|
<br />$~:..aoos4~
<br />Utttroatu CovawsNra. Boirowu artd Lender covenant and agrce na follows:
<br />I. M art IaRereat. Borrower shall promptly pay when due ttre prideipa( of and interest on the
<br />iadebtedaas evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest
<br />ae any Ptraare Advance seshuod try this Mortgage.
<br />3. If'_ister Tsw+es aril Iasteeyaee. Subject to applicable law or to a written waiver by Lender, Borrowu shall pay
<br />to Lsndu nil the day mtatthly instetl[ttenta of ptiucipa! and interest are ~yabk tinder the Note, until the Note is paid in full,
<br />a stem- t>rs~ "FUruls'7 eggal to orwtwelfth of the yearly taxes and assessments whkh may attain priority over this
<br />'!~..^'t, and g:a.[rtd t;ro3 ott tt~ Property;rf airy, plus ono-twelfth of Yearly premium iaataHrnents for hazard insurance,
<br />plea aeatvvetftlt of yearly premium instalttttatts for mortgage insorartce, if arty, all as reasonably estimated initially and hum
<br />base to time by Lender on the basis of asse~menta and bills and reasonable estimates thereof.
<br />The Fonda-shall be held in an institution the deposits- or accounts of which are insured or guaranteed by a Federal or
<br />state age~y (including Linder if Lendu is such an irrstitatfon 1. Leader shalt apply the Funds to pap said, lazes, assessments,
<br />iruurantx prsrrriums and Bound rents. Lendu may not charge for so holding and applying the Funds, analyzing said account,
<br />to verifying-and txtmpiling said assessments and bilk, unless Lender pays Borrower interest on the Funds and apphca6le law
<br />parmtts Leadu to make such a ehargs. Borrower and Lender may agree in writing at the time of execution of thk
<br />Mo_Rgsge that interest on the Frmds shall be paid to Borrower, and unless such agreesrrent is maw or applicable law
<br />regtritn such intaeat to tx paid, I.endee shall nor be required to pay Borrower any interest or earnings on the Funds. Lendu
<br />shat) 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. The Funds arc pledged as additional security for the soma secured
<br />by this Mortgage.
<br />If the amount of the Funds held by Lender, together with the furore monthly installments of Funds payable prior to
<br />the ilex dates of taxes, asseasrttenu, ittaurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />a+aes~nts, insttrsaa premiums and ground rents as they fall due, such excess shall be, at Barrower's option, either
<br />promptly repaid to Borrower or credited tb Borrower oo rnonthly installments of Funds. If the amount of the Fustds
<br />held by Leader shall tmt tx sutT~ent to pay taxes, aafgsmenis, insurance premiums and ground rents as they fall due,
<br />Borrower shall pay to Lender any amount necessary to make ep the deficiency within 30 days from the date notice is mailed
<br />by Leader to Borrower requesting payment thereof.
<br />Upon payment in full of all sums secured by this Mortgage, Leader shall promptly refund to Borrowee any Funds
<br />heM by Lender. If undo paragraph 18 hereof the Property is sold or the Property .s otherwise acquired by Lender, Lender
<br />slgll apply, no later than immediately prior to the sale of the Property or its acquisition by Lendu, any Funds held by
<br />Linder at the time of application as a credit against the sums secured by this Mortgage.
<br />3. Alrfikatls^ of PaymmN. Unless applicable law provides otherwise, all payments received by Lender under the
<br />Note end paragraphs l a~ 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
<br />under paragraph 2 hereof, tea to interest payable on the Note, then to the principal of the Note, and then to interest and
<br />principal on any Future Advances.
<br />0. Ciaa$,es; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to
<br />the Izropetty which may attain a priority ova this Mortgage, and leasehold payments or ground rents, if any, in the manner
<br />provided undo paragraph 2 hereof or. +f no[ paid in such manner, by Borrower making paymm[, when due, directly to the
<br />payee tltert:of. Borrower shall promptly famish to Lender all notices of amounts due under this paragraph, and in the event
<br />Borrowu shall make paymrnt directly, Borrower shalt promptly famish to finder receipts evidencing such paymenu.
<br />Borrower shalt promptly discharge any lien which bas prioryty ovee this Mortgage: provided, that Borrower shall not be
<br />required to discharge arty such lien sa long as Borcower shall agree in writing to the payment of the obhgadon secured 6y
<br />such lien in a manner acceptable to Lender, or shall in good faith comes[ such lien by, or defend enforcement of such lint in,
<br />legal proceeding[ which operate io prrvs*wr the enforcrsnent of the t:et•, ar fo:fetture of the P:openy or any pan thereof.
<br />S. illsaei lawuaaee. Borrower shall keep the improvements now exisung or hereafter erected on the Property insured
<br />againt labs by fine, hazards included within the term "extended coverage", and such other hazards as Lender may require
<br />sail is such amounts and for stuh periods as Leader may require; provided, that Linder shaft not require that the amount of
<br />such rnverape exceed that amount of coverage required to pay the sums secured by thts Mortgage.
<br />The imararrce carrier providing the insurance shall be chosen 6y Borrower subject to approval by Lender, provided,
<br />that such approval shalt not be unreasonably withheld. All premiums on insurance policies shall be paid in the manna
<br />provided under paragraph 2 hereof or, if not paid in such manna, by Borrowu making payment, when due, directly to the
<br />in~~--°- prrier.
<br />r Ail insurance poticiss and. renewak thereof shall Ix in form acceptable to (..ender and shall include a standard mortgage
<br />elattee in favor of and in form acceptable ro Lender. Lender shall have the righs to hold the policies and renewals thereof,
<br />and Borrower shall promptly furnish w Leader all renewal notices and all receipts of paid premiums. In the evene of loss,
<br />Borrower shall give prmstp! notice to the insurance carrier and Lender. Lender may make proof of ions if net made promptly
<br />b!' Borrower.
<br />UnMas Leader sad Borrower otherwise agree in writing, insurance proceeds shalt Fx applied to restoration ar repair of
<br />the Property damaged, provided such restoration ar repair is economically feasible and the security of this Mortgage is
<br />t~ thereby ienpsired. If such restoration oe repair is not economically feasible or if the security of this Mortgage would
<br />be iatpaired, the insurance grotxuk shall be applied to the curio secured by this Mortgage, with the excess, if any, paid
<br />to Borrower. If the Property is abandoned 6y Borrower, or if Borcowu tails to rewpond to Lender within 30 days from the
<br />date notice is mailed by Lender to Borrower that the insurance carrier offers w settle a claim fro insurance benefits, Lender
<br />is amhtirized to col{tU sled apply the lets,-:ranee proceeds at Lender's option either to restoration or repair of the PropetYy
<br />onto the atom secrtretl by this Mortgage.
<br />U>t Lauder arm Borrower otherwise agree in willing, any atrch application of proceeds [o principal shall not extend
<br />of pxrKpone the due date of the monthly installments referred m in paragraphs 1 and 2 hereof or change the amount of
<br />stuh instaihneats. If t paragraph : & t~rwf the Property is acquired by Lender, all right, title and interest of Borrower
<br />is sad to any imuiance policies and io and to the proceeds thereof suiting from damage to the Property prior to the sale
<br />or acqutait~n shall peas fo LendEt fo the extent of ttre sums secured by this Mwigagc immediately prior to such sale or
<br />ac~eisition.
<br />6 ~ ail use of Propsstyt fsssehalds; f:a ('fiesed UsB Tferc,>epmeats. Borrower
<br />shill keep the Property in good repair and shall not commit waste or permit impairment or deterioratitm of the Property
<br />aed Mali caaplY with the provisions of any lease if this Mortgage is on a leasehold. if this Mortgage is on a unit in a
<br />cafldamioiuta ar a planned unit development. Borrower she!! perform ail of Borrower's abiigaiions under the declaration
<br />ar eovensts creating or governing the condominium or planned unit develnptnent. the 6Y-laws acrd regulations of the
<br />coadermittium or phnaa! unit davelapruem, artd cotutituent documents. It a cundomirtitrm or plancest unit development
<br />ride is easetrtsd by Borrower and retmrtkd together with this Mortgage, the covenants and agreements o[ such rider
<br />shag ba inoorpasamd lido amt shall amend sad supplement tfte covenants and agreements of this Mortgage as i( the rider
<br />were a pan hsteaf.
<br />T. T1rMK•lisr M (.eaierrs Secarlq. If Borrower fails to perform the covenants amt agreements contained in this
<br />kAattgsBs. ~ if say settee w proceeding is ~ommet>ced which materially affn:U Leader's igterest in the Property,
<br />iaag, [tat oat limited to, emiatmt dorttsin, iaselvertcy, cods enforcement, or arrangemems x proceedings involving a
<br />bttoltrupt oe detxdeitt, itt~ Lertdet at Leader's optitrtt. upon axNice to Borrower, may make such appemratrces, distwrse such
<br />siteaot,aad eke saclr action as is ttt~essary to protect Leader's +merest, including, but rtot limited to, disbursement of
<br />t?gsaaabie aititry's few aful entry upon rlre Property to make repairs. tf under required mongttgcrnsutantx as a
<br />r of mt~+ag the Iona sa:urai by this Motiga$e, Borcowez shall pay the premiums rca}uireaf to maintain srts:h
<br />inwiraace in €Ifeet tat4l such- Liam as the tcquireiaarit for settle +rrstusruc terminates in accordance with Borrower's and
<br />
|