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80- ~-O~.g31
<br />Ut+•tFmtrt Covrxn;.'rs. Borower and Lender covenant and scree as follows:
<br />1. Payment of Principal and lnteresf. Borrower shall promptly pay when due the principal of and interest on the
<br />indebtedness evidenced 6y the Note, prepayment and late char_ees as provided in the Note. and the principal of and interest
<br />on any Future Advances secured b}' thin Mortgage.
<br />Funds for Tales and Isurante. Subject to applicable law ar to a writtemwaiver by Lender. Borrower shag pay
<br />to ;xnder 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 ane-twelfth of the yearly taxes and assessments which may attain priority over this
<br />Morga¢e. and ground rents an the Propert}'. if any, plus one-twelfh of yearly premium installments for hazard insurance,
<br />plus ane-twelfth of yearly premium installments for morteage insurance, if any, sit as reasonably estimated initially and from
<br />time to time by Lender an the basis of assessments and bills and reasonable estimates thereof.
<br />The Fund, shall be held in an institution the deposi[s or accounts of which are insured or guaranteed b}' a Federal-or
<br />state agency r including Lender if Lender is such an institution I _ Lender shall apply the Funds to pay said Lazes, assessments,
<br />insurance premiums and ground rents. Lender may nM charge for so holding and applying the Funds, analyzing said account
<br />nr verifying and compiling said assessments and hills, unless Lender pays Borrawer interest on the Funds.aad applicable law
<br />permits Lender to make such a charge. Borrower and Lender mar agree in writing at the time of execution of this
<br />Dartgage that interest on the Funds shall he paid to Borrawer, and unless such agreement is made or applicable law
<br />requires such interest to be paid, Lender shalt not he required to pay Borrower ar~y interest or earnings on the Ftmds. Lender
<br />shall give to Borrawer, without charge, an annual atcaunting of the Funds showing credits and debits to the Funds and the
<br />puipcue for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured
<br />'hy th+s Mortgage.
<br />If the amount of the Funds held by Lender. to¢ether with the future monthly installments of Funds payable prior to
<br />She due dates of taxes, assessmems. insurance premiums and ground rents, shall exceed the amount required to pay said tares,
<br />assessments. insurance premiums and ground rents as they fall due. such excess shall be. at Borrowers option, either
<br />prompth~ repaid to Borrowcr or credited to Borrawer on monthly msta[Iments of Funds. It the amount of the Funds
<br />held b}• Lender shall not be sufficient to pay taxes, assessmen[s. insurance premmms and ground rents as the}• fail due. I
<br />Borrower shall pay to Lender any amount necessan~ to make up the deficiency within 30 days from the date notitt is mailed '~
<br />by Leader to Borrower requesting payment thereof. '~.
<br />upon payment in full of all sums secured be this Mortgage. Lender shall promptly refund to Borrower any Funds '
<br />held by Lender. If under paragraph 1 S hereof the Property is said or the Property is otherwise acquired by Lender, Lender
<br />shall apply. no later than immediatelc prior to the sale ai the Property or its acquisition by Lender, any Funds held by ',
<br />Lender at [he time of application as a credit against the sums secured by this Mortgage.
<br />3. Application of Pavmeats. Unless applicable law provides otherwise. all paymems rtceived by Lender under the
<br />Note and paragraphs 1 and 2 hereof shall be applied by Lender first m payment of amounts payable m Lender by Borrower
<br />under pazagraph ?hereof, then to interes[ payable on rho Nate. then to the principal of the Note. and then is interest and
<br />principal on an}' Future Advances.
<br />4. Charges: liens. Boaower shall pay all taxes. assessments and other charges, finis and impasitians attributable to
<br />the Ptopeny which may attain x priority over this Alongage, and teasehold payments or grouted rents. if any. in the manner
<br />provided under paragraph Z hereof or, if no: paid m such manner, b>• Borrower making payment whrn due. ditecUy to the
<br />payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, anti in the event
<br />Borrower shy" make payment dvttiN, Borrower shall promptly fumah to Lender receipts evidentmg such payments.
<br />Borrower snail prampdp aischxrgt any lien which has priority ever this Martgage: previdad, chat Banawer shall not ye
<br />regmrev to discharge any such lien .u, tang as Borrower shall agree m u~nung to the payment at the ab{tgauan secured by
<br />such iron in a manner acceptable to Lender or shall m goad tanh contest such lion hy, or defend enwrcemem of such {lea m.
<br />legal aroceedings which aperatt to prevent the entareement ai the lien er fartti#urc of the Propen}' or an) pan thereof.
<br />:.- Harard lasurancr. Barrauer shall Atop the imprevtmcnts nau existing ar hereafter rreetod an ihr Prapcrt\' msurtd
<br />against les+ h}' Sirs. hfrai'ds included wnhin ihr term "c\-iendei! covtragr~~, and such other hazards as Lender ma}' require
<br />and m such =:.mou.^.ts and +.'or vuch penndx as Ltader ma} reuuur. prm•:dRd, that Lender shot! net rtyurrt that ihr amaun! of
<br />such :overage tatted [hat amount of zwctage reQaired to pa} the zUmS sea4td M• this hfartgage
<br />The msurante :;senor providing flit msurante shad tx thvstn by Borrower subject tc. approval by Lender', pravided.
<br />that such approval shall not ht unreasonabt} ssathheld. :111 premiums on msurante policies shalt hr paid m the manner
<br />prnvtded trade: paragraph ? herto: or...f not paid m such manner, by Borrawer making payment, when due. dimctly to the
<br />insurance tamer.
<br />All msurancc pcthcies and renewals thertoi shall he m Lycra acceptable to Lander anti sha!1 include ,+ ;tanetani mortgage
<br />clause m favor n! and .n [arm acccpiahle to Lentfer. Lender shall have the right to held ihr poiiaes and renru cis thmeo(.
<br />and Bcrrrawv ;hall prompt;} ;utnizh to Ltndtr all renewal mutes and alt tempts of paid premiums. in the event tit loss.
<br />Banowcr shaf) gi+'r prompt nuucc• to the msurancc cartm: and Lender. I_enaer ma} make prcxu at loss if riot made prompty
<br />bv' Borrower.
<br />Unfew Lender and Barrou'et nthorwrxr agree m u•rinng, insurance prckeods shall he applied to resu,ranon or repair of
<br />the Prnpert~ damaged. provided loth restarauon m repau ~s economically Icasihie and the steunty of this Mortgage is
<br />oat thnreh} impaired. It such reswrauon or repau is rim tennomically teasi6le ar rf the secunn• of this .Mongage would
<br />tee impaucd. the msurante praaxds \hall be applied to the sums secured by thu Mortgages wrth the excess, ii am paid
<br />to Borrower If the Proporn ~s ahand.:;!elf M Borrower, ur ~f Borrower lath w respond to Ltndtr w«hm 3li days from the
<br />dale. ^oucr is ntuile4 b\' Ixnder io Borrawer that rhr msurancc aerntr oiitts u. +tnle a claim roe mxutancr hnnetits. Lender
<br />is authanzW to uohect and apply the insurance pracecds at Letder's option either to eestoration or repair of the Propein
<br />hr to the stems stciuad fry this Mongage.
<br />Unless Ltndtr and Bureowtr otherwise egret m writing. any such applicaton of praetetis to pnnctpal chaff not extend
<br />or postpone the dun date of tnr monihh mstrUmems reterrtd io m paragraphs 1 anti 2 het oaf ar change the amount of
<br />such installmenu. If unster paragraph !R hereat the Praperry is acgwrrd h>• t~ndtr, till right title and interest of Borrawer
<br />in and to an\- ~te±uranct pt+licaes and ;n awl to rhr prtac~ts ilttrwf rr~uutng from damage fa rhr Pmptnv poor to the ,sale
<br />or acgvisiuon shall pass to Ltndtr to the nxierat ~+1 the Burns secured M thu Morteagt immrdiattl}' pear i., +uth sale or
<br />acgtustuon.
<br />4. Prerrrrs•adua sad Mafntrnraar art PnrlFOrt}: l.eaarhulds; Cundnatfniwns'; Islanrrad Utdt Urrnlopmenu, Borrawer
<br />shall knap the Praptm• m gtrod repair and shall not ::nmmit waste ar pttmu impalement ar cletariaeanou of rhr Prr=nen+•
<br />and shall catnaly writ: tttc pravisiavs aE an5 iaasr it thn Martgage is \+n u Itasehntd, If this Martgagz n en ~ unu in
<br />coadomimum or a planned unu develgpment Borrou•rr shall perform all of Horrower's obligations under rtes dtctarauon
<br />ar aaveaaots creaeiag or governing rhr candnminium or planndf amt dcvaMpment the hv.laws attsi rcguiauwis of rhr
<br />coadumtmtun or piamed unu devnlupmont. and constitutor documents. tf a cundominmm ar planned unit +irvek+f+mnnt
<br />ride is executed by Borrowcr and recnrdtd together wuh this Martgage, the a,venanu and agrunsenu of wah rider
<br />shall 6e incorporatesi into and shall amend and supplemem the co+ronants anti agreements of ihu Mongage as it the uucr
<br />wetC a part hereof.
<br />^.. Ptrateetiaa of [.cinder's Seenr4ry. If $arrawer fads to perform the ;:avenants nttd agreements contained in this
<br />Martgage, ar it any action or protteding :s cammeneed which maunaliy aftetts Lender's mterrnt m rhr Pmprm.
<br />indudtng, but rtat hmsled to. eminent damtun, insolvoneY, ccafr entareement or arraregemtnin or prateedings nrvoh'ing a
<br />baitiuupt or decedent. then Leodtt at Leader's option, upon mute to Borrower, ma•: make such appearances, dist+ursc such
<br />stints and take such action as a tmcesesry to protect Lender's mterest, including, but oat limited ru. disoursrmnnt ~+i
<br />rr~.tsablr a3latr~Ys tees and eam• upon tk[n Prctgrn}• to ranL'- repaus. it Ltndtr required mangage insurance as ,i
<br />csrsdition e3f malting the loan secured b}• this Mortgage, Borrower shall na} the premiums required to maintain such
<br />insurance in effa:t until such time as the regwrcmom for such insurance ttrmmates in accordance wuh Barmwer~ and
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