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<br /> � g-�U01311 ?s--. U01617
<br /> UrrrnoxM CovaxeN�rs. Borrower and Leader covenant and agree as follows :
<br /> 1. Paymwt oE Pr(ncipal and Interest. Borrower shall promptly pay when due the principal of and interest ort the ,
<br /> ' . indebtedness evidenced by the Note, prepayment and Iate charges as provided in the Note, and the principal of and inteicst ;
<br /> � on aay Future Advances secured by this Mortgaga
<br /> = Z. Fonde tor Tua and 7naurance_ Subject to applicable law or to a written waiver by Lendcr, Borrower shall pay ;
<br /> a ,' to Lender on the day monthly installmenu of principal and interest are payable under the Noee, until the Note is paid in full, p
<br /> fi a aum (6erein "Funcla'' equal to ono-twelhh of the yearly taxes and assesaments which may attain priority over this '
<br /> MoRgage, and ground rents on the Property, if �ny, plus onatwelfth of yearly prcmivro installments for hazard insurance, �,
<br /> � plau one-twelfth of ytarly premium insRaUments for mortgage insurance, if any, atl as reasonabty estimated initially and from j '
<br /> 1 ' time to dme by Lender on the basis of assessments and bills and reasonable estimates thereof. � '
<br /> j ; Tlse Funds ahall be held in an institution tht deposits or accounts of which are insured or guaranteed by a Federal or = .
<br /> � state agency (including Lender if Lender is such an institution) . Lender shall apply the Funds to pay said taxes, assessments, �
<br /> � insurance premiums and gtound rcnu. Lender may not charge for so holding and applying the Funds, analyzing said account, g ,
<br /> or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and apglicable law t
<br /> ' . permiu Lender to make svch a charge. Borrower and Lender may agree in writing at the time of execution of this k
<br /> � ' Mortgagt that interest on ffie Funds shall be paid to Bosrower, and unless such agrcement is made or applicable law ;i
<br /> { requires such interest to be paid, L,ender shall not be required to pay Borrower any interest or earnings on the Funds. L.ender t
<br /> shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br /> � ! purpose for which each debit to the Funds was made. The Funds are pledged as additional security £or the sums secured
<br /> by this Mortgage.
<br /> j If the amount of the Funds held by Lender, together with the future monthty insaallments of Funds payable prior to
<br /> � ' the due dates of taxes, assessments, insurance premiums and ground renu, shall exceed the amount requircd to pay said taxes, � `
<br /> assessmenu, inaurance premiums and ground renu as they fali due, such excecs shall be, at Borrower's option, either �
<br /> � promptly repaid to Horrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds f.;
<br /> held by Lender shall not be sufficient to pay taxes, assessments, insurance premeums and ground rents as they fall due, s '
<br /> � ; Bonower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed �'
<br /> by Lender to Borrower requesting' payment thereof. t'
<br /> Upon payment in full of all sums secured by this Mortgage. Lender shall prompUy refund to Borrower any Funds
<br /> j ; held by L,ender. If under paragraph 18 hereof the Property is sotd or the Property is otherwise acquired by [.ender, Lender �
<br /> ! ! shall apply, no later than immediately prior to the sale of the PropeRy or its acquisition by Lender, any Funds held by �t
<br /> ; Lwder at the time of application as a credit against the sums secured by this Mortgage. 3 '
<br /> r3. AppHcation of Paymenfs. Unless applicable law provides otherwise, all payments received by Lender under the � _
<br /> � Note and paragraphs 1 and 2 hereof shalt be applied by I.ender first in payment of amounts payable to Lender by Borrower �,
<br /> i under pacageaph 2 hereof, then to interest payable on the Noae, then to thc principal of the Note, and then to interest and q,
<br /> j principal on any Future Advances. �
<br /> 4. C6argrs; Liens. Bonower shall pay all taxes, assessments and other charges, fines and impositions attributable to �
<br /> thp Property which may attain a priority over this Mortgage, and leasehold payments or grouod rents, if any, in the manner ;
<br /> provided under paragaph 2 hereof or, if not paid in such manner, by Borrowcr making payraent, when due, direcUy to the ?
<br /> � payee thereof. Borrower shall promptly fumish to Lender aIl notices of amounrs due under this paragraph, aud in the event S .
<br /> Bocrower shall make payment directly, Borrower shall promptly furnish to I.ender receipts evidencin� such payments. :„
<br /> � Borrower sha11 pmmptly discharge any lien which has priority over this Mortgage•, provide�d, that Borrower shall not be
<br /> � mquired to diseharge any such lien so long as Borrower shall agree in writing to the payment of the obligatian secured by �
<br /> � such Gea in a rnanner acceptable to L,ender, or shall in good faith contest such lien by, or defend enfomement of such lien ia, F.`
<br /> t legal proceedings which aperate to prevear the enforcement of the lien or forfeiwre of the Property or any part thereof. �`t-;
<br /> ; 5. Hazard Insorance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
<br /> � ; againstloss by Sre, hazards included within the term "extended coverage", and such other hazards as Lendcr may require
<br /> � and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of i
<br /> �i such coverage exceed that amount of coverage required to pay the sums secured by this Mortgaga
<br /> �i The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
<br /> j ; that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
<br /> provided under paragraph 2 hereof or, if not paid in such manneq by Borrower making payment, when due, directly to the ;
<br /> insurance carrier. �
<br /> �, All insurance policies and renewals thereof shall be in form acceptable to Lender and shall indude a standard mortgage
<br /> # cleuse in favor of and in form acceptable to Lender. Lender shall have thc rig6t to hold the policies and renewals thereof, `
<br /> }y and Borrower shall prompdy fumish to Lender all renewal notices and all receipts of paid premiums. In the event of loss,
<br /> t; Borrower shal! give prompt notice to ffie insurance carrier and Lender. Lender may make proof of loss if not made promptly +
<br /> by Bottower.
<br /> Unlesa Lrnder and Boaower otherwisc agree in writing, insurance proceeds shall be applied to restoration or repair of '
<br /> � the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is
<br /> not thereby impaired. If such rcstora[ion or repair is not economically feasible or if the security of this Mortgage would
<br /> be impaired, the insurance procxds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid
<br /> to Borrowec If t6e Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
<br /> date notice is mailed by Leader to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender
<br /> is ant6oriud to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
<br /> or to the sums secured by this Mortgage.
<br /> Unless I.ender aad Borrower otherwise agree in writing, any such application of proceeds to principal shatl not extend . . �
<br /> or postpone the due dau of the monthly instatlments referred to in paragraphs 1 aad 2 hereof or change the amount of
<br /> such installmenu. If under paragraph I8 hereof the Property is acquired by Lender, alI right, tiUe and interest of Borrower
<br /> � in and to any insurance policies and in and to the proceeds thereof resulting from damage to ffie Property prior to the sale
<br /> or acquisition shall pass to L.ender to the extent of the sums secured by this Mortgage immediately prior to such sale or
<br /> acquisition.
<br /> � 6. PreeervsHon aod Maintenance of Properiy; Leaseholds; Condominiums; Ptanned Unit Developments. Borrower
<br /> € s6ali keep the Property in good repair and s6all not commit waste or permit impairment or deterioration of the Property
<br /> I; and ahall comply with the provisions of aay lesse if this Mortgage is on a Ieasehold. If this Mortgage is on a unit in a
<br /> � condominium or aplanned unit development, Borrower shall perform all of Borrower's obligations under the declaration
<br /> or covenants creating or goveming the condominium or planned unit development, the by-laws and regulations of the �
<br /> condominium or planned unit development, and constituent documeats. If a condominium or planned unit development
<br /> rider is executed by Borrower and recorded together with this Mortgage, the covenaats aad agreements of such rider _ � ;
<br /> ahell be incorporated into aud s6all amend and supplement the covenants and agreements of this Mortgage as if the rider -
<br /> were a part hereoE
<br /> 7. Protection ot Lender's Secodty. ]f Borrower fails to perform the covenants and agreements contained in this � Y �
<br /> � �' Mortgage, or if any acUon or proceediag is commenced which materially aHects Lender's interest in the Property, �, ; „
<br /> � - including, but not 'limited to, ' etninent domain, insolvency, codd enforcement, or arrangemenu or proceedings involving a �'�e. '-
<br /> �. .ban]Qupt or decedent, theri-.Leuder �at� I.ender's .option, upon. notice to Borcower, may make such appearances, disbucse such � ��
<br /> suma and' take such acCioa ac is aecessacy to protect Lender's interest, including, but not limited to, disbuisement of �, : ` ,-.;.'
<br /> reasonable attocaey's faea and entsy upon ffie Propetty to make repairs. If Lender required mortgage insurance as a � . „ ��
<br /> condition of msking the loan secuted by thia Mortgage, Borrower shall pay Lhc premiums required to maintain siich ' "�` � "
<br /> � i�uraace ia effect uatil such time as t6e requiremeni for such insurance terminates in accordance with Borrower's and
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