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<br />If under paragraph 18 hereof the Property is .old ar she Propertc is athcrs~i.e ;t:•r{viral by l,cuder. I,enrler
<br />shalt apply, no later than immediateh~ ]n-ior to tL:~ s::!o of the Pr+q+crn- ar it; ucyui,ition Ly Lemier. snv Furdr
<br />held by Lender at the ±ime of applicatiot as a rrcrlit :tgaia-f rbe ..alas secnrt~il by this ~Iort~s ~c.
<br />3. AppGcatian of Payments. Unies appflcablc fair praviries other:rice, all payments rerc•i.ed F,}• bender
<br />under the ?Qote and paragraphs I and 2 hcreo( shall be applic<i by Lender first ir, payment oI :unnunts payao}e to
<br />Lender by Borrower under paragraph 2 het•eof, then to inter:~~r ~+;:vabk• on the 4ote and on Fufl:rc .•1:icances, if
<br />any, and thenta the principal ci the tiote and to the i>rhtcq>al of Future advances, if any.
<br />A. Charges; Liens. Borrower shall pay ail ,:,ze;.:::~es;urents and other charges,'sires and impositions attrib-
<br />arable ±o the Property which may- attain a pri^:rtu ox~e, ibis Mortgage, and ground rents, if any, at Fenders
<br />option in the manner provided under Iiaragrai+h 3 ltereoi or Ly Borrower making payment, when due. directly to
<br />the payee thereof. Borrower shall promptly furnisL to Lander all notices of amounts due under this paragraph;
<br />and in 'the event Borrower shad make payment directh. Borrower shall promptly furnish to Lender receipts evi-
<br />dencing such payments- $orrower shall promptly discharge any- lien which has priority over this Mortgage; pro-
<br />vided, that Borrower sha!! not be required *.u discharge any sari: lien so fang as Borrower shall agree in writing t.o
<br />the payment of the obiigstion secured be such lien in :: manner acceptable to bender. or shall in good fait'.. contest
<br />~ such lien by, or defend enforcement of such lien in, legal proceedings x Lich operate ro prex eat the enforcement of
<br />n tine lien or forfeiture of the Propertc ar any part thereof.
<br />5. Hazard Insurance. Borrower s}:all keep the imin•ovements now exisiiug or hereafter erected on the Prop-
<br />ertc insured against loss by fire, hazards included withi: the tens "extended coverage", ;urd such other hazards as
<br />Lender may require and in such amounts and for such periods as Lender may- require; proyided, that Lender shall
<br />not. require that: the amount of such coverage exceed that amount of coverage required to pray the sums secured by
<br />this Mortgage.
<br />The insurance carrier providing the insurance shall be chosen by Borroter subject to approval by Lender;
<br />provided, that such approval shall not be unreasonably wiihheid. all premiums on insursnce nniicies shall be paid
<br />at Lender's option in rite manner provided under paragraph ° hereof ur b}• Berro:eer making pavmant, when due,
<br />directly to the instrance carrier.
<br />€n the event any polio is not renewed on or before ten days of its expiration, the Lender, to protect
<br />its interest, may procure insurance on the improvements, pat- 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 iuiort~sge.
<br />ail insursnce policies and renewsis thereof si::ilt be in fora: acceptabh .o Leutier and shall include s standard
<br />mortgage clause in favor of and in form sccepaz6;e to Lender. Under shall hate the right io bold the policies and
<br />renews}s t.hereoi, and Borrower shall prompth furnish to Lender all renewal notices and all receipts of paid pre-
<br />miums. In the ex-eat of loss, Borrower s},aL give prompt aeries to the insurance carrier and Lender, and Lender
<br />may make proof ai loss if pat made promptl}• by Borrower.
<br />€'inle~, Lender and Borrower othern-ise aerec in w-ritiug. insurance proceeds shall be applied fo restoration or
<br />rapsir of the Praper~y damaged, p=added suet restoratio.^, ar repair is ecenoui;c•slly feasible and the security of
<br />ibis Mortgage is pat thereby imps}red- Ii such restoration m rel:air is pat economieailc feasible or if the security
<br />of this Mertgsge would be impaired, the insurance proceeds si:ali ba applied to tl!e sutras secured by- this 3ortgage,
<br />with the excess, if any, paid to Borrower. Ii the Propern- i. ahamioned by Borrower ar if Borrower fails to ..*espand
<br />to Lender within 30 days oiler notice be Leader to Borrower that the insurance carrier offers to settle a claim for
<br />insurance benefits, Lender is authorized to cnlleci and spill}- the insursnce prneeeds at. Lender's option either to
<br />restoration or repair of the Propertc or to the stuns secured i~c ti;is \longage-
<br />rinless Lender and Borrower othencise agree in writing, any such application of proceeds to principal shall
<br />not extend or postpone the due date ni the monthlc inststhneats reien-ed to in uaragraphs 1 and 2 hereof or change
<br />the amount of such ina-tullments.
<br />Yf tinder paragraph I$ hcreo? the Propern• is acquired 'oy Lender, all rigid, title sad interest of Borrower in
<br />and to any insurance pa}icies sad in and to the prnreeds thereof rto site extent ni the sums secured by this Mort-
<br />gage immediately prior to such sale or acouisition, resultir;g Tram damage to rise Propert}- prie- to 'the sale or
<br />scotrisitian sl-rail Hass to Lender.
<br />6. PreservafFOn ~d Maintenmrce oI Property: Leaseholds; Condominiums. Borrower shall keep the Pr~p-
<br />erty in good repair sad shall not permit ar ~onuuit waste. impairmem, or deterioration of t};e Propertc and shalt
<br />camnk with the rrocisians of an :- lease, if this \Iarteaee is un s iessehold. Ii this llortesee is on a condominium
<br />;xait, Barrow-er shs11 perform all ai Bnrrawcr's obligations under rite declaration a, ccrduminium ar master deed.
<br />the 6y-law-s sr,d regulations of the eordoa:inium ;+rnject anti constituent dacutnents.
<br />7. Protection of Lendez's Security. If Bnrrawer fails to l+erform the envenants ::rd agreements contained in
<br />this \Iartgage, ar ii anc sctior, w praceedirg is eor.:merceci whirl: materisllc arieets Lender's interest in Lhe Prop-
<br />erly, including, but not i?mitzd to, eminent damsin, in,olyene}~, code rniorentert, ar ;irrnngementc or proceed-
<br />ings invoking a bsn'sru}+t or deccdert, f lien Leader at l.e::der s opt tau, upon notice to Borrower, may make such
<br />appearance=. disburse sorb sum= and take suel: action ss is necessary- to prntert Lender's interest, including, but
<br />pat iuni:ed to, drsbursement ni reasaaab}e sttnrney's see= and crtry ono:: the Property to make repairs. ~rrv
<br />amo,snt disbursed by Lender pureuant to t}ris parsg.~p1: ;.:=-itl: in*.eres*_ thereon, =1ial! become add itional indebt-
<br />wine: of Borrowe.* cured by this ~iartgage- €`nless Harrower and Leader ague to other tenus raj payment, such
<br />amounts s}:s17 be payable upon notice tram i_vnder to Borrower requesting payment thereof, and shall bear intar-
<br />est from i};e date of disuureme.,t at t}re rte states} in the tints ur,'.ew p<ayntent rat interest at such rate w•outd be
<br />contrary to appliesble law, in wiricl, scent such amounts ;hall i,ear interest at the highest rate permissible by
<br />appliesble law. tiathiu~ cantainerl in this ,+arsgrspi: shall require I_c-ader in incur any expense or do any act
<br />hereunder.
<br />~. Inspection. Lender msv make or cause to be made ;~asonahie t•ntries upon anc, inspections of the Prop-
<br />tniy, prc.-ided that Lender shall give Borrower notice }+:io!• to oily- -t.: is iusl~ertion specifcing reasonable cause
<br />therefor related to Lender ~ interest in the Prnperiy.
<br />9. C~demaation. The proceeds of any award ar claim for damages, direct or consequential, in connection
<br />kith any cnnderiiristion or other taking of the Property-. or part ti~ercaf. or far ranvcyance in lieu of condemmi-
<br />tian, are hereby assigned and c_hall i+e paid to Lender.
<br />In the event. of a total G:king of the Property. the praceed> shall be applied to the amus secured by this Mort-
<br />gage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower
<br />dad Lender ot]ret•w•ise agree in writing, there chap he apl>lie8 to tt:e savers secured h>- this Mortgage such propor-
<br />tion ai the proceeds ss is equal to that proportion which the amount of the sums secured by this _1ortgage imme-
<br />diaiely prior to the date of taking bears to the fair market value of tlse Property hnmedistel y prior to the date of
<br />taking, with the balance of t he proceeds paid to Borrower.
<br />If the Property is abandoned by Borrower or if liter notice by Lender to Borrower that il:e condemnor offers
<br />to make an award or settle a claim for damages, Borrower fail= tc :•espund to Letrder witiriu 30 days of the date
<br />ai such notice, Lender is authorised to collect and apply the pracceds ;:; Lender'> option either ro restoration or
<br />repair of the Property or to the sums secured by this Mortgage.
<br />IInlt~is Lender and Borrower othern•iee agree in writing, any such application of proceeds to princiaal .hall
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