|
<br />Uxtsonat Covsxnxrs. Borrower and Lender covenant and agree as follows:
<br />I. Payment of Principal snd Interest. Borrowe[ shall promptly pay v:hen due the principal of and interest on the
<br />indebtedness evidenced by the Note, prepayment and late charges as provided ir, the Note, and rte principal of and interest
<br />on any Future Advances secured by this Mongage.
<br />2. Fonds for Trues and losnrence. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />to Lender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in fulh
<br />a stem (herein "Funds") equal to one-twelfth of the veariy taxes and assessments which may attain priority over this
<br />Mortgage, snd ground rents nn the Property. if any, plus one-twelfth of yearly premium installments for hazard insurance,
<br />plus aae-twelfth of yearly premitun installments ter mortgage insurance, if any, all as reasonably estimated initially and from
<br />tithe So time by Lender on the basis of assessments and bills and reasonable estimates thereof.
<br />The Funds shalt be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or
<br />state agency (including Ltnder if Lender is such an institution), Lender shah apg)y the Funds to pay said taxes, assessments,
<br />insurance premiums and ground renu. Lender may not charge for so holding and applying the Funds, snal}zing said acrnun[,
<br />of vetifFting and compiling said asstssrrtents and bills, unless Lender pays Borrower interest an the Funds and applicable law
<br />pertrtits Lender to make such a charge. Barrovver and Linder may agree in writing at the time of execution of this
<br />Mortgage that interest on the Fundc shall bz paid to Borrower, and unless such agreement is made or applicable taw
<br />negttitts such inaetest to ]x paid, Ltitdtr shat hat tae required to pay Borrowtr any interest or earnings on the Funds. Lender
<br />shall give to Borrower, wiUtout charge, an annual accounting of the Funds showing credits snd debits to the Funds and the
<br />purpose for which each debit io the Funds was made. The Funds are pledged as additional su:urity 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 />tht dx dates of taxes, assessments, insurance premiums and ground rents, shall etceed the amount required to pay said taxes,
<br />assess= pis, irssurantt premiums and ground rents as they fs91 due, such excess steal! be, at Borrower's option, either
<br />prompilv repaid 20 Borrower or csedised to Borrower on manthty installments of Funds. If the amount of the Funds
<br />hdd by Letttkr shall not be suffiaeat in pay laves, assessments, insurance premiums and ground rents as they fall due,
<br />Borrower shall pay to Lender any atnotmt ntcessart~ to make up the deficizncy within 30 days from the date nonce is mailed
<br />by Leader to Borrower requesting payment thereat.
<br />Lima pa}-meat in fuB of all sr»as secured b}' this Aiartgsge, Lender shall promptly rettmd is Borrower ant• Funds
<br />held by Ltntttr It undo paragraph lF htreaf the Prapcm~ is sold or the Prontny rs otherwise acquired 6} i_ender, Lender
<br />~r ~ t~ µtt~ ~.~i_:as- p^.~r s~ the sale of thz Proatrt}' ar its acquisition be Lender, any Funds held by
<br />Lender at the time of applicatson as a credit against the sums stcurzd M' thrs ~tartgage.
<br />3. :lryt~doo ad PaY-mtnsts. L'n1FCS applicable law protides othenrist. all payments ret-eivtd by Lender under the
<br />Note and paragraphs l and 2 hereof shall be applted by Ltnder fim in pa}mtnt o1 amounts payable to Linder by $arzowe:
<br />render paragraph _' hereof, then to interest payable on thz Notz, then w the principal of the Note, and then to interest snd
<br />priadpal an any Future Advances
<br />~ Isms Borrower shall nay all taxes. assessments and other :harries, finCS and impositions attrrbutable to
<br />tlx Prc~urty which they attain a priority over this liengagt, and 3easehold pa}rrtenis ar gneund rents, if am•, in the manner
<br />provided under paragraph 2 teat of or, i~ ant paid in stab martrttr, h}. Borrower making pa}titent, when due, directly [o the
<br />payer Lt!rreof. Borrower shall ptompU}' famish to Ltnder all neuces o2 amounts due under this paragraph. and in the event
<br />Borrower shall snake pavment directh•, Barrawer shall prompt]} furnish io Lender rrxipts evidencing such payrntnts.
<br />Borrower shall promptly discharge any lire ++hic~ has p:oonty o+tr this bfortgage; provided, that Borrower shall hat 1>e
<br />tegtrited to discharge any such lien sa long y S~rrowtr sfiali ags>ae in wnvng to the payment of the obligation secured 6y
<br />such lirxi in a manner rtcrxptable to Lender, ar shall in geed faith contest such lien hy, or defend enforcement oT such lien in,
<br />Legal pnoxedittgs which operate w prevent the enforcement of rho ben or forfeiture of the Propeny ar any pan thereof.
<br />3. IHuard It~taner. Bc+rrower shall keep tke ;mpmvtmems haw eximng or frereafter uz`:itd on the Prspert} ensured
<br />against lass by fire, hazards ioc}udtd within ike item `zvttaded covtragt'~, and such ether hsxardc as Lender ma} require
<br />atsd w oak amounts and far sw~h ptriads as Lender era} require; pmvi~d, the[ Linde[ shall not tequirc that the amount o!
<br />stK'h ruverrage euxd that amotutt of cvvtragc rzq+^rtd to pas the sums seeurrd h}~ thrs Aiangage.
<br />Tlie irts:etxmet rattier ptmir~ng [Ile insurance >hail be ckase[r by Borrower subject to appn va# by Lender, provided,
<br />irtat sw'I: apptvval shall rant bt tmttassaonat+rt' withhc}d. All premiums on insurance policies steal! bt paid in thz manner
<br />ptnsidod un3~ paragrapfia 2 htroof ar, if ~ pard in such rnanrter, by Borrowu making payment, when dot-. drtecUy zo the
<br />ittwtaace carrier.
<br />All iflaurancc policies amt rmewais Lttcra~f shall ix a; farm a.-ceptablt to Ltadu and shall include a standard mangage
<br />t3attse is favnr,.f acrd in farm axrp[ahle to Ltnder. Lzttdu shall have the right to hold the policies and rznzwals thtrmf,
<br />and $ixttvwer shall gmmpdy furnish to Ltnder aU rerxwal notices a<ntf ail rz-reipts t~f paid premiums. In the event of lass.
<br />$t' shall pve pro~ntp[ taacict to the ittsursnce carrier and i.znder. Ltnder ms. make pra;~t ai lass if r.;~t .n:adt p pU}
<br />by 1lorrorver.
<br />Lsiles Ltnder atad Bortawu ottrerwtse agree .~ wistutg, ms.uance pnk.eeds snail br applied to rtsat3tian or repair of
<br />the ~' damagtAi, prtn~ded such restoration o~ repot rs trorromicali} ftasihie and the security of this Mangxge u
<br />oat th!cte6}' itnpatred. L1 such tesmratnvn or rtpxu is not t.otxirni:aU}' ftasihle or a tke stcurrty of this .ltartgage would
<br />Le rmpatrsd, the tnsuraact pro.^eeds shall be applied to tkz sums secured n} this Mongage, with the exxss, if an}, pnrd
<br />xa Borrower. If iht Pmpem is slsandanai b} B+irrawtr, or ,t $,irrawti fails to respond to Ltnder within 3U days from the
<br />date tsnti+x u mailed h}~ Lender to Barrawer tkxt the msurani~e ramtr a3zn =_n stmt a claim f. r msurance benefits, Lender
<br />h atxtlftn:tad to i~~olia"'t and app]} Lhe ,nsrtrantre pn+r~+is at Lendzc s option ritker to resterrtion ar repair of the Fropeny
<br />ur Lc the allots sti•wtd b} [Iris Maftptgt.
<br />Ut~s Letsder and Bixrasves aiherw at agree :n wrrzing, an} such applicstian of pr..reeds to pnncrpai ,halt not eared
<br />or pactpane tbt due date of itre nxsntls'.. rasialTnxnu rtitrrzd eo is pata3rapks) and . hereof ar change the amount al
<br />[astatltrtents. L# undo paragraph ! b htra3f the Proper,) rs scqu:rtd 1+} Irnder. all right, uUZ and inttsest of Barmwzr
<br />in and to aa± rnattnnce policies and in and to rite prart~s thtra*f re:uiung from damage to the Proptz} pear to eke sale
<br />iM aegtrscitioat shall peas to Lender to the tssz:nt .:i tkc srtma stcurtxi b} this ltongagc immtcratzl} pent to such salt ar
<br />C Pspaesoydea alai liaiitea?iwcs ref Pivp~cy; ix £`aadomiaittata: Praawed ]'nit lle.eLupmtnrs. Borrower
<br />sttali koep the Property in Scr,rd ttgsir eras shalt r +t cartmtit waste ar ptrmu rmpa,tmtnt or deterioration at the Property.
<br />and shall ,xintp7s with the ptav-israms ~ env least ;i lets Ma ,gage ss ee a ltat<tn:>ld. if t^. rs 1lfaneage a +~n :, unit in a
<br />-•~-~~^ cv a glanttGa'! oral dzvttepmtat, Batrowu shall pcnorm ail ai Bxrouer s ahhgausms uni#tr rht dtclarat+on
<br />,m cotrcatnts rrextiraY or gavtrnmg the °ortdamm;um ~,. psanru~i .chit tievek+patent. the by-laws and regulaunn; of tilt
<br />uma~;m,u v 1 utiq devtl_opmcm. and canauerznr +kxumcnt> It a .:ard+.mintum or pl;<nned ,rr,;t dt,elupmtnt
<br />rider is esxutyd by Borrower and re~ardtd tagethtt with tht+ M+rngagc. rhz cc,venxrus sod agreements of su:h rrdtr
<br />aaall be tt>,ated rata amt shall amend acct s;tppplcntzru ens a*•tr: ants :+rxt agreements of this Atnngagr a. if the rider
<br />twsrn a part hetrrof_
<br />'1, !'nrih![ylttn d I,+taietyp Seestrity. If Ikr;owtr far]., io pz.rt.,rm tnt cavcnan!s and at;rctnxnts c.,ntatntd in this
<br />~, pr< >{ arsy a,-,liner in pro„~•tading rs c,~rmnrerk^ed wktck mnacitaU} ~i:+zu 1_ere.iza~s ruterest in the P: open}.
<br />iae9Ltding, lxa rri% lintiiad to, etgintau {remain. insolvency. tdc enicurtasrnt, .,; at;angrtttt:nts ar pr,xtedmgs nrvalvrng a
<br />haatrtapt rsr datxdrnt, then L.mdta at Lender's opticsn, ttp::n tt,tr+trce t+-+ B.°.,rzczart, s=ta. ;t:akt such appearances, disburse suUh
<br />sums y[td uks such aetioa u u necusar}~ a prate[ Lender's ,mertzt, urt~udrnb, ]rut nor limned to, drshursemtnt of
<br />reasoeatak attcsaoy's flea and entry upon the Proptn}' to make rtpa+rs It 1_ender eequirct mortgage rnswance a+ .,
<br />condstiata of msicitt* the matt sxured by this Mongage, Ba,nowcrr chat: pa? the prtmiutnx rtqurred to mainiarn su.h
<br />i~armt im tdect tttur7 srtc3t tistt as ilte ;equirtmcn[ for suck ansurarr.r te:rnrnates m accordttrrcc wuh B[+rrtuer'* aril
<br />
|