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<br /> �s.-� 0 018 21 �
<br /> a Uxu+oata CovBNerars. Borrower and I.ender covenant and agree as follows :
<br /> ! i. Payment of Prtoclpal and Interest. Borrower shall promptly pay when due the principal of and interest on the
<br /> indebtedneaa evedenttd by the Note; prepayment and tate charges as provided in the Note, and the principal of and interut
<br /> � on any FuWre Advances secured by this Mortgaga r
<br /> � 2. Fonds [or Tuea and Imunuae. Subjea to applicable iaw or to a written waiver by Lender, Boaower shall pay (
<br /> 1 , to Lender on the day monChly installments of principal and interest are payable under the Note, until the Note is paid in full, �
<br /> ; a sum (herein "Funde") eqyal to an�twelftt� of the yearly ta�ces and asscssments which may attain priority over this
<br /> i ' Mort,gage, and ground mnts on the Property, if any, plus ono-twelfth of yeazly premium instaliments for hazard insurance,
<br /> plus ono-twelfth of yearly premiutn installments for mortgage inaurance, if any, sIl as reasonably estimated initially and from
<br /> � ' time to time by Leader on the basis of assessrnents and bells 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 institution) . Lender shali apply the Funds to pay said taxes, assessments,
<br /> f insurance premiums and grouad rents. Lender may not charge for so holding and applying the Fuods, analyzing said account,
<br /> � or verifying and wmpiling said assessmenis and bills, unless Lender pays Borrower interest on the Funds and applicable law
<br /> ) i permits Leader 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 Funcis shall be paid to Borrower, and unless such agreement is made or applicable law
<br /> � requires such interest to be paid, Lender shal! not be required to pay Borrower any interest or eamings on ffie Funds. Lender
<br /> t shall give to Borrower, without charge, an annual accaunting of the Funds showing credits and debits to the Funds and the
<br /> � ,` - purpose for which each debit io tho Fuads was made. The Fonds are ptedged as additionai security for the sams secured
<br /> by this Mortgage.
<br /> If the amount of the Funds held by Lender, together with the future monthly installmeots of Funds payable prior to
<br /> j ' the due dates of taxes, nssessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br /> s assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either
<br /> j , prompUy repaid to Borrower or credited to Borrower on monthty installments of Funds. If the amount of the Funds
<br /> " ; held by Lender shall not be su�cient to pay taxes, assessments, insurance premiums and ground rents as they fall due,
<br /> j Borrower s6a11 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 Mortgage, Lender shall promptly refund to Borrower arty Funds
<br /> , : heid by I.ender. If under paragraph 1g hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br /> � ahall apply, no later than immediately prior to the sale of the Property or irs acquisition by Lender, any Funds held by
<br /> � Lender at the time of appiication as a credit against the sums secured by this Mortgage.
<br /> � : 3. ApplicaHon of Pnymeats. Unless applicable law provides otherwise, all payments received by Lender under the
<br /> � Note and paragraphs 1 aad 2 hereof shall be apptied by Lender first in payment of amouc�fs payable to I.ender by Bonower
<br /> under paragraph 2 heroof, t6en to interest payable on the Note, then to the principal of the Note, and then to interest and
<br /> priacipal on any Future Advances. :
<br /> �, 4• Cba�ges; Liena. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to
<br /> i' the Property whicis may attain a priority over this Mongage, and ieasehold payments or ground rents, if any, in the manner
<br /> provided under paragrap6 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
<br /> f payee thereof. Borrower shatl promptly furnish to Lender aJl notices of amounts due under this paragraph, and in the event
<br /> ' Borrower shall mako payment d'uectly, Borrower shall promptly fumish to Lender receipts evidencing such paymmts.
<br /> � Borrower shall promptly discbarge any lien which has prioriry over this Mortgage; provided, that Sorrower shull not be
<br /> rcquired to discharge any such lim so long as Borrower shall agree in writing to the payment of the obligation secured by
<br /> �� such lie¢ in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lie� in,
<br /> Icgal proceedings which operate to prevent the enforcement of the lien or forfeiture of xhe Praperty or any part thereof.
<br /> �; 5. Hayard 7nsarance. Borrower shall keep the improvements now existing or hereafter erected on the Property ins�red _
<br /> against loss by fire, hazards induded within the term "extended coverage", and such other hazards as Lender may require
<br /> and ia such 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 /> The insurance carrier providing the insurance shall be chosen by Borrower subject to approvai by Lender; provided,
<br /> ; that such approvai shall not be unreasonably withheld. All premiums on insurance policies shalt be paid in the manner
<br /> provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcUy to the
<br /> � insurance carrier.
<br /> ti All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage �
<br /> x; clauae in favor of and in form acceptable to Lendec Lender shall have the right to hold the policies and renewals thereof,
<br /> } and Borrower shall promptly furnish to L,ender alI renewal notices and all receipts of paid premiums. In the event of 1oss.
<br /> Borrower shall give prompt notice to the insurance carrier and Lendec Lender may make proof of loss if not made promptly
<br /> ?� by Borrower. �
<br /> � Unless Lender and Borrower 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 thereby impaired_ If such restoration or repair is not economically feasible or if the security of this Mortgage wouM
<br /> be impaircd, the inaurance proceeds shall be applied ta the sums secured by this Mortgage, with the excess, if any, paid
<br /> ; S to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
<br /> , Y date notice is mailed by L.ender to Borrower that the insurance carrier offers to settle a claim for insurancc benefiu, Lender
<br /> is suthoriud to collect and apply the insurance proceeds at Lender's option eitt�er to restoration or repair of the Property
<br /> or to the sums secured by this Mortgage.
<br /> � ilnless Lender aad Borrower otherwise agree in writing, any such application of proceeds to principal shalt not extend
<br /> , � or postpone the due date of the monthly installments rcferred to in paragraphs 1 and 2 hereof or change the amount of
<br /> such installmeats. If under paragraph � 8 hereof the Property is acquired by Lender, all right, title and interest of Borrower
<br /> in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale
<br /> ; x or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
<br /> , � � acquiaitioa. �
<br /> :>� 6. Pmervatioo aod Maintenance of Property; [,easeholds; Condominlums; Plsnned Unit Devdopments. Borrower
<br /> ,. p shall keep the Property in good repair and shell not commit waste or permit impairment or deterioration of the Property
<br /> ' � apd shall comply with the provisions af any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a
<br /> condominium or a planned unit development, Borrower shall perform all ot Borrowers obligations under the declaration
<br /> '-� or covenanis creating or governing the condominium or planned unit development, the by-laws and regulations of the �
<br /> condominium or planned uait developmmt, and constituenc documents. If a condominium or planned unit development
<br /> rider is executed by Borrower and rocorded together with this Mortgage, the covenunts and agreements of such rider , _ ,�
<br /> ahall be incorporated into and shall amend and supptemrn[ tAe covenants and agreements of this Mortgage as if the rider " lr� '
<br /> . WOPC 8 QBIt }ICtCOf. . �i:' .� .
<br /> Z Protection of Lender's Securlty. If Borrower faits to perform the covenants and agreements contained in this �
<br /> Me�rtgage, or if any actioa or proceediag is commenced which mazerially affects Lender's interest in the Property,
<br /> including, but not limitedto, eminent domain;insolvency, code enforcement, or arrangements or proceedings involving a ,;., `�y
<br /> bankrupt or decedeat, ihen Lcnder at LendePs option, upon notice to Borrower, may make such appearances, disburse such =��; �
<br /> sutas aad: take auch action as ia necessary [o protect L.enders interest, including, but not I➢mited to, disbursement of
<br /> reasonable attomeys fees and mtry upon the Property to make repairs. If Lender required mortgage insurance as a . � ;,k .
<br /> wudition of making t6e loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such
<br /> j' ; inaurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and
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