|
<br />LIt.rtrnaTt Covtttvaxrs. Borrower atMd bender rnvenant and agree as follows:
<br />1. Payeest of PriaeeipY asti Ielear:at. 8orrowet shall: promptly pay when:.due -the principal- of and interest oo the
<br />indebtedness evidenced by the Note, prepayment and-late. charges as providedin the-Note, and the.>principal of andinteres[
<br />cn any Future Advances sectartd by this Mortgage
<br />2. F~~dt tar Tuts tad Ttrmatice. SubyecZ to applicable law or to a written waiver by finder, Eorrower shall pay
<br />io Lender on tttt day monthly installments of principal and intirest:arepayableunder. ttte.Note, until the'Notpis paid:in full;
<br />a stun. (herein "Funds"1 equal ro anciwelfth of the yearly_ taxes and as~ssments which rosy attain priority aver this
<br />Mortgage, and ground rents on the Proptrty,.if any.:plus one-twetfrhafyearlypremittminstaIlments for hazardinsurance;
<br />rkrs sae-twelfth of yearly premiirtit ittsWllmtxits for mrrtgage insurance, if any, all as reasonably estimated initially and from
<br />time to time 6y Lender on t}tc basis of assessrnents andbills andreasonableestimares. thet+eof:.
<br />The Futtds stsall be held m an iasEittttion the deposits or accounts of which are insured or gttarantt:ed 6y a Federal or
<br />sole agency tinciuding Letxler if Zcnder: is soon an-institution), Lender shall apply the Funds to pay said [axes, assessments,
<br />inuurance promiums and grouted-rents: Lthtder may riot charge.forso tabiding and applying the:Funds; analyzing said account,
<br />or vcrif}ing and campthng said assessments end bills, unless Lender pays Harrower interest on the. Funds and applicable law
<br />peti;nuts Lender to make such -a charge. Borrower and Lender may agree in writing; at the time of execution of this
<br />Rtortpage that:dnttnast on the Fttttds shall be paid to Borrower, and unkess such agreement is made or applicable law
<br />r+x~uises stttdt intertsrxo lie paid, Leader shallnot be. requiredte pay Borrower any interest or earnings on the-Funds. Leader
<br />shag give xo Borrower; withixtt charge, an annual accounting of tltc Funds-showing crcdiu and debits o the Futtds and the
<br />ptirpase fort which each debit to the FutMs was made. Ilse Funds are pledged as adtiitianai security for the sums securted
<br />by this Mortgage•
<br />If the aasountof the Funds held b}' Lender, together with the. future monxtsly installments of Funds payable prier to
<br />the dtse elates of taxes, assessotxnts, insurance premiums and ground rents, snail exceed Ehe amount. required. to pay said taxes,
<br />ants, ttsimnce pserniums and gmutnf rents as they fat! due, such excess shall be, at Borrower's option, either
<br />paotatrfly,repaid to:Bottower~orcxeditedto. Borrower on monthly instalments of Funds. if the amount of the Funds
<br />ht3d by Letder shag sot be sufi"tcient to p ry taxes, assts4ments, insurance premium; and ground. rents as they tali due,
<br />9orrotrer shat[ pay to Lender any amount r:ecissary to make up the deficiency within 30 days tram the data notice is mailed
<br />by (.~e,oti3u'to 8ormwar nequating PaYntent tittrectf.
<br />Upon payment in full of aB sums secured by this Morgage, i.ender shall promptly refund to Borrower any Funds
<br />htdd try Ixnder: If ut>dcr paragraph l;t hereof the Propiny is sold ar the Property is otherwise acquired. by Lender, Lender
<br />attaB.apply,.no laterthan intntadiaicly prior tnthe sale of the Property ar its acquisition by Lender. any Funds held by
<br />[:ender at the titrtt of application as a crerlit sgainst the. sums secured by this Mortgage.
<br />?F. A~iierfitr of 'nysteadt. Unless applicable taw provides otherwise, all payments received by Lender under the
<br />Note and pitsagrapdts-1 attd 2 hereof shalt be applied by Lender fitsE to pa}~tttent of amounts payable to Lender by Borrower
<br />tmdu paragraph 2 hereof, tbea to interest payable an the Note., then to the principal of the Nate, and then to intuest and
<br />psittcipd oaa any Fitture.Advantxs.
<br />d. CUrt~ex lft'fata. Borrower shall pay all taxes. assisttnints and other charges, fines and impositions attributable io
<br />the Property which may attain s priority o*acr dais lviartgage, and leasehold paymetns or ground rents. if aay. in the manner
<br />provided itnnder paragraph Z hereof or: if not paid in such matmer, by Barrawir making payment, when. duo, directly to the
<br />payee tltcmof: 8orcow~et shall prextnptty famish to Lender alt. Wooers of amounts due under thds paragraph, and in the event
<br />Harrower snail make<paymuettt directly, Barfawer snail promptly furnish to under rc«ipts rvidercing such payments.
<br />Barrawttt shtli promptly discharge any Tien which bar pnoraty over this Mortgage.: provided, that. Borrower shall not be
<br />rixluuad to dasctiargtp soy such lien so long as Borrower shat.{ agree in writing to the payment of the obligation secored by
<br />such limt'tn a manner aotxptable w Lendct, ar shalt in goad faith earnest such lien by, ae defend anfarcement of such lien in,
<br />legal ptoceedttgs whit}i:opetate ro pmittt the enforcement of the taco ar forfeiture of the :Property os any pan thereof.
<br />5. ;iNmri lwnttca. Borrower shall keep the improvements now rxisting or hereafter erected an the Property insured
<br />agaimtions by 8re; ftazards itiduded within the term "extended caviragi", and such aEher hazards as Lender may require
<br />sad to wrh atnotrntsand for such periods ac Linder Wray reyuirr: pravrdid, that 1_racier cha1C oat require that the amount of
<br />such coverage exceetf trot attwunt cif coverage required to pay tftr sums secured by this Mortgage..
<br />'I~ itttatnaxa cttrricr providing the insurance ahal6 be chasm by Bot~ttwcr subject to approval. try Lender, provided,
<br />that oaten approval shalt nut be unnasortabfy withheld. Al! premiums on insurance policies. shall be paid in the manner
<br />provr,kd under paragraph .'t ltercof or; if not paid-in such manner, by Borrower making: payment, when due; directly to the
<br />inwfance t;strier,:
<br />.AB insttTance potacies atu! tttsewats theriaf shalt be in form acrcptablr m Lender and shall. include a standard mortgage
<br />clause in faro: of aad:in formaacptaiskw Letrtier, lxttder shelf {save Ehe righe to hotd..the poticiis and renewals thereof,.
<br />and Horrotver stroll p;«nptty turaisit to {;ender aB rittewal noticxs and all receipts of paid premiums. to the event of Sass,
<br />HOrmwer }tall gvc prompt notice to the insunncc comer and Linder. L indcr may make praoi of loss if not made promptly
<br />by'&xrawer.
<br />tJnkat t_cMkrand.8orraweratherwsscagtee-in wtitrg, insuranecproccedsshall ta~eappD.iidtaristoratiopor repair of
<br />ttte property dantagtxl,, provided sttclr rt:stttiratidn or repair is eeonomics4ly tiiasibk and. the: security of this Mortgage is
<br />not thereby imparsief: if Stich: ressorationar ttpsir is -not iootwxnieati}' feasible of i:f ttte. security of tfiis Mortgage. would -
<br />hc impaired, the insurtutx prooeeds:shallbc applied to the sums. secured-bythis Mortgage, withthc excess,.:if any,.paid
<br />to Bcxcower. [f the: Property ,s a6aadonecf 6y Borrawtr, or i3 Barsawce rails to respond to Lender within 3t3 days from the.
<br />date nati« is rnaileai by Itnderta eorrowar that the;ittxueance ramer.otfers. to settle a rlsum'for insurance benefits, Lender
<br />is autlmrixrd to collar and apply the insuxanre:ptatxedsat Lender's option either to risxoratwnos repair of the...Property
<br />or to the sums secured by :his Mortgage.
<br />t;nlnsLenderandBorrnweratharu-is~ag[tein:writing,anysuchapplicationofprat*etdstaprincipaishalt..notixtcnd
<br />or postpone the due date of the monthly insxalftnents.rifee-rid~to in paragraphs I and 2 hcretrf ~r changi~.the-amaunE of
<br />such anstalltncnu. tf under paragraph i3 heri~o.t tbePrapertyx acquued. tsy!.tnrkr,.a!}. rigfft;, titti sod nterestof. BOtrawer
<br />in and to any instuance policies attd in and to thcgtdciadstdxreoi restittingxrom damage to':thi Property prior tazhi sale
<br />or acgttittanon shalt pass to Lendcrta theextentaf Sttcsurrm. sectued by dais 'Mortgagiimmiediateky.,prior to suchsalcor
<br />.agtcrsition.
<br />i. Pt~gn-aYtt~ ssd MatopeatPraperty; f,esebotir.Cakaiwapn.. Pfsare# Ueit:.Uevdoptnents.. Aorrower
<br />shall keep ttx Property in gaud repazr and shalt riot ~-tVrtmit waste arptrmia impairment ordeteriarationo# the, Property
<br />atsd shat! comply with the ptovi.tostaof an}' time ;t chic Mortgage-is on a iiasehold.,. if tltls:Martgage:.is on:a unit in a
<br />condominium ar a planned vrtt dcvcinptrr_-nt, lk>rrawer shall. pertnrm all of Bbrrowcr's nbl$atans umler the deci:uation
<br />ar camnasrts crwzing or gavcrnmF ;he nndom,ni,tmar planned unitdivetoprttenE: the bjr-laws and-regulations ufthc
<br />etwduminium ar planned uuft divetapatint s,nd cattstitueat dtx;uments-: li a.condomtnium° oaplantt~~atnttdivrlopment
<br />ride is executed by Bormwrs and rc~:orultd wgcttaer with tats ~fongage, ihecovetaanis andagrecments of st.tch rider
<br />strait bi ttxtotparateet mto :uxl stroll a:ncttd and supp:ettken; the ~nvrnants ;.rid agreements otthis Mortgage as iC the ritlir
<br />were s part Hereof.
<br />1, lrMaetiw of hedee's Y- It $arrou~er iaiV t:~ per[orm the +cc.veranls and agFeet[tent8-rantained'an..tltis
<br />Maatgsgc. or if any action c:r {.Ntr_eedmg ~s u>mmenced •.~hich matcriaiiv :;tTc.-ta l.cndat'& ~ntetxst in Ettc Property.
<br />indcdsttlt:- but nos Limited ta, emitscnt domain. inustvretcz', code er~iorce:rmnt. i~r :srringetncnlsat:prort:edings t;tvalvinga
<br />ttanltrupt at 3rcedottA then Lcttder at 1. cadets nptcon, upon oo!ice so Liarrc~wvr, ~r:av n;a4a xueh':appiarataris, disbussi such
<br />surac and take such at'.tion. as is nacxaaty to protect f,ittder's !ntaro5t, r.iciwim~. ta~tit natlimrtit#~ to; disbursement of
<br />reatatnaesic at:arstey'c tees ,.,ni entry :c~a?n ttte Property ka Ztake n~pa,r,- :f i,r;tdirrevuircd mortgaaci insttranre as a
<br />«mdttian of n•.alrxtzti the :man mecurai by thsx Mortgage, Barrn.~cr steaii ~ry ,;re ~:esniums required. to maintain setctt
<br />iret~,ras,r• in cift,:t utttit .,tilt tnzti ar stwc. nequirctnent far sttctt rsisursnce tier.>Pnatt:s in arxardanrx wart Barnnvers and
<br />
|