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<br />l,~mJ€F ~iP'rmt ~K~r.:u;'t;',Mnr•r•r~~,;. Bor~irower ~~an~d Lender icu:r^:~e~~rs,aa~rt. an+W. ~tltgrce s, i€e~81iu~,.r=~ip~s,
<br />L. Paymd,ueint oaf Pr~r:ilrosi aid Intarest~. Borrd:~iHru~r snail pri:r,,a^,Itl;rtt. paver aw9lter~~t rtitae the priun~rip,aD of :urnJ intal»rest ~~on the
<br />rd^Ibtedn~s isuiNkerc°ed by the Niot+;, prepayment rood ilfllCe chargers a.~ pre?idedl for ¢h;e "~1ate, acts'. ttte principal a!' and ente,rest
<br />..., ar,y Future ,4d=:az;ce; securea by this Mortgage.
<br />2. Funds for Tales and Itz4nraste. Subject to appli<able law ar to a written waiver by I-ender. Barrower steal: pzy
<br />to Lender on the day monthly installmerts of principal and interest are payable coder the Note, until the Nore is paid in fuH.
<br />a sum (herein "Funds") equal to ane-twelfth of the yearly taxes and assessments which may attain priority ever this
<br />Mortgage, and ground rants on the Property, if any. plus ane-tuelfih of yearly premium installments for hazard insurance.
<br />plus ors-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonabl}' 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 Fedora! ar
<br />state agency {including Lender if Lender is such an institution 1. Lender shall apply the Funds to pay said taxes, assessments,
<br />insurance premiums and ground rents. Lender may not charge far so holding aad applying the Funds, analyzing said account,
<br />ar veriftiing and compiling said assessments and bills, unless Lender pays Borrower interest en 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 an the Funds shall be paid to Borrower, and unless such agreement is made or applicable law
<br />requires such interest to be paid, Lender shah not he required to pay Burrower any interest ar comings an the Funds. Lender
<br />shall give to Bor;awer, without charge, an annual accounting of the Funds showing credits and debits to the Funds aad 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 lviortgage.
<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 rents, shall exceed the amomtt required to pay said taxes,
<br />assessments. insurance premiums and ground rents as they fall due, such excess shall b>, at Borrowei s option, either
<br />promptly repaid to Barrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
<br />held by Lender shall not be sufhcieni [o pay taxes, assessments. insurance premiums and ground rents as [hey 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 pa}=menL thereof.
<br />Upon payment in full of all sums secured by this Mortgage. Lender steal! promptly refund to Borrower cry Funds
<br />held by Lender Lf under pazagraph 1S hereof the Property is sold or the Propeny is otherwise acquired by Lender, Lender
<br />shall apply, no later than immediately prior to the sale oC 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 1ortgage.
<br />3. Application of Payments. Unless applicable law provides otherwise. all payments received by Lender under the
<br />Nola and paragraphs i and 2 hereof snail be applied by Lender first in payment of amounts payal=le to Lender by Borrower
<br />under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Nae. and then to interest and
<br />principal or, any Future Advances.
<br />4, Charges; Liens. Borrower shall pay all taxes, assessments and other charges. fines an+3 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, direct!}' to the
<br />payee thereof. Borrower shalt promptly furnish to Lender all notices or amounts due under this paragraph. aad in the event
<br />Borrower shall make payment directly, Borrower shall promptly tumish to I-ender receipts evidencing such payments.
<br />Barrower shall promptly discharge any lien which has priority over this Mortgage; pmvtded, 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 retch 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. Fi~za:d fssstuance. Bo.^.ower shall keep the improvements new existing or hereafter irected an the Property insured
<br />against loss by fire, hazards included within the tern "extended coverage", and such other hazards as 1_ender may require
<br />and in such amounts and for such periods as Lender may require; provided, that Lender shall oat require that the amount of
<br />such coverage exceed that amount of coverage required to pay the sums secured by thts Mortgage.
<br />The insurance carrier providing the insurance steal! be chosen by Barrower subject to approve! +~} Lender: provided,
<br />that such approval shall not be unreasonably withheld. Alt premiums on insurance policies shall he paid 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 />insurance carrier.
<br />All insurance policies and renewals thereof snail be in form acceptable to Lender and shall incttd€ a standard mortgage
<br />clause in favor of and in form acceptable to Lender. Lender shall have the right in hold the policies and renewals thereat`,
<br />ane Burrower shal3 prompt!}= furnish to Lender all renewal notices and all receipt; of paid premium;- Ir, the event ~f loss,
<br />Borrower shall give pramgt notice to the insurance carrier and L.ender_ !.ender Wray make pr~ot a€ lass if not made promptly
<br />by Borrower.
<br />Unless Lendee and Borrow•cr otherwise agree in writing, insurance proceeds shall be applied to restoration ar repair of
<br />the Property damaged. provided such restoration or repair is economically feasible and the security of this Mortgage is
<br />not thereby impaired. Lf such restoration or repair is not economically feasihle ur if the security oC this Mortgage would
<br />be impaired, the 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 ahandoned by Barrower, or iE Borrower fails to respond to Lender within 30 days from the
<br />date notice is mailed by Lender to Borrower that the insurance carrier oilers to settle a claim for insurance benefits, Lender
<br />is au@:orized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
<br />or to the sums secured !ry this Mortgage.
<br />Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to pnnciaai shall not extend
<br />or postpone the due date of the monthly installments referred to in paragraphs !and 2 hereaf or change the amount of
<br />such installments. If under paragraph IS hereof the Property is acquired by Lender, all right, title and ioterest of Barrower
<br />in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale
<br />or acquisition shall pas<_ .o Lender to the exicnt of the sums secured by this Mortgage imrnediatcly prior to such sale or
<br />acquisition.
<br />6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Iltevelopments. Boarowcr
<br />shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Fropeny
<br />and shall comply with the provisions a any ;case it this Mortgage is on a leasehold. if this Mortgage is an a unit in a
<br />condominium ar a glanned unit development, Borrower steal! perform al! of Borrower's obligations under the declaration
<br />or covenants creating or governing the condominium or planned unit development, the by-laws and regulatiors of the
<br />condominium or planned unit development, and constituent documents. If a condominium or planned unit development
<br />-rider is executed by Borrower and recorded together wish this Mortgage, the covenants and agreements of such rider
<br />shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider
<br />were a part hereof.
<br />7. Protection of Lemler's Security. If Borrower fails to perform the covenants and agreements contained in this
<br />Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property,
<br />.including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a
<br />bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such
<br />sums and take such action as is necessary to protect Lenders interest, including, but not limited to, disbursement of
<br />reasonable attorney's fees and entry upon the Property to make repairs. [f Lender required mortgage insurance as a
<br />condition of making the loan secured by tl:~s Mortgage, Borrower shall pay the premiums required to maintain such
<br />insurance in effect until such time as the requirement for such insurance terminates :h accordance with Borrower's and
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