|
80- UG5026
<br />Urrrnoaut Coverrexrs. Borrower and Lender covenant and agree as follows:
<br />1. Pa>•ant of Prfnclpn! aid IMeetN. Borrower shall promptly pay when due the principal of and interest on the
<br />iadebtedrreu evidenced by the Note, prepayment and late charges as provided in the Noie, and the principal of and interest
<br />oa any Future Advances secured by this Mortgage.
<br />1 Ptisis for'flaaar aed Iwt~anee. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />to Lender on the day t»anthly installments of principal and-interest are payable under the Nott, until the Note is paid in fait,
<br />a stmt (herein "Parade") egttat to one-twelfth of the yearly taxes and assessments which may attain prioriry over this
<br />Mortgage, and grottad rents on the Property, if any. plus one-twelfth of yeasty premium installments for hazard insurance,
<br />plus one-twelfth of yearly premium installmtnts for mortgage insurance, if any, all as reasonably estimated initially and from
<br />time to time by Leader on the basis of assessments and bills and reasauable estimates thereof.
<br />'I7se Fends shag tx held in an institution the deposits or accounts of which are insures or guaranteed by a Feyderal 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 nut charge for so holding aid applying the Funds, analyzing said account,
<br />or verifying amt compiling said assessments and bills, unless Lender pays Borrower interest oa ilia Funds and applicable law
<br />permits Leader 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 Ftmds shall be paid to Sorrowee, and unless such agreement is made or applicable law
<br />requir'a such interest to fie 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. 't'he Funds are pledged as additional security for the sums secured
<br />by this Mortgage.
<br />ff the arnotmt of the Funds held by Lender. together with the future monthly installments of Funds payable prior to
<br />the tine dates of razes, assesstneats, itraurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />aasaaments, imurana premiums and ground rents as they fall du:, such excess shat! be, at Borrower's option, either
<br />protaptty repaid to Borrower or credited to Borrower on monthly installments of Funds. it the amount of the Funds
<br />held by Leader shall not fie suf6cieat to pay taxes, assessments, insurance premiums and ground rents as they fall due,
<br />Borrower shall pay to Lender any amount necessary to make up the defraency within 30 days from the date notice is mailed
<br />Ny Lender to Borrower regttmtiag payment thereof.
<br />Upon payment in full of all sums secured by this Mert¢age. 1_ender shall promptly refund to Borrower any Funds
<br />held by Lender. If under paragraph 18 htrtof the Property rs sold or the Property is otherwise acquired by Lender, Lender
<br />shad apply, no lattt than immediately prior to the salt of the Property or its acquisition by Lender, any Funds held by
<br />Linder at the tune of application as a credit against the earns secured by this Mortgage.
<br />3. AppBtatla~ of ~ Unless applicable law pro'.tdes otherwise, ad payments received by Lender under the
<br />Nett and paragraphs 1 and 2 hereof shall be applied by Lender first m payment of amounts payable to Lender by Borrower
<br />under pattt~raph 2 hereof, then to interest payabM on the Note, then to the principal of the Note, and then to interest and
<br />principal on any Futtut Advances.
<br />0. L~R I3ws. Borrower shall pay ail razes, assessments and other charges, fines and impositions a[tributable to
<br />the Property whidi mty attain a priority over this Mortgage. and teasehold payments or ground rents, if any, in the maarter
<br />provided tinder paragraph 2 hereof or, rf not pard m such manner. by Borrower making payment, when due. dittxdy to ilia
<br />paym thereof. Borrower shat! promptly furn+sh to Lender ail notices of amounts due under this paragraph. and in the event
<br />Harrower she{! make payment directly, Borrower shag promptly furnrsh to Lender ,-tceipts evidtncrng such payments.
<br />Borrower shall promptly discharge any lrer, which has pnonry over th+s Mortgage: pravrded, that Borrower shall not fie
<br />rtegwmd to discharge any such tier so long as Borrower shall egret in wrung to the payment of the obirgation secured by
<br />such ilea in a rnanoer accep[abit to Leader, or shalt in gc»d faith contest such lien by, or defend enforcement of such lien in,
<br />legal proceeditt~ which operate to prevent the enfaratrnnt of the hen or totfenure of the Propeny or any part thereof.
<br />5. 1~ Innwnct. Borrower shall keep the improvements now e.zsung ar hereafter erected nn ±he Property insured
<br />against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender ma}• requrre
<br />and m such attmuau and for such per+ods as Linder may require: provided, that Lender shall not regwre that the amount of
<br />s~ coverage exceed that amour. of coverage requ+red to pay the rums secured by this Mortgage.
<br />'Ilia imutaoct carrier providing the insurance shall be chosen fry Borrower subject to approval by Lender, provided,
<br />drat such approval shall trot rte unreasonably withheld. All premnrms on insurance patiaes shall le paid in the manner
<br />provided trader panffraph 2 herxf or, if not paid in such manner, by Borrower making paymr_r+t. when due, d+rectly to the
<br />inatQaoce carrier.
<br />AH inetrrattcx polipes anti renewals thereof shall be in form acceptable ro Lender and shag include a standard mortgage
<br />claws in favor of anti in form acceptable to Lender. Linder shalt have the nght to hold ttx policies and renewals thereof,
<br />a~ Borrawtr shall ptttmptly ttrrrtish ro Lender all renewal novas and alt recerpts of paid premiums. to the event of loss.
<br />Brlrrotrer shall girt prompt retire to the insurance carrier and Lender. Lender may make proof of toss if not made promptly
<br />by Honawer_
<br />Unkas Leader and Borrower otherwise agrce in wrung, insurance proceeds shalt be applied to restoration or repair of
<br />the property damaged, provided such mtoration or repast ;s economically feasible and the security of ihrs Mortgage is
<br />na the[eb}' ittrpairtd_ If such restoration or repass is not econoroiwlSy ftastble or rt the securny of this Mortgage would
<br />be impaired., [he insurance praceais shall ix applied to the sums secured by th+s Mortgagr, with the excess, if any, paid
<br />to Borrower. If the Property is abandoned by Borrower, or it Hormwer tads to resportd to I.cader w+thrn 3G days from the
<br />date notice is mailed by L.trtder to Borrower that the initrrance carrier o17tn to seine a claret for insurance benefits, Lender
<br />is authorised to calktz sad apply the insurance proceeds at Lender's opr~on either to restoration or repair of the Property
<br />of to the wins securod by this Mortgage.
<br />Unless Leader and Btxtower otherwise agree in writing, any such application of proc~ds to pnnapaf shall not extend
<br />or poupooe the due date of the rtwnthiy inuaBments referred to in paragraphs 1 and ? hereof or change the amount of
<br />such irtstallmeots, !f tinder paragraph lg hereof the Property is acyuued by Leader, al! r;ght, title arsd interest of Borrower
<br />in sad to nay insurance ptlicies and is and to the procee<s thereof resulting faom damage to the Property prior to the sale
<br />at at:quiLtiati shall pass to Ltttdet to the extent o[ the suns sex:ured by this Mortgage imnttdtattly pear to such sale or
<br />~-
<br />i. I+saossvMMa rsi Maittcmnee of PropsAy; Ltasefsoldrs Condominiums: Pgeaed Unit pevebpraeats. Borrower
<br />she!! !tarp the Property is good repair and shag not commit waste or perntrt imparanetrt or de[triaration of rise Property
<br />anti shag comply wilt the provisicros of nay :eau if this Mortgage is on a tcaseho:d. if ihrs Mortgage is on a anti in a
<br />Costdomiaium or a planned troll development, Harrower shall perform aft of Bnrn-war's oblrgauoris under the deciarxtion
<br />of covenants tttatiai or governing the CottdOminium or planned unit devclopnteret, slit by-laws arsd regulation. of the
<br />coadotnittium car panned unit dtvelopment, and constituent da:umems. If a condominium or planned unit dtvefopnttnt
<br />radC; rg eucuud by Hotrowu and raordt~ together with ihrs Mortgage, the covtnarsts aril agreettttrns cf such rider
<br />tdfall lse iornUporated info and shall amend and suppkmem the covenants and agreements of thrs Mortgage as if the rider
<br />arata a pact hereof.
<br />y. lrniaclfan of Laairr'a Secto!54'. if Borrower fails to perform the covenants and agreements eonturned in this
<br />Mp[tjarp, of if nay at.~itta or proceeding +s contmenad which materially alteeu Lender's miertst in the Proptny.
<br />iecludias, but net Gmitad to, erai.nent domain, insolvency, ctxie cnfor+xment, or arrangtmen[s or pux:tedingz :nvoivtng a
<br />bankrupt or decedent, then under at Lender's option, upon ncrtia to Bt+rrowtz, may male such uppearancw, disbursr unh
<br />sums anti faire such action as is trutssary to prwect Lender's interest, :nduding, but rat iimrted to, d:sburscnicrt .,t
<br />regmzSk atturoey's fees sad entry uprr the Propetty to make repairs. tf bender require) mortgage insurance as :i
<br />condition of making the keen secured by this Mortgage, Hcrrower shall pay the prertnums rtgmred t+r ma+ntam such
<br />insttraocrz in affect tsatil such time as the tegturtmettt for such insurance aermmates in accordance wuh Borrower's and
<br />
|