|
1
<br />UNSFORM COVENANTS. Borrower and Lender covenant and agree as follows: 85--002800
<br />" M saki >
<br />t. Borrower shall prompt[
<br />'���esa evidenced by tits Note, y Pay when date the principal of and interest on the
<br />j on ally Future Advances secured by � MYrtgaand late charges as provided in the Note, and the principal of and interest
<br />2. FW& t� T"" OW � • Subject to applicable law or to a written waiver b Lender, pay
<br />to Leruler on the day monthly installments 10 on of principal and interest are payable under the Note, until the Borrower
<br />M (herein e, shall full,
<br />"Funds") equal to ottc.twelfth of the No Note s
<br />ad paid
<br />yearly taxes and assessments which may attain
<br />°C =taia• and ground reels on the Pt+aperty, if any, clue ante - twelfth of ,ter► Y priority over this
<br />Plus one- twelfth 0(
<br />yearly premium installments for mortgage insurance. i.! „nY. all as estimated inni�� land 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
<br />an institution the deposits or accounts of which are insured or
<br />state agency (including Lender if Lender is such an institution)* bender shall a Guaranteed by a Federal or
<br />insurance premiums and ground rents. Lender may not charge for
<br />or verifying
<br />sty holding and applying the Funds, nralyzing�sa d account,
<br />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
<br />Mortgage that interest
<br />at the time of execution of this
<br />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 he required to pay Borrower any interest
<br />shall give to Borrower,
<br />or earnings on the Funds. Lender
<br />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. Tice Funds are pledged as
<br />by this Mortgage.
<br />additional security for the sums secured
<br />If the amount of the Funds held by
<br />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
<br />assessments, insurance premiums
<br />required to pay said taxes,
<br />and ground rents as they tall due, such excess shall be, at Borrower's option, either
<br />promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If
<br />held by Lender shall not be
<br />the amount of the Funds
<br />sufficient to pay taxes, assessmenw insurance premiums and ground rents as they fall due.
<br />Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days
<br />by Lehr to Borrower
<br />requesting payment thereof. from the date notice is mailed
<br />Upon payment in full of all
<br />sums secured by this Mortgage. 1_cndcr shall promptly refund to Borrower any Funds
<br />held by Lender. If under paragraph 18 hereof the Property is sold or the Property is
<br />shall apply, no later than immediate)
<br />Lender at the time of application as a prior otherwise acquired by Lender, Lender
<br />n by Lender, any Funds held by
<br />redit against the sums
<br />secur d by thissMotgage.
<br />3' AppMcaNaa of paymeraW Unless applicable law Provides otherwise, all payments
<br />Note and paragraphs I and 2 hereof
<br />received by Lender under the
<br />shall be applied by Lender first in payment of amounts 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
<br />Principal on any Future Advances.
<br />then to interest and
<br />4.
<br />the Property U002' Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable
<br />perty which may attain a priority over this Mortgage,
<br />to
<br />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
<br />PaYft thereof. Borrower shall promptly furnish
<br />nparagraph
<br />to Lender all notices of amounts due uder this
<br />Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts paragraph,
<br />alld in to the
<br />Borrower shall promptly discharge
<br />s
<br />evidencing such payments.
<br />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 shall agree in writing to
<br />such lien in a manner
<br />the payment oft secured by
<br />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
<br />of the lien or forfeiture of the Pro �Vobtigation
<br />s• Hind lanmrance. Borrower shall keep the improvements now existing or hereafter erected on the Property lose
<br />against loss by tire, hazards included within the term "extended
<br />teed
<br />coverage", and such other hazards as Lender
<br />and in such amounts and for such periods as Lender may require; provided, that Lender shalt riot require that
<br />may require
<br />such coverage exceed that amount of coverage required q at the
<br />amount of
<br />to pay the sums secured by this Mortgage.
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject
<br />that such approval shat) not be
<br />to approve! by Lender; provided,
<br />unreasonably withheld. All premiums on insurance policies shall l paid in the manner
<br />Provided under paragraph 2 hereof or, if not paid in such manner,
<br />insurance
<br />by Borrower makin
<br />carrier, 8 Payment, when due, directly to the
<br />Ali insurance policies and renewals thereof
<br />shall he in form acceptable to Lender and shall include a standard
<br />clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the
<br />mortgage
<br />and Borrower shall promptly furnish to Lender
<br />a
<br />all renewal notices and all receipts of paid premiums . and he event of ereof,
<br />Borrower shall give prompt notice to the insurance carrier and Lender. lender may make
<br />by Borrower.
<br />loss
<br />proof of if not made promptly
<br />Unless Lender and Borrower otherwise
<br />agree in writing, insurance proceeds shall be applied to restoration or repair of
<br />the Property damaged, Provided such restoration or repair is economically feasible and the Mortgage
<br />not H security of this ereby impaired. If such restoration or repair is
<br />is
<br />not economically feasible or if the security of this Mortgage would
<br />be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the
<br />to Borrower. If the Property is abandoned by
<br />excess, if any.
<br />date notice is mailed by Lender to Borrower that the insurance carrier otTers to settle a claim for insurance benefits, paid
<br />Borrower, or it Borrower fails to respond to Lender within 3U days from the
<br />is authorized to collect and apply the insurance Lender
<br />Of to the Stotts sec
<br />secured by this Mortgage. y
<br />proceeds at Lender's option either to restoration or repair of the property
<br />U111hU Lauer and Borrower otherwise
<br />agree in writing, any such
<br />or Postpone application of proceeds to principal shall not extend
<br />Postpone t!e due date of the monthly installments referred to in paragraphs I and 2 hereof or change the
<br />such installments. if under paragraph 18 hereof the Property
<br />in
<br />amount of
<br />is acquired by Lender, all right, title and interest of Borrower
<br />and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property
<br />acquisition shall pass to Lender to the extent
<br />'
<br />acquisition. of the sums secured by this Mortgage immediately prior prior to such t
<br />h sale or
<br />`. P"IMSOM nod Mgilmrsiwe
<br />of Prtperty; Lease • Cor"Ortiapppams: Planned link I)evelop pmts. Borrower
<br />•ball keep the Property in good repair and shall not commit waste or
<br />and shall comply with the del
<br />r
<br />Provisions of any le if this Mortgage is cl nra leasehold . his i�tortgageonsoiintln
<br />d nium or a planned unit development. Borrower
<br />riniQ irnay
<br />shall perform all of Borrower's obligations tinder the declaration
<br />or co is creating or governing the co redo ninium or planned unit development. the by-lows and regulations
<br />condonlifflum of Planned unit development, and constituent
<br />x of the
<br />docuntews. it a condominium or planned unit development
<br />r is eecu by harrower and recorded together with this Mortgage, the o:ovettants and
<br />IW be incorporated into and shall amend
<br />were a agreements of such rider put hereof,
<br />and suPPlert#eP,t the covenants and agreements of this Mortgage as if the racier
<br />''
<br />M 1 s . . If Narrower fails it'
<br />Mmtti .car if any time tz► pro needing Is d>avffeea�,tstsl.er�dergsf eerterext
<br />trnAler
<br />d:ummenced which ally
<br />in in thin
<br />i I g' limited to, eminent domain. insolvency, cerde cnforo:cment. or srrangent#entx
<br />bankrupt or I'reTperty,
<br />t, l fell ins
<br />,,d der r involving
<br />�nt� tape etch ' a% 1% at 0%%acler�s option, upon notice t,% ltorrowet, trnay make %rich appearances. � n olving a
<br />ctio) �{ /� f t° �fy tat prtited t l elTdlaeP'a 1►D16 refi #, Inc'Indllrtg,
<br />r #t irt rmenttich
<br />t
<br />�
<br />y'f s but 9rdb# Hmi tt
<br />t f
<br />-s and entry t9pon the prerpell$. ro n►�CAC Pd°pal9i, if 1 �nokr r'egrAl96"d rrlCar condition in making t Joan curcei by this Mtkrtgaet, fit >rrtt`st► shall
<br />re"Is insurance as „
<br />r8�'e in gBt t serail[ 11111
<br />c It11 the fcf red r etc m
<br />Tech tat ail 9hc rectl#IPera�rrt ft >r 44J�IA t9r.Ryr�gJ�e rr rr /11t1�CC °.9 trl Ai'1�61r�iart'd^
<br />411t h
<br />gd'Ittl pjC®r���N�ln
<br />e is soil
<br />
|