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<br />UNIPORM CovenreNrs. Borrower and Lender covenant and agree as follows: $4 '~'~ ~) ~ 1 Q 53
<br />1. Payment o/ Principal aed 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 />on any Future Advances secured by this Mortgage.
<br />2. Fonds for Tuea and lesaraeee. Subject to applicable law or to a wrinen waiver by Lender, Borrower shalt pay
<br />to Lender on the day monthly installments of principal and interest are payable under [he No[e, until the Note 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, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments-for haza-d insurance, -
<br />plus oce-twelfth of yearly premium 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'accounl;
<br />or verifying and compiling said assessments and bills, unless Lender pays Borrower imerest on [he Funds and applicable Taty-'-
<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 interest on the Funds shall be paid to Borrower, and unless such agreement -is-made. or applicab&:.15vv --_
<br />requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. --Lender
<br />shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debi"ts to the Fundii.and the - -
<br />purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums -sec~t`ed.-,
<br />by this Mortgage. -
<br />If the amount of the Funds held by Lender, together with the future monthly installments of Fundspayable priorcto -
<br />the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amwnt required-to pay said.taaes, ~ -
<br />assessmen[s, 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 to Burrower on monthly installments of Funds. If the amount of.the Funds-:-
<br />held by Lender shall no[ 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 na[ice-is:mailed--..
<br />by Lender to Borrower requesting payment thereof. - - -
<br />Upon payment in full of all sums secured by this Mortgage. Lender shall promptly refund to Borrower any Fuhds- .
<br />held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender -
<br />shall apply, no later than immediately prior to the sate of the Property or its acquisition by Lender, any Funds held-by -
<br />Lender a[ the time of application as a credit against the sums secured by this Mortgage.
<br />3. Application of Payments. Unless applicable taw 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 Note, then to the principal of the Note, and then to interest aad
<br />principal on any Future Advances.
<br />4. Charges; Liens. Borrower shall pay all taxes. assessments and other 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 in such manner, by Borrower making payment, when due, directly to the
<br />payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due tinder this paragraph, and in [he even[
<br />Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such paytnenls. _ -
<br />Borrower shall promptly discharge any Tien which has priority over this Mortgage; provided, that Borrower shall not 6e. -
<br />required to discharge any such lien so long as Burrower shall agree in writing to the payment 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 enforcement of the lien or forfeiture of [he Property or any part thereof.
<br />5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
<br />against toss by fire, hazards 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 may require; provided, that Lender shall not reyuire that the amount of
<br />such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage.
<br />The insurance carrier providing the insurance shall 6e chosen by Borrower subject to approval by 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 [he
<br />insurance cazrler.
<br />All insurance policies avd renewals thereot shall be in roan acceptable to Lender and shall include a standard mortgage
<br />clause in favor of and in form acceptable to Lender. 1_ender shall have the right to hold the policies and renewals thereof,
<br />and Borrower shall promptly furoish to Lender all renewal notices and all receipts of paid premiums. In the event of loss,
<br />Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
<br />by 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 if the security of this Mortgage would
<br />be impaired, [he insurance proceeds shall be applied to the sums secured by [his Mortgage, with the excess, if any, paid
<br />to Borrower. If the Properq~ is abandoned by Borrower, or if Borrower fails to respond [o Lender within 30 days from the
<br />date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender
<br />is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
<br />or to the sums secured by this Mortgage.
<br />Unless Lender and Borrower otherwise agree m writing, an} such application of proceeds to principal shall not extend
<br />or postpone the due date of the monthly installments referred to in paragraphs I xnd 2 hereof or change the amount of
<br />such installments. If under paragraph t8 hereof the Property is acquired b}' Lender, alt right, title and interest of Borrower
<br />in and to any insurance policies and in and to the proceeds [hereof resulting from damage to the Property prior to the sale
<br />or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately pent to such sale or
<br />acquisition.
<br />6. Preservation and Maiotenanec of Property; Leaseholds, Condominiums; Planned Unit Developments. Borrower
<br />shat! keep the Property 1n good repair and shall not commit waste ur permu impairment or deterioration of the Property
<br />and shalt comply with the provisions of any lease if this Mortgage is on a leasehold. It this Mortgage is on a unit in a
<br />condominium or a planned unit development, Borrower shall perform all of Borrower's obligations' under the declaration
<br />or covenants creating or governing the condotninumt or planned unit development, the by-laws and regulations of the
<br />condominium or planned unit development, and constituent documents. If a condominium or planned amt development
<br />rider is executed by Borrower and recorded together with [his Mortgage, the covenants and agreements of such rider
<br />shall be incorporated into and shad amend and supplement the covenants and agreements of tlvs Mortgage as rf the nder
<br />were a part hereof.
<br />7. Protection of Lender's Security. if Borrower (ads to perform the covenants and agreements .:ontaincd m this
<br />Mortgage, or if any action ar pror:eedmg is commenced whirl? materially atlec[s Lenders interest in the Pmpen y,
<br />including, but not limited to, eminent domain, insolvency. code en lorcemeut, or arrangements ur proceedings t^vulving a
<br />bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse saeh
<br />sums and take such action as is necessary to protect Lenders interest. including, but not limned [o, dnbursmnam ,•t
<br />reasonable attorney's ices and entry upi?n the Property to make repaus_ If 1-ender required mortgage insurance as
<br />condition of making the loan secured by this Mortgage, Borrrnver shall pay the: premmmn reyuired to mannam such
<br />insuratlae in eQect until such time as the tequuemem for such insurance terminates tit accordance w-nh BormwEr`s and
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