|
<br />r
<br />
<br />~
<br />
<br />I
<br />
<br />84c- 002746
<br />
<br />UNIPOItM COVENANTS, Borrower and Lender covenanl and agree as follows:
<br />I, PaJllln'of PItn..... ... IJItenot. Borrower shall promptly pay when due the principal of and interest on the
<br />indebledness evidenced by the Note, prepaymenl and lale charges as provided in lhe NOle, and the principal of aDd inlerest
<br />on any Future Advanees secured by this Mortgage.
<br />2. ........ for TUIII ...~. Subjecl 10 applicable law or to a written waiver by Lender, Borrower sball pay
<br />10 Lender on the day monthly installments of principal and inlerest are payable under the Note, until the Note is paid'in'full,
<br />a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments which may attain prioritYove~thi"
<br />Mortgage, and ground rents on the PropertY, if any. plus one-twelfth of yearly premium'inslallments for~azafd insu~;
<br />plus one-twelfth of yearly premiwn installments for mortgage insurance, if any, alias reasonably estimlite.Hnitially ~nd,:fn\iIl' .
<br />time to time by Lender on the basis of assessments and bills and reasonable estimates thereof.
<br />The Funds shall he held in an inslitution tbe deposits or accounts of which are insured or guaranteedbyaF~;C;tr
<br />slate agency (including Lender if Lender is such an institution), Lender shan apply the Funds to pay saidta~.~~tlI~
<br />insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing'S3id'a~Dt;'.,
<br />or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds.nd,':ipplica~',!#?,;n
<br />permits Lender t~ make such a charge. Borrower and Lender may agree in writing _ at .the time - o~- 'e~~t,i~t:)' :'of';:t1Ui".
<br />Mortgage that interest on ths: Funds shall be paid to Borrower, an(\ unless such ,agreement -"is made":o~-, 'a~~i~bI~:-':l~!,:_~'
<br />requires such interest to be paid, Lender shall not be required to pay Borrower any interest or eamin~_;on_"ih!: F~~~,:- Le~t~
<br />~han give to Borrower, without charge, an annual accounting of the Funds showing: credits and debits to -~:'fUhds' amtth' :
<br />purpose for which each debit to the Funds was made. The Funds are pledged as additional security for:' the , sumis '-secu~'iJ
<br />by this Mortgage.
<br />Ii tbe amount of the Funds held by Lender, together with the future monthly installments of F!~nds- payabl~-;pljo.'?_t(jo.
<br />the due dates of taxes. assessments. insurance premiums and ground rents. shall exceed the amount required-'to pay; said:~::l~~-
<br />assessments. insurance premiums and ground rents as they fall due. sllch excess shall be. at Borrower~s_-opti(Ul;_' :e~~:~.
<br />promptly :-epaid to Borrower or credited to Borrower on monthly in....tal1ments of Funds. If the, amotlDt ~,f the--"~~--'
<br />held by Lender shall not be sufficient to pay taxes, assessments. insurance premiums and- ground- rents-- as_':.~e~:-;falt,,-:~~:t::
<br />Borrower sbaH pay to Lender a:lY amount necessary to make up the deficiency within 30 days from-the dafe,notice,:is,:ml'-ilea~-
<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;,Lendei',
<br />shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender; anyF\intk held\',by'
<br />Lender at the time of application as a credit against the sums secured by this Mortgage.
<br />3. Applkation of Payments. Unless applicable Jaw provides otherwise, all payments received by lender' underd~<<L
<br />Note and paragraphs 1 and 2 hereof shall be applied by L.ender first in payment of amounts payable to lender -by ;Boaower:
<br />under paragraph 2 hereof. then to interest payable on the Note. then to the principal of the Note, and- then to interest arid
<br />principal on any Future Advances.
<br />4. Cbarges; Uens. Borrower "hall pay aU taxes, ,tssessments <.Iud other charges. fines and impositions attributable- to
<br />the Property which may attain a priority over this Mongage. and leasehold payments or ground rents. if any. in the manner,
<br />prOVIded under paragraph 2 hereof or. If not paid in such manner. by Bor;-')wer making payment~ when -due:. directly to-the
<br />payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph. and in -the-event
<br />Borrower shaH make payment dlret..lly, Borruwer shall promptly iunllsh to lender receipts evidencing ,~uch p_~y~nt~.
<br />Borrower shall promptly discharge any Llt:':O \vhu:.h has pnorlty over this Mortgage; pro....ided. that BOIrQwer"sbaR.-not-_ be--,
<br />required to discharge any such lien so long as Borrower shall agree in writing to the payment of the ob)jga~ion_ -$ec:urCd___by'
<br />such ben in a manner acceptable to Lender, or shall in good failh contest such-lien by, or defend enforcem(:nl of-sllch;liei:tjQ~
<br />legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part the~f-~.
<br />s. H....d lllSUlaDce.. Borrower shall keep the Improvemems now existing or hereafter erected on the Pn:l_perty-ins_ured
<br />against loss by fire. hazards included withIn the term "extended coverage". and such other hazards as Lender:ma,y. requir.e
<br />and in such amounts and for such periods as Lender may require; provided. that Lender shall not require that the amount-of
<br />such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage,
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provi;dcd,
<br />that such approval shall not be unreasonably withheld. All prcmlums on insurance PQUdes shall be- paid in the- manner
<br />provlded under paragraph 2 hereof or. It not paid in such manner, by Borrower making paymentJ when due. dlrecOy'to the
<br />insurance carrier.
<br />AU insurance policies. and renewals there\.)f shaH ~ in fom) acceptable to Lender and shalt include a standa;fd- morlgag~
<br />clause in favor -of and in form acceptable 10 Lender. lender shall have the right to hold the policies and renewals th~r.eof,
<br />and Borrower s..~all promptly furnish to Lender aU renewal noltces and aU receipts of paid preOli~ms. In the ,event. of loss..
<br />Borrower shall give prompt notice to the inllurance carrier and Lender. Lender may make proof o[ loss if not made _pro,mptly
<br />by Borrower.
<br />Unless Lender and Borro~'er otherWIse agree in writing. insurance proceeds shall be applied to restor~tion or repair of
<br />the Property damaged, provided such restoration or repair is e~onomkally feasible and tl;te security of this Mortgage is
<br />not thereby impaired. If such restoration or repair is not cconomkaUy feasible or if the security of this Mortgage would
<br />be impaired, lhe insurance proceeds shall be applied to the sums secured by tbis Mortgage, with the excess. if any, paid
<br />to Borrower_ It the Property is abandoned by Borrower. or if Borrower fails to respond to Lender within 30 days from the
<br />date notice is mailed bv Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits. Lender
<br />is authorized to collect and apply the msurance proceeds ~1t Lcnder\ option either to restoration or repair of the Property
<br />or to the sums secured by this Mortgage.
<br />Unless Lender and Borrower otherv.'ise agree JIl \\nting. any such appiication of pn.-x:eeds to principal shall not extend
<br />Of postpone the due date of the monthl)' installments. relerred to in paragraphs I and 2 hereof or change the amount of
<br />such mstallments, If under paragraph 1 M hereof the Propert}' is. ac~uired by Lender, all right, title and interest of Borrower
<br />in and to ailY lnsuran.:::e policies and in and to the proceeds thercot res.ulting from damage to the ProperlY prior to the sale
<br />or acquisition sbaH pass to Lender to the extent ,.)[ the ~Ullb :)tI.:UfCU by thiS :\tl)ngage immediately prior to such sale or
<br />acquisition.
<br />6. Preservation and ~Iaintenan\"e of Propert); Leaseholds; Condominium.!>: Planned Vail Del'elopments. Borrower
<br />shaH keep the Property in good repair and shall not .;onllllit waste l)r permit unpairmem or deterioration of the Propcriy
<br />and shaH comply with the provi-s1-Ons of an) lease H nH~ Mortgage I~ l\O d le<ischoh.L II' thiS Mortgage 1\ un .1 unit in a
<br />condominium or a planned unit dcvelopmenL Borrower :'ohall perform ;1U of BOrrl)W~r's. oblig<ttlons under the dedaratlon
<br />or covenants creating or gQveming the i..:ondu-minlum llf planned unit ut:\'dopmcnt, the oy~law5 and n.'gulatioo~ oi the
<br />condominium Qr planned unit development, and ..:on::,iHucrH dOl.:umcllts._ I i a .....I..mJominium or pldfllwd unit dcqdoprncnt
<br />rider is eX<l~~uted by Borrower and rc~orde-d lege-ther '\.\ Ith :hl~ ~'tortgagc, the r..'uvl..'oants <ll'uJ agreements Ol ~llch rider
<br />3hall be 11lCorporated mto ltnd sh~,U amend anJ supplement tht:: 'o:f)\'enanls and ,'grc-cm~nb (~f thl~ Mortgagt' as, If the rider
<br />were a part bereof.
<br />7. hotedicm of l.eodet'5 Security. if Borrower tdd<; t.;.1 pcrlorm the U)Vcna.m~ and agrccmcms c(l-f1l,HIl(:d In I~HS
<br />Murtlaitf or if an)' action Of proceeding is- ';"QmmenceJ \-'.-hich n1<-ttcriall} atle-cb Lt;'_ndcr'~ lntl'-re...l in ihe PJ'upc:n},
<br />Im:-t-uding~ but not limited to. e01lf1Cnt domain. insoh-cllCY, <.:o(k t~nh\!...:C'rnen!. 1.)1' Mrangemenb or rnX:l~cdings Involving ;'l
<br />haxtltup\ or decedent then lC!'tder at Lender'~ optinn, upon no-o".<: Ie) Borro-\\"~r, mil\ make .\ui.:h appt.'.:JrJ.n('c-~, Ji!>(lursc s.ui..':h
<br />!unli- and. take such action u is necos5t'\J} 10 protect Lc-ndc:"" m;t;'{est, ;ndtH.t!ug_ but Ill'! limite,} to. dl;>,r-uNcmJ.:nt \'1
<br />reasonable allome-r's fet-5 and entry UiR){'! the Propeny to make rep-am.. If Lender requircJ nWf1gagr lthUf31h,..C ;1\ .j
<br />com:tiliQn at makini tbe lo-~m ~~uted by 1hi&. Mortgage. BUfrow-t;r s.hafl ray thl: premitJfm re.ql.llfed to maintalll "llch
<br />itmJrance- 'in e-ff~t until Mtcn time M the r-eGutrcme:nt fa; \uch rOs...Ha_t1t:e iern1inatt'$ m ,\I,;'r.."-{H"danc-,: ,,-vi!,!) Bt~IT,}we-r\ .lfhi
<br />
<br />
<br />
|