|
UNiFOHM ^.ovE':.+r:;s. Bnr;cae: and Lender covenant and agree as ;i; ~w ;:
<br />L. ?aymrrz[ of Prirztipai and lnteresl. Borrc:svcr :hat! p: arr„•tly pay ~.-. t;en du:: the prmcip::3 a( and interesi on the
<br />indebtedness cvidaaced by the Nore, prepayment and Fate chaises as p: a.4drd .-r the Note. and the prirdpa! of and i?totes:
<br />un ary Future Advances secured by this Mortgage.
<br />2. Funds for Toes a»d tpsurancr. Subject to apptira€i!e taw or to a w:nten +vaivcr by Lender. Lorrowrr shalt pay
<br />- to bender on the day monthly instal;menu of principal and interest arc payable tinder the bore, omit the Note is paid in iuD,
<br />a sum lharein "Funds") equal to Dire-twelfth of the yrariy taxes and as+c.,ments which may attain priority aver this
<br />hl ortgage, and ground rents on the Property, if any, plus one-twrifih of pcnriy ~ rcmium mn:dlmcnts for hazard instuartco,
<br />plus one-twelfth of yearly premium installments for mnrtgagt insuranre. if ary, ail as reasonably estimated initially and from
<br />time to time by Lender on the basis of assessmenn and hills and ;eanmahir eaim:ucz thereof.
<br />T7ae Funds shall be held in an institution the deposits or armunis ++f which arc insureA or guaranied by a Fcderai or
<br />slam agency (including Lcrder if Lender is such an institution ). Lcndcr shah app{y the i'urds to pay said taxes, assessments,
<br />insurance premiums and groun6 trots. i.ender may oat charge for so hnidua;; an<r applying the Funds, anahzing said accaun[,
<br />or verifying and compiling said assessments and bills, unless Lrrsde: pays Dorrower interest an the Fuads and applicable Law
<br />prrmitz Lender to make such a charge. Dnrrou•er and Linder matt agree i„ writing at the ume of ezecvtion of this
<br />Mortgage :hat interest on the Funds shalt br paid to Dnrrawer, and unless such ag:cemert s made or xppiitabtc taw
<br />requires such in:erest !o be paid, Lender shall not he required to pay Darrowcr any interest or earnings an the Funds. [coder
<br />shah give to Borrower, without charge, ar. annual accounting nE the Funds showing credits and debits to the Funds and the
<br />purpose for which each debit [o the Funds was made. 'ibc i=mads ara pledged ;a additional sc vrity for the sums secured
<br />by this Mortgage.
<br />7( the amount of the Funds held by Lender, together with the future monthly insroilmcnts of Funds payable prior io
<br />the due dates of taxes, assessments, insurance premiums and ground rents, sha!1 exceed the amount required to pay said taxes,
<br />assessmrnu, i,^surance premiums and ground rerts~as 'they {alt due. such excess shall tx, at 13orrawer's option, tither
<br />promptly repaid !o Borrower or credited to Borrow;r on monthly installments of Ponds. If the amount of the Funds
<br />~. held by Lender shall not be sul5eient to pay taxes, assessments. in>urancc premiums and ground rents as they fall due,
<br />Borrower shall pay to Lender any amount necessary to make up the deficiency within 36 nays from the date notice is mailed
<br />by Leader to Barrower zequesiing payment thcrmf.
<br />Upon payment in fur! of ail sums secured by this Mnngagr. Lcndcr shr.H promptly refund to L3nrmwer any Funds
<br />held 6yLender. I(under paragraph i S hereof the Property i, saW nr the I'rapcr;y is odaerwuc acquired ray Lender, Lcndcr
<br />shall apply, no Iatnr than immediately prior to the sale of die Property nr i!s ui'quisnanr. by Lcndcr, any Funds held by
<br />Lender tit the ume u( application as a credit aga'mst the sums secured by dar; 4k'rtgnge.
<br />3. Application of Payments. Unless applicahlp {aw pmvidz othensix. alt payments received by ?.ender under the
<br />Nate and paragraphs 1 and 2 hereof shalt be applied by t_cndcr first m payment n( anmunts payable to bender by Dorrowrr
<br />under paragraph 2 hereof, Then to amcrest payable nn the No!c, ihrn n+!hc pnnega:d c,f the Note, rend ti:cn to interest and
<br />pnnopai on any Future Advances.
<br />1. Charges; Liens. Dorrower shall pas :dl nixes, as-cessmrn;s are! o!trr: <ir:u gcs, lines; rend mrpusitions attrbutabir to
<br />the Property which may attain a priority over this Rt ortgagc, and icasehohi p.,y men!v ur I;rtnmd reu,s, if any, in the manner
<br />provided under paragraph 3 hereof or, d not paid m such manner, he Bor e,:r :raking nayn:, m.:vhen due, directly to the
<br />payee thereof. forrower shall promptly Eurn!sh to I_crder all nonce, nt .n nuus .hie ur•.der the p:: r,,graph, and in the event
<br />Borrower shall make payment directly, Durrmvcr ,hall promptly Innu-.L ^: I a:dcr rccciPi~ ~': u'.cnr rg such payments.
<br />Barrowar shall prompty discharge any lien which has pnonty ,~+..r ..u~: .'+L a!,~rree. , n dr,!, .h:.. tic+rrower ;.hail not 6e
<br />requ:rrd in discharge any such lien ss l.,ng as Bar s.vc. :-. ... .uu ., mihn.ion seemed by
<br />Hoch lien in a manner accepmhlc to Lcndcr, or shall in ga-+d ta:!h can«,::::. nil xa; hv, of d-clod .~n; nrceinent uE curia ben in,
<br />Icgai prozcedmgs whic:a opecxte to prrvent the rnfvrecmm~t of the h... •,r h,r1 a!urc of !hc Pr open~~ or ,ny pan thereof.
<br />5. ifazard insurance. Dorrowrr shalt keep dm nnpn+,amrr. r. nnu , , pe«:J «: c ,:ni nn the i'r-,,:cr!y msureri
<br />i-Hoe nr re~
<br />agaurst rocs by fire, hazards ine!uded within :hr 3e: n: ~~. ate::de:; ;~,,.-;: r:+_d~. ;.u=.i ,u.i: r,: trot h:vards as i.crdr: may reG:: r:c
<br />and m such amounts attd for such pcnud5 as Lcndcr may rcgwrr~. po o::de,i. ~ne1 Lcr.:ier ~.i,aii r.ur re G:urc :bat the :unoum m
<br />such covrraac exceed that amaum of cavcrazc ~euuucd !o nay ih_ s ,red be ihi, Siw:cacr
<br />'The insurance earner pravidieg the insurance snail Pm eix+<en h^~y ^c.re,-:,: r =.ui,leet i.• ,~~ prom-.-„ by Lender. {aor,ded,
<br />that ssvh apprsval ;haH nst he urrea,o.-aZ., z. h',~ici 1'i i ~ nn- ar, , . ., , ~ { lieu., .,. pail m !hc : rann
<br />provided under paragraph ?hereof ar, if nut~pa:d m .;rch m:mner, by IS.vi over maku;g 3:aymcnta'a+iarn dce, eiirecdv to r~e
<br />insurance carrieu
<br />Ali irsunnce policies Had renew als therral eh;Jl be m form .r .cp!.: file !+ +.. •.h:dl :Hairdo x sumdard m;rclgagc
<br />clause m favor n( and in form acceptable ro i.ender. Lc der ,: ..h h::,c !hc nghi !,: ,:; ~I d•:.e poh<:c, .:nd n w,h thaico!,
<br />and Dorr~wer shall promptly 4unrsh to Lcndcr ;di :ent:+ai n mi ., . .., i{~.n a,l peid~; ~: m:un, in ilia tc:cnt .+l Inns
<br />Bnrtos+-er shall glee prompt notice a~a the incur: nee carne::,nr~,:i code: i rn,.u n,;:y :n..x .,a o..uss :, na, made pr wr:ptl}
<br />by Borrower.
<br /><)n{C53 I.Cndcl and Darrowcr t?tfiCM-!u: agree in vtii:ng, in,ln an+e pr+,. ei ~!, ,I,.:I he ',ipj>h,'d I<i !c,inrahun +,r rC pair ,?(
<br />the Yrapetty elatnaged, provided such restorat:uu u. rapa:r is ccnnum:ial:•, !. as+idc and :bc ,sour +:} tit the McnGagc ~.
<br />not thereby impaired. If such rtitorauon or repay is not c+o um:cellY ic.n!llc „r :t the u:-ri ny~ .:{' this Af ortg-.igc ,wind
<br />be impaired, the msuraoce proceers shall be applied to the sman ,ec tired h :hr. !dungarc. .. !ire escca, if .: r.v, paid
<br />to Darrower. If the Property is abandancd by D::; rower. ,+r n L3r:c::::: r. ! ~s n, ;v v 1 ends:~ w;thr,: .b .::r: r, i r the
<br />crate notice is mailed 6}' Lender to Borrawer shut the nsw once <:,rncr :n!rr, m ,cirl,c .:~.Inuu {oi ~.nuuan.e 6eneiin r~l lender
<br />is authnnzcd to collect and apoly the uuuran.c proceeds .:: I rntici~s ~q•onn o:ihn !„ ce,n,i.+nun ,~. repair ,:i !tae I'ropen}
<br />or to the sums secured by this Mortgage.
<br />Unles> Lender and Bortuwec othenaise agree m unong, .+oy sorb .i pl,~i;. anon ,d pi Decode W pnnc:p:d Dhoti n:n cvcud
<br />ur postpone the due date of the nfamhly insiailnitnls race cd rn ,n pn r:g,.,ph, I en,i ~ lies e,d o. J:;:ngc tare a Door o,
<br />such !ratallntents. I( under paragraph l6 hcreo( the Prt+pcnc :s acqua of In Lcndcr, ;iii r.g6l, tole ;urd r., ,t...d elf Dion. er
<br />in and to any inswance politics and in and ua the pnacceds the eel re.winng linen d:unngt nr !hc Proper }~, ,~ .,: h> ;he s.:!e
<br />or acqurvuon shat! pass to Lender to the extent of the inns secured by ihn titnug:+ge inane;: ~~:uely poor '., „nb ,ale ur
<br />acquisuion.
<br />b. Prrsrraatiofr aad lfaintenance of Nropeny: l.ca+eludda; t unduunnhuu+; 1'tanurd l.lnn lyrsehyrmunt+- ou.
<br />shall keep tKc Property in good repair and shall not cnnuan ,<aslc or pcrmu :mpau men! ;~, dctcna,r.:uon of .ht ti'r,-q=cny
<br />and shall comply silk the provisions of any (cast ii the ~longage a .: Icucia~i J. !t Ilu; At of tgagc i, e into ::• ..
<br />condomiuwm or a planned unit devclapnicnt, Hon~,su cr shrill pmrfoim uli of Dorn+s,ct s „6ng:ai:uns ,~ndor the ducLu eu.~u
<br />ur covenants crcanng or governing tha cundonunnvat o Hoed unli de+clop~nent, is< by-la++s ;.ud reg,dan, ,,, of ;hc
<br />cortdominwm ar plannetl ume devclapment, and mns!iwent~Jo, unxun- li c::,i,uummm :r planned :.~,,, ,I<+d.:pincm
<br />ndel n executed by Borrawer and recorded together urn this Mon cage. .hr ,..enanis auJ agrccnacnn .,t ,uch :,,ter
<br />shalt be mco:poratcd into and shall untcnd ancf suppicmam ihr cos anwns .unl ,age ccmen(s of .:u, .1•luaigaga es d the ndc•a
<br />weir a part hrzeaf_
<br />7. Protection of feader°s security. If Dorrnwer to+h to peaLnn aac Hams a ,:g:.cntcnt :onw nxvi n, i!: rs
<br />Mortgage, ar if any action or proceeding as cumnirnetd uhi.h ::,,,.: .. ~., ~++'k:~•, I rustler , :, , i. s ,u:: Pia{resit.
<br />including. but not limited !u, eminent domain, insulvency.:ode ci; L,: ccmci<!- ~„ „i i.,ngemer.:, , r pn:eccd4ags nn olv;ng
<br />6ankrypl or decedent, then Lender at i_rnder's option, upon aoun• ;.: ilon o.. c., ~: .rake ;: ..tips + d:,t+unc -, _
<br />sums and take such Helton as is acersssry to protect Lenders ~ntza vs!. ~. - ,ling, t. r.! u,,t ~anucd in, di+bm nenst ..
<br />rmsonabic auarney's tics aril softy upon the Nrupcrty to rnakc rrro,u+ ~'`~ .,..r .... r,,:.r tgagc ::. ,.,..,n _ ..
<br />candu,ion at looking !Lie loan secured by th!s Martga&c. Boi n,x cr .~::,(i iv:. -. ~ .'. e:n:,u~:-, ,_ .. .: .... ::.. ....:
<br />irsurancc in ctle_: u.,tii such aims as tl.a. acyut, e. Hyena t>;, -.:,u a:.. :. :::::.~: . ...:.: ..: ...~; -..;..;. ....,.r_ ~ -~:
<br />
|