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<br /> �s-#� U2732 .
<br /> Utvn+oxM CovatveNrs. Borrower and Lender covenant and agree as followsc
<br /> � 1. Paymeat ot Prin
<br /> ctpal aed Interest. Borrowet shall promptly pay when duc the principal of and interest on the
<br /> ; indebtedneas evidenced by the Note, propaymen[ and late charges as previded in tlie Note, and the principal of and intemt
<br /> on any Futuro Advances ucured by this Mortgaga
<br /> 2. Fonds lor Tues and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay �
<br /> j to I.ender on the day monthly installments of principai and interest are payable under the Note, untit the Note is paid in futl.
<br /> � a sum (herein "Funda") equal to one-twelfth of the yearly taxes and assessments which tnay attain prioriry over this
<br /> Mortgage, and ground ;ents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance,
<br /> plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from
<br /> time to time by L.ender on the basis of assessments and bills and reasonabJe estimates thereof.
<br /> The Funds shall be held in an institution the 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 s6a11 apply the Funds to pay said taxes, assessments,
<br /> insurance premiums aad ground rents. Lender may not charge for so holding sod applying the Funds, analyzing said account,
<br /> or verifyiag and compiling said assessmenis and bills, unless Lender pays Bonower interest on the Funds and applicable Iaw
<br /> �� ' permits I,ender to make such a charge. Borrower and I.ender 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 agreemmt is made or applicable law
<br /> requires such interest to be paid, Lender shall not be required to pay Borrower any interest or eamings on the Funds. Lender
<br /> } , shall give to Borrower, without charge, an annual accounting of the Funds showi�g crediu and debits to the Funds and the
<br /> � purpose for which each debit to the Funds was made. 'ILe Funds are pledged as additiona[ security for the sums secured
<br /> � •, by this Mortgage.
<br /> If the amount of the Funds held by Lender, together with the future monthly instaliments of Funds payable prio� to
<br /> j ; the due dates of taxes, assessments, insurance premiums and ground renu, shall exceed the amount required to pay said taxes,
<br /> i : aasessments, insurance premiums and ground renis as they fall due, such excess shall be, at Borrower's option, eit6cr
<br /> j ; prompfly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
<br /> ihdd by Leoder shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due,
<br /> .} Bocrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date noticejs mailed
<br /> 3 by I.eader to Borrower requesting' payment t6ereof.
<br /> � Upon paymeat in full of all sums securod by this Mortgage, Lender shall promptly refund to Borrower any Funds
<br /> � held by L.ender. If under paragraph 1S hereof the Property is sold or the Property is otherwise acquired by l.ender, Lender
<br /> s6ell apply, no later than iromediately prior to the sale of the Property or its acquisition by I.ender, any Funds held by
<br /> Lender at the time of appGcation as a credit against the sums secured by this Mortgage.
<br /> � !, 3. A licatton of P pp ' provides otherwise, all
<br /> pp ayments. Unless a licable law payments received by Lender under the ;
<br /> ' Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
<br /> under paragraph 2 hereof, then to interest payable on the No�e, then to the principal of the Note, and then to interest and
<br /> ' principal on any Future Advances, '
<br /> " 4. es• Lieos. Borrower shall
<br /> � ; CLarg , pay all taxes, assessments and other charges, fines and impositions attributable to
<br /> y; the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner
<br /> �� provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
<br /> payee thereof. Borrower shall prompdy furnish to Lender all nodces of amounu due under this paragraph, and in the event
<br /> ' Borrower shall make payment direcNy, Borrower shall promptly fumish to Lender roceipts evidencing such payments. <'
<br /> ' Borrower shall rom U dischar p y g ge; provided, that Borrower shall not be i'
<br /> ir p p y ge any lien which has riorit over this Mort a _
<br /> �; required to discharge any such lien so long as Borrower shall agree in writing to the payment of the ob►igation securcd by �.:
<br /> such liea in a manner acceptable to Lender, or shall in good faith contest such lien by, or defead enforcement of such Uen in, '.
<br /> �� legal proceedings which operate to preveat the enforcement of the Iien or forfeiture of the Propeny or any part thereof.
<br /> # 5. Hazsrd I�orance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured ' '
<br /> I( against loss by Sre, hazards included within the term "extrnded coverage", and such other hazards as Lender may require � +'
<br /> !I and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of
<br /> >i such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage.
<br /> '' 'Ibe inaurance carrier rovidin the insurance shalt be chosen b Borrower sub'cet to a
<br /> �` that such a P B Y 1 PProval by Lender, provided,
<br /> �,� pproval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
<br /> provided uader paragraph 2 hereof or, if not paid in such manuer, by Sorrower making payment, when due, direcUy to the
<br /> insuraax carrier. , .n
<br /> ��j All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
<br /> ; ; clause in favor of and in form acoeptabie to I.ender. Lender shall have the right to hold the policies and renewals thereof.
<br /> ; � and Borrower shall prompfly furniah to L.ender all renewal notices and all receipts of paid premiums. In the event of loss,
<br /> y Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
<br /> by Bonowec
<br /> � Unlcss Lender and Borrower otherwise agrce 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 unpaired. If such restoration ot repair is not economically feasible or if the security of this Mortgage would
<br /> be impaired, the insurance proceeds shall be applied to the sums xcured by this Mortgage, with the excess, if any, paid
<br /> � to Boaower. 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, L.ender
<br /> � is authorized to collect and apply ihe insurance proceeds at Lender's option either to restoration or repair of the Property
<br /> �$i or to the sums securul by this Mortgage.
<br /> Unless Lender and Borrower otherwise agree in writing, any such apptication of proceeds to principal shall not extend
<br /> �• or postpone the due date of the monthly iostallments referred to in paragraphs I and 2 hereof ar change the amount of
<br /> � such instaltments. If under paragraph 18 hereof the Property is acquired by I.ender, all right, tiUe and interest of Borrower
<br /> �i in and to any insurance policies and in and ro the proceeds thereof resulting from damage to the Property prior to the sale
<br /> -; � or acquisition ahall pass to Leader to the exteat of the sums secured by this Mortgage immediately prior to such sale or
<br /> acquiaition_
<br /> 6. P�eservaHon and Malntenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower
<br /> shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property
<br /> and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage 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 governing the condominium or planned unit devdopment, the by-laws and regulations of the
<br /> condominium or planned unit developmen[, and constituent documents. If a condominium or planned unit developmcnt
<br /> rider is' executed by Barrower and ncorded together with this Mortgagc, the covenants and agreements of such rider
<br /> t'' s6a11 ba incorporated into end shall amend aod supplement the covenants and agreements of this Mortgage as if the rider -^ �'- �
<br /> were a part hereof. „�
<br /> , 7. Protection . o[ I.ende�s Security. If Bortower fails to perform the covenants and agreemenu contained in this � ,'
<br /> Mortgage; or if any : action or proceeding is commenced which materially aHxts Lender's interest in the Property, q ' ;
<br /> , inc�uding, but not limiCed to, ;aninent domain! iosolvency, code enforcement, or arrangemmts or proceedings involving a
<br /> *;' bankrupt or decedeat, �en Lender:at Leader's option, upon notice to Bonoweq may make such appearances, disburse such > ` s
<br /> ;; suma aad take such action as is nwessary to protecf Lender's interat, including, but aot limited to, disbursement of S `" '' ..r .�
<br /> reaaonablc attome 's feea and en
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<br /> y ay upon the Property to make repairs. If Lender required mortgage insurancc as a ,,, , , ;�'�
<br /> -„ . coadition of ,malcing tlaa loan . xcured by tdia Mortgage, Borrower shall pay the premiams nquired to maintain such `
<br /> ' inaurance in effect unp'1 such dme as the requirement for such insurance terminates in accordance with Bornower's and
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