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If under l,,aragraph ifi }:ereof t}':c E,'a•optrtm =s ss,i9t' w;rr ~=.uc^ Property; is ot.l'u:rwiwcr »tec~pui,•t'trl by T.erder. 1,c;nder
<br />}a;ell ap}rly, rto Later than unmetiiately ~.}n•Sor to tht~ aisle of the Propr•rt+• o: 9t<~ uscr,}u,tiitir;tn u,y Lcnder~ any hzat<iis
<br />1;e:1r:I bg }ender at. the; time of apl~rlic2ation as a s•reclit ug:eln~t the , ,: t~t,trcrl hi t}u~ LlortgaHC.
<br />3. AgDplicatian of Payments. IJnl~es= asa~plivai~lc la++' prouder uslrcrrsai;c;•.:a}l Ireyn,rents rctteir:ed by I,:;~~nder
<br />warier tftie'\at4 and paragraphs I. ^nd 2 het•eua shall !,t al~q,Pic~i} h}• Lent'<~r ffn•st. i.n }~~ tvmc+~,nt crf sntrtoatntb pa,yali!c to
<br />Lender by $oa•rcnver under paragraph '~~ i~~ereof, then to itterest }>avai,le~~ on the Vote :€nd on future Advances. if
<br />any, and then to 'the principal oT the emote aat~l to the principal of Future ,\+lartces, ii acv.
<br />9. Charges; liens. Borrower shall pay all taxes. aaessrucnts and other charges, fines and impositions sitrih-
<br />utable to the Property which may attain a priority over uus \Iartgage, anci ground rents, ii any, at Lender's
<br />option in the manner provided under paragraph 2 hereof or by Borrower making payment, when due, directly to
<br />the payee thereof. Borrower shat} promptly furnish to Lender all natives of amounts due under ibis paragraph,
<br />~°S and in the event Borrower shall make paayment direvily, Borrower shut} promptly furnish u', Lender receipts evi-
<br />dencing such payments. Borrower shall promptly discharge any lien n-hivh has I;rioritc orer this Mortgage; pro-
<br />tai vided, that Borrower shall rot. be required to discharge any such lien so long as Borrower ,hall agree in writing to
<br />the payment of the obligation secured by such lien in n mant;c-r acceptably to Lender, or sh;tll in goad faith contest
<br />^,,~ such lien by, or defend enforcement of such lien iu. legal proceeding,; which operate to prevent the enforcement of
<br />the lien m• forfeiture of the Property or any part thcreoi.
<br />_ 5. Hazard Insurance. Borrower shall keep the iu,proeements paw existing or hereafter erected on the Prop-
<br />erty insured against loss by fire, hazards included within the term `extended coverage". ana suvh other hazards as
<br />~ Lender may require and in such amaunr and for such period: as Lender may requim: provided, that Lender shall
<br />f~ ,not require that the amoun± of such coverage exceed Quit amount of voverage required to pay the sums secured'by
<br />this Mortgage.
<br />The insurance carrie• providing the insurance shall be chosen ley Harrower subject to approval b}• Lender;
<br />provided, that such approval shall not be unreasonabh• withheld. All premiums on insurance policies shall be paid
<br />at Lender's option in the manner proyidc•d under paragt.lph ~ 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 with interest at the rate 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 D4ortgage.
<br />All insuram~+~ policies and renewals thereof shall he in form acceptable to Lender and shall include a standard
<br />utottgage cltausr i,: favor of ancf in form acceptable to Lender. Lender shaill hare. the ri¢iat to hold the policies and
<br />renewals thereof, and Borrower shall promptly furnish to Lender all rcren'al pothers and all receipts of paid pre-
<br />miums. In the event of loss, Borrower shall give prompt not-ice to the insurance carrier and Lender, and Lender
<br />may make proof of loss if not made promptly by Borrower.
<br />finless Lender and Borrower otherwise agree in writing, insurance proceeds shall he applied to restoration or
<br />repair of the Property damaged, provided such restoration or repair is ecouomivalh- feasible and the security of
<br />this Mortgage is not thereby impaired. If such restoration or repair is not ~conotnicalh- feasible or if fire security
<br />of this Mortgage +c-ould be impaired, the insurance proceeds sha!1 be applied to the sums secured by this Dortgage,
<br />with the excess, if any, paid to Borrower. It the Property is abandoned I,v Borrower or if Borrower fails to respond
<br />to Lender within 3l1 days after notice by Lender to Borrower that the insurance varrier offers to settle a olaim 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 tits Property or to the sums secured by this Mortgage.
<br />Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall
<br />not exiend or posipone the due date of the monthly insta}Intents referred to in paragraphs }and 2 hereo# or change
<br />the amount of sash installments.
<br />If under paragraph IS hereof the Property is acquired by Lender, all right, title and interest of Borrower in
<br />and to ar,c insurance p o}ivies and in and to the proceeds thereof tto the extent of the. snots seeuntil by this lfort-
<br />gage immediatel}- prior to such sale or acquirition'e rrauliing from damage to the Property prior to tl:e sale or
<br />aecyuisition s}call pas= to I Finder.
<br />&. Preservation mad Mainteaaance of Frop°rty; Leaseholds; Condasniruums. Borrower shall kee}~ the Prop-
<br />erty in good repair' and shall not permit or commit waste, irnpairntent, or deteriaratian of th>~ Yroperts- and shalt
<br />camp}v ;with tl ° a ,sias,s of .?n4= Ira~c--, if th, \t ~rtQage :~ „a, ;} a t.aeld _. this ylgrtgagb is ^,. ,. ~ dominium
<br />unit, Horrawer shall p~fo_r_1• all of Barrosver's ablig,3tiaaas tan!Ier t-hc de=.~laa'a.t-io€t of cc~rdo.t.it.ium a7r :ttaater reed,
<br />the by-laws and regulations of the rondamiatium project and cons'titucat docnueents.
<br />7. Yrotectian of Londei s Security. If Borrower hails to perforate the covenants and agreements contained in
<br />this ~.Iortgage, or ii env action m• proceeding is commenced which materially af5ects Lender's interest in the Prop-
<br />erty, including, but not, limited to, eminent. donuuu, insolceucy, code eniorceutent. ur arrangements or proceed-
<br />ings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, Wray make snob
<br />appearances, disburse such sums and take such action as is necessary to protect Lt:nder's interest., including, but
<br />not limited t.o, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Auy
<br />amounts disbursed by Lender pursuant to this paragraph c, with interest thereon, shall become additional indebt-
<br />edness a[ Harrower Secured by this \lortgage. Unless I3orro+ver anci I,endcr agree to other terms of payment, such
<br />amounts shat) be payable upon notice t`rom l.errclar to Borrawer requesting }eayment thereof, and shall bear inter-
<br />estfrom the date of disbursement at. the rate stated in the Note unless payment of inkcrest at such rata would 6e
<br />conteary to applicau}e law, he which aveut such anrount~+= shall hear interest- at the highest rate penntlasible t;y
<br />applicable law. Vothin}; contaimvi in this paragraph 7 shall require Lender to incur any expense ar do any act
<br />hereunder.
<br />8. Inspection. lender may make or musk to ht• anode reasonable entries upon anci inspections of the Frop-
<br />erty, provided that Leader shall give Harrower antics prior to any sari utspectian specifying rea_eanahle cause
<br />therefor related to Lender's interesi in the Prolaeriy.
<br />S. Caridemnation. Trte proceeds of any awartt or claim far damages, direct ar consequential, in conneotian
<br />with any condemnation or other taking of the Property, or part thereof, or l'or cnnveyant?c in lieu of cunclernmt-
<br />tion, pre hereby assigned and shall be paid to lender.
<br />In the event of a total taking o[ the Property, the praceecls sball be applied to khe sums secured try this Mort:
<br />..gage, with t$e excess, if any, paid to Borrower. In-the event of a partial faking of the Property, unless Borrower
<br />and bender gtherwiae agree in writing, there shall be applied to the sums secured by this :~fortguge such propor-
<br />tion of the proceeds us is equal to that proportion which the amount of the sums secured lap this Mortgage imme-
<br />diately prior to the date of faking bean to the fair market value of the Property immediately prior to the date of
<br />taking, with the faalanca of the proceeds paid to Borrower,
<br />if the Property is abandoned by Borrower or if after notice by Lender to Borrower that the condemnor offers
<br />to make an award nr settle a claim for damages, Borrower fails to resound to Lender within 34 days of the date
<br />of such notice, Lender is authorized to collect. and apply the proceeds st Lender's opt%on either io restoration or
<br />repair of the Property or to the sums secured by this \tartguge,
<br />Ilnless Lender and Bgrrewer otherwise agree in writing, any such agglieation of proceeds to principal shall
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