|
�
<br /> � �
<br /> � 8- U00828
<br /> Urrieortat CoveKnxrs. Borrower and Lender covcnant and agree as follows:
<br /> 1. Payment of Principat and Interest. Borrower shall promptly pay when due the principal of and interest on the -
<br /> indebtednees evidenced by the Note, prepaymrnt and tate charges as provided in the Note, and the principal of and interest
<br /> on any Future Advances secured by this Mortgaga �
<br /> 2. Pands lor Tasea and Lroucance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br /> to I.ender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full,
<br /> a aum (berein "Funda^) equal to ono-twelfth of the yearly taxes and assessmrnts which may attain priority over this
<br /> Mortgage, and ground rents on the Property, if any, plus one-twelhh of yearly premium installmenu for hazard insurance,
<br /> plus ono-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from
<br /> time to time by I.eader on the basis of assessments and bilis and reasonable estimates thereof. .
<br /> T6e Funds shall be held in an institutioa the deposits or accounu of which are insured or guaranteed by a Federal or
<br /> state agency (including Lender if Lender is such an institution) . Lender shall apply the Funds to pay said taxes, assessments,
<br /> insurance premiums and ground renu. Lender may not charge for so holding and applying the Funds, analyzing said account,
<br /> or verifyiag and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable ]aw
<br /> permits Lender to make such a charge. Borrower and I.ender may agree in writing at the time of execution of this
<br /> Mortgage that interat on the Funds shall be paid to Borrower, and unless such agrcement is made or applicable law
<br /> requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
<br /> shall give to Borrower, wiWout charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br /> purpose 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 hdd by L.ender, together with the future monthly instaliments of Funds payable prior to
<br /> thcdue datu of taxes, assessments, insurance premiums and ground rents, shall exceed the arnount required to pay said taxa,
<br /> assessments, insurance premiums and ground rents as they fali due, such excess shall be, at Borrowers option, either
<br /> prompdy rcpaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds ,
<br /> hdd by Lender shall not be sufficient to pay taxes, assessments, insurence 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 Leader to Borrower requesting payment thereof.
<br /> Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funda
<br /> ; hdd by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br /> shatl 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 Mortgaga
<br /> 3. Applicstioo of Payments. Un�ess 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 by Borrower
<br /> under paragraph 2 I�ereof, 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. Cha�ges; 7Sens. 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 Ieasehold payments or ground rents, if any, in the manner
<br /> provided under pazagraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcfly to the
<br /> payce thereof. Borrower s6a11 prompUy furnish to Lender all notices of amounts due under this paragraph, aud in the event
<br /> Borrower sha11 make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such paymrnu.
<br /> Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be
<br /> 1 required to dischargt any such lien so long as Borrower shall agree in writing to the payment of the obligation securcd by
<br /> such tien in a manner acceptable to i.ender, or shall in good faith contest such lien by, or defend enforcement of such lien iq
<br /> legal proceedings which operate to prevent the enforcement of the lien or forfeiwre of the Property or any part thereof.
<br /> 5. Hazard Insarance. Borrower shall keep the improvements now existing or hereafter erected on the Properry insured
<br /> I against loss by fin, hazards included within the term "extended coverage", and such other hazards as Lender may require
<br /> and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of
<br /> such coverage excced that amount of coverage required to pay the sums secured by this Mortgage.
<br /> The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
<br /> that such approval shall not be unreasonably withheld. All premiums oo insurance policies shall be paid in ffie manner
<br /> provided ander pazagraph 2 hereof or, if not paid in such manner, by Horrower making payment, when due, directly to the
<br /> insurance carrier.
<br /> ' All insurance policies and renewals thereof shall be in form acceptable ro Lender and shall include a standard mortgage
<br /> clause in favor of and in form acceptable to L.ender. Le�der shalt have the righ[ to hotd the policies and renewals thereof.
<br /> and Bonower shall promptly furnish to I.ender aIl renewal notices and aIt receipts of paid premiums. In the event of ]oss,
<br /> Boaower shatl give prompt notice to the insurance carrier and Lender. Lender may make proof of toss if not made prompily
<br /> by Borrower.
<br /> Unless Lender and Horrower otherwise agree 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 /> not thenby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would
<br /> be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid
<br /> to Borrowec If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days fcom the
<br /> date aotice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, l.ender
<br /> is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
<br /> or to the sums secured by this Mortgage.
<br /> Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shali not extend
<br /> or postpone the due date of the monthly installments reFerred to in paragraphs 1 and 2 hereof or change the amount of
<br /> suc6 installments. If under paragraph 18 henof the Properry is acquired by Lender, aIl right, tide and interest of Borrower
<br /> in and to any insurance policiu and in and to the proceeds thereof ruul�ing from damage to the Property prior to the sale
<br /> or acquisition shatl pass to Lender to t6e extent of the sums secured by this Mortgage immediately prior to such sale or
<br /> acquisition.
<br /> 6. Praervallon and Maintenance of Property; l.easeholds; Condominiums; Planned Un1t Developments. Borrower � �
<br /> shall kxp the Property in good repair and shall not commit watte or permit impairment or deterioration of the Property
<br /> and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a
<br /> condominium or a planned unit developmeat, Borrower shall perform all of Borrower s obligations under the declaration
<br /> or covenants creating or governing the condominium or planned unit devclopmcnt, ihe by-laws and rcgulations of the
<br /> condominium or planned unit development, and constituent documents. If a condominium or planned unit development �
<br /> rider is executed by Borrower and recorded together with this Mortgage, the covenants and agrcements of such rider -� '� y
<br /> shall be incorporated iato and shall amend and supplement the covenants and agrcements of this Mortgage as if the rider �- � » '
<br /> wero a part hereof. � :
<br /> 7. ProteMlon of Leoder's Secmity. If Borrower fails to perform the covenants and agreements contained in this
<br /> Mortgagq or if aay aMion or proceeding is commenced which materially affccts Lendcr's interest in the Property, �
<br /> induding, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a t . �`�r,d �
<br /> bankrupt or decedeni, then I.ender at I,ender's option, upon notice to Borrower, may make such appearances, disburse such
<br /> � aums � and take auch ac[ion as is qecessary to protect L.ender's interest, including, but not limired to, disbursement of
<br /> ' reasonable attomey's fees and entry upon the Properry to make repairs. If Lender requireJ mortgage insurance as a � ""° �
<br /> condition of making the loan secuted by this Mortgage, Borrower shall pay the premiums required to maintain such
<br /> � insurance in effect uatil such time as the requiremrnt for such ivsurance terminates in accordance with Borrower s and
<br /> .
<br /> ,
<br /> . �
<br /> .<
<br />
|