~~-- ut~542U
<br />Uxtaosrt Covi;xnxss. Borzower and Lender covenant and agree as follows:
<br />1. Payment of Prinsfipai sled I®terest. Borrower sha8 promptly pay when due the principal of zed interest on the
<br />indebtedness evidenced by the Note, prepayment and sate charges as provided in the Noee, and the principal of attd interest
<br />on any Future Advances severed by this Mortgage.
<br />2. Paads for Taws snd .Iffitrresee. Sub}ect to applicable law or to a written waiver by Lender, Borrower shall pay
<br />to Lender on the day monthly installments of principal earl interest are payable under the Note, anti! thx No[t is paid in fu6,
<br />a sum {herein "Funds") equal to orre-twelfth of the yearly ta.-.es and assessments which may amain priority over this
<br />Mortgage, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard }nsurarrce,
<br />plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonahty 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 are insured or guaranteed by a Federal or
<br />state agency (including Lender if Lender is such an irutihttion), under 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 oa the Foods 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 Ftmds shall be paid to Borrower, and unless such agreement is made or applicable law
<br />requires such interest tp he paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
<br />shat! give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br />purport 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 />If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to
<br />lilt due dates of saxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay Bard taxes,
<br />assessments, insurance premiums end ground rents as they fall due, such excess shall be, at Borrower's option, either
<br />prwriguy repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
<br />held by Lender shall not bt stdIicieai to 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 in full of all sums secured by this Mongage, Lender sfiall promptly refund to Borrower any Funds
<br />held by Lender, tf under paragraph t$ hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br />shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by
<br />Lender at the time of application as a credit against the sums secured by this Mortgage.
<br />3. Applicatfan of Payments. Unless applicable law provides otherwise, all payments received by Lender under the
<br />Note and pazagraphs 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 [he Note, and then to interest and
<br />principal on any Future Advances.
<br />4. Charges; LuaR. Borrower shall pay all taxes, assessments 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 tinder paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
<br />payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event
<br />Borrower shall make payment directly, Borrower shall promptly famish to Lender receipts evidencing such payments.
<br />Borrower shall gromptly dischazge any lien which has priority aver this Mortgage; provided. that Borrower shall eat be
<br />inquired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by
<br />such lien in a manner acceptable to Lander, or shall in good faith contest such lien by, or defend entorcemen[ of su fi lien in,
<br />legal gtxxeedirtgs which operate to prevent the enforcement of the lien or forierture of the Property or any part thereof.
<br />_S, ffazard iraareaee. Bortower shall keep the improvements new existing or hereafter erected or. the Property insured
<br />against loss by fire, hazards included within the term "extended coverage". and such other hazards as Lender may require
<br />and in such ainnuPt3 and for .such pcrieds as Lender may require: pnivided, that Lender shalt not requia [hat the amt,:unt of
<br />such coverage exceed that amount of ::overage required to pay the sums scarred by this Mongage.
<br />T itc insurancs ca__:er previdinQ t:^.e insurance shalt bt chosen by Borower subject to appmvai 6y Lender: pravrded,
<br />chat such approval shalt not be unreasonably withheld. ,311 prernittrns en insurance policies shalt be paid in the manner
<br />providtd under paragraph 2 hereof or, .f not paid in such manner, by Borrower making payment, when due, directly to the
<br />insurance carrier.
<br />P.ll insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
<br />clause in favor of and in form acceptable !o Lender. Lender shat} have the right to hold the policies and renewals thereof.
<br />earl Borrower shat! promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss,
<br />Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
<br />by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing insuranct prxeeds shall be applied to restoration or repair of
<br />the Progtrty damaged, provided such restoration or repair is cconomiwlly feasible and the security of this Mortgage is
<br />not thereby impau•ed. If such restoration ur repair is not economically feasible or if the security of this Mortgage would
<br />be impaired, the insurance proceeds shah be applied to [he sums secured by this Mortgage, with the excess, if any, yard
<br />tp Borrower. !f the Property is abandmted by Borrower, or it Borrower fails to respond is i.ender within 30 days from the
<br />date notice is mailed by Lender to Borrower that the insurance carrier offers to scale a claim fur insurance benefits, !.ender
<br />is authorized to collect and apply [he insurance proceeds at Lender's option enlist to restoration or repair of the Propt-ny
<br />ar to the sums secured by this Mortgage.
<br />Unless Lender and Borrower otherwise agree in writing, any such appliwtion of proceeds to prureipal shalt nut ex2nd
<br />or postpone the due date of the monthly installments referred to in paragraphs (and ?. hereof or change the amount vt
<br />such instalimeocs. If under paragraph 18 hereof the Property is acyuired by Lender, all right, title and interest tit Borrower
<br />in and to any insurance policies and in and m the grtxeeds thereat resulting from dmuage to the Property prior to the Sala
<br />or acquisition shat} pass to Lender to the extent of the Bunts secured by the Mortgage imnn:diaiely t+nor t.. such sale of
<br />:it:gWSitlan.
<br />F- Ptre~servaterw and A9.aEetex~tct of Property; LtYStl:aldo•; Condamiaivma.; Ptanvad Ur32 th:elapmeais. bariewer
<br />shaft keep the Property in good repair and shall not commit waste or permu tmpainnent or deterioration al the Property
<br />and shall comply with the provisions of any lease if this Mortgage a c,n a leasehold. If thts Mortgage is on a unit in u
<br />cnndontinitun or a planned unit development, Borrower shall perform all of borrower's ahhgations under the dec}arauon
<br />or covenants creating or governing the condominium or planned unit development, tht by-laws and regulations nl the
<br />condominitun oc planned unit development, and constituent documents. (t a condominium ar planned unit development
<br />rider is executed by Borrower acrd recorded together with this Mortgage, the covenants and agrocmants of curl, e~dcr
<br />shag be incorporated into and shall amend and supplement the covenants ::mi agreements of thin Mortgage as ,t the rider
<br />were a part hereof.
<br />T. Praltcltan nt Lender's Ssevrity. 3f Borrower fads to pcrlnrm the eovenams and agreements ce+nieincd tit this
<br />Mortgage, or if an}' action or proceeding is commenced whtnh materially atlects Lender's interest in the P: opcrty,
<br />ine}nding, but not limited to, eminent domain, insolvency, code entoreemen!, or arrangements or proceedings mcolring a
<br />bankrupt ar decedent, then Lender at Lender's option, upon notice to Hurraw..r. luny make such appearances, disburse such
<br />scums and take such s_~tic,^, rs is nectssa^~ to protect !_ender's ;ntcrest. ~nctuding. but not Iimitzd tn. disburaemunt „i
<br />reaanahl_e ausanvy's fees and entry upon the Propery to :stake rcpauc. !i Letrder required ntarigagc insurance n
<br />condition at making the loan secured by this Martgagc, Borraw~ur shat( tryay tine premiums requtres! to muinta,u sari,
<br />insurance in ea'ect anti} sorb sine as tht tequircment far such insurance rarrriaatr, in accordance with Borr„veer, a,~u
<br />
|