|
80-~- ~-~~=~~~'a"
<br />C(NIFORM Coven.+rvTS. Borrower and Lender covenant and agree as follows:
<br />1, Payment of Principal 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 principnt of and interest
<br />on any Future Advances secured by this Mortgage.
<br />2. Funds for Taxes and Iusasance. Subject to applicable law ur to a written waiver by Lender, Borrower 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 stun (herein "Foods") 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 ot!e=twelfth of yearly premium installments For hazard insurance,
<br />plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from
<br />time to time by Lender on the basis of assessments and hilts 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 sa holding and applying the 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 />permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of-execution of this
<br />Mortgage thnt interest on the Funds shall be paid to Borrawer, and unless such agreement is made or applicable law
<br />requires such interest to be 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 accounting of the Funds showing credits and debits to the Funds and-the
<br />purpose far 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 Lendeq together with the futw~e 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 />assessmeots, insurance premiums and ground cents as ffiey fall due, such excess shall be, a[ Borrower's option; either
<br />promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the;Funds
<br />held by Fender shall net be suf5sient to gay taxes, assessments, insurance premiums and ground rents as lhey-fall-due,
<br />Barrower shall pay to Lender any amount necessary to make up the deficyeney 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 1 g hereof the Propetty is sold ar the Property is otherwise acquired by Lender, Lender
<br />shall apply, no later than immedia[ety prior to the sale of the Property~.or its acquisition by Lender, any Funds held. by
<br />Lender at the time of agplica[ion 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 she
<br />Nate and paragraphs 1 and ?hereof shall be applied by Lender first in payment of amounts payable m Lender by Borrower
<br />under paragraph 2 hereof, then to interest payable on the Note, then to the principat of the Note, and then to interest and
<br />principal on any Future Advances.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to
<br />[he Property which may attain a priority over this Mortgage, and Ivasehold payments ur ground rents, if any, in the manner
<br />provided under paragraph 2 hereof or. if ant paid in such manner, by Borrower making payment, when due, directly to the
<br />payee thereof. Borrower shall promptly furnish to Lander all nouces of amounts due under this paragraph, and in the event
<br />Borrower ,half make payment directl}', Borrower shall promptly' furnish to lender receipts evidencing such payments.
<br />Borrower shall promptly discharge any lien which has priority over this Mortgage: provided, that Barrower shall nut 6e
<br />required to discharge any such lien so long as Borrower .,hull agree in wriuttg to the payment cf the obligation securedhy
<br />such lien in a manner acceptable to Lender, or shalt in good faith contest such lien hy, or defend enforcement of such lien in,
<br />legal proceedings which apcrate [o prevent the enforcement of the lien ur forfeiture of the Property ar any part thereof.
<br />~. Hazard Insurance. Borrower shall keep the improvements new existing er hereafter erected on the Property insured
<br />aaairst lass t,v fire, hazards included within the feels "extended .:overage": and such other hazards a-e lender may require
<br />and to such amounts and Ipr such periods us fender ma_y require; pruvrdcd. [ha[ Lender shall na[ require [hut the umaunt of
<br />such caverage exceed that amount of coverage r~qu!r~d as as• the . ;sus secured t+}° thrs '+lurtyage--
<br />The insurance carrier peoviding the insurance shalt be chases by Borrower subject to approval by t_endeK pravided,
<br />ihaE sucF, approval shat! act 64 untkasan;tl;iy withheld- Ali premiums un ins.traace palikies shall `,~ paid in the maaaee
<br />prnvtded ttadcr partgraph_ hereof ~~r, ti nu peed in such manner, by Bcsrrr'wer making {,y~yment, when dtir:, dir;~tiv to the
<br />insurance carrier.
<br />All insurance pobcics and renewals thereat shall he in form .,cceprtbtc to Lender and shall ioehWC a standard mortgage
<br />clause in favor of and in farm acceptable to Lender. Lender sh:dl have ihr right to hold ibe policies and renewals thereof.
<br />and Barrower shall promptly furnish (o L.ea(ler ell renewal notices and :dl rceetprs of paid prcmiunn. In the event of lose,
<br />Borrower shall give prompt notice to the insurance earner ,rod isnder. Lender mag make pmut (,f loss d nut snide promptly
<br />by Borrower.
<br />Unless Lender and Barrower utherwue agree w wnttng, msuranee praeeeds shall be applied to restoration or repair of
<br />the Property damaged, provialcd ;uch resteraUen ~,r repau s acanamicully lcasrhle and the security ut this ?slortgagu n
<br />not thereby impaired. Ii sack resweanan a repair a not vcomnnic:dly icasd,lc ar it the sccunty ol• this Mertgaga wauld
<br />6a tmpatred, the insurance pra:;eeds site!! he applied to the ,ants securc(f I,y this Mortgage, rr:th the e'((:ess, it' anY. paid
<br />to Borrower. If the Property' ra ab(utJoned h} Itorn,wcr, ,~r .t Barrower lath to icspond to Lender within 3(1 days from the
<br />data notice is eluded by fender to Burmwrr that the uuurance .eerier utlcn w scnlc ;: clues for meueance benefits, Lender
<br />is authuriced to collect :+nd appl} the utsurance prztceeds ut Lcndrrs opnon either m resUir.ruun or rtpuir of the Property
<br />ur to the sunta..ecured h} this Mongage
<br />t!nlexs Lcndcr and Barrower atherwisc ague :n ktumg, nn) ,uch ,gtphuauon ,rt proceeds to pnncq,ui ehull nut extend
<br />.x postpone the due data of the utanthlt instullntenty rater red to m paragraphs I ,ux1 ~ here,ut ur change the amount of
<br />xuch tnviallmenu. U undtt paragraph is hereof the Property is ecquucd hr Louder, all upht, talc and :nierest of Borrower
<br />in and to :u7y` uuuranct pohctes :utd in :rod to the pteaeeds iheteot resuhmg from d;unugc to the Propertp prior to the sale
<br />or :+cquisttian ~huil pass lu Leader to the ext(:nt .tY the sums secured by ihu ~Iangage unnrcdiately pout to ,uch ,aic or
<br />akytu~tit~;1.
<br />6. PFesarraiun arx~ 1ta4tenarnr itf i ruprH~; I.ct+nrholdr; t. nndmnininni>; i'luriiied t'idt 1)erelnpmatiis. liar ra,+ci
<br />sisal! keep she I'ra~rty in good repair .end +haN not conunit w;rate or perms nnpan sleet or deterioranan of the Praperey
<br />and shall comply svuh the ,aravisnuts of any lease .t this Al c,ngagc :, on a lutschuld, It the. Sl.,ttgage :, u. a unn m .r
<br />ratnJomimnui or ., piauncd nun drvelupma+nt, Bureau-er ,h:dl pcriurm all ai l3orro+reis nhl:g,tuous uudvr Ghr declneaunn
<br />or navenants cre.uutg or governing the aetdunvm(rm o: planned una develi,pment. the hy'Iaw-a .end regulauou, „t the
<br />candomimunt or planned unn devulupment, .,rid nn,sument dac.umews. I(a vndunuuiuoi or plmutcd lout de+c•lopuiem
<br />rider r executed by Barrow(;[ and recorded together srth Ihu Martguge, the awenunts :wd agrecatrno .~1 uch rder
<br />shall be incorporated into anil shall amend and ntppfentent the covenants mid :tgrcements al thin Mortgage as :( the iidrt
<br />were a pan hereof.
<br />7. Pratectitm of d.enderx Security. If Bonower lads to pei4unn the covenants anJ agrventcnls anu:unc(1 :a file
<br />Mortgage, ar it :ury action or pro(:eedmg is cotnniemced which tvaterially u(Ievts Lenders uttnnyt in the t'roperty.
<br />including, but not limited to, enunent domain, insolvency, .ode entarcemeut, ur arrangements or pnn:ecdings invulvntg a
<br />bankrupt ar dt(:cde-nt, then Lvndt!r a( l.endor's opuo~n, upon settee t„ Burrower, may make such appear,,sees, duhursc such
<br />sums and take such settee as :s aecrssary to prot:.~t Lender's :rterxst, ouch:ding, but r:ut linuted :o. :I:shursement ~•,
<br />reaso;txble atian:Ey's f:'s's and entry open the Prapeny to make repairs. If Lender required mortgage insurance .:, .:
<br />condition of making the lean secured by this Mortgage, Bm~row(:r shall pay the premiwus reyurred ro maintain such
<br />insurance in etlect unlit such time as the requiremem foe such insurance termmures m aecordunce a'uh Borrower`s and
<br />
|