78-- ~ t; £? ~3 5 8
<br />tlxmaxM Covsxaxzs. Borrower and Lender covenant and agree as follows:
<br />1. Payment of Prisclpal sod Interest. Borrower shelf gromptty 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 earl interest
<br />on any Future Advances s~ur~i by this Mortgage.
<br />g, Ftrr>r~ €oa Taws asaH Issorance. Sabject to 2ggiisable law or to a written waiver by !:.ender, Borrower shall pay
<br />to Leader anihe day monthly installments of pri~ipal and interest are gay=able undo the Note, until the Nate is paid in full,
<br />a sttm (Iteeeitt "Funds'} equal to otter-~twe1€th of the yearly taxes and assessments which may attain priority over this
<br />i~ittt~age, and ground rents_an toe Property; if any, plus oao-twelfih of yearly jtremittm instaUrttents-for hs~ard i--wu a.:cc,
<br />~ - -~~:~'G.tt :~. y~ly p;~„ia;;t ~~~°'t~.-~u far m~~~ i~nsuranse; if anY, ~tI as raasnnably estimated initially and fttxn
<br />rmrrte to time by Lander on the basis of asses3smets and bills sad reasonable rsi:mates thereof..
<br />The Funds shall be held in an institution the deposits ar aocottnts of which are insured or guaranteed by a Faders! or
<br />state agency f inching Lenikr if Leader is such an institutian7. Lender sltaU apply the Funds to pay said taxes, asussme€Hs.
<br />insaranett prerniupts and ground rams. Lender may net charge for so holding-sad applping the Funds, analyzing said aeaount,
<br />ar verifying and aottipititrg said assessments and hilts, unless Lerttler pays Borrower interest on t'ne Funds a~ applicable taw
<br />permits Lendee to make such a charge. Borro~xu and Lender !tray agree in writing ai the time of execution of-.this
<br />Aortgage that interest on ttte Funds - shall be paid to Borrower, and unlrss such agrament is made or applicable law
<br />requires sach intuest to 6e-paid, Lendu shall not be required to pay Borrower any interest or eatsurtgs on the Fug. Lendu
<br />slrsli give to Borrower, withouE charge, an annual accounting of the Fends slurwing crtdits and debits to the Fonds and the
<br />spurpose tar which each debit to the Funds was made. 'Eae Funds are pledged as additional sectnity for the stuns secured-
<br />hy this Mortgage.
<br />rr .t,: _.a,.,~ of try Funds held by Lender, together with dse future monthly installments of Funds payable prior to
<br />tlu due dates o€ taxes, assessntmts, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />assessmenu, insurance premiums and ground rents as they €all due, such excess shall be, at Borrower's option, either
<br />gtvmptty repaid to Borrower or credited to Borrower an monthly installments of Funds. If the amount of the Farads
<br />held by Lender shall not be suf8tdestt to pay taxes, assessments. insurance premiurns and grourxi rents ss they fall due,
<br />Borrower shall gay to Leader any amount necessary to make up the dehcieacy within 3fl days from the date notice is mailed
<br />by Lrader to Borrower requesting" payment thereof.
<br />Upon payment is full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Ftmds
<br />hdd by Lender. If tusdet paragraph 18 hereof the Pro~rty is Bald or the Property is otherwise acquired by Lenrlu, Ixndei•
<br />shall apply, tto later than immediately prior to fhe sale of the Property ar its acquisition by I.endu, any Funds held by
<br />Lender at the tune of application ss a credit agranat the sums secured by this Mortgage.
<br />3. of Fay~asesds. Unless applicable law provides otherwise, ail payments received by I.ertder under the
<br />Note earl paragraphs 1 and 2 iterecf shall be applied by Lender carat in payment of amounts gayahte to Lender by Borratver
<br />under paragraph 2 hueof> then to interest payable an tlse Note, then to the principal of -the Nate; and then to interest and
<br />principal on any Future Advances.
<br />S. Charges; Lkns Borrower shall pay all taxes. assessments and other chscges, fines and impositions attrihutahle t€s
<br />fltc Progeny which ms}' arrant a priority over this Mortgage, and itasehotd payments or ground tents, if any, in the tnantter
<br />gravided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, whttt due, dtrecdy to the _
<br />payee thereof. Borrowea shall gromgtty furnish tb Lender all notices of amounts due under this paragraph, and in the evem
<br />Barrowu shall make payment directly, Borrower shall promptly furnish to L.'ttder receipts evidencing such Pnyntents.
<br />Borrower shah pratngtIy discharge any lien which has priorii_ry aver this Mortgage; provided, that Borrower shall riot ...
<br />trquired Ua d'tscFtarge arty s,+c.a fien so long as Borrower snail .agree in writing €a tbe gay~tent of tip obligation seaueti by
<br />stub lirn in a manna aceegtaltle to Lender, or shall in good filth 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-the Property or arty !`art thereof.
<br />5. idsavd itasarsnee. Borrower shall keep the improvements now existing or hereafter erefited an the Property insured
<br />against loss by fire, hazards inchtded within the tarot "extended coverage„ and such other hazards as Lender may require
<br />and in such amounts and far such periods as Lender may require; provided, that Lender shall not r<,quire that the amount of
<br />such coverage exoced tits! amount of coverage required to gay the sums seamed by this Mortgage.
<br />'i7re iasuranc:e cattier providing the insurance shall be chayrn by Borrower subject in approval by Lender, grovided,-
<br />that such approval shall trot be tmreasoaaMy a~tlrheld. Ail premiums an insurance policies shall be paid in the rnansu
<br />provided rt~er paragraph 2 hereof or, ii not paid in such manner, by Bormwu masking payment, when dur, directly to the
<br />imrtratxe carrier.
<br />AU insurance policits and renewals thereof shalt be in form acceptable to Lender and shall include a standard
<br />clause in favor of acrd is €orm acceptable to Le>rder. Lender shall have the right w held the policies and renewals thereof,
<br />and Barrav=;ar shall gronapdy furnish to header all renewal notices and all receipts of paid premiums. In the event of hiss,
<br />Borrower shall give prompt aatice to the insurance carrier sad Lender. Lender may make proof of Ions if not made proritptly
<br />by Borrower.
<br />;,; Lettd~r ~d -rawu mherwisc egret in writing, irr~.:rrarxx prxeeds shit 6e applied to restoration or repair of
<br />tbe Property damage!, provided such reswzstion at repair is ecenomicaUy feasible and the security of thi3 Mortgage is
<br />net thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would
<br />be impaired, the insurance groc~xds shall be applied to the sums secured by !Iris Mortgage, with the excess, if any, paid
<br />ttt Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Ixnder within 30 days item the
<br />date tmeice ig mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Leader
<br />is attthariretl u; collect and appa'y tlx imt~~ proxeds at Lender's option eithu to restoration or reosir of the Property
<br />or xt tbe swats secured by t2ds Mortgage,
<br />Utdrsa Lender and Borrower otherwise agree in writing, any such applicadan of proceeds to principal shall n~ extend
<br />or PttstPone the due date of the mffiuhly i. stallments referred to in paragraphs t acrd 2 herwf or change the smears! of
<br />such irtstallrttents, If ostler paragraph i8 ;rectal thr Property is acquired by Lender, all right, title and interest ol! Btinovarr
<br />irtaptlto any itrsarancr gaticies aril in acrd to the proceeds rMereof resulting from damage to the Property prior to the sate
<br />ar acquisition sltaU pass to Lender to the extent of the sums severed by this ;Mortgage immediately prior to such sale or
<br />acquisition.
<br />(t. -Phan star at Fro~tty; few C ~ Pia®n~ ilrtit ~et'zloptnents. Bctriowxr
<br />; the Proge€ty m gam repair a*+.t ~ net ernrtmir waste or permit impairment aF deterioration of the Pmperiy
<br />earl-shag comply with tlu pxcwt~.~ eras of any lease if this :vlorrtgagb is on a leasehold. If this Mortgage is as a unit in a
<br />condominiutit or a planned tacit deveFopment, Hotmwu shall perform all of Borrower`s obligations under the declaratioir
<br />iir covenanffi creatitgg ~ governitrg tbe condominium or planned unit developtnerst, the by-laws and regulations of - the-
<br />.. ceod.~ri:irtiualaa orplartaed unit'~nt,-arid constituent doc»ments. If a condrrminitnn of plantsed unit deve}agnient
<br />rioter is rxecnneri ajt Barturoru s~ rtxarded triter with this i+ittiagagE, the t~rv€nana and agreements of s=.t<It rider.-
<br />shaft. bx incorporztecl late and shall atnerrd and strgpiement the covenants and agreemcttts of this Mortgage as if the rider
<br />kart a f=artl-.rieof.
<br />r: Protection- at ~: If Berrrower falls #o gerfctnt the sovensnts and agreenxrtls amtairsed in this
<br />Alortgago, ar if _kny scrims: nr gmoe~iug is coittuteneed a'tiieh-. titstcrially aH~ts Lendu's interest in #tte Prctperry,
<br />inaiuding,:but-nor litttitad to; sminmtt domain. insolvency,-axe enforcement, or arrangemett~ ar ptrnxedmgs inVOlving.a
<br />haakrugt of detxderet; !hats Lender at Lender's option, ttptw nofice to Borrowu, tray make sitt;Ir appearances, disburse such
<br />sums earl take ate as is tiee~ trf protect Lender's interest. including, isut-net timit~l to; dtsbutsetttent of
<br />r~ssonahk attorney's fees emey ttpan the PtvpertY to make. repairs. 1f Leader required mortgage insurance as a
<br />condition of making the Ioass secua~ett by this Mortgage, Harrower shat! gay the premiums required to maintain such
<br />inuuastee in effect untU -such titnr as tl~ requirat far- such insurance tertrtinates in accordance with Borrower's and
<br />
|