|
$t~®- ~t~5~~3
<br />Uvtr+otua Covavsvzs. Borrower and Leader covenant and agree as follows:
<br />2. PaYase$t of sad i.aterest. Borrower shall promptly pay when due the principal of and interest oat the
<br />ittdebitxlness tvidertced by the Note, prepayment and late charges as provided in the Nete, and the principal of amt interest
<br />on any Furore Advaaces secured by this Mortgage.
<br />2. Paads for Toes add Imamate. Stitbjea to applicable law or to a written waiver by Lender, Sortowtr shalt pay
<br />to Lender on the day tnonihly installments of principal and inarest are payable under the Nott, until the Note is pasd in full,
<br />a stem {herein "Funds"; equsl 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 one-twethh of yearly premium installments for hazard insurance,
<br />plus onotwelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initial)y and from
<br />time to time by Lender on the basis of assessments and bills 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 ar
<br />stale 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 so holding and applying the Funds, analyzing said account,
<br />or verifying and compiling said assessmenL• 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 wetting at the time of execution of this
<br />Mortgage that interest on the Funds shell be paid to Borrower, and unless such agreement is made or applicable law
<br />requires such interest to be paid, Ixnder shat! not be required to pay Borrower soy interest or comings on the Funds. Lender
<br />shag give to Borrower, without charge, an annuzl accounting of the Funds showing credits and debits to the Funds and the
<br />purpose for which each debit to the Funds was made. Tate Funds are pledged as additional sectttity for the sums secured
<br />by this Mortgage.
<br />ff 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, shag exceed the amount required to pay said taxes,
<br />assessments, insurance premiums and ground rents as they fall due, .such excess shall be, at Borrower's nption, tither
<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 Ire sufficim[ 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 deficiency within 30 days from the date notice is mailed
<br />by I.etuler to Harrower requesting naymevt thereof.
<br />Upon payment in fulE of all sums secured by this Mortgage. Lender shall promptly refund to Borrower any Funds
<br />Ia:W by Lender. If under pazagraph I$ hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br />shall apply, no later than immediately prior to the sale of the Property or its acquisition try LendeG any Funds held by
<br />Lendtt at the time of application as a credit against the sums secured try this Mortgage.
<br />J. ApptitWtoa of Paymeata Unless applicable law provides otherwise, all payments received by Lender under the
<br />Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
<br />under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and
<br />principal on any Future Advaacts.
<br />~. Chatgts: I3em. Harrower shall pay all taxes, assessments and other charges, fines and impositions attributable to
<br />the Property which may strata a priority over this Mortgage. and leasehold payments or ground rents, if any, in the manner
<br />provided tmrler paragraph Z hereof or, if no[ paid m such manner. by Borrower making payment, when due, directly to the
<br />payee thereof. Borrower shall promptly furnish to Lender all notices of amouau due under this paragraph, and in the event
<br />Borrower shall make payment directl7, Borrower shall promptly iumish to Ixnil::r receipts evidencing such payments.
<br />Borrower shal# vrosuptly discharge any lien which has pasonty over [his Mortgage provided, that Borrower shat] not he
<br />required to discharge anp such Lien so long as }3atrawtr shall agr.t in •.a~rring to iht payment of the obligation .,cured by
<br />such Irtn in a manger acceptable to Lerxder, nr shall in good faith contest such lien by, or defend enforcement of such lieo iq
<br />legal practtdings which operate to prevent the enforcement of the Gtn .v forfeiture of the Property or any part thereof.
<br />g, II~d It~rsaee. Bartav:et stroll ktzp she rmpravevttnts nnw existing nr hereafter erected na the Property insured
<br />against loss by ftre, hazards included within the term "extttxted ccvrrage". and such other hazards as Lender may rzyuire
<br />iv sac h antauns one far swh l;criu:is :s Leudet rosy ttgwre: provided, chat Ltntier shalt no t require that the amount r+[
<br />such coverage exceed that amount of coverage regmred to nay the sums secured h_ v this Morrgage,
<br />?"`c ,s=3str~~,~arrier providing the insurance shall bt c:htssen by Borrawtr subject to approval by Lender: provided,
<br />thxt su~.h a~rt:vat ;hall mat ',n°-. ;r n~as.~:rspty w=#thh~kd. Ali prcmtums on insueance poiiczes .shall be paid ur the manner
<br />prorirled under pazagraph ?hereof or, :f eta paid in such manner, by Harrower making payment, when due, directly [o the
<br />iasuram.e cazritr.
<br />AB insurance polscies add mnewals thermf shall trc uz form acceptable to Lender and shall include a sumdard mortgage
<br />clause in favor of and in form araxpiable to ].ender. Lender shall have the right m hold the policies rind renewals thereof,
<br />and $oitower shall promptly furnish to Lender all reteewal uauces and alt receipts of paid premiums. In the event of loss,
<br />Borrawtr shall give prompt natter to the insurance carretr and Leniler. Lender may make pmoi of loss tf nut made promptly
<br />by Harrower.
<br />Unless I_endtr :aril BOTrowet otherwise agree in w~rtung, nnuranCr pr v:eeJn ntrali be applied :o resu>rauar or repair tit
<br />the Pro~rty damaged, provtiltd such restorsuor, ut repay is economicaiiy ieavblt and the security of this 1lortgagt x
<br />not thereby impaired. If stash reswrauon or rtparr is not tconumieallq ftastbit c+r :f the sccunty of this Mortgage would
<br />be impsired, the ivsuranc~e proceeds shag be applied to the sums secured by this Mortgage, u-zth the excess, if any, paid
<br />to Hai rawer. if the Frc,perty is abandattd by fA'rrrower, or !t Harrower tads to rtspunil to Lender u'!thzn 36 dots tram the
<br />dart notaa is mailed by Lender to Borrvwtt that the msurancr carrier olien to ,cute a imm for mx!rance txnetitc, lender
<br />is aulitoriztd to collect and apply the umurancc paKaxils at t_cnder's option entice to reshtruvon or reparr M the Proprrn'
<br />or to the sums secured by this Mortgage.
<br />Unless I.endtr and Borrower otherwise agree +n wasting, any suCir :tppircaucrn .,Y pntceeds to pasnC[pal .hall net extend
<br />of paastpunt the dot date of the momhly installments referred to m paragraphs I and 2 hereot or change the amount of
<br />such installments. If under paragraph Its hereot the Property is acyuzreJ by lxniltr, all right, title and intrrtst of 8arrowcr
<br />in and to any insurairce policies: atxi in and to the prix •wl thereof resulung froth dumagt to the Pn>peny prior to the a:tle
<br />or acquisition shall pass to Leader to the cxteut of the sums stCUres! by this Rlo.t + t ~ ~,
<br />- `gag` -- -" t~tat-•. _. .. ,.lets -.,.~ ,
<br />acgtusition.
<br />6 Prmarva'daa sold ~.'it:ni:exence of i=reprriy: I,rase$oltls; t:wtdaminiutns; Flamed Unit t?evrlopmrnts. Hot rower
<br />sbaB ktsp ttte Property in gaud repair and shall nut commit wawa or permit zmpairmeni or detrtiomnun of the Property
<br />and shall comply wiCit the provisions ,af dry ttax d stirs Mortgage :s an a icasehuld. it the, Mortgage is on a :out m a
<br />ecmdanrittrum i+r a planutd uutt development. Borrower ,hall pert Deem ail of Horrower~s obhgatzons under rase dc:,_inr:uaoo
<br />of cavettanU creating or governing the condaminzum or planned unit deyclopnten6 the by-laws and regulations of the
<br />cc+ndagtlnittm er planted emu dtvcl¢pment, and consanrent <.ac;unrents. II i rondomtnium or p;armed un,t dccrlopnrent
<br />rtd~r is cxtsutetl by Bortowxtt ;and rtc:erdtd ;ogtthts~ :v;th this Mortgage, the cooenanrs anJ agtaerna•.nis ,+i +uih r:Jer
<br />s[sttil ':x: mcorpurattd into and shat{ amend anti suppttnrent the Covenants :cad agreements of [tire Mortgage ,,s :! zhc rifer
<br />wttt e; txriS l3try'pf.
<br />7• Prvtaetfiom Glf Leadsr'e ~fCttri{y. if Barrowcv (seta (O purl!)frrt IhC eUY'enanlS .+fid agC~k`mt'iit5 iUntaillc:[ m :h.s
<br />bfartgagc, nr ri say action or pruee~dtng is .omnrtnetd wtuci, ma!cualiy ,-,t}acre I endtr's artcrest m ;he Po,peny-
<br />intiLtdrng, but rut liratittd to. cmintat ,aamain, irsaylv,ncy. a:,de enturccmcni, ur au:mgrznettts ct ankc.+dmge ;nvola mg ,;
<br />bankrupt at ~ree.lenb tl~rr L.cntte: at lxadtr's opizbn, tzpatx rxa+ce to Hormwr;r. pray make suC41 appearances. Jshvrse cosh
<br />t*[atsr ;. id s~-Fivm as as rcx-czsar} ic+ prutet€ i_endez~ x mtx Tat, ,nCinJtng, brzt nu[ timuntl tu, drzbur~ntcnl +,!
<br />rta.,c-r -b,. faFasi;?4 f~ - - cuiry e; ir. tl,e Pnrpnr,r t+? n - tcG. r~a!t - t- !.es:der +caynzre-J rortgage :t to t ~t ._
<br />ornulituri tf makt?g thcJloan, secutgd hx tins fit-rs~~, H~ r,. _.: .Iu!: i~ ,-. - -,.a,. y,,;may .a: ,;+,;s,+ , oa
<br />instaaste; :n zilsct x:atii ;ucfz ntna :.s the r+;q,,;tevu-t for ,u-h s, _rtcE :n tc.. .r ~~ r. do,.. .. t, !i..,,..Ra, : - '
<br />
|