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82--~e.-ua~4
<br />UtvrFOatst Covetv.j~rs. Borrower and Lender covenant and agree as follows:
<br />1. Payment of Princfpai and fntetest. Borrower shall promptla• pay when due the principal of and interest an the
<br />indebt:dttess evidenced by the Note, prepayment and late charges as provided in the Notc, and the principal of and interest
<br />on any Future Advances secured by this Mortgage.
<br />1'. Ftirads for Tares and Insurance. Subject to applicable law or to a written waiver 6y Lender, Borrower shalt pay
<br />to Iznder on the day monthly installments of principal and interest are payable under the Naie, until the Nate is paid in full.
<br />a sum ((retain "Funds") equal to one-twelfth of the yearly taxes and assessments which may attain priori;y over this
<br />Mortgage, and ground rents on [he Properly, if any. plus one twelfth of yearly premium installments fur hazard insurance,
<br />pins one-twelfth of yearly premium installments for mortgage insurance, if any. al{ 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 h}' a Federal ar
<br />state agency (including Lender if Lender is such an institution ). Linder 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 Borrower, and unless such agreement is made ar applicable law
<br />requires such interest to be paid, Lender shall net he required to pap Borrower any interest or earnings on the Funds. (.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 pledge ss additional securit}~ for the sums secured
<br />by this Mortgage.
<br />If the amount of the Fonds held by Lender, together with the future monthly installments of Funds payable pnor to
<br />the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required ro 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 installments of Funds. if the amount of the Funds
<br />held by Lender shalt not be sufficient to pay taxes, assessments. msunnce premums and ground rents as the}' fal! due,
<br />Barrower shall pay to Lender any amount necessary to make up the de6cierrcy within 30 day, 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 Morgage. (.ender shall promptly rebind to Borrower any Funds
<br />held by Lender. If under paragraph 1 R hereof the Propettv is ,old or the Property s otherwise acquared by Lender, Lender
<br />shall apply, no cater than immediately prior to the ,ale of the Property or us acqutstton by Lender, avy Funds held by
<br />Lender at the time of application as a credit against the sums ,accred by this Mortgage.
<br />3. Applieatioo of Payments. Unless applicable law prtnides othen~ise, alt payments received by Lender under the
<br />Note and paragraphs I and 2 hereof shall he applied `: i.er!cr fir,; u, payment u! anrnu~ts a ~ amble °.% e :der by Borrawer
<br />under garagraph 2 hereof, then to interest payable o^ the Note.:hrn ;o the principal of the Note. and then to interest and
<br />principal on any Future Advances.
<br />4. Charges; Liens. Borrower shall pay all lases, as,as,mcnts ,ind other :barge,. tines and tmposi[eons attributable to
<br />the Property which may attain a priority over this bortgage, and leasehold , ayments or ,round rents. if any, in [he manner
<br />pravided under paragraph Z hereof or, d not paid m such manner. by Borrower making payment, when due. directly to the
<br />payee thereof. Borrower shall promptly furnish to Lender all notices of amounts clue under this paragraph, and in the event
<br />Borrower shall make payment directly, Harrower ,haft promptly tarnish to (.ender receipts evidencing such payments.
<br />Borrower shall promg@y dascharge any lien which has pnunn ,ever this Mortgage: provided. that Borrower shall not be
<br />required to discharge any such lien sa long as Borrower shall agree m wrtnng eo the payment of the obligation secured by
<br />such lien in a manner acceptable to Lender or ,hall in good faith conte,t such lien by, or defend enforcement of such lien in,
<br />legal proceedings which operat° to prevent the cnlorcunenr ..1 the Ilan or torteuure of the Property or an}' part thereof.
<br />5. Hazard Insurance. Borrawer shall keep the impr<rvemants no:. existing .x hereafter erected on the Pri+peny insured
<br />against 3oss by fire, hazards included within the term "extended vverage'~. and such other hazards as fender may require
<br />and in such amounts and for such periods as Lender may reyurre; provided. that L_endcr shall not require that the :~maunt of
<br />such coverage exceed that amount of coverage regtl,red to pay the ,ants .ecured by this Mortgage.
<br />The insurance :artier providing the insurance shall Fee chosen by Borrower subject to approval by ]_ender; pravided.
<br />that such approval shall net be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
<br />provided under paragraph 2 trereef or, if net paid en such manner, by Aorrower making payrneut, when due, directly to the
<br />insurance carrier.
<br />All insurance policies and renawsls thereot shalt be in farm acceptable to i_endc:r and shall include a standard mortgage
<br />clause in favor of and is form acceptable to tender. Lander +ha!1 have the right to hold ilia policies and renewals thereot.
<br />and Borrewtr shall prampth• fttrnish to Lender all renewal nonces and all receipts o[ paid premium,. In the went of Soss,
<br />Borrawer shall give prompt notice to the insurance carrier and Lender. I_endcr may make proof of loss rf net made promptly
<br />by Borrower.
<br />Unlzss Lender and Borrower otherwise agree in writing, insurance psoceeds shall be applied to restoration or repair of
<br />the Properly damaged, provided such resiaranon or repair is economically ieasible and the security of this Mortgage :~
<br />not thereby impaired [f such restoration or repair is not econonric.rlly feasible or if the sec only of this Mortgage would
<br />be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage. with the excess, it any. paid
<br />m $orrower. IY the Fropeny is abandoned he Borrower, or it Harrower tails ro respond to Lender within 30 days from the
<br />date notice is mailed by Lender to Borrower that the insurance carrier offers tit settle a ctaun for insurance benefits, Lender
<br />is authorized to collect and apply the insurance proceeds at Lender's option either to rtswration or repair of the Property
<br />ar to the sums secured by this Mortgage.
<br />Unless Lender and Borrower otherwise agree rn witting, any such application of proceeds to principal slaali not extend
<br />or gostpane the due date of the monthly installments rc[erred to tit paragraphs I and 2 hereof or change the amount. of
<br />such installrrrents. if under paragraph 1 S hereof the Property a acquired by Lender, all right, ode and interest of Borrower
<br />in and to any insurance policies and in and to the proceeds thereof resulting nom damage to the Property prior to the sale
<br />or acquisition shat] pass to Lender to the extant of the sums secured by this Mortgagz immediately prior to such sale or
<br />2cquisition.
<br />6. Preservation and ~laintenanee of Property: Leaseholds; Condominiwns; Planned Unit Developments. B....., :vet
<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 env lease it the Mortgage :, tin a ;eas<ie:dd. if th,n '.iortgage i., .;:. snit ht a
<br />condominium er a planned unit develapmant, Borrawer shall perform all of Bornncar's obhgauons under the dularsnon
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<br />or covenants creaUag or governing the condomntum . r r.l a.^.ncd ,..~.. cp cat, by-laws ^d _ ~!latirnr, of the
<br />condominium or gianned unit devciapment, and canstiureat do unaents. It .a cond~;minium ur planned unit Jevektpntem
<br />rider is executed by Borrower and tecoteSeci together wtih this Mortgage, the covenants anJ agreements ,~t such ride:
<br />shag 6e ineorparated :nta and shall amend and supplement the cc>venams and agreements cd the Mortgage as :f the rider
<br />were a part hereof.
<br />7, Protection of benders Security. If 8orrt>wcr tails to periornr the covenants and xgreemcnis cont:uncd in (fits
<br />Mortgage, ar if any action or proceeding is mmmences4 wnech matcnail} ..ffc<u i.cndea rnte:cti in 7}re Properr<,
<br />rnduding. but not iitnited to, cm7nem domain, iraaly u7cY. rod ere toresmn .:~r arrangement- a prx,cecdinls ~::vgly urg a
<br />Bankrupt ac deeedent. then Londe; at t.ertder's ,rpn.rn, ,Ixrr .peer. r. i.. Fsor -over, may ,nai.c such .epp<m art d:ehur. c ,uch
<br />sums and take such .nctiJa s u:ersar} to protc<.. t.andar., c.izi r>. ~Judutr. .+ut net 'in;ucv ,d~i,rscn+cnt ~.~1
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