|
<br />I
<br />
<br />83-005261
<br />
<br />UNIFORM COVENANTS, Borrower and Lender covenant and agree as follow!>;:
<br />
<br />I. Payment or- PrinciPal and'lnfei"fst. Borrower shall promptly pay when due the princip;tl of and interest 011 the
<br />indebtedness evidenced by the Note, prepayment Hnd I[ltc ~harge.. as provided in the Note. ..nd the principal of and interest
<br />'on any Future Advances secured by this Mortgage.
<br />
<br />2. Funds for Taxes Rod-lnsurance-. Subject to applicable law or to a wriHen waiver by Lender, Borrower shall pay
<br />to Lender on the day monthly installments of principal and interest arc-payable under the Note, until the-Note is paid in fun,
<br />a sum (herein "Funds") equal to one. twelfth of the yearly taxes. and assessments which may attain. priority' over -this
<br />Mortgage. and ground rents on the Property, jf any, plus one-twelfth of yearly premium installments for hazard insui-ance~
<br />plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from
<br />time to time by Lender 6n the basis of assessments and hills and reasonable estimates thereof.
<br />The Funds sha1l be held in an inslitution the deposits or aCl.:ounts of which are insured or guaranteed by 3: Federal---or
<br />state agency (including Lender if Lender is :mch an institution). Lender shall apply the Funds to pay said taxes; assessments,
<br />insurance premiums and ground rents. Lender may not charge for ~() holding and applying the Funds, analyzing said account,
<br />or verifying and compiling said assessments and bills, unless Lender pays Borrower interest. on the FunQs'and applicable "law
<br />permits Len.der to make such a charge. Borrower and Lender may agree in wri1ing at the time. of execution' df." this
<br />Mortgage that interest on the Funds shall he paid to Borrower. and unless such agreement is made orapptkable' law
<br />requires such intercst.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 [or -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, togerher wirh 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 P;1Y said taxes,
<br />assessments, insurance premiums and grOtlnd rents as they fall due, sllch cxcc~s shall be, at. Borrower's option, either
<br />promptly repaid to Borrower or crediled to Borrower on monthly installments of Funds. If the amount of the Funds
<br />held~ by Lender shaH not be sufficient to pay taxes, assessments. insurance premiums and ground 'rents as ,they fall' due,
<br />Borrower shall pay to Lender any amount necessary to make up the Jeticicncy within 30 days from the date 'notice is mailed
<br />by Lender to Borrowcr rcquesting payment thereof.
<br />Upon payment in full of all sums secured by this Mortgage. I.ender shall promptly refund to Borrower any Funds
<br />held by Lender. If under paragraph 1 ~ hereof the Property IS '>old or the Property is otherwise acquired by Lender, Lender
<br />shall apply, no latcr than immediate!)- prior to the sale of the Property or its acquisition by Lender, any Funds held by
<br />lender at the time oi application as a credit against the sums secured by this Mortgage.
<br />3. Application of Payments. Unless applicable law provides othenvise. all payments rec:eived by Lender under the
<br />Note and paragraphs 1 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 \Jn the Nutc. then 10 the principal of the Note, and then to interest and
<br />principal on any Future Advances.
<br />4. Charges; Liens. BorrO\\icr "hu.lI pay .ill 1~IXC'i. ~Issessm~nts ;lOd other ('harges. fines and impositions attributable to
<br />the Property which may altain a priority over this Mortgage. and leasehold payments or ground renlS, if any. in the manner
<br />provided under paragraph 2 hereof or, if not paid m such manner. by Borrower making payment. when due. directly to the
<br />payee thereof. Borrower shall promplly furnish ro Lender all notices of amounts Jue under this paragraph, and in the event
<br />Borrower shall make payment directly. BOrrOWl.:f shall promptly fumi~h to Lender receipts evidencing such payments.
<br />Borrower shall promptly discharge any lien \\ hich has priority over this t\.'lortgag~: provided. th,H Borrower shall not be
<br />required to discharge any such lien so long as Borrower ~hall agrc.:c in \\Ti{ing to the payment of the obligation secured by
<br />such lien in a manner acceptable to Lender, or :;hall in gOl)d (ailh ,.'antesl 'ill\.:h lien ny. or defend enforcement of sllch lien in,
<br />legal proceedings which operate to prevent the I:nfon:emcnt III Ih~ h~n l)l' forfemlr~ of the Property or any part thereof.
<br />S. Hazard Insurance. BorrO\\'cr shall keep lhe improv~mcJ)b n(m c,\i~lmg or hereafter t:rccrcd on the Property insured
<br />against loss by fire, hazards. induded wifhin the lerm "c\tcnJt:J (,ll\~rage". and such other hazards as Lender may require
<br />and in such amounts and for sllch paiods as Lender ma)' rCYllire; pwvidcd, that Lender shall not require that the amount of
<br />such coverage exceed that amount \)f .:o\'erage r~qllire-u to pay the ~ums \c\:ured by this Mongage.
<br />The insurance .:arrier provjding the insurance shall be ~hoscn by Borrower subject to approval by Lender; provided,
<br />that such approval shall not be unreasonubly withheld. :\ll premiums on ilburance policies shall be paid ill 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 />insurance carrier.
<br />All insurance policies and rene\\ als thereof shull be in f()fJll a";l..:cpl<tbk Il) Lender and shall im:lllde a standard morlgage
<br />clause in favor of and in form acceptahle hl Lender. Le-nd~r shed! hu\c the right 10 hold the. polkies and renewals thereof.
<br />and Borrower shall promptly furnish to Lender all rc,n...:wal notices and all r~c~ipts of paid premium.... In the event of loss.
<br />Borrower shall give prompt notice to (he in~oran.:e i.:arric-l' and Lender. Lender may make prout of toss if not made promptly
<br />by Borrower.
<br />Unless Lender and Borrower other\\-i~e agrt:~ in writing, insurance proceeds shall be applied to restoration or repair of
<br />the Property damaged. provided ~uch rcstoratl()/1 or repair is economically feasible and the security of this Mortgage is
<br />not thereby impaired. If such restoration or repair is not c~on;.)mically feasible or if the security of this Mortgage would
<br />be impajred, the insurance proceeds shall be applied to the sums se;;:urcd by this. Mortgage, with the excess, if any, paid
<br />to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
<br />date notice is mailed by Lender to Borrower rhat 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 reslOration or repair of the Property
<br />or to the sums secured by this Mortgage.
<br />Unless Lender and Borrower \.)[hef\\,ise ag.ree III writing, any su~h application of proceeds to principal shall not extend
<br />or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of
<br />such instaUments. If under paragraph l8 hereof the Property is aC4uireJ by Lender, all right, title and interest of Borrower
<br />in and w any insurance policies and in and to the proceeds thereof resulting from uamage to the Property prior to the sale
<br />or acquisition shall pass to Lender to the extent of the sums s.ecured by this. Murtgage immediately prior to such sale or
<br />acquisition.
<br />6. Presenalion aQd Mainten~e of Pruperty; Leaseholds; Condominiums; Planned Unit De\'clopments. Borrower
<br />shall keep the Property in good repair and shall not commit \vaste or permit impairment or deterioration of the Property
<br />and Shan comply with the provisions of any lea"ic it this Mortgage is on n leasehold. If this Mortgage is on a unit in a
<br />condominium or is.- planned unit development. Borrower shall. perform aU of Borrower's obligations under the declaration
<br />or covenants creating, or governing the condominium or planned unit development, the by-laws and regulations of the
<br />condominimn or plarined unit development, and constituent documents. 1f a cl"mdominium or planned unit development
<br />rider, is,' eX,et.i-uJe9. by., B.9rrower, and r~c.ord.ed together with this Mortgage, the covenants and agreements of -such, rider
<br />.sball:~)~r~r~d.iJ;lt9 ~qd shall.amend, and supplement the covenants and agreements of this Mortgage as jf the rider
<br />",ere ~~.h~(:
<br />7~ ...~~~~ o:f l~sSecurjty_ If Borrower fa.il~ to perform the covenants and agreements contajncd in thi!'
<br />~rtgaJC~ or if. ap;r action or pr<<eedin&. is. cQmmenced whh;;h materially affeds Lender's interest in the ProperlY.
<br />i:ni:h,tding. but. not limited tQ, eminent domaiu, insolvency, code enforcement. or arrangements or pn.lCcedings involving a
<br />bankrupt. o-r decedent, then Lender at Lender's option, upon notice to Borrower, may make such ltp~arances, disburse such
<br />IUins ~~.'take Such ac,lkm as. is ~e..~ary to. prot,ect l..ender's int~rcs_t, including, but not lim~lcd 1\), disburst:rnClll (\(
<br />r~t~. att-qtne.,Y'-i.. ~ an9. entI:'Y upon lbe Pro,pcrt;' to make r~pi.lir5, If Lc,nd-cr ('".gulfed mortgage insuran~c a~ a
<br />CO,luli*R, 01. makjng~ th~ loan secured h)' this M.(;rtgas:c. B9rrowl~r shall pay the prc01iul1.h reqUIred 10 ruaintam such
<br />imurancc if) ~tfe~t until :such time, as the requireJnt'~t fot -!Ouch Insufal1(."C terminate... in aCt;ordanl:c Wllh Buft\)wer\: and
<br />
<br />
|