atny tiurh innt~ctlan yi~?rifving reasnnable cauNe
<br />thcrefar r•alsked to Leud+?r s interest in the Prsperta•. =
<br />9. Condemnuiian. The proceeds of any award or claim for dntuages, cfircet ar consec}uentiai, in canneciian
<br />with any eandemnatian or ether t..king of the Yroperty, m• (tart thereat. ur for cmn•eyanea itt Iieu of candemmt-
<br />tion, are hereby assigned and shall be paid to Lendet•.
<br />in the event of a total taking of t-he Property, t-he pro+:eeds shall bo applied to the intros serumd by this l~lort-
<br />gage, with-the excess, if any, paid to Borrawer. la tltc evenu oC a partial taking of ilte Yral>Hrty, unless Borrower
<br />attd Leader otherwise agree in writing, there shall be applied to the sums secured by ibis \lartgage such propor-
<br />• tian of t}te proceeds xs is equal to that. propor±ion which the amount of the aunts secured ley this Mortgage imme-
<br />diately prior to the date of taking be•.ta to the fair market value of the Property immediately prier to the date of
<br />taking, with the balance of the proceeds paid to Borrower.
<br />If the Yrope+•+.y is abandoned by Borrower or if after notice by 3.ender to Borrower that the condemnor offers
<br />to make an award or settle a ulsitit for cL•tutages, Borrower fails to respond to Lender within 3Q days of the date
<br />of such nntace, Lender is authorized to r._allect and apply the proceeds at Lender's option either to restoratimt or
<br />repait• of the Praaerty or to the amps secured by this Mortgage.
<br />Unless bender and Harrower otherwise agree in +vriting, any such application of proceeds to principal shall
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