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79-- u t~ 31 ~ ~
<br />LttvtrwtM Covax,txrs. Borrower aad Lender wvenant and agree as follows:
<br />1, Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interest an the
<br />iodebtedrreas evidenced by the Note, prcpaytaent and Isle charges as provided in ffie Note, and the principal of and interest
<br />an any Future Advances secured 6y this Mortgage.
<br />Z. 18oads f~ Taws and Imuraaee. Subjui to applicable law or to a written waiver by Lender, Borrower shall pay
<br />to Lender oa the day monthly installments of principal and interest are payable under the Nate, until the Note is paid in full,
<br />a sum (herein "Funds") equal to one-twelfrh of the yearly taxes and assessments which may attain priority over this
<br />Mortgage, and ground rents an the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance,
<br />plus one-twelfth of yearly gretnium installments for mortgage insurance, if any, ail as reasonably estimated initially and from
<br />time io time by Leader on the basis of assessments and bills 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 agci,cy finclttding Lender 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 chazge for so holding and applying the Funds, analyzing said account,
<br />or verifying sad wmpling 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 fine of execution of this
<br />Mortgage that interest on the Funds shalt be paid to Borrower, and unless such agreement is made or applicable law
<br />requires such interest to be paid, Lender shaiI not be required to pay Borrower any interest or earpiags on the Funds. Lender
<br />shalt 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 the Funds was made. The Funds are pledged as additional security for the sums secured
<br />by this Mortgage.
<br />If [he 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 rents, shall exceed the amount required to pay said taxes,
<br />assessments, insurance premiums and ground rents as they fall due, such excess shall be, 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 eases, assessments, insurance premiums and ground rents as they fall due,
<br />lorrower shall pay to Leader soy amount necessary to make up the deficiency within 30 days from the date notice is mailtd
<br />by Leader to Borrower regttesting payment thereof.
<br />Upon payment in furl of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds
<br />hdd b_y Lender. If under pazagragh i8 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br />shag apgly, tto later than immediately prior to the sale of the Property or its acquisition by Lender, any Fun.is held by
<br />Lender at the time of application as a credit against the sums secured by this Mortgage.
<br />3. Applleatioa of P~ymenta. Unless applicable law provides otherwise, all payments received by Lender under the
<br />Note and paragraphs I aad 2 hereof shall be applied by Lender fits[ 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 Note, and then to interest and
<br />principal oa any Future Advances.
<br />4. t;harger !Glens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to
<br />the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner
<br />provided under paragraph 2 hereof ~-, if not paid io such manner, by Borrower making payment, when due, directly to the
<br />payee thereof. Borrower shall promNdy furnish to Lender all notices of amounts due under this paragraph, and in the evert
<br />Borrower shall make paymtat directly, Borrower shalt promptly famish to Lender receipts evidencing such payments.
<br />Borrower shag 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 lim is a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such !len in,
<br />legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Properly or any part thereof.
<br />S. 1'~imrd l.s...e. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
<br />against Ins by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require
<br />u~ in such ameunia aad for such periods as Lend-r may require; provided, that Lander shall not require that the amount of
<br />such coverage exceed that amount of coverage required to pay the sums secured by this Moneage.
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Linder, provided,
<br />that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
<br />provided under paragraph 2 hereof or, if not gaid in such manner, by Borrower making payment, when dt_., directly to the
<br />iasutaace carrier.
<br />AB irrstrrance policies and renewals thereof shall be in form acceptable to Lender and shall include a statrdard mortgsgc
<br />tdatue in favor of and in form acceptable to lender. Lender shall have [he right to hold the policies and rcniwals thereof,
<br />aad i3ortower shall promptly furnish to Leader ail renewal notices and all receipts of paid premiums. In the event of loss,
<br />Brur[>wer shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
<br />by Borrower.
<br />Unless Lender aad Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
<br />tltt Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is
<br />not thereby imgaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would
<br />be impaired, tix insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid
<br />to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Leader within 30 days from the
<br />date atstice is mailed by Leader to Borrower that the insurance carrier offers to settle a claim far insurance benefits, Lender
<br />is authorized to collect aad apply the insurance gtncseds at Lender's option either to restoration or repair of the Property
<br />or to the wms secured by this Mortgage,
<br />Uttkss Letuler and Borrower otherwi~ agree in writing, any such application of proceeds fo principal shall not extend
<br />or poupane the due dax of the monthly iasttdlmeots referred to in paragraphs I and 2 hereof or change the amount of
<br />such iostaBrrxnu. I[ under paragraph 18 txreof ttte Property is acquired by Lauder, alt right, title and interest of Borrower
<br />is aad to any insurance policies aad in and to the proceeds thereof resulting from damage to the Property prior to the sale
<br />or aalaisition shall pass tit Lender to the extent of the sums secured by this Mortgage immediately prior [o such sale or
<br />6. lsgwadme acrd A1ee of Property; i.eaacholds; Condomhriuaas; Planned Unit Developments. Borrower
<br />shall-keep tlx Property in good repair and shall not comr±rit waste or permit impairment or deterioration of the Property
<br />ate shall comply with the provisions of any Lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a
<br />condominium m a planned wait development,-Borrower shall perform alt of Borrower's obligations under the declazation
<br />or ~veaaats creating or governing the condcrminstrm or planned unit development, the by-caws and regulations of the
<br />condominium or planned unit development, and constitutnt documents. If a condominium or planned unit development
<br />rider is eaeoutat hY Bottnwet' and rerntxkd together with this Mortgage, the covenants and agrcements of such rider
<br />shtB be iacotporaaed into -and shall amrmd and supplement the covenants and agreetnents of this Mortgage as if the rider
<br />were a past heaa~.
<br />7 irs'atedlse tot I.errdees Secerty. If Borrower faits to perform the wvenants a~ agreements caatained in this
<br />Mortgase, or if arty action or praoeoding is commenced which- materially affects Lender's interest in the Property,
<br />iaiclttdiag, tart rot limited-t0. eaainr,9t damaia. inaolveacy, code enforretr[ent, or arrangements or proce~ings involving a
<br />ttpakt+~t ~ tlsced®t, tltsti -[.coder at Is~er'a option, ages notice to Borrower, may make such appearances, disburse such
<br />stems a~ take each action as is ttetxssary to protect Lender's interest, including, but not limited to, disbursement of
<br />tL at_torany'a fees and entry upon the Property to make repairs, If Lender required mortgage insurance as a
<br />condition of making 4he loan aeeural by Chia Mortgage, Borrower shall pay the premiums required to maintain such
<br />i~taaace in effect mml such tgae as tiro regtruoment for such insurance terminates in accordance with Borrower's and
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