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<br /> �8- U02517
<br /> Uxg*oxai Cov$xn.�vTs. Bor:owtr aad Leadcr cavtnan: and ag:ce as foSIows:
<br /> 1. Payment of Principal and Inhrest. Borrower shall promptty pay when due the principal of and interest on the
<br /> indebtedxas evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest
<br /> on any Future Advances secured by this Mortgage.
<br /> 2. Plunds for Taes and Insutanca Subject to applicable law or to a written waiver by Lender, Borrower shalI pay �
<br /> � to I.ender on the day monthly installments of principal and interest are payable under the Note, until ffie Note is paid in full.
<br /> j a eum (herein "Funds'� equal to one•twelfth of the yearly taxes and assessmenu which may attain priority over this
<br /> Mortgage, and ground rents on the Property, if any, plus one-twelftfi of yearly premium installments for hazsrd insurance,
<br /> ' plus onatwelfth of yearly premium installmrnts for mortgage insurance, if any, all as reasonably estimated initiaily and from
<br /> time to time by Lender on the basis of assessments and bilis and reasoaable 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 L.ender is such an ins[itution) . Lender shall apply the Funds to pay said taxes, assessments,
<br /> iimuraace premiums and ground rents. Le�der 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 on the Funds and applicable law
<br /> permits Lender to make such a charge. Borrower and L.ender may agree in writing at the time of execudon of this
<br /> 3 Mortgage that interat on the Funds shalt be paid to Bonower, and unless such agreement 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 ffie Funds. Lender
<br /> shait give to Borrower, wit6out charge, an annuaf accounting of the Funds showing credits and debits to t6e Funds and the '
<br /> purpose for which each debit to the Funds was made. The Funds are ptedged 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 /> assessmrnu, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either
<br /> ' prompdy repaid to Borrower or aredited to Borrower on monthty instaliments of Funds. If the amount of the Funds
<br /> ` held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fatl due,
<br /> Borrower shall pay to Lender any amount necessary to make up the deBciency within 30 days from the date notice is mailed
<br /> � by Lender to Borrower requesting' payment thereof. I
<br /> ? Upon payment in full of all sums securod by this Mortgage, Lender shall prompdy reFund ro Borrower any Funds ;
<br /> : Add by L.ender_ If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br /> ' � shall apply. no laror 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. i
<br /> 3. Appllcation oE Payments. Unless applicable law provides otherwisc, all payments received by Lender under the
<br /> w Note and paragraphs I and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
<br /> funder paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and thm to interest and ?
<br /> principal on any Future Advances. `
<br /> ; � 4. CF�arges; Ltens. Borrower shall pay all taxes, azsessments and other charges, fines and impositions attributable to i
<br /> ; the Property which may attain a priority over this Mongage, and leasehold payments or ground rents, if any, in the manner �
<br /> j provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
<br /> ; � payce theceof. Borrower s6a11 promptly furnish to Lender a11 notices of amounts due under this paragraph, and in the eveat
<br /> Botrower shall make payment directly, Borrower shall promptly fumish to Lender receipts evideocing such payments.
<br /> � . Borrower siiall prompdy discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be ;
<br /> required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation securod by
<br /> such lien i�c a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, �
<br /> � legal px+oceedings which operate to prevent the enforcemen[ of the lien or forfeiwre of the Property or any part thereof. ;. =
<br /> 5. Hazard Insorance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured � s•
<br /> � against loss by Sre, hazards included within t6e term "extended coverage^, and such other hazards as Lender may require f
<br /> and in such amounts and for such periods as Lender may require; provided, that Lender shalt not req�in that the amount of r
<br /> such coverage exceed that amount of coverage required to pay the sums secured by this Mongage. �
<br /> - � The iasurance carrier providing the iasurance shall be chosen by Bonower subject to approval by Lender, provided, �
<br /> that such approval shall aot be unreasonably withheld. Alt premiums on insurance policies shall be paid in the manner p
<br /> � provided uader paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcUy to the �
<br /> insurance carrier.
<br /> All insuranee policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
<br /> J clauu in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals theroof,
<br /> � and Borrower shall promptly fumish to L.cnder all renewal notices and all receipts of paid premiums. In the event of Ioss,
<br /> j Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
<br /> by Borrowu�.
<br /> Unless Lender and Borrower otherwise agree in writing, insurance p�oceeds 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 Moctgage is
<br /> not thereby impaired. If such restoration or repair is not economically fcasible o� 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 Borrower. If the Propeny is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
<br /> " � date notice is mailed by I,ender to Borrower that the insurance carrier offeis to settle a claim for insurance benefits, Lender
<br /> is authorized ro collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
<br /> or W the sums secured by t6is Mortgage.
<br /> Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shail not extend
<br /> or postpone the due date of the monthly instatlments referred to in paragraphs I and 2 hereof or change the amount of •
<br /> such iastallments. If under paragraph 18 hereof the Property is acquired by L,ender, all right, tide and interest of Borrower
<br /> in and to azry insurance policies and in and to the proceeds thereof resuiting from damage to the Property prior to the sale
<br /> or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediatety prior to such sale or
<br /> � acquisition.
<br /> 6. Pre'ervallon and Maintenaoce of Property; Lesseholds; Condominiums; Planned Unit Developments. Borrower
<br /> shall keep the Property in good repair and s6a11 not commit waste or permit impairment or deterioration of the Property
<br /> aod shatl comply with the provisions of any lease if tl�is Mortgage is oa a leasehold. lf this Mortgage is on a unit in a
<br /> coadominium or a plamed unit development, Borrower shall perform all of Borrower's obligations under the declaration
<br /> -; ' or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the
<br /> condominium or planned unit development, and constituent documents. If a condominium or planned unit developmen[
<br /> rider is exxuted by Borrower and recorded togethcr with this Mortgage, the covenants and agreemenu of such rider . ��
<br /> sliall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider , .�
<br /> were a part hereof. � �:
<br /> ' ' 7. Protectlon of Leadee's Secarity. If Bonower fails to perform the covenants and agreements contained in this '
<br /> "' Mortgage,` or if any action or proceediag ii commenced which materially affecu I.ender's interest in the Pruperty, � £':, `� ,
<br /> iacluding, but not limited to, eminent domain, insolvency, code enforcement, or arrangemenu or proceedings involving a �• c
<br /> + � banlcrupt or decedrnt, ihen Lender at Lender•s option, upon notice to Borrower, may make such appearances, disburse such ' i .��
<br /> suma aad take such action as ia aecessary to protect Lenders interest, including, but not limited to, disbursement of } � w r;
<br /> �..3 reaaonable attotnay'a fma apd entry upon the Property to make repairs. if Lender required mortgage insurance as a •�-�
<br /> � condiYioa of making the loaa secuted by this Mortgage, Borrawer shall pay the premiums required to maintain si�ch
<br /> � iatutanee in e8xt until such tima as the requi;ement for such insurance rerminates in accordance with Borrower's and
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