|
<br />81---00064
<br />Urtn=atrt Covctv,tnras. Borrower and Lender covenant and agree as follows: e,-
<br />L i*aywCat of > amd IMereat. Borrower shall promptly pay when due the principal of sad interest on the
<br />inrkbtedness evidenced by the Note, prepayment and late charges as provides in the Note, and the principal of and interest
<br />r oft any Future Advances secured by this Mortgage.
<br />~ Z. Featds for Tittnta ~tii Immaace. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />- to Lam„ ~. on t hs day r.,~th~y ir;,;aalt an ; of Yr:a:it:al ar,d int~st arc payahla under tf>r Nott, until the Note is pa6d "en fall,
<br />a stun {herein "Ftmda'ry equal to one-twelfth of tbe yearly :axes and assessments which may attain priorhy aver this
<br />Mortgage, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurantx,
<br />pats otse-twelfth of yearly premium installments for mortgage insurance, if any, aU as rea~nably estimated initially and from
<br />- time to titm by Leer on tlae bass of assessrtt-_nts and hills and rzawnable estimates thereof.
<br />77te Ftrtsds shall be held in an institution the depaeits or accounts of which are inattrexl or guaranteed by a Federal or
<br />state agGnc> (itulteding Lender if Lender is such an institution). Isttd'r shall apply the Funds to pay said taxes, assesatrtents,
<br />inatttattce premiums and ground rents. Lender may not charge for w holding aitd applying the Funds, analyzing said account,
<br />or veri[ying and compiling said atsesaments and bills, unless Lrnder pays Borrower interest on the Funds and applicable law
<br />permits Leader to make such a charges. Borrower and Lender may agree in writing at the time of execution of this
<br />Mortgage that interest on the Funds shall be paid to Borrower, and unless such agrcernent is made or applicable law
<br />requites such interest to be paid, Lender shall trot be required to pay Borrower any interest or earnings on the Funds. Lender
<br />shag give to Borrower, without charge, an annual accounting of the Funds showing credits attd debits to the Funds and the
<br />' ~ purpose felt which each debit to the Funds was made. 7'he Funds arc pledge] as additional secwity for the sums secured
<br />by thss Maetgage.
<br />If the attwimt of [be 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, shall exceed the amount required to pay said taxes,
<br />atrs~mettts, insurance premiums attd ground rents as they fall due, such zxcesc shall be, at Borrower's option, either
<br />promptly rcpsiei to HorrowYr or credited to Borrower nn monthly installments of Funds. If the amount of the Funde
<br />held by Lender shall not be sufficient to pay taxes, assessments, insurance prcmnims and ground rents as they fall due,
<br />Harrower shall pay to Lender any amount necessary to make up the dehcieacy within 30 days from the date notice is mailed
<br />by Lender to Borrower rtgetesting payment thereof.
<br />Upon pxytneat an full of aU sums secured by this Mangage. Lender shall promptly rettmd to Borrower any Funds
<br />bell by Lender. if utrder paragraph 18 hereof the Property is said ur the Propert} is otherwise acquired by Lender, Lender
<br />shall apply, no later than itnmediaeely prior to the sale of the Property er its acgwsinon by Lender, any Funds held by
<br />Lender at She titae of application as a credit against the sums secured by rhea 3tortgage.
<br />8. Ap~4tatlsn o[ FtrytaenOS. Unless applicable law provides otherwise, all payraems recesved by Leader under the
<br />Note and paragraphs 1 sad 2 bereot shall be applied by Lender first m paymcm of amounts payable to Leader by Borrowtr
<br />under paragraph Z hereof, then to interest payable on the Note, then «, the pnnapal of the Note, and then to interat and
<br />principal on any Future Advances.
<br />4. IJxts. Borrower shall pay aB taxxes. assessments -and other charges. fines and impostuons attnbvtahie to
<br />the Property which may attain a priority over this Mortgage. and leasehold payments or ground rents, if any, in tbe manner
<br />provided under paragraph 2 hereof or. if not pard m such manner. by Borrower making payment, whets dtie. directly to the
<br />pays thermf. Borrower shall prompdy furnish to Lender ati notices tit amounts due under this paragraph, and in the event.
<br />Borrower shall make payment directly. Borrower shat! promptly fumish to Lender receipts evidencing such payments.
<br />_ Honawer she!! promptly discharge any lien which has prtonfy over this Mortgage; proyeded. that Borrower shall not rte
<br />regttittxi to discharge any such lien so long as Borrower shall agree m artrrng to the pa}meet tit the ohhgation secured by
<br />such I~,n in a mentor acceptable to Lender, or shall in gcwd faith contest such hen f?y, or defend enforcement of such lien in,
<br />legal proceedings which operate fo prevent the enforcement of the hen or forfeuure of the Proptrty ur any part thereof.
<br />5. Hazard Ieausarce. Ba°ower shall kcep the uaprovements now existing er hereafter erected on the Property insured
<br />against has by free, hazards included within the term "extended coverage". and such other hazards as !.coder may reyuire
<br />- and in stuh amounts and for such periods as Lender ma} reyuire; provided, that Lender ,hall no[ reyuire that the amount of
<br />_ such coverage excetd that amount of coverage reyuired to pay Nee sums secured }rv th+s Mottgage-
<br />`Y2x insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided,
<br />[hat such approval shall not be unreasonably withheld. Pelf premiums on insurance policies shall be paid in the manner
<br />' provided under paragraph 2 hereof or, tf cwt paid in srtch manner, hp Borrower making payment, when due, directly to the
<br />- iasuratxe carrier.
<br />AB itisurince policies and renewals thereof shall be in form acceprabiz to Linder and shall include a >tandard mortgage
<br />- clata4e in €avor of and in form acceptable w Lender. Lender shall have the right to hold the policies and renewals thereof,
<br />ant! Borrower shnit premptiy furnish to Leader ah renewal nuttces and ah receipts of paid premiums. [n the went of loss,
<br />$orrower shall gave prompt [write to the insurance carrier and tender. Lender may make proof of loss if not made promptly
<br />by Harrower.
<br />- Urdu i.entxr and Borrower otixrwtse agree in wrnmg, irtsurantx proceeds shall be applied to restoration or repair of
<br />the Property damisgcd, provided such testorauun ur repair is zconumiLaIIy feasihlz sad the security of this Mortgage is
<br />trot ther~byvmparred. if such restoration or repair is not economica8y Feasible or if the security of this Mortgage would
<br />be impaired. the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid
<br />- to Harrower. If the Propem is attatxfoned by Burrower, or ii ltortt?wer fads to respond to Lender wrihin 30 days from the
<br />date notice is mailed by Lender to Borrower that the insurance carrier offers m settle a claim for insurance benefits, Lender
<br />is atnltorized to collect and applp the rnsuran;.e proceeds ai Lender's option either to restoration or repair of the Property
<br />or to fix sums secured by this Mortgage.
<br />Unless Letxier and Borrower otherwise agree in writing, any such application of pructeds to principal shall oat extend
<br />of ponipane the due date of the momhly installments referred to in paragraphs and ~ hereof or change the amount of
<br />such ittstallntenES. If unites ptuagraph 18 hereof the Property i; ac,{wreti ny Leader. ail right, title and interest of Borrower
<br />in sad to any ittsurartee policxs and in un~? to the proceeds thereof resulting trom damage to the Fraperty prior to the salt
<br />- or acquisition shaft pass to Lender to the zxtent of the sur[ts szcurett by thu ;vortgage immediately prior td such sale or
<br />acyuisitiott.
<br />~ >rteaarvation sxd '.-4aiatenwce of Prxrorerty: fsasektxidr Critsdeminitrms: Planned Unit llesetoptuenx. Borrower
<br />shall kceP the Fropatty in good repair and shall twt corm':tit waste ar permit impairment or de[crioration of the Property
<br />and shall comply with the provisiotrs of any faase tf this Mortgage i± an a leasehold. If this Mortgage is on a unit in a
<br />cwtdwedgium ar a pl~tte$ unit dovetopment, Borrower shall perform ah of Borrower's obligations under the drxlaration
<br />or cova_?Lauts srsatittB of gevernutg the cundomtntttm of planned unu deyzlopntent, the by-laws and regulations of the
<br />condominium ar plaa~ unit development, and cansiittr:-nt docums:nts. ff a conabminium cr planned emit dcveloprnent
<br />rum is ett~tt[tad try Hotrowet attd reusrdcd together with this Miirtgage, the covenants arnl agreetttents of such rider
<br />shall !sa incorporatext into sad shalt atneod and aupplemcnt the covenants and agreements of this Mortgage as it the rider
<br />wen a part hsteof.
<br />T. ~ alt t's~actrily. It Botruwer fails :o pzrform ±he covenants and agreements tontamed in thn
<br />tgagtt, or H say aa:titm. ur peoceedtttg is crtmtrtetxed which matertahy atlects i-ender's interest in thz Proprrtg.
<br />itx:Itiding. Mari r»xt limited iu, eatinem dtxtwin, insolvency, cede zn{arcztisc:nt, ar arrangements cu I?rtxcedings invulvtng a
<br />l%tatfrxtpt or decai~tt, then pander at Lendci's irptran, upon notKC sn Borr?war, ma} n+akc such appeaeatucs, distturse siK tr
<br />ssarmt anti takes such a,:tian as is ntc..+eswary to ptcKec^t !.carders atrierzu. :ncfuding, but not lim:tzd Kt, d+shursemznt .,!
<br />- ~ atitstttays fea*s attd ¢rttry upcm tltc Pn«pcrty to ntnke r<patts. It t.ertvirr rcyrd red rtc?ttgage insurance as .s
<br />.cr~idtttm of niaktn$ ttx k*an accused by then Mesrtgage. Bprrc}wer shaAi coy tfv l-,tcrosunts requtra,t t~ ntai+uatn su, r
<br />tittiatratwa In eta troll] sw.it tone as ttte royurreaesnt flu arum incur artwe t.xtmnatcs ,sv accordan<~z with Bttrtower4 and
<br />
|