|
UxIFORM CovExexrs. Borrower and Lender covenant and agree as follows:
<br />I. Payment of Principal and Interest, Borrower shall promptly pay when due the principal of and interest on the
<br />indebtedness evidenced by the Nate, prepayment and late charges as providtrl in the ante, and the principal of and interest
<br />on any Future Advances secured by Lhis Mortgage.
<br />2. ~tada Eor Tazea and Insurance- Subjeci to applicable law or to a written waiver by Lender, Borrower shall pay
<br />to Leader on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full,
<br />a stun (herein "Funds"} equal to one-twelfth of the }earl} taxes and assessments which may attain priority over this
<br />Mortgage, and grour±d rents on the Property, if any, plus one-twelfth of -yearly premium installments for hazard insurance,
<br />plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from
<br />time !o time 6y Lender on the basis of assessments ant bills and reasonable estimates thereof.
<br />The Funds shall be held in an institution the deposits err accounts of which are insured or guaranteed by a Federal or
<br />state agency (including Lewder if Lender is such an institution}_ Lender shall apply the Funds to pay said taxes, assessments,
<br />insurance premiums and ground rents. Lender may not charge for sa holding and applying the Funds, analyzing said account,
<br />err verif}ing and compiling said assessments and bills, unless Leader pays Bnnewer interest on the Funds 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 on [he Funds shall be paid to Borrower, and unless such agreement is made or applicable law
<br />requites such interest to be paid, Lender shall net be required to pav Borrower any interest err earnings on the Funds. Lender
<br />shall give to Borrower, without charge, an annual acrnunting of the Funds showing credits and debits to the Funds and the
<br />purpose 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 />if the amount of the Funds held by Lender. together with the future monthy' installments of Funds payable prier to
<br />the due dates of taxes, assessments, insurance aremiums and ground rents, shall exceed the amount required to pay said taxes,
<br />assestaents, insurance premiums and ground rents as they tall due, such excess shall be, at Bor'rower's option, either
<br />praaptl}' repaid to Borrower err credited to Borrower an monthi}• installments of Funds. If the amount of the Funds
<br />held by Letxkr shall ant be sufficient to pay' taxes, assessments, insurance premiums and ground rents as they fall due,
<br />Borrawer shall pay to Lender any amount necrssan' to make up the deficitnc}' within ;Q da}s from the date notice is mailed
<br />by Leader to Harrower requesting payment thereof.
<br />Lltraa payment in foil of all sofas secured by this Mortgage, Lender shall promptly refund to Borrower any Funds
<br />heM by Ltndtr. If under pazagragh la' hereof the Prapeny is wild err the Property is otherwise acquired by Lender. Lender
<br />shall apply, nt later than immediatch prfar to the salt of the Propem or its acquisition by' Lender, any Funds held by
<br />Leader at the time of application as a credit against the sums secured by this ?sortgage.
<br />3. Appiicatien of Payments Unless applicable law provides a[heru'ise, ail payments rtctivtd by Lender under the
<br />Igcut and paragraphs I and 2 hereof shall be applied h}' Lender first in pa}'ment of amounts payable to Lender by Harrower
<br />itndu paragraph ? heti~f, then to interest payable an fht ;\ote, then to the principal of [ht Note, and then to in[ertst and
<br />principal on any Future Advances.
<br />3. ~ Ihas. Harrower shall pap all taxes, assessments and other charges, frrses and impositions attritrutable to
<br />the Property which ferny attain a priorit}• over this Mortgage, and leasehold payments or ground rents, if any. in [he maatcer
<br />ptovidex3 trader paragraph 2 hereof or, if not paid in such m :riner, by Borrower making pa}'tneni, when due, directly to the
<br />~}tt thueoY. $orrower sliali protnp[ly furnish to Lender all notices of amounu due undo this paragraph, a>td in the event
<br />Barrownr shall rnalte payment directix' Borrower shall pramptl} furnish to Ltnder receipts evidencing such payments.
<br />Borrowu shall pt~ptl}• discharge any lien which has pr+anty over this Mortgage: provided- that Sarrow•tr shall not bt
<br />required w discharge any such lien so long as Harrower shall agree in writing to the payment of the obligation secured by
<br />such lien in a matwa acceptable to Lender, err shall in gaud faith cantrst such lien by, or defend trtarcement of such lien in,
<br />Iega1 proceedings which operatt to prevent the enfarcemem of the lien err forfeiture of the Prapen} or an} part thereof.
<br />S. I~tswd IBIfNY, Borrawer shall kip iht [mpravemtnts now existing or hereafter erected or, the Property insured
<br />against loss by firt, hazards included within the term "extended covtragt", and such o[htr hazards as Lrridtr ma} require
<br />and in such amounts and for strch perrads as Ltnder ma} rtquirt: provided, chat Ltndtr >hali oat require chat iht amount of
<br />such watragr txcrtd chat aataunt of .-ovtragt required io pay iht sums secured b} this Mertgagt.
<br />The tnsuranct carrier pmvitFing [ht insurance shad be chasers by Borrawer subject to approval ^} Lender, prov'rdtd.
<br />that such approval shall ant be urireasxxsably withheld. All premiums an insurance poli:its shat! [,e paid :r. the mantttr
<br />praviduf under paragraph Z Ftertaf or, rf aai paid in such *_nanrser, by Bortowez maktng pa}'meat, when dot, directly to the
<br />insurance carrier.
<br />i~t ~•* =a`t p~ic~• °v.^~.. z~t_~ais itrst.^.i shalt ~^ ~~ farm a_~ep*-able to Len•+er +*d shall an;ludt ~ standard mortgage
<br />c-attu in favor of and in #orm acctptablt to L.endtr. Lender shah beryl the right t. hold iht policies and rtritwals ihereaf.
<br />and Barnwer shall ptxunptty ftunisb to L.endtr ail rtnrwai aats~ts and all re•cttpts . f paid premiums In the tveai of lass-
<br />Horrower shall give prompt nutlet to tht insurance tamer and Ltnder. Lender may make pr v f ~+f ].'.ss if nai made prompts}
<br />by Bnszower.
<br />Unless Ltnder and Itorrawtr orherwist agree in writing, insurance practeds shall .~ applted to rtstoratiaa or rtpair of
<br />the Psopen}' daraagtd, provided su.:h resioratian or rtpair a m~nomicai3} feasible and the secunty ai this Mortgage u
<br />oat thtreb}' impaired. if soh restoration or rtpair a no. e.onomicall} itasihte err ii the secure} of [his Mortgage would
<br />bt imparted, the insurartix pea-.c+ods shall bt appt~d t+? the sutsis secured by this Mortgage, with the excess, if any. pa,d
<br />in Borrower, If tt~ Proptrt}' is a'oanaatxd `} Horr~wts, err ;t Harrower tails to rtsp~.?nA to Ltndtr within iii da}s from the ~
<br />bate tuttice is mailed b} Lender to Barrrwtr that [he insurance carrier often to seine a claim for insurance t+eneftts, Lender ~y
<br />is auihryr*.ud it oallttt and ap}rl} °_',t insura.•u~e ptuctr3s ei Lender's ap[inn tither ra rsstcrauan . r rtpa*.r ei the Prorcrt}
<br />err to tine sums sa'-urtd by this Mortgage.
<br />L'nkss Lender and Botrox~rr athen.rir agree ~n ssritrng. any such application of proceeds to pnnapal shall nut extend ~
<br />or postptxst the dix dart of tht m+*tithly ins'.al?me ms rtftsrtd to in paragraphs i and ? boreal or change the amount at Cn?
<br />aitc6 tnstallmeda- If under paragraph i5 btreaf the Properr} is scquutd by Lender, ail right. title and interest at Borrawer ~
<br />in aril fo sa} insurance palms and in and sn list ,r.-<tt::s thtrror rtsu;tirg from damage to rile Property poor to the salt
<br />or acquisition shall pass to lender to ihr extent of file sums st:ured br' ibis \fartgage immediately poor to such sale ar ~
<br />>+~~~-
<br />tb. tt~vatfea att~ A1a~seaaact ~ Praperf}; l.taaefaraEdc; Coadnmis~sms; Plaaarri !~~ I}est'sops?eenta. Borrawer
<br />atoll kap the Property is good rtpair and shall oat cotzuait waste err permit impairttrent ar deterioration of the Property
<br />anti shall cr~spl'y »i',h :;~ pr..:r~eiaa~a csf err: lee ,, .a - R ar[ga~ -~ an Mast; ~,,, It •his Alarigagt is as a [loll in
<br />condominium or a pianttr~ trait dtveiapintnt, Borrawer shat, perform all uof Borrower's obligations under the declaration
<br />or coxrstaats creating or gavtraittg the wadaminium or planned unit development, the by-laws and rtguiations of thz
<br />condarrtinium or piantaed trait dcvelopmeut, and conatituem da:uments. If a condominium err pianntd unit development
<br />rider is tzecured by Harrower and recorded usgether with this Mortgage the covenants and agreements of such rider
<br />shall be incorporaaed iffio and shalt atzsead and supplerntnt ttu covenants and agrremcnts of this Mortgage as if rht rider
<br />w•ert a part t,....,rrr.
<br />7. TiMas'llut d laical's ]'. If Harraw•tr faits to perform the covenants and agreements contained in this
<br />Mortgage, err if any action err prootoding is commenced which ma[etiall}' affects Lender's interest in the Prapeny,
<br />irteluding, Farr teat limited to, tmirrertt dcanain, insolvency, +;ade en#orcement. or arrangements err proceedings involving a
<br />1Hnktupt or dtxsdrnt, then Ltndtr at !-eadtt's option, u¢zn natict to Borrawer, may make such appearances, disburse such
<br />soars and take such nation as u ttexessary [o protect Lender's :niert~t, including, but rant limited to, disbursement of
<br />retaanabk atlotaty's ~ and tatty upon the Propery to make repairs. if Lender required mortgage: insurance as a
<br />condition o[ making tlu loan sectn'ed by t12is Mortgage. Borrower shall pay the premiums required to maintain such
<br />- -:~,~->'ny in t#Itct until wc6 tithe as the rtgttirtmtot for such insurance terminates in accordance with Bartower's and
<br />
|