|
_ � �
<br /> �s- 003200
<br /> � UxironAt Cov$rreNrs. Borrower and Lender covenant and agree as follows:
<br /> F 1. Payment ot Prindpal aod Intenst. Borrower shalt prompdy pay when due the principal of and interest on the
<br /> r' indebtedneas evidenced by the Note, prepaymeat and late charges as provided in the Note, and the principal of aad inteetst
<br /> � on any Futvre Advances ucured by ffiis Mortgaga � =
<br /> 3 � 2. - Fmdr tor Taa aod Insoiance. Subject to applicable law or to a written waiver by Lender, Boaower shall pay '
<br /> ��,` ; to Lender oa the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full, '
<br /> � , s suai (herein '•Fuads") equal to one-twelfth of the yearly tazes and assessments which may atffiin priority over this
<br /> ' Mortgege, and ground nnts on the Pzoperty, if aay, plus onotwelfth of yearly premium installments for hazard insurance,
<br /> plus one-twelfth of yearlyprem;um installmenu for mortgage insurance, if any, all as reasonably estimated initially and from
<br /> • 1 dme to time by Lender oa the basis of assessmmts and bilis and reasonable estimates thereof.
<br /> r The: Funds shall be held in an institution the deposits or accounts of which are insured or y
<br /> � � ' atate a n guaranteed b a Federal or
<br /> ge cy '(inctuding I:ender if I.ender is such an institution) . Lender shall apply the Funds to pay said taxes, assessments,
<br /> insurance pnemiums and gcouud 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 /> f : permib 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 agrcement is made or applicable law
<br /> requircs such interest to be paid, Lender shal! not be required to pay Borrower any interest or earnings on the Funds. Lender
<br /> shall givcto Bortower, without charge, an annua! accounting of the Funds showing credits and debiu Io the Fnnds and fhe
<br /> , � ; purpose for which each debit to the Funds was made. The Funds are piedged as additional security for the sums secured
<br /> f by this Mortgage.
<br /> If the amount of the Funda held by Lender, together with the future monthly installments of Funds payable prior to
<br /> �� � the duc dates of taxes, assessmeats, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br /> assessments, inaurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either
<br /> f + promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
<br /> � i held by Lender shall not be sufficient to pay taxes, assessments, insurance remiums and
<br /> p ground rents as they falt 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. r
<br /> , � Upoa paymeat in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds
<br /> held by I,endea If under paragraph 18 heroof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br /> s6a11 apply, no later than immedia[ely 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 Mongage. "
<br /> � ; 3. Applicaqou of Pqymenta. Unless applicable law provides otherwise, all payments received by Lender under the r "
<br /> Note and paragrapiss 1 and 2 hereof shall be a lied b Lender first in + �
<br /> � ; PP Y payment of amounts payabte to Lend'er by Borrower
<br /> under paragraph 2 hereof, thea to interest payable on the Note, then to the principal of the Note, and then to interest and n�,`
<br /> � '. principal oa any Future Advances, x �
<br /> � ` � 4. C6arges; Ldeos, gorrower shall pay all taxes, assessments and other charges, fines and impositions atvibutable to ��
<br /> � } the Property which may attain a priority over this Mortgagq and leasehold payments or ground rents, if any, in the manner , �,+'�
<br /> , p�vided under paragraph 2 hereof or, if not paid in such manner, by Borrower makin , rs*
<br /> � g payment, when due, direcUy ro the x�,
<br /> .' , _ payee iheteof_ Borrower shall pmmptly furnish to Lender all notices of amounu due under this paragraph, and in the event
<br /> { { Borrower shal! make payment direcdy, Borrower shall prompdy furnish ro Lender receipts evidencing such payments. ���':
<br /> £. Borrower shall promptly dischazge any lien which has priority over this Mortgage; provided, that Borrower shall not be ;153� �;
<br /> required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by �'
<br /> ��� suchlien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such ]ien in, t t`�
<br /> � legal proceedings which operate to prevent the mforcement of the ]ien or forfeiture of the Pro ert or an "'' �
<br /> � P Y Y Part thereof.
<br /> S• Hazard 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 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 /> such coverage exceed that amount of coverage required to pay the sums secured by this Mortgaga
<br /> T6e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
<br /> that such approval sha11 no[ be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
<br /> ` i provided under paragraph 2 hereof or, if aot paid in such manner, by Borrower making paymeat, when due, direcUy to the
<br /> � insurance carrier.
<br /> ' A11 insurance policies and renewals thereof s6a11 be in form acceptablc to Lender and shall indude a standard mortgage
<br /> � clause in favot of and in form acceptable to Lender. Lender shall have the right to hold the policiu and renewals thereof,
<br /> i
<br /> ' � and Botrower shall promptly furnish to I.ender atl renewal notices and all receipts of paid premiums. In the event of loss,
<br /> , � . Borrower shall give prompt notice to the insurance carrier and Lender. L.ender may make proof of loss if not made promptty
<br /> by Borrower.
<br /> � Ualese L.endec and Borrower otherwise a ree in writin
<br /> � the Pro B 8, �nsurance proceeds shall be applied to mstoration or repair of
<br /> perty damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is
<br /> not thereby impaired_ If such restoration or mpair is not economically feasible or if the security of this Mortgage would
<br /> be impaired, the inaurance proceeds shal! be applied to the sums secured by this Mortgage, with the excess, if any, paid
<br /> � to Borrower. If the Pmperty 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 carrier ofters to settte a claim for insurance benefits, Lender
<br /> isauthorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
<br /> or to thc sums sxured by this Mortgaga
<br /> Ualexs Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
<br /> or postpone the due dau of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
<br /> such installmenu. If under paragrap6 18 hercof the Property is acquired by Lender, all right, tiUe and interest of Borrower
<br /> in and' to aay insurance polici�s and in aad to the proceeds thereof resuldng from damage to t6e Propeny prior to the sale
<br /> or acquisiUoa sha11 pass to Lender to the extent of the sums secured by this Mortgage imrnediately prior to such sale or
<br /> acquisition.
<br /> 6. Preservation aod Maintenance of Property; Leaseholds; Coadominlums; Planned Unit Devdopments. Borrower �
<br /> ahall keep the Property ia good repair and shal! aot commit waste or permit impairmenL or deterioration of t6e Property
<br /> < and sha11 complY wit6 the provisions of any lease if this Mongage is on a leasehold. If this Morcgage is on a unit in a
<br /> condomfnium or a planned unit drvelopment, Borrower shall perform all of Borrower's obligations under the declazation
<br /> ::
<br /> � ot covenants creating or govetning the condominium or planned unit developmen4 the by-laws and regulations of t6e
<br /> coudominium; or planaed unit devdopment, and constituent docummts. 1f a condominium or planned unit developmmt ` . ,. 1
<br /> rider is executed by Borrower and recorded rogether with this Mortgage, the covenaats and agreemmts of such rider -. �----- �` A f r '�
<br /> s7�all be ineorporated- into and shall amend and supplemeat the covenanu and agreements of this Mortgage as if the rider �
<br /> 2 ,were a part hereof �
<br /> 7 ProfecNon ol 'Lender's Securlq�. If Horrower fails to rform the covenavts aod � �""'
<br /> Pe agreements contained in this
<br /> ,, � M�B� � :�� a�Y �+� oc proceeding is commenced which materially atiecu Lender's interest in the Property, � �
<br /> ��1�Ag�, b� ,�a ��mrt�d to� etainrnt domain, lnso7vency, code enforcement, or azrangements or proceedings involving a '� " � j
<br /> � ban7ci'upt or deoederit, thea I.ender'at I.enaer'8 option„ upon notice ,to Borrower, may make such appearances, disburse such � v
<br /> sums ana' tak'G s�ub action as is necessary to protett L.ender's _ interes4 including, but not limited to, disbursement of "'� tf�r�s
<br /> rea"sonable attoraey's fees . and entry upon tho Property , Lo make repairs: If Lender required mongage insurance as a '�' '' - ' :.' '
<br /> °°�� of ma�in8- the iosn, axmced by this Mortgage, Boaower shall pay the premiums required to maintain such
<br /> insurance in effect until auch dm� aa the requireme,nt for such insurance terminates in accordance with Borrower's and
<br /> �, , : �
<br />� _
<br />�
<br />
|