|
U N4PORM CovervA Urs. Borrower and Lender covenant and agree as fellows:
<br />1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interest an the
<br />indebtedness evidenced by the Nate, prepayment and late charges as 7rovided m the Note, and the principal of and interest
<br />an any Future Advances secured by this 1lfortgagc.
<br />2. Ihtnds for Tastes and insurance. Subject to applicable law or to a written waiver by Lender, Borower 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 "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 premi::m installments for hazard insurance,
<br />plus one-twelfth of yearly premium installments for mortgage insurance, ii any, ail as reasonably estimated initially and from
<br />time to time by Lender on the basis of assessments and bills and reasanabfe estimates thereGf.
<br />T7re Funds chalk be held in an ansiimtion the deposits ar accounts of which are Ensured or guaranteed by a Federal or
<br />state agenc}• (including Lender if Lender is such an institution). Lender shalt apply the Funds to pay said taxes, assessments,
<br />insurance premiums and ground rents. Lender n4ay no? charge for so holding and applying the Punds, anat}'zing said account,
<br />or verifying and compiling said assessments and bills. unless Lender pays Borrower interest an the Funds and applicable law
<br />permits Lender 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 Funds shall b., paid to Borrower and unless such agreement is made a- ^pplicable law
<br />requitrs such interest to 6t paid, Lender shall not t?e required to pay Borrower any interest or earnings on the rands. Lender
<br />~! ,shelf give to Borrawer, withm4t charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br />purpose Ian which each debit to the Funds was made. The Funds are pledged as additional security far the sums secured
<br />nq by this Mortgage.
<br />`aK; If [he amount of the Funds held by Lender, [ogzttter with the futurrr taonthiy instathr;ents 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 fail due, such excess shah be, at Borrower's option, either
<br />promptl}' repaid to Borrawer or credited to Barrowar on i, onthly installments of Funds. If the amount of the Funds
<br />held by Lender shalt not be stzffiuent to pay taxes..zssessments, insurance premiums and ground rents as ?hey fall due,
<br />J Borrawer shelf pay to [xnuex any amount necessar,.~ ,o :Hake up thz deficiency within 3fl rises from the dace notice is mailed
<br />A~ by Leader to Borrawer requesting payment thereof
<br />"V Upon payment is full of alt sums secured by this 4longage. Leader shalt promptly refund to Harrower any Funds
<br />he;d mar= Leader. if under paragraph # a hereof the Propcm ,s sold ar the Properly ,s a[herwi:e acqu,red by Lender, Lender
<br />shall apply, too later ffiaa tmmediatei}• preen to the sale of the Property or its acquisuion be Lender, any Funds held b}'
<br />Linder at the ume of app}ication as a credit against the sums secured by this '.lfortgage.
<br />3. ARiicrioa of Payments. L'nl~.s applicable taw provides othrnyise. all payments nerived by Lender under the
<br />tiote and paragraphs t and ?. hereof shall be applced by Lender first in payment i,t amaums payable to Lender by Borrower
<br />under paragraph ? horror, then to interest payable on the otz. Shen to the pnncapal of the !Vote. sad then to interest and
<br />principal an say Future Advances.
<br />S. C)w~; iie~. Borrawer ;hall pay atf ta+.es. asesvRtents .end ,uher charges. fires sod rmpasinans atttitrutai?le to
<br />the Propc4t}• which may again a priority over this 'sfongage, an:' ieaseho#d payments .'r ;emend rents, if any, in the manner
<br />pzovidcd under paragraph ? hereof or. a. na; paid rn such manner. by Born, wrr making payment.:<•hen due, Directly to the
<br />pays Lhereaf. Borrower shall promptly furash to Lender ail nat,ces of amatm[s Jue under th,s paragraph, and ui the event
<br />$orrow-ar shat: make payment dancer#v. Bc=rn.wer .halt } ron;ptit tarnish to f.c.^.cier receat+ts cwrdencmg suet[ na}•merts.
<br />Horrower shal# promptly dix?sargc ans~ l,en ~.ohach has pr,onty ::ver this tiergace. pray.<?eJ, ~itat Borrawer •.hail noz be
<br />mluaedto dzschargt em• such #irn st? ~:?n¢ ::s Borrawer shsii agree rn _.rrurg i~ thr paytn£m ~; the ,xbhgaron secured by
<br />suciz lien to a maztner acceprabie t.x i .odor, ou shall :n ~v:,d earth :ontcst such l,en t?v. or JefenJ entarxment of such lien tn,
<br />legs! proceedings which operate to prevent t3te entc+rccmcnt ;+i ;he i:rr. „r 'arYC,twc :_, ;ha Propert}' nt soy pan thereof.
<br />5. Hared Irrrince. Bctrrowror ntsati [,cap tare rmpro;en=ent, no<s <•vtstrng .+r iicreuL'er elected on the Property msared
<br />agaznst Pass ~s fire. hazards ,ncfudeJ .s iEla3a the ?_ ... .~trnd£d .<-ueraee gnu , ;;F ether hazartis a. t coder rtes} require
<br />and an such :unounts and ! a s:;:h prrtetis Ws #.cz4der nano tryuire. ;- oo ided, that i 4reder ,hall net require t'rai the auu>unt ai
<br />such coverage exceed that amt•unt ,+f s<+?rtage rcy xurrd t<, pa: [tae =um± : Muted h< :h:t 3ton,gage.
<br />The attsurance carrier pe^vriliug tltc :nsuran:e shad he :i+os£n h? Borrower ,u[itect io approval n: [ tndrr, provided.
<br />Thal such upgmval she[) oat he sr~ri"axax?sb#q waihhrd. A€; prrmaums on loser sere polica-n ,17a1i he puiJ -ai the manner
<br />proytded under paragraph _' !tercet <?r :t nett pszd t;t such manner. hs iictrtcrwer mai:rng pay°menr s. hen due. Jutclty to th,;
<br />In$rrfarree Carrlei,
<br />Ali inurrance xuaezes utd netts=sa#s tretac=t shzJi ix :n satin ~. rpts6ta :~+ i_r:,:;cr .aaJ ,Halt ;r:,.i,.-sde a ,i~n,inrJ mc?ncage
<br />claux an isvar:~: and na form a:ccptab#e to lender. I.rsnirr ,•h.i:i hale t n• right ::, r,o:ii th; ;+o*itcits anJ r<°,t<-<.ah [bete,=t.
<br />a~ Bortow~rer sftalt pr ttnp[l}' furaz>h to Londe: a#i rrne:sst n<?t,cr, ats<i ail recrtais of :aid t+r::ni,r:cu, tt: the r+£n[ of !~,,,.
<br />&~rra~wer she#7 gave prontpi notrce ro the insi=r ascar carnc•r .sad t ender ; ender nano sisAe }rrr,t,t ++t i.rss a not rands pnsrnty Fy
<br />by Borrawer.
<br />finless Lander mid Botx<,wer atheresraz agrcx :n » ,tang, =n>ui;an<e n r:erJ. sha;i h:- ,C{red t., test<uatii,n ,. repntr +.
<br />the Pnvpert}• Damaged, prev:Jed ,sch rrs?txrat;rca ,.. :t+ai, .. «.,nt,ntr~aily ?ee>zhtc ..::+i~the ~<:;ent7 , tfr,~.+ 4lortg:t;•r .
<br />Hai ~herz5y impa,rtd. II >uth re>iorart+n or tepair~s ens ,.annnucn#i: t _ ~ +v sh£ ,oral+ac ,_. thn }9 artKagc x<oulJ
<br />be impaired, ¢he insurance prckerafs 5hxi# t>c epptreu tom= roe sums x.uarJ z,;~~thts 11ar;gage nstit the cues, ,I an}, t.a:d
<br />to Batrawer- IL Ylte Prc~pert} a ::bmrdanru n1 Bo;;i?wrr. ,=r :; 73nset,acr E-a,'- ,cs~ -a ,:+ I-c=udrr wsthtn it::1;e4, '*t,:n :Se
<br />da?e rxouce sc rnatied bv° Lext,~r s=, tic-=rroa c= '~. tae :mu..u„c • ~rrert :~tl.r~ _~ _< .Ie,na i.• ~n,arsrcac ~.arrti r., I-eraJer
<br />is atrtharn7.Cd to caliect and agpi} the ,. ,~.etan~C s'Trs;'rds a; I ;-orJer~ .a±t;..m Beth@r i~ ;caornri,a ,rt refvxr of rhr trope rtt
<br />or ka xlre sums se+:xtt,eai h} ells, Mertgag,~
<br />_,. ~ ~ ~r .•.,
<br />tnltss Lcnxfer send Boni+w~t _t:te -+;tx ~gse_^ ... ,4::trn_ _ - _s,- ,_..,;r: ,. rr.'_ceds ;:_ :u~.f?n. -?:ell ,..,t ...noel
<br />er pasiprarte *_he dtze date .:. tt;a m;;r?thl}- ,nstaiinzc.:is ~rt£z._t. ca.egraFh, ., _ er..•r=r :5r .ita:,r;< _hc anto,sut =•a
<br />szrrh;-rstallrsertts- it audet ;,wragraph i5 ?tr:e<>t the i= -?x;s<'_ :.au,:r.t ~< I.eaJCr- rht. '~.ic _n.i ~n[err,[ „t Norr<,w<i
<br />tit and lean} ar'ssura~n.:e ptH;eies ~3 to enJ t,= Ifse p..~xrds thcxrt+t --.~aPing irctr;t c:nnange :., the Pnspe.rt? i?r,,,t t<, the s,,:c
<br />or aaqumxtroa coal pea to l..ender ,a the rsleixt c=t thz >asts ..<atrJ ^} th,. ',Sar;•na~c ;n:x,eJ:atri} i.,r t, ,tech sak <a
<br />acqutsttiat4.
<br />6. Pnnerratinn ant !ifaiateaaecr of Prta{icnty: iras:eiwlds; [`ondominitnnrti S'taunrsi l:nii ilryrlapmruts. Rnrn?=+£t
<br />s!#al3 ]:Y'4`Ir 4he Property 3A gcXad rrp'dir and st:Ala title L4.Vnmii '-~3'SCC v_ j3CI'aled ::ntsuli'ftF£rat ... •.7rt211C+CdYf IJn ,l( the PfUtk'r(4
<br />an$ siasi# ctxnplp w,i,t}h the piovrsttms c1 a1} +ea>e ;. ,,:,, yl,artgagr „ ~,n , s<•h„id. ,. ths+ Yfcsnnngr :_ .,i rru,t ,,. .i
<br />C#)3[tATarnSS2tn E+r 8 y~.BnnC%1 aloe 3CY"C1JpnicaYt, FiEUr Grwx;d .hall {>efiN'na ;JI ±?i 33orrdw Ct S~,`C+#r1~,d tit?ni UbJCt tRt JCiiaf f9 n,R
<br />ar cvwenanrs crcaang, ae govern Yag tts,e axndonstmano r=r i°,aanz.•d ,~;ni drsci<rpsuc,a- ahc by-taw„ and r,.-y;,lan.,ns .., the
<br />ucutdomtnttrm :=t plannH:i unit dcvel.*pzmnt. p:t;1 ~ara,tttuera* ,ltxtutr:r:.,s it ...,•t;a=:ntiotunt ,~, i~tar,r?eJ ~,:_t ,, .; l,:pri,eni
<br />Bxki n exrnuted try (fptre?wrr axxl rtsord~3 s=.gr[fl£r ~waiz t^as 1:7ottgagr. ;h<^ u=ticna:,rs .+tJ agrrarpr~rrts .>t v:ch rdcr
<br />stroll be :ncrtporated at#to artd sb.all tutrond ens supp5ctnzrtt t[4t: ta,~ena;tts .:nd agsectnettts at tlr:s ;'vtc,nga~£ ,a.:1 ,'roc oar-c
<br />u'Art5 :a prat hctxxaf.
<br />1. ltratettliaa nit I.saier's Sea'wtty. ?? ?k-rr.swar ,., -.., i-,=.at:x.ra rb: xkenu:,i:, ,x:;.i agt::cra:s:tts .,t;za:.rJ .n ....,
<br />!~A~txxga~, szr if a5ig a;;ta?n ,-t prtu,eethuq{ t>s _trmn~ra^~# Xnr<h na8terialiy~;,fti~is i.ctsr;et , ,ntetav+t :r, thr.~ Pri,fKr,o.
<br />axluding, E»tt aY limitc<3 tt,+, tmtnrrt darttx ~. =nss+fr£zicp. tc,e7a cr"~-t.xta-?- ,t xt rnn~e^mct,ta =. rrtir,rgn ,,,..*i*,x?g .,
<br />btrokrultt .=a daz;cclent, 'teen L.crsder ,st 3xY:der s r+psis>ti p<:n nt,t,.t ., f#t;r:; ct.::ts~y . ae ,.u, fv -,,ta:ns.tu, ,::.:hux.c .:,. is
<br />;'ems amt take atr~.h ,stitri*n ,s ss rta.::t'saar e pr<ztt~a f.e rrdas, ::,,:, r=.: ;:..,,y;. teat ru:t lrxruted tr+. ,l:.b:u-c~sraei„ ..
<br />reasctttst>k attorneps 12es atxl ~t?try aapcart the Prcvfartty a-a attanr -epa=: ., .,.t;ei ;cyru re,a •a,r•rtfiag+ -- ,:r .=,,... ,.
<br />iiMdvtz:~1 r+.t znukrag ?,~ toast xet:uty+-f b}- thx+a 3oluitva,gC. Nx,ri : ,:a >h.a7i sire -ri enn,u,aeti r - ti-~,c,± t, -s- .;~,r•., ~- _,,...
<br />tttwu~z~stucr in e.fitw.t snt,t such time a.§ ,he requtren}eat sr>r ;act? ~nsurat,<e _ is,,atc_ .n...+=i,3d.,, ..,, , H . ,,<, , :au
<br />
|