|
<br />I
<br />
<br />'.
<br />
<br />84--
<br />
<br />I
<br />006485
<br />
<br />L
<br />
<br />UN/FORM COVJllolAi:I'" ;1ff'lVtcr and Lender covenanl an". aaree as (ollows:
<br />. I. Paylftftll of ~ _ Inkrnt, Borrower shall promlltly pay when due the principal o( and IOteresl un Ihe
<br />mdcbledneu evuienced by Ihe NOle, prepaymenl and lale charaes as provided in the NOle, a"d the principal of and inlerest
<br />on any Fu/ure Advances secured by Ihis MOf'lllaac.
<br />2. F..... for Tues aatI I_nil<<. Subjecl to applicable law or to a wriuen waiver by Lender, Borrower shall pay
<br />10 l.ender on lhe day monlhly inslallmems of principal and inlerest arc payable under Ihe Note. untillhe NOle is paid in (ull,
<br />a sum (herein "Funds") equal 10 one.twelflh ot Ihe yearly lUes and assessmenls which may allain priorilY over this
<br />Mortaaae, and ground .ents on the Property. if any, plus onc-twelfth of yearly premium inslallmenls for hazard insurance.
<br />plus one-Iwelflh of yearly premium installmenls for mortgage insurance. it any. all as reasonably estimated inilially and from
<br />time to lime by Lender on the basis of assessments and bills and reasonable estimales thereof.
<br />1be Funds shall be held in an institulion the deposils or accounls of which are insured or guaranteed by a Federal or
<br />slale agenC)' (including Lender it Lender is such an institution). lender shall apply the Funds to pay said lues. assessmems.
<br />insurance premiums and ground ren/s. tender may not charge for so holding and applying the Funds, analyzing said account,
<br />or verifying and compiling said asscul"'ents 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 wriling at Ihe lime of execulion of this
<br />Mortgage Ihat interesl on (he Funds shall be paid to Borrower, and unless such agreemenl is made or applicable law
<br />requires such inlerest 10 be paid. lender shall not be required tQ pay Borrower any interesl or earnings on lhe Funds, Lender
<br />shall give to Borrower, without charge, an annual accounting.D.(the Funds showing credits and debits to the Funds and the
<br />purpose for whi<:h each debit to the Funds was made. The Funds are pledged as additional securily for the $UIIIS secured
<br />by Ihis MOrlpae.
<br />If the amount of Ihe Funds held by Lende/. logelher with Ihe future monthly installments of Funds payable prior to
<br />the due dates of laxes, assessments. insurance premiums and ground renlS, shall exceed the amount required to pay said tllllCl,
<br />Olsscssments. insurance premiums and ground rents as lhey I all due. sllch exccu shall be, al Borrower's option. either
<br />promptly repaid to Borrower or credited to Borrower 00 monthly installments of Funds. If the amount of the FUIIda
<br />held by Lender shall IlOl be sufticient 10 pay taxes. _Is. insurance pn:miums and ground rcnlS .. they fall due,
<br />Borrower shall pay to Leader any amount IICll:CWIry to make up the deficiency wilhin 30 days from the dale notice la mailed
<br />by Leader to Borrower req_tiq paymenlthereof.
<br />Upon paymem in full of all &UIDS secured by thIS MortllaJe. I.en..:ler shall promptly refund 10 Borrower any Funds
<br />held by Lender. If under par....aph 18 hereof lhe Propeny " 'old or the ProperlY i. otherwise acquired by Lender. l.cDder
<br />shall apply, no later than Immediatel)' prior 10 the 'ale ot Ihe Propeny or ils acquisition by Lender. any Funds held by
<br />leader at the Ilmc of appIi<:ation as a credit against the sums sc<:ured by this Mongaae.
<br />J. AppIiedoII of Pa)...... Unlcss applicable law pro.'ides otherwise. all payments received by Lender uader the
<br />Note and paragraphs I and 2 hereof shall be applied by l.ender first m paymenl of amouRlS payable to Lender by Borrower
<br />under parqrapl1 2 hereol,ThCD-to InteresfPiyabie onlheNole. then 10 lhe pnnclp 0 I Co a .
<br />prIncIpal 00 any FUlUfC AdnDQ:S.
<br />4. CIIutJcs; Uens. Borrower shall pay "II l.x.". ,..",ssment> and other charges, fines and impositions attributable to
<br />lhe Property which may allain a pnority oyer Ihis Mortgage, and leasehold payments or ground rents, if ADY. in the _
<br />provided \JAder par....aph 2 hereof or. If not paid m such manner. by Borrower making payment. when due, diNc:dJ to'"
<br />payee lhereof. Borrower shall promptly furmsh to Lender all notices of amounls due under Ihis paraeraph, ud in the...
<br />Borrower shall make payment directly. Borrower ,hall promptl) lum..h 10 Lender receipts evidencinl such payma...
<br />lIorrower shall prompJly discharge any hen whICh has pnority over this Mortgage; provided, Ihat Borrower shall not be
<br />reqUired 10 dUicbarge any such lien 100 lonll as Borrower shall agree in writing to III<: payment of the obIigalion SCCUI1ICI by
<br />sucb lice III a manner aeecptable 10 Lender, or shall in good tailb contesl such lien by, or defcnd enfon:emcnt of ,\Ida_ in,
<br />Jcaal proceedlOls which operale to prevent lhe enforcement of the hen or forfeilure of lhe Property or allY part thcnof.
<br />5. Hu.d 1-., Borrower shall keep the Improvements no"" exisllng or hereafkr ereeled on the Property iftIlIRII
<br />'"Iainat loss by fire, hazards IIIcluded within !he lerm "extended coverage", and such other hazards as Lender may ........
<br />aad in such amounts and for such penoos as Lender may require; proYided, that lender shall not require thal the .-at of
<br />such cover. ellceed thai amount of ~overage reqUIred 10 pay the sums secured by Ihis Mortgaae,
<br />1bc IIll1lrance carrier providinll lhe insurance shall be chosen by Borrower subjecl 10 approval by Lender. pnMded.
<br />lhal such approval shall not be unreasonably wilhheld. All premmms 00 insurance policies shall be paid in the _
<br />provided under parasraph 2 hereof or, if IlOl paid in such manner. by Borrower makinl payment. when due, diteetI)' to die
<br />illSUtallCC eanicr.
<br />All insurance policies and renewals thereof shall be in form acceplable 10 lender and shall include a staadanlllKJl1llll
<br />c'- in favor of and in form aeeeplable 10 Lender. lender shall ha~e the rillht 10 hold tile po1icies and nmewaIs lIMnof.
<br />and Borrower shall promptly furnish to l.ender all renewal notices and all receip/s of paid pnmiums. ~n the cYCllt of -.
<br />Borrower .ball give prompt notice to the insurance carrier :and Lender. lender may make proof of 10IIII if not made pmmpdy
<br />by Borrower.
<br />Unlas Lender and Borrower otherwise agree in wriling, insurance proceeds shall be applied to restoration 01' ....... of
<br />the Property damqcd, provided such relloralion Ot repair is economi<:ally feasible and lhe HCIIl'ity of this Mortpae, is
<br />not lhereby impaired. If such resloralion or repair is not economi<:ally feasible or if lhe security of lhis Mortpp weuhI
<br />be itDpairecl. tll<: inluranec proceeds shall be applied to the sums secured by tbis Monpae, with the _-. if allY. paid
<br />to Borrower. if lhe Property is abandoned by Borrower, or il Borrower fails 10 rC$pond 10 l.cader within 30 da.,. frGtft die
<br />dale notice is mailed by Leader 10 Borrower thaI the insurance carrier offers to sel/Ie a claim for illSUtallCC btmcftts, l.cDder
<br />is authorized 10 colJcc:t and apply lhe insurance proceeds at lender's option eilher to restoralion or repair of Ihe PIOpIIItJ
<br />or to the sums sc<:ured by this Mortpae,
<br />UDIeas Lender and Borrowcr otherwise agree 10 wnting, any such appli<:ation of proceeds 10 principal shall not cxlClld
<br />Of' postpCJIIC the due dale of lhe monlhly installments referred to in paragraphs I and 2 hereof or cha. III<: _t of
<br />such inataJJmenta, If under parqraph 18 hereof the Property IS acquired by Lender, all ri&bt. lille and inlerest of Borrower
<br />in and to all)' inaurance policies and in and 10 the proceeds lhereol rClultinl from damaae 10 the Property prior to the sail
<br />01' acquiaitiou shall plIH 10 Lender 10 the extent of Ihe SUITI6 m;ured by Ihis Mortpac immedialely prior 10 .\Ida sale or
<br />acquiaitioo.
<br />6. ......., J.du _ M.....~ of Property; LcMdlekll; Condamllli_ .......... VIIit Dn..II._.... IIorrowet'
<br />slWI keep the Pro,cny in 1004 repair and shall not commit Wallie or perm" impalfll1Cllt or deterioration of tile Propeny
<br />aad IhaJl ~y with lhe proviaiooa of any le_ It this Mortlage is on a leasehold, If Ihis Mortgaae is on a UIIit in a
<br />cooGominillm or a plalllMd UlUt developmenl. Borrower shall perform all of Borrower's obltaalions under the dcdaruion
<br />or ~ creatine or go".rninl the condommium or planned 11011 developmenl, Ihe by. laws and rcau1ations of the
<br />cendomitUum or plMIaod ullit development. and constituent documents. If a condominium or planned unit deve~
<br />rMler is _VIiCd by IIorrowet' and recorded 10..ll1er wllh this Mortgaae, the covenanls and ..-S of such rider
<br />.. be iMOl'pOlalCd ilJlO and shall IImend and supplement lhe covenanl. and aan:emcnts of Ihls Mortlaae all if lhe rider
<br />_ II ~ henIof,
<br />1. I'toetKIhe of .......... SectuH)'. If Borrower tails 10 perform the covenants and .Ircemen.. contained in thi,
<br />Mortc.... or if allY mion or ptoc;uedill8 is commcnecd which materially alfcc:ls l.ender's inlerest in the Property.
<br />IlIeMlinc. but not limiICd 10, _iRllIll domlIin. I ntolvency , code enforcement, or arranaemcn\5 or procecdinll involvill8 a
<br />~f\lpt or dei:edcnl. then Lender all.eader'slIp/lon, upon notlCf' to OllrrOWer. may make luch appearal\i:.. dilburse such
<br />._ and lake ItWh IlCtion as II lJGGCC_)' 10 pro.""1 Lender'. 100lIr..t, locluding. bUI not limned to, <htbul'SlImelIt of
<br />n_llbIe al_Y'. f_ a.nd enlry llpo1l the ProperlY 10 make repaIr' If Lender required mortl!lIIIIll i"'lIran~e .. .
<br /><oo4lt_ of mHinll the loan _",ed by this !\tortlase. Rorlower .hall pay lhe premiums leqlllrcd 1" mah,tlllO such
<br />'_liMe in elhtt unlil ,UI;.h IIJ1lC aI, tile ~uiremcl1t for ",ch IOwrlloce lerminale' "' .ccordance wllh lJorN.\_r'S ..nd
<br />
<br />
<br />-.J
<br />
|