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If under [rar¢graph i€, hereof the Property i- snld o, ±he Property i> othern~i~e acquired by bender. Lender
<br />shall apply, no lster than inunediatelr• prior to the laic of the Yrni~rrt}~ or it- urqui;itiou 6~• Leader. un} Fund=
<br />held by Lenrier at the time of application ac a r-rcdh attain>t the ..uni> >cenrcrl by this _llurtguFC.
<br />3. $pplication of Payments. Unless apl,licahlc I;etc provide- athenvisc; all payments recei-,-cd by Lender
<br />under the Note and paragraph l anti 2 hereof shall he ;yrplicd by T.cudcr first in payment of amounts payable to
<br />Lendet• by Borro;er under paragraph 2 hereof, then tc interest pyabfe alt the Nate and on Fu#ure A;ivanees. ii
<br />any, and then to t-he hrincipa! of the A~ata and to the ;,rim•i;cal of i~'uture ~drane;~<, if .iav.
<br />4. Charges; Liens. Borrower shag pa}- a!! taxes, assessments and other charges, tines and impost#ions actrih-
<br />utable to the Property which may attait: a nriorit}•-over this Mortgage, and ground rents, if any, at Lender's
<br />option in the manner provided under paragral~f: ?hereof or b}- I3orrotver making payment, when due, directly to
<br />the payee thereof. Borrower shall promptl}- iurnisb to ;,ender all notice. of amounts due under this paragraph,
<br />and in the event Borrower shall make payment- direct!v, I3ormwer shall pro:npt(y furnish to Lender receipts evi-
<br />dencing such payments. Borrower shall prompth• discharge env lien which has priorite over this .Mortgage; pro-
<br />vided, that Borrower shall net be required t.o discharge any such lien sa long as. Borrower shall agree in writing to
<br />~ t:e payment of the obligation secured by such lien in n mamter acceptn.ble to bender, or steal! in good isith contest
<br />such lien by, or defend enforcement of such lien in, legal iuoceedings n•hieh operatt: to prevent the enforcement of
<br />~ the lien or forfeiture of the Property or am part ihercaf.
<br />5. Z•€azcrd Insurance. Borrcr,er shall keep the :rt;,ravetnents now exist:u~ or hemafier erected an the Prap-
<br />crty insured against loss by fire, hazards included within the term`extended coverage". std such writer hazards as
<br />Lender n;ap require and in such amounts and for such ;teriocis as Lender may require: provided, that I:ender shall
<br />~~ not require that the smmmt aI such coverage exceed that emoum of eayersge required to pay the sinus secuted'b}'
<br />ibis ~fartgage.
<br />The insurance carrier providing the insurance shall be chosen by Borr-owcr sttbiect to sppr;;val b}' Lender;
<br />provided, that such approval shat; not be to:reasotrabh• withheld. X11 premiums or. insurance nolicie: shall be paid
<br />st Lender's option in tL•e manner provided un.rier paragraph ' hereof or he Borro;er 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 Lander, to protect
<br />its interest, may prxure insurance on the improvements, pay the premiums and such cunt shall become
<br />itnmediatelp due and payable u-ith interest at. the rate set forth in slid Wale until paid and shall be
<br />secured b}' this I~Sortgage. Failure by Borower to comply may, at option of Lender. cronstiiute a default
<br />g_nder thn ~_..-_ of fh;g '~.~iartgagn•
<br />All insurarce policies and rerewais thereof shall be in tone acccptablc to Leu.i, r and ;half include a standard
<br />mortgage clause in favor of and in form acceptable to Lender. Lender shall have the rgh# to held the policies and
<br />renewals thereof, and Borrower shall promptly furuisl: to Lender si? renewal notices waif al? receipts of paid pre-
<br />miums. Ir: the event of loss, Borrower sitsii give prompt notice #o the. insurance carrie• and Lender, and Lender
<br />may msLe proof of loss if not made promptly br Borrower.
<br />Unless Lender and Borrower oihenvise agree ir. writing, insurance pracecnis shall be applied to restoration or
<br />.-spelt of the Prapertc damaged, presided sue!: restoration or repair is economicall}- ie:tsible :+nd the security of
<br />this ~3ortgage is net thereby impaired. If each restarauor. or repair is net ecot:or ieaih- feasible or if the security
<br />of ibis \Ior€gage would be impaired, the mss:*sLCe proceeds sisal he applies to the luau secured by this '~Sortgage.
<br />with the exeea . ii any, paid to Borraa•er. Ii t?;e Yroperec is abandoned hr Borroarr or ii 13arratcer fails to resg~nd
<br />to Lender wi*.hin 3tf da}•s sfter roiice by !-er:~ er to Borrower that the insuratce carrier offers io settle a claim for
<br />insurance benefits, I-coder is authorized to railert and appl}• rise insurance proeetds at i.ender option either to
<br />restoration ar repair of the Propert}- ar to the sum; secured b}- this \mrgage.
<br />Unfe~ Lender and Borrower otherwise ag-~e in writing, an}- suet: application ai proceeds to principal shall
<br />not extend or }wstpone tFe due date of the ntorthh- installments referred #o in paragraphs I and ?hereof ar change
<br />the amount of sorb installments.
<br />If under garsaQrap}: 18 hereof the Pmpert}- is acquired by Lender, sal right, title and interest of Borrower in
<br />and t0 am insurance policies and in and to the proceeds thereof t to the extent of tl:e sum, secured by this \Iart-
<br />gage irnmediateh• prior to lath safe or :, quisitien~ resulting iron; rian;sge ?a #i:e Yropert} l,rior to the sale or
<br />acquisition shall pass to Lender.
<br />6. Preservation ffid Nt~teneace of Property: L-~asehalds; Condominiums< Borrewer shall keep the Prop-
<br />ertp in good repair and shelf not permit or commit waste. impaintsent, or deterioratiot: ai the Property snd shall
<br />comply with rite provisions of env lease, if this --liar#gage is on a ieasehaid. It this Mortgage is on a cor_dominium
<br />trait, Borrower shall perfornt all of Borrower's abligstions under tile. declarst;on ai candatrtinium or master deed,
<br />ilre by-laws snd regulation, of the eondaminium proieet and constituem documents.
<br />7. Protection of Lendez's Security. If Borrower fails to perform the coveranis st:d :tgreemenis contained in
<br />this Mortgage, or ii an}• sction or proceeding is commenced which urateriaii}- sficets Lender's interest in the Prop-
<br />erty, including, but net limited to. eminent domain, insoSvene}•, ,•ade eafonernent, ar arrangements or praeeed-
<br />ings inyolying a bstrknrpt or decedent, then Lender st 1~nder's option, ulxrr: nonce to Borrower, inav make such
<br />agpearanes, disburse such sums and take sac?e action as is necessan- to protect Lender's inten:st, including, but
<br />nat limited to, disbursement ai reasansbie attarrrey s fee_ and ertr} open the Pral~ert;• to make repairs. Aay
<br />amounts disbursed by Lender puruan# to this rsaragra;s!z ;,with itttcrest ?hereon. steal! !,ecome additional indebt-
<br />edness of Borrewer secured be this Mortgage. ilnless Borrower and I-ceder sgree to other terms of pa~-ment, such
<br />amounts shall be papabie upon notice imn-, L=_nder to Harrower reauestiiig payment thereof, and shall bear inter-
<br />est from the date of disbursement at it;e rate state.'.. in the No?e unless payment of interest at such rate would be
<br />mntrarv to applicable law. in which event such amounts ehsll bear interest at the highest rate permissible by
<br />applicable law. othing contsineri in this I.sregrsph sit:ril require Lender to incur sny expense or do an}- act
<br />hereunder.
<br />8. Irapaeeicn. Len€ier ms}' mske ar cause to !>e ;Wade reasonahie entries upon and insps:etians of the Prop-
<br />erty, provide t_ha# Leader sl~ll give Barroae- notice ,,rice to any <ut•h inspection .pecifs•ing reasarahle cause
<br />therefor relatEd W Lender's interest in the Propert}•.
<br />9. Ca~ndemaatiner. The groaeeds of am award ar c•laim for damage;, direct or consequential, in conneciian
<br />with Sny condemnation ar aLer tasl-ing ~f =.ire Pralrcrty, ar ;:sr# thereof. or far ranvevsnce in lieu of condemna-
<br />tion, are hereby assigned and shall be paid to Lender.
<br />In the ~r~at of a rata] raising of Cite Proper#v, the proceeds shall be applied to the satyrs secured ln• this Mort-
<br />gage, with tlse excess, if any, paid io Borraa•er. In the event of a partial tailing ui the Yrapcrty, unless Borrower
<br />and Leader otherwise agree in writing, there shs11 be applied to tl:e sums secured by this Mortgage such propor-
<br />tion of the pt-oce~is as is equal to that proportion which the anraunt of the starts secured by this 1ortgage imme-
<br />• diately prior to the Sate of taling bears to the fair mar4et ~•slue of rise Property immeciiaiely prior to the date of
<br />ta$ing, with the haieace of the proceeds paid to Borrower.
<br />If the Property is abandoned by Borrower or if after notice 1>y I-ender to Borrower that the eandenrnor offers.
<br />to make an awaxx3 or settle a claim for r'amages, Borrower isils to respond to Lender within 30 days of the date
<br />of such zrctice, Letrder i, authorized to collect and apply the prat•eed= at bender's option either to restoratior o;
<br />repair of the Pmpertp or io Lhe yarns secured by this \lortgage.
<br />Unless Lender and Borrower otherwise agree in writing, anp such application of proceeds to principal shall
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