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r L [ I I I "I 87- 107290 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: I, Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest on any Future Advances secured by this Mortgage. 2. Fonds for Tues and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments which may attain priority over this Mortgage, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance, plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof, The Funds shall be held in an institution the dep<'sits or accounts of which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an ln5titution). Lender shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents, Lender may not charge for so holding and applying the Funds, analyzing said account, or verifying and compiling said 'assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law pennits Lender to make such a charge, Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds, Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents. shall exceed the amount required to pay said ta."{es, assessments, insurance premiums and ground rents as they fall due. such excess shall be. at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay ta."{es, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting' payment thereof. Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Lender, If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired b}' Lender, Lender shall apply, no later than immediately prior to the sale of the Property or ils acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage, 3. Application of Payments. Unless applicable law provides otherwise. all payments received by Lender under the Note and paragraphs I and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note. then 10 the principal of the Note, and then to interest and principal on any Future Advances. 4. Charges; IJens. Borrower shall pay all taxes. assessments and other chuges. fines and impositions attributable to the Propen)' which may attain a priority over this Mortgage, and leasehold payments or ground rents. if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, directl)' to the payee thereof. Borrower shall promptly furnish to l.ender all notices of ?mounts due under this paragraph. and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments, Borrower shall promptly discharge any lien which has priority over this Mortgage; provided. that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender. or shall in good faith contest such lien by. or defend enforcement of such lien in. legal proceedings which operate to pre\'ent the enforcement of the lien or forfeiture of the Propert)" or any part thereof. 5. Hazard Insurance. Borrower shall keep the impro1'ements now existing ,'r hereafter cTl'Cted on the Property insured against loss by fire, hazards included within the term "extended coverage". and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. The insurance carrier providing the insurance shall be chosen b}' Borrower subject to approval b)' lender; provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. All insurance policies and renewals thereof shall be in fornl acceptable to LeOller and shall include a standard mortgage clause in favor of and in form acceptable to Lender, Lender shall haw the right to hold the policies and renewals thereQf, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums, In the event of loss. Borrower shall gi\'e prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing. insurance proceeds shall be applied to restQration or repair of the Property damaged. provided such restoration or repair is economicall}' feasible and the securit)' of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the sc<:urit)' of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage. with the exce!'>S, if any, paid to Borrower, If the Propen)' is abandoned by Borrower. or if Borrower fails to respond to Lender within 30 da)"s from the date notice is mailed by Lender to Borrower that the insurance carrier offers to sell Ie a claim for insurance benefits, Lender is authorized to collect and appl)' the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree In writing. any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change Ihe amount of such installments. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Preservation and Maintenance of Property: Leaseholds: Condominiums: Planned Unit Denlopments, Borrower shall keep the Propeny in good repair and shall not commit waste or permit imp:-.irment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit de\'e1opment, Borrower shall perform all of BorrO\\er's obligations under the declaration or covenants creating or governing Ihe condominium or planned unit development. the by-laws and regulations of the condominium or planned unit lIevelopmelll, and constituent documents, If a condominium or planned unit de1elopment rider is execuled by Borrower and recorded together wilh Ihis Mortgage. the co\'enants and agreements "f such rider shall be incorporated into (\IlII shall amend and supplement the covenants and agreements of Ihis Mortgage as if the rider were a part hereof. 7. Protection of lA-neier's M('Urlty. If Ilt'rrower falls to perform the covenanls and agreements contained m this MQrtgage, or if any aClion or proceeding " commenced which materially alfe"s Lellder's interest in the Ph'perlY. including, but not limited to, eminent domain, insolvency. code enforcement. ,'r arrangements or pf{X'el'tlin!!s involvin!! a bankrupl or decedent, Ihen I.ender at I.cnder's option, upon notice to IlQrrower. lIIay make such appearances. disburse suchsums and take such action as 1,5 necessary hl protccl I.ender's InICrest, melt"hng. bnl nOI limitc,1 to. di~bl\rsem~nl "r reasonable attorney's fees and enllY UJlOU Ihc Properly to make reJlaH', If I.cnd~r IC'luired nl\lrlga~~ imurane<' as a condilion of making. the loan \Ccured hy thiS Mortgag.e. Ilonow~r shall pay lite pr~Dliums reqUlrcd In mainlaln ~llch insurance in elfeel until MICh lime as rhe requirement for ,u~h IIlSl\ranC~ t~rnllnar~, 11\ accordan('e wllh lIom.l\\'~r\ and ~:~~$ _>'!i; :}f.l"s~ '..:'.......I.~'........'.,.~~B '~-'. ~~:. -,' 4 t I' t i rt,~ !~~: rJ~': ., J~ /~~ M' ~