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80-636
<br />UxiFOaM Covexnxrs. Borrower and Lender covenant and agree as follows:
<br />I. Payment of Principal and laterest. Borrower shall promptly pay when due th° 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 Fmdc for Tales amt Iasntance. Subjzet [c applicable taw or ;o a written waiver by Lender, Borrower shall pay
<br />to header on the day monthly installments of principal and interest are payable under the Note, until [he Note is paid in full,
<br />a sum (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 Property, if any, plus one-twelfth of yearly premium installments for hazard insurance,
<br />plus one-hvelfth of yearly premium installments fcr mortgage insurance, if any, atl as reasonably estimated initially and from
<br />lime [o time by Lender on the basis of assessments and bills and reasonable estimates thereof.
<br />The Funds shat(be bald in an institution the deposits or accounts cf which are insured or guaranteed by a Federal or
<br />stare agency (including Lander if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments,
<br />insurance pmmiums and ground rents. Lender ma}' not chargz for so holding and applying the Funds, analyzing said account,
<br />or vtrif}ing and compiling said assessrnenu and bills, unless Linder pays Borrower interest on the Funds and applicable law
<br />permits Lender to make such a charge. Harrower and Lender may agree in writing at the time of execution of this
<br />Morigags that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law
<br />requires such inures? to be pasd, Lender shat! pat t,e required to pay Barrawer any interest or earnings on the Funds. Lender
<br />shall give io Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br />+pttrpou for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured
<br />by this Mortgage.
<br />If the amount of tbe Funds held by Lender, togzther ,cith the future monthly installments of Funds payable prior to
<br />the due dales of taxes, assessments, itsurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />assessmeou, insurance pmmiums and gmund rents as they fall due, such excess shall be, at Borrower's option, either
<br />promptly repaid iJ Barrot~•et or credited to Borrower on manthiy imtallmznts of Funds. If the amount o{ the Funds
<br />held by Lander shall not be sutficieai to pay taxes, assessments, insurance premiums and ground rents as they fall due,
<br />Borrower shall pa}° to Lender any amount necessary to makz up ?he de7iciencc within 30 days from the date notice is mailed
<br />by Trader to Betmwer requesting payment thereof.
<br />Ltpon pa}~nent in full of ail sums szcurod by this \lartgage, (.ender shall promptly carotid to Borrower any Funds
<br />held by Lrnder, If under paragraph 1£ hereof the Proprm~ is sold cr thz Propert, is otherwise acquirzd by Linder, Lender
<br />shall aTaa3t, ng ?nrrr tl>a- ;_«rt_nr.1s• rnrinr to Lh~ sak .?~ the Pro~trtt~ ~r its acquisition 6_r Leudtr, any Foods held Lsy
<br />Lender st iht xirne of applicaaen as a credit agatast the sums secured b}' thts \{ortgage.
<br />3. App~catioe of Pa}'ments, L:nle_ss applicable law' pro,ides otherwise. all payments rr~rivzd by Lrndzr under the
<br />!lore and paragraphs I and ? htrenf shall be applied by lender first to payment of amounts payable to Lcndzr hl' Borrower
<br />under paragraph .hereof, then to .interest paysbk on the Notr, then to tits principal c!' the Note, and then to interest and
<br />principal an any Future Advances.
<br />4- t~Li~, ~ I.JI.RS. Bi:RDNY7 shall pay sll taxes. assz,_:ments and other charms, fines and Impositions sttrihutable to
<br />flu Property which may attain s priorit}' over this Mortgage, and l~sthol1 ?aymtnu or ground rents, if any, in Yhz manner
<br />ptsn-ided tmder paragraph 2 hereof or. t€ not paid in such manner, h} 8orrowor making pa}ment, when due, dimtly to the
<br />part thtytts{. Berta~wer shall promptly iurntsh to Lind=r all nou~rs of amounu due under thts paragraph, and in the event
<br />Bartnwtr shall mate pa}vrent dtreril}', Borro,.~ir shall prompty furnish to Lender receipts evidencing such payments.
<br />Borrower shall promptly discharge any lien watch has priority .,ver this Aortgage: provtded, that Borrower shall not be
<br />:equircd to discharge any such Tien so lung as Bcrrawzr shall sgree in wrung to the paymen*. of the obligation secured fi'
<br />such Ilea in a manor a: ceprabk to Lzndir, or .hall m go.,d €aith contest such hen h}, or defend enfores,ment of such lien in,
<br />legal pro;ttdings which operate to prevent the iniorement n€ the bin or iorir:tore of the Proprtt} or an} par? thereof.
<br />5. I~am'd Ias~atace. Btitrower shall l:tep the :mpmvements now tvisung or htrraltrr r;r.ted o*: the Pr:>prrty ~nsurtd
<br />against 1~ss l,y fire, hazards irtcluded within the term "mvtmnded coverage ~. and such other hazards as Lr:tdmt ma} re,~utre
<br />and to such amounu and for stmt periods as Lender mad rryutt:; pn,vtdz.:, that Lender .hall not teyutrc that thm amount of
<br />stub covY:ragr itcceed that amount , f coverage requred u, pay the ,um. st:ured by tfi:s Mongagm
<br />The tnsuratxx earn°s praviding chi insurance shat! lx .hosin !+} Borrower soft-test to appn~s; b} Lender: pct„-tded.
<br />tiist such approval sha71 ntt be utueasortabl} withheld. .~11 prcmlums on msu:ance pohctes shall ter said n the manner
<br />pt¢sv>f~d trader paragraph ? heic~a?f or. tf not patd in such manrxr. b} B:+rrowzr maktng pa}turret, whin dum..itrecUy to the
<br />inwraace ~ttra,
<br />Ali insurance policies and renewals therrni shah br in form a.ceptabir to Ltndcr and shall tnciude a sundard mortgagor
<br />dwst m favor eN and to form ac>-eptattk to Lrnder. Lrnder ctt;rll ha,c ?he rtght t.> hold ?hr I ,lines and renzwal+ thirzof.
<br />and Bterower shall paatnpt3}- runtish to i.inder all rztttc.al rx,i>l-ex and ail :rcerpts .,i raid premium+. Sn the r,tn. of loss.
<br />Bormwrr sdtall glee pnxtrpt relater u+ the tnswanx carrier and Lender. Ltndmr ma} make pna: i of i,ss i2 no[ made pn,mptiy
<br />by Barrasver.
<br />Unlesc Lender and Borrower atherwtse agree m wnnng. insurance pra:eids shah! t: applied to resuuanon or repau of
<br />rho Pr'op'~'ty damagat, pmvtded such restoration or rtpatr is rcottortttwl9}- trastble and the sr;curit} of thts \lortgagt :.
<br />~t thffieb}' impatred. If stub restuavtvn or tepatr is nrn rconomt.aih' imasthle or .t the securi*.}- cf thts Mortgage would
<br />bt impaired, the ittwraacx protmeds shall be applied to the sums serumd M thts Mortgage, wath the zzcess, if any, pa+d
<br />to HorrJwer. it the Propert} n aiwndoned ity &,rmwu, „r ti Barmwer iatla to respond to Lender withtn ,tt da}s from the
<br />date nosi~-X rs mailed by Leader to Barrows that the insurance carrttr attics to sznle a alarm far insurance benefits, Lender
<br />is atnhorimd to atil.{ect arul spply the insursnrr pads at L-rndrr~ opu.,n iathu to rismration or repair of the Proprn}'
<br />or to t~ stems slxtucYl Lty this Idorigagc.
<br />['aka Lrnder and Snisnwtr otherwise agree to writing, ary such application of proceeds to pnnctpal shall ne.a evtrnd
<br />or pat¢ptme the due dart of rho tnctnthit' isstatlmeats rilerred t+> in paragraphs i and ? htresf or chance the amount o€
<br />strrh inuaIlmrarts. li natter paragraph ! B ballot the Prapem~ is acyuued by Lrnder, all right, title and in:errst of Borrowu
<br />in a~ to any iasurantt patinas and is and in the pr,laxds thertot rmsalttng from damage to [hr Property prier to the sail
<br />oz acgtusi6icta shall pass to Lrnder to the client of the sums secure.( !,} tiro '~lortgagr +mnxdiately prior to ,uch ule of
<br />aoqumtam.
<br />i Plestxsmipn and Maiaaaamsrt of Properly; [.essrYoid~ Candomioiams; Piaared Unit Ueveloproenis. Borrower
<br />tthali 1'nep the Property in good repay and shag not cammit warn or permu impairment or deterioration of rite Proper}
<br />.sad > eampty with rho provisions of any least :i tot+, 4longage a on a leasehold. If this Mortgage is on a trait in a
<br />>:aium or s planned Ir.aet ;ievzlopraent, Barrawes shal3 pertcrm all cef Eorn,w~ir's : tthgauons undez the ~d: o3ar alien
<br />ar coveaaats creating ~ gevtrning the condominium or planned unit divelopmrnt, the by-laws and regulations of the
<br />~a;;nt txr plar.~7 :rte devel.r.:, sad c.•:srituint :i:u;amema, It N „ndominium or planned ur.:t ~{a.mh,ptntnt
<br />r>du is ezecuted by Btarro~er acrd rtcx'rrxttd ta~•ethtr with ihts Mortgage, the covenanu and agreements of >uch ndmr
<br />sha77 tic it~potatmd itsto and shall amtmd and suppMmrnt the covenants and agrtrmrnts of this Mottgace as ii thz rider
<br />were a pus hereof.
<br />7. Presrtai® e# I.eeder's Seeprity. Lf Borrower faiLc to perform the covrnants and agreemenu contained in this
<br />It1>$tg~e, or if nay aotian or protxedtng to cnmmert,Xd which matirislly a$ma:ts Lender's interest in the P~oprriy.
<br />ineiuditag, but tam Iianitad m, eat+nem domain, iturtlvxnc}, node eniorrtemem, or arrangements or pew eedings tnvohing a
<br />baakrvpt or dexdwt, thin Lexrdtr at L_mder's option, upon notice t:+ Borrnwzr, ma} make such appearances, disburse such
<br />stttas and calve spelt atxi~ as is necessary so protect Lender's mterrst, iuclu.img, but not ]tmited to, disl,utxntent of
<br />rtaatntable aftoraty's fen a>bd entry upon the Propeny to make repairs. it lender required mortgage invurance as .+
<br />eondite[ar of making flu loan socurtd by this Morigagi, Borrower shalt pa} the premiums required in matnu,:n such
<br />imttraatt in ricer tmtil such time as the requirement f'or such insurance tcrntinates tit accordance w[th Horriwmr's and
<br />,; ~ .,.
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