|
<br />
<br />Utataoaat CovtatetvTS. Borrower and Lender covenant and agree as follows:
<br />I. Paytaent of Prlvdpal and Interest Borrower shall promptly pay when due the principal of and interest cn the
<br />itxbebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principat of and interest
<br />at any Future Advances secm'ed by this Mortgage.
<br />2. I§rads for Taws and lmaeraace. Subject to applicable law or to a written waiver by Linder, Borrower shall pay
<br />to Lender an Tbe 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 arte-twelfth of the yeadp taxes and assessments which may attain pr+.ority over this
<br />Mortgage, and grotmd teats on the Property. if any, plus one-twelfth of yearly premiutn installments for hazard insurance.
<br />plus onetwelfth of yearly ptstnittm installments far mortgage insurance, if any, al( as reasonably estimated initially and from
<br />tlrtx Yo time by Ltnder an the basil of assessments and hills and reasonable estimates thereof.
<br />The Funds shalt be 2xld in an inuitution ibe dep~iu or accounts of which are insurtd or guaranteed by a Federal az
<br />.rate agency {including Leaner if Ltnder is such an institution 1. tender shall apply the Funds to pa}' said rases, assessments,
<br />ittstifaax premiums and gtnund coati. Lender may not charge for sn balding and applying tht Funds, anal}2ing said account,
<br />a* verifying and ct~tttpiiing said asstssrtxnts and bills, unless Lender pa}a Harrower interest on the Funds and applicable law
<br />pumiu Ltadtr to make such a a'Sarge. Borrower and Lander may agree in writing at the time of execution of this
<br />M.~rtgage that interest on ilti Funds shall be paid to Borrower, and unless such agreetntnt is made or applicable law
<br />realtates such interest to bt paid, Lender shal3 oat be requited m pay Borrower any interest ar earnings on the Funds. Lender
<br />shag give ro Borttrnrz, without charge, an annual actrounting of the Funds showing credits and dtbis to the Funds and the
<br />ptupast far which taelt debit to the Funds was made. The Funds are pledged as additional security far the sums secured
<br />Dy this Morgsgr.
<br />If the atnarnt of tht Funds }xld by Leader, togathtr with the future monthly installments of Funds payable prior to
<br />the due dates of taxes, sssessnxats, itssttrantx premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />ssaeasmett[s, imt>iaact prctniums and gtaund Tints as the} Tali due, such eu-ess shall be, at Borrower's option, either
<br />prompdy repaid to Borrower ar credited to Bnrrowtr on monthly installments of Funds. If the amount of the Funds
<br />htdd by t.eader mall na[ be sirificieat to pay tales, Assessments, insurance premiums and gtaund rents as they fall due.
<br />Batroattr shall pay to Landtr any amount txcessan' to make up the dificizrcy within 3t) days from the date notice is mailed
<br />bs header to Borrcxrs +W+~n$ pa}mznt tberxxt.
<br />Upon pat'tneat is fall of ail stuns securty by the. Mortgage, Ltnder shag promptly refund to Bairrow-er any Funds
<br />;'~ n a ~ I,r ~~~ ~~~b lA tom.: ~f ,~ PrapP*t} ,s s,[d ar tht Praperzy is otherwise acquired by lender. Lender
<br />sLati apply, as later than itamediatzh~ prior to the sak of the Propcm- or its acquisition he Lender, an}' Funds held b}'
<br />Lander ai the time of applicatintt as a credit against the sums secured iy ifiic Mortgage.
<br />3. A~eatloa of ttatae~ts. Unlesx ap}diubk law provider otherwise. all payments receivtd b}' Linder under the
<br />l`ote and parsgraplas l and 2 hereof sha- be applied by Leader 5tst in payment of amaunls payable is Lender by Borrower
<br />trader paragraph '_ hereof, rhea w interest gayabk an the Nox, then to the principal of the Ntxe, and then to interest and
<br />painapal tae any Future Ads.
<br />1. ~ Liens. Betrower shall pay all taxes, assessments artd ocher charges, finis and impositrons attributab{e to
<br />the Ptvprrt> why may s*raia a priat'try avtr this Martgsge, and leasehold payments nr ground rents, if any, in the manner
<br />provided rmdtr pu:gntph ~ hennof ar, if net paid in such manner. by Borrower making payment. when due. dirxtty to the
<br />payee lbem+f- Hotaowtr shall promptly famish to itixler all rtnuxs of amounu dui under this paragraph, and in tbe went
<br />8azaovrer shall makt payment ditatl}', Ba^owtr shall promptly futnuh to Lender receipu evidencing such payments.
<br />9attorsex s3tail promptly dtvcharge nay tits whu-h has pruutty over this Mongage: provided, that Borrower shall not be
<br />rtxptund 21) tlischatge arty stu3[ lira sa long as Btxrower shall ague in wrung tv+ ihz payment of the obligation stcurcd by
<br />wt~ Ilea is a atsnner acczptabk to Leader, ar shall in good faith contest such lien b}°, ar defend enfnrccrnent n£ such licit in,
<br />~ p[oroedingg a'$ich operate to prcvctt tax ersiatrtment of the lien ar fotfei[urr of the Propem' ar any part tbereof.
<br />5. ilasard 1~wcatat~ Botrowtr shall ier#+ the improvetaents now extsttng or hereafter erected on the Property insurtd
<br />agaim3 Mss by file, hazards included a~ithtn tbe ~ctm "tster[ded coverage". and swh other hazards as Lender may require
<br />atad in ~ amounts and far such periods as Leader may require: provided, that Ltnder shah itat require that the amount of
<br />saach .,"'overage txceet9 that ammount of cavtrage r~uirtd in pa} tht sums srk°ured by this Mottgagt.
<br />23ree ittsttrsace tattler pms'idiag iht insttran~x shall be chaser by Botzctwer subject to approaal h} Ltnder: provided,
<br />dsn such appn>val shag not be imreasattal+d} withlteid. Ali gtrnaiums an ioswance po3icies shall ~ paid in the manor
<br />prawded trades paragraph 2):ur+c+f ar. tf not paid in such manner, by Batmwtx making payment, when dui, direxrly to the
<br />itmrranoe c"attis.
<br />AB iawratstY p and tmiw•als thtn~of shelf bt in farm acceptable to Ltnder and shall mrlude a standard mtinngagt
<br />,3amt m favor ttf sod is form acoefaalde to Ltadtr, Leader shad finer tht right to hold the pnkicies and xttewak thereof,
<br />tai Daruawer shall prsaa}~nly fut>t;th m l.tader alt tsuxwal ~ucYS and all teaeipis of paid p~emium> In the event of lose
<br />Botaoaror t;iaaA pve apt notitx to tht uawranct ~rntr and Lcntlcr. Leadzs ma} makt pm t of lass if oat made prompt!}
<br />bg 9oaotret_
<br />Uaileas Leader artd Bottotsv ntherv'tsz agtrr in wntmg, insuranax prrn~ads shall bt applied to mstoratfan ar repair of
<br />ttie Propem tfamaged, ptt+vtdod suet testaratxm iu rcpatr rs erencuoicall} ftasible attd the stct,ris}' of this blartgagt is
<br />aa4 ~aa+dsy imgattrd. If such ttstarautut ar rtpatr u rkk r...~rxuntcat!} ftasible or ti the sta:tuity nl this Mortgage wtauld
<br />be itmpairnd, the u[s[[ranoi prooeods shall !ae applied to the sums ~ttmd b} this 4iattgage. with the excess. if any, pstd
<br />to 8zataw~'. li the Proparr} is aband~rted t» B,xmwer. oe ~] &~rraarr iaels a~ respond to Lender within 30 days from tbe
<br />Hatt cosine a taaikxt in' Luder to Barrowtt that the tttsuranx tartar tuTen to sx[tiz a claim for insuratact benefits, Lender
<br />a acs m att}h~ r~ apph tht :nsun.~°t i~ at Lag's aptt~xt tithtr to testantian ar repair of tbe Proptm
<br />ar m the stags ae`~taed by this Mortgaet:.
<br />llaleas Leader attd Batranxr athv+sist agree m v.zittng ant su.b applicstian of psaceeds to principal shall oat txtend
<br />itt ! tBe die date ~ the tataarbly ittsisiltrxns rtferrtd to to paragtaplu i and '_ herexs# or change the amoutn of
<br />site iastalkneas. If tuedex paragraph 1S htrecti the P;aptrt} ~ acquirza h} Leader, all right, title and interest of Borrnwzr
<br />is sod tea aa}' iasuraax policies and in artd to the pro:,tads iltttrnf resuitiag from damage to the Propcrip' prior to the sale
<br />[r aotppm shall pant to I.aader >o dtt zxtwt a't# tltt sums -,c~,urtei b} sh:s Murzgagc tmmediattly peat to such sale or
<br />f, itmap's'atitsa a>r ad lfralyty; lxa~aidr Cnodentinia~ phtmed (;~ Devdopmena. Borrow-tr
<br />shs}l iteep the Propptp m t~ re~tt air sod sl3alt rat .met weste ar permit impairment or d~triorauan of the Properly
<br />cad shall tatmpiy wish the psovi>ti~s of soy lean if this Mortgage n un a ieastha'td_ 1€ this Mnrtgagtss na a unit in a
<br />ar a planned tmn devrla'apmtnt, Bttcrawer shaft perform all al Barrow=tr's abhgaztans under the declaration
<br />ttr tuts tseattiag tar governing the rxwdarniviutn or p±antxd unit divtlapmcnt, tint b}-lea:; and regulazions of the
<br />trr planned ante devdap>smt, and cattstittttnt documents. if a candamiaiurrt or planned unit development
<br />rider a essrr~d h9 Btu'ra>xer aid r2tcortL:d togtihpr with ibis Mortgage, the covenants and agretments ni such rider
<br />rt1aA 6a intxtpatsed into ~d ^hail a~ and suppfttnem tlx ~vtnnnts and agrctmtnts of this Mortgage as if the rider
<br />wtcec a part i+etaf-
<br />?, PaussNaa M;,paid Serrsit, If Bormasr fails to pertarm the covenants and agr~ments contained is this
<br />Memo-, of ;~ t~ atsfan :r is ct`anmtnoed which materially affects Izrafer's interest in the Property,
<br />bts nsu I"tntitrd ta, emirt®t domain, inaotvertey, code enforcement, or arrutgemenu ar proceedings involving a
<br />bataiwp or decetleat, then Ltnder a2 Lemdp''s optitm, upon tmtioe to Borrswtr, may make such appearances, disburse such
<br />lams and tape me}t sttina as is netxsruy to prtnect Lender's interest, toclttdiag, but not limited to, disbursement of
<br />rt~onabk a;torgyy's fees and entry i[ptm the Property io make repairs. if tender required mortgage insurance as a
<br />tmaditioa of tsddgg the Iona sxurod by tftis Mattgagt, Botzower steal! pay the premiums requited to maintain such
<br />ianaaaae ffi e~aCt tmtrl suc31 time as tht nquiteatent for such insurance terminates in accordance with Borrower's and
<br />
|