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80- Ua 513
<br />UNIFOaM COVHNAN79. Borrower and Lender covenant and agree as follows:
<br />i. hlnent of Pdnc~al and lotereat. Borrower shall promptly pay when due the principal of and interest on the
<br />iadebtedrraa evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest
<br />on any Fttnrrc Advances secured 6y this Mortgage.
<br />2. 1Bwla tar Tasea and Iwe>mce. Subject to applicable law or to a written waiver by Lender, Borrower shad 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 arm (herein "Fonda'°) equal to one-twelfth of the yearly taxes and assessments which may attain priority over this
<br />Mortgage, and ground rents oa Ehe Property, if any, plus one-twelfth of yearly premium installments for hazard insurance,
<br />plus oaatwNfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from
<br />time to bate by Lender on the basis of assessments and bills and reasonable estimates thereof.
<br />'rbe Funds shall he held in as institution the deposits or accounts of which are insured or guaranteed by a Federal or
<br />state agency (including Leader if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments,
<br />imarance premitmts and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account,
<br />or veri€yiag sad coarpiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law
<br />permits leader to makt such a charge. Borrower and Lender may agree in writing at the time of execution of this
<br />Mortgage that intertst on the Ftmds shall he paid to Borrower, and unless such agreement is made or applicable law
<br />require such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
<br />shalt give W Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Ftmds and the
<br />purpose for which each debit to the Funds was made. "Ihe Funds are pledged as additional security for the sums secured
<br />by this Mortgage.
<br />If the amount of the Foods held by Lender, together with the future monthly installments of Funds payable prior to
<br />the due dates of taxes, assessments, insurance premiums and ground rents, shall exePed the amount required to pay said [axes,
<br />asseaments, insurance prcmiuars and ground rents as they fall due, such excess shall be, at Borrower's option, either
<br />P~PilY rePyd to Borrower or credited to Borrower on monthly [nstallmenu of Funds. If the amount of the Funds
<br />held by Lender shall no[ be s»~cieot to pay taxes, assessments, insurance premiums and ground rents as they fail due,
<br />Borrower s>n11 pay to Leader any amount necessary to mace up the deficiency within 30 days from the date notice is mailed
<br />by Ltmder to Hotmwer requesting payment thereof.
<br />Upon payment in frill of all sums secured by this Mortgage, lender shall promptly refund to Borrower any Funds
<br />held by Lender. If under paragraph IS hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br />shah apply, no later than ;mmudiately prior to the sale of the Property yr its acquisition by Lender, any Funds held by
<br />Lentkr at the time of application as a credit against the sums secured by this Mortgage.
<br />3. A~Yeatisa oI ~yee~ Unless applicable taw provides otherwise. all payments received by Lender under the
<br />Note atad paragraphs 1 and 2 hereof shalt be applied by Lender first m payment of amounu payable to Lender by Borrower
<br />tinder paragraph 1 hereof, then to interest payable nn the Note, then to the principal of the Note, and then to interest and
<br />principal oa any Future Advances.
<br />4. Gtirger; Ije~. Botrowtr shall pay ail taxes, assessments and aher charges, fines and impositions attributable to
<br />the Property which tray strain a priority over this hiottgage, artd leasehold payments or ground rents, if any, in the manner
<br />gtovided under paragraph 2 hereof or. if not paid in such manner. by Borrower making payment, when due, directly to the
<br />PaYce thereof. Borrower shall promptly furnish to Lender alt notices of amounts due under this paragraph, and in the event
<br />Borrower shag mate payment directly, Boizower shaft promptly furnish m Lender receipts evideecing such payments.
<br />Borrower shall promptly discharge any lien which has priority over tSis Mortgage; provided, that Borrower shall not be
<br />requited to discharge any such [tea so long as Borrower shall agree in writing to the payment of the obligation secured by
<br />such lien in a mariner 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 Tien or °~rfertune of the Propenv or any pan thereof.
<br />S. Atanri Iaaatance. Borrower shalt keep the improvements now exisurg ar hereafter erected on the Property insured
<br />against loss by fete, hazards included within the te~ri "extended coverage", and such ether hazards as Lender may reymre
<br />atad in such amounts and for such periods as Lender may require; providod, that !-ender shat! not require that the amount of
<br />such rbvetage exctxd [hat amount of coverage reyuued tv pay the sums secured b} this Mortgage.
<br />'Ibe imurance cattier providing the insurance shall be chosen by Borrower subject to approval 6y Lender; provided,
<br />that such approval shalt not tee unreasonably withheld. All premtums on insurance polities shall be paid in the manner
<br />Pte'+ded under paragaplr 2 hereof or, rf not paid in such manner, by Borrower making payment, when due, directly to the
<br />imytaaee carriat.
<br />Ali iawnnce policies and renewals thermf shat! be in €orm acceptable to !.ender and shall include a standard mortgage
<br />eLi1aC in favor of sad in form acceptable to lender. Lender shall have the right to hold the palicies and renewals thereof,
<br />and &trrotsst shat! promptly furatah to Lender afl renewal rwuces and alt receipts of paid premiums. In [he even of less,
<br />B6ROwer that! give pu,ompr tmtice to the insurancx carrier and Lender. Lender may make prauf of lass if not made promptly
<br />by Bttnvrer.
<br />Unipt !,cradle and Borrower otherwise agree in writing, insuuance prac~:ds shat! be applied to restoration ar repair of
<br />the Propetty damsged, provided sect[ irstontion or repair is econamically feasible and the security of this hiartgage is
<br />not thereby impaired. If such restoration or repatr is not econvmicaUy feasible ar ,f the security of thts Mortgage would
<br />ire iagtatrtd, the inaUrarlCe ptacads shalt be applied to the sums secured by this Mortgage, with the excess, if any, paid
<br />to Borrower. If the Propem is abandoned by Borrower, or ,t Borrower faits to respond to Leader wuhin 30 days from the
<br />date->mtice is mailed 6y !.ender to Borrower that the insuram~e carrier offers to sortie a claim for insurance henefsts, Lender
<br />is authorized to collect and apply the insurance ptnceeds at Leader's option either to restoration or repair of the Property
<br />or to the suara secured by chit Mortgage.
<br />Unksa Lender sari Borrower athemise ageee to wntmg, any such application of proceeds to principal shall oat e.vtend
<br />or pastporx the due date of the monthly installments referred to in paragraphs ! and ~ hereof ar change the amount of
<br />such inaWlnsegts. If under paragraph 18 herewf the Property rs atx}uued by Lender, aH right, title and interest of Borrower
<br />is sad fo any insurance ppjiciey and in and to rho proceeds thereof resulting from damage to the Property prior to the salt
<br />or acgresition shall pass io Lender ro the extent of the sums secured by this Mortgage unmediately prior ra such sale or
<br />;tc9tt-
<br />aL rraasrvatian and 1Nainlsrarce of t'ropebty: t.easebdtlra Coadoioidarac; Planrrtd Urw Dere.
<br />topmeois. harrower
<br />shdt ~ ~ ~nY ~ Hood repot and tare!! not commit waste or permit impairment ur deaerioration of the Aroperty
<br />and shall comPiy wuh the provrsiaMa of any lease tf this :.iortgage :s va a ieaseho{d. fl this Mangage is vn a unit [n a
<br />coednratWUm or a planned tacit development, Borrower shall perform ail vt Borrower's obhgauvas under the cleeiarauun
<br />or covenants creytittg or governing the eotrcirtt:n:um or gleaned unit develaprnent, the by-laws and reguiatiam of rho
<br />condominirua or piauaed unit dtveiopmem, and ctmstitaeae daeurtrents, li a roacfaminiuin ar planned unit doveiopnrent
<br />cedar is errecuted by Borrower amt recorded togotber wph this Mortgage, the covenants and agreements vt such rifer
<br />shah Ira iaoorlhutatad into and shah amend and suppiemenr the covcrrattts and agzeCmotrts of this Mangage as if the rider
<br />wens a pan heraot.
<br />T• glttslas'lian. of Isndary $~rsrjFd, if Boat+w~or fails to ptrfarrn the covenants anti agrcemenu auntained ~n rh+s
<br />llllertgagC. ett i€ nary aetioir or proceeding is commenced which materially aHeL•rs Leader's enterest to the P•eperty.
<br />roelpdmg, but oa iimi{ed to, eatinent domon, insaivency, cede enfarcetnent, or arrangemonas or pnxetxlings +rrvul.mg a
<br />batdcrupr or dacedanb than !.ender at Lenders vptiaa, upon ncurce to Borrower. rainy make such appearances. J:sburse ouch
<br />zuagi sad take ituch action as is rreaxssat}• w prot~;t Lcorier~s rntctast, ~srdrnl;ng, but not hm+md !o, d:.hurxement o1
<br />rawwaable attorresy'b fees and entry upon the Ptmpeny za make repairs. 1t Lewder ruluireJ mortgage inuuance a
<br />condition of raakiOg the loan: secura,d by this Mortgage, Barrawer shat! pa} she premnms required s., mauuart+ .++ah
<br />iaaxrtapee in eclat( tiatil such tint as Cho ragttiretoeat tut soots mseuanec terminates to accordance wuh Bore,wer'. soil
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