|
<br />UxmoaM CovexnxTS. Borrower and Lender covenant and agree as follows:
<br />1. Payment of Priadgal sad Ivter+est. Borrower shall promptly pay when due the principal of and interest on the
<br />iadebtednzss evidenced by [he 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. F®els for Taza aced Iffiatsnce. Subject to applicable law or N a written waiver by Lender, Borrower shall pay
<br />to Fender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full,
<br />a stem (herein "Funds") equal to one-twelfth of the yearly taxes and assessments which may attain priority over this
<br />Mortgage, and ground rents on the Froperty, if any, plus one-twelfth of }•early 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 is tithe by Lender on the basis of assessments and bills and reasonable estimates thereof.
<br />ThC Fttnds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or
<br />state agency fiacluding Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, asseuments,
<br />ituarance premiums and ground rents. Lender may not charge for so holding and applying [he Funds, analyzing said account,
<br />or vexifyittg artd compiling said assessments and bills, unless Lender pays Borrower 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 the Funds shall be paid to Borrower, and unless such agreement is made or applicable law
<br />rcgsares such ivtetrst to be paid, Lender shall not he required to pa}' Borrower any interest or earnings on the Funds. Lender
<br />shall 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 the Funds was made. 11te 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 monthly installments of Funds payable prior to
<br />the due data of taxes, assessrxreats, insurance premiums and ground rents, shalt exceed the amount required io pay said taxes,
<br />assessments, insrrranre prwritrms and ground rents as they fall due, such excess shalt be, at Borrower's option, either
<br />promptly repaid to Borrower or credited to Harrower on monthly installments of Funds. If the amount of the Funds
<br />hdd by Lender shall trot be suf&aie~t to pay ta:zs, assessments, insurance premiums and ground rents as they fall due,
<br />Bottowtr shall pay to Larder any amount necessary xa make up the deficiency within 3l} da}s from the date notice is mailed
<br />by Lemkr to Boxrowu tequaring payment thertxf.
<br />Upon payment in full of all strtns secured 6y this Mortgage, Ltnder shall promptly refund to Borrower any Funds
<br />Odd L+y Lender. if under paragraph Ig henwf the Property is wld ar the Propert} is othttwist acquired by Lendtr, Lender
<br />ass ;;^'~~ :,y~~ :... _ _ ,_, btu. ~ of tM Prnmm• n_r its a.-.,uiyr;nn by Lender< eve Funds held by
<br />Tinder at *he tithe of application ss a crrdit against the sums secured b} this Martgagt.
<br />J. Apllkatioa of YrttvtNs. Units applicable iaw provides atherwist. all p»mrents rtceived by Lendtr under the
<br />Isitxc and paxxgraphs I and 2 Icereof shall be applicrl by !.ender first in pa}mert of amounts payable ro Lender by 8arrower
<br />isader garagraph 3 haeaf, then to mtertst payable on the Note, then to the principa3 of the Noie, and then to interest and
<br />principal +m env Future Advarsces '
<br />•t, I~ertas Borrower shall pa}' ail taxes, assusmrnts and other cfiarges. fines and impositions attributable to
<br />the Property which may atram a ptiexit}• hart this Mortgage, and leasthaid payments or ground tents, i£ any, in the manner
<br />gittvided tstrdc paragraph 2 beret or. if trot paid in such ntannv, b} Borrower making payment, when due, directly to the
<br />payee ihercc+f_ Borrower shall promptly furnish to Lender ail aoticzs of amounts due under this paragraph, and iv the event
<br />Hnarow~' siaB make payment duectl}'. Borrower shag promptly furnish to under receipts ee•idcneivg such payments.
<br />StratowQ shall pra~ptly discharge any fiat which has prtonty mez this Mortgage: provided, that Barnvwrr shall nsx be
<br />required m diacharge any sexh lien so karg as Barrowxr shall egret in wnimg to [he payment of the obligation sccuta' by
<br />ws.'t lieu m a moaner aaxptahk to Leader, m sh~il in good faith contest such 3iea by, or defend rnfarcetnent of such lien iq
<br />~ gtnccrodings w•6ic1t operate to pnwent tbe tnfan-exoent of the hen a- fotitituro of the Property ar any part thereof.
<br />S, 1iiLWtd 1ns~ Borrower shad Jeep the tmprovematu ttaw existing m hereafter erected on the Pmptrty insured
<br />against 1ou by f>tt, baart4s included within the term "extended coverage", and such vthu hazards as Lander may require
<br />and in sttc3 amounts and for stub periods as l.errder may require: provided, th't Lcmlzr shall not itquire that the amount of
<br />starts rroveasge essxed Ltrat atmwrnt of .rove=age rcquued to pa}' the sums aerated by this Morgage_
<br />The i~aanoe catner providing the insurance 3ra13 be chosen by Borrower subject to approval by Lrndtr, provided,
<br />that such approval shag not lce riaresrottslrfy withheld. Ali premiums an insurance policies shat! i+e paid in the manna
<br />provided smdrt paragraph 2 heroof or. if rtvx psud in such meaner, by Borrower making paytrtent, whtu due. dtrectiy to nc~
<br />i~aatee ntrier-
<br />!\B bmaasue pdicies assd reorw•ab tftexeaf stsall be in form aecYptabk to Lendtr and shall include a star::iard mortgage
<br />rlas+se in #tet~ of t.nd in fotnx acxptable to Leader. Ltnder snail hays xlx right to hold the policies and rtrsewak thereof.
<br />sod Bvrmwsr shall ptotaptty fsrrnieh to Laseiea all reuewai naxires and all receipts of paid premiums- In the event of {ass,
<br />Bmavtru ales)! gyve prompt ntu~e to xiu rasurattx rattacr and Lendtr. Lendtr may male prtwf of ltxs if rant made promptly
<br />by Botrwvc.
<br />Udess I,mdta and Sovtttwtr otherwise agrtx in wruurg, insurance Fn,4Yrds shall be applied to testaratian err repair of
<br />the Property dsmagaxt ptcvtdod sorb restoration tx repair is zccnnnxicafly feasible and tics sxuriry of this Mortgage u
<br />a[A thereby impaired. if sesa:ir ttou..cratiati or re}+air u not v,`z~mxmicalty tzasible v if the secruih' of this Mortgagt wnuhl
<br />be itagairod, tie iassuaare puoceaxtb shall be appdsi to the sums secrrrcsl by this Mangage, with the extras, if any. paid
<br />to liint:o~. ~ tie Proprn}' is ahaadtusod by Borncvwzr. err r7 Barrowtr trails to respond to Lender within 30 da}s from the
<br />date rstsict is aaailad h5 I.eodel to Btrnowtt that !ice uwsranx tamer oilers to sense a clean for insurance benefits, Lender
<br />is tesrtbrxiaed m what atxl ap13y the ursurancx prtxeeds rt Lender i option Tither to tYSi uatran err repair of th,r Properly
<br />or sts tie tam >xrrtued by this Mme.
<br />Unless l:eadex and Bwrow+er otherwise agree sit writing, an} such application of pri>ettds to principal shat] not tatend
<br />or petegone tlsc des onto of t},r m.~rthiv n,m,tt+n.~vrc reftrred to in par•agraghs I and ?hereof or change the amount of
<br />~ iactalimemts. If emdn• paragaph 18 hereof the Fr.-3perty a acqusred tr} Lender, all right, title and interest aI Borrower
<br />in sad ter any ittstrraaoe petiiciea and in acrd to the pracaeds thereof resulting from damage w the Propetty prier to the sale
<br />or awn shall bass ttr Lender to the txtexrt of the sums secured by ihts Alarigage immediately prior to such sa{e or
<br />f, lYmnva~an anal Mair~mee of tralterty; i.easebaid~ Condomistinsa~ PLnoed Utah Deseieprtaeats. Borrower
<br />ahall.k~ep tlae Prtrpetty m good repair and shall not commit was+i or permit irupaitment err deterioration of the Propt:rt}~
<br />and s3isB m®sply with Ilse ptovttams M any Ie3se if this Mortgage i§ on a leasehold. If this Mortgage is an a unit in a
<br />or a gisrnwd emit fit, Ba+rross~r shall pzrfv'm alt of B~rosvei s abliga[ions under rite declaration
<br />or wvtaaairs rrirstiag tat govaniag tie coadoxniviura or piannod unit development, the by-laws and regulations of the
<br />or planned utaii ~, arul ~arrKiit~tra tia;.ti=renxs. If a candcxrtinitr:rr err planned unit dzvtlopmtnt
<br />ridtx is ~ by Htutowey a~ regarded tagetbrr with this Mortgage, iht covenants and agrcemeuts of such rider
<br />daaB Se inwtyort~dd irpa atsd ttnwvd and suppkmeat the covtaanu and agtezrrstnts of this Mortgage as if the rider
<br />were a pstt haeai.
<br />7. 1!lslac~aa ai Lntls"a '. Lf Borrower fails m ptrform the rovenan[s and agreements contained in this
<br />• trr it tiny aetian of grameditq is eomrneneed which materiaAy aHecxs Lender's intctat in the Prapeny,
<br />btq not i~d ter, rsainent domain, iitsoivwc}', code enforremem, or arrangements or pre+xedings involving a
<br />Ittintrutpt or elacodrtst, tiwn l.enrlet at Laedttr's option, upon notice to Borrower, may malt such appearances, disburse such
<br />slrtOS aed ktlrs ~ action su b tseseasaty to protect Lender's inreres4 including, but not limited to, disbursement of
<br />te40>aible atmeaey's #efsa tt~ astry upon the Property tp trcake repairs. if Lender required mortgage insurance as a
<br />exedrtierta o1 tie loan stxnred by dos Mortgage, Borrower shalt pay the preraituns required to maintain such
<br />it>maaasoa is eBeet smtil stseh time as the: negairtmt»t for arch itsurance terneivatcs in accordance with Born~wers and
<br />
|