|
r
<br />Uf'"01 4 COVENANTS. Borrower and Lender covenant and agree as follows: __/� t�
<br />I• Payment of PrittciPa! and interrest. Borrower shah promptly 85-- 002868
<br />indebtedness evidenced by the Note, prepayment and late charges P y pay when due the principal of and interest on the
<br />on any Future Advances secured by this Mortgage. g provided in the Note, and the principal of and interest
<br />2- Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by tender, Borrower shall pay
<br />to Lender on the day monthly installments of principal and interest are payable tinder the Note, until the Note is paid in full,
<br />a sum (herein "Funds ") equal to one- twelfth of the yearly taxes and assessments which may attain
<br />Mortgage, and ground rents on the Property, if any, plus one- twelfth of earl y priority over this
<br />Plus one - twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated hazard from �
<br />time to time by Lender on the basis of assessments and hills 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 (including Lender if Lender is such an institution). Lender shall a pply 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 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 execution of this
<br />Mortgage that 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 shalt not be required to pav 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 as additional security for the sums secured
<br />by this 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 dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />assessments, insurance premiums and ground rents as they fall 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 the amount of the Funds
<br />held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due,
<br />Borrower shall pay, to Lender any amount necessary to snake 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, fender shall promptly refund to Borrower any Funds
<br />held by Lender. 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 h}. this 1llortgage.
<br />3, APPlication of Payments. Unless applicable law provides offier %vise. all payments received by Lender under the
<br />Note and paragraphs I and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
<br />under paragraph 2 hereof, rhea it) interest payable on the Note, then to the principal of the Note, and then to interest and
<br />principal on any Future Advances.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to
<br />the Property which may attain a priority over this Mortgage, and leasehold payments or >
<br />provided under paragraph 2 hereof or. if not paid in such manner, by Borrower ents ground rents, if any, in the manner
<br />payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under th snpa paragraph. and incthe event
<br />Borrower shall 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 required to discharge any such lien NO long as Borrower shall agree in writing to he payment of the obligation bligatio n heeured be
<br />such lien in a manner acceptable to Lender, or shall in good faith contest such lien hy, or defend enforcement of such lien by
<br />legal proceedings which operate to prevent the enforcement of t
<br />w he lien or forfeiture of the Property or any part thereof.
<br />i.
<br />Hazard Insurance. Burrower shall keep the improvements now existing or hereafter erected on the Property insured
<br />against toss by fire. hazards iltc:luded within the terns "extended coverage,,. and such other hazards as [ ender ma% require
<br />and in stich amounts and for such periods as Lender may require; provided, that Lender shall not require
<br />such coverage exceed that amour;t of coverage required to pay the sums secured by this Mortgage. that the amount of
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided,
<br />that such approval shall not be "nreasonably withheld. All premiums on insurance Policies shall he paid in the manner
<br />provided "rider paragraph 2 hereof or• if nut paid tit such manner, by Borrower making payment, when due, directly to the
<br />insurance carrier.
<br />All insurance policies ant.; renewals thereof shall he rn form acceptable to Lcndcr and shall include a standard mortgage
<br />clause rn favor of and In form acceptable to Lender. Lcndcr shall have the Tight and Burrower shall 'notice to Lender all renewal notices and all receipts of paid premiums. In the event of loss,
<br />to hold the policies and renewals thereof.
<br />Borrower sh. +il give prompt notice to the insurance carrier and 1_ender. L.endcr may make prool of loss if not made promptly
<br />by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
<br />the Property damaged, provided such restoration of repair is economically feasible and the security of this Mortgage is
<br />not therebs impaired. n such reetitrattor► or repair is not econumicall� feasible or if the security of this Mortgage ould
<br />be impaired. the insurance proceeds shall he applied to the stints secured by this Mortgage. t e,, with the excess. if any, oal
<br />to BoI•rt,wer It the Property is ,ihandoned by Borrower, or it Borrower fails to respond to Lender within 30 days front the
<br />b` g Y paid
<br />date notice n nailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, lender
<br />is atithorizcd to collect and apply the Insurance. proceeds at I.endt is option either to restoration or repair of the Property
<br />or to the sums secured by this Mortgage,
<br />Unless Lender and Bori't.twei t)tltetw'I.ce agree Its writing,
<br />or postpone the due (laic of the Inothe l}' installments r tre any
<br />such apl,lic;klion of Proceeds to principal shall not extend
<br />such installments. If under paragraph 18 hercaf the Property is acquired 1lhy�ihendcrirall rights tittlettand interest of Borrower
<br />�c the amount of
<br />d to the proceeds thereof resulting from damage to the Property prior to the .sale
<br />in and to any Insurance policies and in an
<br />ac acquisition shall pass to l.endcr to the extent of the runts secured by this Mortgage immediately prior to such sale or
<br />aCyUS31tt<tn.
<br />b. Prrservartion and ;Maintenance of Property; Leauholds; Condominiums;
<br />shall keep the Property in Planned llnit Ilrevefopmrn[s. Burrower
<br />fx Y 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 it this Mortgage is on a leasehold. I( this Mortgage
<br />or covenants or a planned unit ,I )y Borrower shall 1wi-fornt all of Borrower's ohllgations under the 'I IIl it if) n
<br />or covenants creating cis is on 1 unit m :t
<br />g governnt9 the condorninium or planned unit develol,i row the by -laws and regulations of he
<br />tondontinlurn or planned unit development, and constituent documeonts. If a condominiutn or planned tint development
<br />rider r% executed by Borrower and recorded together with this MorIgage, the covenants and r >
<br />shall he Incorporated Into and shall ;nncndl and supplement the covenants ;.Ind afreernents of this Mortgage as rl the rider
<br />were a part hereof,
<br />f,reentents of such rider
<br />7• Pru'lect of i,ender's 4wcurity. I; Borrower fails to perform the covenants and agreements contained In this
<br />Mortgage;, or If any jc1lon nr proceeding ,s tortnucncM whn:h Inalerially allct:ts Lender's Interest ill the Property,
<br />'Including, hill not Ilrriiled to, eritiitant doirtain, trtsolvcnc%, code enh +rcc.mertr of :urangcrnents or proccedin s involy
<br />unt ruin rte decedent, theft l.;Is Is at 6 enticr't upt�..n, "poll' nuticc ti, Borrower nay nrtke such :aplttt<erances. thshuru such
<br />suttts and tier such at:titrn as Is Itwef?bSirrt to prom °et l cider's out test, Incluthrtg• but not lintrtwd it), <hstturscmenttgot
<br />fea ,wmahle attorney's haws and > retry "pots the PruptrrtV to ntakc re Maus
<br />.:atrxfateost ttf nlaktn the^ ioatt secured hg rfus Mott 1>r. BI >rruwcr shall tlf 1_t:nder raa"ired rluat t +
<br />f�: I _ 1 gf Fe ms"r: +rice as ,!
<br />i trsattee "t aaTes Ism "! much tints .IS ,tic rei.tturt•rneilt fair rich insul:Ince twrrnu .rtes rnittilc of (lance r w�,tht�B,ilra„wrr's sand
<br />10SH grails 10. vane .
<br />ltima
<br />mrlqm
<br />VrAR
<br />I
<br />,J
<br />
|