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85-- 0044-SIR
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<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: due the principal and interest
<br />Borrower shall promptly pay
<br />1. Payne of Pr1�d and Interest'
<br />indebtedness evidenced by the Note, including any variations resulting from changes in the contract rate, and other
<br />charges as provided in the Note.
<br />2, Fable for Taxes and In men. Subject to applicable law or waiver by Lender, Borrower shall pay to Lender on
<br />Note, until the Note is paid in full, a sum
<br />the day monthly payments of principal and interest are payable under the
<br />(herein "Funds ") equal to one-twelfth of the yearly taxes and assessments (including condominium and planned unit
<br />Mortgage and ground rents on the Property, if any,
<br />development assessments, if any) which may attain priority over this
<br />installments for hazard insurance, plus one - twelfth of yearly premium installments
<br />plus ore- twelfth of yearly premium
<br />for mortgage insurance, if.any, all as reasonably estimated initially and from time to time by Lender on the basis of
<br />such Funds
<br />estimates h
<br />suchepaymen shall not be
<br />assessments and of alprio rmortgage or deed of trust if if su
<br />ex
<br />to he entdthat
<br />holder is an institutional lender.
<br />if Borrower pays Funds to Lender, the Funds shall be held in an institution the deposits or accounts of which are
<br />if Lender is such an institution). Lender shall apply
<br />insured or guaranteed by a Federal or state agency (including Lender
<br />insurance premiums and ground rents. Lender may not charge for so holding
<br />the Funds to pay said taxes, assessments,
<br />and applying the Funds, analyzing said account or verifying and compiling said assessments and bills, unless Lender pays
<br />a charge. Borrower and Lender may
<br />Borrower interest on the Funds and applicable law permits Lender to make such
<br />of this Mortgage that interest on the Funds shall be paid to Borrower, and unless
<br />agree in writing at the time of execution
<br />such agreement is made of applicable law requires such interest to be paid, Lender shall not be required to pay Borrower
<br />an annual accounting of the Funds
<br />any interest or earnings on the Funds. Lender shall give to Borrower, without charge,
<br />Funds and the purpose for which each debit to the Funds was made. The Funds are
<br />showing credits and debits to the
<br />pledged as additional security for the sums secured by this Mortgage.
<br />held by Lender, together with the future monthly installments of Funds payable prior to
<br />If the amount of the Funds
<br />the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said
<br />insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option.
<br />taxes, assessments,
<br />either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the
<br />insurance premiums and ground rents as they fall
<br />Funds held by Lender shall not be sufficient to pay taxes, assessments,
<br />amount necessary to make up the deficiency in one or more payments as Lender
<br />due, Borrower shall pay to Lender any
<br />may require.
<br />Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds
<br />is acquired by Lender,
<br />held by Lender. if under paragraph 17 hereof the Property is sold or the Property otherwise
<br />Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds
<br />held by Lender at the time of application as a credit against the sums secured by this Mortgage.
<br />law otherwise, or unless interest on the Note is
<br />3. AppNca"*a of Payments. Unless applicable provides
<br />precomputed, all payments received by Lender under the Note and paragraphs I and 2 hereof shall be applied by Lender
<br />2 hereof, then to interest payable at the
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<br />first in payment of amounts payable to Lender by Borrower under paragraph
<br />applicable contract tate, and then to the principal of the Note.
<br />Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's obligations
<br />4. Prior Mortgages and
<br />under any mortgage, dad of trust or other security agreement with a Tien which has priority over this Mortgage,
<br />Borrower shall or cause to be paid all taxes,
<br />including Borrower's covenants to make payments when due. pay
<br />fines impositions attributable to the Property which may attain a priority over this
<br />assessments and other charges, and
<br />Mortgage, and leasehold payments or ground rents, if any.
<br />insurance. Borrower shall keep the improvements now existing o r hereafter erected on the Property
<br />S. Hasord
<br />insured against loss by fire, hazards included within the term "extended coverage ", and such other hazards as Lender
<br />may require and in such amounts and for such periods as Lender may require.
<br />the insurance shall be chosen by Borrower subject to approval by Lender; provided,
<br />The insurance carrier providing
<br />that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be in a form
<br />in favor of and in a form acceptable to Lender.
<br />acceptable to Lender and shall include a standard mortgage clause
<br />Lender shalt have the right to hold the policies and renewals thereof, subject to the terms of any mortgage, deed of trust
<br />or other security agreemept with a lien which has priority over this Mortgage .
<br />Borrower shall give prompt notice to the insurance carrier and Lender. i ender may make proof
<br />in the event of loss,
<br />of loss if not made promptly by Borrower.
<br />If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender Ivithin 30 days from the date
<br />for insurance benefits, Lender is
<br />notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim
<br />authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
<br />or to the sums secured by this Mortgage.
<br />i. PreNwtlMn aN Mainleaana of Property; LeasehoNs; Condominiums; Planned Unit Developments.
<br />waste or permit impairment or deterioration of the
<br />Borrower shall keep the Property in good repair and shall not commit
<br />property and shall comply with the provisions of any lease it this Mortgage is on a leasehold. if this Mortgage is on a unit
<br />all of Borrower's obligations under the
<br />in a condominium or a planned unit development, Borrower shall perform
<br />or covenants creating or governing the condominium or planned unit development, the by -laws and
<br />declaration
<br />regulations of the condominium or planned unit development, and constituent documents.
<br />Leader's 86cattly. If Borrower fails to perform the covenants and agreements contained in this
<br />7. pylon of
<br />Mortgage, or if any action or proceeding Is commenced which materially affects Lender's interest in the Property, then
<br />disburse such sums, including
<br />Lender, at Lender's option; upon notice to Borrower, may make such appearances,
<br />reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. If Lender required mortgage
<br />Borrower shall pay the premiums required to
<br />insurance as a condition of making the loan secured by this Mortgage.
<br />insurance in effect until such time as the requirement for such insurance terminates in accordance with ,
<br />maintain such
<br />Borrower's and Lender's written agreement or applicable law.
<br />disbursed by Lender pursuant to this paragraph 7, with interest thereon at the applicable contract rate,
<br />Any amounts
<br />shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other
<br />Lender to Borrower requesting payment thereof.
<br />terms of payment, such amounts shall be payable upon notice from
<br />Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder.
<br />upon and inspections of the Property,
<br />S. Iaspeelion. Lender may make or cause to be made reasonable entries
<br />inspection specifying reasonable cause therefor related
<br />provided that Lender shall give Borrower notice prior to any such
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