|
� -
<br />�
<br /> � �
<br /> � $-' �102861
<br /> UNrnonas CovaiveN�rs. Borrower and Leader covanant and agree as follows :
<br /> 1. Payment oE PrinetpW and lnterest. Borrower shali promptly pay when duc thc principal of and inlerest on the
<br /> indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest
<br /> on any Future Advances secwed by this Mortgaga
<br /> � 2. Faods for Tmces and Imnrance. Subject to applicable law or to a written waiver by I.ender, Borrower shalt pay
<br /> to Lander on the day monthly installments of principal and interest are payable under the Note, uatit the Note is paid in full.
<br /> a sum (hereia "Funds") equal to one-twelfth of the yearly taxes and assessments which may attain priority over this
<br /> Mortgage, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance,
<br /> plus one-twelfth of yearly premium instaliments for mortgage insurance, if any, all as reasonably estimated initially and from
<br /> time to time by Leader 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 institution) . Lender shall apply the Funds [o pay said taxes, assessments.
<br /> insurance premiums aad 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 on the Funds and applicable law
<br /> permiu 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 Funds shall be paid to Borrower, and unless such agreement is madc or applicable law
<br /> requira such inrerest to be paid, Lender shall not be required to pay Sorrower any interest or earnings on the Funds. Lender
<br /> shatt give to Borrower, without 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 additionat security for the sums secured
<br /> ' by this Mortgage.
<br /> If the amount of t6e Funds held by Lender, together with the future monthly instailments of Funds payable prior to
<br /> the due dates of taxes, assessments, insurance premiums and ground rents, shati excced the amount required to pay said taxes,
<br /> assessments, insurance premiums and ground rents as Ihey fall due, such excess shall be, at Borrower s option, either
<br /> prompqy repaid to Borrower or credited to Borrower on monthly installments 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 fall due.
<br /> Borcower shall pay to Lender any amount necessary to rnake up the deficiency within 30 days from the date notice is mailed
<br /> by Leader to Borrower requuting' payment thereof.
<br /> Upon paymen[ in full of all sums secured by this Mortgage, Lender shatl 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 /> shatl apply, no later than immediatety 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. Applica8on of Payments. Unless applicable law provides otherwise, aIl payments received by Cender 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 hereof, then to interest payable on tBe Note, then to the principal of the Note, and then to interest and
<br /> principal on any Futuze Advancea
<br /> 4. Charges; Uens. Borrower shall pay all taxes. assessments and other charges, fines and impositions attributable to
<br /> i We Proper[y which may attain a priority over this Mongage, and leasehold payments or ground rents, if any, in the manner
<br /> � provided under paragraph 2 hereof or, if not paid in sueh manner, by Horrower making payment, when due. directty to the
<br /> payee thereof. Borrower s6a11 promptly furnish to Lender all notices of amounts due under this paragraph, and in the evrnt
<br /> ; Borrower shall make payment direcdy, Borrower shall promptly furnish to Lender receipts evidencing such payments.
<br /> { Borrower shall prompUy discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be
<br /> ; nquired to discharge any such lien so long as Horrower 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 lien or forfeiwre of the Property or any part thereof.
<br /> S. Hazard Insorance. Borrower shall keep the improvemrnts 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 such aznounts 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 k4ortgage.
<br /> The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided,
<br /> tha[ such approval shall not be unreasonably withheld_ All premiums on insurance policies shall be paid in the manner
<br /> provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the �
<br /> insurance cacrier.
<br /> A11 insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
<br /> 1 dause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof,
<br /> and Borrower shall prompUy furaish to Lender all renewal notices and all receipts of paid premiums. In th� event of loss.
<br /> Borrower shall give prompt noace to the insurance carrier and Lender. Lender may make proof of loss if not made prompUy
<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 Mortgagc is
<br /> not t2�ereby impaind. If such restoration or repair is not economically fcasible 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 Sorrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the .
<br /> ; date noGce is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender
<br /> is authoriud to cotlect and apply the insurance proceeds at Lender's option either to ratoration 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 shall not extend
<br /> i or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
<br /> such installments. lf undec paragraph I S hereof the Property is acquired by I.ender, all right, tide and interest of Borrower
<br /> a in aad to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to tho sate
<br /> t or aequisition shall pass to Lender to the extent of tho suau secured by this Mortgage immediately prior to such sale or
<br /> acquisitioa.
<br /> i 6. Preserva8on and Maintensnce of Property; L.easeholds; Condominiums; Planned Unit Developments. Borrower
<br /> ` shall kttp the Property in good repair and shall not commit waste or permit impairment or deterioration of the PropeRy
<br /> � and s6a11 comply w�th 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 devdopment, Borrower shall perform all of Borrowers obligations under the declaration
<br /> ; or covenanta creating or governing the condominium or ptanned unit development, the by-laws and regulatioos of the 4
<br /> � condominium or planned unit developmrnt, and constituent documents. If a condominium or planned unit development
<br /> , rider is executed by Borrowec and recorded together with this Mortgage, the covenan[s and agreements of such rider _
<br /> j shall be incorporated into aad shall amend and supplement the covenants and agreements of this Mortgage as if the rider - �
<br /> z were a part hereof. � � ;
<br /> 7. ProtecHon of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this - "s '
<br /> � Mortgagq or if any aciion or proceeding is commrnced which materiatly affects Lender's interest in the P*operty.
<br /> including, but not limited to, eminent domai"6, insolvency, code enforcement, or arrangements or proceedings involving a �
<br /> � baalQupt or decedent, then I.ender ar Lender's option, upon notice to Borcower, may make such appearances, disburse such ,' t� '�
<br /> sums and take cuch action as ia necessary to protect Lender s interest, inctuding, but not limited to, disbursement of . �
<br /> reasoaable attomey's fees and entry upon the Properiy to make repairs. If Lender required mortgage insurance as a '"!�
<br /> 4 coadition of making the loan secured by this Mortgage, Borrower shall pay the pmmiums required to maintain such ""Y
<br /> insurance in eHect until such time as the reqairement for such insurance terminates in accordance with Borrowers and
<br /> J
<br />
|