|
t,
<br />Urrxt~satttc~t C`avasav~raars. l~arror3er and Letadcr c,avenarat and tr rc.e rs follcaws;
<br />Y sDt aid Interest, Barrawer shall ramgtly pay where dale tht~ rtnct ~~,: ~ ~ ~ ~~ " ~.s :`:
<br />1 Pa aamnt of I'rinr~ip p p ~ p pal of and interest an the
<br />indebtedness evidenced by the Nate, pr~payrrient and later charges as provided ire the Nate, and the principal of and interest
<br />,,. on any ]Future ,~ldvaa'ces :secured by this Mraa•t~a~e. ,
<br />~I Z. Tun~rl~-far 'IC'nxesc and Insurance. Subject to applicable law or to a written wtaivet• .by i.Wender3 borrower shall pay
<br />to Lender an the day monthly installments of principal and interest are payable under the Naate, until the Nake is paid in fall,
<br />a Basta (h+~reir~l "Funds") equal to ane-twelfth of floe yearly taxer; and assessments tiwhieh, may attain priority aver this
<br />I+~c~rtgm~~e. zzn+ri ground rents- an the Praperty, if any, Pius ane-twelfth of yearly premium installments far hazard insurance,
<br />phis ane-tw,elt:tli~ of yearly premi~trrn. instatlrrrrr~nts far nacrrttga~e insurance., if any, all as reasanrll~ly estimated inxii;~lly and frazn
<br />.time to tin~P I>~ I.,extder on the basis of assessments anal bills and reasonable. estimates thereof.
<br />The Funds shall be held in an irastitutian the deposits or taccatrnts of which are insured or guaranteed by a Federal or
<br />state agency (including .Lender if Lender is such an institution). lender shall apply the Funds to pay said taxes, assessixients„
<br />insurance premiums and ground rents. Lender rraay not charge far so holding and applyint; the I~'unds, analyzing said account,
<br />ar verifying anel cartapiling saki assessments and bills„ unless Lender pays Harrower interest on the Funds and applicable law
<br />permits i,cnder to make such a charge. Borrower and .[..ender raaay agree ire writing at the time of execution of this
<br />Mortgage that interest an the Funds shall be paid. to Barrawer, and. utaless such agreement is made or applicable..law
<br />requires such interest to be paid:, I.,ender shall not be required to pay Barrawer any interest ar earnings on the Funds. t~;~nder
<br />shall ,give to Barrawer, without charge, an annual accounting of the Funds showing credits and debi€s to the Farads and the
<br />purpose for wrhich each debit to the Farads was made. 7'he Funds are pledged as additiatxat security .far the souses secatred
<br />by this Mortgage.
<br />if the axriount of the Faxnds held by t.encier, together with the futatre monthly installments of Fonds payable prier to
<br />the due dates of taxes„ assessments„ insurance prcrraiums anal ground rents, shall exceed. the amount required to pay said taxes,
<br />assessments„ insurance premiutrrs and ground rents as they fall due, such excess shall be, at. Borrower's optirrn, either
<br />promptly repaid; to harrower ar credited tcl Barrawer ore matathly installments of Funds. If the amount of the Funds
<br />beget by Lender shall not be saztficaent to pay taxes,. assessments, insurance premiczrns and ground rents as they fall due,..
<br />Barrawer shall pay to Leader any amount raecessarvr tc> make asp the defaciencv within 3U clays from the date notice is mailed
<br />by Lender to Barrawer requesting payment thereof.
<br />I3pan pa~ytnent in full of all sums secured by dais IVlortgal;e, lender shall promptly refund to Harrower any Fcands
<br />held b;y J ender. If under paragraph l li hereof the Praperty is said or the Praperty is otherwise acquired by i..ender„ Lender
<br />shall. apply, no later than immediately prior to the sale of the Praperty or its acquisition by l:.ender, any Funds held by
<br />Lender at the time of application as a credit against the Bursas secured by this Mortgage.
<br />3. Application ak£ Payments. Unless applicable law provides otherwise, all payments. received by l..ender a.ander the
<br />Note. and paragraphs I anal 2 hereof ;Shall be applied by l.~ender first in payment of amor.ants payalalc, to Lender key Harrower
<br />under paragraph ~ hereof, then to interest payable an the NNote, then t:o the .principal caf the Note, and then to interest anti
<br />principal on ain;~ Future ~4dvances.
<br />4. ~harge~s; Liens. Harrower shall pay all taxes, assessments <and c~sther charges. fines and impasitiaaas attributable to
<br />the T.'raperty irrtiich may attain a priority c}ver this Mortgage, and leaselaald payments ar ground rents, if any, in the rrrantaer
<br />provided undt~r paragraph 2 hereof or, if not paid in such manner, by 13orrowt,r making payment, when due, directly to the
<br />payee thereof , 13orrorver shall promptly furnish to l..ender all notices of arnaarnts due under this laaragr~ph, and in the event
<br />Harrower shall snake payment directly, Borrower shall prora`tptly furnish to l..ender receipts evidetaeing such payraaents.
<br />Borrower shall promptly discharge stay Beta which ha.s priority c7ver this Martga~,c; provided, that Haarrower shall not be
<br />required t.ca discharge any such lien. sa long <as Harrower shah agree ire writing to the payment of the ataligatic7ra secured lay
<br />sut:h lien in a manner acceptable to Lender, car shall ire. goad faith ce-antest such lien key, ar defend c;nforcemerat of sc.rch lien in,
<br />legal proceedira3gs which operate to prevent the enfcarcerne;nt of the lien czr forfeiture of the Pa°operty or any part thereof.
<br />S. lE~azarrdl Insurance. Borrower shall keep the impr•avements na~,r,~ existing car herr.al~ter er~ecte<i c7n floe Property itasrrred
<br />against lass by ltre, hazards included within the tertxr "extended ccavt:.rage°`, and such. ether hazards as l.,eaader ta~ay require
<br />atad in such aJrnottrrts and for such periods as Lender may require; prcrvids;,c:i, that Lc;ncli;r shall not rc>quirc that tlae tara;iorrtat of
<br />such coverage exceesi that amount of caveraf;e required tea pay the Burets secrared lay this M.artgage.
<br />The insurance carrier pravidirag the insurance; shall be claasen by Borro~~er srabject to apprav;al lay Lender; provided,
<br />that stash approval shall not Ise unreasonably witl^rheld. t't,ll premiums on insiartaract ptalicies shall he paid ire floe manner
<br />provided utidr~r paragraph 2 hereof or, if Trot paid in ;such matataer„ by Harrower naak.ing payment, when due, aiirec,t.iy tea the
<br />insurance carrier.
<br />All insurance policies and renewals. thereat' shall bL in f'car~rn <accepttrblt; to i..e.nciur zancl shall include a standard mortgage
<br />cia,use in .fever of and in form acceptable to L.ericier. l.,ender shad have the right tea hold floe laalicies tanci renLe~vals therecaf,
<br />and Borrowet° shall promptly furnish to Lender all renewal notices and till s~eceipts al' laaid larc:nair:rn°rs. In the event of loss,
<br />Bcrrrttwer shall give pran`rpt notice to the insurance carrier and l..encler. .l~.endcr• may rTaake proof of lass if.`, not n'rade promptly.
<br />by Borrower.
<br />Unless Lender and Harrower otherwise ak;ree~ in writing, insurance proceeds shall be applied to restortrtiori or repair cif
<br />t is srvpert,y% tial~zaaj~ed, pcc>vided such restoration ar repair is economically i`easibie araci the security of this Ivlc>rtgtage is
<br />not thereby impaired. ff such restarrrtiara or repair is not ec.onaraaicaliy feasilale c:r.r° if the security of this ~vtartgage would.
<br />be impaired, the insu,ran.ce prctceecjs shall be applied tcl flee Burns secured by this Mortgage, with the excess„ if tang, Maid
<br />to Barrawer. ll` the. lr'raperty is al•Yandoraed lay Barrawer, or• if Barrawer .fa:ils tc7 respclrrd to 1.,etrder within 3d days franc the
<br />date aaotice is mailed by Lender to :Borrower that the insurance starrier afl~crs tea settle a china for insurance benefits, l..erac#er
<br />is ~utharized eta callerrt anc4 apply the insurance proceeds at Lcndec's aptioti either to restoration ar• repair of tkrc; k'rol~.rty
<br />ar to the Banos secalred kry this rrtgage.
<br />L.7nle4s Lender azrd Barrawer otherwiser agree ia~ writing, any Brach applications of proceeds to prirac:ipal ~h<rll ;ntri extetad
<br />cis postpone the, due date of the. mcarathty installments refei-red to ire paragraphs I trrad 2 laereat~ ar change the annount oaf
<br />such irast;~llrrar;nts. If anodes paragraph. l i3 hereof. the Praperty is acquired lay i.,etader, all right, title and interest of Borrower
<br />in arrd to fortis irrst,arat~ce policies atad in and to t:he pra~ceeds thereof rr:sulttag frorrr daiaarage to the Property prior to the stile
<br />or Glcquisiti~ati: shall pass to:L.ender to the exECnat of floe surtrs secured lay this Mortgage inrinaecliatuly prior to such stile on°
<br />acrauisitiana.
<br />fi. llArestsrrr~itiort anti rtJtaintenanrae of I'rap4rty; l,easelllulds; tauriaininixtms Piauned Unit I)evcl>c~p>;neufb. k~ear°rrawer
<br />.hall krrs;p floe: 1raperty ire goad rt:pair and shall nc~t carrrtaait waste ur permit inalaairnaaerrt or det~ri.aratian of floe Prol~aerty
<br />a€acl shall c.i;anaply witi"t thc~ E3ravisiotrs caf` any lease if flair M.+srtgage is on tr It;ascltcrld: .lf t:his Mort~;tsgc: is oat a rrrait in r
<br />d•.c~rxdcarrairaitlral c_~r zr Ir;:nraned rrrait develcaptnc:tat, :13arrcrwer slaa.ll pcrforrra ail of C~orrawer's cabii,~trticans uatder floe cieclaraticlra
<br />or cc~venarrts crc;atiral; or ~c~vcrnirag the carrdarrriniutxt an` plar~arred unit dcvelopnaerat, tlTe by-laws and regrriaki.arls crt.' the:.
<br />~:axradar~airairrrrr car l~l~raraeref unit cie~reloprrrent, farad constituent docurne.tats, if to catadkrmitxiuna or pl.anaraed unit clevelc~hna~aetat
<br />ric},er is e~xrrc:utt.a,i rYy Barrawer Rrsld recon'ded tcagcthe;r with. flair J~9c}rtgage, the c.oventrrats annl tagrrwran~ients cl` Buell rider
<br />sta;:al.l Ire ;ractsrp'ir~at.a;d irrtey aklr,). afarrll arrre-ad and suppl+rrnecrt tlret ccavcrrants Land =kgn`ecarrrc;tats caf', this Cvlartgagef ;as if the.. r•icic;a.
<br />vrcre € TYtrrt frer~eaS.
<br />'~, i'rcrf~rcliiea~r crt' >tyerrder':>r ~i~crsrity. Iz" t#:a;,~ccfN c°r i.rilM ra p~rfcar'raa the. c<}v~.rxants arrci agraetneaats cantairac:d ire this
<br />.,.~:- i~/;Yr~,~Rd~;4:;, G'rr li 7TSy 6f C;~erCfrS t:?r' a7rl~(:ti;Ci.17i1~; ,: 4`(.i€3;tlrre`r#c:l:t} whEC,t', taakir~„"rd~i}t ;;ft1_i'rti I.++LNracleTvs 7t1fF,rC~;r era tilt; ~~'+?~~4'n"n~',
<br />irzc:Drrrfing, hrz~k ,~i~,l iirt~zite;rl r~, ~•rzailicrzt €Iara7;ain. rrr~~;l,}s~~,ti~;~. ti~<:~aisa ~:17~~,a~~r~~~zn~~zr. ar a )~rvrf?~rrr~rats oo~ ~rtcra:~E'eltal~„r, rtw't:Yl~:it~~~.7
<br />tasr:ra3t..r.r'I'=r. rxr' r~G~c~r~l~tit, shC=a7 1.,c4~de.r ss.t lcaa{~c;r" c~{?l~(J!), '~z1l~i7i ft~1t€t:~: i~1 ltatr'a~:iaWf;'r", ~?6:z4' tllia~ca .st.1;:i~ t1}~~«.trzzrt~.:{'h. +irtiTttr~~f.° ~,tl~~kl
<br />~;r.rr.'car }~rd ~#,~I~~, tirtt,l'S iititrf:Yrl it'.;. R~ t1['[;i,tiS~t.I~ ill 11t~![E~,1 l,~':IlfnDk'.a `f 1(lkC;dc.'~,j, !I?i.;}fliltlr}y, !'fi{l l1i?~ iir',rllr;t.i r,.?~ ~lE1}?l.iP':i+_'Iill'.11Z 1"Yt
<br />YR":R,~wt:?~Sa&~)~~~ yt~i,t~~C'I~~`~'}~'`~ -k~.i"urt~r~~~ d',i1~1~' t}13iia7 fll~ l~lt,rl'?,~.`it'q ~tv iYl;k'~~t,". I41?evil's 11 I ~'f;~~tS' ft.`-~.~jV.i?~I~1's.X I~I~'1i?(1~~1~k: t{'S4i}P;aCtit; ai`, :1,
<br />~'Q)iX'::~~t#Q~t~ sy~ It'tri~.~lf2 tl~k. }~dslt6 +4,4~:1C""~} ~")j t6)Ifi. ~Ir~~€f~.,j'~°, a'~<'?i,~tit~;i' 'rlirlt~ [?ikG t~rS i'+S"L'iYir3.rl~tkt r!.Cfi.[i;'t} ~,ai i'~lati'illt~'~3t4 4!'ir.'rk
<br />irY~~LbriirlL;k. ¢a$ l'~3E"..{'t t.l~lt11 *C.k~'.}') x.4,,361". .89 i'ti° iti.llli~)~"YEi~i?~ }SPX `.~ll~.It id~~iil}~1i64^,:: ti:t`[krr3t.lt~'.:, ;6D .x:«%~kfkL~t~.tik'+° ?•>i?}l ~~t't.''~±'.'S.''~'j .ii"tG
<br />
|