|
I . �
<br /> 78- 002941
<br /> UrrrnonlK CovexwNTs. Borrower and I.ender covenant and agree as follows :
<br /> ` 1. Payment of Peincipal and lnterest. Borrower shall promptty pay when due the principal of and interest on ffie
<br /> ! iadebtedneas evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest
<br /> � on any Future Advancu securod by this Mortgaga �
<br /> 2. Faude for Tues and Iaaurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br /> � to Leader on the day monthly installments of principal and i�terest are payable under the Note, until the Note is paid in futl,
<br /> a sum (heroin "Fuads") equal to one-twelfth of the yearly taxes and auessments which may attain priority over this
<br /> Mortgage, and ground rents on the Property, if any, plus ono-twelfth of yearly premium instaIlments for hazard insurance,
<br /> E plas oce-twelfth o[ yearly premium instaltments for mortgage insurance, if any, ali as reasonably estimated initially and from
<br /> � time to time by Lender on the basis of assessments and bilis and reasonable estimates thercof.
<br /> ; i 17ie Funds shall be 6eld in an institution the deposits or uccounu of which are insured or guaranteed by a Federal or
<br /> state agency (including Lender if I.ender is such an institution) . Lender shall appty the Funds to pay said taxes, asussments,
<br /> insurance premiums and gound rents. Lender may not charge for so holding and applyiag the Funds, analyzing said account,
<br /> For verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicnble law
<br /> ; j permits 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 agreemenc is made or applicable law
<br /> ! requires such interest to be paid, L.ender shall not be required to pay Borrower any interest or earnings on the Funds. L.ender
<br /> ; s6aII give to Sorrower, 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 securiry for the sums secured
<br /> , ( by ffiis Mortgage.
<br /> ' If the amount of ffie Funds held by L.endeq together with the future monthly installmrnts of Funds payable prior to
<br /> ` i the due dates of tarzes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br /> ! assessmenu, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower s option, either
<br /> promp8y repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funda
<br /> ; held by L.ender shall not be sufficient to pay taxes, assessments, insurance premiums �and ground rents as they fall due,
<br /> j 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 prompdy refund to Borrower arty Funds i
<br /> ; held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br /> 3 shall apply, no later than immediamly prior to the sale of the Property or its acquisition by Lender, any Funds held by �
<br /> Leader at the time of applica4on as a credit against the sums secured by this Mortgage. 7
<br /> ` 1 3. ApplicaBon of Paymenfs. Unless applicable law provides otherwise, all payments received by Lender under the
<br /> ; � Note aad paragraphs I and 2 hereof shall be applied by Lender ficst in payment of amounu payable to Lender by Borrower
<br /> . � under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and
<br /> ; � principa] on any Future Advances.
<br /> ' � 4. Charges; Lieas. Borrower shall pay all taxes, assessmcnts and other charges, fines and impositions attributable to
<br /> , t the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in ffie mannv
<br /> � prrnided under pazagraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, dirxtly to the
<br /> payee thereof. Borrower shall promptly furnish [o Lender all notices of amounts due under this paragraph, and in the event
<br /> Borrower shall make payment directly, Borrower shall prompUy furnish to L.ender receipts evidencing such paymenu.
<br /> � Borrower shall prompdy discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be
<br /> ' z required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by
<br /> : j 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 proccedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
<br /> � S• Hazard Insurance. Borsower shall keep the improvements now existing or hereafter erected on the Property insured
<br /> ! againat loss by fiiz, hazards inctuded 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 /> ; � suc6 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 approval by Lender, provided, ; . .r
<br /> � that such approval shall no[ be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
<br /> � provided under pazagraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
<br /> insurauce carrier.
<br /> � All insurance policies and renewals thereof shall be in form acceptablc to Lender and shall include a standard mortgage
<br /> r clause in favor of and in form acceptable to L.ender. Lender shall have the right to hold the policies and renewals thereof, _
<br /> ` � and Borrower shall prompdy furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss.
<br /> � Sorrower shall give prompt,notice to the insurance carrier and Lender. Lender may make proof of loss if not made promp8y
<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 economicaliy feasiblc and the security of this Mortgage is
<br /> � aot thereby impaind. If such restoration or repair is not economically feasiblc or if the security of this Mongage would
<br /> � be impaired ihe insurance procceds shall be applied to the sums ucured by this Mortgage, with the excess, if any, paid
<br /> ' f ' to Borrower. If the Properry is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
<br /> � date notice is mailed by Lender to Borrower that the insurance ca�rier offers to settle a claim for insurance benefits, Lender :
<br /> is suthorized to collect and apply the insuraoce proceeds at Lender's option either to restoration or repair of the Property
<br /> j or to ehe sums secured by this Mortgage.
<br /> fUnless I.ender and Borrower otherwise agree in writing, any such application of proceeds to principai shall not extend
<br /> � or pcntpoae the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
<br /> 7 such insiallmenu. If under paragraph 18 hereof the Property is acquired by I.ender, all right, tide and interest of Horrower
<br /> 3 in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Propeny prior to the sate
<br /> � or acquisifion shall pass to Lender to the extent of the sums secured by this Mortgage immedia[ely prior to such sale or
<br /> acquisition.
<br /> 3 6. PrcaervaHon and Maintensnce of Property; Leasehotds; Condominiums; Planned Unit Developments. Borrower
<br /> ': �. shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Properry
<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 planaed unit developmen[, Borrower shaU 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 development ' t � "�
<br /> rider is exxuted by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider - '
<br /> ahall be incorporeted into and sfiall amend and supplement the covenants and agreements of this Mortgage az if the rider �`;; ;
<br /> were a part hereof. � K7.�
<br /> 7. Protection of Lender's Secnrit�. If Borrower fails to perform the covenants nnd agreements contained in this
<br /> Moi�tgage, or if any action br procecding is commenced which marorially affects Lender's inrerest in the Property, .�
<br /> inclnding, but aot limited to, ecwnent domain, insoivency, code enforcement, or arrangements or proceedings involving a �� „*�
<br /> :-i baakrupt ordecedent, then I.enderat Lender's option, upon notice to Borrower, may make such appearances, disburse such . ,
<br /> :p - _ sums and take such action as is necessary to protect L.ender s interest, induding, but not limited to, disbursement of � � '�?'
<br /> -fr reasonable attomey's fxs and entry upon ihe Pro rt to make re airs. If L.ender r � `
<br /> pe Y p equired mortgage insurance as a
<br /> � conditioa of making the loan secured by ihis Morigage, Bocrower shall pay the przmiums required to maintain such
<br /> ,� insuraux in eHect until such time as t6e requirement for such insurance termiaates in accordance with Borroweis and
<br /> a
<br /> . . �
<br />
|