|
<br />~--° f1Cig35Q
<br />UNtr••onas Coverrerr7s. Borrower and Lender covenant and agree as follows:
<br />1. Payment p[ Pdor3pai attd Interest. Borrower shalt promptly pay when due the principal of and interest on the
<br />ittdebtedneas evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest
<br />on soy Future Advances secured by this ivfortgage.
<br />2. Funds forTa=ea and Inaunnee. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />to i.ender pn the day monthly installments of principal and interest are payable ender the Note, until the Note is paid in fu4,
<br />a sum (herein "Fuads'~ equal-to one-twelfth of 'the vearlp taxes and assessments which may attain priority over this
<br />Mortgage, and ground rents un the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance;
<br />plus one-twelfth of yearly premium insiailments for mortgage insurance, if any, all as reasonably estimated initially and from
<br />time to time by Lender on the basis of assessmentsand bills and reasonable estimates thereof. - -
<br />The Furtds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a FederaYor
<br />state agency (including Lender if Lender is such an institution). Lendershali apply the Funds to.pay said taxes, assessments;
<br />insurance premiums and ground rents. (.ender may not charge far so holding and applying the Funds, analyzing said-account,
<br />or.verifying and compiling said assessments and bills, unless Lender pays Borrower interest an 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 vn the Funds shag he paid to Harrower, and unless such agreement is made or applicable law
<br />requires such interest to he paid, Lender shall not be required to pay Borrower any interest nr earnings on-the Funds. Lender
<br />shalt give to Borrower, without charge, an annual accounting of the Funds showing credits and debits • tM Fords sod'the-.
<br />purpose for which each debit ut the Funds was made. 'The Funds are pledged as additionalsecurity for the sums secured
<br />by this Mortgage.
<br />If the amount of the Fends held by Lender, together with the future monthly installments of Fends payable prior to
<br />the due dates of taxes, assessments. insurance premiums .rod ground rents. shall exceed the amount required m pay said taxes,-
<br />assessments, insurance premiums and ground rents as they fall due. such excess shall be, at Borrower's option, either
<br />prpmgtly repaid to Borrower ar credited to Borrower on monthly installments of Funds. 1f the amount of the Funds
<br />held by Lender shall not be stdficienT to pay razes, assessments, insurance premiums and grvund rents as they fall due,
<br />Borrower shall pay to Lender any amount r,~..essary to :r.:tke up t:;e deficier:c}' within 30 days from the dare notice rs_ mailed
<br />by Lender to Borrower requeseing pavmem thereof.
<br />Upon payment is full of all sums secured by this Aiorrgage. Lender shalt promptly refund to $orrower any Funds
<br />held by Lender. ff under paragraph 121 hereof the Propene is sold or the Property is otherwise acquired by Lender, Lender
<br />shalt apply, no later [hen immediately prier to the sale of the Progeny nr its acquisition by Lender. any Funds held by
<br />Lander at the time of application as a credit against the sums secured by this Mortgage.
<br />3. Applitation of Payments. Unless applicable Saw provides otherwise, xB paymentx received by Lender under the
<br />Note and paragraphs 1 and 2 hereof shall be applied by Lender first m payment of amounts payable to Lender by Borrower
<br />under paragraph 2 hereof, then to interest payable on the Nnte, then to the principal vl the Note. and then to interest and
<br />principal on any Future Advances.
<br />d. Charges; Lleos. Burrower shall pav all ntxes. assessments and other chargek fines and ^npasitions attrihurable to
<br />the Property which may auain a priority over this Mongage.:utd Ieatiehold aayments or ground rents. if any, in the manner
<br />provided under paragraph 'hereof or, it nut pard to such manner. by Borrower makme payment, when due. directly to the
<br />payee thereoL Borrower shall promptly turnrsh to Lender ail notices of amounts due under this paragraph, and in the event
<br />Borrower shall make payment direttl}'. Borrower shall promptly Furnish to Lender receipts evidencing such payments.
<br />Borrower shelf promptly discharge env flee wfitch has pnorny over this Martgagr: provided. that Burrower shalt not be
<br />required to discharge any such lien so long as Bvmower shaft agree in writing to the payment of the obligation secured by
<br />such lien in a manner acceptable «: Lender, ar shall Vn good faith contest such lien by, or defend en(arcement of such lien in.
<br />legal proceedings which operate to prevent the entvrcemem of the ben or forfeiture of the Propetty or an}• part thereof.
<br />S; Hassid It~urance. Borrower shat{ keep the improvements now etiisung or hereafter erected on the Property insured
<br />against lass by fire, hazards mcladed within nc~ temt 'cstendad coverage". and such other hazards as Lender may require
<br />and in sects amounts and for such periais as Lender stay rcuutre; provided, that Lender shall not require that the amount of
<br />such coverage exceed that amount of coverage required to pay the sums secured Iry this Alortgage.
<br />•The insurance carrier providing the insurance shall he chosen by $ormwcr subject tv approval by L.endei; provided,
<br />that such approval shall nut be unreasonably withheld. ;\ll prctmums on insurance policies shall he paid in the manner
<br />provided under paragraph 2 hereof or, if nut pard in such manner, by Borrower making payment, when due, directly to the
<br />insurance carrier,
<br />Ali insurance policies and renewals thereof shall fw in form acceptable to Lender and shall mehrde a smndard mortgage
<br />clause in favor vl and in form acceptable iii Lender. Lender shall have the right tv hold the policies and mnewals thereof,
<br />and Borrower shall promptly furnish to Lender all renewal notices and alt receipts of paid premiums. In the event of loss.
<br />Borrower shall give prompt nonce to the insurance earner and Lender. Lender may maAe pr«,t of loss it not made promptly
<br />6y Borrower.
<br />Unless Lender and Borrower atherwrse agree m ivriung, insurance proceeds shall be applied to re toratian yr repair of
<br />the Property damaged, provided such restoration or repair rs economically feasible and the security of this Mortgage is
<br />not thereby impairal. If such restoration or repau is not economically feasible or tf the security of this btortgage would
<br />be impaired, the insurance proceeds shall be applied tv the sums secured 6}' thts Mortgage, with [he excess, if tiny, paid
<br />[o BorsoWCr, If the Praperq• is abandoned t?y Borrower, yr it Boric wet tails to respcmd to Lender within 30 da}'s from the
<br />date aotict is mailed by Lender to Borrower that the insurance currier offers to settle a claim for insurance benefits, Lender
<br />is authorized to called and apply the insurance proceeds at 1_cnder's option either «L restoration or repair of the Prvpeny
<br />or to the slims secured by this Mortgage.
<br />Unless Lender and Borrower arherwise agree do writing, any such upplieation of proceeds to pnneipai shall not extend
<br />or postpone the due date of the monthly installments referred w in paragraphs 1 and 2 hereof yr change the amount of
<br />sttch insialtttients, li under paragraph E & hereof rite Yrnpvrty is acquired by Linder, all right, title and interest of Borrawer
<br />in and to any insurance poficip sad in and tv ehe proceeds thereof resulting from damage tv the Propecn= prior to the sale
<br />ar aegttisition shall pass to Lender to the eaten[ of the sums secured by this Mortgage immediately prior to such sale ar
<br />acquisition.
<br />6. -Ptw~t•adon sad 4lttiatenanee of Property; Lerechvlds; Cvadominiutns: Planned Urtit Developments. Borrower
<br />shidl koep the Proptrty in good repair and shall not commit waste or permit impairment er deterioration of the Properq=
<br />and shalt Comply with the provisions of any lease if this Mortgage a on a leaxhold. If this Mongage is on a unit in u
<br />caadominittm ar a plenrted unit development, Borrawer shall perform ail cat Borrower's obligations ender the decJsraann
<br />yr cavenutts. sreatint or governing the condominium or planned unit development, the by-laws and regulations of the
<br />cartdaminium at planrL~ unit development, and conxtituent ,ice umettts. if a wndominium or plannesi unit developn?em
<br />rider is executed by Bosmwer and reerardcd together wnh this Mortgage, the covenants and agrcernentx of such riclcr
<br />shalt be incaxparated into ate! shall amend and suppianent the crnvenants and agreements oI this Mongage its tf the rider
<br />were a part htiratf.
<br />T. Prottctioa pt k.eader's St!twity. if Borrower Pails tea perform the covenants and agreentcnts caxttainad tit this
<br />Mtu'ti4t~, ar if any action oc psaceeding is commenced which matennlly affects Lender a uuerest iu the Prapert}•,
<br />ine#ua4ttg• bat rtw litaibtd tp, emittent domain, insvlvcncy, code cnfartxment, ar arrangements or pnLS=eedings involving a
<br />ixmkntpE ar desrai~tt: then Lander ru t.aadtr's option, upon notice ui $arrower, rnny make such appearaucrs, disbutu such
<br />atmia attd isix st+e~t ;!xaftm as is ueseasuy tv protect t.ender's interest, ini hiding- but not #im+ted to. disbursemrttt of
<br />ra a attptlatle}a feear and entry upon the P-apereq tv rnaka repmrs. It dander requited mortgage insurance as a
<br />xtiptt ai ataktng-lttp 1.•tan scctned by this Mortgage. Bom+wer shall f+a}° the prenuums ret)mred tit maintain siirh
<br />lttaitranee in etlact ttmi! sttch time as Lira regniremattt €or ,uch ittsurancn icrmmntes rat accaCdanCC w•uh $urrx,weis anal
<br />
|