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<br /> � UNrnowK CovBxwrrrs. Borrower and Leader covenant and agree as follows: ;
<br /> L `Payment oEPdoctpal' and IMercsL Borrower shall promptly pay when due the principal of and interut o� the �
<br /> ; � indebtedness evidenced by the Note, pnpayment and late charges as provided in the Note, and thc principal of aad interest
<br /> on aay Futuro Advances aecured by this Mortgaga �
<br /> � 2. Fmdr for T�es and Imuraoce. Subject to appiicable law or to a written waiver by Lmder, Boaower shall pay t'
<br /> to I.eader on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full, '
<br /> a sam (herein "Funds'� equal ro one-twelfth of the yeady taxes and assessments which may attain priority over this t
<br /> � 'Mortgage, and ground rents on t6e Property, if any, plus one-twelfth of yearly premium installments for hazard insurance, ,
<br /> plus one-twdith of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from i
<br /> time to time by Leader on the basis of assessmenu and bills and reasonable estimates thereof. �
<br /> j ' The Funds shall be held in an iastitution the deposits or accounu of which are insured or guaranteed by a Federat or ' '
<br /> � state agency (including Lendet if Lender is such an institution) . Lender shall apply the Funds to pay said taxes, assessmenu, r
<br /> iasurancdpzemiums and ground renu. Lender may not charge for so holding and appiying the Funds, analyzing said account, �
<br /> or verifying and compiling said assessments and bills, unless Lender pays Bonower interest on the Funds and applicable law
<br /> permib Lender to make such a charge. Borrower and I,ender may agree in writing at the time of execution of this
<br /> Mortgage that inrerest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable Iaw
<br /> requires such interest to be paid, Lender shail not be required to pay Borrower any interest or eamings on the Funds. Lender v
<br /> shall give to Borrower, without charge, an annual acwunting of the Fuads showing credits and debits to the Funds and the f
<br /> purpose for which each debit to the Funds was made. The Funds are pledged as additional 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 prior to
<br /> the due dates of taxes, assessments, insurance premiums and ground rents, shaU exceed the amount required to pay said ta�ces, ;
<br /> 4 aaseasmrnts, insurance premiums and ground rents as they fali due, such excess shall be, at Borrower's option, either f'
<br /> { prompUy repaid to Borrower or credited to Borrower on monthly instaliments of Funds. If the amount of the Funds ;
<br /> held by Lender shatl not be sufficient to pay taxes, assessments, insurance premiums and ground renu 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 Lender to Borrower nquesting' payment thereof. #,
<br /> � Upon payment ia full of ail sums secured by this Mortgage, Lender shall promptly refund to Borrower arty Funds �
<br /> held by Lendec If under paragraph 18 hereof the Property is sold or the Properry is otherwise acquired by Lender, Lender M
<br /> ahell apply, no later than iramediately prior to the sale of the Property or its acquisition by Lender, any Funds held by � �
<br /> L.ender at the time of application as a credit against the sums secured by this Mortgage. a �� �
<br /> 3. AppLcation of Payments. Unless applicable law provides otherwise, all paymenu received by Lender under the ; � � -h
<br /> Note and paragraphs 1 and 2 heroof shall be applied by Lmder first in payment of amounts payable to Lender by Borrower P . ` ';, ''
<br /> under paragraph 2 hereof, then [o interest payable on the Note, then to the principat of the Note, and theo to interut and ,'•' �S
<br /> principal on any Future Advances. 9. ="
<br /> 4. C6a�ges; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to ° '«
<br /> the Property which may attain a prioriry over this Mortgage, and leasehold payments or ground rents, if any, in the manner 3 ,;, �
<br /> '� provided under para�aph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcdy to the ' 4
<br /> , payee ffiereof. Borrower shall promptly fumish to Lender atl nodces of amounu due under this paragraph, aad in the event i ' }�!
<br /> Horrower shall make paymrnt directly, Borrower shall prompNy fumish to Lender receipts evidencing such paymenss. ;�
<br /> Borrower shall promptly dischazge any lien which has priority over this Mortgage; provided, that Borrower shatl not be ' 'i
<br /> required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by ; ,s ':
<br /> such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, �
<br /> legal proceedings which operate to prevrnt the enforcement of the lien or forfeiture of the Property or any part thereof. �
<br /> 5. Ha�srd Iosarance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured �
<br /> agaiaatlosa by fin, hazards induded within the cerm "extended coverage", and such other hazards as Lender may require �
<br /> and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of
<br /> such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. t
<br /> The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lmder, provided, i
<br /> that such approval shall not be unreasonably withheld. All premiums on insurance policies shell be paid in the manner f
<br /> provided under paragrap6 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcdy to the
<br /> `insuranx cazrien
<br /> All insurance policies and renewals thereof shall be in fotm 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 policies and renewals thereof,
<br /> and Borrower shall promptly furnish to Lender all renewal notices and aIl receipts of paid premiums. In the event of loss, �
<br /> Borrower shall give prom�t notice to the iasurance canier and Lender. Lender may make proof of loss if not made promptly �
<br /> by Borrower. `
<br /> Unlees Lender aad Borrower otherwise agree in writing, insurance proceeds shal( 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 theteby impaired. If such restoration or npair is not economically feasibte or if the security of this Mortgage would ;
<br /> be impaired, the inaurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid
<br /> to Borrower_ If the Ptoperty 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 authorized to collxt and appty the insurance proceeds at Lender's option either to restoration or repair of the Property
<br /> or W the sums secured by this Mortgage.
<br /> Unless I.ender and Borrower oWerwise agrce in writing. any such application of proceeds to principal shall not extend
<br /> ot postpone the due date of the monthly instaltments referred to in paragraphs 1 and 2 hereof or change the amount of
<br /> such installments. If under pacagraph 18 hereof the Property is acquired by Lendcr, alt right, tide and interat of Borrower
<br /> in and to any insurance policies and in and to the proceeds thereof resu�ting from damage to the Propeny prior to the sate �
<br /> or acquisitlon shall pass to Lender to the extent of the sums secured by this Mortgage immediatety prior to such sale or
<br /> acquisiGon.
<br /> 6.; Pnservatlon and Maintenance of Propvty; Lease6old� Condominiums, Planned Unit Devdopments. Borrower
<br /> shall keep the Propecty in good repair and s6a11 not commit waste or permit impairment or deterioration of the Property
<br /> ,; and shall tomP1Y wit6 ffie provisions of any lease if this Morigage is on a leasehold. If this Mortgage is on a unit in a a
<br /> x , condominium or a planned unit devdopment, Borrower shail perform all of Borrower s obligauons under the declaration
<br /> e ° or covenants creating or. governing the coadominium or planned unit development, the by-taws and regulations of the
<br /> condominium or planaed unit development, and constituent documents. If a condominium or planned unit development
<br /> � ridet is executed by Borrower and recorded together with this Mortgage, the covenanu and agreements of such rider �� W , '
<br /> �''{ ' aliall be incorporated,iato aad shall amend and supplement she covenants and agrcemenu of this Mortgage as if the rider ^ '
<br /> t were a part hereaE - �k ' :'"
<br /> �"� 7 .ProheNon oE Le�ec's Secm•Ity. If�Borrower fails to perform t6e covenants and agreements contained in this � � ,;
<br /> v� Mortgage, or �f any, ac4oa or prooeeding is commenced which materially aHects Lender's interest in the Property, L '
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<br /> ,z aacludmg,'but not li�ted to, eminEnt domain, insolvency, code enforcement, or arrangements or proceedings involving a � � ''� '
<br /> ,� , banki�ipt or-decodm4 1Tien'Lender at Lender's option, upon aotice to Bocrower, roay make such appearances, disburse such �;' ' � '
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<br /> M� - .� - sums. and take arich :action aa: is necessary to protect Lender's interest, including, but not 1"united to, disbursement of �>:': . �•,�w<
<br /> �' reatooabte attomey's feq and entry upon the Pcoperty to- make rapairs. If Lender required mortgage insurance as a
<br /> � � cond"itioa of makiug tlu loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such
<br /> � msurance in eHect unL7 such time as tbe tequicement for such insuraace terminatw in accordance with Bornower's and
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