|
r-
<br />
<br />UNIFORM Cov~xex7s. Borrower and Lender covenant and agree as follows:
<br />I. Payment of Principe! and Interest. Borrower shall promptly pay when due the principal of and interest en 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. Fonds for Tales and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall. pay
<br />to Lender on the day monthly ins[aliments of principal and interest are payable under the Note, until the Note is paid in full, _
<br />a sum (herein "Funds") equal to on~twetfth 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 far hazard insurance, -
<br />plus one-twel€th of yearly premium installments for-mortgage insurance, if any, alt 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 ba held in an institution the deposits or accounts of which are insured or guaranteed by a Fede[al or
<br />state agency (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 may not charge for so holding and applying the Funds, analyzing said acwunt,
<br />or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and app:icable law -.
<br />permits Lender to make sash a charge. Borrower and Lender may agree in writing at the time of execution of this - -
<br />Mortgage that interest on the Funds shall be paid to Borrower, 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 for which each debit to the Funds was made. The Funds are pledged az additional security for the sums secured -
<br />by this Mortgage.
<br />Sf the amount of the Funds held by Lender, together with the future 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 shalt be, at 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 Lender shall not 6e suihcient to pay taxes, assessments, insurance premiums and ground rents as they fait due,
<br />Borrower shall pay to Lender any 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 alt sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds
<br />held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br />shah apply, no later than immediately prior « the sale of the Property or its acquisition by Lender, any Funds held by
<br />Linder at the time of application as a credit against the sums secured by this fviorigage.
<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 6e applied by Lender firs[ in payment of amounts payable to Lender by Borrower
<br />under paragraph 2 hereof, ther, to interest payable on the Note, then to the principal of the Note, and then to interest and
<br />principal on ary Future Advances.
<br />4. Charges; Liens. Borrower shalt pay all taxes, assessments and other charges, fines and impositions attributable to
<br />[he Properly which may attain a priority over this Mortgage, and leasehold payments nr ground rents, if any, in the manner
<br />provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due, directly to the
<br />payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event
<br />Borrower shall make payment directly, Borrower shall promptly famish to Lender receipts evidencing such payments.
<br />Borrower shall promptly discharge any lien which has prwrity over this Mortgage: provided, that Borrower shall not be
<br />required to discharge any such lien so long ss Borrower shall agree in writing to the payment of the obligation secured by
<br />such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcemeni of such lien in,
<br />legal proceedings which operate to prevent the enforcement of the lien ar for[eiutre of the Proper[}' or an} part thereof.
<br />5. Hazard Insurance. Borrower shall keep the improvements now caisting or hereafter erected on the Property insured
<br />against loss by fire, hazards included within the term "extended coverage", and such ether hazards as Lender may require
<br />and in such amounts and far such periods as Lender may require: provided, that Lander shall nut require [hat the amount of
<br />such coverage exceed that amount of coverage required to pay the soots secured by this Mortgage.
<br />The insurance carrier providing the insurvnce she!! he these.^. by Borrower subject to approve! by Lender: provided,
<br />that such approval shall not be unreasonably withheld. All premmms on insurance potic:es shall he paid in the manner
<br />provided under paragraph 2 hereof ur, if not paid in such manner, by Borrower making payment, w9tcn due, directly to the
<br />insurance carrier.
<br />P.II insurance policies and renewals thereof shall be in form acceptable to Lender and shall mdude a standard mortgage
<br />clause in favor of and in form acceptable to Lender. Lender shall have the nght to hold the policies and renewals thercoL
<br />and Borrower shall promptly furnish to Lender all renewal notices and all receipts of raid premuun,. La the event of loss,
<br />Borrower shall give prompt notice « the insurance carrier and LendeL I_endcr ma} make pmol of loss rt not made promptly
<br />by Borrower.
<br />Unless Lender and $orrowar otherwise agree in u-riling, insurances proceeds shall he applied m restoration or repair of
<br />[fie Property damaged, provided such restoration or re pan is eamomiC;dty teasiblc and the security of this Mortgage is
<br />nut thereby impaired, if such restorat«n or repair is no[ economically feasible or d the saaunt}- oC this Mortgage would
<br />be impaired, the insurance proceeds shall 6e applied to the sums seeured by thts Mortgage, wnh the excess, if any, patd
<br />to Borrower. If the Property is abaniloned by Borrower, or it Borrower tads to respond to I ender within 3U days from the
<br />date notice is mailed by Lender to Borrower that the insurance earner offers to settle a clann far insurance benefits, Lender
<br />is authorized to collect and apply the insurance proceeds at Lender's npuat euhar « rasnvauon or repair el the Pn petty
<br />or to the sums secured by this Mortgage.
<br />Unless Lender and Borrower otherwise ag[ec tit wrung, an} such application o[ pre,,,-,;ads to pit nctpal shall not extend
<br />or postpone the duC date o[ the monthly installments referred to m paragraph. i and _' hereof or ch:mga the. anxmm of
<br />such installments. If udder paragraph I& hereof the Propern• w acquired 6x Louder, all right, title and interest oC Borrower
<br />in and to ;my inauranca policies xnd in and « tht procends thereot resulting From damage « the Protxrtp prior to the laic
<br />or acquisition shall pass to Lander to the extent of the sums secured by thi, Mortgage ummediatei}' poor « such sale or
<br />acquisition.
<br />b. Presen'ation and ~Iarr[euanca of Property; Leaseholds; Cmrduminiunrs: !'lannad ti nit t)eeelopntetns. Horn+ver
<br />shall keep the Property in good repair and shall not commit waste or parntit impairment or deterionmon of the Proparry~
<br />attd shalt comply with the provisions of ally lease if this Mortgage is on a leasehold. !t thrs Mm[gage is on a unit in :t
<br />condominium or a planned unu development, Borrower shall padonu all of Borrower's ohhgauons under the dtclurauun
<br />or covenants Creating of govervng the condomuuum ur planned unit developmen4 the by-law's and regulation, nt the
<br />condominium or planned unit development, and constiwaut dncumenis. It a cmtdominmm or planned amt deveiapntont
<br />ridec ;s executed b}' Borrower and recorded together with thts Mcn'tgagc, the covenants and agrcemcrts ul such ndcr
<br />shall be incorporated into and shall amend and supplement the covenants and agreements of thts b4ortgagc as ii the rider
<br />were a par hereof.
<br />7. Protection of Lenders Security. lF Burrower fads to perform the covenants and ngremnents contained m thi,
<br />biortgagc. or it' any action or proceeding is commenced which materially atTects Lender'> intareet in the Poepern.
<br />including, but not limited to, eminent domain, insolvency, Cade enforcement, or arrangements or prt>leedirgs nrvolceng a
<br />bankript or decadent, then 1-ender at Lender's option, upon ^oGce tat Borrower, mac make such appearance,, dmhuna ,uch
<br />sums and fake such action as is necessaty to protect Lenders mterese, including. but not boated to, dtsbursentent a.
<br />rcasorratie aitosrrcy' tees and entry taper the Property to iraka rcpatrs. it i.iudar riyuirtd mortgage in+ur,tnCe ;, .+
<br />Condition of making the loan secured by this Mortgage, Borrower shall Pay ibc nremiunt? requtre,.! to maimatn ,[rah
<br />in~urastee to effect until such ttn)e as the requirameut for such tnsurun4a leimit its m ae',eardance with Bornnvcr, ,mi
<br />
|