|
<br />I
<br />
<br />83- 0,08202
<br />
<br />L
<br />
<br />U!'llrllRM CnVL:-"A:-.lTS. Ih1rr(IWcr and LcnJcr L'ovcn~nt am! agr~6 as fqlfows:
<br />
<br />I. Paymcnt of Principal and Interest. Borrower shall promptly pay when due the principal of ,HId Interest Oil the
<br />indchtcdnL'~~ evidenced by the NOk, prepayment and late charge!" as provided in the Note, and the principal of and interest
<br />on any Future Adv<incc~ set:ureu by this Mortgage.
<br />
<br />2. Funds for Taxes -and Insurance. Subject 10 applicable law or h) a written waiver by Lender, Borrower- Sh3~1I';p~'y
<br />to Lender on the day momhly in~i:,Ilmcnls of prindpal and infcrcslarc payahle under the Note, until the NotC' is 'paid iff full,
<br />a sum ,(~crcin "Funds''') equal to l)nc-lweJfth :of ,the yearly la.xes 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 h~zar:d inS\lrance,
<br />plus one_-twelfth-o{ yearly premium installments for morrgage insurance. if any. all as reasonably estimated initially and_f,rom
<br />time to time bv Lender on the basis of assessments, and bills and reasonable estimates thereot
<br />The Funds ShHU he held in an institution the deposits or accounts of which are insured or' guaranteed by a Feder-af-or;
<br />slate agency I indudfng-Lcnder if Lender is such an institution), Lender shall apply the Fun.ds to pay said'l3xes, -assesSrrie:nts,
<br />insurance premiums and ground rents. Lender may nOl charge tor so ~olding and applying, the FU,nds, analyzin.g ~aid,ac,count.
<br />or verifying .tnd compiling said ilssessmenl'i and hills. unless Lender pays Borrower interest on the Funds'~and appli.cable Jaw
<br />permits Lend~r to make such a ..:harge, Borrower and 'Lender may ngrcc in writing at the time of executi?,n:: -of this
<br />Mortgage that inlcresl nn the Funds shall he paid to Borrower. and unless such agreement is made or appli'cable: law
<br />requires such interest to he paid, Lender shall not be required to pay Borrower <lny interest or earnings on. the Funds." Ltmder
<br />~hall give tn B,1rrower, without charge. an annual accounting: of the Funds showing credits and debits to Ihe Funds -and the
<br />purpose fM w~lIl.:h each debit to the Funds was made. The Funds arc pledged as additional security fo~ the sums secured
<br />hy this ~'1ongagc,
<br />Jf the amount 'Jf the Funds held by Lender. together with the fmUTe monthly installments of FtlOds -payable prio"r to
<br />the due dales of taxe.., as~cssmcnlS. insurance premiums ~lT1d ground rcnrs, shall exceed the amount- required to pay said taxes,
<br />assessments. insuran..::e premiums and ground rents ;is they fall duc, stich l:'\ccss shall be. at Borrower's option, either
<br />promprly repaid to BorrO\'-'er or credited to Btirrower 011 monthly installments of Funds. If the amount of - the, Funds
<br />held by Lender ,hall not be sufficient to pay taxes, assessments. in'amlncc premiums and gronnd rents as they fall due,
<br />Borrower shall pay to Lender any amount ne.:cs-s,lry to make up the deficiency within 30 days from the date notice is mailed
<br />hy Lender to Borrower requesting payment thereof
<br />Upon paYr.1cnt m full of all sums secured by this MOrlgage. I.ender shall prcmptly retund to Borrower any Funds
<br />held oy Lender. If under paragraph 1 S hereol the Pn)pcny IS- si)ld or the Property is otherwise acquired by Lender, Lender
<br />shall apply. no later than immediately prior to Ih~ "ale of the Property or its acquisition by Lender, any Funds held by
<br />Lender at lhe Itmc 0f application 3S a LTcdit against the :-,ums secured by this Mortgage.
<br />3. Application of Payments. Unles,s applicable law pr("wides l)therwisc. ~lll payments received by Lender under the
<br />Note and paragraphs I and 2. hereof shall be applied hy Lender tirsl III payment of amounts payable to Lender by Borrower
<br />under paragraph 2 hereof. then to interest pay.\ble on the ~Ok. then hi thl.? principal of the Note, and then to inlerest and
<br />prinCIpal on any Future Advances.
<br />.... Charaes; tie-ns. RflITO\~CI "hall pa~ .dl 1.1'\\,;" ,1"'''L'..;"nIL'nh ,ltld lith....r ..'h~lrges. nn~.., ;tllll 11l1posiliOns attnbutable to
<br />the Pro pen)' which may attain a pnnrity ('iver Illl" :\hH'tg.I!!C. ;Hld lca.,dwld pa~'m~nts tlr grolJnd rents" if any, in the manner
<br />provided umla paragraph .2 h..:-reof l'r, 11 not p:.ud III <"u-:h Ill;Ul!H,'L h~' Btlrrml,-cr making payment. when due. Jirectly to the
<br />payee lhen~of. Borrower ~hall prumpily 1 UfI1l:-.h II) 1.~l1dcr all llt1lH:~S lIt amounts du~ under thts paragraph. and in the event
<br />Borrower shall make payml:m till'l:..:rh. lh1tTlH\a .,hall rwmpll~ illllli"h Il) I.\.'mler r....l.:eipls cvidencing such payments.
<br />Borrower shall promptly di,:-,\.'h,llgc an~ hen \\/111.:11 has r'nl)nt~ I'\~r this :\111ng:age: Plll\'llkd. lh:u Borrower ~hi.ill not be
<br />required to discharge all)- ':r-uch iicll \l1 I~)ng ,l~ Bnrrtl\~t..:i ..han ,le:l't..:..: in \\ lll!ll~ 1.1 (hI.: payment of the obligation ~ci.:ured by
<br />such lien in a manner accl."ptabh::!{) Lender. i.H ...hallln _~",--lJ Lllth ..',Ink'" "\I,,:h h~1l hv. or lkfcnJ cnft1rcl:mcnl of such lien in,
<br />legal pflKccdmgs. whK""h operate fl.l pfl'\l'1l1 th.: I.:llt~)rl.:l'IllL'n( (\j tilL' ill'n ,1r it)rtclltlr.: ni tht: ProperlY (ir any part thereof.
<br />5. Hazard In.liurance. Bt1flO\\I.'r ,hall h~~p ill.: !lllprY\\t:llknh 11\\\\ L"q..,IHlg ,11' hereaft1.'r cn:CICU on the Pr.'pl!ny insured
<br />againsllo~s by fire-, halan.b indtlJ~J \\llhlH the t.:fIl: "~-"'le1llkd l-'-'\....!;.I~1.: ' and .,il..'h other hazards as l.~nJ('r m.ay rel.juire
<br />and in su~h ~lm(nll1ts ~nJ tor "'l...'h pt:'fI~)ds ~b LCilJL'J n1.tY il:qulrc, l'f\l\llh:d. thai LClldl.:r "hall not n:quire th;.u the amollnt of
<br />such coverage c:\L'~ed thai aOll)Uill 1)( (l\\t:f<-lgt.: r..:''-llllr~u Ii' Pi\.\ lh\., \-um.... .,t:":llr....d h~ Ihl'-, ~1on!!agc.
<br />The insurance .:,urier providing [he insman.....:- sh.t!l be ~'h(l,>r.'n hy B(1fro\\I.'r ~\1bj(,(1 tn ,-lppruval hy Lender: provided.
<br />that such approval shaH not be unreast)ndbly \\ ithheld \ll [ll'CflHUllh \'11 in,>uriilll.:c ptlliclr.'S :-,hall be paid III th~ manner
<br />provided under p;u'agraph ? hcrcot or. it 11LIl pau..! 10 "'1.1(11 !ll:J;l1ncr. h~ lll\rrO\\cr maKIng payment. \\'hen duc, tl1rectly to the
<br />insurance carrier.
<br />AU insuranc~ poJicie:, anJ rcnt:\\'als thert:l.l! .,h:dl bl..' in fl.H'll1 "......:cpt.lbh: tLl I. ~lhkr .lTl\i ...h~lll 1l1dlll.k :1 'll.tmlard mortgage
<br />clause in favor (if and in f~lnn a\;(~pIable hi Ll.'nd~l. I \.'IH.I..:r ,h,tii h;l\\.' the fig hi tli tH1ld the Plllicies ,wd rcnc\\;jh thereof,
<br />and Borrower sh:tll promptly furnish h.' Lend~f all rcm:....,t1 l1t1(I~l''l ;l1\~1 ,Ill r,~"'clpts (It p<liJ rremillllb, III the e\'ent of los.~.
<br />Borrower shull give prompt noU.:C' lli Ihe in~UI.lH':L' ..:arnl:[ ,md I.CllJl'l, I.cn~lI.'r ma~ mal..C prl10l ()f loss It ~lllt made promptl}
<br />by Borrower,
<br />Unless Lender and BOrrtn\~i Lllhcf\\ t\C agrel.' ill \\ flung. 111'0111 an..c, pro..:ccd~ shall be applied to rc~ttirali~1l or repair ~f
<br />the Pro-peny damage,d, pwvlded ~U\.:h re~lOralli.ln or n:palr I... Cl:linOmJ..:;ill~ 1('~I~lbll.' .\nd Ih..: "e~ul'ity of thiS ~1ongagc 1"-
<br />not thereby impaired, If su~h rest..)r.ltIDn or n::palr 1$ n,H t::":l'Il\)mh.".J.ll~ t....asihie ..)I" If the ::'CCuriIY t\f thiS ~'lurtgage \\'ould
<br />be impaired, the insurance prv,ceds shall be appli~d tu the sums :.cclJr~J b~ {hiS ~h)rtgJgc. \\'lIh tht: C\CCSS, if ;lny, paid
<br />to Borrower. If the Property is ':'lbanJl'11ed h~ Borrower. or II HOrr1)Wer Jafl'l l~) res.pond to Lemkr within 30 days from the
<br />date notice is mailed by Lender ttl Born.l"-'cr that the Hlsuran..'c carrier otfers h) settle ,1 claim for ln~urance- helle-filS, Lender
<br />is authorized to collect and apply the in:.uram.:e rrocced~ J.t LC'nJ~r:. Dption ~llhcr to reswr.ltioll 0f repair of the ProperlY
<br />or to the sums $~l,;ured by Ihis Mortgage.
<br />Unless Lender and Borrower l.1thef\-\ isc agree in wnung. any su.:h applh..'ation of pro;;l'cds to prtn~lpal ~hall not eXlcnd
<br />Of postpone the due date of the monthly installmenls rderred (1) in r3ragraph~ I and 2. hereof or change the amount of
<br />such installments. If under paragraph 18 hereof the Property j~ aC4111fcd by Lender. all nght, title and interesl of Borrower
<br />in and to any insurance policies and in and to the pro;.;et:ds thereul resulting fnHH J,lmage to the Property prior to the sale
<br />or acquisition shall pass to Lender to the extent of the .sums :-,t:curcJ h) this ~h)rtg<.1gl.' immediately prior to such sale or
<br />acquisition.
<br />'" Presen-alioa aud :Maintenance of ProperlY; J~eas.cholds; Condominiums; Planned l!nit Dt'\'elopmenls. Borro\.\;er
<br />shall keep the Propeny in good repair and shall not commit ",'astc or permtt impairm~1H or deterioration of the ProperlY
<br />and shall comply with the provisions of any lease if thl:-' Mongage is ('n a It';tschold. If this Mortgage is on a unit in a
<br />\;Oll.dominium or a planned unit development, Borrower shaH perform all of Borrower's obligatIons under the JeChtratloll
<br />or covenants creating or governing the conduminium or planned ullit developmellt, Ihe by-laws and regulations of the
<br />condominium or planned unit development. and con:.htucnt document!>. I [ a t.'outlominium or planned l1nit development
<br />rider -is. ~ecuted by_ 8Qtrower and recorded together WJth this Mortgage, the covenants and agrc.cmeots of such rider
<br />..hall bcjncor~aled ,into. and shaH amend and ~uppk01ent the covenanls ;'UHJ agrce:ments 1..)[ lhlS MOf(gagc as If th~ rider
<br />were "pl\fl hereof.
<br />7... _ P~~_Q:,of l...eudt~~~ ~urit)'._ Ii .B(~rrower fails to perform the coven,ants. ;Hul agreements L'ontailtcd in Ihi~
<br />Mortaa-ae, or if any action .IJf ptoc~eding IS (.:ommcn~ed which nlutljrlally affects Lender's inlcfcs[ in the- ProperlY,
<br />loouding. hut not limited to; eminent- dl,.~main. in~ol\'ency, code enforcement. Dr nrr31lgcmenls or prlx::eedings lf1\'ohing a
<br />Da,Qkrupt ur d(:\.-~i.lcnt. then Lender aT. .Lendcr\ optfOll, upon notice to Borrower, may make ~uch appcar.Hlcl~S. dlshurse ')u(h
<br />,"unu. and take :s.~h a<:tioo as is. IlCCeS.~aI)' to protect Lender's Interest. in<:ludwg. bLlt not limited w. dabur::.cmcnt flf
<br />rea$(nuw!e _ attoro-cy's f~$ ,and ,entry l!plJn the PnJpt'n}' to Hhtk1o: r<:rtl;r~_ It b.'t1d~r requin,;-d ~n\.~rtgil-g~' IH<'l!l J.Kl.' iJ~ ~l
<br />,,'-on_d.~tj,m of rQa).!H& _tbi.';, k~-li~l ~~~lueJ ,0)-' _lhis Mong~c. 'Bi-Ifnf\,\Cf ;\h-<.itl P,:!} the: pn>miu,!l1:' r~qHlrcJ hl lllail1t~HtJ _ :-\i\,.:h
<br />m,;-uOJ,rw:~ i~ \:U-'e'd_ umiJ 'Ouch IlJn~ a... th!: r-cquitcmc?t (Or ,,-ul.:h H1S-Ufan~C kjfflin~h.~.. In ,h:;:Oldalii..'", \~Jlh B,1U,,1\.\'C(' .Hld
<br />
<br />r
<br />
|