|
~'m.
<br />
<br />LtNIFORM Covt:rnurs. Borrower and Lender covenant and agree as follows:
<br />F. Payment of P!ioclpal at!td Infstest. 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 secured by this Mortgage.
<br />2. Fends for Ta><ea and IEttrunoce. Subject to applicable law or to a written waiver by Lender, Barrower 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 full,
<br />a sum (herein "Furtds'") 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 ortc-twelfth of yearly premium Installments for mortgage insurance, if any, all as reasonably estimnfed initially and froth
<br />time to time by Lender on the basis of assessments and hills and reasonable estimates thereof.
<br />The Funds shall t+e held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or
<br />state agency f including Lender if Lender is such an institution). tinder shall apply the Funds to pay said taxes, assessments;
<br />insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account,
<br />or verifying and compiling said assessments and bills, artless Lender pays Borrower interest on the Funds aad applicable Ixw
<br />permits Lender io make such a charge. Borrower and Lender may agree in writing at the time of execution of this
<br />Mortgage that interest nn the Funds shall be paid to Borrower, and unless such agreement is made or applicable law
<br />requires such interest to he paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
<br />shall give to Borrower, without charge, an annual acrnunting of the Funds showing credits and debits to the Funds and the
<br />, purpose 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 [fie amount of the Funds held by Lender, together with the future monthly installments of Funds payabk prior to
<br />the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrawet's option, either
<br />promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. [f the amount of the Futtds
<br />held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due,
<br />Borrower shall pay ro [_ender any amount necessary to make up the deficiency within 30 days Lrom the date notice is mailed
<br />by Lender to Borrower requesting payment thereof.
<br />Upon payment in foil of all sums secured by this Mortgage. Lender shall promptly refund to Borrower any Funds
<br />held by Lender. If under paragraph Ig hereof the Propert}• is sold or the Property is otherwise acgwred by Lender, Lender
<br />shall apply, no later than rmmediateh' poor to the sale o[ the Property or its acquisition by Lender, any Funds held by
<br />Lender a[ the vine of application as a credit against the sums secured 6y this Mortgage.
<br />3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the
<br />Note and paragraphs ]and 2 hereof shall be applied by 1_ender first in payment of amounts payable to Lender by Borrower
<br />under paragraph 2 hereof, then to interest payable on the Noce, then to the principal of the Note, and then to interest and
<br />principal tin any Future Advances.
<br />J. Charges; Liens. Burrower ,hall pay all taxes, assessments and other charges, fines and imposiuuns attributable to
<br />the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner
<br />provtdecf under paragraph t heron[ ur. n not paid m such manner, by &+rrower making payment, when dtu. directly to the
<br />payee thereof. Borrower sha!1 promptly furnish to Lender all notices of amounts due under this paragraph. aad in the event
<br />6ormwer shall make payment directly', Borrowtt shall promptly furnish to Lender receipts evidencing such payments.
<br />Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that 8ornwer shall nut be
<br />required to discharge any such lien su tang as Borrower shall agree in venting to the payment of the obhgauon secured by
<br />such lien in a manner acceptable to 1•ender. or shall in gix>d faith comes[ such Tien by. or defend enturcement of such lice in,
<br />legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Prnpert}' or any part thereof.
<br />5. Hazard [osunnce. Burrower shall keep the improvements now existing or hereafter erected on the Property +nsured
<br />against loss h}' fire, hazards included within the term "extended coverage''. and such other hazards as Lender may reywre
<br />and in such :,mounts and for such periods as i ender may require; provide), that lender shall not reywre that the amount tit
<br />such coverage exeeeJ that amount of coverage reyurred ro pa} the aims cecErred h}' rho Mortgage.
<br />The insurance earner providing the insurance shall he chosen by Berrrower subject to approval by L,cndcr; provided,
<br />that such approval shat! not be cmreasunably withheld. All prcntiums on insurance policies .hall he paid in the rnartner
<br />provided under paragraph 2 hereof or. ,i nut paid in such manner, by Bnrrz±wer making payment, when dce, Jtrectly m the
<br />insurance carrier.
<br />All insurance Ixhcies and renewals thereof ,hall he in loan acct:ptablc to Center and shaft uxludc .! +rxnJarJ mortgage
<br />clause m favor of and m form acceptahle to featder. Lender xhail have the nght to hold the policies and renewal. thereof.
<br />and Borrower ahal( promptly furnish to Lender all renewal ounces and all receipts of pelt premiums. In the went of loss.
<br />Borrower ,hall gn'e prompt notice to the insurance carrier and 1_ender. Lender ntay make proof of loss it not made pnnnptly
<br />by Borrower,
<br />Unless i.ender ant Borrower otherwtac agree m writing, insurance praceeJs shall he applied to resntratiou or repair of
<br />the Properly JamagcJ, provided ,ueh resturntiun or repau to ccununueull} tearable ,utJ the .ecm ity u( th+a Mortgage ,~
<br />no[ thereby impwred. It such restoration or repair is nut ecunumically tcasible ar it the sccw~ny of this Mortgage would
<br />be tmpaaed, the insurance proceeds ahall he upplieJ to the sums secure) h} !h+s Mortgage, utth the excess, it an}'. pa!d
<br />to Borrower If the Property !s ahanJoneJ h} 6mrow'er. ur it Borrower t:uls !.+ respcmJ to Lender within 3U days from the
<br />)ate unuce a made) by Lender to Burrower dru the utsur;uter earner utters !o .rule a clean For mwrance benefits, l enter
<br />is authorized to adlcct and apply the !nsurance pn+eceJs ;u I_cnJ.r's option either w reshuauon or repair of the Property
<br />or to +hr sums secure) h} th!s Mortgage.
<br />Unless Lender and Bar rawer otherwise igloo :n wntrng. ;mS n!ch .grpheauun ul prucceJs w pnnctpal ~hnll not extend
<br />or pualpone the Juc Date of the nxnuhh- installment. reten'eJ to tit paragraphs i and '_ hereof or rhangc the amouW of
<br />xuch utuallntents. It under paragraph [K hereof the Property is aeyuueJ h} lender, all nght, fete ant interest at Borrower
<br />in and ro tin} utsuianee puheiea and m and n+ the procrzJs thereof resulung than ilanwgc to the F'ruperry pour to the s:de
<br />ur a,:yuiaiavn soup pas., to l.,eudcr to the cxtmu .:f the ;ante xcwed i.y the, !sh,rigagc unmcdruel y~ pour i.~ ,nch s+dc ur
<br />acyuismon.
<br />6. P1~ervatiau and itituutrnruce of Proyrriy: i_ranrhutds; Cundominiurm: Planned Pnit Grseiopmena. Bnn~awrr
<br />shall keep the Pntpeny in gvx,d repair and shall not eununit w.tste of permit ^npe!rmew ur Jetenoratiun o1 the Pre,perp
<br />and shall comply with the provtswns of env lease a this Mortgage n ,+n a IcaschalJ. if rhiv ~Iuugagr +. tin ., .nut w .,
<br />ciroJUminwm ur a platuted unit develupmeut, Bon nw et shall perform .JI ul Bixrownr's uhlrgauons unJer the declaration
<br />or uwenanh creating ur governing the condominium .a plamu•J and devclopmrnt. the by-laws tool regulutunis „1 !hc
<br />eemJamuuum or planneJ unit development..md constituent Jcxumen!s. tt a .onJunumm~t ur planned ,^^i dr+riopmatt
<br />nder w exocuied h} Barrower and racordeJ together w!th this Mort)age, the cos'enants ;utd agreentenrs at .uch nJer
<br />shall he !ncorp,xared into and shall intend attd supp{entent the covenants ant agreements of rho Mortgage a:.t the titer
<br />veers a part hereof.
<br />7. Prgsctiaa of l,eu¢er's tiecurity. If Borrower tads to penonn the cuvcnams and ugt centt nts .untamed rn rho
<br />Mortgage, ur d :utv apron ur prc>c~dtng s cunurx n<eJ which ntateually aflcvt. lendei> iu!ete.! !n the Pmpom.
<br />rnclndmg, but „ui hntuc.f h,. enttrtCnt domain, resolvertc}. a,dc mtor.erttem, ei :.n':u,gentrnts .,, pnwecJinks u,culvcug .:
<br />har:lrupt or der-eJertE, then 1-cadet at ! euJsr's uptiou, open: notice ter Bort.:we.r, mat ararce ~ueh ;,pl>l;aamea, ,I~xhune a,iri,
<br />sum< a,;J +akr s:xh actnm u~ ;a neco..ary E. lx~otaa Lender`s nttcrest, i±seludrng. but nil 4mvc~i a, u~sburat,rncnt . c
<br />rcasorahie .attumeol fece nod entry uM1n the Pntperiy t,r+ make repair it Laiutcr reynu~eei ,>tangage :n~nr,-,use =m
<br />.;umfii+.,ri ~ ! rtuY.rng ;rte in;n +,e~ureat he this Martgagc, Burrower alia;l pa} il??• RtYrYlnnit.+ rey:nred ! , in:sinta~;t :.., ,.
<br />insurance-+~~ ~tfevt unit{ su,.h tmhe ae ±hc seyuu aeteenE !'or ~ueh eau, an:c i~ntun,,tcs ,n a,a.,rdao: W~ w,rh Hor r.~wec', .~nJ
<br />
|