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<br />87-- 103614
<br />U"ORM COVIINAtt't'S. Borrower and Leader covenant and agree as follows:
<br />I. Raywsutuat of Mocipal and lmemsst. Borrower shall promptly pay when due the principal of and interest on the
<br />i evidaac id by the Note, prepayment and late charges as provided in the Note, and the principal of and intetca:
<br />on any Future Advances secured by this Mongage.
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<br />2. Funds for Twins and Ism eance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />to Lender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full.
<br />a sun (herein "Funk "1 equal to ome-twelfth of the yearly taxes and assessments which may attain priority over this
<br />Mortgage. and ground rents on the Property. if any. plus one - twelfth of yearly premium installments for hazard insurance.
<br />phi one- twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from
<br />time to time by Lander on the basis of assessments and bills and reasonable estimates thereof.
<br />The Ft shell be tasid in an institution the deposits or accounts of which are insured or guaranteed by a Federal or
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<br />state agency (itscheding Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments.
<br />inxeraince premium and grand rents. Lender may not charge for so holding and applying the Funds, analyzing said account.
<br />or verifying and compiling said aapsment& and bills, unless Lanier pays Borrower interest on the Funds and applicable law
<br />permits Linder to make such a charge. Borrower and Leader may agree in writing at the time of execution of this
<br />Mortgage that interest on the Fumes shall be paid to Borrower, and unless such agreement is made or applicable law
<br />requires rich interest to be paid, Lander shall not be required to pay Borrower any interest or earnings on the Funds. Lender
<br />shag give to Borrower, without charge. an annual accounting of the Funds showing credits and debits to the Funds and the
<br />purpose for winch each debt 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 hold by Leader, together with the future monthly installments of Funds payable prior to
<br />the due data of taxes assessments. insurance premiums and ground rents, shall exceed the amount required to pay said taxes.
<br />aaamants. insurance premiums and ground rents as they fall due. such excess shall be, at Borrowers option, either
<br />promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
<br />bekl by Lender shalt am be suit to pay taxes. assessments. insurance premiums and ground rents as they fall due.
<br />Borrower shalt pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
<br />by ruder to Borrower requesting payment thereat.
<br />Upon payment in full of all sums secured by this :Mortgage, Leader shall promptly refund to Borrower any Funds
<br />held by Leader. If under paragraph IS hereof the Property is sold or the Property is otherwise acquired by Lender. Lender
<br />shall apply, on later thin immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by
<br />Leader at the time of application as a credit against the sums secured by this Mortgage.
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<br />3. A}galieaWs of payment. Unless applicable law provides otherwise, all payments received by Lender under the
<br />Note and paragraphs I and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
<br />under paragraph 2 hereof, than to interest payable on the Note. then to the principal of the Nose, and then to interest and
<br />principal on any Future Advances.
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<br />0. CbmWm Lisp. Borrower shall pay all taxes. assessments and other charges. fines and impositions attributable to
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<br />the property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner
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<br />provided under paragraph 2 hereof or. if not paid in such manner. by Borrower making payment. when due, directly to the
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<br />pays thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph. and in the event
<br />sBorrower
<br />shall matte payment directly, Borrower shall promptly furotsh,to Lender receipts evidencing such payment.
<br />Bonvmor shall promptly discharge any lien which has priority over this Mortgage: provided, that Borrower shall not be
<br />required to dischargs any such lien sat long as Borrower shall agree in writing :o the payment of the obligation secured by
<br />such Lien in a manner acceptable to Leader, or shall in good faith contest such lien by, or defend enforcement of such lien in.
<br />egal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any pan thereof.
<br />S. Heard Inwsence. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
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<br />against pas by tire, hazards included withm the lefts "extended coverage ", and such other hazards as Lender mat require
<br />and iit 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.
<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 policies shall to paid in the manner
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<br />provided under paragraph 2 hereof or, if not paid in such manner. by Borrower masiung payment, when due. directly to the
<br />imunocs carrier.
<br />All instance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
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<br />dam in favor of and in form acceptable to Leader. Lender shall have the right to hold the policies and renewals thereof.
<br />and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss.
<br />Borrower shall give prompt notice to the insurancr, artier gad Lender. Lender may make proot of loss if not made promptly
<br />by Borrower.
<br />Unlism Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
<br />the Prop" damaged, provided such restoration or repair is economically feasible and the security of this Mortgage :s
<br />not tbesby 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 it Borrower tails :o respond to Lender within 30 days from the
<br />data notice is mailed by Leader to Borrower that the insurance artier offers to settle a claim for insurance benefits, Lender
<br />is aelboriaed to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
<br />or a tie rim secured by thus Mortgage.
<br />Unless La ider and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
<br />or poke the due data of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of
<br />such insubmeata. U under paragraph IS hereof the Property is acquired by Lander, all right, title and interest of Borrower
<br />in and to any insurance podgy and in and to the proceeds thereof resulting from damage to the Property prior to the sale
<br />or acquisition shall pass to Lander to the extent of the sums <xured by this Mortgage immediately prior to such sale or
<br />s. Finmevatlw end M.mmonsence of Property; Leaseholds; Condoaunivaw Planned knit Developments. Borrower
<br />shan keep the property in gnod repair and shall not commit waste or permit impairment or deterioration of the Prop ertv
<br />and tthtall comply with the provisions of any !ease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a
<br />condommame or a planned emit development, Borrower shall perform all of Borrower's obligations under the declaration
<br />of covenants creating or governing the condominium or planned unit development. the by -laws and regulations of the
<br />condousimum or planed unit development. and constituent documents. If a condominium or planned unit development
<br />rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements it such rider
<br />aheii be incorporated into and shall amend and supplement the covenant and agreements of this Mortgage as if the rider
<br />wets a pun hereof.
<br />7. heaticolall of L nWs Satutfty'. If Borrower fails to perform the covenants and• agreements contained m that
<br />in Properr•,
<br />Moriginge, or if any action or proceeding is commenced which materially affects Lender's interest the
<br />mduditaM but net limited to. imunam domain, insolvency. code entorcemetiL or arrangements or proceedings in,oi,ine a
<br />bankrupt of doaodont, then Leger at Lender's option, upon notice to Borrower, mar make such appearances. dishur,e su_i
<br />sum and taker such action as is necessary to protect Lender's interest. including. but not :imited Lo. disbursement , .
<br />reasonable attormey's fees and entry upon the Property to make repairs. It Lcr,dcr require.! mortgage insurance as i
<br />udm of malting the loan secured by thts Mortgage. Burrower snail pay the premiums requred iii maintain %w n
<br />in etlect until such ume as the requirement for wch msurance !crmmdtes .n accordance ,im Borrower.
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