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<br /> �8-r ► r� 3 � 98
<br /> Ut�n+axnt CovsxeNrs. Borrower and Lendu covenant and agree as follows:
<br /> 1. . Psyment ob Piincipal and InferaA Borrower shail promptly pay when due the principal of and interest on the
<br /> indebtednesa evidepced by ttae Note, prepayment and late charges as provided in the Note, and the principal of and interest � � V
<br /> on . any Futuro Advaaces secured by this Mortgage. - �
<br /> " Z. Fantb tor Tases and Imo�ance. Subjat W applicable law or to a written waiver by Lendeq Borrower shall pay � '�'
<br /> , to Lender,on the day monthly instal)ments of principal and interesb are payable under the Note, until the Note is paid in full,
<br /> a tum (herein "Ftinda`q eqnaC to ono-twelfth of the yearly taxes and assessments which may attain priority over this ,
<br /> Mortgage,;and ground rents oa the Property, if any, plus one-twelfth of yearly premium installmenu for hazard insurance.
<br /> plua ono-twelfth of yearly premium' installments for mortgage insurance, if any, ali as reesonably estimated initially and from
<br /> time to time-by Lwder on Ux basis of assessments and bitls and reasonable es6mates thereof.
<br /> > The-Fands s6a11 be held in an institu4oa the deposits or accounts of which are insured or guaranteed by a Federal or
<br /> atate agency (including Lender if Lender is such an institution) . Lender shall apply the Funds to pay said taxes, assessments,
<br /> insurance pnmiums and ground nnts. Lender may not charge for so holding and applying the Funds, analyzing said account,
<br /> or verifying and compiling aaid essessments and bills, unless Lender pays Borrower interest on t6e Funds and applicable law
<br /> petmita L.ender to make such a aharge: $onower 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 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 Sive to Horrower, without charge, 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_ T'he Funds are pledged as additional security for the sums secured
<br /> by this Mortgage.
<br /> 7f the amount of the Funds held by Lender, together with the future monthly instaliments of Funds payable prior to
<br /> the duo dates of taxes, aasessmenb, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br /> asseasmenu, inaurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either - % '`
<br /> prompUy repaid to Borrowet or aredited to Borrower on monthly installments of Funds. If the amount of the Funds
<br /> held by Lender shall not be sufTcient to pay taxes, assessments, insurance premiums and ground rents as they fall due, '
<br /> Borrower shap pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed ` y'
<br /> by I.ender to Horrower requesting' payment thereof. � "'
<br /> Upon paymen[ ia full of all sums secured by this Mortgagq Lender shall promptly refund to Borrower arty Funds
<br /> held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender. Lender
<br /> s6a11 apply, no later ffian immediately prior to the sale of the Propeny or its acquisition by Lender, aay Funds held by � ,a
<br /> I.ender at thd time of application as a credit against the sums secured by this Mortgage. +
<br /> 3. Applicatlon of Paymenta. Unless applicable law provides otherwise, alI payments received by Lender under the ' ' r ;
<br /> Noteand paragraphs 1 and 2 hereoF shall be applied by Lender ficst in payment of amounts payable to Lend'er by Borrower � ' �
<br /> under paragraph 2hereof, then to interest payable on the Note, ihen to the principal of the Note, and then to interest and
<br /> principal on any Future Advances. � ����
<br /> 4• Cha�ges; L1ens, Borrower shall pay all taxes, assessments and other chazges, fines and impositions attributable to ; � 'tg�
<br /> the Property which may attain a prioriry over this Mortgage, and leasehold payments or ground rents, if any, in the manner ' *.c �'
<br /> provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, dincBy to the
<br /> payee thereof. Borrower sfia11 prompUy furnish to Lender all notices of amounts due under this pa:agraph, and in the event �y °;
<br /> Bortower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. ,; � �'=
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<br /> Borrower shall' prompdy diseharge any lien which has priority ovec this Mortgage; provided, that Borrower shall not be � ' '
<br /> � ' ,;
<br /> requind to diseharge any such lien so long as Bocrower 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, } �, �.,y�
<br /> legal. proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. ` ' ` ' �
<br /> 5• Haard I�arance. Borrower sha11 keep the improvemenu now existing or hereafter erecred on the Properry insured
<br /> against loss by flre, hazards included within the term `•extended coverage", and such othec 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 /> suc6 'coverage exceed that amount of coverage required to pay the sums securcd by this Mortgage.
<br /> ` The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, t
<br /> thaf such appcoval shall not be unreasonabty withheld. All promiums on insurance policies shall be paid in the manner
<br /> provided under paragraph 2 henof or, if aot paid in such manner, by Borrower making payment, when due, direcUy to the
<br /> insulaace carrier.
<br /> All insurance policia and renewals thercof shall be in form acceptabte to Lender and shall include a standard moRgage
<br /> 'clauae in favor of and in form acceptable to L,eader. Lender shall have the right to hold the poticies and renewals' thereof,
<br /> and Bortower §halt promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss,
<br /> Borrowet shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
<br /> by Borrower. . � 5
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<br /> ' Unless Lender and Bonower othecwise agree in writing, insuranee 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 /> aot thereby impaired. If such restoration or 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 secured by this Mortgage, with the excess, if any, paid - �':
<br /> • to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
<br /> ,,
<br /> date nouce is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance bene5ts, I.ender
<br /> is auffiorized to collect and apply the insurance proceeds at L.ender's option either to restoration or repair of the Property °�
<br /> or to the sums secured by ehis Mortgage.
<br /> Unless Lender and Borrower othezwise agree in writing, any such application of proceeds to principal shall not extend
<br /> oc postpone the due date of the monthly installments referred to in parugraphs 1 and 2 hereof or change the amount of
<br /> suc6 installmeats. If under paragcaph 18 hereof the Property is acquired by L.eader, all right, title and interest of Borrower
<br /> ia and to aay insurance polides and in aad to the proceeds thereof resulting from damage to the Property prior to the sale
<br /> or acquisition shall pass to I,ender to the extent of the sums secured by this Mortgage immediately prior to sach sale or
<br /> acqtrisition.
<br /> 6. 1'er�ervatlon aud Maintenaoce of Property; Leaseholds; Condominlums; Planned Unit Developments. Borrower
<br /> shall keep the Property in good repair and shall aot commit waste or permit impairment or deterioration of the Propeny
<br /> aad s6a0 compty with the provisions of any lease if this Mortgage is on a leasehold. If this Mongage is on a unit in a
<br /> ', , condomiatum .or a planned unit development, Borrower shall perform all of Borrower s obligations under the declazation �
<br /> or covenants creating or governiog the condominium or planned uni[ development, the by-laws and regulatians of the
<br /> condominiwa or planned unit devNopment, aad constituent documeats. If a condominium or planned unit development
<br /> ,� ;,
<br /> ; rader'ia execoted bq Borrowet and recorded together with this Mortgage, the covenants and agreements of such rider .,.�-; - y
<br /> , ' , , , alaa7l be ineorpoiated into and shall amead and supplement t6e covenants and agreements of this Mortgage as if the rider _ ,.,;,;
<br /> were`a part hereof . ,� W:
<br /> ` 7 Protec/ion oE Lende�s Secori(y. .If Boaower fails to perform the covenanu and agreements contained in this �� ,
<br /> , Mot�gage, oc � aay achoa nr . pcoceeding is ,Co�menced which materially affects Lender's interest in the Propeny. � «� ,;
<br /> �N � ; `znclu8�ng,rbut not Lmited w, eminent domaiu, iaaolvency, code enforcemen4 or arrangements or proccedings involving a s-'J �
<br /> < 4 , ' banitivpt or, deoedent;'then i:ender at'7:eader's opfion, upon notice to Borrower, may make sach appearances, disburse such ��� 7�} �
<br /> s�s;"and `talce; aoch acfioa. as, u, aocessery to protect I.ender's interest, including, but not limited to, disbursement of •`.`,;, '=`��pr`
<br /> , . reatonabla, atYomayrs. fees and entry . .upon the Property to make rtpairs. -If Lender required mortgage insurance as a °^" �r'. ;�-'
<br /> toaditioa of':making the Ioan `secured by Wis Mortgagc, Barcower shall pay the premiutns requirod to maintain such
<br /> irisuraace in 'eHcet"unt�l`such time as the, tequi=ement for such insurance terminates in accordance with Borrower's and
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