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<br /> � 70_� VO � � a7 � . . . . .
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<br /> ; Uxu+oteM CovertwNrs. Borrower and Lender covenant and agree as foilows:
<br /> ' L Pay'ment at P=indpa! sad Lst=resL Borrower shali prompNy pay when due the principal of and interest on the
<br /> � indebtednms evidenced by the Note, pnpayment and tate charges as provided in the Note, and the principat of and interest
<br /> � on any Future Advances secured by this Mortgage. 7
<br /> � 2. Fnnds for Tazes sad Insurauce. Subject to applicable law or to a written waiver by Lender, Boaower shall pay
<br /> to I.ender on the day monthly instatlments of principal and interest are payable under the Note, until the Note is paid in full,
<br /> a awa (herein "Funde'7 equai to ono-twelfth of the yearly taxes and assessmenu which may attain priority over this
<br /> � Mortgage, and ground ronta on the Property, if any, plus ono-twelfth of yearly premium installments for haTard insurance, �
<br /> j plus one-twelfth of yearly premium instaliments for mortgage ins�rance, if any, all as reasonably estimated initiatly and from
<br /> time to 6me by Lender on the basis of assessments and bilis and reasonable estimates thereof.
<br /> The Funds shall be held in an institution 1he deposiu or accounts of which are insured or guaranteed by a Federal or
<br /> � stau agency (including I.ender ifI.ender is such an institution) . Lender shall appty thc Funds to pay said taxes, assessments,
<br /> insurance promiums and graund nnu. Lender may not charge for so holding and applying the Funds, analyzing said account,
<br /> or verifying and compiling said assusments and bills, unless Leoder pays Borrower interest on the Funds and applicable law
<br /> 'i permits L.ender to make such a charge. Borrower and Lender may agree in writing at the ume of execution of this ;
<br /> � Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law �
<br /> requirrs such interest !o be paid, Lender shal! not be required to pay Borrower any interest or eamings oa the Funds. Lender
<br /> shalt give to Borrower, without c6arge, an annual accounting of the Funds showing credits and debiu to the Funds and the
<br /> � purpose for which each debit to the Funds was made. The Funds are pledged az additional security for the sums secured
<br /> by this Mortgagc. ;
<br /> j If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to
<br /> the due data of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxa, i
<br /> ; i assessments, iasurance premiums and ground rents as they fall due, such excess shall be, at Borrower s option, either
<br /> promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funda
<br /> ' � held by 1.eoder shall not be suHicient to pay taxes, assessments, insucance promiums and ground rents as they fall due,
<br /> } Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
<br /> � by I.ender ro Borrower requesting' payment thereof.
<br /> Upoa payment in full of all sums secured by this Mortgage, Lender shalt promptly refund to Borrower aay Funds j
<br /> ' = held by L.endea If under pazagraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender �
<br /> s6all apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by :
<br /> ? Lender at the time of application as a credit against the sums secured by this Mortgage. '
<br /> � 3. Appllcation of Paymeats. Unless applicable law provides otherwise, all payments received by Lender under the _,
<br /> 3 Note and paragrap6s 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lend'er by Borsower �
<br /> i under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and [hen to interest and
<br /> principal on any Future Advances. ''
<br /> � 4. Charges; Liens Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to �
<br /> � 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, direcdy to the
<br /> � payee thereof. Borrowes shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event
<br /> Borrower shall make payment directly, Borrower shall promptly furnish co Lender receipts evidencing suc6 payments.
<br /> Borrower shall promptty discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be
<br /> �{ required to discharge any such lien so long as Borrower shall agree in writiog to the payment of the obligation secured by i �
<br /> { such lien in a manner acceptable to I.euder, or shall in good faith contest such lien by, or defend enforcement of such Iien in, A
<br /> ! legal proeeedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. �
<br /> ', � 5. Hazard Insurance. Borrawer st�atl keep the improvements now existing or hereafter erected on the Propetty insuced ; ,, = �
<br /> i against loss by Sre, hazards included within the term "extended coverage^, and such other hazards as Lender may requiro � `'
<br /> � and in such amounts and for such periods as Lender ma� require; provided, that Lender shalt not require that the amount of
<br /> such coverage excced that amount of coverage required to pay the sums secured by this Mortgnge. :
<br /> � The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, ;
<br /> F that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
<br /> � ptovided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcUy to the
<br /> � ➢��•�„re carrier. i
<br /> � All iasurance polides and renewals thereof shall be in form acceptable to Lender and shatl include a standard mortgage �
<br /> ' � clause in favor of and in form acceptable to I.ender. Lender shall have the right to hold the policies and renewats thereof, r
<br /> and Borrower shall promptly furnish to I.ender all renewal notices and aIl receipts of paid premiums. In the eveat of loss.
<br /> Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
<br /> � by Bonower.
<br /> � Unless Lender and Borrower otherwise agree in writing, insurance pcoceeds shalt be applied to restoration or repair of
<br /> the Property damaged, provided such nstoration or repair is economically feasible and the security of this Mortgage is
<br /> � not thereby impaired. If such restoration or repair is not economicalty feasible or if the security of this Mortgage would
<br /> be impaind, t6e insuraace procxds shall be applied to the sums secured by this Mortgage, with the ezcess, if any, paid
<br /> �. to Borrower. If the Property is abandoned by Borcower, or if Borrower fails to respond to Lender within 30 days from the
<br /> jdate noUce is mailed by I.ender to Horrower that the insurance canier offers to setde a claim for insurance benefits, L.ender
<br /> � is authorized to collcet and apply the insurance proceeds at Lender's option either to restoradon or ropair of the Property
<br /> or to the sums secured by this Mortgage.
<br /> Unless I.ender snd Borrower othezwise agree in writing, any such applieation of proceeds to principal shatl not extend
<br /> - � or postpone the due date of the monthly installments refured to in paragraphs t and 2 hereof or change the amount of
<br /> � such installmenu. If under paragrap6 18 hereof the Property is acquired by Lender, aIl right, tiUe and interest of Borrower
<br /> in and to any insurance poticies and in and to the proceeds thereof resulting from damage to the Property prior to the sale
<br /> oracquisition shalt pass W Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
<br /> � acqniaition.
<br /> 6. Prnervatlon aad Maintenance of Property; Leaveholds; Condominiums; Planned Unit Developmeats. Borrower
<br /> , � shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Properry
<br /> S and shall comply with the provisiona of any lease if this Mortgage is on a leasehold. If this Mongage is on a unit in a
<br /> � condominium or a plauned unit development, Borrower shall perform all of Borrower's obligations under the declaration
<br /> I or covenanta creating or governing tix condominium or planned unit development, the bydaws and ngulations of the
<br /> condomiaium or plenned unit development, and constituent documents. If a condominium or p�anned unit development �L._ -
<br /> rider is executed by Borrower and raorded together with this Mortgage, the covenants and agrcements af such rider �
<br /> J ahatl be incocporated into and shall amend and sapplement the covenants aad agreements of this Mortgage as if the rider z
<br /> �'� wue a part'hereof., . I
<br /> 9. ProtecNon ' of Lender's Secarily. If �orrower fails to perform the coveaants and agreemenu contained in this �` � � �
<br /> „� IVtongage, 'or if any action or proceeding is commenced which materisily affects Lender's interest in the Propeny, ±�^
<br /> ! � including, but not liputed to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a � y
<br /> bankrap[ or decedent, tl�en Lender at Leuder's option, upon notice to Borrower, may make such appearancu, disburse such +� ' ';{� �,
<br /> • sums and take such action as is nexuary to protect I.ender s interest. including, but not limited to, disbursement of ��« � ,� :�•�
<br /> , s ressonable attorney's fees and entry upon the Property to make repairs. If Lsnder required mongage insurance as a
<br /> C ' 9 condition of maldng t�e loan secured by this Mortgage, Borrower shall pay the premiums requirod to maintain such
<br /> t iasuranx in effect until such time as the requ'uement for such insurance terminates in accordence with Borrower s and
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