|
<br />'~?a"z~ uL4 Jt~f; l
<br />Uvmwvt CatEVxNCS. Borawer arsd Lender envenom and agru as fo##ows:
<br />I. Piymeet M Yrlaeipat aced Iatltrest. Borrower shalt prantp:ly pay when due the priruipx# of and iaureat on tae
<br />irxiebtedrtns evidenced by the Note. prepaymatf arzd late charges as provided i.^, the Harz, and i}te prrcipai of aced irtzrsst
<br />on any Fmure Advances securet# by zhis Mortgage.
<br />2. Funds Par Tries aced ianesaee. Subject to applicable law or to a writlrn waiver by Leader, Borrower shall pay
<br />[o Lender on tae day monthly instatlttxnts of principal acrd interest are payable under the Note, until the Mote is paid in fail.
<br />a sum {herein "Funds'T egttal to one-twelfth of the ysariy taxes and assessments which stay attain priority over this
<br />Mortgage, and grottnd rents on the Property, if say, pins ortetwelfth of yearFV premium iaualimeatx for hoard imttrance,
<br />plus oa°r[welfth of yearly premium installments for mortgage insurance. if any, alt as reasonably estimated iaitiaily attd fmm
<br />time fo time by Lenz on dte basis of asseaamrnts and bills and reasonable estimates thereof.
<br />"Iii Funds shalt be held in an institution the deposits or accounts of which are insttzed or gttaranteed by a Fedtral of
<br />state agency (including Lender if Lender is such an itsstitution). Lender shalt apply the Funds to pay said [axes, assessments,
<br />inttrrance premiums and ground rents. Lender may not charge for so holding and applying the Ftmds, analyzing said account,
<br />or verifying and compiling said assessrttents and bids, 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 writing at the time of execution of this
<br />bfortgage that interest on the Funds shall be paid to Borrower, and unless strch agreement is made or applicable law
<br />raryizes such interest to be paid, Lender sha#I not be required to pay Borrowec any interest or comings oa the Funds. Lender
<br />shall give to Borrower, without charge, an annua{ accounting of the Funds showing credits znd debits'to the Ftrnds and the
<br />purpose for which each debit to the Funds waz made. The Funds are pledged as additional security for the sums secured
<br />by this Mortgage.
<br />df the amount of the Funds held by Lender, toge[hdr with the future monthly installments of Funds payable prior to
<br />the due dates of taxes, assessmenu, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />assesxments, insurance premiums and ground rents asthey fall due, such excess shall be, a[ 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 be strfftcient to pay [axes, assessments. insurance premiums and ground rrnts as they fall due,
<br />Harrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
<br />by Leader to Borrower requesting payment thereof.
<br />Upon payment is full of ail sums secured by this Mortgage, Lender shell promptly refund to Borrower any Ftmda
<br />held by Leader. If under pazagraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender. Lender
<br />shall apply, no lacer than immediately prior to the sale of the Property or its acquisition by Lendec, any Ponds held by
<br />Lender at the time of application as a credit against the sums secured by this Mortgage.
<br />3. AppBcation of Paymeais. Unless applicable law provides otherwise. cell payments received by Lender under the
<br />Note 'and paragraphs 1 sad 2 hereof shall be applied by Lender first ir. 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 thr. Nate, and then to interest and
<br />principal on any Futtzre Advances.
<br />J. Charges; Liens. Borrower shall pay alt taxes, assessments and other charges. fines and impositions attributable to
<br />the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents. if any, in [he 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 Hoboes of amounts due under this paragraph, and in the event
<br />Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments.
<br />Borrower shall promptly discharge any lien which has priority over this Mortgage: provided, that Borrower shall noc be
<br />rP..quired [o dischazge avy such lien sa tong as Borcower shall agree in writing to [hc payment of the obligation secured by
<br />such lien in a manrter acceptable to Leader, or shall in goat faith contest such ii?a #±y, ar defend enfozcement of such lie.^. in,
<br />legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
<br />S. Hazard Imuraaee. Borrower shall keep the improvements now existing or her+~(ter erected on the Propery insured
<br />against_ loss by fire, hands included within thz term "extended cacerage", and snob other hazards as Lend?r may require
<br />and in such amounts and,"or such periods a, 1_ender may require; provided, that Lender shall net requir? that the amount of
<br />s,zch cov?rage ?=cs?d s_baf ~ntoum o€ coverage requred to pay the sums secured ]oy this Mortgage.
<br />'Cho insurance canter providing the insurance shall be chosen by Borrower subject to approval by Lender: provided.
<br />Lhai such approval st;ali net be unr~,sonabiy w,hheid. Aii premiums on inaura nee policies shalt be paid to the matner
<br />provided vadzr paragraph 2 hereof ar, :f not paid in stth manner, by lla: rower making pap~artnt, u'#tzn due, directly to the
<br />insurance carrier.
<br />Ali insurance policies and renewals thereof shall be in form acceptable to Lender and shall includz a standard mortgage
<br />clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof,
<br />sad Borrower shall promptly furnish to Lender all renewal notices and al# reeerpts of paid premiums. In the went of loss,
<br />Bozrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss i[ not made promptly
<br />by o --
<br />UnlessrLender and Hormwer otherwise agree in writing, insurance pra:eeds shall be applied to restoration or repair of
<br />the Property damaged, provided such restoration or repair is ccenomically feasible and the security of this Mortgage rs
<br />not thereby impaired. If such restoration or repair is not economically feasible nr ii the security of this Mortgage would
<br />be impaired, the insurance proceeds shall be applied to the sttms secured by this Mortgage, with the excess, i( any, paid
<br />to Borrower. if the Property is abandoned by Borrower, or if Borrower tails to respond to Lender within 30 days from the
<br />date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits. Lender
<br />is autrtorized to collect and apply the insurance proceeds at Lender's option either to cestoration ar repair of the Property
<br />or to the sttms secured by this Mortgage.
<br />Untess Lender and Borrower ptltetwise agree m writing, any such application of proceeds to principal shall not extend
<br />or postpone the due date of the monthly installmenu referred m in paragraphs I and '_ hereof or change the amount al
<br />such mstaliments. if under paragraph t8 hereof the Property is acqui2d by Lender, a[I right, title and interest at Borrower
<br />in and to any insurance policies and ip and to the proceeds thereof resuking from damage to the Property prior to the sole
<br />or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
<br />acquisition.
<br />d. Preservai#oe and Maintettance of Properly; Leaseholds; Coadomirdumc; Planned Unit Dereiupmenes. Borrower
<br />shat# ~-=eP the Property in goad ,repot: sad shah nai commit waste er permit impairment or deterioration of the Property
<br />and shall wmplg with rte provisions of any lease rf thts Mortgage is or, a leasehold. lE this Mortgage is on a unit m a
<br />coadontivium or a planned ttmt development, Horrower shall perform al] of Horrawcr's ebiigations under the deciarauan
<br />or wvenanzs creating or governing ttze condomintum or planned unit development, the by-taws and regulations o€ the
<br />eondauirtium or planned atilt development, and constituent documents. tf a condominium or planned unit devcioprn?nt
<br />rider is executed by Horrowez and recorded together with thts Mortgage, the rnvcoants and agreements of ouch rider
<br />shalt be incorporated into and shall amend and supplement the ca+cnants and agreements of this Murtgag~ as rf rite rider
<br />wefe a part hereof.
<br />7. Pnttrctian of header's Seenrity. if Barcawer fatf~ to perform the covenants artd agreements cuntamed m this
<br />Mortgage, ar d any acttin or proceeding s commenced which materiai}y aSects Lender's interest in the Propen}.
<br />including, 6uf twt lin3ited to, eminem domain, insolvenc>:, code entorcernent, or arrangrnunts nr proceedings tnvolvrng a
<br />bankrupt ur deccdrnt, then lender at Lendei s c,plion, upon naticz to Harrower. may make such apiscaranccs, drsbu: se .ouch
<br />sums and take such ac[itxz is i5 necessary to prpua:t Lender's :merest, rncludmg. tint n„t linuted to, drsburaemrnt err
<br />rem.^,~!•Ic 3ttdrttey's teas and e:nry uy~•,r. lira Property to make repairs. it #rndcr reyuucJ rnorigag< in+uranrc a
<br />_~ii~,_, r.f n,~k~~ riR }o~.. +~! b}' tilt; .`-4c:r teay2r„ ° ,-c:-r:r ,r,H, pa} lire ;~;etnrums rcGe.;rc.i ~ matut,u.r ,r .
<br />insurance in effect untei such trine as the requiretnem tar such insurances tercninutc~s rn atcurdan~e u-,th' Horn.,x =r'+ :a n,i
<br />
|