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<br />UntFOar.t C'ovenrntvt's. Borrower 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 on the
<br />indebtedness evidenced by the Note, prepayment and late charges as provided m the Note, and the principal of and interest
<br />on any Futttrc Advances secured 6y this Mortgage.
<br />2. Funds for Taxes and Insunnce. Subject to applicable law or ro a writ?en waiver by Lender, Borrower shall pay
<br />to Lender on the day monthly installments of principal and interest are payable tinder the Note, 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 far hazard insurance,
<br />plus one-twelfth of yearly premium installments for mortgage insurance, rf 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 arc insured or guaranteed by a Federal or
<br />state agency (including Lender if tender is such ar. institution). 1_ender shall apply the Fords to pay said taxes, assessments,
<br />insurance premiums and ground rents. tender 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 he paid to Borrower. and unless such agreement is made or applicable law
<br />requires such interest to be paid, Lender shall not be reyuirea to pay Borrower am• interest or earnings o^ the Funds. Lender
<br />shall give to Burrower, 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 avas 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, rogether with the future monthly installrtrents of Funds payable prior m
<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 Borrowers option, either
<br />promptly repaid to Borrower or credited to Borrower an monthly installments of Funds. If the amount of the Funds
<br />held by Lender shall not be sufficient Io pay taxes. assessments, insurance premiums and ground rents as they 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 payment thereof
<br />Upon payment m full of all sums secured U}' thn Mortgage. Lender shall promptly refund to Borrower any Funds
<br />held by Lender. if under paragraph IS hereof the Property r< sold or the Propcrir is otherwtise acquired by Lender, Lender
<br />shall apply, no later than immediately nnor to the .ale of she Propene -.r tts acqusn:or, by Lende:, ary Funds f,e,d by
<br />Lender at the time of application as a credit against the sum; secured hy`ths Mortgage.
<br />3. Application of Payments. Unlesa applicable law provides otherwise. all payments received by Lender under the
<br />Note and paragraphs I and ?hereof shall be applied by Lender first in payment of amounts payable to Lender by Bormwer
<br />under paragraph '_ hereof, then to interest payable on the Vote, then to the pnnctpal of the !Vote. and then to interest and
<br />principal on any Future Advances.
<br />4. Charges; Liens. Borrower .hail pay all taxes, ssessntents and other charges. fines :end ;mpositions attributable to
<br />the Property which may attain a priority over this Mon~age, and leasehold paymems or ground rents, if any. in the manner
<br />provided under paragraph ?hereof ur. i( not paid m such manner, hr Borrower making payment. when due, directly to the
<br />payee thereof. Borrower shalt promptly [umish to Lender all opuses of amoums due under this paragraph, and in the event
<br />Borrower shall make payment directly. Boren.-er ahall promp0y turniah to Lender receipts evidenang such payments.
<br />Borrower shall promptly discharge any hen •.viich haz priority over this Lortgage: f:roviafed, that Borrower ,halt not be
<br />required to discharge any such lien so long as Borrower shall agree in unung to the payment of the obligor€on ~acured b}
<br />such Lien in a manner acceptable to Lender, or shall in good faith contest such lien hv, or defend enforcement of such lien m,
<br />legal nrcceedings which operate to prevent the enforcement of the hen or torfeuurc o[ the Property or any part [hereof.
<br />5. Hazard Insurance. Borrau~er shall keep the tmpmsements eau exuung or hereafter erected on the Property insured
<br />againstluss by fire, hazards included withrn the term "extended coverage'. and such other hazards as Lender may require
<br />and m such amounts and for such pereds as Lender may reyuire; prosided, that Lender shall not reymre that the amoam of
<br />such coverage exceed ilia: amount of coverage requtred to par the sure ,vcured hx tits D1a-teage.
<br />The insurance carrier providing the insurance shall he chosen by Borrower subject to approca7 b±' f coder, provtded.
<br />that such approval ahall not 6e unreasenahly withheld. All premmms on insurance patinas shall be pan! :~~. the manner
<br />provided under paragraph Z hereof or..f not pard in such manner. 6}' 8errower making payment, when due, directly to the
<br />insurance carrier.
<br />All insurance poitcres and renewals thereat shall he in form .,cceptaiic to Lender .m:i shalt ;nclude ., standard mongaga
<br />clause in favor of and m form acceptable to Lender. i_e rider shall have the nght :~, hold tie pohctrs end rent++al. thereof.
<br />and Borrower shall promptly furnish to Lender Jl raneual nonce, and all receepts of pard ;uentium:_ [n rtte cent o! !os
<br />Borrower ahail gn•e prontgt nonce to the imurancc earner std Lender. l.c=nder may tttake pn+o: c•i loos rl not made pmnrptia~
<br />by Borrower.
<br />Unless Lender and Borrower otherw tic agree in ~., r,ung, insurance pro: eed, .hall t?c applied !o restoration .ar repair „t
<br />the Prapeny damaged, provided such restorauon or repair a a.:onomtcailt !easibie and the ,e;: urns of tits Mong::gc ~.
<br />riot thereby impaired. if such restoration or rayon is n.+t cant*mtraiiy ?easih+c or a the .eamn ; t thin Mortgage woaid
<br />be imparted, the insurance proceeds shall be applied ro the surna secured M this Mongage. '.aui ilia excess, r any, pard
<br />to Borrower_ if the Pieperty a abandoned h} Burrower..v :t Borrow cr foal, to re.pond to I coder ova§in 3U day, from the
<br />date notice is mailed by Lender to Borrower that the :nwrance .-trier atlers t., ,eiAe .+ c!.um for usuranee lice.. ~';?s, t_ender
<br />is authorized to collect and apply rite maurance proec'tds at Lender's opuun e;thcr to rU[oranon „r repair ,+t flit Property
<br />at to ilia soma secured by this Mortgage.
<br />Unless Lender and Borrower othera:se agrc°c ;n wrung. an; >u.;: a,rpi,v:,ua;n ~•: ptrwrcd tct piin~,pal .hall n„t extrnd
<br />or postpone the due date of the monihh' mstailmems referred to :n paragraphs ~ ,rd hereof or .han~e !lie amount o!
<br />such installmenu. Il under paragraph 3 S hereof the Pn~pene i. acgvued hs Lender ~ it r,ght, i itle and axerksr of Bor+;u cr
<br />in and to any insurance policies and in and to the nroceeds thereof reau!tmg tram u~:wage t.. the I'mpeny p r~r to the ,ale
<br />or acquisition shall gals to Lender to the. extent of the ,unrs secured h} the '.i.,rzg~•~c :n,:nediatel} prig: ;, .uvh :.r!r .,r
<br />acquisition. -
<br />6. Ptraenation aad 1laintenance of Prape.R_v: Lrasehnids: Condominiums; Planned t ^ii Uexeiopments. Bono+..r
<br />shat! keep the Property in good repair and shall trot commit wa>tc or pamia mtpmisment .u ~Jeteriorauou ni the Vropertr
<br />and shall comply with the provisions cf any lease if flits Mortgeg< ,..,n ., htaachuld. It the ~to;tgaee i, on r,nu u! ;
<br />candominiunt or a planned untt development, Borrower shall ixrform all of Burrow-era obhgauon~ ,ender the deC iarauu;,
<br />or covenants creating nr governrpg tyre cimdominmm nr planned ,ant devck,pment, the by-laws .,rid rceulanr.n, ,+f the
<br />condominium nr planned unit development, and coantituant donnnrrn !f a .on~ionuniurn ,~r planned : ,..t .ac+t6~r<u,en[
<br />rider is executed by $orrower and recorded together ufih tits Mortgage. the ~uvcnants and -rercamert, of ,nett rdrr
<br />shah be incnrpprated iota and shall amend and 'supgicmem the caveuants and agtroemcnta of this Miutgugc as a ilia n.i<r
<br />were a part hereof.
<br />7. Protection of Lender's Security, If Sorrowcr finis m pcrRirm the covenants and agr~~ementa .onr,m nod :n ihi.
<br />Mortgage, or if any action ar grrn:eeding rs commenced which materially a$a•:;ts Lendae ~ntrre,t ar the Praf;cua.
<br />including, but not limited to, eminent dcnmain, irt5oivency_ zrde cn forcemcnt. of arrangeuicais ~~r presmding, ;nvolvng a
<br />bankr{tpt nr de,:edem, then 1_ender at Lender`s apticm, upon notcc t~~ Burrower, n,ay make su_h appcarau~c,.:hsbur sc such
<br />sums and take such action as is neaessar- to prote~ Lender's utterest. . icluding. lint not funned t_,, dnburscmem .a
<br />reasonable attorney's fees and enuy upon the Progeny to make rayon.. it Irr::fer ruyuire.d mortgage urur.an.e .,, ,
<br />condtnen of making the roan secured b} this Mongagc, Bonuwcr slit-;i pay the premiuitrs reyu,nil t,: tnau,t.,;n , ...,
<br />insurance in eflec:t until such time as rite regrtiremem for ;uch r;su:an::e tc;::uuat~•s ;n a~~,-,rda+.:~ .s~t3r Bn;n+kcr • .u..,
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