|
<br />84 - 006131
<br />
<br />UNIFORM COVFN'NlS. Horrower ond Lender covenanl anq agree as follows:
<br />I. Pa~.. M 'prindpaJ and Interest. Horrower shall promplly pay when due the principal of and interest 011 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, until the Note. is paid in full,
<br />a sum (herein "Funds") equal to one-twelfth of the yearly taxes and a..essments which mty attain priority oyer - this
<br />Mortgage. and ground rents on tbe Property, if any, plus one-twelfth of yearly premium installments for hazard 'insurance,
<br />plus one-twelflh of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and-frmn-
<br />time to time by Lender on the bas;:s of assessments and oiiis and reasonable estimates thereof.
<br />The Funds shall be held in an institution the deposits or accounls of which are insured or guaranteed bya Federaier
<br />state agency I inciuding Lender if Lender is such an institution). Lender sball 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 verjfying and compiling satd assessments and bills, unless Lender pays Borrower interest on the Funds and- appliCabJe--law.
<br />permits Lender to make such a charge. Borrower and Lender may agree in writing at- the trme- of exeeutiGn~-of .th~
<br />Mort~g~ that !~!eres~ en the Funds :;haH be pa:d to Borrower, arid udJes) ~ucit agreement is made- Of. appiicabie:."jaiV
<br />requires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Fund8.Len~r"_
<br />shall give to Borrower, wilhout charge. an annual accounting of the Funds showing credits and debits to'lheFunds and-the-
<br />purpose tor which each debl! 10 the Funds was made. The Funds are pledged as additional security for the sumsseeured-
<br />by this Mortgage.
<br />If the amount of the Funds held by Lcnder, togelher with lhe furure monthly inslallments of Funds P'lyab!epriorto
<br />the due dates of iaxt::'i, assessments, insurance premiums and ground rents, shaH exceed the amount requi,red to-paY-'Said.-_t~~~..,
<br />asses~ments. insurance premiums and ground rents as they fail due, slIch excess shan be, at -Borrower".s_:optiont-_~_~li.er~
<br />promptly repaid to BOrrower or crediled to Borrower on monthly installments of Funds, If Ihe amount- of theFiliIda
<br />held by Lender shall not be sufficient to pay taxes, _ assessments, insuran~e """miums and ground rents as -- they &indue;
<br />Borrower shall pay to Lender any amount necessary 10 make up the ddi"',,,,~, ''Vitbln 30 davffrom the1iale notice ismamilt
<br />by Lender to Borrower requesting payment thereof
<br />Upon payment m full of all sums seoured oy'h" .;longu~c ,,,,de, shall promptly refund to Borrower any Fund!-
<br />held by Lender. If under paragraph j 8 hcreot the Property IS sold or the Property is otherwise acquired by- Lender, _Lender
<br />shan apply, no later Ihan ,mmediately prior to the sale of the Property or ils acquisition by Lender, any Funds held by
<br />Lender at the nme or application as a ,[edit agamst the sums secured by this Mortgage.
<br />3.. Application of Payments. Unless applirable law prDvides othcrwi'ic. aU 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 mterest payable on the Note, rhen to the principal of the Note, and then to interest and
<br />pnnclpal on any Future Advances.
<br />4, Charges; Uens. B,,,,ower ,hall pay all t"X"', ""essm"nts clOd other ch'lrges, fines and impositions auributable to
<br />the Property which may aHa!n a pnority over {hIS ~1ortgage. ,i.lld leasehold payments or ground rents. if any, in .the- _manner
<br />provided under paragraph 2 hereot or, If not paid lO such manner. by Borrower making payment, when due, directly to the
<br />payee lhereof. Borrower shall promprly furnISh to Lender all noti"es of amounts due under this paragraph, and in the event
<br />Borrower shaH make payment directly, Borro\'f'cr ,halt promprty furnish to Lender receipts evidencing such payments.
<br />Borrower shaH promptly discharge any hcn which has prwnly over this Mortgage; provided, thaI Borrower shall not be
<br />reqUired to discharge any such lien so long as Borro\\cr shaH agree in \I,.'riting to the payment of the obligation secured_ by
<br />such lien m a manner acceptable to Lender. \.)f \h~IH m gLX1d faith contest such lien by, or defend enforcement of such lien in.
<br />legal proceedings which operale to prevenl In" cnforcemcnl of the hen or forfeiture of the ProperlY Or any part lhereof,
<br />S. Hazard Insurance. Borrower shall keep the nnpro....cmcnt\ nuv; existmg Of hereafter erected on the Property insured
<br />against loss by fire. hazards included withm ~hc term "extended coverage'. and sllch other hazards as Lender may require
<br />and in such amounts and for su..:h periods as Lender may require; provided, that Lender shaH not require that the amount of
<br />such coverage exceed that amounl 0f coverage reqUired h) ra~ ihe ~ums secured by this. Mortgage.
<br />The insurance carrier providing the IOsurance shaH he c}1(l~e-n by Bo-rro':\:<er ~H.:bje::t :0 apprvval by Li;.fidef; ptoviucd,
<br />that such approval shall not be unreasonably withheld. Ail premiums on insurance policies shall be paid in the manner
<br />pro\'lded under paragraph 2 hereof or, if not paul in such manner. by Borrower making payment~ when due. directly to the
<br />insurance carner.
<br />AU insurance polICies and renewals there-cd shali be in form <lc(.cpwbfe to- Lender and shall include a standard mortgage
<br />clause in favor of and in form a.-.:ceptable ((1 Lt'ilder. L~ndcr ~hall have. the right to hold the policies and renewals thereof,
<br />and Borrower shall promptly fUfnlsh w Lender aH r~n~wal r:otu,;es and all rec.:ipts of paid premiums. in the event of loss,
<br />Borrower shall gIve prompt notice to the l!i~ur .ilK\:: carner and Lender. Lender may make proof of loss if not made promptly
<br />by BOf'lower.
<br />Unless Lender and Borruwcr othern'l~c a1.!rec in wntifiil. jn~uram:e orocecds shall be aDolied to restoration or reoair of
<br />the Property damaged, prov,ded ,tich reOlOrat"'" <'r repa,; IS econom'~aily feasible and the security of this Morlgage is
<br />not Ihereby impaired, If !-.uch re~loratlOn or repaJf IS not ~contHni'ajjy f~aslble or If the securjty of this Mortgage would
<br />be impaued, the msurance proceeds shaH be applied 10 {he 'StilTIS secured by [his Mortgage, with the excess. if anYt paid
<br />to Borrower. It the Property is abam.kwe.d by Borrower. or 11 Borrower fads to respond to Lender within 30 days from the
<br />date notice is mailed bv Lender to Borrower that the insurance carrier ntTt>'n. f(\ ~eH!e- :! d~!~ fer :~f.L::an~c ~llc:1l:s. L~l1dlj;f
<br />l:S authonzed. to coUect- and apply the ln~uran\.,;e proceeds iH Lender's \..pllon either to restoration or repair of the Property
<br />or 10 the sums secured by Ibis Mortgage.
<br />Unless Lender and Borrower other"\\-ise agree In writmg, any such application of proceeds (0 pnnclpal shall not extend
<br />or pO$tpone the due- -date of the monthly iostallments .-defreu 10 II) paragraphs 1 anJ 2: here.of or change the amount of
<br />such instaliments. If under paragraph 18 hereof the Property IS acqi,HfCd by Lender. .aB right, title and interest of Borrower
<br />in and w any insurance policies and in and to the pn.x:-eeds thereot" resulting from Jan'!age !O the Property prior to the sal~
<br />or acquis.itlOn :..haH pass to Lender [0 th~ e.\lem of the s.ums s.ecure-d hy lhlS Mortgage immediately prior to such sale or
<br />acquisition.
<br />6. I'rNenatlon....<I Maintenance of Propert); Leaseholds; Condominiums; Plan""" V!!lt Deu!!>pme!!t., norrowcr
<br />shali keep the Propeny in good. repair and shaH nOt commit y.-aste or permit Impmrment or deterioration of the Property
<br />and shaH comply with [he provis.iOns \)1 any iease 11 th,S Mortgage 15 on a ka;schold. ff this Mortgage is on a unit in a
<br />condominIUm or a planned unit developmenl. OOUO,^U "hall pe.r1"orm ail of Borrower's obligations under the, dedarat~on
<br />or covenants creating or g-(.)Vermog the condOmHllUnl Of planned wut development. !h~ by-laws and regulaUons uf the
<br />condominium Of planned. unit doevelopmtilt. ana. i.."ons.tituent Jocumelll:.- I f a condominium or planned unit Jcvelopmenl
<br />rider is e)l,ccuttd by Borrower and recorded together ',vlth ~hl~ f\.-1ortgage, the: :..'o\'enant.s and agreements \.)1' such rider
<br />shall be incorporate(! 1nto and shall ame.nd and 5upplemellt the <,;ovenants anJ agrcem-cnt~ of thi~ Mortgage as if the rider
<br />were a p~ hereof,
<br />7. ProtectioB of lAfMhr'l Se~urity. It Borrower falls to pt~rh)f'm the L:OVenaDls and agrc-cments t:ontained in thi~
<br />MortS., or if :any ~~C!ioo or p-rocc-edrng ir. commenced which m~HeriaUy atIcds t(~nJer'" lIlteresf, in the Propenv.
<br />including. hut not limited H.,'~. emmem domain. inwlvency. code eofon.:ement. Of urran_gemeu(s or proceeding,s involvmg 11
<br />baUrupt or ~~dwt; then Lender "f Lender's (lp-tJon. i.i}Ml) noike: to Bonow\:[, HH:ly make such ilppt~;:Han'e", ..tishurse 5u..;h
<br />\ums ~nd tAke such *lctiml odS is nei,.':e~J'OA!Y tu p-rotc",t Lcndrr'~ !/ltCICSt. mdudmg, hl.l~ n\.H iH1H(\.~d to. dlsburs.ement fIt
<br />n::awnab-1c llUOt'llCfs t~u and entry \tpo,O the Prvp<.n)-' to !1l;lke p,.;-p.m_~ it Ll~ndcr j~q;jired mortg;:l.)~'" ]n~urail-..:e .j~ ,I
<br />~:Of.Hht.wu G-t mumg i.hl: k4Us '-.G':lu~d h) thl-~ .MtIrlga,gC, Borrower ~hal! pay ~be pf(~nHWH~ fC-4uHed In m~tint;Hn ,th.:h
<br />in~ulg-ru-;~ in dfftt.t Uf11tl \i-u,-h HInt:: J.S the reqtiin.'Ju(;nt for j~!i.~h \O\urarh,'(; H"rrninat6 in ,,(":~)idalln.' W-lfh B(lrf(\Wer'~ :md
<br />
<br />
|