|
$f~- ~(~~90~ ,
<br />Uarroats CovEnev'rs. borrower and Lender covenant and agree ;,s lohnws: -
<br />I. Pn)'ment of Principnl rand Interest. Bnrnwtr shall promptly p:ry ,vhcn dire 11>,c~~principal of mtd interest on the
<br />indcbrcdncss evidcntcJ by the Nolc, prepay'mcnl and last charges :u provided in the Note; 5nd"the principal of and intcrtsi
<br />on any Future Advances sccurcd by this htorsgagc.
<br />Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Dorrow'cr shall pay
<br />to Lcndcr on nc~ day monthly instalirncros of principal and irate rest arc payable under the NoIC, until the Notc is paid ns full,
<br />a sum (herein "Funds") equal ro one-iweifsh of the vtarly taxes mtJ axccssmenlt which may attain priority over this
<br />hlongagc, and ground rents on the Properly, i( any, plus c?ne-twcl(Ih of }•tarly premium installments (or brazen! insurance,
<br />plus one-sw'ci(lh of yearly premium instalhntnls for mortgage insurance, i(:uty, nll as reasonaby estimated initial{y and from
<br />lime ro time 6y Lender on the basis oC asscssmens and bills and reasonable a•atim;nes thereof. -
<br />The Funds shall 6e hdd in an institution the deposits nr accounts u( which arc insured or guaranteed by a Federal or
<br />start agency (including Lender if Lender is such an institwion). Lcndcr shall apply the Ponds to pay said taxes, assessments,
<br />insurance premiums and ground rents. Lcndcr may na charge (or so holdin;s :uul applying the Funds, analyzing saiti account,
<br />or verifying and compiling said assessments and bills, unless i_ender pa}'s Uc rrrver interest nn she Funds and applicable law -
<br />prnniu Lcndcr to :nakc such a charge. Dnrrow•cr and Lcndcr m:p' :rgrw it writing at the Gmc- oC exeeulion of this
<br />Mongage that intcrest on the Funds shall be paid to HMrosvcr, and unless such agreement is matte or applicable law
<br />rcyuirts such interest to be paid, Lcndcr shall not be required so pay lorrowcr any intcrest or earnings on the Funds. Lender
<br />shall give to Uorrnwer, without charge, an annual acenuming of the Funds showing credits and debits to the Funds and the
<br />purpose for which each debit to the Fuutls was made. 'Phe Funds art pledged ;rs nddirinnal security for the sums secured
<br />by this Mortgage. -
<br />I( the amount of the Funds held by Lcndcr, together with nc~ future monthly installments of Funds payable prior to-~
<br />the due dates of wxcs, assessments, insurance premiums and ground rents, shall exceed the amount required to pay.said taxes,
<br />assessments, insurance premiums and ground rems'as~ihcy (ail due, such excess shall be, at Borrower's option, either-
<br />promptly repaid to Borrower or crcditcd to Borrower on monthly instalhnwtts of Funds'. If the amourt of jhc Funds
<br />held ~, by Lender shall not he sufficient to pay taxes, assessments, irsaranec premiums nd~i ground rents a's they fall due,
<br />Borrower shall pay to Lender any amount necessary to make up the deficiency within }O~daJs from slit date'~.notite is mailed
<br />by Lcndcr to Borrower requesting pay rtcnt [hereof. i,
<br />,Upon payment in Cuii of all Sums sccurcd by this Mnrlgai^,e, Latdrr shnEi pntmptl~ ;refund to Borrejwcr any Furtds
<br />held by Lcndcr. If undc-r paragraph I ti Itercof the Property is soled or the I'n,pcny is nthertviot acquired iy;, Lender, Lcndcr
<br />shalt aPPIY. no later than unmcdimcly prior ro the sale of the I'nq+cny or iisauprisition ~~6y Lcndcr, any Funds hcW 6y
<br />lender al the tone of apphcahon 5s a credit against the sums sccurcd hy,rh ~ Mong~gq_ i. ~. ~ ~,
<br />J. Application of Pgymenls.~ Unicst applicable law provides ndter v rdl pat rni.nti nrccned~ by Lcndcr 'under the
<br />Note and paragraphs 1 and ?hereof shall be applied icy Lcndcr first in p:q ntrm ut antomris payaitie to Lcndcr iY Borrower
<br />outlet paragraph ? hereof, then to interest payable on the Note, then to the principal n( the Nszlc, and then to interest and
<br />pmtapal on any Pulure Advances.
<br />4. Charges; 1_iau. IIorra,cu shall pat all taxes, q~te stinentt and other <hatgts, Iron .uul unpuvuons :utnb:gable to
<br />nc~ Properq^ shich may attain a pnoritt over This Mongage, and leau•h,•!,f paynsnts nr ground rents, d any, io the manner
<br />pwv:dcd under paragraph 2 hereof or.:( not paid m such manner, b} Iron n., rr making pay nzcm, when true, d;rcedy to the
<br />payee thvcaf. Bo: rower shall promptly furnish uz Lcndcr :dl uonccs ni .unounts due under thn paragraph, and in the event
<br />i)ur nuvcr sha!I :nakc payment ,-rrc:1l}'. Borrows: shall prune, :I )' iur n:,I, d, Lcndcr r, ecrlvx cwdeu:,~utg each napnentS-
<br />Burrtwcr sl:ati nranptl}• dixha: ge r+;ty hen which hat pnnrny ns ~r ilu, `.6~rtgyce; pr, tided, th:q Uorrnwer xhall not be
<br />rcGUirtd Io sitscharge arty zuch hen s;t Ieng Ss Borru,ser ::ha!i agece u, -.,.,. ;: I„ nc~ ;: s neat of the uhiigauan scetrrou i}'
<br />u:h :ten .:v a manner aereptabie to !.coder, nr ,huB m gas+d innh .onse,r v.ih IIrn hv, nr d:'en~.i rninrcemcn[ c,f each hen in,
<br />kpai. prus•erdmgs shteh operate Io lorevtrat the en(szrce:ucnt n1 the he.:..: f,,tlc:;,re u( thv I'mpmU' o. auy part Iherto(,
<br />-''+. Iluaud Ptsurantr. IIarrotttr shall keep the ,:flpn„rn:rnt+:,.,,, e,r.ri: ~. ,u r.:titcr crertcd r:n tirc Prr,,,ertY mss;rcd
<br />.:ga:nst iot1: by flrc, hazards loci;; ~:.'. +i;hln ;ht: torn "vxttnd-d , ,i ,n'I r naz: _ t:irc
<br />n - a:eh a:ru'untx art.! fur :,:r'- • cnadt as . cn.,k ,nay n•y , n, i-:m.J +.d i ::rr .,. ,rw c.{u.~s :u:u .,,f .: u.aun; r•
<br />.. ,. - .... .. ..,arm ~d , , tt , 4 , i-` .;elec.
<br />[hr uuurancr .artier ; r> iunzg rl . , s.,ruter ~.h:rll nc~ .no,vn by IL a ,. :~ r ~, _I,,..r-- d I:v 1:. - rrn.,dcd.
<br />rt. t t -r, :.;.p r al she'; r, --rat ante-s~uahN^ ,snithc.d .V! ,+~cu, u" ....:: ,. ~,..~ ~, ,,.;s ,: au ;:~ p,tiu ,.. the rn:uurcr
<br />pruvrdcd under paragraph : hereof or, d not ymJ m nit it mau:rn, by Ih•n r..,rr urak,nq pa, n,art_ ,vhcn due. dtrtcd: to tit
<br />At; tnsurartcc pazh~:cz eras: rent„ais Ihcrtol shall hr rn i,,rm ,;. ,cr, r.,f•;, t.• t ~:,. ;; ,,r~i ..,r- .i„I, rate :, •,i,,,zd,u tl ntrtr:gagc
<br />.lease it favor td arrd to form aa'c praitc to Lcndcr. Lcndcr .hai: ha•.r i . t o, :r dd H=^ ;, .,ar ,•J :cnc,+eh r tar c,rf.
<br />nth „ ,.
<br />and Ih•r ro,+e: :h,h p:anpl:v (utnt:h ;o Lcnde: al! rena,s.a ~ntues .,nd .d; r,l_:.;~n ,:r ".rid pr~m.:.,t. in the etcm a: ;~•s.
<br />lint n,,. er shall g~,e prontpY nJiiec to iht uuuram'c iarnei and Le n,lti I r~n,r, .tat raze 4- p ,.,i .d :. „ , ,~. i,t.iJe . nnpftj
<br />by bur:;,+cr. `
<br />Unitsp Ltndcr am! i)onower othrt,vse egret m t, rlhng, mu.r;r.ae ~ c-t. .i,ali h; ,i,r,hr••: -::c,ioea inn :enbu of
<br />nc~ Property damaged, pn>v;:It:1 such rettarauon or wl+air rs to , : ~dh s:-:,d:ic .:nd ih: ,,..,,. vl i!~.:, Sicrtgu;,e is
<br />nut thereby trttparred- lI such rtsinrat:on nr repair a nai c nncnr,.,~~i II, r, ., ) itt ,... u. ., :'t rho `,1.; tga~; .,. ,::d
<br />bt mtpmred, rha ms:;ranee proer:ds shall M npphcd t„ nc~s sum; ,ter =r:i r~,-lint ;,, ,,_ _ .._ _:_ _,_,,, ,. _,__ ;.aid
<br />o' ~ , , i , ~ -.-. 1..
<br />lu Burrower if the Pfol?erty s dbandnncd by Unr rower. ;,r .I U:•nt~„ar t. ,: e:In+r„ _r , ,, a,th ~,r ,'.a„ ~. nc~
<br />o r.
<br />d.nv notice a nta.led by Lcndcr to Uc+r ruttier that Ihr u,suru race ,.u n,:.y6:r, ~.:, .eu:c _..::.~r i. , ~ ,--r.rr,<,- ..,:.,.•,_. 4 cr,!-er
<br />.s aulhurucst to co(Icet and aphdr th< r~suru.a ,rte, cede .d .~. .s.. ,.. ,a:;_i ., ,..,,.,t:, :. .. :..
<br />sir :u Il:e sums stcurtsl by siu t.lursga}e. ~ ~ .
<br />lhtltss Lcndcr artd Harrower ut6.¢r„t+c agrc : - `. u;i, ,-, :" , , __. ,,,,,,: __ . .. .,~al ,..,~ ; s;c:•:.t
<br />ur r.<ruputte the dot dart of ;he nx:ntl tv uts!a1; : •n .Ill ,: ~.: I-ar - • t _ -. ._ _ ,.,... ~ ,
<br />suih nr;udl:nents. I( urdtr paragraph ,8 Imrtu( !lee ~P ~L:i. , .: - .. i . t __ d_. i ;,. ~ .I ~;.:r tree;
<br />ut and le euy uttuwu5t puhc:es .u=+l rn e:.d ~ i u - pr--.., .n t+ t t .r _.. .:.. - -, , - .. ... ._„
<br />;res~tr u::un.
<br />G. Prrarn anon and Uaiatenancc ul Prc,pret}: I t.rtr ln,lq,; t rtuuur,r-a..,, pitu:rted 1 nu Is;•, ri:gnurn- n.: ~, .,_,
<br />abet! krcp nc~ Propery in good rcpau .:od ertat n.ar ~. mr. ~. a•,n• .,r r,. .,+ ,.. _. .., .., _
<br />I'rr;
<br />an0 sP.ah cempip wah r6r Iirnvi9: ss . (anz- ttat_ ,t„. ,+ , .. _, r., i :r ;: _. 1 ,. .x .... ,:
<br />cvn,]umnuum <v a planned unn .k:clctp,ncni, Uc+rro~cr sfl t ,sn~-:in or , ^,,, r:,,., h+p , _.r _ .. .......... .
<br />n[ ywena:us ttcaung ai govcntutg ht tznd U: n.nu+n, o! i t ~d,l „~.. , :, .. um ,s ., _:,! _ .r.., :he
<br />condunumum or pisnned unr, drvrt~:pmrnr, ,. n,r ,.,, _. _ ,,,r ~ r~. ~.,.- . ,. , t. _.., ..,
<br />ratite a txetvttd by Uormwcr end 'uprdtc! tct..tr _r -., ..h l''~+ 41o'r. .. , rr. ,r,:rn,n, ,:•d - <.nc,: _.. ~~dct
<br />shall bt utcotparated mto and shall aautnd 'and s:gsp;ctncnt :hc ~,n cumt:s a; ,r eg[remec;•, ,,, -t-, ;1 o. tg.y;c .., a at,: r~...,
<br />N Cf I' a part iC rr Of.
<br />7. Prolrrtian ui Lender's Sesurisy, if Sat o,.cr ir: is :anon rite ~-. cn.run and cote r,h ....,:.r red n .~. ,
<br />6.:a
<br />Mongage, of if any action of prnccedutg s ,ortmc:a'cd ,. ,, rh r•.„tcrrdl: ., tl crt, I_en.ler ; ~niecst :n :hc 1': oltrly.
<br />. :neludmg, hot oat limited sa, ernment domain, i:xah'enq', ,-oslc <;•~lan c:ne nr..: nnangrnuu:; .; pnr~cedines ;:., ..:..,g a
<br />hank rapt or decedent, then Lender at Lrndtr's ant teat, upon uob<c h, lk,r r,,.vor ,~~ -:rake .e<!; :'p{><:: rtrecs, :!:.. ... ._ _u•'ts
<br />turns and take such acUGrt ;u n nteeuarY 1o pr<tct: F.rnders :me; est. :n; !udutg, ~i,ta u,a hooted r._. d;as; r';cr.`c!a u!
<br />reasonable aunrne)'S errs and entry upon the IRo;xnti rc make :rpau., I( 1 mt,itr rcyr,ued ouvr°ngc ,..,r:rantc a. .
<br />eondnian u( ntaki::g :Eza !eau sccurcd by t`^,a h:::rtgag.. errr.:,:r; >.::ui p:r - the prrn5lum+ c~q:~ rs`u rn::,~ . .. ,
<br />insurance in effect until each umz rs Iht reyuirtrnenl 1.•r .., r:r. i~nr;,r: t ~ a .:,.. o: .. ,_ . , ,s,r . ..:..
<br />:~~~-
<br />
|