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<br /> 78- U03248
<br /> Uxu'at� Co�Bruw'['s. Borrower and Lender covenant and agee as foIlows:
<br /> ? !• Payment of PrindpN aod 7nterat, gorrowet shal! promptly pay when due the principal of and intereat on the '
<br /> ; inndebtedne+s evideaced by the Note, pnpayment and late charga as provided in the Note, and the principal of and interot '-.
<br /> ' � on aay Futuro Advancea secured byr this Mortgaga
<br /> �3 Z' �°� �� Taes,aad In�o�aoce. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br /> to Lender on the day monthly installments of principai and interest are payabte under the Note, unql t6e Note is paid in futl,
<br /> a sum (6enin Funds'7 equal to oae-twelfth of the yearly taxes and assessments which may attain priority over this
<br /> j Mortgage, and ground nnts oa thdProperty, if any, p�us onatwelfrh of yearly premium instaliments for hazard insurance, �
<br /> � plus one-Ewelfth of yearly premium installments for mortgage inaurance, if any, all as nasonably estimated initially and from `
<br /> bme to time by I,aader on the basis of assessments and bills and nasonable estimates thereof.
<br /> : 1 The Funda shall bo held in 8o institution the deposiu or accounts of which are insured or guaranteed by a Federal or.
<br /> .i atnte agency (including I,ender if Lender is such an institution) . Lender shail apply the Funds to pay said taxes, assessments,
<br /> � ! ia+urance premiums and ground renu. Lender may not charge for so holding and applying the Funds, analyzing said account,
<br /> or verifying and compiliag said assessments and bills, unless Lender pays Borrower interat on the Funds and applicable law
<br /> permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this
<br /> � MoRgage zha! interrst oa t6e Fuads shalt be paid to Bonower, 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 earnings on the Funds. I.ender
<br /> shall give to Borrower, without charge, an an�ual accounting of the Funds showing credits and debits 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 /> If ffie amount of the Funds held by L.ender, rogether with the future monthly installmenu of Funds payable prior to
<br /> the due dates of taxes, acsessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxa,
<br /> � assessments, insurance promiums and ground rents as they fall due, such excess sha11 be, at Borrower's option, either �
<br /> } prompdy repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds `
<br /> held by Leader shall not be su�cieat to pay taxes, assessments, insurance premiums and ground rents as they falt due, �
<br /> } i 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 requesting' payment thereof.
<br /> � ' Upon payment in full of a11 sums aecured by this Mortgage. Lender shall promptly refund to Borrower arty Funds
<br /> � 6eld by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwue acquired by Lender, Lender
<br /> � ; shall apply, no later ffian immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by '
<br /> � , I.eader at the time of application as a credit against the sums secured by this Mortgage. '
<br /> ? 3. Application of Paymwts. Unless applicable law provides otherwise, all payments received by Lender uoder the
<br /> i Note and paragraphs 1 and 2 hereof shall be applied by Lender fint in payment of amounts payable to Lend'er by Borrower
<br /> � under paragraph 2 hereof, then to inrerest payabie on the Note, then to the principal of the Note, and then to interest and ' ;
<br /> priacipal on any Future Advances.
<br /> 4. Charges; I3eos, gorrower shall pay all taxes, assessments and other charges, fines and impositions attributabie to �
<br /> the Property which may attain a priority over this Mortgage, and leasehold �
<br /> � provided uader ar payments or ground rents, if any, in the manner
<br /> p agraph 2 herrnf or, if not paid in such manner, by Borrower making payment, when due, directly to the
<br /> ` payee theteof. Horrower shall promptly furaish to Lender all notices of amounts due under this paragraph, and in the event
<br /> e Borrower s6a11 make payment direcdy, Borrower shall promptly furnish to Lender receipts evidencing such payments.
<br /> • Borrower shall prompdy discharge any lirn which has priority over this Mortgage; provided, that Borrower shall not be
<br /> ! tequired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation securcd by
<br /> such lien in a manner acceptable to L.ender, or shall in good faith contest such lien by, or defe�d enforcement of such lim in,
<br /> 1ega1 proceedings which operate to prevent the enforcement of the lien or forfeiture of the Broperty or any part thereof.
<br /> 5• Hazard Iosorance. Boaower shall keep the improvements now existing or hereafter erected on the Properiy insured
<br /> against loss by Sm, hazards induded within the term "extended coverage", and such other hazards as Leoder may require
<br /> �� and ia such amounts and for such periods as Lendec may require; provided, that Lender shall not require that the amount of
<br /> such caverage exceed that amount of coverage required to pay the sums secured by this Mortgage.
<br /> The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
<br /> , that such approval shall not be unreasonably withheld. All premiums on insurance policiu shall be paid in the manner '
<br /> � provided under paragraph 2 hereof or, if not paid in such manneq b Borrower makin
<br /> 1eS��a ��y�.. Y g payment, whm due, directly to the
<br /> All insurance policies and rmewals t6ereof shall be in form acceptable to Lender aod shall include a standard mor[gage
<br /> , clause in favor of and in form acceptable ro L.endea Lender shall have the right to hold the policies and renewals thereoF,
<br /> � and Borrower sha11 promptly futnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss,
<br /> Borrower shal! give promp4notice to the insurance carrier and Lendec Lender may make proof of loss if not made promptly
<br /> � by Borrower. �
<br /> Unless Lender and Bocrower otherwise agree in writing, insurance proceeds shall be applied to mstoration or repair of
<br /> � the Property damaged, provided such restoration or repair is economically feasible and the sewrity of this Mortgage is
<br /> not thereby unpaiml. If such restoration or repair is not economically fcasible or if the security of this Mortgage would
<br /> i bc impalred, the insurance proceeds shaL 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 /> � date aotice is mailed by I,ender to Borrower that the insucance carrier offers to settle a claim for insurance benefits, Lender
<br /> " is aut6orized to collect and apply the insurance proceeds at Lender's option eiffier to restoration or repair of the Property
<br /> S or to the sums secured by this Mortgaga
<br /> i{ Un1ps Lender and Borrower otherwise agree in writing, any such appfication of proceeds to principal shall not extend
<br /> or postpoae the due date of t6e monthly installments referred to in patagraphs I and 2 hereof or chaage the amount of
<br /> i such installments. If under paragraph 18 heroof the Property is acquired by Lender, a11 right, tiUe and interest of Borrawer
<br /> � in and to any ineurance po(icies and in and to the proceeds thereof resulting from damage to the Property prior to the sak
<br /> � or acquisitioa ahal! pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
<br /> acqniaitioa.
<br /> � 6• Petxrvatlon apd Maintenance of Pioperty; Leau4old� Condominium� Plenned Umt Developments. Borrower
<br /> . e1�aI1 keep the Property in good repair aad shall not commit waste or permit impairment or deterioration of the Property
<br /> �+ aad shall comply with . the provisions of any lease if this Mongage is on a leasehold. If this Martgage is on a unit in a
<br /> ' coac]ominium or a planned unit developmea4 Borrower shall perform atl af Borrower's obligations under the declarauon �
<br /> ,, , or covenenti creatiag or governiag the coadominium or planned unit development, the by-laws and regulations of thc ` ` ' A �
<br /> condomiaium or plaoned unit development; and constituent documents. If a condominium or planned unit development "'�=� �� �(
<br /> r+der is executed by Borrowet .and morded together with this Mortgage, the covcnants and agrcements of such rider �
<br /> shall;be ��orporated,into and s6a11 amend and supplement the coveaanu and agreemenu of this Mortgage as if 2he rider � �' a� '
<br /> wue ;a part Hereof. , t,; '-
<br /> trq+i
<br /> s •, �' 7 p��Oo of I:ender'a Secoriry. If Bqrzower fails to perform the covenants and � ` `
<br /> � �e. or :if an " action or . . agreemrnts contained in this �, . >
<br /> M�� Y proceeding is commeaced which maYerially affects Lender's interest in the Property, � l. �
<br /> ine'li�+ng;' buC `not limited to, etninent domain, insolvency, code enforcemrnt, or arrangemenu or proceedings involving a �s` ��, }` �
<br /> 6tnkcupt ordecedent; then Lrpd�rat Lenda'r option, upon notice to. Borrowa-, may make such appearances, disburse such .
<br /> - 's�mtr 'aud tskc' euch action as td necess � , ,,,;,,^. ;;°� ,
<br /> reasonable attorn az7' � Protect Lende�'s interest, including, but not limited to, disbursemenf of
<br /> q'�s feea ancl' entrp uPo+� the Property to make repairs. If Lender requirod mortgage insurance as a
<br /> ` �°4�� of maltin8 the loan secured by this Mortgage, Borrower shall pay the prcmiums required to maintain such
<br /> ias�raax ia eSect until ;such time as t6e iequiretnent for such insurance terminates in accotdance with Borrower's and
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