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<br />85-- 001811
<br />UNIFORNI COVFNAN71 Borrower and Lender covenant and agree as follows:
<br />I, Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interest on the
<br />mdebtedncss evidehcttj!,6y the Note, nrepayment and late charges as provided in the Note, and the principal of and interest
<br />on any Future Advances secured by Ibis• Mortgage,
<br />2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />to Lender an the eav monthly installments of principal and interest are payable under the Note, until the Note is paid in full.
<br />a suns (herein "Funds ") equal Io one - twelfth of the yearly taxes and assessments which may attain priority over this
<br />Mortgage, anti ground rents on the Property, if any, Pius one- twelfth of yearly premium installments for hazard insurance,
<br />Plus one - twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from
<br />time to time by Lender on the basis of assessments and bills and reasonable estimates thereof.
<br />The Funds shall he held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or
<br />state agency Iincluding Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments,
<br />insurance premiums and ground rents. Lender may, not charge for so hailing and applying the Funds, analyzing said account,
<br />or verifying and compiling said assessments and hills, unless Lender paws Borrower interest on the Funds and applicable law
<br />Permits Lender to make such it charge. Borrower and Lender ma) 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 he paid, Lender shall not he required to pats• Borrower any interest or earnings on the Funds. Lender
<br />shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br />purpose for which each debt; to+ the Funds was made. Pte Funds are pledged as additional security for the sums secured
<br />by this :Mortgage
<br />If the amount of the Funds held by Lendcr, together with the future monthly installments of Funds payable prior to
<br />the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />assessments, insurance premiums and ground rents as they fall due such excess shall be, at Borrower's option, either
<br />promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
<br />held by Lender shall not be sufficient to pay taxes, assessments, insurance
<br />Premiums and ground rents as they fall due.
<br />Borrower shall pay to Lender any amount necessary to make up the dcticiency within 30 days from the date notice is mailed
<br />by Lender to Borrower requesting payment thereof.
<br />Upon payment m full all sums secured by this Mortgage I ender shall promptly refund to Borrower any Funds
<br />hew by Lender. If under paragraph IN hereof the Property s s„Id ,.r the Property is o:herw,se acquired by Lender, Lender
<br />shall apply, io later than unmediatch prior t0 the sale of the Property or its acquisition by Lender. any Funds held by
<br />Lender at the time of application as a credit against the sums secured by this Mortgage.
<br />3• Application of Payments. Unless applicable law proyales otherwise• all Payments received by Lender under the
<br />Note and paragraphs I and 2 hereof shall he applied by Lender first in PaNrnem of amounts payable to Lender by Borrower
<br />under paragraph 2 hereof, then to interest payable on the Note. then to the principal of the Note, and then to interest and
<br />principal on any Future Advances.
<br />4• Charges; Liens. Borrower shall pay .!II t,,xcs..,lsessmcnts •and other 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 tier
<br />cot 'IT if nut [laud u, such manner. by Borrower making payment, when due, directly to the
<br />Payee thereof. Borrower shall promptiv furnish to Lender all notices of amounts due under this paragraph, and in the event
<br />Borrower shall make payment directh. Borrower shall prompt!) turnish to Lender receipts evidencing such payments.
<br />Borrower shall promptly discharge any lien .%hich has priinty over this to
<br />Provided. that Borrower shall not he
<br />required to discharge any such lien so long -is Borrower shall agree in writing to the payment of the obligation secured by
<br />such lien ,n a manner acceptable to Lender, or shall in good faith contest such lien by. or defend enforcement of such lien in,
<br />legal proceedings which operate to prevent the enforcement of the hen it forfeiture of the Property or any part thereof.
<br />S• Hazard Insurance. Borrower shall keep the ,mpro,emcnn now eyisting or hereafter erected on the Property insured
<br />against loss by fire, hazards included within the term extinticd cavrrage ". and such other hazards as Lender may require
<br />and in such amounts and for such periods as Lender nuy rcyuire, provided. that Lender shall not require that the amount of
<br />such coverage exceed that amount of "overage required to pay the sums secured by tbn Mortgage.
<br />The insurance carrier providing the Insurance shall he thoscu by Borrt,wrr subject to approval by Lender; Provided,
<br />that such approval shall not he unreasonahiy withheld. All premiums ran Insucrnce Policies Shall be paid Ili the manner
<br />provided under paragraph 2 hereof or, it not pod ui such manner, by Borrower making payment, when due, directly to the
<br />insurance carrier.
<br />All insurance: policies and renewal.; rhereot shall he m form .�rtePtatric to Lcnder and shall include a standard mortgage
<br />clause in favor of and in form acceptahle w Lender, Lcnder shall have the light to hold the policies and renewals thereof,
<br />and Borrower shall promptly furnish to Lender all rencw:l notices ;Intl all receipts oI paid premiums In the event of loss.
<br />Borrower shall give prompt notice u, the u,sueunec carrier and Lender I ender ma} make Proof of loss it not made promptly
<br />by Borrower.
<br />Unless Lender and Borrower other wise agree tin writing, msuru,tc rrn,cecds shall he applied to restoration or repair of
<br />the Property damaged, provided such restoration or rt -Pair is cconinucalh Irasehle and the secur
<br />not thereby impaired. If such restoration or repair is not econanncally feasib ity of this Mortgage is
<br />le nr of the security it this Mortgage would
<br />he impaired, the insurance Proceeds shall he 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 d Borrower falls to respond to Lcnder within 30 days from the
<br />date notice is mailed by Lender to Borrower that the insurance carrier offer to settle a claim for insurance benefits, Lender
<br />is authorized to collect and apply the insurance Proceeds at I ender s option either to restoration or repair of the Property
<br />Or to the sums secured by this Mortgage
<br />Unless Lender and Borrower otherwise agree tin writing, any such application of proceeds to principal shall not extend
<br />or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of
<br />such installments. It under paragraph 13 hereof the property us acquired by Lender, all right, title and interest of Borrower
<br />in and to any insurance policies and in and to the proceeds thereof resulting burn damage to the Property Prior to the sale
<br />ac acquisition shall pass to Lender Ili tltc extent of the sums secured by this Mottgagc immediately prior n+ such sale or
<br />acquisition.
<br />6. Preservation and Maintenance of Properly; Leaseholds; ('ondontinionts; Planned Unit Developments. Borrower
<br />shall keep the Property in good repair and shall not commit waste or permit unpaernnent or deterioration of the Property
<br />and shall comply with the provisions of any (ease if rills Mortgage Is nn a leeeschold. If this Mortgage is on ;I unit in a
<br />condominium it a planned unit development, Borrower shall perfornn all of Borrower's obligations under the declaration
<br />or covenants creating Or governing the - ondomi nunn or planned unit devclopmenl• the by -laws and regulations of the
<br />condominium or planned unit developulaol, and cnnsi uient Jucunients 11 ;, condonitmunn or planned unit Lions f the
<br />rider is executed by Borrower and recorded together with this Nl,utgage, a covenants and agreements ul such meet
<br />shall be incorporated into and shall amend and supplement the c,�,c,,,rnts :end a ""cents of this Mortgage as ,f nc� rider
<br />were a part hereof.
<br />7. Pr011eetion of I.,rnder's Security. If Borrower fails to perform the tovenants and agreements nmtmned in flit
<br />Mortgage, or if any action it Proceeding IS cnounence l which ntalerially aBecrs I eu,ler's Interest in the Property.
<br />Including, but nit bruucd to. cnnnenl dmntam, msolventy. code rntortuni. lie . rranpenlents of [lroccedings involving tit
<br />hanlimpt nr letl-denl. then I ender at I ender'ti opting+, neon norm ,,, Ira,: rawer. n,.n m:,kc sorb apprarnnves. dhahune such
<br />NIHON anti lake su,I, action •i, i�; rsvary n.+ protrte lenders ni.rer,r nulmimg . but nor hnnted to. d"huisernent of
<br />reavglmde anotr,cy, fcev and en") i, p.u+ till- Propc!iy to male" r, ,.n,.
<br />nnJrhnn ,'f risk n !h, ,r ! .I It I r ndci .y inri m,•iugapc inwran.r ,n e
<br />..',. trl PO1 h} lllty Iwt� +1lF�agt., B<'!�,wlr n.�l,' 1 1 Iht- i ..� Ili, it i)�iia,i [ Itlalma111 111th
<br />urvvraule in ,•fle,.e ,. 1111 ,1 „I "nee IS Ow n•yuntrment for u.l� .n ,u.,a,r i i ,still 1;nrmwer'1 and
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