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<br />It c;nder 1aragraph lb lrc~,p~reaf the I'rapert o~r~i ar~ aC Prod e't~. i~~ i,~t7rerrEi*~~~r ac!{otter{ w 6.?rder, bender
<br />~ha11 :cp}>1v, no lat~~er than irrura~rctiisrtely priar too riu• ,~atr of tiu~ Prorra~r~ty oz it: art:ur=i~~tion h~- ~Lrutfer, am 1'tur~ds,~
<br />he11'.i by I a,nrte: at tha[• time aY apt;iiratran as a r rcdit agam~t ti:e ,nrtr- <<:rr:+ui .~,1, n;- ~I tri \Iorr_~a~e.
<br />3. ,application of Payrnerxta. Lnless alry~dicaltic :aw pmviriia irR,Pae,rw~r~ar. all ~~oa:,•meni`~ received b}~ Lender
<br />under tifra~P ;tints, and pr:ragral'rdue .l ~tarrd ~ I~rere<'af -L:,Ct B~~~c apl,lieel ir} I,erudar #a r, t. in t:atyrnent of arnaunts payable +_t~~r
<br />Lt~rrder by Borr~,er under' para~gragh '2 4.ereof, there to ir,t<yrest- p.~tvai~rte ern tires Note and on Future :ach•~inres~, i~Y
<br />any, and then to t}re principal of tiro dote arci to the principal of 1 orate ~dvanres, if any.
<br />4. Charges; Liens. Borrower shall pay alt tuxes; assessments anti other charges, fines and impositions attrib-
<br />utable to the Property which may attain a priority over thisl'fortgage, and around rents, if any, at Lender's
<br />option in t-he r=tanner provided under paragraph 2 hereof or by Barron-er making p;iyment, when due, directly t-o
<br />the payee thereof. Borrower shall promptly furnish to Lender ale notices of amounts due under this paragraph,
<br />3 and in the event Borrower shale make payment directly. Borrawer shall promptly furnish io Lender receipts evi-
<br />denting such payments. Borrower shall prongrtl}- discharge env lien rvhietr has priority over this Mortgage; pro-
<br />.-- vided, brat Harrower shall not be required to di=charge any such lieu so long as Borrawer shall agree in writing to
<br />the payment of the obligation secured by such lien in a manner acceptable to Lender. or shall in good faith contest
<br />such hea by, or defend enforcement of ..=,uc-h lien iu, legal {~roccedin~ra whictr operate to prevent f.he enforcement ot"
<br />the lien or forfeiture of the Property or any part thereof.
<br />t7l 5, Hazard Insurance. Bon•ower shale keep tare i:utn•ovements paw existing ar hereafter erected on the Pron-
<br />~ erty insured against los_c b}• fire, bazards included n•iihin the term "extended coverage'', and such other hazards as
<br />Lender mac require and in such arrrour,cs anti for =uch pcriocls ;a~ Lender mar require; provided, Gtrat, Lender shalt
<br />' not require that the amount of such coverage exceed ttr:,: amount of coverage required to pay the sums secured lap
<br />this :Mortgage.
<br />The iusuranee carrier providing the insurance shall be drown by Borrower subject. to approval by Lender;
<br />provided, t.};at. such approval shall not be unreasonabl}- withheld. _~ll premiums on insurance policies shalt be paid
<br />at Lender's opiian in the manner provided under paragraph '? 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 urith interest at the rate set forth in said note until paid and shall be
<br />secured by this Mortgage. Failure by Borrower to con-iply may, at option of Lender, constitute a default
<br />under the terms of this Mortgage.
<br />A!1 insuranco policies and renewals the~reot sirali he: in form sc-ceptable: to Lender and shall include a standattl
<br />mortgage clause iu favor of and iu tornr acceptable to Lender. Lender shall bare the right to hold the policies and
<br />renewals thereof, and Bm•rower shall pronrpth~ furnish to Lender all renewal notices and all receipts of paid pre-
<br />miums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and bender, sad Lender
<br />may make proof of loss if not. made proarpth~ by Harrower.
<br />IInless Lender and Borrower otherwise agr•ce in writing, insw•auce proceeds shall be applied to restoration or
<br />repair of the Propert}• daruaged, provided such restoration or repair is economically feasible and the securit}- of
<br />ibis Mortgage is not thereby unpaired. If such restoration or repair is nut economicalh• feasible or if the security
<br />of this Zortgage would be impaired, the insurance proceeds shall he applied to the sums secured by this ;Llartgage,
<br />with the excess, if any, paid to Borrower. if t,he. Property is abandoned by Harrower or it Borrower faits to respond
<br />to Lender within 3Q does after notice by Lender to Harrower that the insurance carrier offers to settle a claim for
<br />insurance benefits, Lender is authorized to collect- and apply 'the insurance proceeds at. bender's option either to
<br />restoration or repair of 'the Properly or to the sums secured be this Mortgage.
<br />Unless Lender and Borrower otherwise agree in writing, any such appiicatio^ of proceeds to principal shall
<br />not extend or postpone the due date of the marthly installments referred to in paragraphs 1 and 2 hereof or change
<br />the amount of such installments.
<br />If under paragraph li3 hereof the Property is acquired by Fender, all right, title. and interest of Borrawer in
<br />and to any insurance policies and in and to t-he proceeds thereof (to the extent of the sums seeurt~i by this ~lort-
<br />gaga imr nediatelp priar is such sale ar aegtrisit.iont resulting from damage to the I'ropert.v prior to the sale c;r
<br />aectuisitian shall pass to Lender.
<br />&. Preser-ration trod P~Iaiatenanee of Property; Leaseholds; Candamirriums. Harrower shall keep the Prap=
<br />erGy in goad : - .r anti Ehtt„ trot permit or contnrit waste, in.pai=mt~rrt, deteriaratiarr 'f the- ;',ropert}° ts,e, s~`r&l
<br />comply wii,h f he provision, ~ any lose, it` this ~Fcrrtgsgers an s leasehold. If this ~lartgagr: is vri a candoruiniurrr
<br />unit, Borrower shall perform all of .Borrower's abtigations under the declaration of condominium or master deed,
<br />the by-laws curd regulations of the eondorninium project and constituent dacurnents.
<br />7. Protection of Lender's Security. It Borrower fails to perform the caaenants uud agreements contained in
<br />this Mortgage, or if any action or proceeding is commenced which nraterialh• affects Lender's interest in the Prop-
<br />erty, including, but. not limited ta, eminent domain, insoh•cncy, code enforeenrc_ni, or arrangements or proceed-
<br />ings involving a bankrulrt or decedent, then Lender at Lender`s opt-fan, upon notice to Borrower, may make such
<br />appearsnecs, disburse sarh stuns and take such action as is accessary to protect Lender's interest. including, but
<br />not limited to, dishnssement of reasonable attorney's lees and entry upon the Propert}• to make repairs. any
<br />umount<s disbursed b}- Lender putsuaat to this paragraph 7, n•itlr iuteresr thereon, .hall become addiiionai endebt_
<br />edness of Borrower secured by this ~tortguge. Unless Borrower and Lender agree to other terms of payment, such
<br />arnaunQs shall he payable ulxm notice from Lender to Borrawer requustiug payment thereof, and shall bear inter-
<br />tret from the date of disbursement st the rate stated in the Note carless payment ni interest at sash rate would be
<br />contrary to €ippliceble law, in which evetrt- srreh amounts shall bear interest at the highest. rate permissible by
<br />applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or do any act
<br />hereunder.
<br />Il, if1>3I98Et'6n. tX'nrir*r lna~' rnak>• ar ~'rtii~e' ip lx' rn:iris rr`:t~onahic' i'nirlr•~ ItpCFn and in5pt'c'tians tit ttiE PIVp-
<br />rrty, }rrecidecl tlra*. bender sl:trll give Barmu-cr ::=rte<=F• lfrrar :.t an}• x.:c1; i„*prction l:et~iiyin:; reasarrat+le cause
<br />therefor related [o Lender's interest in the Property.
<br />9. Condemnation. The proccc:d, of any award ar etsinr ear daurages, direct ar consequential, hr connection
<br />with any r_ondetnnation ot• other taking of the- Propert}•, ar purr tlrercaf. ar far rouveyanee in lieu of condemna-
<br />tion, are hereby assigned and shall be paid to Leader.
<br />In the event of a total takint; of the Propert}-, the ;;r•aeertl, shat; be :applied to tlrc sums secured b}• this ;4lort-
<br />gage, with the excess, if any, paid to Borrawer•. ltr the event of a }lacteal taking of the Property, unless Borrawer
<br />and Lender otherwise agree in writing, *nere shall trc apldietf to the sums secured by this \Iurtguge such propor-
<br />tion of the proceeds as is equal io that propartimr which the atuount of the sums secured 6y this \iortgage imcne-
<br />• diately prior to the date of taking bears to the fair :uarket. value of the Property icntnediately priar to the. date of
<br />taking, with fhe balance of the proceeds pale{ to Borrower.
<br />If the Property is abandoned by Borrower or if after notice by Lender to Borrower that the eondornnor offers
<br />io make an ativsrd er settle a claim for dnrnages, Borrower fails to respond to Lender within 30 days of the date
<br />of such notice, bender is authorized fa collect arrtl apple ttre ;rrxeeds at I.encler's aptior. either to restoration ar
<br />repair of the Property or to the sums secured by this \lartgage.
<br />Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall
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