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79- ~:tj~364
<br />UxiFaaM Covexexts. Borrower and Lender covenant and agree as follows:
<br />1. Payment of Pdocipal and Inteeest. Borrower shall promptly pay when due the principal of and interest on the
<br />indebtedness evidenced by [he Note, prepayment and :ate charges as provided in the Nott, and the principal of and interest
<br />on any Future Advances secured by this Mortgage.
<br />2. Ferak fox Taxes and l:eseiraece. Subject to applicable taw or to a written waiver by Lender, Borrower shalt pay
<br />to Lender on the day monthly installments of principal and interest arc payable under the Note, until the Note is paid in full,
<br />a stem (herein "Funds'? equal to one-twelfth of the yearly taxes and assessments which may attain priority over this
<br />Mortgage, and ground rents oa the Property, if any, pl ~s arze-twelfth of yearly premium installments for hazard insurance,
<br />plus one-twelfth of yearly premitun installments for mongage 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 shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or
<br />state agency tinciuding Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assusments,
<br />insurance premiums and ground rents. Lender may riot charge for so holding and applying the Funds, analyzing said account.
<br />or vttifying and compiling said assessmenu sod bi[Is, unless Lender pays Barrower interest on the Funds and applicable law
<br />permits 1 ..der to make suc}i 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 agreement is made or applicable law
<br />requirts such interest to be paid, Lender shalt not be required ¢o pay Borrower anyrnterdi 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 [he
<br />purpose for which each debi¢ to the 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 taxes, assessments, iacurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />assessments, insurance premiums and ground rents as they fail 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 shat! not be sttlScient to pay taxes, assessments, insurance premiums and ground rents as they fall due,
<br />Botmwer shall pay to Lender any amount necessan' to make up the deficiency within 30 days from the dart notice is mailed
<br />by Lender to Borrower requesting payment thereof.
<br />Upon pay'rnent in full of all sums secured by this hlcrEgage. Lender shrill promptly refund to Barrower an}' Funds
<br />held by Ltnds. if under paragraph IR hereof the Propeny is sold or the Property is otherwise acqu+red by Lender, Lender
<br />shall apply, no later Phan itnmediatefy prior to ine sale of me Propeny or its acquisition 6y Lender, am' Futtds held by
<br />Leader at the tithe of application as a credit against the sums secured by thts Dlongage.
<br />3. ApliitaEioa of Payments. lJnless applicable law provide otherwise, all payments receivee by Lender under tht
<br />Nole aad paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
<br />nadtr paragraph 2 heteaf, then to interest payable on the Note, then to the principal of the Nott, and then to interest and
<br />pr3tcigal on any Future Advances.
<br />d. ChaResti Bees. Borrower shall pay all taxes, assessments and ether charges, fines and impositions attributable to
<br />the Property which may attain x priority over this Mortgage. aad leasehold pavmenu or ground rents, if any. in the manor
<br />provided tinder paragraph 2 hereof or, if not paid in such manner. by Borrower making psyuent, when due, directly to the
<br />pa}se [heteef. Barrower shall promptly furnish to Leader all notices of amounts d•,x under this paragraph, aitd in the event
<br />Borrower shad make payment directly. Borrower shall promptly furnish to Lender receipts rridern.ing such paymtnu.
<br />Btrrrowctr shall promptly discharge any lien which has pnvri[}' over this Mongage: pros~ded, that Barrower shall not be
<br />rcyaitrd to disrha Q+ any such Lien sn long a; $otrower shall agree in uniting to the paymem of the ubiigatiyn secured by
<br />stick lira in a manner acceptable ro Lender, ar shall m goad faith contest su:b lien by. or defend enforcement of such lien itr,
<br />legal proceedings which operate 20 greveni the enfarcenxnt of the lien yr farfcuure of the Praptrty ar any pan thereof.
<br />5, Honied Iaaiuitece. Borrower sltali keep the improvements nau eiisting ar hereafter erected on the Fropeny insured
<br />agaiatt lass by fire, ha7atds included within the tetra "txtended coveragt'". and such outer hazards as Lender ma}' require
<br />am! ie such amounts tied for such periods as Lender may require; provided, that Lender shall hat reyuire that the amount of
<br />st~h coverage exceed that amount of coverage required to pay the gums secured fi' th€s Mongagt.
<br />The irtwraner carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided.
<br />[hat such apptnval shag not be unreasonably vviehhdd. All premiums on insurance policies s*:ail be paid to [he manner
<br />provided L•adeC paragrapl± 2 hereof Or, 2f naI paid Fn SnClt m831lltr, by' $ariaWU making paY7ntnT, wlttn due, dimtly to the
<br />iasrrraece earns.
<br />AB insurance policies aad renewals thereof shall be in form accegtabit iv Lender and shall sitclude a standard mongage
<br />cla[~t in faror of attd in form acceptable to Lender. Ltndtr shall have the right to hold the paiiries and renewals thereof.
<br />aasd Htxtaw2tr shall promptly' fi=.rish to Lender all renewal notices arzd 33! receipts of paid premiums. In the event of lass,
<br />Bctrrotver shall give prompt holier to the Fasurance wine and Ltndtr. Lender ma} malt proof of loss rf hat made promptly
<br />by Barrows.
<br />Utskss Lords and Sorrawu otherwise agree to wrung, insurance pro;~ztds shall bt applied to restoration or repair of
<br />the Propvty damaged. provided such restorazx+n or repo+r rs ecenamicall}' feasible ante the securih of ihis ?rlortgagt is
<br />hat thet~y impaired. If such rtstaratioa or repatr is not ecanomicall} feasible er ii the securn}~ of this \tarigage would
<br />be impaired, [he insurance proceeds shall bt applied to the sums secured b} t}tis Mongage. wuh [he excess, if any, paid
<br />[o Borrower. If the Proptrt} is abaztdoned bs Barriwcr, ,'r a Bormwtr tails to respond to Lender wtthtn 30 days tram the
<br />dart m-stix ss mailed by Lender ea Barrower that the susurance .amen 4 tiers to seek a tilaim far insurance btntftts, Lender
<br />is atithoriTSd to collect and apple the FnSUi'a1[Cf pros at Lender's apttan tither Ia restoration ar repair of the Proptny
<br />air m ~ stars secttt'x+ by skis kla:.gags.
<br />Unless Lroder aad Borrower .~il[erwise agent :r. w nicng. an} such application of proceeds ra prirespai shall not extend
<br />~ pn:ngs~e the due date of the taonthle instaliattnr relented to +n paragraphs i and '_ hereof ar change the amount of
<br />such irtstallrnents. If under paragraph 15 hereof the Yropern a> a~yuued b} Lender, all right, tick and interest of Borrower
<br />is and to any ittsurawt paliciu and in and to the practe.3e ihtrtaf resulting from damage to the Property prior iv the snk
<br />or atxlrxisitian shall pass m Lender io the tiitrt of the sums secured t:~ this Mangage iaunediatety prior to such snk ar
<br />fi. Treaoxtati~ and Mart of Property; t..tuel ioadote;~intm; P}smed Uast D~elopeients. Bonau~cr
<br />mall keep the Property in good regain ant.+ shall riot commit waste or permit Impairment or deterioration of the Prapeny
<br />ant! shall comply with the ptovisiorrs of any lease of thn Mangagr n an a leasehold. 1f ihis Mungagt is vn a unit in a
<br />c~iaitrm at a planned unit development Borrower shxtl perform ail of Borrower's obligations under the declaration
<br />or cavtaaats croating to governing iht: ctsndom:rium ar planned tine dev'dopmtnt, the by-laws and regulations of the
<br />condixrsaitnn or planted unit dtvelnpment, and ~nstitutn€ daruttitnts. It a condominium or planned unit deve{opment
<br />rids is et[ocuted by Hcrrnwet axed recorded togtthu +rith this Mortgage, the cavtnants and agreements of such rider
<br />sbsrll be inaatparat~ into atui shall amend and suppkmena the covenants and agreetntrrts of this Mortgage as tf the rider
<br />vrexe a part hatmf.
<br />1. PttaRextiee of iwder's - if Barrower fai$ is perform the wvenants and agreements contained in this
<br />• ar if nay :reline or proceeding, is commented which mascrially afftcu Ltndtr's interest in int Prepen}'.
<br />iaohntigg, b[n txN litai~i to, emiaeM dnmaii[, insolvency, code enforcement or arrangements ar proceedings involving a
<br />bankrv~ a~ decedent thin Letder at Lender's option, upon notice to Borrower, may make such appearances, disburse such
<br />sums a~ take RrtCh action as is nectstary to protect Lenders interest. including, but not }invited to, disbursement of
<br />renooabk attorney's fece and txrtry upon rho Property to make repairs. if Lender requirt,f mortgage insurance as a
<br />condition of rnakittt tbe loan sxur'ed by ihis Mortgage, Bonaurr sha31 pa} the premiurru required [a mainta+n such
<br />ixrt[uaeee in effect until such time as the requirement far such insurance terminazcs +n axordanct week Borrower's and
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