|
<br />80- ~~f~S42
<br />Uxtroaar Covexexrs. Borrower and Lender covenant and agree as fellows:
<br />I. Payment of Prlnclpal and Interest. Borrower shalt promptly pay when due the principal of and interest an the
<br />indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interost
<br />on any Future Advances secured by this Mortgage.
<br />3. Ftiituk for Tans grid irtsirrnoce. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />to Lender oa the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full,
<br />a sttm (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 otm-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from
<br />time to time by Letrder an the basis of assessments and bilk and reasonable estimates thereof.
<br />The Funds shat[ be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal ar
<br />state agency (including Leader if Lender is such an institution). Leader shall apply the Funds to pay said taxes, assessments,
<br />insurance premiums grid grotrrrd rents. Lender may not charge for sn holdirvg and applying [he Funds, analyzing said account,
<br />or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law
<br />perttiiis Lender in make such a charge. Borrower and Lender may agree in writing at the time of execution of this
<br />Mortgage that inutast on the Funds shall be paid to Borrower, and unlesc such attreement is made or applicable law
<br />requires stun interest io be paid, Lender shalt not be required to pay 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 far which each debit to the Funds was made. 'Ile Funds are pledged as additional security for the sums secured
<br />by this Mortgage.
<br />L` the amount of the Funds held 6y Lender, together with the furore mottthiy installments of Funds payable prior to
<br />the due dates of taxes, assessrneats, insurance premiums and ground rents, shall eaceed the amount required to pay said taxes,
<br />assessittsrts, ioruance premiums and ground rents 3; they fall due, such excess shall be, at Borrowei s option, either
<br />pronapHy repaid to Bottawer or credited to Borrower on monthly installments of Funds. if the amount of the Funds
<br />hdii by Lender shall not be sullicieat to pay tales, assessments, insurance premiums and ground rents as they fall due,
<br />Borrower shall pay to Lender any amount necessar}' to make up the deficiency within 30 days Tn>m the date notice is matted
<br />by Leer to Borrower regtrestiag payment thereof.
<br />Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds
<br />hdd by Linder. If trader paragraph ig hereof the Property is sold or the Propem is otherwise acquired by Lender, Lender
<br />shau apply, rx later than irrutrediately prior to the sale of the Property ar its ai~quisition by Lender, an}' Funds held by
<br />Lender az the time of application as a credit against the sums secured by this Mortgage.
<br />3. of Patymeats llnless applicable law provides atherwise, alt payments received by Lender under tht
<br />Nate and paragraphs ]and ? hezeo` shall be applied 6y Lender first in pa}'ment of amounts payable m Lender b}' Borrower
<br />tinder paragraph _' hereof, then to interest payable an the Nate, then to the principal of the Note. and then to interest and
<br />principal an avy Future Atisances..
<br />d. (_~ liens. Harrower shall pay all tales. as>essments and other charges. fides and impositions attributable to
<br />the Propertc w•liich xrny attain a priority a1xr this Mortgage. and leasehold paymenzs or grotmd rents. if any, is the manlier
<br />ptavided under paragraph 3 huea# or, if not paid in such manner, by Harrower making pat•ment, when due, directly to the
<br />payee ihrrrnf. Borrower shall promptly furnish to Lender all notice of amaunts due under this paragraph. and in the event
<br />Bortow+er shall male payment dit~tly, Borrawcr shall prompt!} famish to Lender receipts evidencing such pa}ments.
<br />Bturovrr shat! promptly discharge any lien which has prw,rity over this Mangage; provided. that 1arrower shall not be
<br />required to discharge any such liar sa long as Barrawer sfiall agree in writing to the pa}t»ent of the obligation secured by
<br />srtch tiro is a e.,~n,>:.~ acxprable to Leader, iu shall in goi,d faith cnmrst such lien hy, or defenJ entarrement of such lien in,
<br />Segal paocxditrgs which operate to prevent the rnfnr,ement of the lien or forfeiture of the Property or an} part [hereof.
<br />5. Rmrd Ltvtaeca Botniw•zr shall keep the improvements now rxistin~ it hereafter erected nn the Property insured
<br />agues 3oss by file, hazards included witlatn the term "extended coverage'-, and such other hazards as Lender may require
<br />and is stu'it amaunu and fee such periods a> Lender may require; prodded, that Lrndrr shall not require that the amaunt of
<br />leech ~,+erage exceed that amoum nt cav^eragr rrquurd to pay the sums secured ]xy this Mortgage.
<br />Tht irtnrtance carrier providing the insurance shall be chosen by Harrower subject ro approval by Lender; provided,
<br />tiro stub approval shag not Ix suueasiwalaly witlthedd. All pumitmts on instu~rtce policies shall l~ paid .:+ the manner
<br />provided tsndtr paragraph 2 hereof nr, tf not paid in such rnannez, by Harrower making payment, when due, Jimtly to the
<br />iastrzasx carrier.
<br />All i*r•~++r•~'•~ polic.i~ and renewals therra,f shall tx is farm acerptaNr to Ltn:#er :rod shall include a standard mortgage
<br />clatrae in favor e# and m form acxptalak to Lender. Lrtttkr shall hive the right to bald the pi,ticies and rinrwals thereaf,
<br />and $n¢t'n?t2r ~! ,-tom ~}' fur-...~ to Len~r all rrr>;wal nat:t^ ant] all .~;:t<.}ns ut geld per, ,tur.-,s. to [hr r°:etn itf loss.
<br />B~ ti3all givt pnvnpx iat?ile~ t, tht• ittsnran;-e carver and Letraez. Lender nta} make prx [ of i,ss it ni+t made pmmptl}
<br />3s} B,
<br />Uahs Ltauiu amt liatn,w•tr othri,s-tse agme in urning, insuranct priscceds shall br applied to restoration or repair of
<br />the Property damaged, proc~itit:d such restotax,an nz rrpa+r is c~on.,mir.tils trasthlr and the securit}' of thu Mortgage is
<br />tau thateb}^ ~a}tatrrd- Lf tcstnratuvn tar t•rpatr tc nut rcc~,micaiiy feasible a; ,t tht srcunn- of this ',iortgagr would
<br />be ielpaaed, the tnsut7tDtY pttoaedti shag he applied n, rice rums secured h} this Mangage. uah the excess, if any, paid
<br />to Harroaxr. it the P'ropert} x ahandtutod b} B,irrawu, or tt Bsirr wee tarts t.+ respimd to Leader within 3D days Pram tht
<br />date trance a mailed b}' Lender tr+ Borr-?wtzr that tlse ansurance rarrtrr otien to settle a claim tar insurance bertrfits, Leader
<br />is gtefftvtad to wllecr and apply tdie ttuvtatice prs,tzeds at i.rnder'> aptton ttthrt to restoration or repair of the Proprn}
<br />or m tae siBnS Sielrlild by this MortErige.
<br />Llz~ss Lem atxl 9t~•star:er attxrwnr agrcx , ; +:<.itng. an: >uvs, appli~aiian of pro.°ceds to principal shalt not zxicnd
<br />to pttstpoee the Bite a#a~ ~ the martiltly irtstallmrnts rtterred to is paragraph 3 and ? hereof or change the amount of
<br />srselt - if tr~ser paragraph 18 huecv the Property v a.-qused fi} Lender. au right, title and intrust of Borrower
<br />its and to any ioatrranae pdiaes anal in and to the prac>teds tlrem-+f rrsulnng Yrnm damage to the Property prior to the >ale
<br />or apquietion shalt pass to Lstidta to the ettent ai the >ums soured M thu Aiartgage imntetiiately prier to such sale ar
<br />f. 14eomr led 1f ed Property; LraRbpidsti Coedomieiems, Pleaocd L'eit Developments. Borrower
<br />shill ka}t the Property is good. repair and shall at,t xarmit wears ar peraur impairment w deterioratian of the Property
<br />and shag c+mnply wit}t the provisions a# any lease tfi this Mortgage is on a leasehold- If Ibis Mortgage is on a unit in a
<br />caadtuninitrm ca a p}annetl trait deveh,pmeat, Borrv,uer shall perform all of Borrower's otshgatrnns under the declaraaoa
<br />~ ix~Vl<Aanti cI'eavrtg or gavraning the tandnmimum . r planned um[ devebptireut, the by-laws and regulations of the
<br />txtndomiaium to p4lnoed unit drveloprtgnt, and cnnstinient dix:uments. If a nndttminittm or planned umr development
<br />ridgy is evxrttOd by Brntower and rel.-orded ica~ether with this Mortgage, the 4aoenanrs and egreemrnts of such rtJer
<br />shall fie ineaaporated lino and shall arttend nerd supplement the covenants and agreements of this Mangage as tf the rifer
<br />were a put hereof.
<br />7. Petssec8ee d I.eaiar's Serrmky, I( Bnrraw•rr fails rn perform rho covrnants and ag.-eements conta,ned in this
<br />3iariEage, or if any actipt or pt'c+ceeding rs rnmmealed which marerially affects Ixnder's interest in the P~openy.
<br />ieclrelis3g, but tau li>$ited ia, eminent domain, insalv°errcy, ;:ode en fnryxment, or err ngentents ar pn,eeedings ,rtvoly ing a
<br />heakrupt trt detx~deet, then Lehr at L.esiier's option, upon notice to Borrower, may make such appearance, disburse such
<br />some atad take suede atvion as is riacnssary to prated Lender's interest, including, but not limned to, disbursement of
<br />reasonable utmney's #ees and txitry upon the Propene to make repass. If Lender required mortgage insurance a, a
<br />coadttion of making the loan accrued by i.*~s Mortgage. Borrower shrill pay the premiums tctiuired to maintaut such
<br />iestsaeee in eRtxx until stub time as the requirement for sucfi insurance tcrrninazes in accordance with borrower's anJ
<br />
|