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� - - I � Uxrnonrs Cove�veN�rs. Borrower and Lender covenant and agree as follows: L Psymwt ot Prioclpal aod Intercst. Borrower ahall promptly pay when due the principal of and interest on the indebtedncsa evidenced by t6e Note, prepayment and late charges as provided in the Note, and the principal of and interest on any Futuro Advancu secured by this Mortgage. ' r 2. Pbnds for Taes and Iowrance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay t to Lender on the day monthly installments of priocipal and interest are payable under the Note, until the No1e is paid in full, ' a sum (herein "Funds") equal to one-twelfth of the yeady taxes and assessments which may attain prioriry over this Mortgage, and ground rents on t6e Property, if any, plus ono-twelfth of yearly premium installments for hazard insurance. plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated ini[ially and from � 6me to time by Lender on the basis of assessments and bills and reasonable estimates thereof. +--) The Funds shall be held in an institution the deposits or accounts of which aro insured or guaranteed by a Federal or �. state agency (including Lender if Lender is such an institution) . Lender shall appty the Funds to pay said tazes, assessments, � insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account, � - or verifying and wmpiling said assessments and bills, unlexv Leader pays Borrower interest on ffie Funds and applicable law � permits I.ender to make such a charge. Bonower and Lender may agree in writing at the time of uecution of this Mortgage that interest on the Funds shall be paid to Borcower, and unless suc6 agreement is made or applicable law reqvira such in[eres[ [o be paid, Lender shal( not be required to pay Borrower any interest or earnings on the Funds. Lender � s6all give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the � purpose for which each debit to the Funds was made. The Funds are pledged as additional securiry for the sums secured by ffiis Mortgage. If the amount of the Funds held by L.ender, together with the future monthly installments of Funds payable prior to t6e due dates of taxes, assessments, insurance premiums and ground rents, shall ezceed the amount required to pay said taxes, assesamrnts, insurance premiums and ground renu as they fatl due, such excess shall be, at Borrower s option, either prompdy repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents aa they fall due, Borrower s6a11 pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting' payment thereof. Upon payment in fult of all sums secured by this Mortgage, Lender shall prompdy rofund to Borrower any Funds held by L.endec If under pazagraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender ; ( shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of app7ication as a credit against the sums secured by this Mortgage. 3. Applicatloo of Payments. Unless applicable law provides otherwise, all payments received by L.ender under the Note and paragraphs 1 and 2 6ereof shall be applied by Lender fint in payment of amounts payable to Lender by Borrower ! under paragraph 2 hereof, then to interest payable on the Note, then ro the principat of the Note, and ihen to interest and �; principal on any Future Advances. � ', 4. Chargea; Ue�, Borrower shall pay all taxes, assessments and other charges, fioes and impositiorts attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner {, provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making paymeot, whrn due, directly to the ; payce thereof. Borrower s6a11 promptty fumish to Lender all nodces of amounts due under this paragraph, aod in the event ��' Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall prompdy disc6arge any lien which has priority over this Mortgage; provided, that Borrower shalt not be �'' required to diuharge aay such lien so long as Borrower shall agree in writing to the payment of the obligation secured by ' such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforeement of such lien in, ' legal proccedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereoE { S. Haaard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured '�� ' �; against loss by fire, hazatds included within the term "extended coverage', and such other hazards as Lender may require t; and in sach amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of ' = such coverage exceed that amount of coverage required to pay the sums secumd by this Mortgage. '¢} The insurance carrier providing the iasurance shall be chosen by Borrower subject to approval by Lender: provided, � that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcUy to the t insurance carria. All insutance policies and renewals theroof shall be in form acceptable to Lender and shall indude a standard mortgage � clause in favor of and in form acceptable to L.ender. I.ender shall have thc right to hold the policies and renewals thereof, � and Borrower shall promptly furnish to L.ender all renewal notices and all receipts of paid prcmiums. In the event of loss, �; Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. ,� Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the sewrity of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would ii be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the ji da[e notice is mailed by I,ender to Boaower that the insurance carrier offers to settle a claim for insurance benefits, Lender ` is auffiorized to collect and apply the insurance proceeds at Lender's option eit6er to restora�ion or repair of the Property , r or to the sums secured by this Mortgaga � Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments. If under pazagraph l8 hereof the Property is acquired by Lender, all right, tiUe and interest of Borrower � in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale , �' or acquisition shall pass to I.ender to the eactent of the sums secured by this Mortgage immediately prior to such sale or ; acquisition. , ' � 6. Peeserva8on and Maiatenance of Property; Leasehotds; Condominiums; Planned Unit Developments. Borrower �, shaU keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Properry and shall comply with t2�e provisions of any lease if ffiis Mortgage is on a leasehold. If this Mortgage is on a unit in a s condominium or a planned unit development, Borrower shall perform alt of Borrower s obligations under the declazation a � or 'covenants creating or governing the condominium or planned unit devclopment, the by-laws and regulations of the condominium or planaed unit development, and constituen2 documents. If a condominium or planned unit development .r�� ` ' ''� ' tider is executed by Bortower and recorded together with this Mortgage, the covenants and agreements of such rider '"`�_"" � ' t. ahall be. incorporated into and shali amend and supplcment the covenants and agceemenu of this Mortgage as if the rider wen a part:heteo� � :" - .*� Y < 7. Protectlon 'of LendePs Secudty. If Bonower faiLs to perform the covenants and agreements contained in this ' " j" Mortgage, or if, ady action or proceediag � commenced which materially affects Leader's interest in the Property, !` "y ` idcluding,' but not limited to, eminent domain, insolvenry, code entorcement, or azrangements or proceedings involving a j ` -� bankrupt or decedent; then Lender at Lendec's option, upon notice to Borrower, may make such appearances, disburse such .,,! " I =, �,�� aums and takg auch action a� is necessary to protxt L,enders interest, inciuding, but not limited to, d'ubursement of � reeaonable attomey's feea and entry upon the Property to make repain. If Leadcr requircd mortgagc insurance as a ' conditioa of makiag'the loan secured by this Mortgage, Borrower shall pay the premiums requircd to maintain such . :, ineurance in eHect until suc6 time as the requirement for such insurance terminates in accordance with Borrower s and ' j ,. t �;. . ;