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I 83-000995 r " ; . ~ UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal aud 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. Z, Funds for Taxes and IDSUI'IlRce. Subject to applicable law or to a ~ritten waiver by Lender, Borrower shall pay to Lender on the day monthly installments of plincipal 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 tliis 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 ana 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 deposits or accounts of which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution): 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 permits 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 Ior 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 taxes, 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 taxes, 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 by Lender, Lender shall apply, no later than immediately prior 10 the sale of the Property or its 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 I'rovides otherwise, all payments received by Lender under the Note and paragraphs 1 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 ('It her charges. fines and impositions attributable to the Property 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, directly to the payee thereof, Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing su..::h payments. Borrower shall promptly discharge any lien which has prionty over Ihis Mortgage: provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in \\Tiling to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in gOl."'ld faith contest such lien by. or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the llt~n or forfeiture of the Property or any part thereof. S. Hazard .insurance. Borrower shall keep [he improvements no\\ existing or hereafter erected on the Property insured against loss by fire, hazards jncluded within the term "extended coverage". and such other hazards as lender may require and in sllch amounts and for such periods as Lender may require: pn.""I\'ided, that Lender shall not require that the amount of such coverage exceed that amount of coverage rt:quired to pay the slims se..:ured by this !-.longage" The insurance carrier providing the insurance shall be chosen by BornJ\\er subject to approval hy 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 makmg pa}mem, when due, directly to the insurance carrier, All insurance policies and renewals thereot shall be .In form ~I.c.:ep[;tbk to Lendt::r ~md shall include a standarJ mortgage clause in favor of and in form acceptable to Lender. Lender shall ha\'c the right t(l hl)ld the polkies and reot::\\als thereof. and Borrower shall promptly furnish to Lender all rene\\al notices. and all receipts of paid premiums, In the event of loss. Borrower shall give prompt notice to the insurance carner ;.tnd Lende-r. Lender nus make proot (.'f loss it 0\.11 made promplly by Borrower, Unless lender and Borrower otherwise agn.~ in \\Titmg. insurant.:e pr(lcc~ds shall be applied to rt:sloration or repair of the Property damaged. provided such re::.torati\1n or repair is cj".'w\omkally feasible and the ~c\.:urity of this ~fortgagc is not thereby impaired. If such restoration or repair IS nl.-lt e~onolUi\.'ally fCJ.Slhlc l)r If the SCl.:llfll)' l.)f this Mortgage would be impaired, the insurance proceeds shall be applied h' the swns secured t>y th.s :.tongage, w.th the escess, if any, paid to Borrower. If the Property is abandoned by Borrower. l)r It Borrn1A~r tails to respl"'llld to Lender \"tithin 30 days from the date notice is mailed bv Lender to Borrower that the insurance carrier olfen. to ~eulc ,\ claim for insurance benefits, Lender is authorized to collect~ and apply [he insurance proceeds .H LenJ~r's optil..)n either to restoralion or repair of the Propeny or to the sums secured by this Mortgage. Unless Lender and Borrower otheNdse agr~ III \'fiting. any such application of proceeds to principal shall not cXlcnd or postpone the due date of the monthly instaUments referred w in paragraphs I and 2 hereof or change Ihe amount of such installments, If under paragraph tS hereof the Property is acquired h} Lender, "U right, title and interest of Borrower in and to any insurance policies and in and to the pr\Xceds thereof resulting from damage to the Propeny prior to the sale or acquisition shall pass to Lender to the ext-:nt of the sums secureu by this Mortgage imrnediatcly prior l\.) such sale or acquisition. 6. Presenation aad MaiDleDaDCe of Propert)"; Leaseholds; Condominiums; Planned Unit Den~loplRents. Borrower shall keep the Property in good repair and shall not commit \Vaste or permit 101pairment or deterioration of the Property and shall comply with the provisions of any lease if this !\tortgage is on a leasehold. If this ~lortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaratlon or covenants creating or governing the condominium or planned ullit development, the by-laws and regulations l'f the condominium or planned unit development. and .;:-onstituent documents, If 3. condominium or planned unit dc\.cll)pment rider is exCO:Uled by Borrower and recorded togelher with this Mongage, the covenants and agreements "f such nder shall be incorporatod into and shall amend and supplement the covenants and agreements of thIS Mortgage as if the rider were apart hereof, 7.' ProttCllea. of Lellder's Security. If Borrower fails to perform the covenants and agreements contained in this Mongage. or If any action or proceediD8 IS commenced which materially affects Lender's inter<'St in the Propeny, includina_ but not limited to. eminent domain, insolvency. code enf"f\:'cment or arrangements (lr proce..."\iings involving a bankrupt or decedent. then Lender at Lender's option, upon notice to Borrower. may make such ~ppcaran~c~. uishursc sUl.:h ._ andt&ke .ud> action as is necessary to protect Lender's mtcrest, mdudmg, hut not limiled to, dISbursement "I reasonable attomey'. fees and enlr)' upon Ihe ProperlY to make repairs, If Lender required mortgage iusurance as a COlIdilinn of mllkin& the loan SCCUf1)d by this Mortaage, Borrower shall pay the premiums req.med to maintain such WW-a.DCC in cft'cic:t until such time as the requirement for such insurance tcrrninaces in aCl..':ordance with R,lTI'l)Wer'!i. and ~