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80- ~C14~~p
<br />UNIFORM COVEIG4NT5. BORO S aad Lender covenant and agree as follows:
<br />L. Payment of PrindpW sad 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 in the Note, and the principal of and interest
<br />on any Future Advances secured by this Mortgage.
<br />2. Fords for Taws aad Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shag pay
<br />to Lender on the day monthly installments of principal and interest are payable under the Noce, 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 insure»ee,
<br />plus o¢e-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and form
<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 Federal or
<br />state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, 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 is make such a charge. Borrower and finder 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 agreement is made or applicable law
<br />requires such interest to 6e paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
<br />shall give to Borrower, withcut 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 Mortgage.
<br />H the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to
<br />the dr!e darts of razes, a_~essmints, insurance premiums and ground rents, shall exceed the amount required to gay said taws,
<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 insta{imenis of Funds. [f the amount of the Funds
<br />held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as theyfall 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 Horrower requesting payment thereof.
<br />Upon payment in full of ail sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds
<br />held by 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 prior to the sate of the Property or its acquisition by Linder, any Funds held by
<br />Lender at the time of application as a credit against the sums secured by this Mortgage.
<br />3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the
<br />Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable 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; Hens. Borrower shall pay all razes, assesments 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 under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
<br />payee thereof. Bortower shall promptly furnish to Lender all notices of amounts due under this paragraph. and in the event
<br />Borrower shall make payment directly, Borrower shalt promptly furnish to I-ender roriipU evidepung such payments.
<br />Horrower shalt promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be
<br />required to discharge any such lien so long as Borrower shall agree in writing to the payment o[ the obligation secured by
<br />such lir¢ 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 the enforcement of the lien or forfeiture of the Property or any part thereof.
<br />5. Hazard Insuroace. Borrower shall keep the improcemrnts now e.x fisting ur hereafter crectiJ on the Property insured
<br />against loss by fire, hazards included within the term "extended ceveragi'. and such other hazards as Lender may require
<br />and in such amounts anti for such periods as Lendir may requim; pnrviJiJ. that Lender shall not require that the amount of
<br />sock coverage exceed that amcunt of coverage required to pay the sums secured ny this Mortgage.
<br />The insurance carrier providing the insuranre shall be chosen by Hnrrowrr subject to approval by Lender: provided.
<br />that such approval shall not be unreasena6ly withheld. All premiums en insurance policies shall be paid in the manner
<br />provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, whin due, directly [o the
<br />insumnce carrier.
<br />All insurance policies and renewals thereof shall be i^ form acceptable to Lender and shall include a standard mortgage
<br />clause in favor of and m form acceptable to Linder. Lender shall have the right to hold the policies and renewals thereof.
<br />and Borrower shall promptly famish to Lender all renewal notices and all receip(s of paid premiums. In the even[ of loss,
<br />Borrower shall give prompt notice to the insumnce carrier and Lender Lender may make proof of loss if nut made promptly
<br />by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall 6i applied to resWrtdon 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 ur repair is not economically feasible or it the security eP this Mortgage wool)
<br />be impaired, the insurance proceeds shall be applied to the sums secure) by this Mortgage, wuh the excess, if any, paid
<br />to Borrower. if the Property is ai,~nJoneJ by Borrower, or it Borrower fails ui respond to Linder within 30 days from the
<br />date notice is moiled by !.ender to Borrower that the insurance carrier offers m settle a claim fur insurance benefits, Lender
<br />is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
<br />or io the sums secured by this Mortgage.
<br />Unless Lender and Borrower otherwise agree in writing, any such application of ptnceeds ttt pnnctpal shall nut extent
<br />or postpone the Jue date of the monthly installments rifeneJ w in paragraphs I ant_ hereof or change the amount of
<br />such installments. It under paragraph I t1 hereof the Property is acyuired by Lender, all right, title ant interes! of Borrower
<br />in and to any imurance policies and in mtd m the proceeds thereof rusultiug from damage to the Propeny prior to the sale
<br />or acquisition shall pass to Lender tp the extent of the sums secured by this Mortgage tmnrtdiatcly poor to such side or
<br />acquisition.
<br />6. Preservation and Maintetttmci of YropeHy; Leaseholds; Condonr{niuarn; Planned Urti! 1>evilopmrnts. Hnrmwer
<br />shall keep the Property in good repair and shall not commit waste or permit impairment a~ Jeterioratiou of the Property
<br />and shall emnply with the provisions of any (case it this Mortgage is o^ a leasehold. If this htongage is on 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 />condominium or planned unit divelopmen6 and constituent Jrx•.umrnts. If a condominium or planned unit development
<br />rider is ezeeuteJ by Borrower and recorded together with this Mortgage, the covenants and agreements of such riJrr
<br />shag be incorporate) into and shall :unend and supplement the covenants ant agreements o[ this Mortgage as ii the rider
<br />were a part hereof.
<br />7. Protection of Lender's Security. If Horrower fails to perform the covenants ant agreements contained in this
<br />Tiortgagc, or if any action or proceeding is commence) which materially afiec is Lender's interest in the Property.
<br />including, but not limited to, eminent domain, insolveimy, ecxle enforcement, or arrangements nr proceedings invoh~ing a
<br />bankrupt or decedent, then Linder at 1-ender's option, upon notice to Borrower, may make such appearances, Jishurse such
<br />sums and take such actiom as is necessary to protect Lender's interest, including, but not limited to, disbursement o[
<br />reasonable attorney's Psis and entry upon the Property to make repairs. If Lender required mortgage insurance as a
<br />condition N making the loan secure) by this Mortgage. Borrower shall pay the premiums reyuireJ to maintain such
<br />iasarauec in cYect anti! such tL~ite as the rtquireiaant for such insurance terminates in arcordan<r wish Borrowee's and
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