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79- t-~3965
<br />UNIFORM CovEtvertr•s. Borrower and Lender covenant and agree as follows:
<br />I. Payment of Principal and interest. Borrawer shah promptly pay when due the principal of and interest on the
<br />indebiedneas evidenced by the Nafe, prepayment and late charges as provided in the Noie, and the principal of and interest
<br />on any Future Advances secured 6y this Mortgage.
<br />2. Fund4 for Tares snd Insurance. Subject to applicable law ur to a written waiver by Lender, Borrower shalt pay
<br />to Lender on the day monthly installments of principal and interest are payable under [he Nate. until the Note is paid in full,
<br />a sum (herein "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 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 />store agency (including Lender if Lender is such an institution). Lender shall apply the Funds M pay said saxes, 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 to Borrower, and unless such agroement is made or applicable taw
<br />cognizes such interest fo be paid, Lender shalt not be required to pay Borrower any interest or earnings on the Funds. Lendtr
<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 the Funds was made. The Funds are pledged as additional security for the sums secured
<br />by this Mortgage.
<br />Tf the anto-.mt 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 fail due, such excess shall be, at Borrower's option, either
<br />promptly repaid [o Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
<br />held by Lender shag not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due.
<br />Borrower shalt pay to Lender any amount necessary to make up the deficiency within 30 day's from the date notice is mailed
<br />by Lender to Borrower requesting payment thereof.
<br />Upon payment in full of all sutras secured by this Mortgage, Lender shall promptly refund to Borrower any Funds
<br />held by Lendtr If under paragraph IS hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br />~t,stl~ y, t:o later Than im•• ~t•~tPty ~•u,r to rte s~!e of rht gr~pe!?y ar irs acquisition h_v I~nder, any Funds held 6y
<br />Lender at the fine of application as a credit against the sums secured by this Mortgage.
<br />3. Application of Payments. Unless applicable law provides otherwise, alt payments received by Lender under the
<br />Nate and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payatie 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 on any Future Advances.
<br />4. Charges; Lkns 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 tinder paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
<br />payce thereof. Borrower shall promptly furnish to Lender all notices of amounu due under this paragraph, and in the event
<br />Borrower shag make payment directly, Borrower shall promptly furnish to Ltndtr receipts evidencing such payments.
<br />Borrower shall promptly discharge any lien which haz priority over this Mortgage; provided, that Borrower shall not be
<br />required to discharge any such lien so long as Borrower shalt agree in writing to the payment of the obligation secured by
<br />such lien in a mancer acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in,
<br />legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
<br />5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured.
<br />against loss byre, hazards included within the term "extended coverage", and such other hazards as Lender may require
<br />attd is such amounts and for such periods as Lender may require; provided, that Lender shalt 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 shall be chosen by Borrower subject to approval by Lender; provided.
<br />that such approval shag not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
<br />provided tinder paragraph 2 hereof sr, if not paid in such manner, by Borrower making payment, when due. directly to the
<br />insurance carrier.
<br />AB insurance policies and renewals thereof shall be in farm acceptable to !ender and shalt include a standard mortgage
<br />clause in favor of and in form acceptable to Lender. Linder shall here the right to hold the policies and renewals thereat,
<br />and Borrower shat! promptly furnish to Lendtr all renewal notices and all receipts of paid premiums. lrt the event of loss.
<br />Borrower shall give prompt notice to the itsstrrance carrier and Lender. Lender may make proof of loss if notmade promptly
<br />by Borrower.
<br />Unless Lender and Borrawer otherwise agree in a citing, insurance pro: eeds shall be applied to restoration or repair of
<br />[he Property damaged, provided such rtstoration or repair is economically feasible and the security of this Mortgage is
<br />not thereby impaired. If such restoration or repair is nM economically feasible or if the security of this Mortgage would
<br />be impaired, the ittsura~e proceeds shall be applitd to the stuns 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 Lender within 30 days from the
<br />date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a ctaim for insurance benefits, Lender
<br />is authored [o collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
<br />or to the sums secured by this Mortgage.
<br />Unless Lender and Harrower otherwise agree in writing, any such application of proceeds to principal shall not exttnd
<br />or postpone the due date of the rnonthh installments referred to in paragraphs 1 and 2 hereof or change the amount of
<br />such installments. If under paragraph 18 hereof the Property is acyuired by Lender, alt right, title and interest of Borrower
<br />in and to any insurance policies and in and to the proceeds Utereof resulting from damage to the Property prior to the sale
<br />or aegtfisition shall pass to Linder [o the extent of thi: sutras secured by this Mortgage immediately prior to such sate or
<br />atquisitioa
<br />fi. Preaerration sttd Maintcamct of Property; Leasehofds; Coedomiaiams; Planned Unit Developmtats. Borrower
<br />ahaB kelp the Property in good repair and shag rani wmmit wazte ar permit impairment ar deterioration of the Property
<br />and shall comply with the provisions of any lease if this Mor . on a leasehold. If this Mortgage is on a unit in a
<br />condominium or a planned unit development, Borrower shall p. n all of Borrower's obligations under the declaration
<br />m covenants creating or governing the condominium or plannc~. tit development, the by-laws and regulations of the
<br />coadomittitmt or planned unit development, and canstituenf docur:. ts. If a condominium or planned unit development
<br />r~3 is ertecuted- hY. Borrower and recorded together with this Mortgagt, the covenants and agreements of such rider
<br />shall 6e inmrparated into and shall atnead and supplement the covenants and agreements of this Mortgage as if the rider
<br />were-apart heirof.
<br />?. Protection ae Lender's Sorority. If Borrower fails to perform the covenants and agreements contained in this
<br />Mortgagq or i# arty action or proceeding is commenced which materially affects Lender's interest in the Property,
<br />iaeltx}uig, but trot limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings invoh~ing a
<br />banlwpf or detxtLent, thin Rader at Fender's option, upon notice to Borrower, may make such appearances, disburse such
<br />sums a~ take-such action as is necessary to protect Leader's interest, including, but not limited to, disbursement of
<br />rtsaaooabk attorney`s fees and entry upon the Property to make repairs. !f bender 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 />iasurantx in effect-until such time as the requiretrunt for such insurance terminates in accordance with Borrower's and
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