|
<br />79-- ~ t~ 4 ~ #3 0
<br />Uxr>=ottt+t Covexzxrs. Borrower and Lender covenant and agree as follows:
<br />f. Payment of Principal and Interest. Borrower shall promptly pay when due [he principal of and interest on the
<br />indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest
<br />on any Future Advances secured by this Mortgage.
<br />2. Funds for Tszes artd Iasorance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />to Lender on the day monthly insfallments 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 yearly taxes and assessments which may attain priority over this
<br />Mortgage, and ground rents an the Property. if any. plus one-ewelfth 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 />ume to time by Lender on the basis of assessments and bids and reasonable estimates thereof.
<br />The Fends shall be held in an institution the depasits or accounts of which are insured or guaranteed by a Federal or
<br />state agency (including Lender if Lender is such an irstitution). Lender shall apply the Funds to pay said taxes, assessments,
<br />instirattce premiums and grotmd rents. Lender may not charge for so holding and applying the Funds, analyzing said account,
<br />or verifying and compiling said assessmenu and bills, unless Lender pays Borrower interest on the Funds and applicable taw
<br />permits Condos to make such a charge. Borrower and Lender may agree in writing at the time of execution of this
<br />Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or appticzbte law
<br />regtures such interest to be paid, Leader shall not f>e required to pay Borrower any interest or carvings on the Funds. Lender
<br />shah give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br />purpose for which each debit to [he Funds was made. The Funds are pledged as additional security for the sums secured
<br />by this 1liortgage.
<br />If the amount of rite Funds Geld b}' Lender, together with the future monthly installments of Funds payable prior to
<br />the due dates of taxes, assessrrtents, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either
<br />promp8y repaid to Bormwor or credited to Borrower oa monthly installments of Funds. If the amour.[ of the Funds
<br />held by Lender shall not be strffit~nt to pay razes, assessments, insurance premiums and ground ants as they fall due,
<br />Harrower shall pay to Lender any amount necessan• to make up the deficiency withir. 30 days from the date notice is mailed
<br />by Lender to Borrower requesting payment thereof.
<br />Upon payment in fu6 of all sums secured by this Mortgage, Lender shall promptly refund to Borrower env Funds
<br />held by Leader. If under paragraph IR hereof the Prepem' is sold or the Property is otherwise acquired by Lender, Lender
<br />shall apply, no later than itttartdiatety prior to the sale of the Property rn its acquisition by Lender, any Funds held by
<br />Lender at the time of application as a credit against the sums secured by this >tortgage.
<br />3. AppSraBoo of Paymeets Unless applicable law' provides otherwise, all payments received by [..ender under the
<br />Note and paragraphs 1 and 2 hereof sha31 be applied by Lender fiat in pa}ment of amounts payable to Lender by Borrower
<br />under paryggtdph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and
<br />principal oa any Farrar Adva_rsces.
<br />i. L'inga; I~te~ Borrower shall pa}' all taxes, assessments and other clrarges, fines and iminZSiiions attributable to
<br />the Fmpety which may attain a grioriri over this Mortgage, and leasehcld pa}'mersts or ground rents, if any. iv the manner
<br />provided tinder paragraph 2 hereof or. if not paid in such rttanner, b}• Borrower making payment, when due, dirtxtly to the
<br />payee thereof. Borrosrr shalt pmmpily furnish to Lender all notices of amounts due under this paragraph, and in the event
<br />Harrower shall make payment dirxtf}', Borrower shall promptly furnish to Lender receipts evidencing such payments.
<br />Borraw•er shall promptly discharge any lien which has priorin~ aver this Mortgage; provided, [hat Barraw•er shalt not be
<br />required xo discharge any such lien sa long as 3orrawer shall agree in writing to the payment of the obligation secured b}'
<br />such li~ in a manna aaxptable to Lender, or shall in gcn'+d faith contest such lien by, or defend enfarcement at such lien in,
<br />legal nroccedings which opcnte to prevent the enfarzment of the lien or forfeiture of the Property ar dry part thereof.
<br />5. Berard Itttsseanee. Bortower stall keep the improvements now ezis_ting or hereafter erected on the Prapert}' insured
<br />against loss by 'Lit. hazards included within the term "extended crn-erage". and such other hazards as Lender may reyuire
<br />and in stash amauau and for such peziods v Lender may require: provided, that Lender shall no[ require that the amount of
<br />srxb oeverage exceed that amauni of coverage re ;aired to pay the sums secured h}' the Mcttgage.
<br />The it~trraace cattier providing the insurance shall be chosen by Barrowel subjtci to approval by Lender, provided,
<br />that sixlt approval shah not lre [rareasoaabh' withheld. All premiums cvrt insurance galictes shall be paid in the trtantta
<br />prorided under paragraph 2 herraf or, of not paid in such manner, by Harrower making payment, molten dur. directly to the
<br />insurance artier.
<br />AB msttra.~ policies and 2aewals thereof shat! }x it form accepaahle to Lrnder and shall inJude a standard mortgage
<br />clause m favor of attd m farm acceptable to Lender. Lender shall have the right to bald the policies and renewals thereof.
<br />and Borrower shat! praraptly furnish to Leader a13 renewal narces and all rexiars of paid premiums. Iv the event of less,
<br />,,, shah gait prompt aotir. to tbe •tsuratr_~ cas:'se.* and Lander. Lt^,der mom} make pr+.><,i of 1+5s if nc t made promptly
<br />by Harrmcer-
<br />Uakss Leader and Borrower aherwise agree in wrung. insurance pr,azeds shalt be applied ;o restoration ar repair ai
<br />the property damaged, pmvi-jed such testerauon or rzpair is tcenamicall} ieas+t+{e and the securit} of rhos D/ongagz is
<br />iwt thuaby impaired. If wch restaratian or repa.r is oat ecanomtca-t}- fcasthie or ti the se;urn of this Mortgage a-Quid
<br />be impaired, the insuratsa piaxAds shall be applied to the sums se:urrd h} this ~iongage, wnh the evress. if any. geld
<br />m Borraa•er. if the Property v abarxioned ny Borrower, or n B~irrawer lath to respond to Lender withir, 30 da}s from the
<br />date mtitx is mailed by' Lender to Borrower that the insurance carrier otfets to scale ~ claim for insurance he[xfiu, Lender
<br />i< authorized to coBert and apply the rnstuanx pracetds at Lender's opiior. etcher to rutnranon ar repair of the Proper.}
<br />or to t>m sum secures by this Mortgage.
<br />Unkss Lender and Borroxrr oth_tvvise agree rn writing, an} wch application of pn~retds to pnnctpal shall not extrnd
<br />or postpone the dix dam of the monti.iy installmenu referred tc in paragraphs ;and '_ hereof nr change the amoum of
<br />such irtstalltiteau if tinder pazagraph iR hcreaf the Property is acqured h} Letuier. a!l rght, title arrd interest at Borrower
<br />in and to any insuraax policisx and in and to the pnw,eeds tberezif resulting from damage to thr Proper} prior to the sale
<br />ar acgtisisioa shall piss to Leader tz~ the ezteat of the sure secured h} th+s 1lnngage imtnedtately prior to such sale or
<br />6 Treaen•atfoa aai Mmteaaact nt Properh; i.ease6oids; Coadominiatns: Piantred I;ait Decdoptrxots- Borrower
<br />shall kxp the Prope.'ty in good repair and shall oat commit waste ar permn impairment err deterioration of the Progeny
<br />and tha13 comply with the Iu'ovisioas of any lease if this Mortgage is an a !easehaid. if ti±is Sfongage is an a unit in a
<br />sxmd~siaititn ~ a plavr~tti [:nit development, Borrew~ she!! pet2orm all of ~-trowel s obLgauons under the declaration
<br />or tbvenants creatutg ~ governing the coadam:rium or p-lars[rcd unit deselopment, the by-laws and regulations of the
<br />^^or~d^.~ o= pLn";d ut~ ti<v~opmtrt. end <i.-.w;,:a'at decun_=_enu. if a andominitutt or planned unu detelopmem
<br />rider is txecuted 6p Hoaawtt dad rewrdtd .~±gethet w+th :Eris !liongage, the covenants atxt agreements of such odor
<br />shall be itsE>ntparated into and shall amend and supplement the cetieranis and agreements of tY:is Mortgage as tf the rider
<br />Kral a pruY hereof.
<br />7. Ptraletiiaa aC I.euder's 5eesriip. If Borrower tails tv perform the covenants dad agrcertienis contained in this
<br />Iiiatgage, or if troy aantn or prac~g is ctutttttertced which materially atlects Letrder s interest in the Prapeny.
<br />iaehidiog, bw not iitt»ted to, emi~at dntnain, irtsolvettcy, code enforument, nr arrangements or proceedings involving a
<br />baatntpt m decedent, then Lender az Leper's option, apart notice to Harrower, may make such appearsitces, disburse such
<br />terms a~ rate atich action as re necessary io protect Lender's interest, mciuding. but not limitzd [o, disbursement of
<br />rtaaonabde attorney's foes dad catty upon the Property to make repairs. Ii Linder required mortgage insurance as a
<br />canditiaL of tnskiLg rim h~an secured by this Mat [gage, Borrower shall pay the premiums required to maintain such
<br />institame in eHeci tmtil such time as rho ttquiremeat Far such insurance terminates in accordance with Borrower's and
<br />
|