|
85
<br />UNfFORM COVENANTS. Borrower and Lender covenant a -- 001498
<br />1. hytnead � rid agree as follows;
<br />t Indebtedness evidenced eat ptlaelfal and tnk"s. Borrower shall promptly pay when due the principal of and interest on the
<br />on say FtKUre da by the Note, prepayment and late charges as provided in the Note, and the principal of and interest
<br />secured by this Mortgage.
<br />2' Faatls ter Taws and >mmramm. Subject to applicable law or to a written waiver by Lender, Borrower shall pay I
<br />to Leader on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full,
<br />z a am (herein "Funda') equal to one tweWh of the yearly taxes and assessments which may attain priority over this
<br />MaAg14M and ground rests on the Ptoperty, if say, plot oaatwelfth of earn insurance.
<br />Plot oas- "fth of yearly premium imatsllments for mortgage insurance, if any, as reasonably estimated initially �s and from
<br />time to time by Lender on the Irish of assessments and bilk and reasonable estimates thereof.
<br />The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or
<br />state agency f including Leader if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments,
<br />insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account,
<br />or venfyrng sad compiling said aswunwitta and bills, unless Lender pays Borrower interest on the Funds and applicable law
<br />Permits Leaded to make such a charge. Borrower and Lender may agree in writing at the time of execution of this
<br />Mortgage shit interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law
<br />requires such Interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
<br />shall give to Borrower, 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 u additional security for the sums secured
<br />by thin Mortgage.
<br />If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to
<br />the due data of taxes, eastarrveots, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />aasemmeata' insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either
<br />ProaPly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
<br />held her Lsader�sl�al� of be to pay taxes, assessments, insurance premiums and ground rents as they fall due,
<br />by � to �rowG, Y saoum necessary to make up the deficiency within 30 days from the date notice is mailed
<br />rsgtiatiag Payment thereof.
<br />UPom Payment in fuB of all sum secured by this Mortgage. Lender shall promptly refund to Borrower any Funds
<br />bold by Leader. If under paragraph IS hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br />13W apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by
<br />eader at the time of application as a credit against the sums secured by this Mortgage.
<br />3' APPISca eel of PSYMeasa, Unless applicable law provides otherwise, all payments received by Lender under the
<br />tNader gf�graphsheI NO 22 hereof tshraelllltbe applied by Lender first in payment Of Amounts payable to Lender by Borrower
<br />Principal oa any Future Advance WYab:C on the Nole, then to the principal of the Note, and then to interest and
<br />4. Charger; Lleas' Borrower shall pay all taxes• assessments and other charges, fines and impositions attributable to
<br />the Prop" which may attain a priority 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, directly to the
<br />tvthereof. Borrower &W Promptly furnish to Lender all notices of Amounts due under this paragraph, and in the event
<br />make Payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments.
<br />Borrower shall Promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be
<br />required to discharge say such lien so long as Borrower shall agree in writing to the payment of the obligation secured by
<br />such beat in a manner acceptabk to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in,
<br />IggaI Proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any pan thereof.
<br />S' Reseed Imo• Borrower shall keep the improvements now existing or hereafter erected on the Property insured
<br />anuses loes by fits' hazards included within the term "extended coverage", and such other hazards as Lender may require
<br />and in rich 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 Mortgage.
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approval .by Lender, provided,
<br />the such Approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
<br />!"'01111idod wader paragraph 2 hereof or, if rut paid in such manner, by Borrower making paYrrettt, when due, directly to the
<br />"Ouraece carrier.
<br />AB Insurance Policies sad renewals thereof shall be in form accept-ible to Lender and shall include a standard mortgage
<br />ensue in favor of and in for° accept" to Lender. Lender shall have the right to hold the policies and renewals thereof,
<br />W, d Borrower Pro®PtlY fungk s to Leu&r all renewal notices and all receipts of paid premiums. In the event of loss,
<br />by Borrower. P Prompt notice to the insurance Amer and Leader. Lender may make proof of lass it not made promptly
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
<br />the ' Prowdad such restoration a repair u aonanically feasible and the security of this Mortgage is
<br />thereby If such restoration or repair is not economically feasible or if the security of this Mortgage would
<br />o the PsDeeeds shall be applied to the sum secured by this Mortgage, with the excess, if any, paid
<br />daft notice is �orrosrsr• U the property s abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
<br />flusided is authorized to 0011M by Lsadar to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender
<br />ee W the elan secured by "y Mortgage. a msuraACe Prooaeds at Lender's option either to restoration or repair of the Property
<br />Utakes I aadar +ad Borrosrw otherwise agree in writing, any such application of proceeds to principal shall not extend
<br />Or Posrpoae the due data of the monthly imtaBrments referred to in paragraphs I and 2 hereof or change the amount of
<br />such a' and IAU ygU. If of � �aph li hereof the property is acquired by Leader, all right, title and interest of Borrower
<br />palming La and in sad extent the f the da thereof resulting from damage to the Property prior to the sale
<br />a bdkm 9 t>b� Pees b Leader to the exlaat of the aunts secured by this Mortgage immediately prior to such sale or
<br />sbla8 fps" PrOPUtY vs1Ma and Mabaaaft of srs prs"y; L CondoaNaia�; Planned Uak Developments. Borrower
<br />in �d commit waste or permit impairment or deterioration of the Property
<br />and shell comply wkb the Provisions of any lease if this Mongsge is on a leasehold. If this Mortgage is on a unit in a
<br />of s creating o< governing: lrleaaeg veil development, Borrower
<br />or
<br />cats shall perform all of Borrower's obligations under the declaration
<br />the condominium or planned unit development, the by -laws and regulations of the
<br />Coodomkglm rider is eascu d and rand constituent documents, 1(a condominium or planned unit development
<br />he 1 MMPOresed ieo sad s1iaU together with this Mortgage, the covenants aad agreements of such rider
<br />�t a f" hereoL eaiead and suppknxot the covenants and agreements of this Mortgage as if the rider
<br />Mortgage- . hUg rdeas of Laia� Saege** if Borrower fails 10 perform the covenants and agreements contained in this
<br />but sot limited to, proceeding is commenced which materially affects Lender's interest in the Property,
<br />btwltrupt or then �+atM Insolvent cY' code enforcement, or arrangements or 6v
<br />Leader at Landees option, upon notice 10 Borrower, may make such a proceedings involving a �
<br />pftearances, disburse such
<br />rang theoraay s to" >isol en r arY to Prwact Lender i nierut, rncludna, but nee limited to, disbursement of
<br />condition of hlpav the Mong, y to make tepairs. If Lender required mortgage insurance as a
<br />insurance in effect until time as the requirement for such nsurancle earn naatesrin accordance rwith ��Bt rrorwer i land
<br />M
<br />
|