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<br /> ' 78-- 002341.
<br /> UNrnoxai Cov�axwNrs. Borrower and Lender coveaanc and agrce as follows: '
<br /> i1. Payment of Prindpal and Interest. Borrower shall promptly pay when due tfie principat of and interest on the
<br /> indebtedneaa evidenced by the Note, prepaymmt and late charges as provided in the Note, and the principal of and intercst
<br /> � oa any Future Advances aecured by this Mortgaga + 1
<br /> 2. Fonds tor Tsa and Iosorance. Subject to applicable law or to a written waiver by Lender, Bonower shall pay � ' ,l
<br /> to Lender on the day monthly installments of pcincipal and interest are payable under the Note, until the Note is paid in full, �
<br /> � a sam (herein "Funds") equal to one-twelfth of the yearly taxu and assessrnents which may attain prioriry over this
<br /> Mortgage, and ground nnts on the Property, if any, plus one-twelfth of yearly premium installmenu for hazard insnrance,
<br /> : • plus ono-twelfth of yearly premium installments for moRgage insurance, if any, all as reasonably estimated initially and from M _
<br /> � time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. ';
<br /> � The Funds shall be held in an institution the deposiu or accounu of which are insured or guaranued by a Federal or �
<br /> , state agency (including Lender if Lender is such an institution) . Lmder shall apply the Funds to pay said taxes, assessments, `
<br /> ; j insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account, !' .
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<br /> t or verifying and compiting said assusments and bills, unless Lender pays Borrower interest on the Funds and applicable law �
<br /> Zpermits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this �-
<br /> � Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicablc !aw �
<br /> 1 requircs such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender �:
<br /> ' s6atl give to Bonower, without charge, an annual accounting of the Funds showing credits and debits to the Fands and the
<br /> i purpose for which each debit to the Funds was made. T6e Funds are pledged az additional security for the sums secured
<br /> -} by ffiis Mortgage. ��" �
<br /> � If the amount of the Funds held by Lender, together with the future monthly instaltments of Funds payable prior to p
<br /> the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br /> asseasments, insurance premiums and ground renu as they fall due, such excess shalt be, at Borrower's option, either ;
<br /> , � prompUy repaid to Borrower or credited to Borrower on monthly installmenu of Funds. If the amount of the Funds
<br /> , � held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, y
<br /> , � Borrower shall pay to Lender any amount oecessary to make up the deficiency within 30 days from the dete notice is mailed };
<br /> , by Lender to Borrower requesting' payment thereof. r
<br /> 4 Upon payment in full of all sums secured by this Mortgage. Lender shall promptly refund to Borrower any Funds t
<br /> s held by Lender. If under paragraph 18 hereof the Property is sold or the Properry is otherwise acquired by Lender, Lender �
<br /> E shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by
<br /> r L.ender at the time of application as a cndit against the sums sewred by this Mortgage. C
<br /> � 3. Appllcatlon of Paymeats. Unless applicable law provides otherwise, aIl payments received by Lender under the �
<br /> � Note and paragraphs I and 2 hereof shal! be applied by Lender first in payment of amounu payable to Lender by Borrower � � -
<br /> � under paragraph 2 hereof, [hen to interest payable on the Note, then to the principal of the Note, and then to interest and
<br /> principat on any Future Advances.
<br /> 4. C6arges; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributabl� to E _
<br /> � t6e Property which may attain a priority over this Mongage, and leasehold payments or ground rents, if any, in the maaner i
<br /> � provided under patagraph 2 hereof or, if not paid in such manner, by Borrower making payment, whm due, direcfly to the �
<br /> payee thereof. Borrower shall prompdy fumish to Lender all notices of amounts due under this paragraph, and in the event f
<br /> Borrower shall make payment directly, Borrower shall promptly fumish to Lender receipts evidencing such psyments. i
<br /> Borrower shall prompt[y discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be � �
<br /> � � required to discbarge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by
<br /> suoh lien in a manner acceptable to Lender, or shall in good faith contest such tien by, or defend enforcement of such lien in,
<br /> legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thenof. F
<br /> fS. Hamrd Insurance. Borrower shall kup the improvements now existing or hereafter erected on the Properiy insured t
<br /> i against loss by Sm, hazards included within the term "extended coverage", and such other hazards as I.ender may require �
<br /> aad in such amouots and for such periods as Lender may require; provided, that Lender shall not require that the amount of �
<br /> such coverage exceed t6at amount of coverage required to pay the sums sewred by this Mortgage. � .
<br /> The insurance carrier providing the insurance shall be chosen by Bonower subject to approval by I.ender, provided,
<br /> that such apptova! shall not be unreasonably withheld. All premiums on insurance policies shalt be paid in the manner 4
<br /> provided under paragraph 2 hereof or, if not paid in such manneq by Borrower making payment, when due, direcUy to the �
<br /> insurance carrier. t
<br /> All insurance policies and renewats thereof shall be in form acceptable to Londer and shall include a standard mortgage f
<br /> dause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, f
<br /> aad Borrower shall prompUy fumiah to Lender all renewal notices and all receipts of paid premiums. In the event of loss. }
<br /> Borrower shall give prompt aotice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
<br /> by Borrower.
<br /> Unlesa Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of I
<br /> the Property damaged, provided such restoration or repair is economically feasible and the security of this MoRgage is
<br /> cot t2iereby impaired. Jf such restoration or repair is not economically feasible or if the security of this Mortgage would �
<br /> ' ' be impaired, the insuraace proceeds sha:l be applied to the sums sewrod by this Mortgage, with the excess, if any, paid
<br /> � to Horrowe�. 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 insurance benefits, Lender
<br /> � is authoriud 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 Mongage.
<br /> Unless I.ender and Borrower otherwise agree in writing, any such application of proceods to principal shall not extend
<br /> or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of
<br /> such installmeub. If under paragraph 18 hereof the Property is acquired by Leader, all right, tiQe and interest of Borrower
<br /> ia and to any insurance policies aad in and to the proceeds thereof resulting frorn damage to the Property prior to the sale
<br /> or acquisition shall pass to L.ender to the exteat of the sums secured by this Mortgage imrnediately prior to such sale or
<br /> ,. 1 acquisition.
<br /> , i 6. Preaerva8on aud Maintenance of Property; Leaseholdg; Condominiums; Planned Unit Developments. Borrower
<br /> � s6all keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Praperty
<br /> aad shall comply with [he provisions of any lease if this Mortgage is on a leasehuld. If this Mongage is on a unit in a
<br /> condominium or a planned unit development, Borrower shall perform all of Borrower s obligations under the declaration
<br /> or covenants creating or goveraing the condominium or planned unit developmenG the by-laws and regulations of the
<br /> condominium or planned unit development, and constituent documents. If a condominium or planned unit development
<br /> rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider
<br /> � �. ,
<br /> ahalt 6e inwrporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider �
<br /> wece. a part hereof.
<br /> � s 7. , ' Proteetion of Lender's Security. If Borrower fails to perform the covenants and agrecments contained in this � � �
<br /> fi ; , Mortgage, or if any actioa ' or proceeding u commenced which materially affects Lender's intemt in the Property, ` ;. ; ; "
<br /> ap. irialuding, birt not limited to, eminrnt domaia'; insolvency, code rnforcement, or arrangemeats or proceedings involving a � '.: 's� "
<br /> �` baalavpt or decedeot, Uaen Lender at I.endePs option, upon notice to Borrower, may make such appearances, d'uburse such ;'4' ' t �
<br /> ' ' sum.s and, fake auch : action as is necessary to protect Lender s interest, including, but not limited to, disbursement of " � >, ��` +
<br /> " � ' zeasamable attorney'a foea and eatry upon the Property to make repairs. If Lender required -mortgage insurance as a , r '''�`
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<br /> - � condition of making the loan xcurcd by thia Mortgage, Borrower shall pay the premiurns required to maintain snch
<br /> � insnrance Ia eHat tmtil sueh time aa the requitement for such insurance terminates in accordance with Borrower s ac�d
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