|
<br />r
<br />I
<br />
<br />84- 005672
<br />
<br />L
<br />
<br />UNrnHtM COVF.N"NT~" Borrower and Ltmucr covenam and agree as follows:
<br />l. Payment of Principal and Inlerest, 8orrower shall promptly pay when due the pnncipal of and mteresl on the
<br />jndebtednL"~s eVIdenced by the Note, prepaym~nt 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 InsuJ'1UlCe. Subject to applicable l~!w or to .!! wriuen waive.r bj' Lender, Borrower sho;,U pay
<br />to Lender on !he day monthly installmen1s of principal and il'terest are payahte under the NDte. until the Not~ is paid ill fuB.
<br />a sum (herein "FW1GS;') equal !O one.twelfth of the year;y tii3\.~:> ~"d assessments whkh may attain priority over this
<br />Mortgage. and ground rents on the Property, if any, plus one~twelfth of yearly premium instaUments for- hazard insurance,
<br />~Ius. one~twelfth of yearly premium installments for mortgage insurance, if any. all as reasonahly estimated initially and from
<br />ilfne io time DV Lender on th(~ basIs 01 .assessmenls and bills :md re~s-onable estimates thereof.
<br />The Fun~s \hal! he heid in 311 instimtion the deposits or accounts of whkh are insured or guaranteed by a Federal or
<br />state ~~ency ilncluding Lender if Lender is ~uch an instjtution). Lender shall apply the Funds to pay said taxes, assessments,
<br />insurance premiums ;wd ground rcnts_ Lender may nor charge for so holding and applying the Funds. analyzing said account,
<br />,Jf' verifying u.:-;d ~DmpiHng 'Sai.d ;:;,SSCS;;ffient5 4iid hms. tmkss LCuGcr pay"S 3vrn:;;:;~. intc.-cst on tt-~ Ftiii.ds and- :.ppH=b!~ law
<br />permits Lender to make such a charge. B()-rrower and Lender may agree in writing at the time of execution of this
<br />Mortgage that tntett'.-St <)n the Funds ,,"hall he paid to Borrower. and unless such agreement is made or applicable law.
<br />requires such intHC.'it to be paid. Lender s.hail nOt he required to pay Borrower ::in)' interest or earnings on the Funds. Lender
<br />...naB gIve TO Borrower, w{thom ~h;lrge. an annuai ac.::ournil1g of the Fund~ 'ihowing credits and debits to the Funds and the
<br />purpn,<,c_ lor v.itw.:h each Jehu to the Funds ~'a." made. The Funds ,He pledged as additIOnal security for the sums secured
<br />hy tn!s Mortgag~
<br />If the amount lA the Funds held by Lender. together wilh the future monthly Installments of Fonds payable- pr:ior---to
<br />the due dates nf taxes, ;t~~,,'ssmcnt~, insuran(:c premiums Hnd ground rents. shaH exceed the -amount required to_ pay-said taxesJ
<br />as~essmef11l\, Insurance prentiums a.nd gn1wl-d rents as- they fail due. such c'!(cess shall be, at Borrower's option. either
<br />promprty repaid to BONO""er or credited to Borrower on monthly inst?' -'enlS of Funds. If the amount of- the-_ FUnds
<br />held by Lcn<kr s..t}al! not be ~u..tfiC1ent ~o p!.y !axes. asses.~~n~s, i~~pni'h-" ,-:!:f!1iums. a.,Kd ;:-'--'-'!u!'..d tE:ntJ. at they-'faU -due,'
<br />Borrower ~haH pay to Lender ap-y amount ne.,;~ary iO make up the ;: ~,";-H<' within 30 lbys from the date notice-ts.--maited
<br />hy Leader tn Borrov,-cr rCi~ues.tmg payment ihen~o!
<br />lJp(ln r~l\-mcm ill fun of aU sUm~ secun~d b~' this Mongagl.". Lender &haU promptly refund to Borrower any FWtds-
<br />!~~d l-.y I E"d..-r If '!!Hier f';:!:r!!e'r,mh f:-; h....!"~..0! Ih{" pr{U"~:'1'_.' ,~ ~.,\l-:i ,,-r ~M", p,."oyorp._' !~ .~r~t"UllU' ~~nnirrrl hv 1_r.nd.!1'---_ l~der-
<br />xhaH ~i'pply, f1l} later th~n 'H~~~d;a.;~h r~h)~ ;0 !h~ "'Mi~ "l( the I;~(l-pcn): .;; 'i;s"~~qui~i~-i~~'-b;: L.;~d~~-a~y F~d;~h;id-o-bY
<br />Lender at the [JI1)(; ,oJ! ~tpp}i;;ah()n ,1:\0 a l';cdu agallls-t the sums ~ccurcd hy this Mortgage.
<br />J. Application uf Payments. Unlt-'i.\ appJi~ablc law pn\\'ldes otherwise. all paymems received by Lender un<te:-- the
<br />~ote ,ind r:uagraph~ I and 2 hat-Of ..hall be- applied hy Lt~ndcr IIFsl In payment of amounts payable to Lender by Do_trOW<<
<br />under paragraph "2 h~reot. then !O HHerCSI payablr: on the NOlc. lh~n h.> the pnncipal of the Note. and then to interelt and
<br />pnnc:pai on J.n\' Future ,-\d\'ances.
<br />.... CMf1:e5; Lit'1"- H~lrhlwC'r ...h:i11 p.\y .ill I.t\t:... ..t.....cssmcnh .md other ,,:harges, t1nes and tmposition* attributable ,to
<br />the Propeny whi"h may ~lltain a rnunty ,-wcr thl~ \lortgage, .Hld Ica~ehold payments fir ground rents. if any, in the-11'laIIDeI'
<br />provided under raragraph 2 hercClt ~lf. ,t fHJt p:m! m ,,>u.:::h ITunncr< b) Borrower making payment, when due~ directly- to__tbe
<br />payee {here-or Borrower s.h:.til promptly lU(nI~h ill- J .:ndcr all fhUh:cS 01 amounts due under this paragraph, aad in tbo-evODt
<br />Ho,r-owe, ~h~U maki;' pa"men.. JtiC":-iJV 3':',n,';,~a ...h~jl j1nl;-11ptl~ furnish t\) Lender rCi:clpts- evide-Gting ~~ p:~
<br />Borrower -,.haJ:1 pr\)mpfly dz~(:"hafge ~ny lien "t-;h..h has pflOfll~ ,I\er this- Mortg"ge: provided. thai Borrower $:hall not be
<br />re~ll:!red to In.;.:h~q~e .HlY such hen ",.l jon_1O; ..I.;' Horr('\'.\-I."r ",hjlH ...cree in wrmn)! to the o-avmcnt or the obiigation. $e<:l.U'Od-by
<br />such hen In a manner ;u:..~.::eptabk ,,' L~ndef~ tH ....h;:.H ifl gtXxi taltt~ \,onte~t !\u~h-lien by. ~'r defend enforcement of such UCl'l in,.
<br />legl1i pw>:ceumg.. v.hlch ;;pC'Dtc: tQ prevent the cntor-ccm<nt ('It the Ii\~n ,,IT forfeiture of the Property or any pan thefeof~
<br />S. Hazard 11lSIlnlRCC, Horr(llw\<~r 'ih-al! keep Ihe lmpro'"",mcnh :H..l""-- ex-isung Of hereafter erected on the Property insUred
<br />~gam5t IOSl! hv fire. ha,l3-nh m",hhk'd '.~HhHi the terni "<:\lenJed ..';Y~'er~-tg(" and sw.:h other hazards as lender may require
<br />and m sU1;h ~nWlllHS ~m(j tt~f '-U..O pcni.xh .i5 l.cuder flUY rc~ulrc-; puwldC'd. that Lt:-noer shaH not (equire that the amount of
<br />~uch cD"T1age ~_\.,;~ed that Am-':'U;H ~-,f "i'y;,(.'rag~ ;-~~quac~! hl p.n {he ~um... ~\.-X:llr~d hy thiS- ~tortgage.
<br />The lOS\lran>.:e ".lIner rn,1\.'H.hng the iUSUI ;Hh.~C "hall be l ho~n by Borro"~r 'Subject to approval by lender. provi<lcd.
<br />rhat ~u~h 3pptOva.l :-.haH n<..H he ullfe-ason~bl\' wllhh~jd .-\ll prcmHJm~ on msurancc- poliCies shal! be paid in the manner-
<br />pH1Vlded Hn-d~r r~lragraph ~ hCft"OI ,-'L ,t nOf paid lH 'iUch flliiunC'r. hy Borrower making paymtlnt~ when due~ d.iredly to tho
<br />lOs.ur1Uh."e o:arnef.
<br />:'\U tnsuranl.'c p'1!KIC" .1l1J ft"or..... als thCH.'l)f ...hall Ix: m tor01 .t("\.'t:plabk to Lender <lnd shall mchtdc a standard: IY\OI'tpte
<br />dauK In t'ih:;:'f d and m h,lrm .l(c;:ptahle {(I L-.:ndcr l.enc.i\:'f ..,haii have rhe right to hold the POHCles and renewals thereof,
<br />.\-uJ BOrlo1,lr,'er '!-h~d~ pfl)mptlv tUffil:sh j(' Lt:lh:t....f ill: rcl'l~....al nott.,:\,s and .\11 fC';Clptg or paid premiums. In the event of loAs..
<br />Bou\.\wcr ~hJi! St\ ~ P/,Hupt 0011'-;,,' !l) lhc- ill~Uf ..tJh,\.' l, ;un~r ...nJ Lender _ Lendl':r may mak.e proo! of lOll it not mar>> jKomptly
<br />t7y &r"'''CI
<br />Cniess lender and Borri.\\f"c! Nher,^l~c. 3~ree ill ",fllmg', im,uran\:c proceeds shaH be applied to restoration or repair of
<br />(he Pr{\~rty J.amaxcd, prL'vloeJ ~il.::h rc-.wrau('o \Jr [('paIr IS ~cUlKmllo;aliy fea.slble and the s.t.c:urity of this MOI1IAIO IS
<br />nt.)! thereby impaIred. It ~u.:h r-C,SWr.l(H)f1 or !'ep;;ur IS ntH e~i):nomK.JHy iea-sible or If the security of IbiS Marta.. would
<br />he Impaned. the iOSUr.llrtCt tH-ncCI"'.J.h. ~ha.i:! ~ 2!!'ml~u h) the '\.um~ ;;e"ur~J O\' th~ 1'..-1Grtiage, ~~ith tl"'.o ~ces;.. if any, Ptid
<br />lO ao;rl:'!<wu if the i}rope-n~- !-,"i.-.~t~~;hj:lned h. &:\rrower, ~lf d Borrower ta~b6 to respund to lender within 30 days frOnt the
<br />dAte not~ 1$ mat1~.'-d b" Lender Il.l Horrnwer that th< lO)uran~C ('jITler uffeN 10 ,settle a daim for insura.m;e bonefi:ts, Lender
<br />.s. authorlud to '-l..)Uet:t and <lppl)' the ll\~uran~e pn"loCeeJs ~H Lem.h:r"s ,)~'){Ion C:lther lO restoration or re~ of tbe ProI*f1Y
<br />(If to the s-um"" ~~ured by thf~ ~1u!'tgage
<br />UniC5S Lender and Bont....we-r \l[hef\\ iSC agree In \-"'rillng. any )Ut:h ,lppil\:ativn of proceeds to prmcipal shall not e.tend
<br />or ~lpom: the due lhnc:: (1{ the Ilh)nthi} m~taHnlefHS referred h) III paragraphs 1 and ~ hereof or chanae th= amount of
<br />iUA.:h lfUtaUmeuts. H under paragraph [8 hereof the Pro-pen)" h aC4ulf'ed h} Lender, all right. title and intOlftl of Borrower
<br />In and 10 any .MUf....":'~ pohcJes and in and tll the proc~s thereot fe5ultmg from damage \0 the ProperlY prior to the sale:
<br />or acqm~.!t!cn :J:taH ~ (0 Lcn..kr t(, ir-..e t"!.'!ent ~,f i.rK!- SUfib ~t'cuied hy rhl~ Mortgage tmmedi.tely prior to such sale or
<br />acquiSltJon.
<br />6. Pr.enadoa.... MllioIkoulm:e <>f Property: Le...bolds: CondomlBiumo; J'lall8e4 Ulllt O'vol......... Borrower
<br />mall "cop ,he Property ill good repa" ..Hi shall not commit "ute or permit ImpaIH...""t or drterioralion of th& Property
<br />and snaU ..::-omply ""l1h the provIsIons ot any Je-a!C 1t du~ Mortgag.e l!l. l.)n ~l leasehold. If this Mortaaae is on a unit in a.
<br />condomi.mum ~,r ;j planned unH de'.-elopmeut. lk>rrowel shii:lll perform aU uf Borrower'a obh,.uiOfW- under the- dedata1ion
<br />(1f -.;o-v-e-DAlIis- ...:reatml or go~.t:rnmg the ~{'lndomlmum .;g pl-anncd lllllt Jevel,"lpment, the b)'~laws .and I'CIwati1;:tot. of tho
<br />t.:\mUorninmm Of 'planned unit de\'eiiJpmcl'll. and (tlUstllUcnt dLl,;umt:'llls. It 3 l.:oo\Jommium ar planned unit dcvolopmen.l
<br />".lee 1$ ......,ulAHi by 8orro_ and ,.""rUed t,,!!"'her "Uh 10" Mon.".", the "uV"lIa'lI.o and ~IDMIJ <>f wdI. rider
<br />mall be lllo;;orp;;>l'ated mto and <hall amend allii,uPI'lemellt the ""'.e,,...," ...J "llreem~.nt. of tlus Mort... .. if the rldor
<br />....re . ;>jUt hereof.
<br />7. ~ of Le....'. Sec:llrity. If aOfTO"'" t.lis 'n perform lhe .:ove"an" ....1 "1lre<l1Mnl't "onlailMld in lbif.
<br />Mort"l or it .any at:t!on Of pnlt:;:eedmg n:.. ;.'.ommcnct'd w-ht\,:h maleriaUy ~dr<<l.s Lender's Interest in the Pr-opertyl
<br />mclw\:ti, but ;'H-.t llrrmod hJ, cmHltnt dornaiiI. lfl;(\i:v~t'-~y_ -\.:t~ ~nt(;rteirri:101, or cffii;ilje:l,reuii (If v-T-uccedinp iiiV~vina a
<br />bankrupt \ll d",,-.;:4ciH, ~~H t.c-tider dl I (':lh.ter'" ,'pH,-:\). .lpun lli,)th;C h~ UOHf1.l,it:f, m...y I1UlKC' ~w:'h i1ppe,arafh.'es. dillinur&e -s-uch
<br />~,~m!\o- and 1Ut' 'iudl it\,'.uun i-l\- is f~",jJ} tD< pn:H~ I L..H'i:de-(.. loh:rC:lJit. H\4:iu-dlOj... but nut ltnufcd 10, i.hsbunement (tf
<br />n:'j&K~.uti: ilJ\:OJDt:)"'i l""~ OliN,! t':IHf)' U-l)l~i 1~ i.rnpCHj to ml1.kc H~l'1dIP:; H I -I:nJt;f rcquited 11'h.ntltap:: in~uran\-':-( -at 3
<br />;;.vniJHwn .cd makm, d<<:: h)iUl ".C."-\..urcd OJ thf~ M{H-l,agc. >>ofH'",n ..n_a.!! ~'a.y the pft~nTHWb required fo m.inta!O ~\K;h
<br />iA,-\UU-t\(;:if; in .c1f-<<.-! vntd 'itl.:._h Hrot- 4'5- l~ h::4tlfremenl tor "U(:!l mtmaru>e H~rmlfiatt'.s In .H.::.;.~ordafiCC 'wdh Bf:1ffiY""'t't''s. and
<br />
<br />
<br />r
<br />
|