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<br />~~ ~°,i,t~Q093
<br />Ut+rFaaat Covet.n Nrs. Borrower and Lender covenant and agree as follnws:
<br />L Payment of Frincipai and Interest. Borrower shall promptly pay when due the principal of and interest on the
<br />indebtedness evidenced by the Note, prepayment and late charges as provided in the Note. and the principal of and interest
<br />oe any Future Advances secured by this Mortgage. _ -
<br />2. Fends for Taxes and Irtsuratice. Subject to applicable law or to a written waiver by Lender, Borrower shalt pay
<br />to Ixnder on the day monthly installments of principal and interest are payable under the Note, until the Nate is paid in full,
<br />a sum (herein "Funds") equal to one-twelfth of the yearly razes and assessments which may attain priority-.aver this
<br />Mortgage, and ground rents on-the Property: if anp, plus one-twelfth of yearly premium installments for hazard- insurance, - - -
<br />plus one-twelfth of yearly premium installments for mortgage insurance, if any, ail as teasonabiy estimated initiailpand'from
<br />time-to time by Lender on the basis of assessments and bills and reasanable estimates thereof. - - -- - -
<br />The Funds shalt be held in an institution the deposits or accounts of which are insured or guaranteed by a Federalor
<br />state agency (including Lender if Lender is such an institutiao). 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, anal-yzing;aidaccount,
<br />or verifying and compiling said assessments and bills, unless Lender pays Borrower intereston the Funds-and applieable_law~
<br />permits Lender to make such a charge. Barrower and Lander may 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 be paid, Lender shall not be required to pay Borrower any interest or eatnings.on the-Funds Lender
<br />shall give to Borrower, without charge, an annual acrnunting 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 Martgage.
<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 Bents, shall exceed theamount required to pay said-taxes;
<br />assessments, lnsuranae premiums and ground rents as they tall due, such excess shall be, a[ Borrower's -option,-,either- -
<br />promptty repaid to Borrower or credited to Barrower on monthly installments of Funds- If the amount--of the-Ftinds
<br />held by Lender shat[ not be sufficient to pay taxes, assessments, insurance premiums and ground rents-as-they falldue, _
<br />Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notiee:is mailed
<br />by Leader to Borrower requesting payment thereof. ~ - - - -
<br />Upon payment m full of aIt stuns secured by this Martgage. Lender shat! promptly refund to Borrower- any Funds-
<br />held by Lender. if under paragraph I8 hereof the Property is sold ar 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 />Leader at the time of application as a credit against the sums secured 6y this Mortgage. - ~ _
<br />3. applfcatitm of Payments. Unless applicable law provides otherwise. all payments received by Lender under the
<br />Vote and paragraphs i and 2 hereof shall be applied by Lender first fn payment of amounts payable to Lender by Borrower
<br />under paragraph 2 hereof, [hen to interest payable an the Note, then to the principal of the Note, and then to interest and
<br />pnncipat on any Future Advances.
<br />4, Charges; Liens. Barrower shall pap :dt taxes. assessments and e-thee 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, if not paid m such manner. by Borrower making payment, when due; directly to the
<br />payee [hereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and is the event
<br />Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments..
<br />Borrower shalt promptly discharge any lien which ilea pnonty over this Mortgage; provided, that Barrower shall-not be -
<br />required to discharge any such lien so tong as Borrower shall agree ir. writing to the payment of the obiigatian secured by
<br />such lien in a manner acceptable to Lender, or shall in gaod raith rontest such lien bv, or defend enforcement of sac. ..n in,
<br />legal proceedings which aperate to proven[ the eatarcement of the lien or forfeiture of the Property or any pact .hereof. -
<br />5. Hazard lttsutaoce. borrower shall keep the improvement, now existing or hereafter erected on the Property insured
<br />against loss by five, hazanls included wnhrn the term "estendeJ coverage°, anJ such other hazards as Lender may require
<br />and in such amounts and for such periods as Lender ma} reywrc; provide), that Lender shall not require that the amount of
<br />such coverage exceed That amount of overage require) [u pay the aims secured by this Mortgage. -
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject ro approval by Lender; provided,
<br />that such appravai shall not be unreasanably withheld. .VI premiums an insurance policies shall be paid in the manner
<br />provided under paragraph Z hereof ar, ,f not paid in such manner, by Burrower making payment, when due, directly to the
<br />insurance carrier.
<br />Alt insurance policies anJ renewals thereof snail be in faun .,eceptable ro t_en:7er anJ shall include a standard mortgage
<br />clause in favor ai and in farm acceptable io Lender. Lender ;hail hear [he right to hold the policies and renewals thereof,
<br />and Borrower shalt promptly furnish to Lender afl renewal notices aitJ alt receipts of paid premiums. (n the event of loss,
<br />Borrower shall give prompt notice to the insurance carrier anJ Lender. Lender may make proof of loss if not made promptly
<br />by Borrower.
<br />Unless Lender sad Borrower otherwise agree in wrung, insurance proceeds shall be applied to restoration or repair of
<br />the Property damaged, provided such restoration or repair a economically feasible and the security of this Mortgage is
<br />not thereby impaired. If such restoration or repay is eat economically feasible or :f the security of this Mortgage would
<br />be impaired. the insurance proceeds shall be applied to the sums secured br this Mortgage, with the excess, if any, paid
<br />to Borrower. If the Property is abandoned by Borrower, ur it Borrower tails to respond to Lender within 30 days [ram the
<br />date notice is mailed by' Lender to Borrower that the insurance carrier afters to settle a claim for insurance benefits, Lender
<br />is authorized to collect and apply the insurance proceeds at Leader's option etcher w restoration or repair of the Property
<br />ar to the sums secured by this Martgage.
<br />Unless Lender and Borrower atherwise agree in writing, any such application of proceeds to principal shalt not extend
<br />or postpone the due date of the monthly installments refetted to in paragraphs i and ?hereof or change the amount of
<br />such installments. If under paragraph 18 hereof the Property is acquired by Geeder, ail right, title and interest of Borrower
<br />in and to any insurance policies and in and to the pra:eeds thereof resulting from damage to the Property prior to the sale
<br />or acquisirioa shah pass to Lender to the extent of [he sutras secured by this Aiortgage immediately prior to such sale or
<br />acquisition.
<br />ti. Ptrcxrvalian lead trfaintetiance of Properly; Leaseholds; Condominiums; Pfanaed Unit llevelopments. Borrower
<br />shall keep the property in good repair and shall not commit waste or permit impairment or dereriaration of the Property
<br />sad shall comply with the provisions of any lease ii this Mortgage is an a ieasehofd. If this Diortgage is on a unit in a
<br />condominium or a planned unit development, Borrower shaft perform alt of Borrower's obligations under the declaratian
<br />or covenants creating or governing the condominium ar planned unit development, the by-laws and regulations of the
<br />candominiutri or planned unit development, and constituent doctunenis, If a condominium ar planned unit development
<br />riskt u exacitted-by Borrower and retarded together with this Mortgage, the covenants and agreements of such rider
<br />sb;B ire incarpgcitsed into and shall amend and supplement the covenants and agreements of this Martgage as if the rider
<br />were a part hertsgf. "
<br />7, PrWaellgn of Lendeer's Secrtcify If Bo[roaver fails to perform the covenants and agreements contained in this
<br />AdarE;agB, ar if any -anion cx proceeditiy is commenced which materially atfnts Lender s interest in the Property,
<br />incluiing, but tux iurtittd Ca, eminent domain, insolvency; code enforcement, ar arrangements or proceedings invalving a
<br />banluupl or decedent, slue Lender at Lender's aptian, open notice to Barrower, rosy make such appearances, disburse such
<br />stunts sad fake ttaclt action as is rttatrosxary to protect Lender's interest. including, but eat limited ta, disbursement of
<br />reatwoahis alWRley'& fees and entry, upon. the Property to make repairs. Cf Lritder required mortgage insurance as a
<br />zanJ,ugn af.tnaatit~ the laati scoured by this Martgage, Harrower shalt pay the premiums required to maintain such
<br />#nsursnc; in cs~ett until 3.uc#i time as tine iequircmnnt for such inguraase terminates in accs-rrdanct: with Harrowers anJ
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