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<br /> ' 7s-� U03249
<br /> > : UNu+o�t Covexn�vas. Borrower aad Lender covenan[ and agree as follows :
<br /> , ; 1. Pay�entot 'Pitnetpal and hHeeest. Borrower shall promptly pay when due the principal of and intereat on the
<br /> ' indebt�a evidcnced by t6e Note, prepayment and Iau charges as provided in the Note, and the principa! of and interest
<br /> � , on any Fature Advances secuxr.d by this Mortgaga i
<br /> Z. Fand� tor Tases aad Imuraace. Subject to applicable law or to a written waiver by Lender, Boaower shall pay �
<br /> � to Lender on thc day monthly instsllmenu of principal and interest are payable under the Note, until the Note is paid in full,
<br /> ; � h sum (6ere� "Funds'� equai to oortwelfth of the yearly taxes and assessments which may attain priority over this
<br /> i ' Mortgage, and ground reats on the Property, if any, plus ono-twelfth of yearly premium iastallments for hazard insurance,
<br /> � ; plus ono-twelfth of yearly premium instatlmenu for mortgage insurance, if any, atl as reasonably estimated initially and from
<br /> timato Gme by Lcnder on the basis of assessmeats and bills and reasonable estimates thereof.
<br /> ' � ! The Funds shall be Leld in an institution the dtposiu or accounts of which are insured or guaranteed by a Federal or
<br /> state ageney (including I.ender if Lender is such an insiitution) . Lender shall appty the Funds to pay said taxes, essessments,
<br /> �; insurance premiums and gro�md rents. Lender may not charge for so holding and applying the Funds, analyzing said account,
<br /> , F , or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable ]aw
<br /> " permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this
<br /> Y Mortgage tLat intcrest on the Funds shait be paid to Borrower, and unless such agrxment is made or applicable law
<br /> j ! requires such interest to be paid, Lender shali not be requircd to pay Borrower any interest or earnings on the Funds. Lender
<br /> ' ' s6a11 give to Bortower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br /> - � ' purpose for which each debit to the Funds was made. TLe Funds are pledged as additiona! security for the sums secured
<br /> 7 ,` by t6is Mortgage.
<br /> � ' If the amount of the Funds held by Lender, together with the future monthly instaltments of Funds payable prior to
<br /> ; ; the dne dates of taxes, asseasmmu, insurance premiums and ground renis, shall exceed the amount requind to pay said taxes,
<br /> ' ' assessments, insuraace premiums and ground rents ns tkiey fall due, such excess shall be, at Borrower s option, either
<br /> ' promptly repaid to Borrower or credited to Borrower on monthiy installments of Funds. If the amount of the Funds
<br /> } ' held by Leader shall not be st�cimt to pay taxes, assessments, insurance promiums and ground rents as they falt due, �'
<br /> �:, Borrower ahall pay to I.ender any amount necessary to make up the deficiency within 30 days from the date notice is mailed f
<br /> ; by L.eadet to Bonower requesting' payment thereof. �
<br /> j; Upon payment in ful! of all sums secured by this Mortgage, Lender shall prompfly refund to Borrower arty Funds �
<br /> ;; held by L.ender. If under pazagraph 18 hereof the Property is soid or the Property is otherwise acquired by Lender, Lender S'
<br /> f ; shall apply, no later than immediately prior to the sale of the Property or its acquisition by L.ender, any Funds hetd by
<br /> Lender at the time of application as a credit against the sums secured by this Mongage.
<br /> ", 3. A catlon of Pa
<br /> 3 , ppli ymeds. Unless appiicable law provides otherwise, all paymenu received by Lender under the �` °
<br /> s Note and paragraphs 1 and 2 henof shall be applied by Lender first in payment of amounu payabte to Lender by Borrower 6 -
<br /> �; under paragraph 2 hereof, ffien to interest payabie on the Note, then to the principal of the Note, and then to interut and �
<br /> f; principal on any Future Advances.
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<br /> �; 4. C6aeges; Lie�. Borrower shall pay alI taxes, assessments and ocher 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 manneq by Borrower making payment, when due, direcfly to t6e ;
<br /> �� payx thaeof. Borrower shalt pzomptly furnish to Lender all notices of amounts due under this paragraph, and in the eveni ;
<br /> j Borrower shall make paymrnt directly, Borrower shal! prompNy fumish to L.ender receipts evidencing such paymeuts. +
<br /> f; Borrower shall prompdy discharge any lien which has priority over this Mortgage; provided, that Borrower shalt not be
<br /> required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by �
<br /> �� such lien in a mannec acce table to Lender, or shalt in ood faith contest such lien by, or defend enfomement of such lien in, :
<br /> j; legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. �
<br /> `� S. Hazard Insarance. Borrower shall keep t6e improvements now existing or hereafter erected on the Property insured
<br /> against loss by 5re, ha7ards incla�ded within ffie term "extended coverage", and such other hazards as Lender may require
<br /> and in such amounts and for sueh periods as Lender may require; provided, that Lender shall not require that the amount of �
<br /> � such coverage exceed that amoun[ of coverage required to pay the sums secured by this Mortgage. "
<br /> 'Ibe insurance carrier providing the iasurance shall be chosen by Borrower subject to approvat by Lender, provided, �
<br /> that such approval shall not be unreasonably withheld. All premiums on insurance policies sha11 be paid in the manner �
<br /> provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making paymrnt, when due, directly to the
<br /> insurance cacrier.
<br /> All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include n standard moRgage
<br /> , fclause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policiu and renewals thereof,
<br /> � and Borrower shall promptly furniah to Lender all renewal notices and all receipts of paid premiums. In the event of loss.
<br /> Borrower shatl give pro�pt aouce to the insurance carrier and L.ender. Lender may make proof of loss if not made prompNy
<br /> by Borrower.
<br /> Unless L.ender and Borrower otherwise agree in w�iting, insurance proceeds shall be applied to restoration or ropair of
<br /> � tEx Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is
<br /> � not thereby impaired. If such restoration or mpair is not economically feasible or if the security of this Mortgage would
<br /> . r 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 /> � date notice is mailed by I.endet to Borcower that the insurance carrier offers to settle a claim for insurance benefits, I.ender
<br /> is suthorized to collut and appIy the insurance proceeds at Lender's option either to restoration or repair of the Property
<br /> � or to the sums securcd by this Mortgage.
<br /> Unless Lender and Bonower otherwise agree in writing, any such application of proceeds to principal shall not extend
<br /> or poatpone the due dau of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
<br /> such installmenis. If under paragraph IS hereof the Property is acquired by Lender, atl right, tiUe and interest of Borrowcr
<br /> in snd to any iasurance policies sod in and to the proceeds thereof resulting from damage to the Property prior to the sale
<br /> or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
<br /> acquisition.
<br /> 6. Pre�ervaUon and Mainteoance of Property; Leaseholds; Condominlum� Planned Unit Devdopments. Borrower
<br /> : � shail keep the Property ia good mpair and shall not aommit waste or permit impairment or deterioration of the Property -
<br /> and s6all comply anth theprovisions 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 alI of Borrower s obligations under the declazation ; '
<br /> '$ ' e or covenanta creating or goveming the condominium or planned unit development, the by-laws and regulations of the ,
<br /> � ,' , wndominium or planaed unit development, and constituent documents. If a condominium or planned unic development yr_.,._
<br /> • - rider is eicecuted by Borrower and recocded together with this Mortgage, the covenants and agreements of such rider � '
<br /> shait be;incotporated into and shall amend and suppkment the covenants and agreements of this Mortgage as if the rider '� � '
<br /> M � � wece a pact,l�areof. �� � � �, ��i,:' �: ,;.
<br /> "� 7 " �Yiofeetlon of Leode�s Secmity. Ij Borrower fails to pecform rhe covenants and agreements contained in this � '� ;
<br /> , � so�
<br /> i„ , Mortgage,: or if aay. action or proceeding is commenced which materially affects Lender's interest in the YrJpCrty, �� ; '
<br /> � + y ineitiding� but not Gmited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a � ,�' •,�
<br /> � banktixpt oi �ecedent, theu I.ender at Leader's opdoq upon notice to Borrower, may make such appearances, disburse such �"� `"�µ" '
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<br /> aums and take such action as is necessary to protect Lender's interest, including. but not limited to, disbursement of �_` �
<br /> �;, ; � ieaacnable attomey's feea and entry upon tl�e Property to make repain. If Lender requircd mortgage insurance as a
<br /> condition of making the loan sxured by thn Mortgage, Borrower shall pay the premroms required to maintain such
<br /> iaeurance m eHect until such time as t6e requiremeat for such insurancc terminates in accordancs with Borrawer's and
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