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<br />ITN1P08M Covert><nTS. Borrower and Lender covenant and agree as follows: ~• ~""~' ~ v 0 4 1 7
<br />I. Payment of FduclPal aad.lnterest. Borrower shall promptly pay when due the principal of and interest on the
<br />indebtednerg evidenced by the Note, prepayment and late charges as provided. in the Note, and the principal of and interest
<br />on any Future Advances secured by this Mortgage,
<br />2: Farts-for Ta:er and Inautrtmce.. SubjeM to applicable !aw or to a written waiver by Lender, Borcower shall nay
<br />Ya iznderon. the day monthly instal{menu 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 taxes and assessments which may attain priority over this
<br />Mortgage,.attd giatmd-re[tts~oa the Property, if any, plus one-twelfth of yearly-premium installments far hazard insurance,
<br />plusune-twelfth-of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from
<br />time to Gme.by.Lender on the basis of assessments and bills and reasortabie estimates thereof.
<br />The Funds shall be held in an institution the deposits-or accounts of which are instued or guaranteed by a Federalor
<br />state agency (including Lender if Lender is such an institution). [_ender shall apply the Funds to pay said taxes, assessments,
<br />insurance premiums and ground rents. Lender may not charge tar so holding and applying the Funds, analyzing said account,
<br />or verifying and compiling said assessments and hills, 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 a[ the time of execution of this
<br />Mortgage that intermit on the Funds shalt he paid [u Borrower, and unless such agreement is made or applicable law
<br />requires such interest to be paid, Lender shalt not be required to pay Borrower any interest or earnings on the Funds. i_ender
<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 Cor 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 data of taxes, assessments, insurance premiums and ground yarn, shalt exceed the amount required to pay said taxes,
<br />assessments, insurance premiums and greand rents as they fall due, such excess shall be_ at Borrower`s option, either
<br />promptly repaid to Borrower or credited to $ortrwer on monthly installments of Funds. tf the amount of the Funds
<br />held by Lender shall not be strflicient to pay taxes, assessments. insurance premiums and ground rents as they fall due,
<br />Borrower shalLpay to Lender any amount neeessar}• to make up the deficiency within 3t) days from the date notice is mailed
<br />by Lender to Borcower rquesting payment thereof.
<br />Upon payment in full of atl sums secured by this Mortgage. !.ender shall promptly refund to Bornwer any Funds
<br />held by Leader. If under paragraph t6 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br />shall apply, no later than immediately prior to the sale of the Progeny or its acyuisnion 6y Lender. any Funds held by
<br />Lender at the time of applica5an as a credit against the sums secured 6y this Mortgage.
<br />3. Applktttion of Payments. Unless apolicable law provades otherwise, all payments received by Lender under the
<br />Note and paragraphs I and 2 hereof shaft be applied b}' Lender first in payment of amaunis payable to Lender by Borrower
<br />under paragraph Z hereof, then to interest payable an the Nate. then w the principa! e( ilia Note, and then to interest and
<br />principal an any Future Advances,
<br />d. Charger; I.ieas. Harrower shad pay alt taxes, assessments zmd other charges, fines and +mpositions attributable to
<br />the Property which may attain a priority over thus Mortgage, and leasehold payments car ground rents. if any, in the manner
<br />provided under paragraph 2 hereof or, it not gold in such manner, by Borrower making payment, when due. directly to the
<br />payce thereat. Borrower shall promptly furnLSh to 1_ender aIi notices of amaams due tinder this paragraph, and in the event
<br />Borrower shall make payment dtrectiy. Borrower shat! prontp*.1 ;• furnish te. Lender receipts evidcnei rig s., rsaymeats.
<br />Borrower sha8 promptly discharge arty lien which has priority over this Mortgage.: provided. that Borcawer~shall not be
<br />required to discharge any such lien so lung as Borrower shall agree in writing to [rte payment of the obligation secured by
<br />such ben in a manner acceptable to [.ender, or shall in ganef taiih cartes[ such lien by, or defend enforcement of such lien iq
<br />Legal proceedings which operate to prevent the enforcement a( the hen ar forfeiture of the Property or any part thereof.
<br />5. guard Insnranee. Borrower shall keep the mtprove.ments now existing ar hereafter erected an the Property insured
<br />sgaiast loss 6y lire, hazards included within the cerm "extended coverage". and such other hazards as Lender may require
<br />sad in such amounts and for such periods as Lender may require; prcvtded, that lender shat! no[ require that the amnunf of
<br />such coverage txeced flirt amount of coverage required to pay the satins ucured by rhos ttangage
<br />The insurance esrrier providing the insurance shall be chosen by Bnrrowcr subject to approval by Lender, provided,
<br />that such approval shall not Foe unressonabty withheld. A71 prcmmms on insurance policies shall he paid in the manner
<br />provided tinder paragraph 2 hereof oe, if not paid in Bach mam:er, by Borrower making payment, when due, directly to the
<br />insttrantt cazrier.
<br />All insurance policies sad renewals thereof shall tae in Form acc~cptable to Lender and shall include a starsdard mortgage
<br />clause in fnvar of and in form acceptable to Lender. i.ender shall have the right to hold the policies and rentwuls thereof,
<br />end Botinwer shat! promptly furnish to Lender all renewal ponces and all receipts of paid premiums. In the event of loss,
<br />Borrower shat! give prompt notice to the insvrarsce carrier and !.,ender. I.endcr may make prom of loss ii not made promptly
<br />by Borrower.
<br />Ualeas Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
<br />the Property damaged, pmvidtd stub restaranoa or rcpatr is economically feasible and the security of this Mortgage is
<br />not thereby impaired. if such rcswratinn ar repair is rat economically feasible ar it the security of this Mortgage would
<br />be impaired, the insurance proceeds shall be applied to the s[tms secured by this Mortgage, with the excess, if any, paid
<br />ro Boerawtr. if the Pmperty is abandoned by Borniwer, ur it Harrower fails to respond to Lender within 30 days Irom the
<br />dste trotice is malted by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, lender
<br />is authariztd w collect and apply the ittsurancc proceeds at Lender's option either to restoration or repair of the Property
<br />or w the sums sectuxd by this .Mortgage.
<br />Unless Lender and Harrower odterwise agree in writing, any such application of proceeds to principal shalt not extend
<br />ar postpaae !tie due dart of the monthly installments referred to to paragraphs I and ?hereof or change the. amour[ of
<br />xtach itwtailmtats.. i€ under paragraph }g hereof the Property is acquired by Lender, alt right, title and interest of Horrower
<br />in end to aay inrttraace polieaes and in and m the proceeds thereof resulting from damage to the Property privy to the sale
<br />or acquisition shall pass to Lender to [hc extent o[ the runts sccurtd by this Mortgage itnmediateip prior [o such sale or
<br />actwsigan.
<br />d~..t?caeerration and Afa~fenttaze of Properly; Leasehaldst C'ondominittau; Ffsnned Utrit Developments. Harrower
<br />sftallket~a the Property in-gaad.regair and shelf not cvmati[- waste or permit impairment or deterioration of the Property
<br />amt ehallcamptq wiW tlte-provisions of arty Rase iF this Mortgage is en a Icasehotd, !f this Mortgage is an a unit in s
<br />mum ora-plartraed-wait devetapmeat, Borrower shat perform ail of tlarrawtr's obligauans under the declaration
<br />at-covematt~ rreaitng, or governing: else- candttminium ar planned unit deveiopmeni, rho by-taws and rcguiatians c+t the
<br />caadoniinitmt at plaa~d titxit development. and caastintent {c>Lutntvts, It a eondaminiunt or planned unit develoomcat
<br />ridta: is esoctttad lay Borrower and recorded tagtther with this Mortgage. She covenants and agreements of such rider
<br />rlftill 1fo iarnt^Iiarated into'and stroll amend and suppletttent the covenants and agreements of this Mortgage as it' the rider
<br />ware.a paat:lscaaf,
<br />3. Pra6eciiun ,af Lantu3rst'a *3rttsr~, if Banowtr fails to perform the covenants and :tgreettxnts cuntnined in this
<br />~,~or-_if any ~acSaxt orptotaetding- ss caritntenced wisiah matcrisily at#eea Lender`s imtrtst in the Property,
<br />'t~,lnat-tKN tintittidta.-tssn{tstnt doalaia. insolvetu~y, cods en.fotcetnent, or arrangements nr ptticatdings invatving s
<br />t[ntaFkrrtpt ru'-det~dwst. tltet}Lendar at l..entier's option, upon noritx na Barrtnvtr, may make such appearatu•ts, disksurse such
<br />Auoar,rr~t-.take .rtxhi -ac'l~q. as is tacct5sarg to protect Lende~{s +ntsrest. in;,Iuding. tarn rat litttited to, cti~sbursemttr[ of
<br />tiflt attntnay'r final amt. tusiry open fret Proptrfy to make repairs. if larder xrquired mortgage insurance as s
<br />than -tti- *- ##te roan rttttrad bq this lvtotigage, Barrawor shalk pa}` tree prentitmts requited ko maintain xuch
<br />ititp~wass In ts?~r2 taQtil arch tints ss t#sc tequtrenteat far xuch insaraatt terminates =_n aceordr+tce with Bornwtr's and
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