|
<br />
<br />
<br /> 79•-.- i.ll 4
<br />
<br /> I IgrF(-ttl,e CONSS,kNM Borroucr and Lender covenant and agree as follows:
<br /> 1. Pa,%Tnerst of Principal and Fnttrest. S0rr-,4,cr shall promptly= pay when due the principal of and interest on the
<br /> irdebttdrress e . icacc4 by the Note, prepayment and late charges as provided in the Note. and the principal of and interest
<br /> on any Future Adla:ncts secured by this .Mortgage:
<br /> 2. Funds for Txxm and Invurs.nre. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br /> to Linder on th- vat monthly :rw2 li-nms of principal and ir•,tct-cst are payable under the Notc. until the Note is paid in fuli.
<br /> a sum (-herein "Funds") cquxl la onr,twcifth of the yearly taxes and assessments which may attain priority over this
<br /> Mo gags, and :,(sand ;Vats or, the Propeil)% if any. plus one-twclfth of yearly pr-mium installments for hazard insurance.
<br /> Plus ozt-twelfth of c•.ar1: premium installments for mortgage insurance, if any, all cis reasonably estimated initially and from
<br /> bri.r• tw txllye by lzrider on the basis of av-,essments and bills and reasonable estimates thereof.
<br /> The Funds .xhall be held in an institution the deposit-, cr accounts of which are insured or guaranteed by a Federal or
<br /> state agency f inclivl;ng Lender if Lender is such an inst"ituti in). Fender shall apply the Funds to pay said taxes; :assessments,
<br /> tnsuranoc prerrrium and ground rent:[. Lender may not charge for w holding and applving the f=unds. analyzing said account,
<br /> r 11,Mfsing znc contpOirg said assctisnscnts and billy. unlus Lend-rr pays Rorrowc. interest on the Funds and applicable law
<br /> pr:ma,s l•cndcr to ma:k such a charge Borrower and Lender ,.ray aprec in 'writing at the time of execution of this
<br /> y:c~ t;gage that iwere-st on the Fun& shall be pair: to Florrawt; a:-+d unless such agreement is made or applicable law
<br /> requires such interest to be pvid, Lender shall not be mqutrr:d to pray Borrower any interest or carvings on the Funds. Under
<br /> shall give to Do.;o-Aer, wa6out charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br /> pur?ose for which ewch debit to the Funds was made.' The F=unds arc pledged at additional security for the sums secured
<br /> by iris Mortgage.
<br /> If the amount of the. Funds held by Lender, together with the future monthly installments of Funds payable prior to
<br /> Slur.. due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br /> ar.scssments, insurtinct premiums and ground rents as they fall due. such excess shall tn..at Borrower's option. either
<br /> p.omptly repaid to Borrower or crethied to Borrower on monthly installments of Funds. If .he amount of the Funds
<br /> held by lender shall not be suffcicn- to pay taxes. asscs,sments, insurance premiums and ground rents as they fall due,
<br /> Borrower shall pay is 1xnarr any am(,-ant necessary to make up the deficiency within 30 days frorn the date notice is mailed
<br /> by Leader to Bnrrowcr requesting paymen! . thercof _
<br /> Upon pxy:rrcrit in full of all sums sccured by this Mortgage, Lender shall promptly refund to Borrower any Funds
<br /> l,,ckl by Lender. 1.1 under paragraph 18 Nnccd the Property is sold or the Property is otherwise r;cquirrd by Lender. Lcndct
<br /> Nhall apply no laic, than inirnediatcly. pr~or to the safe of the Property or its acquisition by ,.ender; any Funds held by
<br /> :..cinder at the time of aplilicariotn as a credi, against the gums secured by this Mortgage.
<br /> 3.. •kpplication of Payment& Linters ipplicable law provides otherwise. all payments received by. Lender tinder the
<br /> Note and paragraphs I and 2 hereof shall F.c applied by Lender first in payment of amounts payable to Lender by Borrower
<br /> u:ndr: !?aragmph 2 hertaf, then ice interest payable on the Dote, then to the principal of the No;e, and then to interest and
<br /> grin !,cal on env Future Advances.
<br /> -l. Chamn; I seams Borrower Fhall p:a•v all taxes., assessments and other charges. fines and impositions attributable to
<br /> the, Property which may attain a priority river this Mortgage, and Icase.ltold payments or ground rents, if any. in the manner
<br /> provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due. directly to the
<br /> pa;rce, them-of. Porrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event
<br /> B r oucr shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments.
<br /> Borrower shall promptiy discharge any lien which has priority over this Mortgage: provided, that Borrower shall not 1-
<br /> rcquire:d to drtcharge any such lien so long as Borrower shall agree in writing to "h►, payment of the obligation secured by
<br /> such lien in a traanner acceptable to Lender, or shall in good faith .ontcst such lien by, or defend enforcement of such lien in,
<br /> gal proered rigs which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
<br /> its
<br /> 5. Hazard Insurance. ,Borrower shall keep the improvements m,1w existing or hereafter erected on the Property insured
<br /> against loss by fire, hazards included within the term "exttrided coverage and such other hazards as Lender may require
<br /> and in such amountt and for such periods as Lender may require; provided, that Lender shall not require that the amount snf
<br /> such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage.
<br /> The insi nuicc carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided,
<br /> that such approval shrill not be unreasonabty withheld, All premiums on insurance policies shall. be paid in the manner
<br /> provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
<br /> insurance carrier.
<br /> All insurance policies •tnd rene-ovals thereof shall be in form acceptable to Lender and shall include a •xtandard mortgage
<br /> clause, it) favor of and in total acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof,
<br /> and. Ronower shall prv.,rrptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of lass.
<br /> Borrow'cr she E. ive pr ;r^.tpt notice to the insurance carrier and Lender. Lender may make proof of Ions if not made promptly
<br /> F3orrornrr. .
<br /> by
<br /> Unlt.a Lend-i and Borrower otherwise agree in writing, insurance proceeds shall be applied to testoratior. or repair of
<br /> the Property tiasrta, rt, provided such restoration or repair is economically feasible and the security of this Mortgage i%
<br /> not thcreby tm9wred. II such restoration or mpair is not economically feasible or if the security of tl'is Mortgage would
<br /> be impaired, the insurance proceeds shall be applied to the runts securer by this Mortgage, with the ,:xcess, if any, paid
<br /> to Borrows; . if the Property is abandoned by Borrower, at if Borrower faits to respond to Lander within 30 days from the
<br /> gate notice is mailed b)• Lc der to Borrower that the insutance carrier offers to settle a claim for insurance benefits, Lender
<br /> is autb,orirxd To collect and apply the insurance proceeds at Lcsdtr's option either t.s restoration or repair of the Property
<br /> or to the surer.. 9curvd by this Mortgage.
<br /> Unless L.roder and Uarrow er otherw6c agree in writing, an-, such application of proceeds to principal shall not extend
<br /> or pcatpone the duel date: of the rm,-rithly instaliment_s referred to in paragraphs 1 and 2 hereof or change the amount of
<br /> such insWiments.. h,' under paragraph t $ hereof the Property is acquired by L.endcr, all right, title and -nterest of Borrower
<br /> in and to any insunrja: policies and in and to the proceeds thereof resulting from damage to the. Property prior to the sale
<br /> or acqu sition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
<br /> acquisition.
<br /> 6. Prease ation and Ninivirriance of Property-, LzasiWds, Condominiums; Planned ts.lntit Dvvelopmems. Borrower
<br /> %fAh kccp the i1ropu%y, in good- repair and shaU not commit waste or permit impairment or deterioration of the: Property
<br /> and sha:13 cntr ply with the provisions of Any '.e m if this Mortgage A on a leasehold. If this h(or',sage is on v unit in a
<br /> rendomiuium or a planned =it devG}tVnitxt:• 13crrower shall lxtieam all of Borrowers obligations under the declaration
<br /> <w covewots creating, or gcaveimiag the cci%1;c,miu;um or planned.unit develOpayettt, the by-laws and regulations of the
<br /> condorniraium or pt m d unit, development, surd omstituent dcncurtmm. If ri condornittisauira or ;,brined unit de,,elopment
<br /> ride is cxeacuted by Bonvv-tr And recorded together with this Rtortgrge, the coven=ft and agreements of !~sch rider
<br /> sh7aii In incorporwed into and shali Amend juA supplement he ,"tnr,olnts and agreetrwnts of tLtis Mortgage as it the rider
<br /> were a past hereof.
<br /> 7.. ftxtectlaa of Xtadees Secuiri:y. If Wl"Vwcr. `"Ails to -VfOirrtt the talVMants and ag"M Jenta contained in this
<br /> Mortr4c, or if any action aaa, ptocterling is casrxctcrw-ed wfii"t:h materially allmU bender's interest in d,, Property,
<br /> ineltiding, but riot limited to, eminent dornuin, itxsai+rcncy+. e. tie ctt(orrertacrti. or arrangements or proceedings involving s ,
<br /> t-ankrupt or decedcn% :bets Lender at Lenices.opuort upon notice to Borrower, may make such appearance, diti3mrse such
<br /> %r:ms acrd take Such Jymion ax is rrerevatry to protect Lxnder's imerest, including. but not limited to, disbtlrrement of
<br /> rrarscras.abie ht:omity's fees and entry upon the Property to make repairs. If Lender mquited mortgage insurance as a
<br /> cc7ciditlon rf r Aung; the loam cured by this Kortgatc. Borrower shali pay the premium required to maintain such
<br /> 4uwacre in :acct until stsch time as ulwe' requir"wnt for xucht insurance tet:minates in accordance with Wynowcr's and
<br />
|