|
<br />
<br />Unn+oaaa CovexAm7Ta. lilorrOwet ads Lender covenant and agree as follows:
<br />L 1!!r}r~snt d ttLdlsd alai Lsutt. tiorrowet shalt promptly pay when due tht principal of and interest on tits
<br />iaiebtedeas evideeped by the Nore, p:tpayment amt late charges ss pravided in the Note, attd the principal of and iaurost
<br />an nay Future Advances sotaxed by this M~-gage.
<br />i 1Plttsia fir Tsase sit Lasaaasree. Strtject to applicable law or to a wriUett waive by I.ertder, Borrower shall pay
<br />a Lender on the day monthly instalments of principal and ineerest are payable under the Note, until the Nutt is ,•>'~ in full,
<br />a sum (hereht "Futtds'~ equal to orte-tvve#fth of the yearly taxes and assessments which may attain priority ova. this
<br />Mortpge, and ground rents on the Property, if any, plus otwtwelfth of yearly premium installments for hazard insurance,
<br />plies otao-twdith of yearly ptemitmt installments for mortgage insurance, if any, all as reasonably estimated i:dtially and from
<br />time tp time bq Leader oa the basis of assevments and biNs and reasonable estimates thereof.
<br />Ilse Eustis aha1G be 6dd in an institution the depasiu or accounts of which are insured or guaranteed by a Federal or
<br />start agency firtclttding Lender if Lender is such an institution }. Lender shall apply the Funds to pay said taxes, assessments,
<br />itwranx ptrrniums std ground rents. Lender may not chazge for so holding and applying the Funds, analyzing said account,
<br />or verifying and compiling said assessments and bills, unless Lender pays Borcower interest on rite Funds and applipble law
<br />pemrntita Lender to make stuh a charge. Borcowcr and Lender may agree in writing at the rims of execution of this
<br />Mortgage that interest on ilia Funds shall be paid to Eorrower, and unless sttch agrcement is made or applicable law
<br />requites sttch interest to be paid, Leader shall not be required to pay Horcower any interest or earnings on the Ftrnds. Ltttder
<br />sIW! give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br />purpose foi which each debit to the Funds wan made. Ilse 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 />the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />assessments, inuurance premiums and ground rents as they fall due, such excess shall rte, ai Borcower's option, either
<br />prompdy repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
<br />Geld by Lender shag not be sttf6cieat to pay toes, assessments, insurance premiums and ground rents as they fall due,
<br />Borrower shall pay to l.ettder 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 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 />shag apply, no later than immediately prior to the salt of zhe Property or its acquisition by Lender, any Funds htld by
<br />Leader at the time of applitation as a credit against the sums secured by this Mortgage.
<br />3. A~Iitalisa a[ Pgmea/s. 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 6y Borcawer
<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. Cities; lfJeas. Borcower 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 under paragraph 2 hereof ar, 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, Harrower shag promptly famish to Lender receipts evidencing such payments.
<br />Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be
<br />rcgttired 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 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 forfeiture of the Property or any pan thereof.
<br />5. Amsd Iattnaace. Borrower shall kcep the improvements now existing or hereafter erected on 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 sttch amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of
<br />such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage.
<br />'Ibe insurance carrier providing the insurance shalt be chosen by Borrower subject to approval by Lender, provided,
<br />that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
<br />provided-trader paragraph 2 hereof or, if not paid in such mao>kr, by Borrower making payment, when dttt, directly to the
<br />itisuraoce carrier.
<br />AB insurance policies and renewals thereof shall be in form acceptable to Lender and shalt include a standard mortgage
<br />cLttse is favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof,
<br />and Borrower shall promptly turniah to Lender alt renewal notices and all receipts of paid premiums. In the event of loss,
<br />Hprrowet shalt give. prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
<br />by Borrower.
<br />Unlea Lander and Borrower otherwise agrce in writing, insurance proceeds shall be applied to restoration or repair of
<br />the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is
<br />tat thttteby impaired. If such restoration or ropair is not economically feasible or if the security of this Mortgage would
<br />be impaired, tat irtaurance proceeds shall be applied to the stems secured by this Mortgage, with the excess, if any, paid
<br />to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
<br />date talice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender
<br />is attthorized a coUtct-and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
<br />or to the simss soured by this Mortgage.
<br />Un4+ss Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
<br />or postpone the due darn of the monthly instalments referred to in paragraphs 1 and 2 hereof or change the amount of
<br />such instalments. If trader paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower
<br />in and to any inutvance policies and in and to the proceeds thereof resulting from damage to the Property prior to the salt
<br />or atxptisitipn shag pea to Lender to the extent of the settle secured by this Mortgage immediately prior to such sale or
<br />aogttisititm,
<br />6. rawssvaUsa sat Maiateaaaoe of ProgettY, Ixaseholds; Cordottsiaiuts; Phtaned Unit Developments. Borrower
<br />shall keep the Property in good repair and shall not commit waste or permit impairment oc deterioration of the Property
<br />atad_s4a11 coanply- with the provisions of any least if this Mortgage is on a leasehold. If this Mongagt is au a unit in a
<br />condpntpium-o[ a planned writ development, Borrower shall perform atl of Borrower's obligations under the declaration
<br />or covenants creatittg or governing the condominitun or planned unit development, the by-laws and regulations of the
<br />epndotaittium or planned unit development, sad constituent documents. If a condominium or planned unit development
<br />rider is-executed by Borrower attd recorded together with this Mortgage, the covenants and agreements of such rider
<br />slat}I h4 ioearpotated-igto aadshall atnettd and supplement the covenants and agreements of this Mortgage as if the rider
<br />were apart. Fxtepf.
<br />T, Psolsctiea aI. Lestier's Sassily. If Borrower fails to perform the covenants and agreements contained in this
<br />~tprlgage, of if any action or proceuii~ is commenced which materially af[ects Lender's interest in the Property,
<br />utcludmg, but not limited tp, eminent domaip, insolvency, code enforcement, or arrangements or proceedings involving a
<br />baoltrapt pr decedent, titan-Lender at Lender's option, upon notice to Borrower, easy make such appearances, disburse such
<br />sums and- take such action as is tteeessary to protect Lender's interest, including, but not limited to, disbursement of
<br />reaoopabk attotetey's fees and coley upon the Property tp make repairs. If Lender requited mortgage insurance as a
<br />condition of tnatittg the lean secured by this Mortgage, Borrower shat! pay the premiums required to maintain Bach
<br />iawrs~nse is tllnct until such time as the rcquiroatant for such ittsurattce terminates io secordance with Borsower's and
<br />
|