|
<br />I
<br />
<br />83-005194
<br />
<br />\T~Dti'ty(D\VJ
<br />
<br />l
<br />
<br />UNrFORM COVENA>."iTh; Borrower and Lender covenant and agree as follows:
<br />
<br />1. Payment of -Pnndpal' and Inter'C'st. l!orr(lWer shall promptly pay when due the principal of ~ll1d interest on the
<br />indebtednclJ,s evidenced by the Note, prepayment and latc charges as provided in the Note. and the principal of and- interest
<br />on any Future Advances secured by this Mortgage,
<br />2. Fultds foJ' Taxes and IMurance. Subject to applicable law or to a written waiver by Lender, Borrower. sha~.l- pay
<br />to Lende_r on the day monthly instaUmer1fs of prindpal and inlerest arc pay::;ble under the Note. until the Note is paid in full.
<br />a sum (herein "Punds") equal to onc.(welfth t.)f the yearly taxes and assessments 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..:~welfth'of yearly premium installments for mortgage insurance. jf any. all as reasonably estimated initially and from
<br />time 10 time-by under on the basis of asses."imcnts and hills anu reasonable estimates thereof.
<br />The Funds shalt be held in an institution the deposits or a~counts of which are insured or guaranteed by-.a- Federator-
<br />state agency finduding-b~nder if Lender is- ~uch an institution). l.ender shaH ap-ply the Funds to pay said taxes. assessments;
<br />insurance premiums and ground r<<'":'nts. Lender may not charge for so h01ding and applying the Funds. analyzing said' acCou~t.
<br />or verjfying and c(tmpifing said assess.menl... and bills.. unless Lender pays. Borrower interest on the Funds -and 'applicable-law
<br />permits Len~_er to make such a charge. Borrower and Lender mOl]' agree in writing at the time of execution -of this
<br />Mortgage that interest on lhe Funds shall be pilid to Borrower. and unless such agreement is made or applicable -law
<br />requires sUlZh interest to be paid, Lender ~h~111 not be required to ray BOr!'ower any interest or earnings O(l the Funds._, Lender
<br />s.hall give to Borrower. w,tthout chnrgc. an annual aCC(lullting ('f the Funds showing credits and debits to the Funds-and the
<br />purpose for which each debit 10 the Funds was llHhJC. The f'unds arc pledged as additional security for- the sums secured
<br />by thi, M<>rtgage
<br />If the amount of the Funds held by Lender. together with the future monthly instaUment~ of Funds payable- prior to
<br />the due dates of taxes. assessments, insurance premiums and gr-l~und renls, shall exceed the amount required, to pay,said taxes.
<br />assessments. insurance premiums and ground rents a~ they j all du~, such excess shall be. at Borrower's optiort. _either
<br />promptly repaid to Borrower or credited to fk1rrower on monthly II1s,lallmcnts of Funds. If the amount -of -the Funds
<br />held-by lender shaH not be sufficient to pay taxes, assessments, in...urancc premillms and ground rents as-they faU due.
<br />Borrower- shall pay 10 Lender ~lOy amount necessa.ry It) make up the deficiency within 30 days from the date notice ,is_ mailed
<br />by Lender to B>,'1rrowcr requesting payment thcrC(lf
<br />Upon payment In full' of ail sums secured hy this Mortgage, Lendt~r shall promptly refund to Borrower any Funds
<br />held by Lender. Jf under paragraph l~ herem' Ihe Property i.. ~(lld \)r ihc Pwperl)" is othefvv.i",e acquired by Lender, Lender
<br />shaH 3.pply. no later than jmmcdiatcl~ pnor to lhe !-'aJc pf the Property or its acquisition by Lender, any Funds held by
<br />Lender -at the tHne ~)f application as a l.:rcdit against the sum:-- secureU by this !\'1ongagc.
<br />3. Application of Payments.. Unlns .1prhc-abtc law pro\Cli.ks ,)therwise. .\ll payments received by Lender under the
<br />Note and paragraphs I and .2 hereot \h,\1I he apphc-d by Lender flfSt in payment llj amounts payable to lender by Borrower
<br />lmder paragraph 2 hereot. thet'l1O intcfC')\{ payable l'l1 lhl...' ~{lle. lhl;!1 ill Ih\,;' principal of the Note, and then to interest and
<br />principal on any _Future Advances.
<br />4. Chaq:es; [jens. Bvrr\,lwcr ,h;dJ pav ,il! :,l\~~_ ,l,>~c'i\;m('nb .lnd nttwr ,.:h.irgt;s. tines and Impositions attributable to
<br />the Property which may attain a prWnlY o',ler thi\ \1-.1ngagi.'. ;\od ka.::.dl\lld payments nr ground rents, if any, in the manner
<br />provided under paragnph 2. here-of ,'L jj Iwt paH.I In '1u<:n manneL by Borrower making payment. \!'-'hen due. directly to the
<br />payee then-'OL Borrower shi.lll promptiy furni.'\h h.l Lender all ljoll\:~s of amounts due under this paragraph. and in the event
<br />Born)wer shall make payment dir~.:tt\'. BornJ"" 1.:1' "hull pn1l11pll~ t\lrm~h 11) Lender receipts evidencing such payments.
<br />Borrower shaH promptly di~hargc any lien \-\hi(h h;-ts pHont)" \":CT Ihl., ~'tortgagc; provided. that Borrower shall not be
<br />required to dllichi.trge any 'i-uch lien -:.0 kll1!? .I~ Hl.Ifl'{l""..:r ,hid! ;t~n:..: in \qlling 1('1 the paynl~1H ~)i the obhgation secure,d by
<br />such lien in a n-l:Jont:r acc~p-tabh;: f(l l.t.:nder. !If .,bJ.l! lB ~');'Hj Ll!lh .:()OfC,>l "u..-:b lien by. or defenJ i!:uforcement of stich lien in.
<br />legal proceetimgs Whl~h -.Jperale h) prl,:vcnt th.,; cnforu:nH.'nl L't the In:n tlr [orfcilUrc of the ProperlY l)j" any part thereof.
<br />S. Hazard lnsunlnct. Borrower shall k~t;p Ihe Imphhcll\~nl" Ih-'\\ \;;,\i..llng ()! hereafter crcct~d on the Property inslIred
<br />agai1l$llo-SS by fire. ha.lard~ induJ~u vdthHl tilt: lerm ".c\lcnd~J L\."\t'IilgC.', and :-u,-"h oth~r hazards as Lender may require
<br />and in such amounls ami for ~u..:h txnod:') ,1":1 I t:mk'f nl;IY rC,-!:um:. pl'O"'ll.led. lh,lt L\:'nuer ~hall not require lhat the amount of
<br />such coverage c.\\:'~etI1hat aml}lHlt l'! (:(!\er.\gl.' r.:4uircd lit p;.t~ lh.: ~utn.. "t;l.;mt'u hy thIS MtHtgagc.
<br />The Jnsuranc~ .;;arrier providiug !he u}Sur;Jlh.:e ..,hall he dW;'i;{l by HHTnw.~r subject 10 approv;t1 hy lender: provided,
<br />tha.t slli;h approval shaH not be unf(:<i.')om\bty withhdd_ Ait plt.'HU\lm;, i.lO insuranc.; poliCies shall be paid in the manner
<br />p!o'Vided under paragraph 2. here!'"f (If. 1t Hf'lt P<w.! Iii ~H..:h lHliHIICI, h~ UOl f()\\t:r makIng paym~nt. when due. directly to the
<br />insurance carrier.
<br />AU insurancl! polidcs and ren~w,J!s lhcr~\\! ...h~tll he in hwn .h,-,:cl'labk It) L~ntkr ..md s.hall indudc a 'itilnJard mortgage
<br />clause 10 fal,lor d and lfl form a~c~pl~\hle ttJ Lcndl'L I xmk,r "hall h;.\\'c th~ fight 10 hold thr.: policies ano renewJls thereof.
<br />and Borrower -shall pr()mplly turmsh to.) l.end~~r all f~!h:....~\i lwth:!,,":., a.nd all ft':cci-pts of paid premiullls. In the event of 105s,
<br />Borrower shaU give prompt noHt.:c W the llbur.tn':l~ ..',trrt~r M'H.1 l.endl.'r. l cntkr may ma~e prool of loss if not made promptly
<br />by Borrower.
<br />Unle$S Lender and Bonvv,cr olhl'rWI~e agn..'1.' in ..... filing. m-.unU1I.:C prou.'.~d~ sha.ll be applied \() restoration or repair of
<br />the- Property dan1ag-cd, provi\Jed su..:h re~h)fatll~n or repair IS cl.'i.momi\,:aily t'e..slble and the security of this Mongage is
<br />!lot thereby impaired. It such fe-swraJlon or repair i5. :l":l{ e,'I,;l,lIKlmkally kasit)h; or ii the security of this Mortgage would
<br />be impa.i-red~ the insurance pft.lC-ee-d~ 'ih&U be applie-d to the s.urns sccur~d h) this Mortgage. with the excess, if .my, paid
<br />to Born."I-WeL If the Property 1$ -abandoned h~ BllfrOWCr. ur il Borrower fails w respond to Lender within 30 days from the
<br />date notii:e is mailed b\' Lender tt.) Borrower that the .nsuran,,~c ~~<Inicr ot1er:;; to seltk o.t claim for in3urance benefits, Lender
<br />is aut.OOrized to J;oUect an-d apply the insural};';~ pf1;~eds at Ll'm.icr"s opti4,.'H either to restoration or repair of the Property
<br />or to the sums secured by thi, Mo'tgag..
<br />Unless. Lend~T and Borrower othcr\\i~ ~lgree In lNfliing. any ~u~h applIcation of proceeds to pnncip~ll shall not extend
<br />or postpone lhe due date of the monthly instaltOlelll.~ rcierred to lfl piuag.raphs ! and '2 herc-Of or o..:hange the amount of
<br />sucb ins.taUmenbi. if under paragraph 18 hereof the Property is a\.:'4U1rcJ by Lender. all right, title and interest of Borrower
<br />in. ;md Ivan)" insurance policies and in and to the proce:ds t'1:reooi' resu!tmg from damag~ to lhe Property prior to the sale
<br />or acquisition shall pass to Lender lO the c:xtCDl of the sums secured by thi~ Mortgage immediately pnor LO such sale or
<br />acquillition.
<br />6,. Pns:tn'adoa.aad .\taiateU1l.II<< of Propet1}; Le-wtebolds; CondonliniuDls; Planned llmt I>n.elopments. Borrower
<br />~ _keep the Property in good repair and -sball not commit waste or permit impairment or deteriQralion o[ t.he Property
<br />IDcrshaU emnply, ",itb -the: provisiom of any lease- If thl$. Mortgage IS 011 a lCa.scrHJid. If thi~ Mortgage is on a lInit in a
<br />cmWoJUUuU[fl Of a _planned unit de_vek)pment, Borrower 'ih.dl perform aU of Borrowers obltgatioll$ under the declaration
<br />or .;o'V'(tJ1l.tlt8 ctcaMI or governing [he_ c,ondonunium {)f planned unit development, the by~laws and regulation~ of the
<br />~um Of planned unit deve:lopmC-lll. and constituent document:,>. It a t;onJominium or plannoo. ullit development
<br />,ri4ef,is.,~"by, 8oll'O'We!: ,and rectlnkd-Iogcther with this Mortgage. the cOVenan" _and agreements of ~mch rider
<br />Wltlil!li~ i<il!l an;! &ball amend and'upplcn"'ntthec<wenants ""d agreements of tbi. Mortgage a$ If the rid.r
<br />"'_l\~~.
<br />.1.; ~,,,,.........." -uril7. HSu"""",r faib ti} perl<lrlf\ tbe covenant> and agreemen15 contained in thi,
<br />M~. tIt.lt .~3~lonorpro""edmll " .emu",,,,,ed wh",I,. materially atfeet. Lender'. mterest in the Property.
<br />i~n.. but- AtrtAimitcd t-o~ enunent dmna.in~ inw-Jv~ftC).. e:ode enforcement. or arra.n-gemenb of proceedingiJ ,involving a
<br />batJkrupt OJ ~.t. tMil Len4c.r ~u. Lll'ndcr', optinn.~ H-P'-1."\ nmke 10 Borrower. may make such appc,anmccs. dIS-bUrs~ such
<br />~-___tak--~:;-*'f.f~> 4-1 ... ~ to PfOie-.;! l...cnder', H1te!n~. lnduding. bUl nOI liffuted tIJ~ J~shunemc-Ot of
<br />t~ ,~tV,,'tt~1~1 ~ a_nd_ ,cuff:)'. uP9P th~ Prop~:tlY to _mu.k~ r~_paH"S-.._ It Lcoocr requireJ mo.ngagc jl1~unmce >i\ .\
<br />,~ ~~ ~ln-I tbC 1Qatl _,st-~Uf~J by t~i, :Mun,gaa-<-- .R~:m:O'!\'cr i>hail pay .the premium" _ tc-qum:,:d h) rt1ilintauJ t,iJt:h
<br />~_~ ht,,~t ,f.t_I'\Ul_!il'.K-b uro.e as. fhc- ~U-!<<:rot:?{ let $.Uth Hl~Uian;;-e t1';f-mmat'~s ;0, aC~Qrdatll:c- WHh BD-tn.}wcr':. ..Jhi
<br />
<br />
|