|
<br />I
<br />
<br />83- 005242
<br />
<br />~
<br />
<br />UNlPORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. hyment of PrIncipal and Interest. Borrower shall promptly pay when due the principal of and interest on the
<br />indebtedness evidenced by the Note, prepayment and latc charges as provided in the Note, and the principal of and interest
<br />on any Future Ad~ances secured by this Mortgage.
<br />2. FUIIds for Taxes and Insunnce. Subject to applicable law or to a written waiver by Lender. Borrower shall -pay
<br />[0 Lender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full.
<br />a sum (herein "Funds) equaJ to one-twelfth of the yearly ta,'!(cs 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-twelfth of yearly premium installments for mortgage insurance, jf any. aU as reasonably estimated initially and from
<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 chaTge 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 Jaw
<br />permits Lender to make such a charge. Borrower and Lender may agree in writing at ihe-- 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 earning~ 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 arc pledged as additional security for the sums seCured
<br />by this Mortgage.
<br />If the amount of the Funds held by Lender l' 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, ins.urance 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 thereof.
<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 [he sums secured by this Mortgage.
<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 un the Note. then (Q the principal of the Note, and then to interest and
<br />principal on any Future Advances.
<br />4. Charges; liens. Borrower s.hall pay all taxes. assessments and other charges. fines and impositions attributable 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, jf not paid in such munner, by Borrower making paymenl, when due. directly to the
<br />payee thereof. Borrower shall promptly furnish to lender allllolices of amounts due under this paragraph, and in the event
<br />Borrower shall make payment directly, Borrower ~haB promptly furnish to Lender receipts evidencing such payments.
<br />Borrower shall promptly discharge any lien which has priority over this Mortgage: provided, that Borrower shaH not be
<br />required to discharge any such lien so long us Borrower shall agree in writing to the payment of the obligation secured by
<br />such lien in a manner acceptable to Lender, or shall in good faith contest such lien by. or defend enforcement of such lien in,
<br />legal proceedings which operale to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
<br />s. Hazard losuntftce. Borrower shull keep the impcovemt::nts 110W existing or hereafter t::rected on the Property insured
<br />against loss by fire. hazards included within the term "extended ct..lVcrage". and such other hazards as Lender may require
<br />and in such amounts and for such periods as Lender may require; pwvjJed. that Lender shall not rCljuire that the amount of
<br />such coverage exceed that amount of coverage required to pay the sllm~ secured by this Mortgage.
<br />The insurance carrier providing the insurance shali ~ chosen by Borrower subject to approval by Lender; provided.
<br />that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in ihe manner
<br />provided under paragraph 2 hereof Of. if not paid in such manner, by Borrower making payment, when due, directly to the
<br />insurance carrier.
<br />All insurance policies aDd renewals thereof shall be in form al,;ceptabl~ to LenJer and shall include a standard mortgage
<br />clause in favor of and in form acceptable lO Lender. Lender shall have the right to hold the policies and renewals thereof.
<br />and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums_ In the event of loss,
<br />Borrower shall give prompt notice to the insurance carner and Lender. Lender may make proot of loss if not made promptly
<br />by Borrower.
<br />Unle.ss ,lender and Borrower otherwise agree in writmg, imurance proceeds shall be applied to restoration or repair of
<br />the Propeny damaged, provided such restoratJon or repair is economically feasible and the security of this Mortgage is
<br />not thereby impaired, It such restoration or repair is not economically feasible or 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 abandont:d by Borrower, or if Borrower fails to respond to Lender within 30 days from the
<br />date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender
<br />is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
<br />or to the sums secured by tbis Mortgage.
<br />Unless Lender aud Borrower otherwise agree ill wriling, any such application of proceeds to principal shall not extend
<br />or _postpone the due date of the monthly insullrnellls referred 10 in paragraphs- I and 2 hereof or change the amount (If
<br />such installments. If under paragraph .18 hereof the Property is acqwred by Lender. all right, title and interest of Borrower
<br />in and to any insurance policies and in and to the proceeds. thereof resulting from damage to the Property prior to the sale
<br />or acquisition shall pass to Lender to the extent of the ,Sums secured hy this Mortgage immediatdy prior 10 such sale or
<br />acquisttion~
<br />6.. Presen-ation and Maintenance of Property; Leasehold~; Condominiums-; Planned Unit )k,"clopmcnts. Borrower
<br />shaH keep the ProperLY in good repair and shall not commit waste or permit impairment or deterioration of the Property
<br />and ,shall comply with- [he provisioQ-s of aoy lease jf thi:; MQrtgage I'; on it Jcaschuld_ If this Mortgage is on it unit in a
<br />condominium or a planped_ unit development. Borrower sbaH perform ail of Borrower's obligations under the declaratJOn
<br />or cov~ants creating or governing the condomimum or planned \Joit development, th~ by-laws and regulalion~ of the
<br />condo.miJ:rit.,tm ,or planned unit development, and constiwent documents. If 11 cQodom;nium or planned unit dcvdopmenl
<br />rider. is' eJl.ecute-d- by Borrower and recorded together With ihis: Mortg:lge. the c-ovenants ~-md agrer:ments of such rider
<br />~l,~ incorporated into and shall amend and supplement the covenants and agreements of thil'i Murtgage as if the rider
<br />w!:tca part hereof.
<br />7-.- ,P,,~, of J...aaderta Security. If: ,Borrower fails It'1- perf1.1rm t~e covenanl~ and agrc~mcnts (.Qutaioed in this
<br />Mo~ or _1f ~y actioo QJ;, proceeding 1<S: commenced wl'llch O1atcnally affecls Lender-'s Intere.sl in the Pro~r-t}\
<br />-iuc4Kfioi,.-brit-_not limitcd_tQ~ eminent domain, i)l';K'JIyency, code enforcement. or arrangements. Of pfl'loCecdiogs in\'olvlng .3
<br />~_~Or-~~CIl1. then ,Lend~ at Lender's option, upon no-tice 10 Bo-rrower. may make ~Udl ap-pcaraucu. disburse .'Such
<br />SUInI a1\d- tU-t suth action- *-, )8 nec-es.wy to prot-e-et Lender's HHcrc,st. indu(hng._ but not Ilmlled hJ, dt~burscmcnt of
<br />f'C&$OttabJe. a1toJ;1;le)'"$ fees aod entry upon tbt: Property to make repaIr:$.. I f L~ndcr n:quired mortgage l!l\urancc- ;,1.. it
<br />cf)1)ditiOQ. of ~g tb4 Joan ~urcd h)' thl5 M_ongagc, Borrower :..i.hal! pay th~ pn::1nWfll-S- reqwred to maintaH1 3w.::h
<br />iuuratx4 i-n o.ft<<t until -\uch tirnt M fhe n:.q....irtmc.nt {Of su,h insurance t("uninatcs in ;1-c.:_('lrdaH\,,:_~ 'oI;';th .BQH~)Wcr\; tlnd
<br />
|