|
8n- i'783
<br />UnrrnoaM COVENANTa. Botmwer and Lender covenant and agree as follows:
<br />2. Paytaent of peinelpal a~ IMere~. Borrower shall promptly pay when due the 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 scrolled by this Mortgage.
<br />2 Faada for Tasea and Ltarraatt. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />to Leader on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full,
<br />a stag (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-twelhh of yearly premium installments for hazard insurance,
<br />plus tanetwelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from
<br />time to lime by Leader on the basis of assessments and bills and reasonable estimates thereof.
<br />The Funds shag be held is an institution the deposits or accounts of which are insured or guaranteed by a Federal or
<br />state agency (including Lemler if Lender is such an institution ). Lender shall apply the Funds to pay said taxes, assessments,
<br />ittsurancx premiums attd ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account,
<br />or verifying and compiling said assessmenu and bills, unless Lender pays Borrower interest oa the Funds and applicable law
<br />permits Leader 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 Ftutds shat! be paid to Borrower, and unless such agreement is made or applicable law
<br />requires such inrerest to be paid, Lender shat) not be required to pay Borrower any interest or earnings on the Funds. Lender
<br />shall give to Borrowu, without charge, an annual accounting of the Funris showing credits and debits to the Funds and the
<br />pttrpasc for which each debit to the Funds w-as made. The Funds arc pledged as additional security for the sums secured
<br />by this Mortgage.
<br />ff the amoaat of the Fttnds hdd by Lender, together with the future monthly installments of Funds payable prior to
<br />the doe data of roars, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />assessatenR instnanoe premiums a~ ground renzs as they fall due, such excess shall be, at Borrower ~ option, either
<br />prnnepdy trpaid io Borrows +u credited to Hottvwer on monthl}• insiallmenzs of Fonds. If th:. a:;:nt of the Funds
<br />ht3d by Leader shall not be strthcieat to pay taxes, assessments, insurance premiums and ground rents as they fall due,
<br />Bottowrashail pay to Lender say amount necessary :o mske up the deficiency within 30 da}s from the date notice is mailed
<br />by Leatder to Borrowv requesting pavment thereof.
<br />UQon paytaeat is fuB of all sums secured b}' ibis Alangage, Lender shall promptly refund to Burrower env Funds
<br />hdd by Leader. If uttder paragraph 15 lxrxof the Praptrty rs sold or the Propene is otherwise acquired by Lender, Lender
<br />shall ar~y~ tto later titan imaiCdlalttly prior ro the sals of the Proptny ar its acquisition by Ixnder, one Funds held by
<br />Calder at the time of application as a credit aga»rst the sums sa ured by this Mongagt.
<br />3. of f'ay~asa. link••ss apptuablt IoM provides atherwist, all paymenzs received by Lender under the
<br />±vlote and paragraphs 1 and ~ herraf shall be appirtd b}' Lender fitsr in payment of amounts payable to Ltndtr by 8crrower
<br />under paragraph 2 hereof, [hut to rnrerest pavable a n iht Note, then to the principal of the Note, and then to interest and
<br />principal ten any Fttiur,e Adsartxs.
<br />i ~ f3eae Borrower shall pay all taxes. assesnrrcnzs and other charges. fines and impositions attnbutabie to
<br />the Prapexty which troy auxin a priority Derr this Mortgage, and leasehold pa}utenzs or ground rents, if any'. in the manner
<br />proeiddf render paragragEt 2 hereof or, if not pail in manner, by Bormw•er making payment, when dot. dimly to the
<br />payee thaenf. Borrower shall promptly furnish m Leader all nouxs of amotmu due uoaes this paragraph, and in the event
<br />Btrrrowrrt shag make payment dimcth•, Borrower shag promptly furnish to Lender rtceipis evidencing such payments.
<br />BortoMa shall promptly disP,hatgt any lien whicdr has priorin• asxr this Mortgage; prov:3ed, that Boaawt -hall not be
<br />requved m discharge any such lien x~ long as Borrower shall agrce in writing to the payment at the ohiigativ secured by
<br />sttcL• lien in a manner aooeptahk: to Lender, or shall in gad faith contest such lisp by, or defend enforcement of ,~sch lien in,
<br />legal ptoceoditegs which operate w prevent the enf-}rcetrrent of the lien or forfeiture of the Proper; or any 1 to thereof.
<br />~. Heard i.~.w.- 8orroMer sha31 keep the tmpmvements new sxisting ar hereafter erected on [he Proper., insured
<br />agaian hiss by tire, haurtis inciudad widrm the ter-r "'extended coverage", and such other hazards as Lender may .'quire
<br />sod ie such amotrnrs and for st~tr periods as Lender may requirre, provided, that Lender shall not require that the amowu .•:
<br />such ct+vtragt taeoed that ataount atf :avYragt required 20 pay the sums soured by this Mnngagt.
<br />The inarranee canter providing the insuraa x shall be cluuen br Borrower subject to approval :;}• i ender; procidtd.
<br />that >~ approval shag net he uareasanably withheld. ?sli premiutm v',n insuratxY policies shall he pail ire the manner
<br />provided utader paragraph 3 hertaf cu, if >~ paid in such maimer, by Born~wer making payment, when due, dunth• to the
<br />iaseuataa carries.
<br />AB iasttraace pdicits and roae+vals thtra~t sfnaif tx in intro ac,Yptablr to Lender and shall include a standard mortgage
<br />is hxroa tvi and m form acetpiahk to Lender. Ltndtr shall ha+t the tight to bald the policies and rcm:wais ihera,t.
<br />and Borrower staall ptt>mptly furnish to lsntkr afl rnrsewa! aaum srxi al! rck^erp[s of paid premiums- In ifre went of lass,
<br />Bnrax~ shag i prvatpt etdtiat to the iasitra~• +<arrstr nerd itader. i ~n.:e:- ,3,ay ~Ae pt:.tid at ;~ is not made prompt!}'
<br />t9' Borrsoata7.
<br />lhttieat Letad° -and &xiawtw aikcr'M3se sgrx an writing. irrsurari+x prc>L'etds shall bt applied to resriV aria n or repair of
<br />the Ptrrpatp daaaagal, p+ornded ..v-t, rraaotasxan or rtpatr rs ecorwmi+:ailt feastMe and the sn.urity of this Mangage is
<br />t~tt thaciry aolrttted. !f stauta tt:sitsaucm or rrluur is mu ati.onomically itasitrht ax s! [#se securtn- of this Afengage would
<br />he i~aairtxf, the iaattrance proupeds shall be appi+td to the sores se:trred by this Mortgage, wxh the excess, if any, paid
<br />m Btxrower_ If the Ptuftett} a. a#randnnai b} Bavrower, a+r sr Borrowu tails to respond to Ltrrdtr usil+m 3u des}s from the
<br />[fate aoraoe tt mailed by Leads ro 8orr rwet treat the rnsuratr:c earner nfitrs to sznle a clasm for in>urance benefit<, Lender
<br />u anrhtmiaed m and apply the ~muratur praaeods at Lender's option either to restoration or rtpasr of the Property
<br />of io the arms saetrtoti b5 ~u ~.
<br />Uaien l.a~r and Botarc+wts a+zhetMUe agree m writing. any soh application of proceeds to principal shalt cot evtsnat
<br />or p tLe dirt chat at tilt trw3rstAl; ;ttrtalts referrzd to in paragraphs 1 and 2 heratf o. cha„ge rhs amvutnt at
<br />tapch iuatailmmts, if under paragraph lg hettuxf the Prnptrt}` is aequsrtd h}' Lender, all right, title and mttrest of Barrowsr
<br />is and itr nay itrwraax pt>*aeies and is and ra ihr procotxls thueof resulting from damags w the Property prior to the sets
<br />~ aoycdsrrtsma shall paw to Lender tc's the e:xteat of the solos secured by this Mortgage immedrattly pnor to such sale or
<br />C ~eaesatiu at! +~ f'anpealy; !t#Stltwlds: C PLaweA l;tap De+ebpauttts Bonower
<br />aistdl kart the l'~uty ~ good repair and sltrdl tsw etmtmit waste ar permit impstrrtrent or dtterioration of the Property
<br />and t~ ' wirh iht provaaoas of snz lease it the; Mortgage is err a :eauhaid. if this Martgags is an a unit in a
<br />ooado or a p3aaaad twat deveh~aaerrt, Borrower shall perform all a,f BarroMer's ++bhga[ians under the declaration
<br />ar rrecanrts or ~.-rverain; the ~-twdomwium nr plsnatd utut dive).-+ptnznt, the bylaws and naulatiosu of the
<br />oottalomiait,aa to plaaaod unit devent, and cansiinscnt dal umsnts. it a e.aadamaaiuar or planned un+i de+tiopment
<br />rider ac taeactated by Banowor and tvaeorded r~ttttu w-nh t13ss Mangags, the castn:atus and agrttments of such rider
<br />shall he it~rpmatod uao and shall emoted and sugp}omen[ the cevetuuttn and agreemei:ts of thss Mongags an it the rider
<br />yore a pars hraoed.
<br />Y, 14iltet~a~ d Leaaitr's !'- It BarroMCr fads [o perform the .ovtnams an,l ag[semsnri comained m this
<br />>w[Irrsgs~e. m' if asy agion m praycadi~ rs ctunmestvtat whjctt materially aflearts LtndCrs utterea in taus Prapenl,
<br />iscler, haf aot#itaitsd ta, etnirrem draxxaaa, irrsalveucy, ctxk enior.Crrstnt, ar arrangements ur pnx:etdings usvolvmg a
<br />l~~ dam, tbtss Less~t at l~tsler'n crpteora. upon natixe u, Borrower, ma} make su_h ypptatancss, Jes6ut~..' such
<br />'sue asd take H~'4 atiitra as is »eca~}• to protect Lenbein as+aersaz. nnchrJ(ng. hvt tilt linvtcd ta, drsl±ursentent tit
<br />rctaonahk atttart~y's face and cmtry upcer the Ptoptti) to ma-e rahaus !t Lcrukr require,l nn*rtg~e insw ante a. a
<br />roadaaon M makurj tht• ktars secured by ifius Mautgage. Bvrrrawt: shall pa} the prsmuems reyuueJ to maurta~u such
<br />tanttsaax ~ e6ect uoti7 sruh tia®e as the requircmeoi flu spa:h snsuranae ta;mrnatcs .n 3c.'ordarxec M'sih B.ur;,wst'; and
<br />
|