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<br />7~~ ~-~s~31~ ~3
<br />[JxIFaRM Covextxrs. Borrower and Lender covenant and agrce as follows:
<br />I. Pavattat of Ptlndpsl rend IateresL Borrower shall promptly pay when due the principal of and interest on the
<br />indebtedness evidenced by the No[e, 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, Pnttds for Tomes seed Ittsnrarttt. Subject to applicable !aw or So a written waiver 6y I.endtr, Harrower shall pay
<br />to ry„w~~ M rht day trtanthty instalments of principal and interest axe payable under the Note, until the Note is paid in fats,
<br />a sum (herein "Funds"} equal to one-twelfth of the yearly saxes and assessments which may attain priority over this
<br />hiactga@e, and-ground Tents an the rroperty, if any. phrs one•tw~lich of yearly premium installm^.nr~ for hazard insurance,
<br />plus one-twelfth of yearly premium installments far mortgage insurance, if any, aif as reasonably estimated initially and from
<br />titan to time by-Leader on the basis of assessments and bills and reasonable estimates thereof.
<br />The Funds shall be held in an institution the deposiu or accounts of which are insured or guaranteed by a Federal or
<br />stalk agent; (including Lender if Ltndsr is such an institution}. Lender shah apply the Funds to gay said taxes, assesstents,
<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 Leader pays Borrower interest on the Funds and applicable taw
<br />perrrtits Lender to make such a charge. Borrower and Lender may ag« in writing at the time of execution of this
<br />Mortgage that interest on the Funds shat{ be paid to Borrower, and unless such agxcement is malt or applicable law
<br />requires such interest fo be paid, Lender shall not be required to pay Borrower any iaeerest or comings on the Funds. Lender
<br />sha8 give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Fttttds need the
<br />purpose for which each debit to the Funds was made. The Funds are pledged as additional secatiry for the sums secured
<br />by this Aortgage.
<br />If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to
<br />the due dates of taxes, assessments, insurance premiums and ground renu, shall exceed the amount required to pay said taxes,
<br />assessments, insurance premiums and ground rents as they fall due, such excess shalt be, at Borrower's option, either
<br />promptly repaid to Borrower ar credited to Borrower on monthly installments 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 duo,
<br />Borrower shall pay to Lender any amotmE necessary to make up the deficiency within 3tl days from the date notice is mailed
<br />by Lender to Banower requesting payment thereof.
<br />Upon payment in full of all sums secured by than Mortgage. Lender shalt promptly refund to Harrower any Funds
<br />held by Lender. If under paragraph l8 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br />shall apply, no later than immediately prior io the sale of the Property or its acquiskion by Lender, any Funds held by
<br />Lender at the time of application as a credit against the sums secured by this Aortgage.
<br />3. APglit~tioa of Payments. Unless applicable law provides otherwise, ati payments received by Lertdtir ender the
<br />Note and paragraphs 2 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 Nate, and then to interest amt
<br />principal on any Future Advances.
<br />4. Chsrges; I3eas. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to
<br />the Property which may attain a priority aver this Mortgage, and 3easehold payments or ground rents, if any, in tht manner
<br />provided under paragraph 2 hereof or, if not paid in such manner, try Borrower making payment, w}un dtte, directly to the
<br />payee thereof. Borrower shall promgrly furuish to Lender all notices of amounts due under this paragraph, and in the e-Y-eat
<br />Borrower shall make payment directly, Borrower shall promptly famish to Lender receipts evidencing such payments
<br />Barrow-er shall promptly discharge any lien ta~hi.~h has priority over this Mortgage; provided, that Borrower shay. atot r
<br />required to discharge any such lien so long as Borrower shall agree in writing to €he gaymenY of the obligatiaa secured by
<br />sucheien in a manner aC.`epia"II'ie is i.ende;, ar s:,all ir. gad fait"n contest ~ vh lien hy, ar el~~tnd rasfamament of such lien in,
<br />legal prcceeziings which operate to prevent the enforcement of the lien cr forfeiture of the Froperty ax any part thereof.
<br />3. Iisaard It~at:sat°t. Harrower sha}1 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 require 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 snail be chosen by $onawer subject to approval by Lender, provided,
<br />that such approval shall not be unreasonably withheld. All premiums nn insurance policies shall be paid in the mattzrer
<br />provided urtdcr paragrap;, 2 her'eaf ar, if .n l paid is such maneser, by Harrower making payment, when due, directly to the
<br />ivsurattce carrier.
<br />Alt insurance policies and renewals thereof shall be in form acceptable io Lender and shall include a standard mortgage
<br />ciattse in favor of and in farm acceptable to Lender. tender sha61 have the right tr. hold the galicits and renewals thereof,
<br />atad Borrower shall promptly furnish co Lender al! 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 lass if not made promptly
<br />by Borrower.
<br />Unless Lander 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. It such restoration or regain as not tconomicalty fcasibte or if the security of this Mortgage would
<br />be impaired, the insurance proceeds shall be applied to the stems secured by this Mortgage, with the excess, if say, paid
<br />to Harrower. If the Property is abandoned by Borrower, or if Borrawtr fails to respond to Lender within 30 days from the
<br />dart natix ss mailv'd by Lt^„€ler l0 3orrawer that the insurance carrier atTers to setae a claim for insurance benefits, Lender
<br />is authorized to collect and apply the insurance proceeds at Lender's option either to restoration ar repair of the Property
<br />or to the sums secured by this Mortgage.
<br />Unless Ixnder and Borrower ethe.vise agrce in writing, any such application of gra.-ttds to gritxipal shall not extend
<br />or postpone the due daft of ttte monthly installments referred to in paragraphs I and 2 hereof or change the amount of
<br />such installments. If tmdez paragraph f 8 hereof the Prop::riy is acquired by Lender, a13 tight, title and interest of Borrower
<br />in and to any iesurance policies and in and to the ptocetds tlsereaf resulting from damage to the Property prior to the sale
<br />or acquisition shalt Bass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
<br />acquisition.
<br />6. Pta~ensliaa sad hlalntenaate of Property; Leaseholds; Cottdomiaiuty~ Pisntted iJrdt Devebptaeats Borrower
<br />shall keep the property le good repair and shaIl not commit waste or permit impairment of deterioration of the Property
<br />need shall comply with the provisions of any Tease if this Mortgage is an a leasehold. If this Mortgage is ors a unit in a
<br />coadatninium or a planned unit development, Borrower shall petfornt all of Borrower's obligations under the declaration
<br />ar orvanaats creating or govtra'sng the coadoa~inium or planned unit dt:velogment, the by-laws and regulations of the
<br />condominium ar planned unit devtlagment, and constixuent documents. If a condominium or planned unit development
<br />eider is executed by Borrower sad recorded .together with this Mortgage, the covenants and agreements of such rider
<br />shall lee incotliorated inset amt shall amend and supplemem the covenants and agreements of this Mortgage as if the rider
<br />were s part hertto€. - - - - - - -
<br />?. ProttefSmt td I.tader*a Secmrity. If Borrower fails to perform the covenants and agreements contained in this
<br />Mortgage; ar if any action or proceeding is commenced which materially affects Lender's interest in rite Property,
<br />aticltttling, but tint lanited to, eminent domasn, insolvency; elide enforcement, or arrangements or proceedings involving a
<br />rapt or decadent, then Leader at LendXt's ojrtion, ugen notice to Borrower, tray txiakt such aggearances, disburse such
<br />sums and take-such at.~tian as is ntct~ssary its protect Lender's- interest, including,- but eat limited to, disbursement of
<br />reasonable altoYaey's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a
<br />CandiliaII Of tttalting the lean secured by this Mortgage, Borrower shall pay the premiums required to maintain such
<br />iasttraitce in effete tmtil such time as the tequiretaent for such insurance terminates in accordanet: with Borrower's and
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