|
<br />
<br />Utvteoant COVET~AN7S. Borrower and Ixnder covenant and agree as follows:
<br />1. Payment of Pdneipal and Interest. 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. 1}rnds for Taws and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />to I~nder nn the day monthly installments of principal and interest are payable under the Note, until the 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 an}•, plus one-twelfth of yearly premium installments for hazard insurance,
<br />plus one-twelfth of yearly premitrm installments for mortgage insurance, if any, aII as reasonably estimated initially and from
<br />time to time by Lender on the basis of assessments and bills and reasonable estimates thereof.
<br />The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or
<br />state agency (including Lender if Lender is such an institution). Lender 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, unless Lender pays Borrower interest nn the Funds and applicable law
<br />permits Lender to make such a charge. Borrower and Lender may agree in writing a[ the time of executioe of this
<br />Mortgage that interest on the Funds shall he paid to Borrower, and unless such agreement is made or applicabte law
<br />requires such interest to 6e paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
<br />shall give [o Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br />'purpose tar 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 the Funds held by Lender, together with the tomes monthly installments of Funds payable 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 Botrawer's option, either
<br />promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. Lf the amount of the Funds
<br />held by Lender shall not t+e sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due,
<br />Borrower shall pay to Lender ally amount necessary to make up the deficiency within 30 days from the date notice is mailed
<br />by Lender to Borrower requesting payment thereof.
<br />Upon payment in full of all sums secured by this Mortgage- Lender shall promptly refund to Borrower any Funds
<br />held by Lender If under paragraph 16 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br />shall apply, no later than immediately prior to the sale of [he Property or its acquisition ny Lender, any Funds held by
<br />Lender at the time o1 application as a credit against the sums secured by this Mortgage.
<br />3. Application of Payments. Unless applicable law provides otherwise. all payments received by Lender under the
<br />Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment o[ amounts payable to Lender by borrower
<br />under paragraph 2 hereof, then to interest payable on the Nate, then u> the principal of the Note. and then to interest and
<br />principal on any Future Advances.
<br />J. Charges; Dens. Harrower shall pay ail taxes, assessments and other charges, tines and impositions at[ributablC to
<br />the Property which may anain a priority over this Siertgage, and leasehold payments or ground rents, if any. in the manner
<br />provided under paragraph 2 hereof or, if not paid in such manner. by Burrower making payment, when due, directly to the
<br />payee thereof. Harrower shall promptly Eurntsh to Lender all notices of amounts due under this paragraph, and in the event
<br />Borrower shall make payment directly. Borrower shall promptly turnuh to Lender receipts evidencing such payments.
<br />Borrower shall promptly discharge any Tien which has panne} .,vie this Mturtgage; provided. thin Burrower shale nut be
<br />regwred to discharge any such Tien w long as Horrower shall agree m wnnng to the paymem of the obligation secured by
<br />such lien m a manner acceptable to Linder, ar ,hall in good faah contest such lien hy, or defend enforcement o[ sash lien in,
<br />legal proceedings which operate to prevent the enR,rcemem tit the Len or torteuure at the Property ur any pan thereof.
<br />5. Hared Itssrtranee. Horrower shall ketp the :mpra>ventent, now esiwng nr hercattcr crecteJ an the Property insured
<br />against Was Hy fire, hazards included wihin the term "extended tin-iragd. ;md >uch other hazards as Lender reap require
<br />and m such amounts and tar such periods as Lender may reywm; prov WiJ, that Lender shall not rcyuue that the amount of
<br />such curerage exceed that amount oC coverage required h, pay the ,tine, >ecurcd by this MortgegC
<br />The insurance earnCr preceding the insuesncC allele hi ~husets by Hotrowir zsa6lect to approve( by F coder: pravtdid.
<br />that such approval ,hell not be unreasonably withheld. All prcnuunt, nn insurances policies ahall be pail w the nwnner
<br />provided under paragraph 2 hereof or :F ^m paid in such manner, by Hoe rower making payment, when due duecd5' m the
<br />msuraracc catnir.
<br />All insurance patiues and renewals thereat ,hall be m term ecccptahir to Lender .urd shah include „ ,tamlarJ mortgage
<br />clause m Cevur of and :n form aciCpiubie to Lender. t_endcr ,h:dl ha,c the nght to hold the pulruc, and renew nh thereof.
<br />and Burrower ,hale prampily tarnish to I_endir all roniwal notce> and all receipts o! pa:d premnnn,. In the rasa[ nt loin,
<br />Horrower shall gave prompt nonce n. the m>w mta• canter .aid Linder. tender may make proof tit Inns .t nut meJc promptly
<br />by Harrower.
<br />Unless 1 ender end Bon owCr otherw .,c agree ur wnnng, in,u: uu:.c t+r.+eceJ, shall he :grphed h+ rc,a,nunat ur nparr of
<br />the Property damaged, pnr'tJCd >uch rr>teranon ar repau ~, ~, onunueall}' te.uiMe and the ,eceunt} of tht> Morgage :>
<br />nut !hereby tmpaurd. 1l such reaWrauun ur repair a not ccononuceall)' Ica,ihlce .a it the lice wa ct ihi> INortgegr would
<br />be tmpuurd, the insurance proceeds ,trail he applied n. the ,um, .cecm i.l h; ih!> Mortgage, uuh rhr cxcc,s, d :m}. pail
<br />to BorruwCt I[ she Ph+peri} :, abartdor5ed :,t Hon,+w t.. ,a ,t Ho: n+w cr tad, :,, ors lxurd to t ender wuhtis 3u Ja)> hunt the
<br />JatC nonce rv m:uleU M Lender w Hon ow et :he! :hr anwaua• ,an:ri ,.!fen :,: ,soli .~ J.un: lu::nvir;wa• henrtit,, I ender
<br />u authonzed in arllect and .tppq :he u,>uran.r prx,crC.la .d 1 eu,lei~, ,gnu,u cnhcr to ic,anuuon ,~: iopau nt the 1'n,lx:ny
<br />ur tit the sums >icurid by th:a Morgage.
<br />Unless Le+rdir and Hon ewer •nhr-rw rv agree n wuung, an. ,u. ii „pphceu unn of I,:,auCJs !.~ p: uic:pal ,list! nut rsicnd
<br />or pt>btpunu the due dutC of the ut.vuhly mstaHnxuh :eienc.l nt in pnmgieph, t ., u.i hriao! ,n .hangs :i:i .uuwuu of
<br />such irolallmml>. 11 under paragraph i b herein the F'ropirty :, acyuu e.l M LiuJrr .ui t:ghl, udi and mtcie+t of ISJrrrw ii
<br />in and to any ursuran.c policies and m .end to the ptnge~ i> !hcrcut rexdung tiuin .Luuagi to der fniprm pout to nu• ,ale
<br />or twyutsdton ahull twsa Iv Louder !n the extent et the ,um> ,scored M rh:, Mon kar~e nuntadiatrk [+r+.:t :., •~.ts'h ,.dr of
<br />aeyuisnton. ~ - _
<br />6. PrseCrc ether and Maiatearace of Proper[}: Leaarhulds; tmuluminiums; PlamrCd lnit IA•t rlupnu•nu. Hon.+w c:
<br />shalt kCCp the Pn,pCrty in gard repair and ,hall not lumina wastC or pirnw unpau oleo! ni dcnvun nano .n the NngKm
<br />and siratl comply with the pruvrsutns vY ar.} iCaiSr; it thin Mortgage n „ri a ka,rhold. f; ihn 4Lntg,igc :. nn ., ,Hirt w
<br />condominium or a piamred unn Jescii+pmcnl Horrower ,hall pirtunn :di nt Horrower s ,d,hgm;ona under rhr Jcs LU ao,~n
<br />ur wvenants aCahng ur governing !hc :oudonunutm or planned •,uut devrlopmeni, the hs-laws ~,nd :agulat:ou, ,•t .he
<br />cundomimmn er planned unit dCVelvptnant, and ,viutii cent dt~em.n;, It .: , ndonurnum of i*I;ou:etii ;rcvi ,1e+~6qunent
<br />nJCr s +:aecu[tJ by Borrawet mid recorded [ogCther ,vii: iHr+ Mot rgugr, :ire ..:,manta .tine .:gf erna'ut, .~~ ,ux is ::.lei
<br />shale ix incorporated :otu end shall ;uucnd and suppicu,int the cu.cn.u,is and agreentenls tit ihn Mnttgagc ;n :t ihr u.r.:
<br />were .t c,an hereof.
<br />7. Protm4ba of Lender's Secarlp'. it Hun ewer !,tits k: parhrrm she <ovcnama and eg: rcnrent> „nue:ucd ~. !h:~.
<br />Mortgage, or rf anY action er pro.:eedrng :s .anuneucid which matenalir ,dteceta t cuJit , u,a•ic,t t-, d,r 14upeu,.
<br />mcWdmg. but not Inmtad w, rm:hCnt domain, msolvmw). wdc. eotor...utcnt, ,: ,a:engeax nts o. pwceidrng, ~, ,~~,:ng
<br />irankrupr m;lecideui, rMrn F.endCt tit ! radar',, siphon, ulxm ;rnu.:e to &n incase. alas :Hake su.h :ry~ikara m~i,. •i-,bw.c vn.b
<br />sutra out take such n.twn a> !s nC.n>swy w pr,ncv! Linder', nn•+c,t. „:,l;ug. :~n: not imuie~d ~, .?:,bu: ,. •i. ~ .
<br />esaronable attoraey'> Jaen and sine} .,pe,n :ire Pruprrh u; n..,ke ripe If 7 ender :Cyuu.•d +.,urt},a{ze m,n:en~.~.. t,
<br />,,.w:vt:ua ,:t :nakvn~ thz .tear :e.:u,C. :his +iir: tgagu_ N.,.•.,.,,, f,,., ,at .. t _+,,:ui~_~ y:, ...,. .. -i~a.,.,.., i,,.~
<br />ltc6i«~inC :if etlx~--: .:tt:d 'o.h teens .. R 3i:yU«2inE«: ..:t ec~ ,.,.~ .z .:~,¢,~ a,y,, .. ,. :u+•... n... rte r„ ,• ii..:
<br />
|