|
r-
<br />79~ UC?.I:~ ~~
<br />Uxtroazz %vVr:Nnrv:s, no,....... „:d ? ^nder s_ _rant and agree as follows:
<br />1. Payment of Principal and IatetesL Borrower shall promptly pay when due the priacipai of and interest on the
<br />indebtedness evidenced by the Note, prepayment and late charges as provided in the Nate, and the principal o€ and interest
<br />an any Future Advances secwed by this Mortgage.
<br />p Fx Tgtoc ~ I~aeaace. Subject to app{ieable law or to a written waiver by Lender, Borrower shall pay
<br />m L ~n~r on t<h~ day tnonthly instatt,°ants of p rtipal as ; nicre~c are payable unazr the Aioie, until the Nots Ss paid in full.
<br />a sutra (herein "Funds'°) equal to one-twelfth of the yearly taxes and assessments which may attain priority over this
<br />ioforigage, and ground-rents on the Property, if any, plus-one-twelfth of yearly premium installments for hazard insurance,
<br />plus one-twelfth of yearly gremium installments for mortgage insurance, if any, alt as reasonably estimated initially and from
<br />time to tune by Leader on the basis of assessmems sad bins and reasooab3e estimates thereof.
<br />T7te Funds shall be held in as institution the deposits or accounts of which are located ar guaranteed by a Federal or
<br />state agency {including Lender if Leader is such an itrstitution). Lender shall 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 verifying wind compiling said assessmenu and bills, unless Leader pays Borrower interest on the Fuuds and applicable law
<br />permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this
<br />Mortgage that interest oa the Funds shall be paid to Borrower, and unless such agreement is made or applicable law
<br />tt;quires such interest to be paid, Lender shall not be required to pay Harrower any interest or earnings on rtie Funds. Lender
<br />shaft give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br />gttrpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured
<br />by this Mortgage.
<br />I'f the amount of the Funds held by Lender, together with the future monthly installments of Faads payable priar to
<br />the due dates of taxes, assessments, insurance premiums and ground rents, shalt exceed the amount requited to pay said taxes,
<br />assessments, insurance premitmrs and ground rents as they fall due, such excess shall be, at Borrower's option, either
<br />promptly repaid to Harrower. or credited io Borrower on monthly installments of Funds. If the amount of the Funds
<br />held by Lender shall not be sufficient to pay taxes, assessments; insurance premiums and ground rents as they fall due,
<br />Borrower shalt pay to Lender any amoutrt necessary to make up the deficiency within 3Q days from the date notice is mailed
<br />by Letmer to Harrower requesting` payment thereof.
<br />Upon payment is full of all sums secured 6y this Mortgage, Lender shall promptly refund to Borrower aay Funds
<br />held by Lender. If under paragraph 1$ hereof ifie Property is sold or the Property is otherwise acquired by Lender, Lender
<br />shall apply, na later than immediately prior ko the safe of the Property or its acquisition hg Lender, any F,:nds field by
<br />Leader at the time of application as a credit against the sums secured by this Mortgage.
<br />3. Apptkatiaa of Payments. Unless applicable law provides otherwise, all payments received by Lender under the
<br />Note and paragraphs I astd 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
<br />under paragraph Z hereof, they to interest payable on the Note, then to the principal of the Note, and then to interest and
<br />principal on aay Future Rdvances.
<br />4. G6arges; Ltrns. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to
<br />the Property which may attain a priority over this Mortgage, and leasehold gayments or ground rents, if any, in the m_ anger
<br />provided under paragraph 2 hereof or, if not paid in such manner, by Bonawer making paymenk, when due, directly m the
<br />payee thereof. Harrower shalt promptly furnish to Leader all aotiees of amounts due under this paragraph, and in the evtatt
<br />Harrower shall male payment directly, Borrower shalt promptly furnish to Lender receipts evidencing such payments.
<br />Harrower shall promptly discharge any {led whicfi has priority over this Mortgage; provided, that Borrower shall- not tar
<br />required to discharge aay such lien so long as Borrower shall agree in writitrg to the payment of the ohligatiaa secured by
<br />such lien in a manner acceptable to Lender, or shall in good faith cottest suLa lien by, or defend enforcement of such lien: in,
<br />legal proceedings which operate to prevent the enforcement of the lien or forfeiwre of the Property or any part thereof_
<br />3. Hazard Irunrance. Eotrower shall keep the improvements now existing or fiereafter erected on the Property insured
<br />against lass by fire, hazards included wilhia the term "extended coverage', and such other hazards as Lender may require
<br />~~d in cosh amounts and for such periods as Lender may require; provided, that Lender shalt not require that the amount of
<br />such coverage ext :d khat amount of coverage required to pay the sums secured by this .~t`otzgagc.
<br />?lie insurance carrier providing rite iasura,-tce shall be chosen by Borrower subject to approval by Lender, provided;
<br />that such approval shal9 not be unreasonably withheld. AlI premiums on insurance policies shall 6e said in rite 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 />Ail insurance policies and renewals Lhereo€ shall be in farm acceptab;e to Lender and shall include a standard mortgage
<br />clause is favor of and is farm acceptable to Lender, Lender shall have the right to hold the policies and renewals thereof,
<br />and Borrower shalt promptly furnish to Lender all renewal notices and all receipts of paid premiums. in the event of loss,
<br />Borrower shall give prompt ttaiice tc the insu,-an~e cattier and Lender, Lender may make proof of loss if not made piomptiy
<br />by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall 6e appled to restoration of repair of
<br />the Property damaged, praeided such restoration or repair is ec~namically €easble and the security of [his Mortgage is
<br />not thereby impaired. if such restoration of repair is noE economically feasible or if the security of this Mortgage would
<br />be impaired, the insurance proceeds shalt be applied to the sums secured by this Mortgage, with the excess, if any, paid
<br />to Horrawer. If tfie property is abandoned try Borrower, ar if Borrower faits to respond to Lender within 30 days from the.
<br />date notia^ is mailed by .ixttder to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Leader
<br />is authoriard to collets and apply the cr -ttrance proceeds at Lender's option either to restoration or repair of the Property
<br />or to thg stuns secured by this Mortgage.
<br />Unless Lender attd Harrower otherwise-agree in writing, any such application of proceeds to principal shall not extend
<br />or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amotrat of
<br />such installments. If under paragraph I$ hereof the Property is acquired by Lender; all right, title and interest of Borrower `
<br />in arrd to any insurance policies and in and to the proceeds thereof resulting from damage to We Property priar to the sate
<br />or acquisition shall- pass fa Lender to the extern of the sutras secured by this Mortgage immediately prior to such sale or
<br />acquisition..
<br />6. Preservation ~ INttintenaate of Property; Leaseholds, Cendomisiams; Platmed Uniat Aevelopments, Borrower
<br />shall keeg-tile Property an goal repair and shag not commit waste or permit impairment or deterioration of rite Property
<br />alai shall comply with Elie provisions of any lease if this Mortgage is an a leasehold. if this Mortgage is on a unit in a
<br />candorninium or a planned wait development, Borrower shall perform all of Borrower's obligations arnier the declaration
<br />ar covenants creating or governing the condominium or planned u¢it development,. the by-taws and regulations of the
<br />ct~tdornirrium or"pIsatted unit development. and constituent documents, if a coadomiaitmt or planned unit development
<br />rider js executtd Ely Borrower and recorded together with this- Mortgage, the covenants and agreements of such rider
<br />shall Isatncarporatad into sad shall atnerttl and siipplemen*_ the eovenar. ;and agreetneats of this Mortgage as if the rider
<br />were. a pact hereof:
<br />7: Pntfecilor~ aE Leader's Seetttily_ If Barcower fails to gerfotm the covenants and agreements contained in this
<br />It~artgage _ ar if .aay at'tsoa or praeeeding is commenced which tnateriatly afF~cs Letxler's interest in the Property,
<br />iacitxiittgE ttut not lifaited to, emitteat diimain, i~tlvt=ttcp; cosSe znfarcatnenY, or a€rangements ar proceedings iavalving a
<br />$am ar decedent, the¢ Lender at, Lsntler's option; upon notice to Borrower, may male€ such appearances, disburx-such
<br />sums artd hake stub action as is necessary to protest Leader's interest; inctudfag, but not Simited ta, disbursement of
<br />reas¢naiile attotncy's face amt entry upon tare Property to make iepairs: If Lender required mortgage- insurance as a
<br />canditiplt of snaking the loan secured Icy this Mortgage. Borrower-shall pay the premiums required to maintain such
<br />insurance is effect until-such tint: as the requirement for: suttr insurance terminates in accordance with Borrower's and
<br />
|