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Usrmoaas Covgwrxrs. Borrowtr and Lender covenant and agree as follows: 82'°°°" ~~ d+ ~ +t • V J
<br />H. Payatwst of P:iaclPsl sad. Interest. Borrower shall promptly pay when due the principal of and interest on the.
<br />indebtedness evidenced lay the Note, prepayment acd late charges as provided in the Note, and the principal of and interest
<br />on any Future Advances secured by this .Mortgage.
<br />E. Faads for Taxes sad Intataaace. Stitbject to applicable }aw or to a written waiver by Lender, Borrower shall pay
<br />to Leader on the day monthly installments of principal and interest are payable under the Nore, until the Note is paid in foil,
<br />a attar (herein "F~nda'ry etpraf to one-twelf4lt of the }early taxes and assessments which may attain priority over this
<br />Mortgage, and gtnund rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance,
<br />plus orx-twelfth of yearl}r premium installments fat mortgage insurance, if any, all as reasonably estimated initially and from
<br />time to tittle by Letrder on the basis of assessments and bills and reasonable estimates thereof.
<br />The. Funds. slrafl be held in an institution the deposits or accounts of which are insured or guazanteed by a Federal or
<br />state agency (including Leader if Lender is such an instimiionl. Lender shall apply the Funds m pay said taxes, assessments,
<br />itrsttnaa prerttitrara and ground rents, Lender may not charge for so holding and applying the Foods, analyzing said account,
<br />oa verdfying and compiding said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law
<br />pegs Lender to make such a charge. Borrower and Iznder may agree in writing at the time of execution of this
<br />Mortgage iha3 interest on rho Funds shall be paid to Harrower, and unless such ageeement is made or applicable taw
<br />requires. such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
<br />sha8 give to Borrower, without charge, an annual accounting of 4he Funds showing credits and debits to the Funds and the
<br />purpczte for which each debit to the Funds was made. 1'be Funds are pledged as additional security for the sums secured
<br />b}' thiCt Mortgage.
<br />If the amount of the Funds heM by Lender, together with the future monthly installments of Funds payable prior to
<br />tiu due dates of tarts, assessments, ituurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />asaess[ttents, insurance premiums and ground rents as they fall due, such excess shall be, at Harrowers option, either
<br />promptly repaid to Borrower or credited to Harrower on monthly installments of Funds. ff the amount of the Funds
<br />held by Leader shah not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fail due.
<br />Baaowershal! pay to Lender any amount n:cessar}° to make up the deftciency within 30 days from the date notice is mailed
<br />by Leader to Borrower regtteszing payment thereof.
<br />CTpon payment in full of all rums secured by this Mongage, lender shall promptly refund to Borrower any Funds
<br />held try !.ender. If under paragraph 13 hereof 4hc Property is svld c, the Property is etherx•ise acquired by Lender, Lender
<br />shelf apply,. no later than immediately prior io the sale a4 the Property ar its acquisition by Lender, any Funds held by
<br />Lender at the time of appficatiaa as a credit against the sums secured by rhos 'ti]angage.
<br />3, APpitesHas of Psymea~. fJnless applicable law provides otherwise, aN paymems received by Lender under the
<br />Nate and fro rgraphs 1 and 2 hereof shall be applied 6y Lender fiat +n payment of amounts payable to Lender by Borrower
<br />under paragraph ~ hereof, Yuen to interest payable on the ;Nate, then to the pnn;ipal of the Notc, and then to interest and
<br />principal on any Future Advances..
<br />~, GhatRefi Liege. Borrower shalt pay ail taxes. assessments and ocher charges, fines and impositions attributab{e to
<br />t#tt Property which may ai#ain a priariiy over this Mortgage, and leasehold payments or ground rents, if any. in the manner
<br />provided under paragraph 2 hereof nr, if rat paid in such mannsz, by Harrower making payment, when due, directly to the
<br />payce thereof. Harrower shall promptly furnish to Lender all notices of amounu due under this paragraph, and io the event
<br />Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments.
<br />$orrtxrer shall promptly discharge any lien which has priortty Deer this Mvngagc; provadod, that Borrower shall not be
<br />required to discharge any such lien w long as Borrower shall agree in wrung u: the payment of the obligation secured by
<br />such lien in a manner actxptabfe to Lender, or shall in good faith cvn[esr such lien bv, or defend enfarecment of such Sien in,
<br />tegaI proceedings which operate Go prevent the enfarcemem of the lien or forfeiture of the Propercy or any pan thereof.
<br />5. Ylsrsrd lanraace. l3orrowcr shall keep the imps?vemcnts raw existing ax heron#Cer erected on the Property insured
<br />against lass by fltr, hazards included within the term "extended coverage', and such attser hazards as Lender may require
<br />and in such amounts and frr such periods as (..ender may roqutre; pre+vided, that Lender shalt not require that the amount of
<br />such wverage exceed tha4 amvant of coverage requued to pay the sums :secumd by th+s Mortgage.
<br />Ttte imtCrarrce earner providing the insurance shah tae choun by Harrower subject to approval by Lender: provided,
<br />that ouch appreval shall not be unreasonably withheld. All premtums on insurance policies sha1i he paid in the manner
<br />provided under paragraph :i herttaf or, rf neat paid in such manner, by Borrower making payment, when due. directly to the
<br />insurance carrier.
<br />All insurance policies and rer+:~«ais therca# shah ix in form acceptable to Lender and shall include a standard mortgage
<br />dauae in #avor of and in form a:,teptable to Lender. larder shalt have the right to hard the polities and renewals thereof,
<br />- and &trrawer shall promptly furnish to Lendet all renewal natta:es and alt receipts of paid premiums. In the event of loss,
<br />Harrower shall give promp4 retina to the insurance canicr and Lender. Lender ntay make proof of bass ri not made promptly
<br />by Harrower.
<br />Unless Lender and Borrower caherwise agree in wrung, insuraucc proceeds shall be applied to restaratian ar repair of
<br />the 1'ropetty damaged, provtded such restoration a:~ repair is economically feasible and. rho security of this Mortgage is
<br />rtoi thereby unpaired. 1# such restoratton or repaia is rat norxamicatfy feasible ar t# the securitq of this hlartgage would
<br />fie impairtxl, the insueanee proceeds shall tre applitxf to the satins secured by this Mattgage, with the excess, if any, paid
<br />to Borrower. if. the Proper}° is abandoned by Hareawer, or it Bcarrtawer falls u+ respond to E.endcx within 3() days from the
<br />daLC notice is mailed. by Lender to Borrower that the insurance carries offers to settle a claim far insurance benefits, larder
<br />is authorized to collect aad apply she insurance proceeds at Lender's vpCion either to restoration or repair of the Propetty
<br />or to the stems secured by this Mortgage.
<br />Linless Lender acrd Botmwtr otherwise agree m writing, any such application of proceeds to principal shah no[ extend
<br />ar pasepooe the duo date of the monthly installments referred co in paragraphs i and 2 hereof c change the amount of
<br />sttclrinstalirraents. If uattiee paragrxplr IS hereof the Property is acquved. tav I.cnder, all right, ride and interest of Borrower
<br />in and to any insurance policies and in and to the proceeds thereat resulting from damage to the Property prior to the sale
<br />or acxitrisi3ion shalt pass to Lender to the extent of ttze soma secured by this Rtangago immediately prior to such sale or
<br />acquisitttm.
<br />E.. !'tesesvatian sad Maiateasnce of Property; lxasehatais; Cotedoatiniusts: Ylattced Unit Deveirrpmrnts. Harrower
<br />shall keep tIx Property in good repair and shat! ~t t:ominia waste ar permit impairment or beterioration a€ the Property
<br />' aml alto!! comply w-itlx the provisions of any toast if tills Mongage is an a leasehold. If this Mar[gage is on a umt in a
<br />crtittioxttinum or a planned unit develaapmen4, Borrower shall perform all of Borrower's cabligations under ;he declaration
<br />ur coveaaaats ~deaiing ar governing the catuiominium ar pianzmd uric development. the by-laws and regulations of the
<br />candoniiititrm or plaatnerl unit development, and constituena dcxumenes. If a candaminium yr planned unit deve(apment
<br />ntler rs executed by Borrower and recorded Cagettter with this Mortgage, the .vvenants and agreements of such rider
<br />slaat4 3se ittrnrpotrated into and shalt amend and supplerrrent [he cosenants and agreements vi' this hfongage as it tine rider
<br />were a part hereof.
<br />4 9C P[r6aatkiaa of (eater's SeeytrFtg. If Borrower fads to perform the covenants and agreements contafnzd in th#s
<br />4.-• A'Iortgage, ar if any actton or ptatrerlang is camt»encoel wlri~h materially aCfocic !.ardor's tnterest in the P-aptrtv.
<br />- incltdmg, trill not Iimated to, emitten# domain, lnwlvercy, code en#orcement, or arrangements ar prviceedings i:rvoin~ing a
<br />bats#r,Ft err dn:cdrrr[, t}iett Lender at lrsder`s option, upon entice to Borrower, may make such appea€ances, disburse such
<br />- :tt~s sad take. such action as is azcessary tv purit;•t €xnde€'s interesC, rrs::Ir:ding, but rat limited ta, a'.sFaursement +t
<br />rCasrtattk~ attorney's teens srrti enCry vpotr the I'roperiy to make repairs 'If C-ender required mortgage insurxrrce as a
<br />enn3ttatxo of making tltR' loot ~scc$red by this Mortgage, Borrower si;all pay the pra'xrtiums required to maanaatn such
<br />iastiraucrc irx €Hect anti! satcla titste as itre rrttuirement for such insurance terminates zr accardanra: with Barzaawer's :end
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