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<br /> 7� 002049
<br /> UrrrnottM Covarrwrirs. Borrower and Lender covenant a�d agrec u tbllows:
<br /> i 1, Payment o( Princlprl wnd lnhrest. Borrower stiall prompcly pay when due the principal of and interest on the ,
<br /> indebtedneas evidenced by fhe I*iote, prepayment and late charges as ptovided in the Note, and the principal of and interest
<br /> � on aay Fature Advances seeured by ;his Mortgagc. �
<br /> 2. Fmd� /or Tup aad �nreueanee. Subjecc to applicable law or to a written waiver by T.ender, Borrawer shall pag
<br /> to L.ender oa the day moathty imtallments of principal and interest are paysble under the Note, until thc Note is paid in full;
<br /> ! a 4um (herein "Fuqds") equal to one-twelfth af Che ytady taxes and asYessments which suay stt3in priority over fhis
<br /> TNorRgage; nnd graund rehts on tbe Property, if any, pius one-twtihh of qesrly premium instaliments for k�azard insurance,
<br /> ' a plus one-Cwelfth df yearly przmium instaliments for mortgage insuranca, if an,y, all as reasonably estimattd initially snd from
<br /> ` time to Nme by I.ender on the basis of assessments and bills and reasonable esYimates thereof.
<br /> ; The Fuads st�all be held ,im m� insCitution the deposits qr accouats oE whieh are insared or guaranteed by a Fedetal or
<br /> ; 3 state agency Cincluding Lender if Lender is such an inatituxion) - Lendea shatlt apply the Funds to pay said tax'es, assessments.
<br /> � insucance premituns apd g�ound rents. Lender may not charge far so hotding and applying the Funds, analyzing said ac�ount,
<br /> or verifying and aompilietg 3aid assrssments and bills, unless Lender pays @orrowor interest on t6e Funds and appticable law
<br /> permits Lender to make such a charge. 8orrower and Lender may agroe in writing at the time of execution of this
<br /> Mor[gage that interest on tha Funds shall be paid tb Borrower, and unless such agreemenc is made or applicable law
<br /> ` � nquires such interuC ta be paid, Zender shalf n�t be required tn pay Borrower any inmrese ar earnings on ths Sunds. Le�der
<br /> ; s.hal2 giva to Bocrower, withnut charge, an annuat acc�unting of thc Funds shawing eredits and debits fo the Funds and fhe
<br /> � purpou far whech each debit to the F'unds was made. The Funds are pledged as add'itional security for the sums secured t
<br /> � by th,is Mortgage.
<br /> J If the amount of the Funds held by Lender. 1ogether with the future monCh►y installments oE Furtds payable prior to
<br /> � Rhe due dates of taxu, atssessmenu, inaurance premiums and ground rents, shall exceed che amount requited to pay said taxes,
<br /> assessments, insuraq¢e premaumg and ground rents as they fall due, such excess shall be, at Borrower's optian, either
<br /> gromp8y repaid to �otrower or credited to Borrpwer an monthly installments ot Funds. If ihe amount af the Funds i
<br /> � held by Lender shall not 6e su�cient to pay taxos, assessmencs, insurance premiums anel ground renRs as they fall due, °
<br /> ` � Borrower 8ha11 pay to Lender any amaunt necessary to make up the deficiencv wiehin 30 daqs from the date notice is mailsd
<br /> 5 by Leuder ta Horrower requesting' payment thereof. '
<br /> ' � Ilpoh payment in full of all sums secured by this Tvlortgage. Lender shall pro[nptly refund to Sorrower any Funda
<br /> ' i hald by I..ender. If under paragtaph 18 hereo� the P�opeety is sold or the Propa:cty is ocherwise acquired by Lender, Lender ;
<br /> � s,ha11 apply, no later than immediately priar to the sale of the Prbperty or its atquisition by Lender, any Funds held bp
<br /> I.ender at the time af application as a credie against the sums secured by this Mortgage..
<br /> 3. Application of Pqyments. Uniess applicable law pravides otherwise, all paymentx received by Lender under ihe
<br /> , i 2Vote aod paragraphs i and 2 hereof shali be applied by Lend4r first in payment of amounts payable to Lendgr by 8orrower
<br /> � under paragraph 2 heroof, the.n to interest payable pn the Note, chen ta ihe principal ot the Note, and then to interest and
<br /> principal on any Future Advances.
<br /> 4. Charges; Lk�. Borrower sha11 pay all taxes. assesiments and othar charges. fines and impositions atteibutable to
<br /> i t6e Property which may attain a priority over ohis Mungago, and leasehold, paymenu or ground rents, if any, in tht manutr
<br /> y provided under puragraph 2 hereof or, if not paid in such manner, by Sorrower making payment, when due, direcRly to t6e '
<br /> � payee thcreof_ Borrower shalf prompHp fumish to Lender gll notices of amounts due under this paragraph, and in the event i
<br /> Sorrower shall mako payment direcely, Horrower shall prompUy fumish co l.ender receipts eviden¢iqg sueh payments.
<br /> Borrower shall prompdy dischacge any lien which has priority ovet this Mpr;gage; provided, ehat Borrower shall not be f
<br /> requaCd to dischange any such lien so loag as $orrower shall agree in writing to the payment of Thc obligation secuted by
<br /> such lieu in a manner acceptable to Le�der, or shall in good faith contest such lien hy, or defend enforcement of such lian in,
<br /> legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. j
<br /> 5. Hazard Insurantt. Borrower shall keep the improvements now existing or hereafter erected on the Property insured �� � . . �
<br /> against loss by 5re, hazards inctuded within the term "extended coverage", and such other hazards as Lender may require '
<br /> and in such amounu and for such periods as Lender may require; provided, that Lender shall not require that the amount of �
<br /> such coverage exceed that amou�t of coverage required to pay the sums secured by this Mortgage.
<br /> T6o insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lrnder; provided ;
<br /> that such approval shall not be unreasonably withheld. All premiums on insurance policies shell be paid in the manner
<br /> , � provided under pazagraph 2 heroof or, if not paid in such manner, by Borrower making payment, when due, direcdy to the �
<br /> insurance carrier. �
<br /> All insurance policies and raiewats thereof shall be in form acceptable to Lender and shall include a standard mortgage
<br /> � clause in favor of and in form acceptable to L.ender. Lender shall have the right to hold the policiu and renewals thereof,
<br /> and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss,
<br /> � Borrower shall give prompt notice to the insurance carrier and L.ender. Lender may make proof of loss if not made promptly
<br /> by Borrower.
<br /> } Unless L.ender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoretion or repair of
<br /> f the Property damaged, provided such restoration or repair is economicalty feasible and the security of this Mortgage is
<br /> - � not thereby impaind. If such restoration or repair is not economically feasible or if the security of this Mortgage would
<br /> be impaired, t6e insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid
<br /> � to Borrawer. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
<br /> date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurancc benefits, Lender
<br /> is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of ttie Property
<br /> � or to t6e sums secured by this Mortgaga
<br /> Unless L.ender and Borrower othecwise agree in writing, any such application of proceeds to principal shall not extend
<br /> or poatpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
<br /> such installmenu. If under paragraph 18 hereof the Property is acquired by L.ender, aIl right, title and interest of Borrower
<br /> ia aad to any insurance policip and in and to the proceeds thereof resulting from damage to t6e Property prior to the sale
<br /> or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immedia�ety prior to such sale or
<br /> acquisition.
<br /> d6. Preservation and Matot�nance of PwpeRy; Lcaseholds; Condominiums; Plsnned Unit DevdopmeMs. Borrower
<br /> ;' � shatl keep ffie Property in good repair aad shatl not commit wasre or permit impairment or deterioraGon of We Property
<br /> and st�all comply with the provisioas of any lease if this Mortgagc is on a Ieaschold. I[ this Afortgage is on a unit in a
<br /> condominium or a planned unit development, Borrower shall perform all of Borrower s obligations under the dedaration
<br /> or toveaanu creating or governing the condominium or planned unit development, the by-Isws and regulations of the a
<br /> condominium or planaed unit development, and constituent documents. If a condominium or planned imit development _
<br /> rider is execuud by Borrower and recorded together wiffi this Morcgage, the covenants and agreements of such rider ,_ �}
<br /> shalt 6e incorporated into and shall amend, and supplemeat the covenants and agreements of this Mortgage as if the rider =�
<br /> � were s part hereof. �� � a' � � '�
<br /> ?. Protectlon o[: Lender's Secorlty. If Borrower fails to perform the covenants and agreements contained in this J ;: r
<br /> Mortgage, or if aay action or proceeding ic commenced which materially affects Lender's interest in the Property, ,' ; ,
<br /> including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ;
<br /> , ' � bankrupt or decedent; thm Lendcr at Lender's option, upon notece to Borrower, may make such appearances, disburse such ? f � > '
<br /> anms and take such action as is necessary to protect Lender s interest, induding, but no[ timited to, disbursement of " � ""' � �,
<br /> ,, ,; , r e a a onable atto m e y's feea and ent ry u p on the Pro p ert y to make re pairs. If L.ender r e quired mort ga ge insurance as a .'�.t` '
<br /> : k condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain s��ch
<br /> ii: '9 iasurance in eSect until such time as the requirement for such insurance terminates in acwcdance with Borrower's and
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