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80-- X048 i8
<br />U~gonnt CovE>;nr:rs. Borower and Lender covenant and scree as follows:
<br />1. Payment of Principal and Interest. Borrower shall oromp8}' 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 aay Future Advances secured by this Mortgage.
<br />2. Funds for Taxes and Iruvnnce. Subject to applicable law' or to a written waiver by Lender. Borrower shall pay
<br />to 7xnder on the da}• monthl}• installments of principal and interest are payable under the Nate. 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 oneawelfth of yearly premium installments for harard insurance.
<br />plus oae-twelfth of yearly premium installments for mortgage insurance, if any. all as reasonably estimated initially and from
<br />dine to time b}' Lender or, the basis of assessmeots 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 b}• a Federal or
<br />.,rate agency (including Lender if Lender is such an institution). Linder shall apple the Fuuds 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 Boaower ineerest on the Funds and applicable law
<br />permits Lender to make such a charge. Borrower and Ixnder may agree in writing at the time of execution of this
<br />Mortgage that interest on the Funds shall 6e paid to Borrower. and unless such agreement is made or applicable law
<br />requires such interest to tx paid, Lender shall not he required to pap Borrower am' interest or earnings on the Funds. Lender
<br />shall give to Harrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br />purpose far which each debit to the Funds was made. The Funds are pledged as additional securiq' for the sums secured
<br />by this Dfortgagc.
<br />• Jl the amount of the Funds held be Lender, together with the future monthly installments of Funds payable prior to
<br />the due data of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />asussmtats. insurance premiums and ground rrnts as they fall due, such excess shall be. at Borrower's option, either
<br />promptly repaid to Borrower or credi[ed to Harrower on monthly installments of Funds. If the amount of the Funds
<br />held by Lender shall not be sufficient to pay taxes. assessments, insurance premiums and ground rents as they fall due.
<br />Borrower shall pay to Lender am' amount necessan' to make up the deficienec within 30 days from the date notice is mailed
<br />b}' Lender to Borrower requesting payment thereof.
<br />Upon pa:rnent in full of all sums secured by this Mor[gage. Lender shall promptl}• refund to Borrower any Funds
<br />held by Linder. Ii under paragraph ] S hereof the Property is sold or the Propert} is otherwise acquired by Lender. Lender
<br />shall apply, no later than immediately prior to the sale of the Properly or its acquisition 6}' Lender. any Funds held h}•
<br />Lender at the time of application as a credit against the sums secured b} this hfongage.
<br />3. AppGrstion of Payments. Unless applicable law provides otherwise, all payments received by Lender under the
<br />Note and para¢raphs I and 3 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
<br />under paragraph ?hereof, then to interest oayable on the Note, then to the principal of the Noce, and then to interes[ and
<br />principal on any Futtrre Advances.
<br />4. Chaegep Liens. Borrower shall pay all taxes, assessments and other charges, fines and imposition> attributable to
<br />the Propett}' which may attain a priority over this Mortgage. and leasehold payments or ground roots, if an}•, in the manner
<br />provided under paragraph 2 hereof or. if not paid m such manner, be Borrower making payment, when due, directly to the
<br />payoe thereo.*. Borrower shall promptly furorsh to Lender all notices of amounts due under this paragraph, sad is the evem
<br />Borrower shall make paymem directly, Harrower shat' prompth~ fumtsh w Lender receipts evidencing sues payments.
<br />Borrower shall promptip discharge an}• lien which has pnonn• over this Mortgage: provided, that Borrowtr shall not be
<br />required to discharge any such lien so long as Borrower shall agree in canting to the payment art the obligation secured by
<br />such lien m a manner acceptable to Lender. or shall in goad faith contest such lien by, or defend rnforcemem of such lien is
<br />legal prncecdings which operate to prevent the mforcemen[ of the hen or forieuurc of the Propem• or any pan thereof.
<br />b. Ifarard Itixttranre. Bonawer shall keep the impmvemenis new existing or hereafter erected on the Pmpern insured
<br />against tens 6p fire, hazards included uathtn the term "extended coveraee". and such other hazards as Lender mar require
<br />and ir, such ;imounu and ter such peneds as Ltndtr map reywre; provided. that Lender shall oat require that the amount tit
<br />such c crane exceed ttsat ar=.aunt c caveragt riawred to aay the sum> secured by this Mortgage.
<br />The insurance tamer providing the msurnnce shall he chosen by Bormwer urbject t.. approval M' Lender: provided.
<br />that such approval shall oat be unreasonably withhdd. .~Il premiums on insurance policies shalt be paid in the manner
<br />provided ^nder paragraph 1 hereof art, if not paid m such manner, by Borrower making payment, when due, duectly w the
<br />lnaLLIEHCe CarC7eC.
<br />All insurance po{icia and renewals Ihertol shall be in form acceptable to Linder and shall include .i standard mortgage
<br />cLuse m favor of and m form acceptable to Lender. Linder shall have the right to hold the policies and renewals thereat.
<br />and Ban-ower shall promptly furnish to Lrndtr all renewal notices and all receipts of paid prcmium>. In the event of lass,
<br />Borrowtr shall glut prompt notice u, the insurance carrier and Lender. Lender ma} make proof of loss a not made promptly
<br />by Bormwu.
<br />Unless Lender and Barzower otherwise agree in writing, insurance proeexds shall be applied to restoration or repair of
<br />the Property damaged, provided suc~ restoratmi or repair is economically feasible and the seeun[}- of this Mortgage ~+
<br />not thereby impairtd. It such restoration or repair is oat economicalh feasible or d tht section' of this Mortgage would
<br />be impaued, the mturnnc:e proceeds shall be applied to the sums secured h}' this Mortgage, wnh the exeezs, if any, paid
<br />w Bo~rc?wtr tl tht Property is abandoned 'ny Ftorrowcr, art it Bormwer fails to respond to Lender within 3U days [rom the
<br />date nauee a mailed bv' Lcnoer io Borrower [hat the insurance uarrier offers io seine a claim tar insurance benefits, Lender
<br />u auttionztd tee coikct and appl} the imurnnce proceeds at Lender's option etcher to reatorauon or rcpav o! thr Properly
<br />art to iht sure secured h} this Mortgage.
<br />Unless Leader and Borrower otherwise agrce m canting, any such application of praccals a+ pnnerpa! shall not extend
<br />nr pcutpant the due date of the monthly mstallmmts referred to m parrgraphs I and 2 herool art change the amount of
<br />such insWiteunis. ft under paragraph Ig hertot [he Property is acquired h}' I<nder, alt tight, title and mtireat of Bormwer
<br />to noel m stir insurance policies and in and to the procuds thtrwl rtsuluag from damage to the Properly poor to the salt
<br />a; il .;;;ussvo_n ta;! ;~_.. €o !„nder to tl:€ esttm o! the sutua ac-c-urKtl err this Mortgags imntedtattly poor to sus'.. >=Ir er
<br />acquisition. -
<br />b> PresenWion arri \faiaicaatcee tit Propon}; Laaseholdsr Cnndominiuttu; Planaetl Utrli Istvaiapmanls. borrower
<br />sivrll keep the Propti'ty m goad repair and shall not commit waste art permit impairment or detenornuon of the Property
<br />atsd shalt comply with the pmvisrans of any lest rt Ihrs Mortgage is on a Itaschald- If this Murtgagr is an a time m ii
<br />c'mtdnmtnwm or a planned uau development. Borrower shall Ixriorm sit of $ormwer's obligations under the dceiaration
<br />r covenants creating or governing the condominium art planned unit development. the bylaws and regulations u[ the
<br />c ondominrtw art plannac'i unit davolopmtat, atr<I constituent documevts, if a eandaminium or planned unit development
<br />nder is executed by Batrower and racordcd together with this Mangnge, the covenants artd agrttnrtnts at such rider
<br />shall be incorporated into and shall amend and supplement the cartnnnts anJ agreements of th!s Mongagt as !( the rider
<br />wets a part hercaf.
<br />7> Pretoefiaa of I,tt~tr's Seeurfty. i1 Barcowtr fails w perform the covenants and agreements contnineel in this
<br />Mortgage, or i( aay action or proceeding is cammttrcexi wMth materially affects l'ender's inreiest in the Prapeny.
<br />including, but not limited to, tmitwnt domain, insalven~cy, code mtorctment, or arrang-mints or prtx:cedings involving a
<br />bankrupt or drzedmt, than Lauder at I.rmdoPs option, upon twiiee to $ormwtr. may make such appearance. disburse such
<br />stuns and take such action ns is nectssar} to protect Lender's interest, including. but not limited to, disbursement of
<br />reaimnabl¢ attorney's tees and entry upon rite Propom• ra make repairs. If tender required mongagt insurance as a
<br />~s.~srr~o;t of ms•~iug t'e'es I~x¢ ~,i.~ b}• th;c R1ort~>~e, @orrohtr =_halt pat the pFtr~uums required to ruaintasn such
<br />...~~,_~ 4 eff~t r.ntit such t;,mo ~ the t?agriiter~nt for spelt inaurtr?tt terttui?a[ts in accondanct with Bormwer'> slid
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