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79-- ~.r; ~ ~'~3
<br />Uxrroaat Covstvex°rs. Borrower and Lender covenant and agree as follows:
<br />i. Payment of Ptirrclpal and lntere~st» Borrower shall promptly 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 and interest
<br />on any Future Advances secured by this Mortgage.
<br />2. Fonds for Taws aml Iosarance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />to Lander on the day monthly instalments of principal and interest are payable under the Note, until the Note is paid in fall,
<br />a sttm (herein "Funds' equal to one-twelfth of the ytaily 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 yearly 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 bills and reasonable estimates thereof.
<br />The Funds shalt be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or
<br />state agency (including Linder if Lender is such 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 [o Borrower, and unless such agreeatent is made or applicable law
<br />requires such interest to be paid, Lender shall oat 6e required to pay Borrower any interest or earnings on the Funds, Lender
<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 [he 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 Lender, together with the future monthly installments of Funds payable prior to
<br />the due dates of [axes, assessments, insurance premiums and ground roots, shall exceed the amount rtquired to pay said taxes,
<br />assessments, insurance premiums and ground rents as they fall due, such excess shall bt, 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 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 to make up the deficiency within 30 days from the daft notice is mailed
<br />by Linder to Harrower requesting' payment thereof.
<br />Upon payment in full of all sums secured 6y this Mortgage, Lender shall promptly refund to Borrower any Funds
<br />held by Lender. If under paragraph I8 hereof the Property is said or the Property is otherwiu acquired by Linder, Lender
<br />shall apply, no later than immediately prior to the salt of the Property or its acquisition by tender, any Funds held by
<br />Linder at the rims of application as a credit against the sums secured by this Mortgagt-
<br />3. A.pPBiatirra of Payments. Unless applicable law provides athtrwist, all payments received by 1-ender under the
<br />Nvit and paragraphs i and Z hereof shall be applied by Lender first in payment of amounts payable to Lender try Forrower
<br />under paragraph 2 hereof, the. to interest payable on the Nate. then to the principal of the Note, and then to interest and
<br />principal on any Future Advances.
<br />4. C~rgas; IJeai. Borrower shat! pay al! taxes, assessments and other charges, fitses and impositions attributable to
<br />the Property which may attain a priority over this Mottgage, and leasehold payments or ground rents. if any, in the instinct
<br />provided under paragraph 2 hereof or, if not paid in such manner, 6y Borrower making payment, when due, directly to the
<br />pays thereof. Borrower shall promptly furnish to Lendtr all notices of amounts dui under this paragraph, ate in the event
<br />Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments.
<br />Borrower shall promptly discharge any lien-which has priority over this Mortgage; provided, that Borrower shall not be
<br />required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by
<br />such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or dtfind enforcement of such lien in,
<br />legal proceedings which operate to prevent the enfon:ement of the lien or forfeiture of the Property or any part thercaf.
<br />S. Haaard Itattrance. Borrower shall keep the improvements now existing or hereafter ercYted on the Property insured
<br />agaimt lose by 8re, hazards included within the term "extended coverage", and such athtr hazards as t.endtr 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 s~rverage ezcad that amount of coverage rtquired to pay the sums secured by this Mortgage.
<br />The irtattra~t carrier providing the insurance shalt he chasm by Barrawer snbjtct to approval by Lander: provided,
<br />that loch approval shall not be unreasonably withhold. All premitums an insurance policies shall be paid in the maatter
<br />provided tinder paragraph 2 htreof or, if aot paid in such manner, by Borrower making payment, whin dtx, dit~ictiy to file
<br />inaurartet carrier.
<br />All lnittran~t pr7ttfics ttttd rtttewata theria[ shall bi in form aceentablc to Linder anti shall inciud4 a stands€d martgagt
<br />t_lat~ in favor of and in form acceptabit to Linder. Ltndtr shalt have the right to hold the polieits and renivsals thereof.
<br />arm llarrawtr shall prtnztp[ly fusttiih to I,tr all rtr~w°a1 nati;:e3 and alt rt~•eipts of pa ~ psi:ttitsms. In itm evt<nt of Ire,
<br />ltzrrrtrwgr shaA give- prompt nntiei fa the irt>curarrct terrier and L-tncitr, f €ndir :may r^~kt pry= E-! leas if trot n~ prapily
<br />by Borrower.
<br />Unloai Lender and Bonowtr otherwise agree in writing, insurance proeetds shall be applied to rcstaratian ar repair of
<br />the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is
<br />oat thtt»[±y impaired. if such restoration or repair is not economically feasible ar ~t the securty of this Martgagi would
<br />6e impaired, the imurannce pratxxtis shall be applied to the stints secured by this Mortgage, with the excess, if any. paid
<br />to Borrower. If the Property is abandoned b} Borrower, or iC Borrower fails to respond to Ltndtr within 3U days tram the
<br />deli notice is maiiect by Lender to Borrower that the insurance carrier offers to settle a claim for insurance trettefits, Lender
<br />is authorized to collect and apply the insurance praeiids ai Lender's option tither to rattoratian or repair of the Property
<br />ar to the rums scsural by this Mortgage.
<br />Unitas Lender and Borrower otherwise agree in writing, any such application of proceeds to pnnctpal shall not island
<br />ar poatporto rho dot date of the manthly fnstallments referred to in paragraphs 1 and 2 htreof or change the amount of
<br />such inatallmena. If under paragraph 18 htreof the Property is acyuirrd 6y I-ender, all right, alit and imcriat of Berrrawer
<br />in sled to any itsluranct paliciea and in and [o the proceeds thereof resulting from datnagt tit the Property prior W the' salt
<br />or acgttiattion shall peas to t,eudtr to the extent of the sums secured by this Mortgage immediately prior to such salt or
<br />acquisition.
<br />6. lraaervatloa sad Mtdateaaace at Prtyrerty; Leaieholds; 4'or^domialtunit Planned Halt Iltvolaptaead. Barrowir
<br />shall keep thn Fraporty in goad repair and shaA not commit waste ur permit impairment ar doterioratian of the Property
<br />attd shall ctnnply with rho pravlsiona of any loser if this Martgagi is on a liasthofd. If this Martgagi is on a unit in a
<br />eondtttxtirrium ar a planned unit dtvilapnttnt, Borrower shalt perform all of f}orn?wer`s abligatiens under the dtaratESrn
<br />ar cavenanta creating or governing the condominium or planned unit divelopntent, the by=taws and rcgulatitrns of the
<br />coadominittm ar plattatd uni# develaptrmnt, and constituent dacurntnts. If u eondaminittm or plantteii unit develapmiitt
<br />ridm is executed 6y Borrower and rerorthd together with this Martgagi, the covenants and agreirttents of such rider
<br />ahal! 6e incorporated into and shall amend and supplement the covenants and agraomenta of this Mortgage as if the rider
<br />wets a part hot•eot.
<br />7. Pttskttlwt of Leader's Setrerhy. If Borrawar fails to perform the covenants and agreeminta contained in this
<br />Mortgage, or if any action or groaYdittg is commenced which materially affects Lender's interest in the Property,
<br />•incltttiing, but oat limited to, eminent domain, insolvency, code enforecmint. or arrangements or proceedings involving a
<br />bttakru~ tar decedCnt, thin Ltndtr a! Lender's option, upon notice to Borrower, may make such appearsm:es, disburse such
<br />sums and take inch action as is tecessary to protect Landers interest, including, but not limited ta, disbursimint of
<br />rettwttablt attorney+a fees and entry upon the Property to make repairs. If Lendtr required mortgage insurance as a
<br />condition of making rho loan sesttred by this Mortgage, Borrower shall pay the premiums rtquired to maintain such
<br />Inauratxe in effect until such tL+ne as [he [equirettunt Fos such insurance terminates in accordance with Bort+ower's and
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