|
UxtFgt:rt Cotmxertrs. Bortowu and Lender covenant and agree as follows:
<br />I. Payment of PxinciPal msd Ynterest. Borrower shall promptly pay when due the principal of and interest on the
<br />indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and iht principal of and interest
<br />on any Future Advances sccurcd by this Mortgage.
<br />Z. F far Tara a~ Ea~ras~'~. Subject to applicab}e law or to a written waiver by Linder, Borrower shall pay
<br />m Linder on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full,
<br />1. a sum {herein "Futtds'~ equal to one-hvetfth of the yearly taxes and assessments which may attain priority ever this
<br />Mortgage, and ground rents on the Property, it any. plus one-twelfrh of yearly premium installments for hazard insurance,
<br />plus one-twelfth of yearly premium installments for mortgage insurance, if any, al{ as reasonably estimated initially and from
<br />time to time by Lender on the basis of assessments and bills and reasonable estimates thereof.
<br />the Funds shalt bt held in ao institution the deposits or acrnunts of which arc insured er guaranteed by a Federal or
<br />,r; state agatcy {including Lender if Lender is such an instiiaiion). Lender shat! apply the Funds to pay said taxes, assessments,
<br />~d insurance premiimzg am3 ground szn~. Lender may not charge for so holding and appl}ing the Funds, anal}wing said accrunt,
<br />.r or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law
<br />~ permits Lrtder to make such a charge. Borrower and Lender may agree in writing at the tint of execution of this
<br />!~ F.fortgage tbar, interest on the Funds shalt be paid to Borrower, and unless such agreement is made or applicable law
<br />requires such inidest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
<br />shall give fa Borrower, witlwat charge, an annual accounting of the Funds showing cr;Ylirs and dtbits to the Funds and the
<br />` purpose for which tech debit to the Funds was made. The Funds arc pledged as additional security for the sutra secured
<br />by this Mortgage.
<br />If the amount of the F7tnds held by Lender, together with the future monthly installments of Funds payable prior to
<br />the drg dates of taxes, assessments, iffiurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />assessments, insurance premiums sad ground rents az they fall due, such excess shall bc, at Borrower's option, either
<br />promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
<br />held by Leatkr shelf rare be sutfieient to pay rates, assessments, iasuram:e premiums and ground rents as they fall due,
<br />Bottowu shall pay io Lender any amount necessary to make up the deficiency within 30 da}s from the date notice is mailed
<br />by Lender to borrowu requesting payment thereof.
<br />Upon payment in full of all soots secu~xt by ih~s Mortgage, Lemler shall promptly refund to Borrower any Funds
<br />bed by Lando. if usydex paragraph f g heteot the Property is sold ar the Property is o[hcrw°ise acgatrred by Lender, Lender
<br />stuff apply, rya late `hart immediately prior to the yak of the Property ar its acquisition by Lender, any Funds held by
<br />)•_L~r ~: r~ tix~t of ~...dir rrrdit e _ ,ice u v si lei. Chic ~4,~_ee _
<br />3. APpticfOCa of ltgmrttts, Unless applicabk taw provides otherwise al: payments m-eived by Linder uixter the
<br />Note anid paragraphs 1 and 2 hereof shall be applied by Linder first in payment of amounts payablt to Lender by Borrowu
<br />utufer praragraph 2 htrettf, rhea to iattresi payable nn the Nare, then to the principal of [he Nixe, aria then to interest and
<br />pri>xipal race any Futiitr Advaucrs.
<br />0. CIS I3sas Betrowrr shill pay alt taxes, assessments and other charges, fines and impositions aaributabk to
<br />She Property which may attain a griotity aver this Mortgage, and leasehold payments ar ground rants, if any, in the mane r
<br />patyvided trader paragraph 2 hereof or, if not paid in such manner. by Borrower making pa}mtai, shut due, directly to the
<br />luY'a Lheascd. Borrower shall promptly furnish to Lessder all notices of amounts dtx under this paragraph, and in the event
<br />Borroixr Mali make paytntnt directly, Borrower shaTJ promptly funish to Lender receipts evidcnciag such payments.
<br />Barrawg shag pmmprfy discharge any lien which has priority aver this Mortgage; protiided, that Borrower shalt trot bt
<br />[Cquuiat to ' env sitcb lies so Fong as Borrowrr shall agree in writing to tht paycsent of the obligation secured by
<br />mrh Ilea in a maanu acceptable to Lendu, or shall in good faith cantesz Stich lien by, or defend enintremtnt of such lien in,
<br />~ ~ which optuate to prevent the tnfar-xnrent of the lien ar forfeiture of the Property ar any part thcttof.
<br />S. l3mtd Borrower shall l-eep the imartvvtunents now- existing ar hereafter ue. tcd oti the Property insured
<br />agairut 3oa by Sir, beards irscluded within the term "extended coverage", and such outer hazards as Leader may require
<br />sad iZ sudt amc.tnta and for suety periods as Lendu may require; provided, that Lersder shall trot require that the amount of
<br />suc3t cavrragc exceed that amount of coverage required to pay the sums sa-urtd by this Mortgage.
<br />31x inyttiaaCt t:at7itr providing the iracr~ran.. shall be cfitisea by Bormwrr subject to apprava# by Lender, provided,
<br />thu strch appmvaf shag not ix iiareasoaabiy witbhefd_ Alf prcmiwns on insurance pali~es shall be paid in the manner
<br />provided ttcrdrt para~zapb 2 fyaeaf or, if oat paid in such inaatxr, b} Borrower malmg pa}meat. v.4est due, directly to tht
<br />imut~ae arr~r.
<br />AS itttumnce policies and tract:°als thereof shelf bs in form acceptable to Lender and shai3 irxlude a standard mortgage
<br />elsose tai facer of and in farm sooeptatde to Lender. Lender shalt have tlu tight to bald ~ policies and retuwals thereof,
<br />sad Hntrowtt shall ptomlttly fusuiah to LetyBet all renewal aota•rs and all receipts of paw premiums. fn the cleat of inst.,
<br />1~ ;;hall i~ prrt ~tgt r~ri-~ to tlsr irsm~ance ~rricr sou l.eoder. isader mar make pc~: i M` lass if mat maw pramprIy
<br />by $nrrawrs.
<br />Uefms LendCr aitd $orrtywu otherwise agree is writing. instiratice pra-eeds zhail be applied to restoration or repair of
<br />olio Propratg daatageel, fao*ided such res.otritiusi or repair is es•~-uxnir,=lh feasible snd the seeearit} ~ dais hla~rtgage is
<br />ti0t thereby imiseirsd_ if sasrh txstoraiian or rcpau is not r^otw,micall}~ ttasihk er if tlX trceunty of ihrs ilorxgxge would
<br />be i~aired, the insiraacs procends shall be applied to iht Suess secured b} this ldartgagt, wttli tlst ucc-s. if any. Paid
<br />m Botttsarer. if the Prapert} it ataandtnyxt la} Bazr..wrr, or ii B~-+rmwer tarts to rrspon;j io Lrmicr wiffiin 30 days from the
<br />dart arxine g mailed by l.eaa8u to Borrower Jsat the irxurance tamer otTers to aortic a claret for ensurancc benefits, lssider
<br />h atghorixed m std apps} tfse itxsuraa~ pt~oetds at Ltndcr's optiga either ro tesaazatioa or repay of the Property
<br />ar m tlye atitns s.eeonxf by thn Mottle.
<br />Unless Leader and Bartowtr n~rw•ise sgrne ur w^tiag. aa} sa:lr appli.-atian ci proceeds to prnupa! xttall not extcsd
<br />or ptrctpacx tiX dx dart ~ the nsenr~ily inssailrxnts refcrrrd re in paragraphs ' arsd 2 hereof or :Fangs thr amount of
<br />sixd3+~t;~^'- If it~er pe1~aZ+h ig hereof tlu Pr.,pun iy act}uirtd 6y Ltn3er, alt rtgbt, lisle and inte_~tt of Bc*rrawcr
<br />in amt ui any irurtraact po2iciis end in and to she pvtheeds tlyerui ravltiag from damage to the Proprrt} .prior to the yak
<br />~ shall pau in Leader to iht euent of the Soria sca••urex; by this '4ia-igage immediately pact ;o such ,ate or
<br />t. >lticatrvs6ae ai Iy1a ~ >lYaptet}; I.e~eholds; C- Pleased L%s13 1Jrvents. $orrower
<br />tdsill ~ ~ ' m End repair ~d shaB not caatmtt waste or prttn:t t~r+~t or dtte*itxuian of the Property
<br />std slsaEl Y with ~ provisions td an}` least d this Mutlg-rge is on a ieaselsold. li this Martgagx i• on a unit in a
<br />of a plaasKd unit devefnpsrreat, Etorrtisi^tx' shelf perform all of Borrower's obligations under the declaration
<br />tyr r rzeartiag to goverttigg the cond.~rminiam or planryed unit devcloprnent. tot by-laws grid rcgvlatians of rise
<br />ar pfaeaeti tma iieveiapttyeiu, and +ronatituem dncumcnts. If a condominium to planned unit development
<br />rider is eaectited by Bazniver sad rsaxdad togerher with this Mortgage, the covrnants atsd agreements u# such ndtr
<br />be inaerpasmad iota sad amid sad strp}ikmertt the rosenants and agrtexnents of this Mortgage as rf the rider
<br />tivue a put hereof.
<br />'y, f."*aAea6us d 7a~'s ~'• If 8osrower fails to perform tht envenants grid agreements contained in ihs
<br />. as f say arctittc m ~ h cottunencxd wixicli materially aHecu Lender's intuest in the Property,
<br />r~ #i, r~i.~rr veEtcy, : nfcr~aneat, or artists ~ prca~aee3:~ngs invefving a
<br />lnctiktvpE rat' demdeat, then Lettilu ai Leadtt's optitsn, upon aorire to Borrower, may make such appearances, disburse such
<br />meta sad rate writ action ass 'y m protect Ladtr's interest, ir,..ludiog. but not limited to, disbursement of
<br />retnaaalyk atsorneys €as and exttry upon the property to make repairs. If Lender required mortgage insurance as a
<br />t;otidititier of tsdcitrg the loan ttectuai try this A{nrtgage, Borrower shaft pay the premiums requfrtd to maintain such
<br />i iii ~x ttaO7 such time tt the tegisitrment far such insurance terminates in accordance with Borrower's and
<br />
|