|
1 �
<br /> 7s--� 02920
<br /> UN�noru.z Covsri�Ts. Borrower and Lender covenant and agree as foliowr.
<br /> j ' 1. Paymmt ot Priodpal and Intereat Borrowet shall promptly pay when due the principal of and interest on the
<br /> �:; indeb[edness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest
<br /> on aay Future Advauces secured by Wis Mortgage. �
<br /> Z. Fnods tor Ta=es and Inmrance. Subject to applicable law or to a written waiver by Lender, Borrower shalt pay
<br /> to Lender on dx day monthly installments of principal and interest are payable under the Note, until the Note is paid in full.
<br /> a sum (herein "Funds'� equal to ono-twdith of the yearly ta�ces and assessments which may attain prioriry over this
<br /> Mortgage, and ground renta on the Property, if any, plus ono-twelfth of yearly premium instaliments for hazard insurancc,
<br /> plua ono-twelfth of yeerly premium installments for mottgage insurance, if eny, all as ressonably estimated initially and from
<br /> �; time to time by Lender on the basis of assessments and bilis and reasonable estimates thereof.
<br /> The Funds shall be held in an instimtion the deposits or accounts of which are insured or guaranteed by a Federal or
<br /> �' state agency (including I.ender if I.endcr is such an institution) . Lender s2�all apply the Funds to pay said taxes, assessmenu,
<br /> insuranca pnmiums and ground reats. Lender may not charge for so holding and applying the Funds, analyLing said account,
<br /> _,' or verifying and compiling said assessmenu and biUs, unless Lender pays Borrower interest on the Funds and applicable law
<br /> 1i permitt Lender to make such a charge. Bonower and Lender may agree in writing at the time of execution of this
<br /> �` Mortgage that interest on the Funds shal! be paid [o Borrower, and unless suc6 agreement is made or applicable law
<br /> l: requires euch interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
<br /> '� shal/ give to Horrower, without charge, an annua! accounting af the Funds showiag creditt and debiis to ihe Funds anQ the
<br /> " purpose for which eac6 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 held by I.ender, together with the futare monthly installments of Funds payable prior to
<br /> the due dates of taxes, assessmenu, insuranee premiums and ground rents, shall exceed the amount required to pay said taxes,
<br /> aaseasments, insurance premiums and grovnd rents as they fall due, such excess shall be, at Borrower's option, either
<br /> prompUy rcpaid to Borrower or credited to Borrower on monthly installments of Fuods. If the amount of the Funds
<br /> ;3 held by Lender shall not be sufficieat to pay ta�ces, asaessments, insurance premiums and ground rents as they fa11 due,
<br /> ; Borrower ahall pay to Lender any amount necessary to maRe up the deficiency within 30 days from the date notice is maited
<br /> by Lender to Borrower requestiag' payment thereof.
<br /> �'' Upo� payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds
<br /> i' held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender. Lender
<br /> '' ahall apply, no later thac� immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by
<br /> �:
<br /> Lender at the time of application as a credit against the sums secured by this Mortgage.
<br /> 3. Appllcatlon of Paymenta 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 Lend'er by Borrower
<br /> :� under paragraph 2 heroof, then to interest payable on the Nore, then to the principal of the Note, and thrn to interest and
<br /> principal on any Future Advances.
<br /> �q 4. Cha�ges; Liens. Borrower shall pay all taxes, assessmenu and other charges, fines and impositions attributable to
<br /> d• t6e Property which may attain a priority over this Mortgage, and leasehold payments or ground ronts, if any, in tt�e manner
<br /> � pmvidcd under paragraph 2 hereof or, if not paid in such rnanner, by Borrower making payment, when due, directly to the
<br /> § payee thereof. Borrower slaatl promptly furnish to Lender all nouces of amounts due under this paragraph, and in the event
<br /> Borrowef shall make payment direcUy, BorroWer shall promptly fumish to Lender receipts evidencing such paymmts.
<br /> � Bonower shall prompUy discharge any lien which has priority over this Mortgage; provided, that Borrowu shall not be
<br /> F required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by
<br /> # such liea in a manner acceptable to l.ender, or shall in good faith contest such lien by, or defend enforeement of such lien in,
<br /> � legal proceedings wluch operate to prevent the enforcemeat of the lien or forfeiture of the Property or any part thereof.
<br /> S. Hazard Imurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
<br /> againat loss by Sre, hazards inetvded within the term "extended coverage", and such other haasrds as Lender may require
<br /> and in such amounts and for such periods as Lender may require; provided, that Lender s6a11 not require that the amount of
<br /> such coverage exceed that amount of coverage required to pay the sums securcd by this Mortgage.
<br /> T6e insurance carrier providiug the insurance shall be chosen by Borrower subject to approval by Lender, provid�d,
<br /> that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in [he manner
<br /> provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, whm due, direcUy to the
<br /> ��a••��� carrier.
<br /> All msurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
<br /> clause in favor of and in form acceptable to Lender. Lender shalt have the right to hotd the policies and renewals thereof.
<br /> and Borrower shall promptly furnish to Lender all renewal notices and alI receipts of paid premiums. In the event of loss,
<br /> Botrower shall give prompt.notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
<br /> by Borrowu.
<br /> Unlds 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 ropair is not economically feasible or if the security of this Mortgage would
<br /> be impaired, the insurance proceeds shall be applied to the sums ucured 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 aouce is mailed by L.ender to Borrower that the insurance carrier ofiers to uttle a claim for insurance benefits, Lender
<br /> ; � is suffiorized 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 I.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
<br /> or postpone the due dat� of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
<br /> auch installments. If under paragraph 18 hereof the Property is acquired by Lender, atl right, title and interest of Borrower
<br /> in and to any insurance poIieies and in and to the proceeds thereof resulting from damage to the Propetty pcior to the sale
<br /> or acquisition shall pass to Leader to the eaetent of the sums secured by ihis Mortgage immediately prior to such sale or
<br /> acquiaition.
<br /> 6. Preservation aod Maintenance of Property; Leaseholds; Condominium� Planned Unit Developments Borrower
<br /> shall keep the Properiy in good repair and shall not commit waste or permit impairment or deterioration of the Property
<br /> � and shalI 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 planaed unit development, Bocrower shnll perform all of Borrower's obligations under the declaration
<br /> or covenanta creating or governing the condominium or planned unit development, the by-laws and regulations of the k'.
<br /> condominium or planaed tmit development, and constitumt documents. It a condominium or planned unit developmrnt
<br /> rider is a�ecuted by Borrower and recorded together witl� this Mortgage, the covenants and agreements of such rider - �-c �
<br /> ahallsbe'incorporaud into and s6alf amend and supplement the covenants and agreements of this Mortgage as if the rider ;;:y
<br /> wete a paR hereof. � ;
<br /> 7. Protectioo of LendePa Security. If Borrower fails to perform the covenants aad agreements contained in this x
<br /> MoFtgagc, 'ot� if any actioa or proceeding it commenced which materially aHects Lender's interest in the Property, �:. ;
<br /> iricluaing, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a + '
<br /> baulwpt or: decedent, then Lender at I.eadcr's option, upon notice to Borrower, may make such appearances, disburse such ; , �
<br /> aums aad talce such action as is mecessary to protect Lender's interest, including, but not timited to, disbursement of � �� R`,
<br /> �,# reseonable attomey's fees and mtry npon the Property to make repairs. If L.ender requircd mortgage insurance as a " �` "
<br /> ' + conditiou of making the Joan secured by this MoRgage. Horrower shalt pay the premiums rcquired m maintain such
<br /> � f insurance in effect until such time as the nequirement for such insurance terminates in accordance with Bort+ower s and
<br /> : �
<br /> ;_ � � � � � � �
<br />
|