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85_ 003587
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<br />tpvl:nnvrs. Borrower
<br />and Lender covenant and agree as follows:
<br />I, Payment of Principe and tateresi. Borrower shall promptiv oil the
<br />indebtedness evidenced by the Note, prepayment and late charges a provided innt euNote, and thetlprriincipal Iofeand interest
<br />on any Future Advances secured by this Mortgage.
<br />2- Funds for Taxes aml 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 assessmenn which may attain priority over this
<br />Mortgage, and ground rents m the Pro ray, if any, plus one - twelfth of yearly premium installments for hazard insurance,
<br />this
<br />plus one - twelfth of yearly premium installments for mortgage insurance, if any, all as ium installm nts for 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 (including Lender it 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 holding and applying the Funds, analyzing said account,
<br />or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law
<br />Permits Lender 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 shall he paid to Borrower, and unless such agreement is made or applicable law
<br />squires such interest to he paid, 1
<br />shall _ender shall nor he required to pay Borrower any interest or earnings on the Funds. Lender
<br />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 by Lender, 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 Ftmds
<br />held by Lender shall not be sufficient :o pay taxes, assessments, insurance premiums and ground rents as they fall date.
<br />Borrower shall pax to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
<br />by Lender to Borrower requesting payment thereof.
<br />Upon payment In full of all sums secured by this Mortgage, 1 ender shall promptly refund to Borrower any Funds
<br />held by Lender. It under paragraph IS hereof the Properly is sold or the Property is otherwise acquired by Lender, Lender
<br />shall apply, no, later than Immediately prior to 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 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, then to interest payable on
<br />principal on am Future Advances. the Note, then to the principal of the Note, and then to interest and
<br />4. Charges; Liens. Borrower shall pay Al taxes. assessments 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 hereof or, it not paid in such manner. by Borrower making payment, when due, directly to the
<br />payee thereof. Borrower shall prompt! furnish to Lender all ponces of amounts due under this paragraph, and in the event
<br />Borrower shall make payment directly'. Borrowcr shall promptly furnish to Lender receipts evidencing such payments.
<br />Borrower shall promptly discharge any lien which has pnonty Deer this Mortgage: provided. that Borrower shall not be
<br />required to discharge any such lien so Icing as Borrower shall agree in writing to the payment of the obligation secured by
<br />such lien e a manner acceptable it, Lender, or shall in good faith contest such lien hy, or defend enforcement of such lien in,
<br />legal proceedings which operate In prevent the enforcement of the Len or forfeiture of the Property or am' part thereof.
<br />5• Hazard Insurance. Borrower shall keep the Improvements now existing or hereafter erected on the Property insured
<br />against loss by fire, hazards included within the term ••extended coverage•' d an such other hazards as Lender may require `
<br />and in such amounts and for surfl periods as Lender may require, provided. ;hat lender shall not squire that the amount of
<br />such coverage exceed that amount of coverage required in pax the sums secured by this Mortgage.
<br />The insurance airier providing the insurance shall he chosen by Bnrrnaer sublect to approval by Lender: provided,
<br />that such approval shall not be unreasonably withheld. All premuims on insurance policies shall be paid in the manner
<br />Provided under paragraph 2 hereof or. if not paid in such mariner. by Borrower making Payment, when due, directly to the
<br />insurance carrier.
<br />All insurance policies and renewals ihereol shall be in form accePlahle to, render and shall include a standard mortgage
<br />claugc in favor of and in form acceptable to Lender. I.ender shall have• the right to hold the Policies and renewals thereof,
<br />and Borrower shall promprl furnish to Lender all renewal nonce, and iill receipts at paid premiums In the event of loss.
<br />Borrower shall give prompt notice to the Insurance carrier and lender !..meter may make proof of loss if not made promptly
<br />by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing. insurance proceeds shall be applied to restoration or repair of
<br />the Property ttamaged, provided such restoration or repair is econnoticaI v teasihie and the security of this Mortgage is
<br />not thereby impaired 11 such restoration or repair is not cconamicallc leasible or if the security of this Mortgage would
<br />be tmpaired. the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid
<br />to Borrower. 11 the Property is ahandoned by Borrow IT
<br />or it Borrower tails io respond to Lender within a days irnm the
<br />date florin IS milled by Lender to Borrower that the ed urance car'rler (offers In settle a claim for insurance benefits, Lender
<br />is authorized to collect and apply, the insurance proceeds at Lender's option either to restoration or repair at the Property
<br />or to Fite sump secured trey this Mortgage.
<br />Unless Lender and Borrower otherwise agree in writing, any such application of Proceeds io 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. If tinder paragraph 18 hereof the Property' Is 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 tiom damage to the Property prior to the sale
<br />ar acquisition shall pass to Lender it, the extent of the sums secured by thr� Mortgage immediateiy prior to such sale or
<br />asaquisifiorz.
<br />6. Preaory M r of Prttporty; I crychDick' f 'ondominiums:
<br />shall p the Property in good repair and shall not commit waste or permit impairrmencidott deterioration of the Property
<br />and shall comply with the provisions o1 any lease if this Mortgage is (oa a leasehold. it this Mortgage is oat a unit in a
<br />condominium or a planned unit development. Borrower shall perform all of Borrower's obhganons under the declaration
<br />or covenants creating or governing the condominium or Planned unit development, the by -taws and regulations of the
<br />cO tdo>tninrum or Planned unit development, and constituent documents. If a candorniniunt or planned nnrt development
<br />rider d czesut by' Borrower and recorded together with this Mortgage, the covenants and agsemcnts (it such rider
<br />I "I be mrorperrat"ll Into and shall amend and supplement the. covenants and agreements nt this Mortgage as i1 the rider
<br />L were a part hereof',
<br />9. Pretas°dOn of [.ender'. sirocority, 11 ' harrowcr fails to perform the c :<,venants noel agrcetrtcnts contasnad an thi
<br />Mortgage, or n any tatJ or proceeding Is commenced which materially afleCtf, !.cotter's interest IT,, the Prnprny
<br />snctuding. Hut nor Elm tali rE eminem domain insoly it:c , code entt,rt :enieni or arrangentenu• priueedingv ,nvolv;rq,; a
<br />f,ankrupf or dact�drnt hen l.cnoku at Lender's
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