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80-~28~2
<br />UNIFORM COVIiNANTS. BOC7OWfr and Lender covenant and agree as follows:
<br />1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interest oa the
<br />indebtedness evidenced by the Note, prepayment and late charges as provided in the Note. and the principal of and tnterest
<br />on any Future .Advances secured by this Mortgage.
<br />2. Fonds for Taxes and Insurance. Subiect to applicable law or to a written waiver by Lender. Borrower shall pay
<br />to Lender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full,
<br />a sum (herein "Funds") equal to one-twelfth of the year!} rases and assessments ufiich may attain priority' over this
<br />Mortgage, and ground rents on the Property, if an}'. plus one-twelfth of }-early premium installments for hazard insurance,
<br />plus one-twelfth of yearly premium installments for monga¢e insurance. if any, all as reasonabh• estimated ini[ially and from
<br />time to time by Lender on the basis of assessments and bills and reasonable estimates thereof.
<br />The Funds shalt be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or
<br />state agenc^ (including Lender if Lender is such an institution 1. Lender shall apply the Funds to pay said taxes, assessments,
<br />insurance premiums and grotmd 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 />permiu Lender to make such a charee. Borrower and Lender mac 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 />requires such interest to be paid, Lender shall not be required to pay Borrower stye interest 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 the
<br />pµrpose for which tach debit to the Funds was made. The Finds are pled¢ed as additional security for the s• s secured
<br />by this Mongage.
<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, auessmcnts, insurance premiums and ground renu, shalt exceed the amount required to pay said taxes,
<br />assessmenu, insurance premiums and ground rents as the}' fall due, such excess shall be. at Borrower's option, either
<br />promptly repaid to Borrower or credi[ed to Borrower or. monthly installments of Funds. if the amount of the Funds
<br />held by Lender shall not be sufficient to pay taxes, assessmenu, insurance premiums and ground rents as they fall due,
<br />Borrower shall pay to Leader any amount necessan to make up [he deficiency within 30 days from the date notice is mailed
<br />by Lender to Borrower requesting payment thereof.
<br />Upon payment in full of all sums secured by this Mongage. Lender shall promptly refund to Borrower any Funds
<br />head by Lender. If under paragraph 1 S hereof the Propem• Is sold or the Propeny Is otherwise acquired by Lender. Lender
<br />shall apply, no later than immediately prior to the sale of the Propem• or its acquisition by Lender. any Funds held by
<br />Lender at the time of application as a credit against the sums secured b}' this Mongage.
<br />3. Applicadoa of Payments. Unless applicable lain provides otherwise. all payments received by Lender under the
<br />Note and paragraphs 1 and :hereof shall be applied by Lender first cn payment of amounts payable [o Lender b}• Borrower
<br />under paragraph 2 hereof, then to interest payable oa the No[e, then to the principal of the Note, and then to fnteres[ and
<br />principal on any Futtm Advances.
<br />4. ChuLrest I~ea. Borrower shall pay all taxes. assessments and other charges, fines and impositions attributable to
<br />the Property which cosy attain a priori y over this hionea¢e. and leasehold paymenu or ground rents, if any. in the manner
<br />provided tinder paragraph :hereof or. if not paid in such mannez. by Borrower making payment, when due. directly to the
<br />payee thereof. Borrower shall promptly furnish to Lender a)I nodces of amotmu due under this naraeraph, and in the event
<br />Borrower shall make payment directly'. Borrower shall prompty tumish to Lender receipts evidencing such payments.
<br />Borrower shall promptly discharge any Lien whtch has pnon[y over this Mongage; provided, that Borrower shall na[ be
<br />required to discharge any such lien so long as Borrower shall a¢ree in wi icing to the payment of the obligation secured by
<br />such lien in a manner acceptable ro Lrnder, or shall in good faith contest such lien bv, or defend enforcement of such lien in,
<br />legal proceediags which opente to prevent the enforcement of the lien or forfwture of the Propene nr any pan [hereof.
<br />5. Award lrtatrrrafsce. Borrower shall keep the Improvemen[s now existing or hereafter erected or. the Properly insured
<br />against loss by fire, hazards included wither. the term "extended coverage". and such other hazards as Lender ma}• require
<br />sad is such amounu and for such periods as Lender coop require: provided, that Lender shall not require that [he annum of
<br />such Coverage exceed that amount of rnverage required to par the sums secured b}' this Mongage.
<br />The inuurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided.
<br />that such approval shall not be unreasonably withheld. All premiums on insurance policies shall he Maid in the manner
<br />provided under paragraph 2 hereof or, if not paid in such manner, by Harrower making payment, when due, directly to the
<br />ifnvtance carrier.
<br />All iawnnee polices sad renewals thueof shall be in form acceptable to Lender and shall include a s[andard mortgage
<br />clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof,
<br />sad Borrower shall gramptlp furnish to Lender all renewal notices and all rcceipu of paid premiums. In the event of loss,
<br />Borrower shah gig°e prompt notice to the insurance carriez and Lender. Lender ma}. make proof of loss if not made prempdy
<br />b}• Hoaower.
<br />Unlnt Lendu sad Horrowu otherwise agree in canting, insurance proceeds shalt be applied to restoration or repair of
<br />the Propem• damaged provided such ratontion or repair as ecenomicaiiy feasible and the security of this Mortgage is
<br />not thereby impaitrd, >f such restoration or repair is not economlcalh• feasible or if the security of this Mongage would
<br />be it8paired, the insurance proceeds shall be applied to the sums secured b} ibis Mortgage, with the excess, if any. paid
<br />to Borrower. 1# the Propem' is abandoned b} Bortowez, or ii Borrower fails to respond to Lendu within ~0 days from the
<br />date mtiee is mailed by Lender to Borrower that the insurance :.amen offers to seulc a claim for insurance benefiu, Lender
<br />is authorirnd to colieet and apply the imttrance proceeds at Lender's option etcher to restoration or repair et the Propetty
<br />or to the sums secured by this Mortgage.
<br />Uokss Lender and Borrowu otherwise agree m writing, say such application of proceeds to principal shall not extend
<br />or pttatptme the due date of the monthly iastalhnears referred to in pangrsphs 1 wed 2 hereof ar change the amount of
<br />srrch iauaHmeats, If tender pangnph I$ hereof the Propem- is acquued by Lendu. all right, title and imerat of Borrower
<br />in and to any inwuance policies sad it[ and [o the proxeds [hereof raulnng from damage to the Properly prior to the sale
<br />or acquisition ahal! pass w Lender to the extant of the sum; secured b} this hfongage immediately prior to such sale er
<br />acgtusinon.
<br />~, Paatxvafiw ai Mointenance of Ptroprrh: Leasei,dds; tyoodomiaiums; Planned Unit Dccdopttrcnts. Borrower
<br />shah keep the Property in good repair and shall not commi[ wuu er pertntt impairmcn[ or deterioration of the Properly
<br />and Shall comply with the provisions a€ any lease if this Mortgage :s on a leasehold. If this Mongage is on a unit in a
<br />wodomiaium or a planed trait devselopnteat, Borrower shall perform all of Borrower's abhgauons under the declaration
<br />or covenants crptin8 or govemiog the condominium ar planned unit development. the by-laws and regulations o[ [he
<br />c4odominiutn or planned unit deveiopmeal. and eanuituent documents. if a condominium o; planned unit development
<br />rider is executed by Borrower arm recorded together unh th[s Mongage, the covenants and agreements of such rider
<br />shall be ineorpgrastd iota and shall amend and supplement the corcnanu and agreements of this Mongage as if [he rider
<br />were a part barest.
<br />7, !'suaattiiar. el ]Lender's Sacrei0•, if Borrower fails to perform the covenants and rgreemenu contained In this
<br />1[tarrgagt. or if soy action or proceedngg is wmmeoced which muerialh affects Lender a Interest in the Propen}.
<br />iot:ludiag, but not limited to, eminent domain, iussolvency, code enforcement. or arrangeesenu or proceedings involving a
<br />bankrupt or deeedeat, then Lender at Lender's option, upon notice to Barrowcr, may make such appearances, disburse such
<br />stems and take such action as is necessarS w protect Lender`s interest. mciudmg, but not limned to. disbursement of
<br />reasonably tittmaey's fees sad carry upon the Property to make repairs. If Lender required mortgage insurance as a
<br />condition of making the loan xcured by this Mortgage, Borrower shalt pa} the premmms required to mamtatn such
<br />imuraacc is edw^t trntii such rime as the regtiirerneot far such msuzance terminates in accordance with Borrower's and
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