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<br />I <br /> <br />83':'" U 0 5 3 38 <br /> <br />r <br /> <br />USIFORM COVENANTS. Borrower <lnd Lemler covenant and agree a~ follows: <br />1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interest 011 the <br />indebtedness evidenc~d 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 MOflgagc. <br />2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower sha~1 pay <br />to l..ender on the day monthly installments. of principal and interest are payahle under the Note, until the Note is paid in full. <br />a sum (herein "Funds") equal 10 onc.twclfth 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 hazard insurance. <br />plus_one~twelfth of y~arly 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 hills iJnd rt':rlsonable 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 lincfudi"ng Lender if Lender is sllch 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 on 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 be paid to Borrowt':f. and unless such agreement is made or applicable law <br />requires such interest to be paid, Lender shall nol be requiTcd to pay Borrower any interest or earnings on the Funds. Lender <br />shall give to Borrower, without charge. an annual accounting of rhe 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 Mortgage. <br />If the_amount of the Funds held by Lemler, together with the fUllIre monthly installments of Funds payable prior to <br />the due dates of taxes, assessments. insurance premiums and ground rents. shall excecd Ihe 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 to Borrower on monthly inswllmcnts 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 10 make up the deficiency! within 30 days from the date notice 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 Funds <br />held by Lender. If under paragraph I g hereof the Property is sold ur the Property is otherwise acquired by Lender, Lender <br />shall apply. no later than immediately prior ro the :-.ale of the Property or its acquisition by Lender, any Funds held by <br />Lender at the rime of application as a ncdit against the sums secured by this !\'lortgage. <br />3. Application of Payments. Unless applicable la\'..' provides olhcn\'isc, all payments received by Lender under the <br />Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment at amounts payable to Lender by Borrower <br />under paragraph 2 hereof, then to interest payable on the Note, then {o the principal of the Note. and then to interest and <br />principal on any Future Advances. <br />4, Charges; Liens. B0rrower shall pay all l,tXt:-". a,s~ssments .1I1d other charg.es. fines and impositions atlributable to <br />the Property which may attain a priority over this ~lortgagc. and ka~ehold 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, "...hen due, directly to the <br />payee thereof. Borrower shall promplly furnish to Lender all nMices of amounts due under this paragraph. and in the event <br />Borrower shall make payment directly, Bornm-cr "hall prompt I) t'urni:-h to L~nllt:r receipts l'videncing such payments. <br />Borrower shall promptly discharge any lien which has priority ()\-er this rv[ongage: provided. that Borrower shall not be <br />required to discharge any slIch lien so long as Harrower shall agree in \\ rillng to the payment of the obligation secured by <br />such lien in a manner acceptable w Lender. or ~hi111 in go...)J Liilh nmte,>t such lien by. or defenu enforcement of such lien in. <br />legal proceedings which operate to prevent the cnforcemcnI of the lir.:n !..)r forfeiture of the Property or any part thereof, <br />s. Hazard Insurance, Borrower shall keep the improvement-. 00\\ c\i!'.ting L)r hen:ai[er ....rccted on the Property insured <br />against loss by fire, hazards included within the tcrm "c_\tcndcd >:L1verage", :lnll such other _hazards a:; Lender may require <br />and in such amounts and f...'r such periods as L~ndcr m.IY rCLjuirc; provided. that Lender shall not require that the amoum of <br />slIch coverage ex.ceed that amount of l:o\"crage required h) pa} {he ",ums "ecun..'d hy this Mortgage. <br />The insurance carrier providing the insur;m~c shall be l"ho~en by Borro\\ er subject 10 approval by Lender; provided, <br />that such approval shall not be unreasonably wilhheld. All premiums un insurance policies shall be paid in t-he manner <br />provided under paragraph 2 hereof or. If not p:Jid in s\H,;h m;.tnDer, by Bl'rrower making payment, when due. directly to the <br />insurance carrier, <br />AU insurance policies and renc\\ als there!..)1 ~hall be in f(mll ,h;L~pubk ro Lender and :;hall include a standard mortgage <br />clause in favor of and in form acceplable to Lender. LI.'mIcr ,..h;JlI 11;1\-;; the right to h...,ld th~ pl)licic~ and renewals thereof. <br />and Borrower shall promptly furnish tv Lender all renc\\a( noUct.'~ and all receipts of paid premiums. 1n the event of loss, <br />Borrower shall give prompt notice {I,) the lllsuriUh':~ GlrrlCr and Lemkr. Lender ma) make pmot' of loss if not made promptly <br />by Borrower. <br />Unless lender and Borrower othcr\\'i~e agree in writing, in",uranL'e prol.:ceds shall be applied 10 restoration or repair of <br />ihe Property damaged. provided such restorati(ll1 or repair is cCl)llomi-:ully feasible and the security of this Mortgage is <br />not thereby impaired. If su\,.:h res.luratlOn or repair is 11l't cconl.Hni...:ally feasible or if the security I...)f this Mortgage would <br />be impaired. the insurance proceeds shall be applied to the sums secured b)' this Mortgage, with the excess, if any. paid <br />to Borrower. If the Property is abandoned by Borrower, or it Borwwer faib [0 re~p()nd to Lender within 30 days from the <br />date notice is matled by Lender fl..) Borrower that the insuram;c carrier otlers to ~ettlc :J. 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 otherv...jse agree in writing. any SUl.:h appli.;alion of prol.:ceds to pnIlcip<l1 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 paragraph 18 hereof the Propeny is ~lC4.UircJ by Lender, ali righl. title and interest of Borrower <br />in and to any insurance policies and in and to the proceeds thereof resulting from lh:unage to the Propeny prior to thc sale <br />or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or <br />acquisition. <br />6.. Preienation and Maintenance of Propert,)"; Leaseholds; Condominiums; Planned Unit Den~lopments. Borrower <br />shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property <br />and shall comply with the provisions of any lease if this M()rtgag~ is on a leasehold. If this !\Iortgag~ is on i.l unit in a <br />condominium or a planned unit development. Borrower shall perform all of Borrower's obligations undei the decJaration <br />or covenants creating or governing the condominium or planned unit developm~nt. the by~laws and regulations of the <br />condominium or planned unit development, and constituent documents. If a ,-'ondominium or planned unit development <br />rider is excc-uted, by ,~Borrower and recorded together with this Mortgage, the I,:tlv-enants and agreements of such rider <br />shall be__ncorporattd into and shall amend and supplement the covenants anu agreements of this Mortgage as if the rider <br />were .a p~ here<:>f. <br />7. P",*:e(tioa of LeDde~'s Security. If Borrower fails 10 perform th~ covenants and agreements contained in thi!= <br />Mortga&~. or'it' any action or proceeding i!i commenced which mmerially affects Lcnder's interest in the PropCt1y, <br />inCluding. but not limited to. eminent domain. insolvency, code enforcement. or arrangement$. or proceedings involving a <br />bankrupt or decedent, 1hen Lender a.t Lender's, option. U{klli notice to Borrowc-f, ma:y nw,ke su.....h appcarancc.'S. disburse stich <br />~um~ _and, take -suf;h action. _~S is .~le-CCS5,ary to prolt:.ct Lender's irucrest. inclwJing. but not limilcd h). Ji~burscmcnt of <br />re~nabl~ at(~.rney'ii f~ and entry upon the_ Property to make- repairs. If Lenda required mortgage ins.ur;m~'c a~ a <br />c-Onditiofl of makini the loan secured by Ihls. Mortgage, Borrower sh<.til pay the prcmiui1l'o- reqHir~d hl maint~!tn sth.:h <br />lnsunwce in etfecl unlil sttch time as the requireme;tl fot su(~h insul'anct' terminates in ;.tC\.'tJrdan...:c v:irh B\)f'l"'(p,l.'cr\ ilnd <br /> <br />l <br />