|
<br />$2...a~u094~'
<br />I,IxrPilAAt Covexnxrs. Borrower and Lender covenant and agree ax follows:
<br />4. Prt~os®t of Pdvdpd and Interest Borrower shall promptly pay when due the principal of and interest on the
<br />indebtedness evidenced by the Note, pttpay'ment and Late charges as provided in the Note, and the principal of and interest
<br />on any Future Advances secured by this Mortgage.
<br />L Ftanda for'I'aaea a>ad Ilffinraeee. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />2oLender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full,
<br />a aura (herein "Farads"} equal io one-twelfth of the yearly taxes and assessments which may attain priority over this
<br />MortgagC, and ground rents oa the Property, if any. pfux one-twelfth of yearly premium installrtttnts for hazard insurance,
<br />plus one-twelfth of year[y premium installments for mortgage insuranct, if any, all as reasonably estimated initially and from
<br />tittle to ti:Rte by Leader an the basis of assessments and bills and tea enable estimates itrereof.
<br />'7'he Fusids shall be held is an institution the deprnits or accounts of which are insured or guaranteed b}' a Federal or
<br />state agency (iochiding Lender if Lender is such an institutionj. Lender shalt app!}' the Funds to pay said taxes, assessments,
<br />insurance prtmttums acid grouted rents. Leader may not charge for so holding and applying the Funds, analyzing said account,
<br />orvtrifyingsaad compiling said assessments and bills, unless Ltoder pays Borrower interest on she Funds and applicable law
<br />permits. Lein3er to make such a charge, Borrower and. Lendes may egret in writing at the time of execution of this
<br />Mortgage these interest oa the Funds shall be paid to Borrower, and ualesx such agreement is made ar applicable law
<br />requires suttt interest to Lx paid, Lender shalt not be required eo pay Borrower any interest or earnings oa the Funds. Lender
<br />shalt give to Borrower, without charge, an annual accounting of the Funds showing credits and debits us the Funds and the
<br />purpose for which each debit io the Funds was made. TTte Funds are pledged as additional security for the sums secured
<br />by this Mortgage..
<br />if The amount tai the Funds held by Lander, together with the future monthly installments of Funds payable prior to
<br />the dire dates of razes, assasmenu, insurance premiums and ground rents, shalt exceed the amount required to pay said taxes,
<br />assessments, insurance premiums and ground rents as they fall due, such excess shalt be, at Borrower's option, either
<br />prtxinptly repaid zo Borrower or credited to Barer vet an monthly installments of Funds. If the amount of the Funds
<br />held by Lenater shall net be sut3icient to pay taxc~, asscssrttents, insurance premiums and ground rents as they fall due,
<br />Borrower shalt pay to Lender nay amount rrcessar: in make up tJre deficiency within 3B days from the date notice is mailed
<br />by Lender to Borrower requesting payment thereof.
<br />EJpoa pavrtaent rn full of all sums secured be this Mortgage, i.rnder sJtaJl pramptiy refund to Borrower any Funds
<br />held by Lentter. If under paragraph 7EF hereai the Property is sell or the Property is otherwise acquired by Lender, Lender
<br />shat! apply, no later than imm~t^diatdy peter to £hc sale of the Prenerxy ar its acyuisifion by 1_ender, any Funds held by
<br />Leader at the time of application as a : relit against the sums secured b}~ this hiartgagt.
<br />3. A~/iiicittlar of PayateaRs. S.;nless apphcatsk Law provides z*theru•ixe, ail payments received by tender ouster the
<br />Note aiut paragraphs 1 and 2 bertof shalt be spptrtti by Lersder fiat :n payment of amounts pay:abie to Lander by Sorrower
<br />under paragraph '_ hereof, Cher. to interest gayabJc ern zhr tioat, then to the prtncipat at the tiate. and then. to interest and
<br />prirtcipat on any Future Advances.
<br />a. C"'~rsger, I3eas. Barzow•er shall pay aSl tails, u+vssmears and other chargnz. $nex and ,mpasluons attribuiabie to
<br />ttse Property with may anew a priority over this 'stortga{Tr. and leasrnntci payments ar ground rents. if any, in the manner
<br />provitwd utidtr paragraph 2 htrcof ar. if n.rt pall m such manure. by Harrower malting payment, when due, directly to the
<br />payee thereof. Borrcwcr shal3 promptly €urmsh un Lrndcr ail rtoucrs u€ amounts due under this paragraph, and in iht evtai
<br />Borrnwtr shall make payment ducally. Borrower shall prnmptiv tirrnnh it? L ender re.:ripts rvrdrtrrmg such payments.
<br />ttorrowt:r shall prorsiptly discharge any Jttn uhrcl•t bas pricu,ty <rvrr tries dstorigagc: provided, t!iat Harrower zhadi not be
<br />regwrecl to discharge env sraett lien cn laitg as Borrcrwrr ahali agree ir, v.ru,nH to the payment of the obhgatian secured by
<br />stuh tiro m a menace actrptaisle eta Lender. ur shall sn gees! forth cc+mest su::h Jirn hp, or elefend rntarrcment of such lien in,
<br />Legal prorcadings which operazo m prevent the en{orcexztcnt of tric situ :,- forfetturr cat ittt Prapcrty or any part tdiareaf.
<br />S. Harar4 Ita~e. harrower shall kip ttte tmprmcntrnts now extntng c+r nrrra€irr crested can the Property insured
<br />ugainu Boss by foe, hazards tncludtd within the term "rxtendcd eavrragd~. art,[ xuc:h other Itaxsvds as 1-eider may require
<br />asutin atsclr amounts and for such prnrxis as i.rndrr may requrrr, prr+srded, that !..ender shall n<at rcqutre chat the amcruiat c+f
<br />sttcit csivcra[gt cxettd that amount of c,,vcragr rcquurd u, pay rite sum. scored t*s tries ?s4ortgagc.
<br />TTx ittsuratict carrier providing the insurance shat[ fee :ihosen by Br+rrnwer *ubiect to apprtavat by Leader: pravtded,
<br />trio such approval shalt nos bt unrtasana[itc witf:ht[d. ,Ml[ pramuams c>n insuranct poJiciea shall be paid sn the manntr
<br />prov+ded uodtr paragraph Z hereo4 ar, :f not pall in such manntr, by Borrower making payment when dot, ciisectly io the
<br />tosutatue carter'.
<br />All iosuraoct policies andrenewats tittreot strait br in farm acctpiabie to 1_rr+cttr and sha[I rricludt a standard mortgage
<br />clause in laves of and in fo.m acceptable ko Ltndar. L.cndrr shall fravc the right tr. hold the pnficirc and renewals tfaertaf.
<br />and 3vr~~atr. strait promptly furnish to i..ender all renewaS ruuecxx °rsd a[3 recetpu of paid premiums. In the event o€ lass.
<br />t#ormwcr shall.. give pmmPt no6irc to the insuranct. carntr and Leader. Lrndtr may make prcx,~! of toss if not made promptly
<br />txv Borrowsr..
<br />Ilntaas Linder and Borrower otlrtrw•sr ngrte in wnt:ng, insurance proceeds steal! tx applied in restoration or repair of
<br />the Proptmr danragcd, provided sstalt restoration or mparr is tconamrcalSy teasabte and the stcurrty of tries Marzgage is
<br />cwt. tbct~bs itttpaired. tf s~tteh rtstorauan ar repair is cunt reononttcakly ftasibtt or rf the security of this Istarigagr~ wauJd
<br />bt iur;saiit+ed. tlke insurance proceeds shat be applied is the sums secured by ihts Mortgage, wuh the excess, if any, paid
<br />tea f{exrosrtr. If the Psopert} is alwndoned by &~rmwcr, nr :t Eorrower fails to respond to Lender within 30 days from zhr
<br />date ttEaticc as maiStxt by Leudes to Borower that t€te insuranct carrier o€Lers to static a claim for insnrartre benefits, 3_tndcr
<br />:s atnthrarstiad to totlas# attd apply its insurance proceeds at Lender's fsptwn tether xn restoration or repay of the Property
<br />at• to itr atsma secured try this ?.fortgagn.
<br />i.!ntcas Ltttc~r and. Botmwtr ut[irrwix agree m writing. e.ny such appticatzan of proceeds to prtncipa! stzal[ not ex:ttnd
<br />or gwtpoat the dew date-af [are monthly iustatlrnencs referred to to paragcaptts 7 and Z htrcrf or change iht amount of
<br />stx4 i:astat[ttteatr.. If under paragraph L8 hereat the Property es acquired by Lender, at3 right, title and interest of Borrower
<br />in anti ka Duty ixntiraute policies and in lord to £zet pracxtets thereof resuttsng from damage to the Property prior to the sate
<br />or m:r3trassuon s4tafl pass to Lttxdcr to test esrenr of the sums autatci by tries 'ti••lorigagt immediately prier to such salt or
<br />b, !'s+rttenraiiar atM M~ of Property;. te~etsatdtn Cotidotnitaitsmst Planned Lott Des~eloptnent4. Harrower
<br />s[att2letz3t the Praperry in good repau aad shall not commit waste or permit rmpaunxne or dereriorauvn of the Property
<br />and atsali ccatpty with the grovsion's ssf' any Least tf this Mortgage s on a ieasthoSd, if this wtangage is on a unit in a
<br />cc>eufeseiruuitr cfr a plantsed stall deaxfttpzzwar. Botrawtr shall perform sit of Btarrowtr's abtiSyatzeatts under the dec~larauon
<br />or cmroaats creating or governing the ctxtdominiam a, planned unit devtl~pmtnt, iht icy-laws and regukations of the
<br />cx+ndatrtan[WO err ptarinxd ssnit tte*retop~ment. and e`am~aittncnt d.~rvmenu. If a c.'rrudaminium or planned amt ~dewrlopmtnt
<br />.:tier r, extc~zteEE by Btatrnw~ar and rc'torcdeai together with this Atcrtgagt, tA.e covtrxantx and agreements of such rider ~"i
<br />xhyti tk rntorporatied into arnl shall amend and supplement ttte cas•enanix and agreements of this Mortgage as if lbw rider '~
<br />~..~rre n }art ncrCl#f... ~~
<br />7. Prsnciiaw of [.etsdss'aa'+rctst~. tf Harrower fails to ptrfarm the covenants and agrermcnis contained tit €his ;-
<br />~5n~r-t.;wge. .r tf say at;tsotr or pt~n:.trtlitig ss c:csmtsrtnrced whra3t nroatertaltg aft'rca~t Lritdar`s ,ottrcxt en the Property, fik
<br />u -SUdtng. n z -.ot loan+eh ta, tsnttx~ daa>snau. tnsol'a*ESSry, u~ndr. em*orc,rrwc r r arrengerrents or prcrceedm{s nvztJrmg a Yap
<br />hsnkrup€ n7 dreainsu tnrq Leztdcr az l.endtrx optiim, atpan ntatrc9c to Nearer ~ cr roay make each appcarattcex drshursr such ,
<br />seven ar~,i ,ate st.ch r,i r,*n ir. is rnetaeasr+.rv ..o pxotett 9,ers$et's diaart'+C.:. . i,,, ag. faux taut ksmrzed to, dsPsursr ^wnt c+f
<br />rrtrx,n~i~c xt:t+m.>r)•'a sex and entry upon rht 7"t~sp~erty it•: naak¢ rel,,,~rs ,~ 1 r--:,fir rtiSuired mtarigagt inssaranc4 as a _~`'_-
<br />r°Y.a vin:nn sit ttt:aking etc oxen aecizrtit ta} tats Mbttt€age„ Borrower shag ,z.xy the premiums rtqurred ~ tna:,rt.+~n avch
<br />rntt;ar?c,. to eti-~+:: ~,~: zst stieh incite as the requircmrem. for' aztch artsuraatax ttr:n}n,.res +n a+co.^darxt weth Ba:r•.i..°r'x antf.
<br />
|