|
�
<br /> 7s- 0030.2.�
<br /> UNrnontK CovanreNrs. Bottower and Lender covenant and agree as follows :
<br /> 1. Payment of Princlpal and Interat Borrower shalt prompNy pay when due the principal of and interes[ on the
<br /> indebtednns evidenced by the Note, pcepayment and late charges as provided in the Note, and the principal of and interost
<br /> on any Future Advences secured by [his Mortgage. �
<br /> 2. Fonds for Tazes and Insurance. Subject to appiicable law or ro a written waiver by Lender, Borrower shall pay
<br /> to Lender on the day monthly installmrnts of principal and interest are payable under the Note, until the Note is paid in full,
<br /> a aum (herein "Funds'7 equal to one-twelfth of the yeady taxes and assessments which may attain priority over this
<br /> Mortgage, and ground rents on the Properry, if any, plus ono-twelfth of yearly premium installments for hazard insurance,
<br /> plus ono-twelfth of yeazly premium instaliments for mortgage insurance, if any, all as reasonably estimated initialty and from
<br /> time to time by Lender 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 o� guaranteed by a Federal or
<br /> state agency (including Lender if Lender is such an institution ) . Lender shall apply the Funds ro pay said taxes, assessmenu,
<br /> insurance pnmiums and 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 /> permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of ezecution of this
<br /> Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law
<br /> requira such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on tho Funds. Lender
<br /> shall give to Borrower, witho�t charge, an annua! accounting of the Funds showing credits and debits to the Funds and the
<br /> purpose for which each debit to the Funds was made. "Che Funds are pledged as additional security for the sums secured
<br /> by this Mortgage.
<br /> If the amount of the Funds 6eld by Lender, together with the future monthly instaltments 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 /> aasesaments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either
<br /> promptly ropaid to Borrower or credited to Borrower on monthly installments of Funds. If thc amount of the Funds
<br /> held by Lender shall not be sufficimt to pay taxes, assessments, insurance premiums and ground renu as they fall due,
<br /> Borrower shall 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, Leoder shall prompUy refund to Borrower any Funds
<br /> held by I.endec If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br /> shall apply, no later 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.
<br /> 3. Applicatton of Payments. Unless applicable law provides otherwise, all payments received by Lender u�der the
<br /> Note and paragraphs 1 and 2 hereof s6all be applied by Lender first in payment of amounzs payable to Lender by Borrower
<br /> under paragraph 2 heroof, then to interest payable on the Note, then to the principal of the Note, and then to interest and
<br /> principal on any FuWre Advances.
<br /> 4. Char¢es; Lens. Borrower shall oay all taxes. assessments and other char¢es. fines and imoosi[ions attributable to �
<br /> the Property which may attain a prioriry over this Mortgage, and leasehold payments or ground rents, if any, in the manner
<br /> provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, dimtly to the
<br /> payee t6ereof. Borrower shalt promptly furnish to Lender all notices of amounts due under this paragraph, and in the event
<br /> a Borrower shall make payment directly, Borrower shall promptly fumish to Lender receipts evidencing such paymmts. -
<br /> t Borrower shall prompUy 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 shalt agree in writing to the payment of the obligation secured by
<br /> r suc6 liea in a manner acceptable to Lender, or shall in good Faith contest such lien by, or defend enforcement of such lien in,
<br /> Rlegal proceedings which operate to prevent the enforcement of the lien or forfeimre of the Property or any part thereof.
<br /> ' d S. Ha�rd Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
<br /> � againat loss by Sre, hazards included within the term "extended coverage", and such other hazards as Lender may requiro
<br /> and in such amounts and for such periods as Lender may require: provided, ihat Lender shall not require that the amount of
<br /> # such coverage exceed that amount of coverage required to pay the sums secured by this Mongage.
<br /> � TLe insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
<br /> , � t6at such approval 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, direcHy to the
<br /> insurance carriu.
<br /> � All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mongage
<br /> : ; clause in favor of and in form accepcable to Lender. Lender shall have the right to hold the policies and renewats thereof.
<br /> ' � and Borrower shall prompdy furnish to Lender all rmewal notices and all receipts of paid premiums. In the event of loss.
<br /> � Borrower shall give prompt noGce to the insurance carrier and Lendec Lender may make proof of loss if not made promptly
<br /> f by Borrower.
<br /> � Unleas Lender and Borrower otherwise agree in wri[ing, insurance proceeds shall be appfied 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 unpaired. If such restoration or repair is not economically feasible or if the security of this Morcgage would
<br /> k ' be impaired, the iasurance proceeds shall be applied to the sums secured 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 /> 6" date notice is mailed by Lender to Borrower thet the insurance carrier oRers to setUe a daim for insurance benefits, L.ender
<br />', y is auffioriud 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 Lender and Borrower otherwise agrce in writing, any such application of proceeds to principal shall not extend
<br /> t or postpone the due date of the monthly instaUments refermd to in paragraphs 1 and 2 hereof or change the amount of ;
<br /> � suc6 installments. If under paragraph IS hereof the Property is acquired by Lender, atl right, tide and inrerest of Borrower
<br /> in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Propeny prioc to the sale
<br /> or acquisition sha11 pass to I.ender to the extrnt of the sums secured by this Mortgage immediately prior to such sale or
<br /> ' acquisition.
<br /> �
<br /> ' . ! 6. Pneservadon aod Maintenaace of Pwperty; i.easeholds; Condomioiums: Planned Unit Developments. Borrower
<br /> 1 shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property
<br />' � and shall comply with the provisions of any lease if t6is Mortgage is on a leaseho)d. If this Mortgage is on a unit in a
<br /> condominium or a planned unit development, Borrower shall perform all of Borrower s obligations under the d�claration
<br /> or covenants creating or goveraing the condominium or ptanned unit devetopment, the by-laws and regulations of the
<br /> condominium or planned unit development, and constituent documents. If a condominium or planned unit development
<br /> rider is executed by Botcower and recorded together with this Mortgage, the covenants and agreements of such rider -_
<br /> shalt be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider
<br /> were s part hereof.
<br /> - � 7. Protectloa of Lender's Secarity. If Borrower fails to perform the covenan[s and agreements containcd in this
<br /> Mortgage, or if ,aay action or' ptoceeding is commenced which materially affects Lender's interest in the Property,
<br /> � iacluding: but not Iimiud to, eminent domain, insolvency, code enforeement, or arrangements or proceedings invotving a
<br /> lxnlmipt or dxedent, then Lender at Leader's option, upon notice to Bonower, may make such appearances, disburse such
<br /> "' � sums and take such action as is nec�ssary to protat Lender's interest, induding, but not limited to, disbunemmt of
<br /> ' '{ reawnab7e attorney's fea and enhy upon the Property to make repairs. If Lender required mortgage insurance as a
<br /> :� condition of making the foan secured by this Mortgage, Borrower shall pay the premiums rcquired to maintain such
<br /> ,; � insurance in effect until such time as the xequirement for such insurance terminates in accordance with Borrdwer s and
<br /> i .
<br />
|