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If under paragraph 18 hereof the Property is sold ar the Prapcrt}• is othenvi~e acquired by Lender, I•ender
<br />shall apply, no later Chan immediately pria• to rile sale of the Property or its argnisitian t,y Lender, any P'unds
<br />held by Lender st the time of appiicat.ion as a credit against the ..,ums secured h}• this Mortgage.
<br />3. Application of Payments. Unless applicah!c late provides ~,therwise, all payment.. receive-d by Tender
<br />under the Arote and paragraphs 1 and 2 hereof shall he applied by Under rirst in payment of amoants payable to
<br />l~~ Lender by Borrower under paragraph 3 hereof, then to interest payable on the vote and un future .~ldvannes, if
<br />~,: any, and then to the principal of the Note and to the principal of 1~uture .1d~~ances, if any.
<br />(~. r 4. Ghargsa; Liens. Borrower shall pay all taxes. assessurents and other charges. fines and impositions attrib-
<br />ts:;, arable to the Property which may attain a priority over this tilortgage. and ground rents. if any, at Lender's
<br />option in the manner provided under paragraph 2 hereof or by Borrower making payment, when due, directly to
<br />the payee thereof. Harrower shall promptly furnish to Lender all not-ides of amounts due tinder i-his paragraph,
<br />•~,,, and in the event Borrower s'trall make payment. directly, Iorrower shall promptly tarnish Io Lender receipts evi-
<br />denting such payments. Borrower shall promptly discharge any lien which has ]rriority over this llorigage; pro-
<br />vided, thatBorrower shell not be regmred to discharge any suds iron so long as Borrower shall agree in writing to
<br />the payment of Che obligation secured by such lien m a nrtmrer acceptable to bender, or .hall in good faith contest
<br />~ such lien by, or defend enforcement of such lien in, legal proceedings which operate to present the enforcement of
<br />the lien or forfeiture of the Property or any part j hereof.
<br />.S~ ~ID `I~ S. H~Grd TilBUlanCe. S~s~~ o -~H I! lu+ ~ ~.^ : ~ t n
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<br />• nett ~„ot, .. .og. ,aft c u i aj ' gr_q a Ft~ a ~r.
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<br />The insurance carrier providing the insurance .hall be chosen he Borrower subject to approval by Lender;
<br />provided, t.hsc such approval shall not he unreasonably withheld..~l premiums on insurance policies shall he paid
<br />at Lender's option in the manner provided under paragraph 2 hereof or by Borrower making payment, when due,
<br />directly to the insursnce 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 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 l1'fortgage.
<br />X11 insurance policies ctrl renewals thereof shall he in form acceptable to Leader and steal! include a standard
<br />mortgage clause in favor of and itr form acceptable to Lender. Lender shall base the right to hold the policies and
<br />renewals thereof; and Borrower shall prornptlc furnish to Lander all renewal notices and all receipts of paid pre-
<br />miums. >n the event of loss, Borrower shall give prompt notice to the insurance carrier and I:ender, and Lender
<br />may make proof of loss if not made prompil}• by Borrower.
<br />Unless Lender and Borrower otherwise agree is cvritiu„ insurance proceeds shall he applied to restoration ar
<br />rogairaf the Property damaged, proside-0 slci: restoration yr repair is ceonon.u•al} feasible oral the security of
<br />this Mortgage is pat thereby impaired. If such restoration ar repair is not eeononticaits feasible or i[ the security
<br />of this Mortgage would be impaired, t-he insarance proceeds si:all !;e ap}uied to the soma secured b}- this 31ort-gage,
<br />with the excess, if any, paid to Borrower. Ii the Yropet•ty i~ abandoned by Bm•rower ar ;i Borrower tails to respond
<br />to Lender within 30 days after notice by Lender to Borrower that the rnsurauce carrier offers io settle a claim for
<br />instrance benefits, Lender is authorized to collect and apply the insurance proceeds st Lender's option either to
<br />restoration or repair of the Property ar to the sutras secured in- this \iortgage.
<br />Unless Lender and Bort•oscer athenvise agree in writing, an}~ suc~: application of proceeds to principal shall
<br />not extend ar po_ctpone the due date of the manthh• instalments referred to in paragraphs 1 and '2 hereof or change
<br />Ghe amount of such installments.
<br />If under paragraph 18 hereof the Yropern• is acquared by Lendet•. all right. title and interest of Borrower in
<br />and to ant- insurance policies and in and to the proceeds tl.ereoi i to *he extent of the aunts sccurr~i bs• this \Iort-
<br />gage immediately prior to such salt or acqursittorri resulttn;= 1'rum damage ro the Yriapert}- pner to d,c =ale ur
<br />:teouisition shall pass to Lender.
<br />6. Preservation oral Mointeaance of Property; Leaseholds; Condominiums. Borrower steal keep the Prop-
<br />erty in good repair and shall pat, partnii ar c-ammit waste, ivnpatrment, or ~ietc•rzezxttior, of tree Propert}- :tnd shah
<br />comply with the pravisians of any ]ease, ii this Mortgage is un s leaseitohi. If this Slorteaee is on :t condominium
<br />unit, Barmwer shall ,aerform all of Borrower's airtiastiana uz:der tl;e uec!aratian .ri cordon;iniuzn or master deed,
<br />the by-laws and regulation; ai rite condominium project any+. constituent documents.
<br />7. Protectign of Lendei s Security. If Borrower fail: to periarrn the covenants. end agreements contained in
<br />this ~4ortgage, or if any action or proceeding is cmnraauced which zuaterisil}° affects Lender's interest in the Prop-
<br />erty, including, but not limited to, eminent daukain, insahenc•y, rude• cnforcen,em. or ;tn•angements ar •rroceed-
<br />ings involving a bankrupt ar decedent, then Lender at ].coder'; ,>ptiorr, upon puttee to Barron°er. tnay maize such
<br />appearances; disburse such sours and lake suety action as i= necessary to pnrtect Lender's interest, including, hut.
<br />not limited ta, dis6urserneni of reasonable aitarney'= lee. and -entry upon the Yrapcrty to make repairs. any
<br />aktmtknts disbursed by Lender pursuant to this paragraph ; ; tviiit intcresa thcrean, :hail became additional indebC-
<br />edness of Borrower secured by this Mortgage. Linlesa Borrower and Lender agree to atlrer terms of payment, such
<br />amotmts shall be payable ulaott notice from Lender tea Harrower requesting usytuent thereof, anti shall bear inter-
<br />- ea't from the date of disbursekn~~rt ai lire rate :tat£d its the tote unless p;~}`rnent ui interest st such rate would be
<br />contrary io app}icablc late, in ;vhielr event suety amounts shx17 near interest at the highest mte penrissible be
<br />applicable law. nothing eontainci in this ;aaragrapia ", shall regwrEr I~euder tc inau.* an}' expeuee or da any act
<br />hereunder.
<br />8. ]oepeetion. Lender zrrwy tracks or tsars to hr :node r<~a=onable rune, upon and in~peetious of the Prolr-
<br />ert_v, pros°icied that Under auali give Barmwer uouec l~srar to ;air xru•1r m,pectiun y:rectt}•ing reasonable estuse
<br />therefor related to Lerxler~ interest in rite Prapens.
<br />9. Condemnation. The proec,•tds of un}• award m° claim for damages, direct ur ransequent.ial. Sn emureetion
<br />wltlk-xuy eandemnatkorl yr aE:~t@r takinh vi rite }'ropc'CZ~ ~ ar part ilarreoi, Jr Ibr S'UitYYyEinCC• IIr lieu 6i ettnriellrmi-
<br />taon, az'e hereby assigztecl a'.rd steal be {'raid to Leader.
<br />In the event of a torsi t.akitrg of :ht: Propert}, the I:roceca: sltuti be >zpphed tc, the- ~uu+s tee urcd L}' this \•Iort-
<br />gagc, with the caress, if sn}, paid to But;tawes. iu thc• cyeut cd u ,,arti.zl takrng cri the Yr~,}r~~rt}~, unless Borrower
<br />cad ~Lenaor ot~ltertt"ise agrae.in writarrg, tlaxss sl+;;ll •ix~ aplrtiei to dte ssuas seuurvct (+~: thy., \lortgag!r su!xl, prapar-
<br />i,%on of the proc!ecds as i~ equtYl to that. proputtron ;cinch the ::uwunt of the sums su,:w•ed ire this _lortgage immc-
<br />eliately prier to rtes: date of tal„ng l~;~r tc> -t.e fart a.=arl:.tt yaiae or the Prapi•rt.} ntrmc°uiutr•1}° {,riot to the datc+ ;+I
<br />takk`ng, wicks i}ic ialance of thcprot•ecda paid to f3urruxer.
<br />If the £?_roperty: i ahandot5ed ~b}• T~prraSi"l;t' ut if +tfter notsee tn~ Lenucr to Ban~u,ver t.itat the uot.den;nor Drier,
<br />to ukake an a4vard or settle a. claim for rlstoagun, flonuwez fxtis :c. su-w;+onu ro l:ru;icr wtt.iuu 30 ~itsv,3 ni the date
<br />of syeh bailee, Lender is autharia,ecl ttr to,icrut and slt{alp iht t~rut rr~iz s !.cud ~ •aior~ ~+t i:rz tr> remtma€:nu or
<br />repair of L}te Property ar W th+: ~z:n sc:c•urrxi b: ti,;s llu: tl;u;;t.
<br />t3nktts Ltntler and liorr<r,ver +rthcusise agree zrr xaitrnq, ens' s.u=-r. al.rphc:ci.tut. :; loo cedes t~ pzwetpal shall
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