|
<br />r
<br />
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. !'ayment of Principal and Interest. Borrower shall promptly pay when due the principal of and iuterest on the
<br />indebtedness evidenced by the Note, prepayment and late charges' as provided in the Note, and the principal of and interest
<br />on any. Future Advances secured by this Mortgage.
<br />2, Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shallpay
<br />to Lender on the day monthly installments of principal and interest are payahle under the Note, until the Note is paid in full,
<br />a sum. (herein "Funds"). equal to one-twelfth of the yearly taxes and .~'essments which may attain priority over. this
<br />Mortgage, and ground rents on the Property, if any, plus one-twelfth of yearlY premium installments for hazard insurance,
<br />plus one-twelfth of yearly'premium installments for mortgage insurance, if any, all as reasonably estimated initially and frOnT'
<br />time to time by Lender on the basis of assessments and bills and reasonable estimates thereof.
<br />The Funds shall be held in an institution the deposits or accounts 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, assessments,
<br />insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said. account,
<br />or verifying and compiling said assessments 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 writing at the time of execution of this
<br />Mortgage. that interest on the Funds shall be paid to Borrower. and unless such agreement is made or applicable law
<br />requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings. on the Funds. Lender
<br />shall give to Borrower, without charge. an annual accounting of the Funds showing credits and debits to the Funds and the
<br />purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured
<br />by this Mortgage.
<br />If the amount of the Funds held by Lender. together with the future monthly installments of Funds payable prior to
<br />the due dates of taxes, assessments. insurance premiums and ground rents. shall exceed the amount required to pay said taxes,
<br />assessments. insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option. either
<br />promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
<br />held by Lender shall not be sufficient to pay taxes. assessments. insurancc premiums and ground rents as they fall due,
<br />Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
<br />by Lender to Borrower requesting payment thereot
<br />Upon payment in full of all sums secured by this Mortgage. Lender shall promptly refund to Borrower any Funds
<br />held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acqUired by Lender. Lender
<br />shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by
<br />Lender at the time of application as a credit against the sums secured by this l\lortgage.
<br />3. Application of Payments. Unless applicable law provides otherwise. all payments received by Lender under the
<br />Note and paragraphs I and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
<br />under paragraph 2 hereof, then to interest payable on the Note. then to the principal of the Note, and then to interest and
<br />principal on any Future Advances.
<br />4. Charges; liens. Borrower shall pay all taxes. assessments and \)ther charges. fines and impositions attribmable to
<br />the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents. if any. in the manner
<br />provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due, directly to the
<br />payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph. and in the event
<br />Borrower shall make payment directly. Borrower shall promptly furnish to l.ender receipts evidencing such payments.
<br />Borrower shall promptly discharge any lien which has pnority over this Mortgage; provided, that Borrower shall not be
<br />required to discharge any such lien so long as Borrower shall agree in \\ tiling to the payment of the obligation secured by
<br />such lien in a manner acceptable to Lender, or shall in good f3ith .:ontc" such lien hy. or defend enforcement of such lien in,
<br />legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
<br />s~ Hazard Insurance. Borrower shaH keep the lmprovcmc:nts now c.\lsting l\l' hereafter en::c[~d on the Property insured
<br />against loss by fire. hazards included within the term "c:\lcndeJ ~......v~rag~". and sw.:h other hazards as Lender may require
<br />and in such amounts and for such periods as Lender may require; pn.1\!ideJ, rhat Lender 'ihall not require that the amount of
<br />such coverage exceed that amount of coverage n:quired to pay the ....ums secured by this Mongage.
<br />The insurance carrier providing the insurance shall he chosen by Borro\\ er subject to approval by Lender; provided.
<br />that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
<br />provided under paragraph 2 hereof or. if not paid in such manner. by Borrower makmg payment, when due, directly to the
<br />insurance carrier,
<br />All insurance policies and renewals there"f shall be in form acccplabie to Lcnder and shall include a standard mortgage
<br />clause in favor of and in form acceptable to Lender. Lender ,hall have thc right 1\\ hold the policies and renewals thereof.
<br />and Borrower shall promptly furnish to Lender all renewal nOllces and all receipts of paid premiums. In the event of loss.
<br />Borrower shall give prompt notice to Ihe insurance carrier and l.ender. Lender may make proof of loss if not made promptly
<br />by Borrower.
<br />Unless Lender and Borrower Ol.hCfVr'isc agre~ in "Hiring, in~ural1~c proceeds shall be applied to restoration or repair of
<br />the Property damaged, provided suc'h restcHation or tcpair IS cc','nomic,lIly feasihk and the sccurity of this Mortgage is
<br />not thereby impaired. If such restotation or repair IS not cCl1nnmi.:ally feasible ,\I if the security of this Mortgage would
<br />be impaired. the insurance proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid
<br />to Borrower. If the Property is abandoned by Borrower. or it Borrowcr fails Ie' respond to Lender within 30 days from the
<br />date notice is mailed by Lender to Borrower that the insurance carrier ofTers to seul(: a claim for insurance benefits, Lender
<br />is authorized to collect and apply the insurance proceeds at Lendcrs option either to restoration or tepair of the Property
<br />or to the sums secured by this Mortgage,
<br />Unless Lender aud Borrowet otherwise agree m wflting, any such applicalion of proceeds to pflncipal shall not cxtend
<br />or postpone the due date of the monthly installments referrcd to in paragraphs 1 and 2 hereof or change the amouUl of
<br />such inSlallments, If under paragraph 18 hereof the Property is a"Guired by Lender, all right, title and intetest of Borrower
<br />in and to any insurance policies and in and to the proceeds thereof resulting from dam~ge to the Propeny prior to the sale
<br />or acquisition shall pass to Lender to the e.'tent of the sum, secured by tbis Mortgage immediately prior to such sale or
<br />acquisition,
<br />6. Pluervatlon and Maintenance of Property; Lea,eholds; Condominiums; Planned Unit Developments. Borrow~r
<br />shall keep tbe Property in good repair and shaJJ not commit waste or permit impairment or deterioration of the Property
<br />and shall comply with the provis.ions of any lease it this ^'longage is on a leasehold. if this ~'1ortgagc is on il unit in a
<br />condominium ora planned unit development. Borrower shalJ perform all of Borrower's obligations LInder the declaratIon
<br />Qr 'co't~ts, cxeating or governing the condominium or planned unit development, th~ by.la\vs and regulations of the
<br />con4.~hli1..\n.1 or ,planned u.nit development. and constituent docurnent~, If a conoominium or planned llnit (Ic\'cloprncnt
<br />rider. is e...~ec\.lted by, Borrower and recorded together WIth this. :Vh)rtgagc, the covenants and agreements ~)f s,uch rider
<br />$baIlbl' in\:orpol'ated into alld shall amend and supplement the covenants and agreem~nts of thIS Mortgag.; as if lhc rider
<br />were a pan ~of.
<br />7. P~eI'llon of Lentin's Security. If Borrower fails to pcrf\)rm the covenants and agreemcnts contained in this
<br />. Mortpp:, or it any~actionor proceeding IScollllnencctl whicb materially affcels Lentler's mteresl in the Property,
<br />.~diq~ _bu~,..not lim.t-e~tlo~ ~mi-Oent domain. insoh'cncYI code enforcement, or arrangcmenl~ ur proceedings ,involving a
<br />bankruPt Qrd~('-dtnt, tbC'n Lender at Lender's option, upon notice to Borf<'wer. may make such appearance" dISburse "",h
<br />sums and t..e '&ucb 'aCliou 1U i5 necessary to protect locnlkr\ Interest. ll'h.:luding, btlt not limited to. di\burscmcnt of
<br />re~aI>!' atioqley"s f~s and entry upon the Property to make ,ep.i.." 11 Lender "''luirod n""'llage in"".n.:e as "
<br />c:9fiditiOti of ~ni tbe toM scC'U!:cli b)' thi., MVl1gagef Il()n~H,\'cr shut! pay the. premjuffiYf n:quired tt. maintain ~ul.:h
<br />iRlur4tiee: in cftoct until such time as the requi"rerncnt fOr ~u~h insunmce termim\.H..... .n -a'".'4;-.orda1H:c with BornJw~l'\ :.wd
<br />
<br />83';';;' 004487
<br />
<br />~
<br />
|