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84 ~'~t,0830
<br />UNIFOawt Covex,tnrs. Borrower and Lender covenant and agree as follows:
<br />1. Payment of Priee(pal aed 1MernL 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 />on any Future Advances secured by this Mortgage.
<br />2. Feeds for Tares and lerwnece. Subject to applicable law or to a written waiver by Lender. Bortower 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 fulh
<br />a sum (herein "Funds") equal [o one-twelfth of the yearly taxes and assessments which may attain priority over this
<br />Mortgage, and ground rents on [he Property, if any. plus ooe-twelfth of yearly premium installments for hazard insurance,
<br />plus one-twelfth of yearly premitun installments for mortgage insurance, if any, all as reasonably estimated initially and from
<br />time to time by Lender on the basis of assessments and bills and reasonable estimates thereof.
<br />The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or
<br />state agency (including Lender if 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 nn 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 />requires such interest to be paid, Lender shall not he required to pay Borrower any interest or earnings nn the Funds. Lender
<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 arc 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 [o Borrower on monthly installments of Funds. If the amount of the Funds
<br />held by Lender shall not be sufficient to pay taxes, assessments. insurance premiums and ground rents as they fall due,
<br />Borrower shall pay 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 thereot.
<br />Upon payment in full of all sums secured by this Mortgage. Lender shall promptly refund to Borrower any Funds
<br />held by Lender. if under paragraph 18 hereof the Progeny 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. AppiBeMion of Payments. Unless applicable law provides otherwise. all payments received by Lender under the
<br />Note and paragraphs 1 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 the Nute, then to the principal of the Note, and then to interest and
<br />principal on any Future Advances.
<br />4. Charge; Yeas. Borrower shall pay all taxes, assessments and other charGCS, tines and rmposinons attributable to
<br />the ^roptsrty w.,ich may atiaur a prio~iiy aver ibis ivlurigage, rind leasehold payments or ground renu, if any, in the mange:
<br />provided underLparagraph 2 hereof or. if not geld in such manner. by Borrower making payment, when due, directly to the
<br />payee thereof. Borrower shall promptly furnish to tender all notices of amounts due under this paragraph, and in the event
<br />Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments.
<br />Borrower shall promptly discharge any Tien which has priority ever this Mortgage; provided, that Borrower shall not be
<br />required to discharge any such lien so long as Borrower shall agree in writing to [he pnymem of the obligation secured by
<br />such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in,
<br />legal proceedings which operate to prevent the enforcemem of the lien or forfeiture of the Property or any pan thereof.
<br />5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
<br />against loss by fire, hazazds included within the term "extended coverage", and such other hazards as Lender may require
<br />and in such amounts and for such periods as Lender rosy require; provided, that Lender shall not require that the amount of
<br />such coverage exceed that amount oI coverage required to pay the sums secured by this Mortgage.
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approval 6y Lender; provided,
<br />that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
<br />provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
<br />insurance carrier.
<br />Ail insurance policies and renewals thareul siuril be in Corm acceptable to i,ender and shall include a standard nwrtgaga
<br />clause in favor of and in form acceptable to Lender. Lander shall have the right to ho1J the policies and renewals thereof,
<br />and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss,
<br />Borrower shalt give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
<br />6y Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
<br />the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is
<br />not thereby impaired. If such restoration or repair is not economically feasible or d the security of this Mortgage would
<br />be impaired, the insurance proceeds shall be applied to the scans secured by this Mortgage, with the excess, if any, paid
<br />to Borrower. If the Property is ahaudoaed by Borrower; or if Borrower fails to respond to Lender within 30 days from the
<br />date notice is mailed by Lender m Borrower that the insurance carrier Driers to settle a claim for insurance benefits, Lender
<br />is authorized to collect sad apply the insurance proceeds at Lender's option either to restoration nr repair of the Property
<br />or to the sums secured by this Mortgage.
<br />Unless Lender and Borrower otherwise agree m writing, any such applicaion of proceeds to principal shall not extend
<br />or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
<br />such installments. If under pazagraph l8 hereof the Property is acyuired by Lender, all right, title and interest of Borrower
<br />in and to any insurance policies and in and to the proceeds thereof resuhing from damage to the Property prior to the sale
<br />or acquisition shalt pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
<br />acquisition.
<br />6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower
<br />shall keep the Property in goad repair and shall not commit waste or permit impairment or deterioration of the Property
<br />and shall comply with the provisions of any (ease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a
<br />condominium or a planned troll development, Boaower shall perform alt of Borrower's abtigations under the declaration
<br />or covenants creating or governing the condominium nr planned unit development, the by-laws and regulations of the
<br />condominium or planned unit development, and constituent documents. If a condominium or planned unit development
<br />rider is executed by Borrow©r and recorded together whit tbrs Mortgage, the covenants and agreements of such rider
<br />ahaU be incorpgrated rnto and shall amend 'and supplement the covenants and agreements of thts' Mortgage as tf the rider
<br />were a past hereof.
<br />7. ProtsaMiou of Leader's Sectrrhy. If B~rtawer tails to perform the rovenaats and agreements contained in this
<br />Mortgage, or iI any acilua cr proceeding is < ~,rmaaczd which nateria;Iy affects Lender`s ,merest iu the Property.
<br />incltttling, but not limited to, eminent domain, insolvency, code entnrcament, ar arrangements or proceedings involving a
<br />bankrupt or decedent, ihtn Lender at Lender's option, upon nntitc io Borrower, may make such appearances, disburse such
<br />stone and take rush action as is nxessary' to protect Lender's .merest, utcludtng, but not limned to, dtsbursemcr3t of
<br />rearanabie atturtaey's fees and entry upon the Property to make repauv. li Leader reyuirui mortgage insurance as a
<br />condition of making iha loan secured 6y thts Mortgage. Bortower shalt laa}- the premiums rcquved w maiotam su"t
<br />imurance is silesf tmtil such time as the trytrirenten[ for suctt ;nsurancc ierm~naies .n accanriance wnh Borrowers and
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