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79-•~yt~2~ ~J~
<br />Uxrnoart Cosa!xnxrs. Borrower and Lender covenant and agree as follows:
<br />1. Payment of Principal and Interest: 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 />1. Fonds fm Tortes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />eo Lender on the day monthly installments of principal and 'interest are payable under the Note, until the Note is paid in felt,
<br />a stun fharein "Funds") equal to one-twelfth of the yearly 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 Lander on rite basis of assessments and bins and reasonable estimates thereof.
<br />The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or
<br />state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments,
<br />insurance premituns 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 agreemem is made or applicable law
<br />requires su:,h interest to be paid, Lends- shall not be required to pay Bottower any interes€ 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 apd the
<br />purpose for which each debit to the Funds was made. The Funds era 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 taxes, assessments, insurance premiums and ground rent-, shall exceed the amount required to pay said taxes,
<br />atsessments, insurance premiums and ground rents as they fall due, such excess shalt be, at Rarrower's option, either
<br />promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. !f the amount of the Funds
<br />held by Lender shall not be suf8eient 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 date notice is mailed
<br />by Lender to Borrower requesting payment thereof.
<br />Upon payment in full of all sums secured by this Mortgage, Lender shell promptly refund to Borrower any Funds
<br />held by Lender. If under paragraph I8 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br />shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by
<br />Lender at the time of application as a credit against the sums secured by this Mortgage.
<br />3. ippSlcat.ort e.' Pryme~. Unless applicable taw provides otherwise, all payments received by Lender under the
<br />Nara sad paragraphs t 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, than to the principal of the Note, and then to interest and
<br />princips] on any Future Advances.
<br />4. Classes; Lteas. Borrower shall pay all taxes, assessments and other charges, (inns and impositions attributatik to
<br />the Property which cosy attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner
<br />provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
<br />payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and is the event
<br />Borrower ahaU make payment directly, Borrower shat! promptly furnish to Ixndcr receipts evidencing such payments.
<br />Borrowu shall pr~tptly 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 defend enforcement of such lien ia,
<br />legal ptuceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
<br />S. IitazarA Insarasce. Borrower shall keep the improvemems now existing or hereafter erected an the Property insuzed
<br />agairut leas by fire, hazards included within the term "extended coverage'", and such other hazards as Lander may require
<br />sad in stash amounts and fer such periods as Lender may require; provided, that Lender shall oat require that the amoiutt of
<br />such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage.
<br />Tita iaaurapce carrier proviriing the insurance shalt bo chosen by Borrower subject to approval 6y Lender: provided,
<br />that such approval shalt not be unreasvnabty withheM. Alt premiums on insurance pellets shall be paid in the manner
<br />provided under paragraph 2 her~rf or, if tart paid in sash rnattnee, by Bottower making payment, when dun. diraetty to the
<br />iasurastr=a terrier.
<br />All ittstuartc+e policica sod renewals thereof shall ba in form rcr-eptabic to Lander and shall include a standard martgaga
<br />in favor ~ in f a~~ to Leader- Lahr drill have the right te, hold t~ potic aril rer~wals thetr:af,
<br />s~ igorrewsr shall prom_piy fur~sh ui Lender all rersrwal names and all receipts of paid premiums, to ells event of loss,
<br />Borrower than give prompt rtoticc to the imuranec carrier sad t.endtr. Lander may make praaf of lairs i€ not made promptly
<br />by earrowu.
<br />Ualas Lsnrier seed Bortower otherwise rgree in writing, insurance prtx:acds shall 6e applied to restoration or repair of
<br />the Properly damagtxl, prcwidat such reslarsttan or repair is ecunomica4y feasible and the security of this Mortgage is
<br />pot thereby impaired. I[ such rasaaration or repair is oat rLOnaunkafty feasible or it the security of this Mortgage would
<br />be impaired, the itesurttpet pri><-eeds shall be applied to the srtma secured by this Mortgage, wdh the excess. if any, paid
<br />to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
<br />date ttotiec is mailed by Lender to Borrower that the inautarece carrier offers w seRle a claim for insurance benefits, Ladder
<br />is authortud to collect and apply dse insurance proceeds at Lender's option either to rastaration ar rapnir of €ha Pmpcrty
<br />or m the sums secured by this Mortssjc.
<br />Uniea Lander and Borrower otherwise agree in writing, any such application of pra~eeda to pnncipat shah not cxtand
<br />or postpaste iha due data of the monthly instdlrnenta refured to in paragraphs I and 2 hereof or change the amount r.f
<br />wch installtnnats- if under paragraph l8 hereof the Property is acquired by Colder. all right, title sort interest at Borrower
<br />ist atui to spysttsuranee paliciea< alai to arut to the prucerxis ttxraai resulting Erum damage to the Property prior to the sale
<br />ar tte,quisitioa shall pass to Leader to the extent of the sums secured by this Mortgage immediately prior to such sale ivr
<br />acquisttiaa.
<br />ti. Praasrratloo and h~ahttetsaa~rtr d Prosrstyt E.easeitolrist Condomittittitus Ptaatted Udt pevetroptaruur. Bcttrower
<br />irlrali keep the Pri.pt:€ty is rrfpsir aril shall not :,cnrtntit waste err perrrrit irrspairrdcnt or doerioratiou of the Prerty
<br />and shelf comply with the provisiooa of any lease if this Morigaga rs alt a laasehaid. If this Martgagr is on a unit !n a
<br />condottilnlupt or r planned unit development, Borrower shall perform all of Borrower's obligations under the declaration
<br />or txlvOpanla ttraatirtg or governing the condominitttn ar planned unit development, the try-laws and regulations of the
<br />coadomiafum or plapaed unit development, and constituent documents. !f a condominium ar planned unit devclopntent
<br />rldu is executed by lgarrowu sad tecrordal together with this Mortgage, the covenants and agreements of such nder
<br />shall ba iacttrpttrtimd into sad altaA amend sad supplement the eavenapta and agreements of this Mortgage as if the ride
<br />ware a part 6ereaf.
<br />T. FrsleeBon of I,eadas'9s Seesullr. 1C Borrower fails to perform the cavenanta and agreemenu ~rontaincd in this
<br />Martgase, o[ u any action or prttceadipg is commenced which materially selects Lender's interest in the Prapert}'.
<br />lpcludittg, but pat iimitot to, eminent domain, insolvency, code entorcamont, or arrangomenta ar pra:aedings involving a
<br />Haalirupt or deeedept, than Lends: at Leptfet's option, upon notice to Borrower, may melee such appearances, disburse such
<br />cleans sad take such actlatt as is tsece~tuy to protect t.aader's interot, including. but not limited to, disbursement of
<br />t'aaaoaabla attotnay's fees and entry upon the Properly to make repairs. If Lender required mortgage insurance as a
<br />condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such
<br />ituutanca in a$ut until such time u the tvquirrttreat for strcls inanranca terminates in aceordanee with Bvttxawer's and
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