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<br /> �s-. 003165
<br /> Ux[�onnr Covexwxrs. Borrower and Lender covenant and agree as follows:
<br /> � ; 1. Aymeat oE 'Princlpal aud I�erest. Borrower shall promptly pay when due the principal of and interwt on the
<br /> i indebtednas evidenced by ffia Note, prepayment and late charges as provided in the Note, and the principal of and intetest ; '>
<br /> ;j on any Future Advances secured by ffiis Mortgage.
<br /> 2. , Fuods for Ta=a and Imuranca Subject to applicable law or to a written waiyer by Lendeq Borrower shall pay I
<br /> � ,` to Lender oa the day monthly installments of principal and interest are payable under the Note, until the Note is paid in fuil,
<br /> a aum (hercia "Funds'� equal to one-twelfth of the yearly taxes and asseasmrnts which may attain prioriry over this
<br /> � ' Mortgage, and ground rents on the Propecty, if any, plus ono-twelfth of yearly premium installmenu for hazard insurance,
<br /> x , plus oae-twelfth of yearly pnmium inataliments for mortgage insurance, if any, atl as reasonabty estimated initially and from
<br /> ; time to time by Lender on the basis of assessmentc and bilis and reasonable estimates thereof.
<br /> '.� ? The Funds shall be held in an institution ffie deposits or accounts of which are insured or 'guaranteed by a Federal or
<br /> � stau agency (induding Lender if Lender is such an institution) . Lender shalt apply the Funds to pay said taxes, assessments,
<br /> insurance premiums and groundaents. Lender may not chazge for so hotding and applying the Funds, analyzing said account,
<br /> � ; or verifying;and compiling said aseessments and bills, unless Lender pays Borrower interest oa the Funds and applicable law
<br /> i ! permits I.ender to make such a charge. Borcower and Lender may agree in writing at the time of eacecution of this
<br /> Mortgage that iaterest on t6e Funds s6all be paid to Borrower, and unless such agreement is made or applicable law
<br /> " requires such interwt to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
<br /> , , ,
<br /> - � : shalt give to Borrower, wit6out charge, an annuat accounting of the Funds showing crediu and debits to thc Fnnds and the �
<br /> purpose for which each debit to the Funds was made. T6e Funds are pledged as additional security for the sums secured
<br /> j ' ` by this Mortgage.
<br /> 3 : If the amount of the Funds 6eld 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 /> � ' A:s:��+Yeau, insurance premiums and ground renu as they fall due, such excess shall be, at Borrower's option, either
<br /> prompdy repaid to Botrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
<br /> t ; held by Lender shall not be suScient to pay taxes, assessments, insurance premiums and ground rents as they fall due, !
<br /> • Barrower shal! pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
<br /> z by Lender W Bonower requesting' payment thereof.
<br /> Upon payment in full of all sums secured by this Mortgage, Lender shall pramptty refund to Borrower any Funds
<br /> , � , 6eld 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 immediately prior to the sale of the Property or its acquisiuon by Lender, any Funds held by � r,
<br /> � Lender at the tune of application as a credit against the sums secured by this Mortgage. ;
<br /> � � 3. AppUcatlon of Payments. Unless applicable law provides otherwise, all payments received by Lender under the E
<br /> � Note and paragraphs 1 aad 2 hereof shall be apptied by Lender first in payment of amounts payable to Lend'er by Borrower � � � "t
<br /> �� under paragraph 2 henof, then to interest payable on the Note, then to the principal of the Note, and then to interest and 5 � '
<br /> t principal on any Future Advances. 7 � ��,
<br /> , � � a. C6a�ges; IJens. Boaower shall pay ail taxes, assessments and other charges, fines and impositions attributabte to y A ;,
<br /> i i the Property which may attain a ptiority over this MoRgage, 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, directly to tHe
<br /> � payee thereof. Borrowec s6a11 prompUy fumish to Lender all nodces of amounts due under this paragraph, and in the event �
<br /> �t Borrower shall make payment directly, Borrower shall prompUy furnish to Lender receipts evidencing such• payments. a tw� '
<br /> Borrower shall prompfly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be
<br /> j required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by ks
<br /> �i such lien in a maaner 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 /> `� ; 5. Hazard Insurance. Bonawer shall kcep the improvements now existing or hereafter erected on the Property insured i. ' �,
<br /> �� against loss by Sn, hazards included within the term "extended coverage", and such other hazards as Lender may require `
<br /> r ¢ and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of `
<br /> �4 such eoverage 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 Lrnder, provided,
<br /> ; lt that such approval shall aot be unreasonably withheld. All prcmiums on insurance policies shall be paid in the manner x
<br /> 1t provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcfly to the ,
<br /> � f}" � insurance carrier. � � i
<br /> 37 All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
<br /> f clause in favor of and in form acceptabk ro Lender. Lender shall have the right to hold the policies and renewals thereof,
<br /> �� and Boriowershall prompUy furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss.
<br /> f, Botrower shall give prompt notice to the insurance carrier and Lender. Lrnder may make proof of loss if not made promptly
<br /> ' � by Borrower. �
<br /> � Unless Lender aad Borrower otherwise agree in wri[ing, insurance proceeds shall be applied to restoration or repair of
<br /> , � the Property damaged, provided suah restoration or repair is economically feasible and the security of this Mortgage is
<br /> not thenby �mpaind. If such restoration or repair is not economically feasible or if the security of this Mortgage would
<br /> � be impaired, the insurance pracceds 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 /> i date aotice is mailed by I.euder to Borrower that the insurance carrier offers to settle a ctaim for insurance benefits, Lender
<br /> - �, is authoriud to collect and apply the insurance procecds at Lender's option either to restoration or repair of the Properiy
<br /> or to the sums ucured by this Mortgage.
<br /> : � Unless Lender aad Borrower otherwise agree in writing, any such application of proceeds to principal shall 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 Lender, alt right, tiUe and interest of Bonower
<br /> in and to any insurance policies and in and to the procceds thereof resulting 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 immediately prior to such sale or
<br /> � � acquisition.
<br /> 6. Preservation and Maintenaoce of Property; Lessehotds; Condominiums; Planned Unit Developments. Borrower
<br /> shall keep the Property in good repair and shatl not commit waste or permit impairment or deterioration of t6e Properiy
<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 pianned uait development, Borrower shall perform all of Borrower's obligations under the declazation
<br /> R; . or ccvenauts creating or goveming the condominium or planned unit development, the by-laws and regulations of the t ' '
<br /> condocninium or planaed unit development, and constituent documents. If a condominium or planned unit development �;, ,.,;
<br /> �„ cider is pcecuted by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider ...�--�r �
<br /> = s6aLL be:incocporated into and shaLL amend and supplement the covenants and agrcements of this Mortgage as if the rider -d .�
<br /> weie a part hereaf. , ; '� ;
<br /> Y . A' # +
<br /> 7. Protecfloa of Lender'e 3ecoriq�. If Bortower fails ta perform the covrnants and agrcemmts contained in this ,
<br /> Mortgage� or if aay ::aetion or proceeding i� commenced which materially affects Lender's interest in the Property, � � ! t �>
<br /> � , includang; ,but. not-limited_to, eininent domaia, insolvency; code enforcement, or azrangemenu or proceedings invoiving a
<br /> banlcruptio'r;aecedent,`;Weq Lender at I.endec`s option, upon notice to Borrower, may make such appearances, disburse such � �
<br /> " auins and tske snch action as is necessary to protect Lender's interest, induding. but not limited to, disbursement of �'' � �`,a�b
<br /> � . . ,,.
<br /> ,F ceatonabie atiotaey's' feea' aad. entry upon the Properry to make repairs. If Lender requircd mortgage insurance as a "" a` . :"II
<br /> + condidon of malring the loan aecured by ihis Mortgage, Bonower shall pay the premiums required to maintain si�ch
<br /> ineuranx in effed uatil such time as the requirement for auch insurance terminates in accordance with Borrower s and
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