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df ttnc9e~r ire agrapla 18 1,lereoJ' the Yroirert~ ~,~ sr~rlel err tllrc 1'ralae~,cty h rror,Na+~;r~a'osc° c~st'q u;ore~l t,u^r t.~a utr, 'Lt=nr(er
<br />s}aall aplrly, no taste=p' ~t-Ilan iuurn';ed ~~ately l,wrirr;r ;a'h tltc• Md;cr, rrf 'kite Pro,pnwrt.y a~~r ,its atn,qut,tt~~rtG~n h.~ I.,inrErd«;r .;rry I'~"tctm~is
<br />held by I cr.,T>r Its tltc#.irrte of ap;ilicaticr=:a •~ ei€:;~;it ,.gui~,,ar3; RI r. n~,_r~~h :-,ru~rtcP k>i tt1,F :M„(trtit,ai;e~,.
<br />~. i?Spplication,'at Payrnenta. Unles= zrrgrajr,~aitalr 'pall Ip••rip,,tt7 t;tilertvi~~~e, Erll pay~u:nettPs tR,coti'vreri try fa~:nd~er
<br />ttndct• tlte, ~~Note and ~,paragraj,i~lts '1 ~rtd 2 lt€rca s!te:',11 pre P,tt;t}s,lllctti by Lenncketr S'irr,s in payrrtlen,t ~rf +,r,„sardtr~its paµya[;ple to
<br />' Lender bjr Borrou-e* under Iraragraplt '> hereal. tJictr to ihteiest payablr, or tJte 1;ote and o^ Future Advent;es. if
<br />any, and ther.to the principal of the Note and to the lrrineipai of Future Advances, if anv.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments and otl;er charges, fines and impositions attrib-
<br />;~ utable to the Property which may attain a priority over this Mortgage, and ground rents. if any, at Lender's
<br />option in ttte manner provided under paragraph 2 hereof or by Borrower making paym€nt, when due, directly to
<br />the payee thereof. Borrower shall promptly furnish to Lender alt notices of amounts due under this paragraph,
<br />and in the event Borrower shall make payment directly, Borrower steal( promptly furnish to Lender receipts evi-
<br />dencing such I~ayments. Borrower shsJl promptly- discharge arty- Lien which has priority over this \fortgag€; pro-
<br />vided, that Borrower shall not. be required to discharge any such Jien so long as Borro~ti er shall agree in writing to
<br />"~ the paymenc of the obligatior. secured by such lien in a manner acceptable to Lender, or shall in good faith contest
<br />~ such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of
<br />,s the Ilea or forfeiture of khe Property- or any part tilersof.
<br />5. Hazard Insurance. Borrower shall keep the improvements row €xisting or hereafter erected on the Prop-
<br />erty-insured against loss by fire, hazards included within the term "extended coverage". and such other hazards as
<br />Lender ntsy require and in such amowtts and iur such periods as Lender may- require: provided. that Lender shall
<br />not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured'by
<br />this blortgsge.
<br />The insurance carrier providing the insurance shall be chosen try Borrower subject to approval by Lender;
<br />provided, that such apprcval 'shall nut be unreasonably withheld. All premiums on insurance policies shall be paid
<br />at Lender's option in the manner provided ender Iaragraph ?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 />immediatel}~ due and payable with interest. at the rate set forth in said note until paid and shall be
<br />secured by this IVlortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br />under the ternts of this Mortgage.
<br />All insw•ance policies and renewals thereof si,all be in form aecepiahle to Lender and shall Include a standard
<br />- mOrtga~e CIAU4e lit I3V01' Of and m IOrm al'C~p C31a1C t4 LPaad€r= Lender shall hal'€ site Ftght t0 held the pChCie6 aT;d
<br />renewals thereof, :end Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid pre-
<br />miums. In the event a loss, Borrower shall give prompt notice to the insurance carrier and Lender, and Lender
<br />may snake proof of loss it" not made promptly by Borrower.
<br />Unless bender and Borrower otherwise agree in writing, insurance proceeds shall be spphed Lo restoration or
<br />repair of the Property damaged, provided such restoration or repair is economically feasib[e and the security of
<br />this \iortgage is not thereby itnpalred. If such restoration or repair is not economically feasible or if the security
<br />of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage,
<br />pate the excess, if any, psid to Borrower. If the Yroperiy is abandoned by Borrower or if Borrower fails to respond
<br />to Lender within 30 days after notice by Lender to Borrower that the insarattce 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 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 extend or postpone the due date of the monthly installments referred to in paragraphs 1 and ?hereof or change
<br />the amount of such installments.
<br />If under paragraph IS hereof the Property is acquired by I',ender, all right. title: and irttirest of Borrower in
<br />and to any insurance policies and in and to the proceed, thereof Ito the extent of the sums secured by this 34ort-
<br />gage immediately prior to sucit saki or acquisitions resulting from damage to the Property prior to t.hc sale or
<br />acquisition shall pass to Leader.
<br />&. Preservation and Mairsteaaace of Property; Leaseholds; Candoruiniurrtg, 13rrrruwer shall keen tia€ Prop-
<br />. erty in good repair and shall not permit ur commit waste, impairment, or detrrioratiun of the Property and shall
<br />comply will=the- r,rovisions of any lease, i= this Mortgage is utt s leasehold. If ibis Aicrtgagr; is art a cundaminitttrt
<br />watt, i3nrrowc~ shall }=•erfortu tali of Borrewa=r's ubhgstaottn :ender the deelat~tiatt at t:ondourtnruan or rrtaster de€d.
<br />_the by-laws and regulations of the condominium proj€et and constituent documents,
<br />7. Protection of Lender's Security, If Borrower fails to perform the covenants and agreements contained in
<br />this Mortgage, or if any action or proceeding ie commenced which ataterially atTeets Lender's interest in the Prop-
<br />erty, in€luding, Erut not limited to, eminent domain, inwlvcncy, rode enforcement, or arraugentents or pro~eed-
<br />ings involving a bankrupt or decedent, then Leader at Lender's option, upon notice to Borrower, may make such
<br />appearances, disburse such sums and take such action as is necessary to protect. Lender's interest, including, but
<br />not limited t.o, disbursement of reasonable attorney's fees and €ntry spun the Property to make repairs. Any
<br />amounts disbursed by Lender pursuant to this paragraph 7, with interest. thereon, shall laecome sdtlitional indebt-
<br />edness of Borrower secured by this ~Iort.gagu. Unless Borrower and Lender agre€ t.o other terms of payment, such
<br />amounts shall 6e payable uhun notice from Lender to Burrower requesting payment thereof, and shall bear inter-
<br />est from the date of disbursement at the rate stated in the Notc unless payment of interest at such rate would be
<br />contrary to apphcablr_ law, in which ev€nk such :amounts shall bear interest at the highest note pertniasi6lc by
<br />3pphcablc taw. Nothing contained in this ptuagrairlr 7 shall regaire Lender to incur any expense or do say set
<br />hereunder.
<br />S. Inspection. Lender nmy make or rouse to h€ made t•easonabl€ entries upon and inspections of t-he Prop-
<br />erty, pruvidEd that Lender shall giv€ $ormwer nutic€ prior to tuty uch itupectiatt sp€cifying r€~onalttt= €ause
<br />thara;or relat€d to Lender's interest in th€ Property.
<br />S. Condemnation. The proceeds of any an•arci or claim tar ctavages, direct ar consequential, its connection
<br />with any emxlenmation or other taking of the Pn~pcrty, ur hart th€r€ot, ur for r.-onveysnce in lies of conci€mnu-
<br />tion,are hereby assign€ci and shall he paid to Lettcler.
<br />In the event of a total taking of the Property, the. proceeds shall 6c applied to the sums secured by this i4iort.-
<br />gage, with-the excess, if arty, paid to $orrotver. In site event of s par•tia} taking of the Yrapcrty, unless $orrower
<br />and Lender otherwise agree in writing, titers shall lee a}iplic~el to the stuns secured by this \{ortgage such propor-
<br />Lion of the proceeds as is equal to that proportion which the amount of the soma secured by this Mortgage imme-
<br />diately prior to the date of {eking beau to khe fair market vahte of rite Property immediately prior to the date of
<br />taking, with the balance of the proceeds paid to borrower.
<br />If the Property is absndoned key $ormtver ar if after notice by Lender to Harrower that the condemnor offers
<br />to make an sward ar settle a claim for damages, $orrowe• fails to respond to Lender within 30 days of the date
<br />of such notice, bender is authotit€d to collect and apply 'the proceeds at Lender's option eith€r to restanttiun or
<br />repair of the Property or to the sums secured by this \iortgage.
<br />Unless Lender and $oreewer etlterwise agree in writing; any such application of proceeds to principal shall
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