|
<br />I
<br />
<br />83- 002566
<br />
<br />"
<br />
<br />UNtFOltM COVENANTS. Borrower and Lender covenant and .lgree as follows:
<br />1. PiIIyJm!nt of Prindpal 8JId Interest. Borrowef shall promptly pay when due the principal of and interest on the
<br />indeblcdness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest
<br />o';.any Future Advances secured by this Mortgage.
<br />2. ,Fa_for Taxes and I_ce. Subject to applicable law or to a \vrinen waiver by Lender. Borrower shall pay
<br />t()I.:e1ldilron the day monthly installments of principal and interest are payable under the Note, untHthe Note is paid in full,
<br />list;in',lherein' "Funds") equal to one-twelfth of IRe yearly laxes and a,sessments which may altain priority over this
<br />M(I~,and grollndrents on the-Property, if any, piUS ''fle-twelfth of yearly ,,,emium installments for halArd insurance,
<br />plus ~lf!h of yearly premium installments for mortgage insurance. if any, all as reasonably estimated initially and from'
<br />iil:mlto,time by Lender on the basis of assessments and bills and reasonable estimates thereof.
<br />TbeFunds shan he held in an institution the deposit, 'If accounts of which are insured or guaranteed by a Federal or
<br />slateasctlC}'rinc1udingl.ender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments,
<br />i~uran.<:e premiums and ground rents. Lender may not charge for ,,\ holding and applying the Funds, analyzing said account
<br />orvemyi/lg and compiliogsaid assessments and bills. unless Lender pays Borrower interest on the Funds and applicable law
<br />permits Under to malte such a charge. Borrower and Lender may "gree in writing at, the time of execution of tbis
<br />MOrtgall" thaI interest on the Funds sha.!l he paid to Borrower, and unless such agreement is made or applicahlelaw
<br />~ such interest to be paid~ lender 5haH n(,")l he required t(\ pay Horrower any interest or earnings on the Funds. Lender
<br />shaN-give to Borrower, without c.harge. an annual acc.{,'luotlng of the Funds showing: credits and debits "to the-Funds and the
<br />JlU~ for which each debit 10 the Funds was made. The funds arc pledged as additional security for the sums secured
<br />by this MOlfgall".
<br />If the amount of the Funm held by Lender, wge'her \\ilh the future monthly installments of Funds payable prior to
<br />t.be-due Wtites.. of taxes. assessmenfs, insuran"\.""e prCrTIlUfilS and ground rents, shaH exceed the amount required to pay said taxes.
<br />assesanents. insurance premiums and ground rents as they fall utle. ;;,uch exce'is. s.hall be. at Borrower's optIon, either
<br />promptly repaid (0 Borro\\-'Cr or credrlea to Born.1wer 011 n:\(lrlthly imaulhncnt.. of Funds.. If the amount of the Funds
<br />held. by Lender shaU not be sufficient to pay ra:o:es, as.;o;es.,...nu':nts. msurancc premmms. and ground rents as they fall due,
<br />BOrrower shaH pay to Lender any amount nece~'iary 10 maKe up the dctlclenn- within 30 days from the date notice is mailed
<br />by Lender 10 Borrower requC$ling paymenl Ihereof
<br />Up<'H-l payment 10 full of aU sums se.cured hy fiu~ Mortgage. lender s.haH promptly refund to Borrower any Funds
<br />held by Lender. If under paragraph 1 H hereof the Propeny h \1.".IJ (Ir the Property l~ ()-therw!<.;e ac-qUlred by Lender. Lender
<br />shall apply. no huer than Immediately prior to the ",ale or The ProperlY or ill> n~~qujsltion by Lender. any Funds held by
<br />Lender .it the time of application as it nedit agam!! the ,\um, 'i.t:t.:ured by thIS Mortgage.
<br />J", AppIkatlon of Payments, Unics..\ applicable law pr-onJes ~\lhe~-io;,c. ;:ill payments rCl'ei_ved by Lender under the
<br />Note and paragraphs t and 2 hereot sharI be applieu hy i c-n\kr tlf'\t In pJ) ment of amounts payable tQ Lender by Borrower
<br />under p:an&i'.rapn 2: hereof. lhen fO iOter-e~t payable- ~m the 'OfC~ :hen l() the pnnclpal of the Note. and then to inlerest and
<br />princ.pal on any Future Advances_
<br />4~ CIaarxes; Lie... Borrower ",h~H pay "Lit l~i..C'1o, ,ty.,-..'s.~mcnt'j and ~~ther (h;trg:e~, floes and impositIOns attributable to
<br />(be Prcl})Cl1)" which may aUam a pnority ovc; thi~ !\-h)ftgag~, <Hld lea-..chold paymt~nf~ or ground rent:,. jf any. in the manner
<br />provided under paraaraph 2 here!.t! or. tf rwt paH.i w ~tll.:_h J"'II.Juner. III RorH'wt:r makmg payment. when due. directly to the
<br />payee thereof. BorrO-W'er maU prompdy furnlsh tl) Lcu~kr ,lit HotH,':C,) 01 .,mounh due under [hiS paragraph. and in the event
<br />Borrowc-r sluUt make payment. dUC'i.:tJy, BO!"!t}....Cf .,,1:;<111 pt(_Hl)ptl~ fllnH,h to L~nJcr rc..:eipts ~\'Idcncitlg such paymc:nts,
<br />Borrower sha.11 plOIDptly dj~harge an)" hl.~l ....hi.....h ha~ ptl(}CiiV \~"'~r Itw,. \1ortgagc; pr()\'tded, that Borrower shaH not be
<br />required to di~ha.rJC: an}' ~uch h~n "-0 long ~l$ BOI'fo""ct ~haH agrce Hi ....Ill.lng In the f'>tynu~Ht of the ~)bligath..H~ sc..:ured by
<br />such hen lit it manner acetplable to L't"nUer, or ~halllil g~k~ fanh J,.;,-HHi.~,,;t sa.:h h~H hy. l~r det'end t'-ni{\tcement o( such lien in.
<br />Icaw proceediUI> wiuch (}.per~te h) pre\-'ent t~ c-nfur~cm\.'ni 01' ~he ii\."n ~~r h')I"IeHur~ llf the ProperlY or an)' pan thereof.
<br />S~ 1Jaurd~. 8orrow(:f -.hall k<<-p the imp...J\~fut:nh fh.'..... C\i~hng ()f h~rcdt'lcr erected \.-~n the Prt)pcrty tfi$UR>-d
<br />aJ3iQS.{ 10$$ hy tire~ h-au.rd!o mduded \\ilhm the term "c\tctH.:kd i.:\.J~\.'t<1!;'~" ,tlul \\I(h \.)ther haz-ard~ a~ LcnJcr may n:t.{uirc
<br />and in such amounts anti for su...;h ~ni..~':" ~h Lendcr may n:\.j;i1tft'. rn~"-lde,i. that 1 Cnd'l"f 'ihaH not require that the amount of
<br />s.uch C'"vv-e-fagc- exce-cd HUll iifnui.iiH {)f Hn-cfa:ge n~qUlre'd i:O POl} {he ..WH.. "'~"-;IIll:d bj' lht~ Mon,gage.
<br />1M iU$utant:e carrier p-nrviding the m'Sura.n~(..' ~h4H he- l.:h\.l~fl by Borh.w~er Stlb}cCl to apploval hy Lender; provided,
<br />that such appro\'al -<i:haU oot be lmreasvnabiy ,,;,:ithheld.. AU prenHUi1h ~'1O insufi.in~e p~)Ik.:-'t;;'~ ...halt be paid Hi [he manner
<br />provided under paragraph 2 he:rwf Of. il not p.alJ !::It :-i.,KO i'naUilef, t.j Uorn:w.er makmg paymem~ when duej directly to the
<br />insurance carrier.
<br />~"" in:$UraD\:-C' poticie'i and renC\\-afS HtCf1;\.H \hacli he in fouli .h.:<.q114bk t;,'1 L-t"u...kr anJ shaH lfldude a ,>>wnJanJ mortgage
<br />clause in_ fa"'or Qf and In form i&I,;~cpt..hl( to Len~kL I t:"~lu~r ",fMH h,i\'~ {he right l\.} h(\jd the p\:l-tkies .:md renewals there-Dr.
<br />and Borrower sh.aH promptly {urnlw to Lender aU reilt:\A.-al H\.Hh':\':\ .md illl n,:,,:-clPtS. ol pJ:lld pn:mium\. In the event of los-s,
<br />BorroweI shail gtve: prompt H'i,,)1l\:-c UJ the m""uranc~ carner .H1U l_cnJ\:I _ Lenuer H\a~ m..io..c pro..)1 l}f loss. if not maue prnmptly
<br />by Borrower.
<br />Un.I:eu lender and Borrower otht:'rwj~ a.gf(~, Hl '.\nnng. m~Ufail",:i: pIO(:C~"t." :sh;tH be applied to rc~toration or repair of
<br />the Property damqcd. pr1..l-,,'jded su~h re~h.)fatil,)n vr ! cp.ut ;') c~.)IH)mi"'..tHy IC;;l~lhlc and tht~ s.e~urlty of this ~-fo-rl8agc IS
<br />not tbere-b). iml\at.red. If su~h re!>h.ltatlon or rep..ur I$. lI\'t t,'\.'on-\lJUi<.."~dly tca.stble or it the ~t.'t.:unty -llf thiS Mortgag~ would
<br />be. impairedt the insu.rance proceeds shaH be: ~l,pplied to the :t.um~ :'ol..'\:-ureJ b) this Mortgage. with the c:\ce:-.s, if any. paId
<br />to Borr-QWcf. If tbe. Pr(ipen~ is abandoned h) I:kHh_!w~r. ...}r 11 BOJfO\\-t:r talh h} r~plJnd h). Lender within 30 da}s from the
<br />date notice is. mailed by under to Borrower thai tht." lmuranr.:-t," .;,:.arrlcr oHen h) \\cHic il cla.im (\)r msurancc benefits, Lendel
<br />is authorized to -collect and apply the ilUUrani:~ pn..1CceJs. d.t Lender's.- optt-oo caher to res.lOraHOtl or repaif of the Property
<br />or to thesutQS s""ured by this Mortgage.
<br />UnlCS$ L--ende.r and Borrower otherwise agree Hi \\ntmg. an) Hi\..:h applic~u!Ofl i...~f pn:,w.:ceds to pnncJptll shall not extend
<br />Of postpow: tilt due_ da,tc of the monthly tnslallmcIth refcrred to In paragJ:aphs i and 2. here-of ()f chang.e lhe mnount {)f
<br />s:uch iQ$lallmel1lS. II undel parag.rapb is hereof .he Prvp.:rty " ilc,\\llfed b; Lender. ,,11 fight. litle and inlerest of Borwwer
<br />in and to any il'l8Ufance policies and tU and to the proc(..~ili. thcr~~f f~uhtng trom damage t{l the Property p-rivf to the s.ale
<br />or .ac.qul50ition shall ~ to Lende.r to the e\..(eut ;.'1 the sum~ ~lt:curcJ. b) thi~ MiJngagc lInrneJtately prior hI ~uch sale Of
<br />,,~tion.
<br />6... ~ aod MlliDt_e of !'."pertJ; !.easeb..lds; C..ndominiums; !'llllUled LoU lh'el..pm.nts. BorrO\\.r
<br />sh!dI. krq>.the Property in good fe!,,,ir and shall om commil waste <'r p.:rmit lmp"lTmenl or deleriotatio" oi the Prop.:rry
<br />~:'-'h.aU -c9mPl-~; \\'ith the P~Q~mons of any lease if thIS M(.'rtsag1;~- l~ ~)O a _lca.s.ch01d. .rf thi~ Mortgage is on ~I unit in J
<br />~iitiutn (If a planned unit dte\'-Cklpfil~llt Bi)ffow-er ."half txrform aU (>1 Borr\)\\-e(~ phhgatwns i.Hld~f tht: dcdaf a.tl~)n
<br />or ~~ c-ruling ot governing; tbt; c(lfl:dominlurn L'lX" p-liu1nf."d Bnit dcvd,,\fHHt'H-t. the fr:,,-,!;,s\\.'s and n:snj.\ll(lfl:\ l}f the
<br />~~-or_,~nn~ unit,devc.tof:Olen~~_ .and ~l1nstiw,.c-nt dOCUflll.:rHS. If Ii {,,>l)thh_.Hfunium (Jr planned unit -:kvdopment
<br />~-,ls ~~u~ _ by Ikttro-wc:t and_ recQr-dcil H.:"f&'ethet \'nth thts M.Jngag-c! Iht l,..ovt;:t).anb ::~no agreenll::Hls. (~t ~\Kh nder
<br />~:~~}~~qt;pqr~ iOl~_ and,~n amend :lad f\Upple-llll:Ol the ~oven3nt~ and ~y:rt.'emcnts of thl':~ M,ong.a~t'" as. it the rid.cr
<br />~..~~-
<br />,~-- ~'of ~r"8 s.na.~_t 11 twrf(n\'er hH~ tQ pcrt\-.rm .he COvefian1:~ ftUU ::igr'i.te-ment$. ,,-Ot)t\iained m fhlS
<br />~Q/1(ll~<l(lf any jilltit'ln.orptoetllldiul!. i\ .,"omtnellccd wlu~h materially "If,,~ts Lemler', ",[ere>! in the f'r<'l"'ny,
<br />me~.-~t.,~ ,~ted.,. tOol ~i-,.n. ,donta.in, .H'fS(.1h~t;nc)"-~ ~;,""),d~~ enfor-ccmcm, m' arra,pgcmenb \)f prn~:~t.-djni!"\, HwolvUl-lt a
<br />~_ ~ ~tf the"I -l~ at tClJ4cr'-\_ vpt~~)~~. Upt,'-t'I n-ot.u:e, h) Born1we-r~ nu).)' rrul.ke sucha.ppcaru_n\.'e~, i.h;;bUlW ~\h.:h
<br />~ :~, ~ ,~: act,lOfi Ai it. _~eMflfY ~{) P:f(J.{c<::{ Lcutk_(s mNtCii, HtdHdm~, _ but ,n(~ hn;\lt(';j to, ..h'Sbur~t:ITit,,":nt ot
<br />~~__ ~!'t, t~ and M~r., upotl- t~ Pntprny to m,ak~c rt'-r-QI_r~ If Lender f"equin~-d m(~ft&:.~ itt~UUrK,~ a... a
<br />~~ 01 -~~ _ tbC _ ~n, _,~'~ by I,h.'i__ _Mi,)tt,la~_._ Bc"rnl~'i:r $.h..11 p->>.y H~( p-l'emh..mu; a."qi.ured t() t-naJnLHH \lKh
<br />~~ in ~4 utttu *t<<:,b tUne ,lJ.,~ the requut.'tnttI.t f<< <;..uch H'l~-u-ra~ tennm~h::.~ Hl a'(-\")rl~H1",'C w~(h B-unnwer\ and"
<br />
|