|
<br />I
<br />
<br />83--i}(J63t, I
<br />
<br />n
<br />
<br />UNJPQRJi.f.CoVENANTS. Borrower.and Lender covenant and agree as. follows:
<br />
<br />1. hymnt of Prtadpod ad IDlerest. Borrower shall promptly pay when due the principal of and interest on the
<br />indebtedneuevidenced bylhe Note, prepayment and late charges as provided in the Note, and the principal of and interest
<br />on any FumreA<lvan<:e5 secured by Ibis Mortgage.
<br />2. ...... for Taos .....~. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />ta lAnder on the .day. monthly instaUments of principal and interest are payable under the Note. until the Note is paid. iil full,
<br />a-sum-__(herein '.Fundsuytqual to one-twelfth of the yearly faxes 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 />pluaone-twelfthof yearly premium installments for mortgage insurance, if any. all ...reasonably estimated initially and from
<br />time to time by Lender on the basis of assessments and bills and reasonable estimates -thereof.
<br />TIie: 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, analyzjng_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 o-n the' Funds shalf be paid to Borrower, and unless such agreement is made or applicable law
<br />requires -such interest to be, paid, 1.ender shalJ not be required to pay Borrower any interest or earnings on the Funds. Lender
<br />shall give to Borrower. without charge. an annual accQunting of the Funds showing credits and debits -to the Funds and ,the
<br />purposeJo.r which each debit to the Funds was made. The Funds are pledged as additional security for the sums seCured
<br />by Ibis 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 ta.'(es.
<br />asseurnents. ilJSurance premiums and ground rents as they fall due. such excess shall be. at Borrower's option. either.
<br />promptly repaid to Borrower or credjted to Borrower on monthly installments \,f Funds. If the amount of the Funds
<br />held by Lender shall not be sufficient to pay taxes, assessmems. insurance premiums and ground rents as they fall due~
<br />Borrower shall pay to Lender any amount necessary to make up the detlcicncy within :\0 days from the date notice is mailed
<br />by Lender to Borrower requesting payment thereof.
<br />Upon -payment in full of aU sums secured by this MOrfg~ge. l.ender shall promptly refund 10 Borrower any Funds
<br />held by lender. if under paragraph I S. hereof the Property i\ sold or the Property is otherwise acquired by Lender. Lender
<br />shall apply, no latcr than immediately prior to the sale uf the Property or its acquisition by Lender, any Funds held by
<br />Lender at the- Ume of application as a. credit against the -sums secured by this Mortgage.
<br />J. AppIIntioD of Paymellll. Unless apphcable law pro\'ld~ (ltherwi're. aH payments received by lender under the
<br />Note and paragraphs t and 2 hereof shall be apphed by Lender first In payment of amounts payable to Lender by Borrower
<br />under paragraph 2 hereof. then to inrerest payable on the NOIC, then to the principal of the N-ote. and then to interest and
<br />principal on any Future Advances.
<br />4. Cbaraes; I..ltm. Borrower shaH pay aJl lax.c-s. a...!\Cs__~ments and {I(her charges. fines .tnd impositions attributable to
<br />the Property wbich may auain a priority over this Mortgage. and leasehold payments or ground rents, if any. in the manner
<br />p-rovjded under paragraph 2 h~reof or. If not paid in such manner. by Borrower making payment, when due, directly to the
<br />payee thereof. BorroW'et' ,hall promptly furnish 11.> Lender ail nouces of amouots due uncer this paragraph. and in the event
<br />BoN'OW'er shall make payment uirectty, Borrower t;halI prompfly tumish to Lender receipts evidencing such payments.
<br />Borrower shall pl'Ql1lprlv discharge aoy hen which has pnonlY ()Vcr this Mortgage~ proVided. (hat Borrower shaH not be
<br />required to discharge any such Hen "JO long a!lo Borrower ..hat! agree In wrltmg to the payment ot the obligation secured by
<br />such lien jn a manner acceptable te Lender. or ihaU In good failh contCM slIi.:h hen hy. or defend enforcement of sllch lien in.
<br />legal proceedings which operate to prevent the enforcement of (he li~n (\r forfeiture of the Property Of .my part thereof.
<br />5~ Haant I~ Borrower 5.ball keep the Improvements. !lOW cJ(j,qmg or hereafter erect~d on the Prol ..J insured
<br />against los5 by fire~ hazards included withm the (erm "\,'\tendeJ ('overage", and liiuch otiler hazards as Lender lflay require
<br />;lQd in such amounts and for :such periods.as. lender may require; provided. (hat LcmJer shaH not require that the amount of
<br />such coverage: ex.ceed tha! amount of covera~ reqUired to pay the \t1OlS secured by thIS Morrgage,
<br />The insul1lDCC cazrier providing the insurance shaH he \."h()!i;cn by Borrower stlbjecl 10 approval by Lender: provided.
<br />that s.uch approval shalt nOI be unreasonably v.ithheld. Ail prcmlum!oi on insurance policies ~haU be paid in the manner
<br />provided u.nder paragraph 2 hereof Qf. if not pau! in 5tKh manner, hy Horrower makmg payment, when due~ directly to the
<br />insurance carrier.
<br />Ail insurance policies -'l.Dd renewals the(e,~f ,halt be in form acceptable lO l..t:ndCf and shall include OJ standard mortgage
<br />c1&U1e in favor of and in form acceptable to i.cnder, l..:nder "hall h.we the righl w hold the poJicie., and renewals thereof.
<br />and Borrower shaH promptly furnIsh to lender aU reney,'al notu...'eS and all receipts of paid premiums. In the event of loss.
<br />Borrower shaH give. prompt notice to the insurance carner and Lender" Lender may make prout 01 loss if not milde promptJy
<br />hy Borrower.
<br />Unk:st Lender and Borrower Olherwt~ agree ill WritIOg. insurance proceeds .shall be applied to restoration or repair of
<br />the Property damq.ed,. provided ttuch mlOr81ion or repair is cconomJcally feaslble and the security of this Mongage IS
<br />not lbcnby impaired. If such re~toratjon or repaIr is not C'c-onomlcaUy feasible or If the securtty of thiS Mortgage would
<br />be tmpaired. !be inauranee proceeds .hall he applie<.l tt' the SllIm ,"",ured by th,s l"lortgage, with the excess. if ',"y, poid
<br />to Borrower. If tbe Property is abandoned br Borrowi::r, or if Borrower fails to respond 10 lender within 30 days from the
<br />dJu.e notice is mailed by Lender to Borrower -that the insurance carrier offers to settle a dajm for insurance benefits. l,ender
<br />is autborizGti to ootlect and apply the insurance- proceed!: at Lender's option euber to restoration or repair of the Pro-peny
<br />or to. tbe owns ~ by this Mortpge.
<br />Unless- Lender.and Borrower otbt:f'Wl$C agIC\: in wnting. any such application of proceeds to prmclpal shaH not. extend
<br />or -postpoDC tbe due date -(Jf the monthly installments referred to in paragraphs i and 2 hereof Qr change the amount 01
<br />wch installments. If under paragraph 18 hereof the Property;' acqUired by Lender, all right, title afid interest of Borrower
<br />in.ad. to- any,j'!l5Urance polidtli and in and to the- proceeds thereof resultlOg from damage to the Propert~. pri-or to the sale
<br />or acquisition shall pus 10 Lender to t.be eAten! of the .sums ~ecured by tillS Mortgage immediately prior to such sale or
<br />acquialtion.
<br />6. ~..... M-....- of Proporty; l_1lolds; Cond.....iniums; Planned Unit I>e.eIopllMftlo. Borrower
<br />sltaII keep. the Property in good repair and sball nor eommi, waste or perlDlt impalftttenl or deteriora,ion 0\ the .Property
<br />.-ad. -shaiI,~y with the provisions 0{ an)' leue if t.his Mortgage ~'!. on a leasehold. H this Mortgage i.. on " unit in a
<br />~ or a. ,p1anned unit development. Borro\li.'er shaH perform aU .(,.)f Born1-v.er's obhgations under the dcdaratipf1
<br />vr ~ts"~ -01'_ governing' tbe: c-<mQominhun 0'1' planned unit. development, the by.jaw-s and, regulations: \,r lhe
<br />~ Of ~ unit development. 1I.nd ionstituent documents. If a condominium or phmned tHnt Jev-elopment
<br />"';0 ~. byBom>wcr and reronled togtlther wllh this Mortgage. the ",,"enwts and agreements of such "der
<br />ohlIlI be ~.in\.Q and obaII -..d ~nd 1lUpplermnt ihe e,,,'enan" and agreement. <If this Mortgage .. If ,he rider
<br />-. . "" l!l:reof.
<br />7. ~.............~. J( BotTower fail. to perform ,lie eovenanu and agreements contained in lhis
<br />~..orJtllll)' ~ "" ~ 's ._.need wluch materially aff""ts Lender', Jmere" in the P"'peny,
<br />iadad.&,.-_'OOI_~tg:!-__Rt dotna-io~' iti'SOlvcnc-y.. -codtt (',.forccmenl. or 2rrnntJeme.nt~ or prOt..<:.eedinga involvin, a
<br />~ 'or-~ thmJ-l..endtlr- .t,-.t..cftdcrt1j: opdoftj upon oot<<:e to Bortower~ may t\lake iuch appellrilQl.'C!$. d-;sburse such
<br />"--*-I' "-tudt'~ -.. is ~ -tt)'- prt>>:ccJ Lender'J HUeTes!" im;lud,R$.. "ut n('l:f: limlted. to. dJ:soon:cmenr t\f
<br />~ ~'. ...and tmlIy tqlOO tile Propo"y to make. tepa"'. If Lendtt r"'luired m<l,tgage insurance .' .
<br />~. uf ~the 10.0.. tIIlCUftId by '1m, M~_, Bonower shall. pay the .......ru..... . ~uir.d W main!a... such
<br />~ in ~ -uAtll -~ -W:lKt' -Q" tho rcqWCOJlltlt .for soch m1ut~, h!tmina.t<<- m u:cordanct, With 8Qfrower', ~nd
<br />
<br />
|