|
<br />79 L-U~:~S~
<br />Urtmottat CovaNerizs. Borrower and Lender covenant and agree as follows:
<br />1. Payment of Pdndpal and Interest. Borrower shall promptly pay when due the principal of and interest on the
<br />indebttdntss evideoctd by the Nofe, prepayment and late charges as provided in the Note, and the principal of and interest
<br />an any Future Advances secured by [his Mortgage.
<br />:. ; for Toes sod It~annee. Subject !o applicable law or to t written waiver by Lender, Borrower shall pay
<br />to Lemk: oa the day monthly installments of principal and interest are pa fable under the Note, until the Note is paid in full,
<br />s star (:xrein "Funds") equal to one-twelfth of the yearly taxes era assessments which may attain priority over this
<br />hiartgage, and ground rents on the Property, if any. plus on< twelfth of yeazly premium installments for hazard insurance,
<br />plus aoe-twelfi}t of yearly premium installments far mortgage insurer' ace, if any, alt as reasonably estimated initially and from
<br />time to time by Lender on the basis of assessments and biL's and reasonable estimates thereof.
<br />iht Funds shah be head is an institution the deposits or acco tuts of which are insured err guaranteed by a Federal or
<br />Mate agency (including Lender if Lrnder is such as institutionl. Lender shall apply the Funds to pay said taxes, assessmems,
<br />imurance premiums sad ground rents. Lender may nai charge for sa, !~tlding and applying the Funds, analyzing said account,
<br />or verifying a~ rnmpiling said assessments and bills, unless Lender pays bonowtr 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 />hortgage that interest on the Ftmds shall ere paid [o Borrower, and tmiess such agreement is made or applicable law
<br />rcgttites such interest to be paid, .Lender shat! not be required to pay Barrower any interest or earnings on the Puads. Ixnder
<br />shall give to Barrowu, wi[heut charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br />• pttrgose for which each debit to the Funds was trade. the Funds are pledged as additiarat security for the sums secured
<br />by this Mortgage_
<br />If the atrwuat of the Funds held by Lrnder, ingather with the future monthly installments of Funds payabiz prior to
<br />the due dates of taxes, assessments, insurance premiums and ground rents, shat! ezcced the amount required to pay said razes,
<br />assessments. insurance premiums and ground rents as the} fail due. such a>-rss shall be, at BairON'Cfs npticn, either
<br />ptnmptly repaid to Borrower or credited ro Borr+?wer en manthl} installments of Funds. If the amount of the Funds
<br />held by Lender shall not be suific~:at to pay taxes, assessments. insurance premiums and ground rents- as they fall due.
<br />Borrower shalt pay to Mader any amount ntctssan to make up i!tr drficiency within ?0 days tram the date notice is mailed
<br />by Leader w Barrower regtustiag payment thcreaf.
<br />Upon payment in frill of alt sterns secwtad b} tots Mon;gage. I-ender shat! promptly refund to Barrower any Funds
<br />held by Lender. U trndtr paragraph IR hereof thz Prnpeny is cold err thr Pn~pen~ is atherwrx acgwred by Lender, Lender
<br />sheet apply. no Ferrer titan ita~etiiatu`v prior to nee salt vi ire rraFrriy o -- ac~ursiusm ~~i Lennart, --_ ~.,iu3 .w.., ,
<br />Lenter at the time of application as a credit aga[ast rite sums secured by thushto:xgage
<br />3. AppBratim of Payments Unless apphcahEc law prmides otherwise. all payments rereivtd by Lrnder under the
<br />Note and paragraphs I sled 2 hermf shat? tx applied by I.crn]er firs[ m pay runt of amo[m;s payable to Lender by Borrower
<br />trader paragraph 2 Itemof, they to interest payable an tax Note. then to the pnnctpal of the Noie, anal then to interest and
<br />principal as any Future Advances.
<br />A Cl6~er, I.ins. Borrower sha'.1 pay ail taxes- asseesrr:eau and other charges. fines and tmpositians attributable to
<br />[he Ptxtpetty which may attain a priority aver this 1liongagt_ artd leasehold payments or ground rents. if any, in the mamer
<br />provided tinder paragraph 2 lxreof er, if rat paid in such manner, by Bnrrawer making payment, when due, dirtxdy to tax
<br />payee thereof. Borrower shalt promptly° furnish to Leader all notsces of amewnts due under this paragraph. and in the a{roar
<br />Sorrotret shaII make payment dirsc*h'. Berrawer shall promptly htrnish to Lender receipts evidrrectng such payments.
<br />Bot<row$ shall p[ttmptly tscharge any lien s.hich has pnortty o+er this Mangsge; p-a'.v°tdrd. than 1~mower sha}1 not be
<br />required to discharge nay such Tien set tang as RairTawer shall agree in writing to tM payment of the obligation secured by
<br />st:.b lien irr a mattne aaxptahle to Leader, or shalt in gaud faith ~xntnt note [xn by, or defend enforcement at such l~n io,
<br />legal pracadiags which opera!t to pr-_vent the enfor•~ement of the lien err fatfeuurr of t?x Propcny or any- patt thercaf.
<br />5. Battasd I~ Borrower shall kerp the improvrmeats raw existing err hereafter rrec!rd on stx Protxrn ensured
<br />agaitsst toss by fits hazxtds included within tbt t<<rtt "zxtertded coverage", and such other hazards a Lender tnty require
<br />send in sixh :mounts sad for such periods as Lender ma}- require: provided, that Lendcz <luli rxsi tequtrr the[ rfae amount of
<br />such t~verage exceed that amount of .-overage renutrtd to pay the sums sainted bx tfias Mongagc.
<br />The ittstuaace -artitr pro{~dixtg the insurance shall be chaser by Bnrrawtr suhtK, t to approval by Ltssder. ,gym:rded,
<br />thu tart3[ agptavei shag >wt be uareasoatsbPv withheM. A!1 premiums on ins.rat;s.Y ps'dictcs shat.' ter paid an the matuur
<br />provided tinder paragraph 2 ht.••eaf err, if sat paid in such manner. h}~ Borrawu making paym~t, w'i.~t L;x. ditecity ti the
<br />ia~a~c onie.
<br />AB polities ate renewals thereat shall be in form acocptabk to Lmdrr and shall tttdudr a standard mortgage
<br />t9atrae ~ favor ~ and in farm acttptahk m Le>tder_ Lxndzr shall ha{c the rigbt to !told the patiiies and retuwats themif.
<br />and Borrowrr shah pta;nptly furnish to Len~r all renewal nattce; and ai3 r¢cripts of paid premitrtm. lr, tht rotor of toss,
<br />BotrlrwYr shall pot prompt notice to the insuran~z t=artier and Lender. Ltrsdrr ma} male pr v: ai ins tf nai made promptly
<br />bg Borrow~-
<br />Ua3ae Leads and BorraAror otherwise agree in wriaag. insurana^t pr>,xzats shall ;x applied to restoration err rcgair of
<br />tine Pr+opcty damaged, provided such tutontrt~rs or repa[r u uonaunicalh° ftassble and tlx staurin' of this Mangage is
<br />rat [hereby impumd. If strh restoration err repair is :tat ecatxsmicaliy feasible err ti thr sacun!x of [lets Mortgage wtwld
<br />be impair>sd. the insurance ptotroads shall be applied to the sums secured b} thrs Mortgage, wtih the excess, if any, paid
<br />m Borrower. !£ the Propem is abandaM+d h; Bosrow~er, or ii Borrnwu faek to rtspand to Lender within 3U days tram the
<br />date notice is tnai}td by Ler-ier to Barrower that tax imuraw'•t carrtcr oilers to stole a claim for insurartcr benefiu, Linder
<br />u atahorersd to colka aed apply the i~ ,s ~ pnx~eds a[ Lrndrr's apiian tititrr to resiearatinn or repair of the Property
<br />err &a the strms sa-.nred by this Mortgttgt. ,
<br />Uaiess Lender sad Barrower arherwisz agree m writing. an} such application of pr x'teds [o principal shall no[ eztrnd
<br />as I'~P~ tae due date of tau mantalr int*~tlm• s rtterztd to in paragraphs I and .hereof nr change the amount of
<br />etch:asn}Fmeats. if uade patagraplt i3 htrrrf the *Property s atyttirtd h} Lander, all right, tide and interest of Barrower
<br />is sad to say irinuaace paiioes sad is sad to the proceods ttureaf resulting from damage to tIx Proper} prior to she sale
<br />or aatpesstion shall pass to Linder to the etttnt of the suers secur+~d 6y this Aiorzgagz immediately prier to such sale nr
<br />~-
<br />5. h aed !rimmtessett ~ Rreptrt{: I.e Cuadom4niasa~ P>a:.eed Ua6 Devefutpmeats. Barrnwrr
<br />sFtait ktt}t the Prape°ty is good ttpatr sad sl[aLt not czmmmr. waste ,^r permit impairtacni oz drteriorat;oa of the Fraperty
<br />a~ shall ceiap:ly with tfx previracars aI any Rase i# this Mortgage is an a ltauhald. If this Mangage is on a unit in a
<br />tt>ium itr a ptaritmd trait dex-aitt~ttent, Borrower shall perform all of Borrowei s obligations under tree declaration
<br />ea raseea:ms rteeatitsg rk govvaing ttx t~ndnmiaium or planned unit development, the by-Fans and regulations of the
<br />nr phtaaed unit de{~eFopmem, and constituent docttr[tznts. i(a condominium or planned unit development
<br />ride is eaoc[tted by Bamtwer and rrxordcd together with this Mangage, the covenanu and agreemenu of such ndzr
<br />shsB be inccvgorated into sad steal! amend aad suppleracnt thz caaznanis and agrtxmrnis of this Mortgage as tf the rider
<br />were a part aeteof.
<br />9. lnMectlaa d l.esaer'a !>~. If Settawer tails to ptr#am the covenants and agreeaxnts contained in this
<br />, tx if nay sexton ex pmaeeding u eatitasttictd which materially affects Lender's interest in [he Araperty,
<br />teen 9ttt limited its, etaisertt , insttlvtncy, code enio,-cement, or arrangements or proceedings involving a
<br />ate[ to dew, then L~ s[ Issdar's ogtirm, span rtorice to Borrower, may make such appearances. disburse such
<br />iramt ant! take t[tCh senor as ~ necessary w protect Lender's interest, including, but nor limited to, disbursement of
<br />reaaooa6le atrainEy's fees sad et[tty ttpea the Propem' to retake repairs. If Lrnder required mengage insurance as a
<br />twaditiaa of making the loan aeemrd by this Mortgage, 9arrnwzr shall pay the premiums required to maintain such
<br />inwraace in edd:t ttt~ strlr ~ as the regtraemeat for such insurance terminates in accordance with Borrower's and
<br />
|