|
<br />Utraroatt C.ovt:tvsxTS. Borrower and Lender covenant and agree as follows:
<br />i. Ifsy~tt of atnl lelEretd. Borrower shad F~PdY Pay when due the principal of and interest on rho
<br />mesa evidenced by the Note. ptepaym~tt sad Eate charges as grovided in the Nate; and the principal of and interest
<br />on say Fttture Advances secured by this Mortgage.
<br />t, ithesds far Tscea ~ Ire. Subject in appScabk law or m a written waiver by Lender, Borrowea shad. pay
<br />m Leader on the day maathlp ittsiaihtteats of principal and interest are payable under the Note, until the Note is paid in furl;
<br />a suer faeteln `°Ftmds"} equal to onetwai'th of the yearly texas acrd asszss.-tEnts which tHay attain priority aver xh_is
<br />~ lt3atti?~e, aa;d arotrad ,'into an the Property; if say;-plus ohe-twelfth of yearly premium instaliatents far- hazard irtsuraace>
<br />~ plus oats tweiffh of yearly greasiuat iastelha~ts fgr mortgage insurance, if ate, aU as rcasonabiy estimated initiatly and fitttn
<br />time to time by Lender on ihe.baais of asaeaameats and bibs asd reasonable estimates thereof.
<br />v `Fhe Faads slrail bb held in an institution the dep~its ar aecotrn~ of which are insured or -guarants~t try ~ Ftderai ps
<br />state agengy (including l~cndea i# Leader is such as la4#itwioa). Leader shalt apply t~ Funds m pay said taxes assessments,
<br />instn'aar:e premiums slid grwnd rents. Lender tray oat charge for §tt holding and appiy~ag the Funds, analyzing lain accautt~
<br />or verifying and compiCing said sssessaxnts and ht7ts, unless Leadtr pays Borrower interest on rite Fonds and. applicable Saw-
<br />Q~Q peratits Lander to make such a chazge. Borrower -sad Lender map agree in writing at the time of execittian of this
<br />Mortgage that inte~e,;t o_ n tie Fonds span be paid to Barrowor, sad unless attch agreement is made ar applicable law
<br />ttgniros suchpin~~t~er~e..~~-~tit tie paid, Candor shall not be required 2a pay Borrower any interest or earnings on tire Funds. Lender
<br />Shall-gi@e to +lanav»~e~ without Charge, an Snnaal acconMiag of the Fand3 showtog. CfedltS and debits t0 the Funds and the-
<br />4 purpose fox which-each debit to rite Fins was made. 7hc Funds are pledged as additional security €or the sums secured
<br />by this Mortgage:
<br />If the amount of the Funds hohT by Lender,. together vriut .the future monthly iastaliments of Funds payable prior to
<br />the due dates of taxes, assessments, isistrrance pmrriutns and gmtmd rants, shall exs the amount required to pay said razes;
<br />atmsazmerits, insurance preatiuars sad ground rents as they fall due, such excess shat} Ise, at Borrower's option, either
<br />promptly repaid to Harrower or credited Lo Borrower an moath[y installments of Funds. I£ the amount of fiat Ftiads
<br />held by Len~r shall not be sufficient sts pay taxes, assessments, imarance premiums and grourd rents u -they fail due,
<br />Borrower shall pay to Leader aay amount necessary to make vp the deficiency within 3fl days from t1~ date Haute is rnaited
<br />by Leader tar Borrawrs requesting' payment thereofr.
<br />t;Ipaa payment in full of ail sums secured by this Mortgage, Leader shad promptly refund to Borrower aay Funds
<br />- held by Lender. If tinder Paragraph ig hereof the Property is soil ar the Property is otherwise acquired by Lender, Leader
<br />shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, -any Funds held by
<br />Lender at tht timt of application as a credit against the sums secured by -this Mortgage.
<br />3, trf'Pay lJnless applicable taw provides otherwise; all paymoats received by Lendaz under tht;
<br />Note and pazagrap'ns i -and 2 hereof shall be appfied by Lender tirsi in payment a£ amaaats payable Ya Lender by Bczmwar
<br />under-Paragraph 2 hereof, rhea to interest payable an the Note, then m the principal of the Note, and tltett-to interoat and
<br />pittuipal as any Future A:dvartces.
<br />4. Cltsrges; Borrower shah gay alt taxes,. assessments sad other charges, fines arsd impositions attribtttabte.to
<br />the Property which rosy attain a priority over this Mortgage, and teasehotd payments or grat>sd rents, if any, in ilia-manner.
<br />pravicled under paragraph 2 hereof or> if Hat paid in such moaner, by Borrawoe making payment, molten dui. dit~iFy to the
<br />PaYce thereof. Borrower shall promptly furaises to Lang ail notices of amounts due under this paragraph, sad in the event
<br />Borrower shat} mate paymem directly, Borrower shall proittptly furnish to Leader receipts evidencing such- payments.
<br />Harrower shall promplly discharge sap liegt which has priority aver this Mortgage; provided. that Borrower- sbaA acs, o0
<br />required art discharge aay such Iien so long as Borrower shall ague in writing to rho payment of the atrligatian scoured ty
<br />lun is a rasa- n~.* acceptable to Lender,. or shalt in gaol €ait6 contest v2Ch Tien by, or defend enforcernentof such Ilea ia,
<br />legal proceedings which aptraee to ;ertvcat thg enfarix:rtter~t of i:,z lion ar fo,~girrrC of ;lie PraY..rty or arty pe*_t the
<br />5. irmaaaaee. Bomtwer shall kcep the improvements now existing or hereafter erected on the Property issored
<br />agalnet loss by fire; hazards included within rite term "extended coverage"> sad such other hazards as Lender stay require
<br />and in such amounts and for attch periods as Leader may require; provided, that Leader shall sot require that the. aatcsunt
<br />sash coverage ezsxed that amount o£ Coverage required to-pay the sums ~Cttred by this Mortgage.
<br />'t3ae insurance carrier providing the insurance shall be theses by Harrower subject to approval by Lender; prgvidat,
<br />that sash approval :shall not be- ttatcaSOnabty withheld. Ali pn:miums cm insurance policies shalt be paid in the manor
<br />ptoyided under paragraph 2ltetmf ar, if not paid is stt:h ntaaner, by Borrower maal:iing payateat, when $ue, directly to-the
<br />insurance catrlai.
<br />All iastsatice policies and tenewats thereof shall be in form acceptable to Lender and shalt include a standard mortgage
<br />clause in fame of sad in fotat accepmble to Lander. Lender shalt have the right to hold the patticies :and renewals thereat;
<br />- and Burrower shalt promptly farttish to Lender ail renewal notices and all m eipts a£ paid pretniurns. Ia the event of kiss:
<br />Borrower shall give prompt notice to the insurance carrier and Lender. Lende. may :make proof of loss if Hat made promptly,
<br />by Bat'rower.
<br />tJntess Lender and Borrower otherwise agree in writing, insura~e proceeds short he applied to restoration or repair
<br />the Property dataaged, pmuided such re.staratian ar repair is economically feasible and tare security of this ~ is
<br />sot ttttrsby impaired. If such restoration or repair is not economically feasible ar if tare security of this-Mortgage wontd
<br />be impaired, rho insurance proceeds shalt be applied to the sums secured by-this Mortgage, with the excess, if any, Paid
<br />to Borrower. B the Property is abandoved by Borrower, or if Borrower faits to respond to Lender within 34 days front the
<br />date notice ss mailed by Leader to Harrower that the insurance carrier affecs to settle a claim for iasuraace btntef[YS, Leader
<br />is ant3or'tzed m colicei arts}-apply the insurance praoceds at Leader's option ether to teswratian or repair of rho Property
<br />or tot-tire stints seCttted by this Mortgage.
<br />i3nless Lender sad Borrower otherwise agree in writing, aay such application of proceeds to priacipat short Hat extend
<br />ce- ~ the dam- daft of the monthly installments rzferrzd to in paragraphs 1 and Z hereof or Change rho amount of
<br />each iastalimeats li tinder paragraph ig hecrstf rho Property is acquired by Lender, ail right, Title and irttetest of Borrower
<br />is and=~ arty i-once policies sad in and to t~ proc~cis titcreof resulting from daznagx to the Property prior to LSD-sate.
<br />or;acquieitioa shah pass to Leader to the extent of the sums secured by this Mortgage immediately prior to such sale ar
<br />asititm.
<br />lt. cad # of Propersy; i.d~ Crada~taiaidaast P~aoed -tiles Bormwar
<br />shall keep the Pcopertp is good repair and shall not saommit waste or permit impairtttent or detersosatiaa of rho Property
<br />and shat txmply' ~tlt-the. proviSianS of spy rases if this Mortgage is on a Ieuehold. if title Maxtgagoss a~n a ua# in a
<br />czmdc~miniuat or a planned unit devdapment, Borrower shalt perform aU of Borrower's obiigagona under the: declaration
<br />or covcu,strts creating or govr~roing the condominium or plarxied unn aeveWpmelit, the by-laws-ana reguTatiotra of the
<br />caademin:uz± or unH devetoPtncrit, sad Constituent documents If a condomittinm or piano unit devdoPmont
<br />rider is exe;.Uttid by Borrrstrer atnt recorded tbge#har with this Iviortgage, lire coaoaants- acrd a$t+etmevts of'-such riilae
<br />stall bo incorpora€zcl into scut shat! ae Rnd supB~meat the _oveaaau sad a~eemeatt.4 cif t#tis lltnrtgage' as if : rides
<br />were a part tsctzcf.
<br />7. PioEaetian of fsmrEer'a may. If Borrower fails en perform *.hz covenants and agreements Contained is tiilis
<br />Mortgage, of if asiy action ar pzgcadia$ is commeaxd which matednlly affecs Lender's interest in the Property,
<br />including, txt? not limited to, xaoitsattt daatain, insolvency, code en[oreement, er arrngemente ar proceedings involving s
<br />tuitfkrupt or dot, they Lender at Lzadrr'a option, upon notice to Borrower, may make sus3t appearances; _disbutxe such:
<br />at~rrt~ and take snr$~atxior. as is aet~5sary to protect Lenders interest, i,~cluding, hntt Hat limited to; disbutaomeni- a€- - - -
<br />r~sanabie attorney's f~ sad. etrtry apes the property to make repairs. If Leader recjnired martBslie insurance as a
<br />rorditiort of making the 1wa secut!!ut by this Mortgage, 8otrowcr snal4 pay tixc preroiuma required to maintain such
<br />inutranrx in °ffoct nait'f sitdt tiaiae ~ the requirement t'or such insurance terminates in accordance -with S34irtoower s and
<br />
|