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?~a ~'~''n~~ <br />"k~ <br />~~~_ <br />UNrrtoret~r Covartarars. Borrower and IRnder covenant and agree as fellows: <br />]. Pagrnent of Prlnclpal and Lnterest. Burrs,wer +>Itall promptly pay wh[.n due the principal of and interest on the <br />indebtedness euidt:nced by the Nate, prepaymens and I«ete charges as provided in the Ps!ote, and the principal of and interest <br />an any Future Advances secured by this Mortgage. <br />2, if'nnds for Taxes and Ynsuraace. Subject to applicable law or to a written waiver by Lender, Borrower shad pay <br />to Lender on the day monthly installments of principal and interest are payable under the No[e, until the Note is paid in full, <br />a stun (herein "Funds"} equal to one-twelfth of the yearly taxes and assessments which may attain priority over this <br />Mortgage, and ground rents on olio 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 init'satly and from <br />time to time by Lender on the basis of assessments and hills 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 tares, assessments, <br />insurance premiums and ground rents. Lender may not charge for so holding and applyit•g the Funds, analyzing said account, <br />or verifying and compiling said assessments and bills, unless Lender pays Borrower interest oa 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 [hat interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law <br />..*equires such interest to be paid, Lender shall not be required to pay Borrower any interest or earai.;gs on the Funds. Lender <br />shalt give to Borrower, without charge. an aroma! 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 the amount of the Funds held 6y 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 shat! not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fa!! dt=.e, <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 reuuesting payment thereof. <br />Upon payrsi_ t in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds <br />held 6y Lender. if under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender <br />shall apply, no later than immediately prier to the sale of the Property or its acquisition by Lender, any Funds held by <br />Lender at the eime of application as a credit against the sums secured by this Mortgage. <br />3. Application of Payments. Unless applicable law provide; otherwise, all payments received by Lender under the <br />Nate and paragraphs 1 and 2 hereof shall be applied by Lc;rder first in payment of amounts gay able to Lender by Harrower <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 />d. Charges; Liens. Borrower shall pay ail 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 manor <br />provided trader paragraph 2 hereof ar, 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 io the event <br />Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments. <br />Borrower shat! promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be <br />required to discharge any such Gen 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 in, <br />legal proceedings which operate to prevent [he enforcement of the lien or forfeiture of the Property or any part !hereof. <br />5. Flazard Insurance. Borrower shall keep the improvements new existing or hereafter erected on the Property insured <br />against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender „lay require <br />and in such amounts and for such periods as Lender may require; provided, that L ender shall 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 shall net be unreasonably withheld. All premiums on insurance policies shall be paid in the manner <br />provided under paragraph 2 hereof ar, if not paid in such manner, by Borrower making payment, when due, directly to the <br />InSnran:e ca,..er. <br />All insurance r;..licies a d renewals thereof shaft be in form acc~ptabte to t-ender and shall include a standard mortgage <br />clause in favor of and !n form acceptable ro Lander. Lender shall have the right to hold the policies and renewals thereof, <br />°°.d .°.arrawer shall ° -t,'v insole` °u.,~r a,. renewal rttiees and alt recetpts r,f paid prcriu.~u_ In the evert of ions, <br />Borrower shelf give prompt notice to the insurance carrier and Lender. Lender may make proof of logs if not made promptly <br />by Borrower. <br />L7nless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or 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. If such restoration or repair is not economically feasible or if the secunty of [his Mortgage would <br />be impaired, the insurance proceeds shall be applied to the sums secured 6y this Mortgage, verb the execs. if any, paid <br />to B~rrnwer. If the Property is abandoned by &,rrower, or if Borrower fails to respond to tender within 30 days from the <br />date notice is mailed by Lender to Borrower that the insurance carrier offers to seine a claim for insurance benefit,. !.ender <br />is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair at the Property <br />or to the sums secured by this Mortgage. <br />Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall nut extend <br />or postpone the due date of the rnonthly installments referred to in paragraphs I and 2 hereof or change the amount of <br />such installments. If under paragraph 18 hereof the Property is acquired by Lander, alt right, title and interest of Borrower <br />in and to any insurance policies and in and to the prvt:eeds thereof resulting from damage to the Property orior to the sale <br />or acquisition shall pass to Lender to the extent of [he sums secured by this Mortgage immediately prior to -such sale ar <br />acquisition. <br />ti. Pret4ervatimn and Mlainfenance of Property; Leaseholds; Condominiums; Planntd Uolt Developments.. Borrower <br />shall keep the Property in good repair and shall not commit wvaste or permit impairment or deterioration of the Property <br />acrd shall comply with the provisions of any }ease if this Mortgage is an a leasel[ald. If !his ;siortgagt is an a unit in a <br />condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration <br />or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the <br />t;ondaminium or planned unit development, and constituent documents. If a condominium or planned unit devclopmcm <br />rider is executed by Borrower and recorded together with 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. Ptrotectton of Lender'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 oat limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a <br />bankrupt of decedent, then Lender at L.ender's option, upon notice to Borrower, may make such appearances, disburse such <br />sums and take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement of <br />reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a <br />4oud'etion of making the loan secured by this Mortgage, Borrower shall pap the premiums required to maintain such <br />instuanee in effect until such tune as the requirement for such insurance terminates in accordance with Borrower's and <br />