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If under parzi,t'aph lh cr+1~lrt 4 c~, I•"rirliu ~~ i ~, .~r„t or title 1'rnpwrtt is rttt,crc t r ~.cttu;rcrf Et} f snrlc,r, Let'tidr.r
<br />=li; ll app!}•, no t.ti~w,r th,n. uumerrhar« 1.}- gwri.pn tai 11i~~~: tilt ,,; tlf,, J'eo1~,Cts~~r ~. its a~a}ue~wtiot. rr}• i.a-uo-ier,r v,t7r?,- l ;tnd.
<br />he1Ci Py Lende : t'kito tone vt :a{:rt~h~at~~ivar ;t~ ., i,rec;lis z{..,tiru~.yt, tl ~ ''tt;nu; ~•~'urrrc( '}ry tl,n= lirni,;~r~,c,.
<br />3. Plpplication of Payments Tfrth:~, itl ~~;riarialtbb• 1„tat' l~,l~notiriri~d n'thc.rtvis~t:. <tIP psymtoti.~_ re,,~,re~itr,d 1.,~ir L,artd~u=r
<br />tmrltt tt 'g'ate anr;l paragrapliz• 1 tnd 210.er, o i'N t~zl rot r 1,1L~wt bt I+arudct ;ast. iu pb~t,u,enq ,rr •~trueiatnd {t, tah1. is
<br />Ler'~ttl.r'~f,y Iiatrotcer urdt.t taratgraplw ~l!tcai~ 04, in,ieut to mtta~k't,t p.r}aE,ht v.t ihr.:Aotr, ,m.l vt, I''~tatttre A,tcr-roc tf
<br />any, and t-hen io the principal of the \oic oral to the principal of Future _~cit-ances, if ant-.
<br />~. Charges; Liens. Borrower shall pay all faxes; aescssments and other charges, fines and impositions attrib-
<br />utable to the Property ruble}t may attair, a priority Deer this Mortgage, and ground rents, ii anv, at :,ender's
<br />option in the manner provided under paragraph 2 hereof m- ity Borrvwer making payment, when c3uc, directly to
<br />the payee thereof. Borrotcer shall promptly funtish to Lender all notices of amounts due tinder this paragraph;
<br />and in the et•ent Borrower shall make pa}•ment directly, Borrotcer shall premptly ft;rnish tv Lender reeeipGs evi-
<br />dencing such payments. Borrvwer small promptly discharge any lien which has priority over this jortgage; pro-
<br />vided, that Burrower shall nut be required to discharge an}- such lien so long as Borrower shall agree in tcriting to
<br />;~ the payment of the obligation scented by such lien iu a manner acceptable to Lender, or shall in good faith contest
<br />such lien t?}•, or defend enforcement of such Lien iu, legal proceedings which operate to prevent the enforcement of
<br />the lien or forfeiture of the Property or any part Thereof.
<br />(~ 5. Hazard Insurance. Borrotcer shall keep the improvements note existing or hereafter erected on the Prop-
<br />erty insured against loss by fire, hazards included within the term "extended coverage", and surh otter hazards as
<br />Lender may require and in each amounts and for such periods .es Lender may require: provided, t-hat Lender shall
<br />not require that the amomrt of such coverage exceed that tut:ount of coverage required to pay the sums secured'by
<br />01 this Mortgage.
<br />h The insurance carrier providing the insurance shall be chosen h}- Borrower subject to approval by Lender;
<br />provided, that such approval shall not be unreasonably withheld.:111 premiums on insurance policies shall be paid
<br />at Lender's option in the mamter provided under paragraph 2 hereof or by Borrower making payment, when due,
<br />directly tU the insurance carrier.
<br />In the event any pulley 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 bc~c•un.e
<br />immediately due and payable with interest at the rate set forth in said note until paid and shall be
<br />secured ly this RZortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br />under the terms of this Mortgage.
<br />X11 insuranc<~ policies and renewals thereof shall 6e in form acceptable tv Lender and shall include a standard
<br />mortL;age clause in flavor of and inform acceptable to Lender- Lender shall !nose the right to held the polioies and
<br />renewals thereof, and Borrow•a• shall promptly furnish to Lender all renewal notices and all receipts of paid pre-
<br />miums. Ut the etent of loss, Borrotcer shall git-e prompt notice to the insurance carrier sod Lender, and Lender
<br />may mske proof of loss it not made promptly by Borrotcer.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall he applied to restoration or
<br />repair of the Property damaged, provided sue~h restoration or repair is economically feasible and the security of
<br />this \lortgage is not. thereby unpaired. II such restoration m• repair is not ^~onotnicall}• feasible or if the security-
<br />of this ;tIortgage tt-ould be impaired, the insm•arnce proceeds shall be applied to the sums secured by this ~iurtgage,
<br />with the excess, if any, paid to 13orrotver. It the Property is abandoned i>}• Burrower or it 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 far
<br />insurance benefits, Lender 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 sutras secured by this Mortgage.
<br />Unless I:ender and Borrotcer othencise agree iu 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 I and 2 hereof or change
<br />the amount of such installments.
<br />If under paragrsplt IS hereot the Property is acquired by Leader, all right, title and interest of Borrower in
<br />and tv any insurance policies and in and to the proceeds thereof ttv the extent of the sums secured by this iElort-
<br />gage immediately prior to such es}c. or actuisition? resulting from dauurge rn the Property prior to th,• sale or
<br />'acquisition shall pass tv Lender.
<br />6• Preservation card l~I+~te-Hance of Prepariy; L~asehaldst Condominiur.~s. I3ort•vtver shall ket p €t:e Prop-
<br />c>rty in govt! repair and shall nut permit, or cotntnit waste, impairment. or deterioration pi the ProAert~• and shall
<br />cotnpiy wit! t'rte prot•isions of any lease, ii this ~Ivrtgage is on a leaseitvld, If this llvrtgage is vn a condominium
<br />omit, Bvrrvtver eitall perform ail of Borrower's obligations under the deciarativn of cot:cion:irium ar master deed,
<br />the by-laws and regulations of the cvndominiutn project and constituent documents.
<br />7. Protection of Lendei s Security. If Borrower fails to perform the covenants ant! agreements contained in
<br />this \4ortgage, or if any action ar proceeding is commenced which materially affects bender's interest in the Fralt-
<br />erty, including, but not limited to, eminent dmuai;,, in=oh~cncy, code enforcement, or arrrmgen;ents or proceed-
<br />ings invvh~ing a bankrupt, or decedent, then Lender at Lender's option, ulaon notice to Borrower, may make such
<br />appearances, disburse such sums and take such action as is nci•essary tv protect bender'. interest, including, but.
<br />not limited to, disbursement of reasonable attorney's teen and entry upon the Property to mske repairs. Any
<br />amounts disbursed by Lender pursuant to this paragraph r, with interest- thereon, shall hecmne additional indetrt-
<br />edness of Borrower secured 6y this Mortgage. Unless Borrotcer aucl Lender agree to other terms of payment, such
<br />amounts shall be payable upon notice iron Lender to Borrotcer t•equesting psytnent thereof, and shall bear inter-
<br />est from the date of disbursement at the rate stated in the Note unless pttYtuent of interest st such rate would be
<br />contrary to applicable law, in which event such atmvunts shall leas interest at the higlest. rate permissible by
<br />applicable law. Nothing contained in tGr paragraph ;shall require Lender to incur any expense or do any act
<br />hereunder.
<br />d. Inspection. Lender may mske or cause to he outdo reasonable cntrh~s upon and inspections of the Prop-
<br />e~Y, provided that Leader :hail give Bvrrvttcr notu•r prior tv ana such lrpcetvn specifying rcasonutile cause
<br />therefor related to Lender's interest in the P:roFterty.
<br />9. Condemnation. Tle proceeds of any award or claim for damages, direct or consequential, iu connection
<br />with zrny condemnation ar other taking of tthe Property, or part thereof, or for canceyance in lieu of condemna-
<br />tion, are hereby assigned and shall be paid to Lender.
<br />In tle event of a total taking of the Property, the proeePds shall he applied to the sums secured by this ~fort-
<br />.gage, t4ith the excess, if ant, paid to Borrower. In the event of a partial taking of the Property, unless Borrvwer
<br />and Lender otherwise agree in writing, there shall he applied to the sums secured by this Mortgage such ptropor-
<br />tion of the proceeds as is equal to that proportion which the amount of the sums secured by this Alortgage imme-
<br />diately prior to the date of taking bear,, to the fair market value of the. Property immediately prior to the date of
<br />taking, with the balance 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 or settle a claim for damages, Borrower fails to respond to Lender within 30 days of Ghe date
<br />of such notice, Lender is authorised to collect and apply the proceeds at bender's option either to restoration yr
<br />repair of the Property or to the scans secured by this Mortgage.
<br />Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall
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