|
<br />I
<br />
<br />84- 0045t17
<br />
<br />r
<br />
<br />UNIFORM COVENANTS. Borrower and Lender covenant an<:t agree as follows:
<br />I. Payment of Principal and Interest. Borrower shall pr~mptly pay when due the principal of and interest on the
<br />indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest
<br />on any Future Advances secured by this Mortgage.
<br />2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower- shall pay
<br />10 Lender on the day monthly installments of principal and interest are payable under the- Note, un~i1 the No:te is paid in fuH.
<br />a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments which may attain priority Dver this
<br />Mortgage. and ground .eots on the Property. if any, plus one-twelfth- of yearly premium, installments for hazard i!lsuran~~_
<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 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 charge 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 'law
<br />permits Lender to make such a charge. Borrower and Lender may agree in writing at the 'Hme- of 'execution of_ this
<br />Mortgage thar interest on the Funds shall be paid to Borrower. and unless such agr:~ement 'is --made -~)T applicable law
<br />requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on th~, Funds.-, I;.ender
<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 are pledged as additional security f!Jr the: sums secured
<br />by this Mortgage,
<br />If the amOunt of the Funds held by lender, together with the ruture 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, msunlOce premiums and ground rents as they fall due, such excess shall be, at Borrower's opt!on~'- e.!Ll1er-
<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, insurance premiums and ground rents as they- faU-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 Slims secured by this Mortgage, Lender shal. rywmptly refund to Borrower any- Funds
<br />held by Lender. If under paragraph I ~ hereof the Property is sold or t~. Prop:. J- is otherwise acquired by Lender. Lender
<br />shall apply. no later than immediately prior to tile sale of the Prore'-.. Jr Its acquisition by Lender, any Funds held by
<br />Lender at the lIme of application as a credit against the 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 paymem of amounts payable to Lender by Borrower
<br />under paragraph 2 hereof, then to imerest payable on the NOlC'. then to the principal of the Note, and then to interest and
<br />pnnclpal on any Furure Advances.
<br />4. Charges; J...-iens. Borrower shall pay all taxes. :lssessmcnls ;1Od other charges. fines and impositions attributable to
<br />the Property which may attain a priority over this Mortgage. und leasehold payments or ground rents~ if any, in the manner
<br />provided under paragraph 2 h~reof or. if not paid III such manner, by Borrower making payment, when dL'-t. 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 />Borrov.'er shaH make payment directly. Borrowcr shall promptly furnish to Lender receipts evidencing such payments.
<br />Borrower shall promptly discharge any lien 'Ahich has priority over this tl.1ortgagc~ provided, that Borrower shan not be
<br />required to discharge any such liell S0 long as Borrow~r shall agree: in \,,-riling to the payment of the obligation secured by
<br />sllch 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 operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
<br />5. Hazard Insurance. Borrower shall keep the Hnprollcmenh now e.xi~ting or hereafter erected on the Property insured
<br />against loss by fire. hazards included \\'ithjn the term "extended coverage", and Stich other hazards as lender may require
<br />and in such amOllnts and for such periods as lender may require; provided, that Lender shall not require that the amount of
<br />such coverage c.\cecd thai amount of coverage required (0 pay the stlrns sectlred by this Mortgage.
<br />The insllrance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided.
<br />that sllch approval shall not be unreasonably withheld, All premiums on insurance policies shall be paid in the manner
<br />provided under paragraph 2 hereof Of, if not paul in such manner. by Borrower making payment, when due, directly to the
<br />insurance carner.
<br />All insurance policies and renewals therCl'f shall be in form ..tCccpt::lble to Lender and shall include a standard mortgage
<br />dause in favor l)t and in form ac~eplabk: to Lender. Lcndt:r 'ih~lll have the right to hold the policies and renewals thereof,
<br />and Borrower s.hall promptJy furmsh to Lendt:"f all renclAal notices and all rCl.:eipls of paid premiums., In the event of loss.
<br />Borrl..)wer shall give prompt noUce (0 the insuran;:c carner and l.ender, Lender may make proof of loss if not made promptly
<br />by Borrowor.
<br />Unless Lender and Bon..w,-er othcml~c agree in 'Afltlng. insurance proceeds shall be applied to restoration or repair of
<br />the Property damaged, provided such rCbt0ratlOn or rL:palf IS economically feasible and the !occurity of this Mortgage is
<br />0\)1 Ihereby impaired. If such restoratIon or repair is not ~cvrl(lnli\"'ally feasible or if the security of this Mortgage would
<br />be impaired. the insurance proceed, shall be appiJeJ to the sums secured by thiS Mongage, with the excess, if any. paid
<br />to Borrower. It Ihe Propeny IS abandont:d b) B..)rrowcl, or It Born.)wer 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 it claim for insurance benefits, Lender
<br />is authorized tt') collect and apply ~he 1!lsuran..'t,," pr;.)ceeds al Lender's option eilhcr to restoration or repair of the Property
<br />or to the l!tums secured by this Mortgage,
<br />Unless Lender and Borrower othcf\\ lSe agree In \\ CIting. any su~h applk<.stion of pro~eeds to principal shall not extend
<br />or postpone the due date of [he monthly installments rdcrred tn III paragraphs I and 2. hereof or ..change the amount of
<br />such installments, It under paragraph I S hereof Ihe Property. is aC1.luired by Lender, all fight, title and interest of Borrower
<br />in and to any insuran~e policies and in and leI the pro;,:ccds thcrcot rcsulling from damage to the Property prior to the sale
<br />or acquisition shaH pass to Lender !t) th~ extent of the ;S.ums secured by thi~ Mortgage 1I1lmediatcly prior to such s;;de or
<br />acquisition.
<br />6. Prese-nation and Maintenance of PropertJ~ l.t'ascholds; Condominiums; Planned Vnir l)e,'e-lopments. Borrower
<br />shall keep th~ Property in good repair and shall !l0! commit waste or permit jF!.p~lirme!lt or deterioration of the Property
<br />and shall comply with the provisions of any lease If thIS Mortgage 1\ on a lca::>chold. If this Mortgagt: is ml a unit in a
<br />condomimum or a pla.nned lInlt devdupmcHt. B,Jrn.:n-\.-cr :-.h.:.ill perform all oi Borrower's obligations under the declaration
<br />or covenants creating or governmg the ,,;tmd\.)H1UlIUrn l)r planned 111llt developmcnt. the by.jaws and regulations of the
<br />condomlOlum or planned unit developmenr. and .:on~titucnt JO,,:l101CIlh. If., l:\Hh.lominiuIIl or planned lInit Je\'dl)pml.~nt
<br />ruler is executed by Borrower and rel;orded (og~lhcr with thiS Ml)rtgagt', the covenants and agrceml'oh of sllch rider
<br />shall be incorporated into and shall amend ~lnJ -supplem~nt the c-..nc:nants ~Uld agreements (,t' thiS Mortgage as If the rider
<br />wore a part hereof.
<br />7. PfOtedion of Lender's Security. If Borrower Lub h) pcrf(\rm the COYen,lnts and at!r~emcnts ..'onlalllctl III thi,
<br />Mortgage. '-'If if any action or p1'oo.~cedUlg i, l.'ommen\."cJ v.-hich materially aff""i.:t:;; Lender's interc<;' in lhe Property.
<br />indudmg, but not limited 10, eminent domain, \m_olvcnq-, cod" enfol'\,:emcnf. OJ arrangements or pn:>cccdings lI\\Iolving a
<br />banlruPI or decedent. then Lender at I..cnJcr\ option, upon notlct: l~' BOi'!p\\,'t:r. <IIil) make \uI.'h ,iPJx~ar,tIlcc~, di';j')Ul\l' ~lh.:h
<br />s-um'!; and take such ~'li~Hl a~ is Ul~\:C'i'.'ia.r} h' pn.'tc-..:t Lemler's i1\!Cn~it. llh:luding, hut rh';{ Imut~:d hI, dl\bllfSClHCIH l'{
<br />rea~onablc dtWmcy's tce:;, and cnlry upon the Propi:oy to milk.:: ft.:p4!f\ l! Lt'il\.kr rt.'\!uin,::d n\1.1ngagl..~ ilhilr~ll)\,.'C a.... ,\
<br />\"'onJltion of mallng the Joan ~'~I.:urcd 11)- thn. Ml.lf!gag(" Bonov"..-(' ~h.!!l P:l.) Ih(' plt:mlll!l), l'!:~\llrc~! 1\\ malllLlll1 'iudl
<br />insurance in erfed llO!iI \,(I;,:h time it'> the f~quln:ment fo1' "lK'h :n~Hf;}l\\',,' lCnl1ULltn 1n ,1(....,1Idatl\.t;- WIth U,llrl'\\'cr\ ,tnd
<br />
<br />
<br />L
<br />
|