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85-�- 002008
<br />ltrrnottrat (ovErAvts. Borrower and lender covenant and agree as follows:
<br />1. Payment of Principal and Interest. Borrower shall promptly
<br />indebtedness evidenced b the Note, prepayment and late charges provided linnthe uNote, and the 1princittal (if interest
<br />and interest
<br />the
<br />on any Future Advances secured by thi Mortgage.
<br />P rest
<br />2. Funds for Taxes and Insurance. 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 sum (herein "Funds") equal to one- 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 earl
<br />Plus one twelfth of earl y' yearly premium installments for hazard insurance,
<br />Y y 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 Feder or
<br />state agency Iincluding Lender if Lender :s 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 holding and applying the Funds analyzing said account.
<br />an } al
<br />or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law
<br />permits tender to make such a charge Borrower and lender may agree in writing at the time of execution of this
<br />Mortgage that interest on the Funds ,hail he paid to Borrower, and unless such agreement is made or applicable law
<br />requires such interest to be paid, Lender shall not he required to pay Borrower any interest or earnings on the Funds. Lender
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<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 debit 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 held hs 1.etlde
<br />the due dates of taxess, , assessment,, ansur a ice r, to "getl,er with the future monthly installments of Funds payable prior to
<br />prem,un,.s and ground rents, shall exceed the amount required to pay said taxes,
<br />assessments, insurance premi, nos and gro,,i,d rent, a.; they fall due, such Caress shall he, at Borrower's option, either
<br />Promptly repaid to Borrower ff credited to Bi,rmwer on monthly Installments of Funds. If the amount of the Funds
<br />held by Lender shalt not be sufficient to pay taxes, assessments. insurance premiums and
<br />Borrower shatl pay to Lender tin amount tt e,sars tU make up the dehciencv within ?0 days from the date notice is mailed
<br />ground rents as they fall due,
<br />by Leader to Borrower requesting Payment thereot
<br />Upon payment in full of all sums secured by tiro;, .'slortg;rgc. I ender shall promptly refund to Borrower any Funds
<br />held by Lender. If under paragraph Its hcrcot the Proper•iv „ sold or the property is otherwise acquired by Lender. Lender
<br />shall apply, no later than irttcrted
<br />Lender at to time of applicat iately prior to the •alc of the Property or its acquisition h) Lender, any Funds held by
<br />ion as a credit Agalzlsl the sun,, secured by this Mortgage
<br />3. Application of Payments. Unless appiicabic law pro,aides otherwise. all payments received by Lender under the
<br />Note and paragraphs I and 2 hereof shall lsr applied by lender first in I,'" inept of amounts payable to Lender by Borrower
<br />under paragraph 2 hereof, then cs interest (sayable on the \ole, then to the principal of the Note, and ten to interest and
<br />principal on any Future Advances.
<br />4. Clsa es
<br />R . Lmns. train a.pr shalt pa' ,lU t ,,,rssntrnt, .Ind othCt .h,uges, fines and u„posillons attrtt+!!i3ble to
<br />the Property which may attain a priority over th„ 'sturtgage. and leasehold payments or ground rents, if any, in the manner
<br />Payee t d uncle[ paragraph 2 hereof or. it not paid in such manner, by Borrower making payment, when due. directly to the
<br />Payee thereof. Borrower shall promptly furnish to I ender all notices of amounts nitre under this paragraph, and in the event
<br />Borrower shall make payment direct;), Borrower ,hall prompti% furnish to Lender receipts eaadent,ng such payments.
<br />Borrower shall promptly discharge any hen which has priority, over this Mortgage: provided, that Borrower shall not be
<br />required to discharge arty such lien so long as Borrower shall agree in writing to tite payment of the onligarion secured b)
<br />such lien in a manner acceptable to [..ender, or ,hall in good faith contest such lien by, or deten.f enlo�rccmer,t of sii,h lien in,
<br />legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Properly or any (,art thereof.
<br />S. Hazard Insurance. Borrower shall keep the improvement, now existing or hereafter CrCLtei.P or, the Prt ;nrfy insured
<br />against loss by fire, hazards included within the term "extended coverage•', and such other hazards as Lender rna' require
<br />and in such amoiints and for such periods as fender Wray require, provided. that Lender ,half not teyit,rr that the <,r +,ic?i.,i,t of
<br />such coverage exceed that amount of coverage required to pay the aims secured by ittis �fortg,ige
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject it, approval by y d en er, provided,
<br />J
<br />that such approval shall not be u im
<br />nreasonably withheld. All prenms on insurance pohctes ,hail be paid lit the manner
<br />Provided under paragraph 2 hereof or, if not paid in such manner, by Borrower rt,aking payment, when duc. &rc :tly to the
<br />insurance carrier.
<br />All insurance policies and renewals thereof Shall be in form acceptable to, I.eniler ar;d shall ii,ct`iadc a ,!,indard mortgage
<br />clause in favor of and in form acceptable to Lender. Lender shall have the right Its hold the pool ies an,a renews!, thereof.
<br />and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid prenatt,r;t, In the event of loss.
<br />Borrower shalt give prompt notice to the insurance carrier and !.ender. Lender niay alike pro,3t of loss ,f „sit made prontptls
<br />by Borrower.
<br />Unless Lender and Borrower other-Arse agree in writing, insurance proceeds shall be applied it; risti }ratu,n repair of
<br />the Property damaged. provided such restoration or repair is economically feasible and the <eci,r,ty c,t this Jortgage rs
<br />not thereby impaired. If such restoration or repair is not ec•onon,ically feasihie or it the security +f this !startga e ag to
<br />be impaired, the insurance proceeds shall be applied to the sums secured by this 4fortgagC, wits, the exoCSs, It an}, paid
<br />to Borrower. It the Property is abandoned h} Borrower. of it Borrower falls to respond to I miler within 0 days from the
<br />date notice is mailed by Lender to Borrower that the insurance carrier offers to scitie ., clalrn for trtsurauoe henehts, (.ender
<br />is Authorized to collect and apply the insurance proceeds at Lender's option either to resto,r.ataci;; ;`t rCpa,r h the Properer
<br />or to the sums secured by this Mortgage.
<br />Unless Lender and Borrower otherwise agree in
<br />or postpone the due date of the monthly install►ttents witting, any such apPircatu,n of ru,eeds tt,
<br />referred to to paragraphs I and lie; C, t orr'a hinge tthCl a ; mounts of
<br />such installments. If under paragraph IS hereof the Property is acquired by Lender, all right, title anoi Interest of Borrower
<br />in and to any insurance policies and it) and to Ee proceeds thereof resulting front damage t„ ;fBe Prol,Criv prior to the sale
<br />ac acquisition shall pass to Lauder to the extent of the sums secured by this Mortgage Irniticd;ately pr,ot It, such sale or
<br />acquisition.
<br />6• Preservation and Maintenance of Property; Leasehulds; Condontiniums: Planned 1. nit Ur'elopmrnls. Borrower
<br />shall keep the Property in good repair and shall not cor,ut,it waste or permit ,mpalrrnent or deterioration of the Property
<br />shall comply 'kith the provisions of any lease it th„ hlurtgage is on a leasehold It Or �Iortg;ali t, on a t :nit c a
<br />non ilium or a planned unit tfevel,}pn,cnt. Boorrower ,hall pertorni all o! Bi,rro,wer's o11 +Bigati,+ns unofCr tPtC darclaitaltoan
<br />ter c�avegymts creating or governing the condont,nlurn nr psar,nrd unit development. the by laws and rCg„!at ►41" l Ihr
<br />tinium air planned unit develt?pment, arucl
<br />P►der t11e� b �s,rt,tUnelil doctlawrit, It
<br />a s +,nclosrututuia ,yr lastr,Ct ;.u,
<br />y Borrower and reciortled ta,slethe.r with [Ills Mort to c, iris , „a • !` J t iCaelt I rnCnt
<br />shall be lawrporated into aa,d shall attend an,.1 supplerncrtt the a;. +a • g chant, ,inert agrCCmcrtt, of ,(i%,h rider
<br />were a part hereof, trtants alit agtecnienls tit tl „ &I„rtgagC ,is it the ride)
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<br />"frtrtg,rge, ter it any ale Orl or
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