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- 83- 001768 UNIFORM COVENANTS, Borrower and Lender covenant and agree as follows: I, Payment of Pd...,lpal and Interest, Borrower ,hall promptly pay when due the principal of and inte,est on the indebtedness evidenced by the NOle, prepayment and late charges as provided in the Note, and lhe principal of and' interest on any Fllture Advances secured by this Mortgage. 2. Funds for T_ and I_",nce, Subject to applicable law or to a weillen waiver by Lender, Borrower shall pay to Lender on lhe day monthly installmenlS of principal and interest are payable under the Note, until the Note is paid jn full, a sum (herein "Funds") equal to one-twelfth of lhe yearly laxes and assessments which may alia in priority over this Mortgage, and ground rents on the Properly, if any, plus one-twelfth of yearly premium installments for haza,d insurance, plus one-twelfth of yearly premium installments for mortgage insllrance, if any, all as reasonably estimated initially and from time to time by lender on the- basis of assessments and hills and reasonable estimates thereof. The Funds shall be held in an inslitution the deposils or accounts of which are insured or guaranteed by a Federal or slate agency (including Lender if lender is such an instilution). 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 ,lOd hills. 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 Funos shall he paid to Borrower, and unless such .agreement is made or applicable taw requires such interest to be paid, tender shrill not he required III pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower. without charge. an annual a..:couming ot thc Fllnd~ ~howing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds arc pledged ;:IS addilional security for the sums secured by this Mortgage, If the amount of the Funds held by lcn..tcr. together \\ ilh 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 grl.)und rents as they fall due. such execs.." shall be, at Borrower's option, either promptly r~paid 10 Borrower or credited to Borrower 1,)11 monthl)' installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes. assessmerHS, insurance premiums and ground rents as they faU due. Borrower shall pay to Lender an)' amount necessary to make lip the deficiency within 30 days from the date notice is mailed by lender to Borrower requesting paymcnt thercoL Upon payment in full of all sums secured by th.. Morrg"ge, Lender shall promptly refund to Borrower any Funds held by Lend!:r. If under paragraph I S hereof the Propcrl~. IS ,tlid llr the Property is otherwise acquired by lender, Lenuer shall apply, no laler than Immediately prior 10 the '3le of Ihe Property or ils acquiSlllon by Lender, any Funds held by Lender .J.t the time of application as a (fellit agalllst Ihe sums !\C'~uret.l hy this Mortgagc. 3. Application of Paymenls. Unless applicable law pro\ltles otherwise, all paymenls received by Lender under the Note and paragraphs I and 2 hereuf ,hall he applied by Lemler first In p:lyment of :lmOllnts payable to Lender by Borrower under paragraph ~ hereof. then to 1IlIcr,,'sl IMY~lhk lHt Ihl' ~'hllC, lhen III thc prindpal of the Note. anu then to interest and pnncipal on any Futur~ Advances, 4. Charges: Li~ns. Borrov.er ~h;:lll pa} ;111 l.l\C", .i'\'l'S'\IllCnts ant.ll,thcr l'hargcs, fines and impositions attributable to th~ Property which may' altain a priorit)' lWeI' lhl~ ~h'ngagC', and leaschold payments I.lf ground rents. if any. in the manner prOVided under paragraph .2 hereof llr. If 11\,)( pall.! In su.:h Illitnnt'f. hy Borrowcr m.tking paymenl. when due. Jarcc.;tly to the payee thereof. Borrower shall promptly fUflllsh to Lendt:r all IlOIh:CS of amounts due under thiS paragraph. and in the event Borrower shall make payment UlfCl.'tly. Borrtl\\cr ,11.111 pn.lmptly tllrmsh III I.emler receipls evidencing such payments, Borrower shall promrlly di!K:hargc any hen \\1111.:11 has plHlrUY 1.\\1.:1 Ihis. Morlg;'lgc: pnwldcd. that Borrower shall not be n:qutred to discharge any such Iicn so long ~IS Rl..lfrOWer ~hall ,lgree in "'flung to the payment 01 the obligation se\::ured by such lien in a manner acccplabk to Lender, or :-hall In gOl.ld faith contest slIch lien hy, or defend enforcement of such lien inl legal prOi:e~din8s which o~rale to pr~vcnt the cnfon,:cl1lcnl of the lien llr forfeiture of the ProperlY or any part (hereof. s. Hazard lnsuranc~, Borrower shall k~ep thc lmpw'\,'emcnh now c:\islIng or hereafter erecteo on the Property insuroo against loss by fire, hazards included withm the tcrm '.c\tcmted ~ovcri.tge", and such olher hazards as Lender may require and in such amounts and for such periods as Lender 11M)' I cyuin:; provided. (hat Lender shall not require that the amounl of such coverage ex.ceed that amount of cl.wcragc rl.."quln~d fll pay rhe sums ..;;cclIred hy Ihls Mongage. The insurance carrier providing the insurance shall be chosen by Borruwer subjecl to approval by Lender; provided, that such approval shall not be unreasun:lbly wilhbeld, :\11 premiums on insurance policies shall be paid III the manner provided under paragraph 2 hereof or. If not paid in sll~h manner. by Borrower making payment. when riue, directly to the insurance ~arrier. AU insurance policies and renewals therct"f shaH be in form .li.:ccptabtc to Lender and shaH include ;'l '\landard mortgage dausc in favor of and in form acccpt.lhle (I.) 1.ender. LI..'nucr ..h;11I h~l\e thc T ighl to huld thc policies ami r~newals thereof. and BorftJwer shall promptly furnish to lender ~III n.~nl..'\\~tl mllll'cs .1Iu,1 ~,1I r~ccipts of paid premiums. In the event of loss, Borrower shall gi\'e prompt notice to the insul"~lU~C l.'arTl\.'r and 1.emler. Lendcr Illa)' make prout of loss if not made promptly b\ Borrower, ~ Unless lender and Borrower otherWise agr~e in \\fitlllg. insuran..::\: prlh:ct.:'ds shall be applied to restoration or repair of the Property damaged, provide\! such rc~I..)ratll.ln I.l[ rcpau- IS cCl'nomicOIlly feasible and the securily of this Mortgage is not thereby impaired, If such restoratIon or repal[ IS n," ecollomically feasible ur if Ihe security of this Morlgage would be impaired, Ihe insuranec proceeds shall be applied to Ihe sums secured by this Mortgage, with Ihe excess, if any, paid to Borrower. If the Property is abandoned hy Borro"".cr, or il Borrower fails h) respond to lender within 30 days from the date notice is ~aile-d by Lender to Borrower that the lI\suran..:~ carrier offers to scute a claim for insurance benefits. Lender is authorized 10 collect and apply the Ulsurance pruceeds at Lcnder's option either to restoration or repair of the Properly or to the sums secur~ by this Mortgage, Unless Lender and Borrower othc["\\ ise agree in \\llting, any ..uch application of proceeds to pnncipal shall not extend l'r postpone the due date of the ml.'nthl~ inSlallmclll~ Il.:h:rrcd It\ in paragraphs I and 2 heret,f or change the amollnt of su~h instaUmcnts, It unucr paragraph I S hereof the PI\\Jlil:ft} I~ Oll''-tlllreJ. by Lender, all right. title and interest of Borrower in and to an). ins"rance ~hcies and in and III lhe procl..-...:ds thereot resulting from damage to tbe Property prior to the sale or acquisition shalL pass to Lender Iv the extent of the ,urns secured by this Morlgage immediately prior 10 such sale or ;;;:quit.ition, 6, ~n...ioA..... :\1"'tIlIlACt" of I'rolK'rt); 1.t'awhuhL,,: L'ondominillms; Planned Unit I)~,'~lopmenls. Borrower shaH keep the Property in good repair and shall not. cllnul\il \\a::,.tc .ur pClIuit impairment or deterioration of the Property and shall. comply with the provisaons of any leas~ It lhl~ ~h~ngo.lgc l~ on a kaschold, If this Morlgage is on a unit in i.l condQrrtlnjum or a planned unit dC\'c",'pm~lU, Bl'rrI.H\Cr shall perform ..11 l.,l[ Borrower's obligalions under the declaration or (.::ov~~nu. creating. Or governing tht: clmd....lOltOIUm \.lr planncd llnit development. Ihe by-laws and regulations of the 'ondo~inlURl or planned unit developmenl, itod constituent Jo",:um.:nts. J f .1 condominium or planned unit development rider is e.\,ccu.u;d by Borrower and recorded logelhcr with Ihls Mortgagc. the COvenants and 3areements of such rider shall be incorporated into and shall amend and supplement ,he cO\enants and agreements of this Mortgage as if the rider 14'etC a part hereof, 7, Pnlcedlea of ......r.. SKudl)'. If Borr,,"'er fa.l, hI pcr!'"rm the covenants and agreements cuntained in this Mo.tIpCC, or if any a<:tion ,'r procewmg IS c,'mmet\Ceu whIch m:llerially :lffecls I.enue,. IntereSI in the Property, includina. but not hm.ted to, ~mincnt dam.ln, in~)h"Clh;Y, l.'odc cnlor~cmcnt. ('f arrangements Of pnlCeedin8s involving a b&nkrupc or dc~tdent. then lender at l.ender's 01)(H,)I\. Up'Hl n\.)til.~c h' Bon-ower. may make such appearances, disbuDe such aWN and take iuch action as j. necr~5.ar)' h.l pn.ltC'"t Lender's iluqc$t. induuins. hut not limited to. dl\burscmcnt of re~blf; attom~y', ten and ~ntty upon th~ Prop:ny t(l mak.e repairs. If Lender required mortgage insurance as a Io'Mduion de mak_", the loan ~UI'('J by thj~ Mort,_t:c. flHf"fO""r ~h..H pay the premiums. req\tlred maintalll su~h l.n$ur.ancc in dt<<l until "lH.:h lime 3$ the rt;QUtft:ment (t1t ...u....h mS-Ulan..:c tcrmin<l.tcs m a(;(:ordancc \.\. l\urn.lwer\, and 1