|
81-- X1(12041 <
<br />Uxtrotus Covexaxts. Bottower and Lender covenant and agree as follows:
<br />Y. pay®est of PriaEf~i sad [merest. Borrower shall promptly pay when due the principal of and interest on the
<br />indebtodtuu evidenced by the Note, prepaymen[ and late charges as provided in the Note, and the principal of and interest
<br />any Future Advances secured by this Mortgage.
<br />2. F>~ !or Talus sad Iosmrmcc. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />m Lender rm the day monthly installments o€ principal and interest are payable under the Note, until the Notc is paid in full,
<br />s sum iner':in it[m~"3 Equal [o cute-twzlft:+ of tf:e Yearly taxes and assessments which may attain priority over this
<br />Moryase, and gro[md teats an the Property. if any, Plus otte-twttfth of yearly premium installments for hazard inswaace,
<br />plus sae-twelfth M yearly pttmium installments for mortgage insurance, if any, all as reasonably estimated initially and from
<br />time m tithe by Lerstkr on the basis of assessmeats and bills and rcasonaby estimates thereof.
<br />The Fund shall >x Reid in an institution the deposits or accounts of which are insured or guaranteed by a Federal or
<br />scats agency (including Lender if Lender is such an institution). Lender shalt apply the Funds to pay said taxes, assessments,
<br />irsurance premiums and grnsmd rents. Lender may not charge for so holding and applying the Funds, analyzing said acwunt,
<br />s# verifying and compiling said assessments and buts, unless Lender pays Borrower imerESt on the Funds and applicable law
<br />permits Letder m mate such a charge. Borrower and Leader may agree in writing at the time of execution of this
<br />Marge that iatsrat nn the Funds shalt be paid to Borrower, and undr., such agreement is made or applicable law
<br />recprirss such interest to lee paid, Leader shall not be required to pay Borrower any interest or earnings on the Funds. Lender
<br />shelf give to Botrowsr, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br />purpose for which each debit to [he Funds was made. "f'he Funds are pledged as additional security for the sums secured
<br />by this MottgttgE.
<br />ff the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to
<br />tlx due dares of taxes, asseuments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />ane~nfenta. insurance premiums and ground rents as they fall due. such excess shat[ be, at Borrower's option, either
<br />promptly repaid m Borrower or credited to Borrower on inns 5iy installments of Funds. If the amount of the Funds
<br />hdd by Latsdsr shall hat be sufficient to pay taxes, asaessrnents, insurance premiums and ground rents as they fall due,
<br />Borrower shall pay m t.mdtr any amount necessary to make up the deficiency within 30 days from the dots notice is mailed
<br />by Leader to Borrower regtusting payment thereof.
<br />bJpon payment in full of all sums secured by this Mortgage. Leader shall promptly refund to Borrower any Fundy
<br />tick! by [order. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br />shall apply, no later than imtarediatcly prier to [he sale of the Property or its acquisition by Lender, any Funds held by
<br />I.~der at the time of application u a credit against the sums secured by rhrs Mortgage.
<br />3. A.~BcaBoa M Pgmetta. Unless applicable law provides otherwise, all payments received by Lender under the
<br />Note ar>d paragraphs I a~ 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
<br />wader paragraph 2 thereof, thee to interest payable on the Note, then to the principal of the Note, and then to interest and
<br />principal oa any Future Advances.
<br />4. Clr~ Liens. Borrower shall pay all [axes, assessments and other charges, fines and impositions attrbutable to
<br />the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner
<br />provided under paragraph Z hereof or, if hat Bard .n such manner, by Borrower making payment, when due, directly to the
<br />payee theranf. Harrower shall promptly furnish to Lender all notices 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 prnmpdy discharge any lien which has priority over this Mortgage; provided. [hat Borrower shall no[ fie
<br />In^.•• `° n+arr^,:'-.r •ho;l ' ' ~^ ••.~"~^~ t^_ [h~ payment of the obli¢ation seCUTtd by
<br />~ uircu "w disc:.argc any s`uC.i lfzr. ;v c ~ us"-°= ... .
<br />such lien in a mannrr acceptable to I-ender, ar shall in good faith cantos[ such lien by, or defEnd enforcement of such lien in,
<br />legal prt>re2diags which operate to grevent the enforcement of the [ten or forfeiture of the Property or any part thereof.
<br />5, BTarard Inmraece. Borrower shaft keep the improvements now existing or hereafter erected on the Property insured
<br />against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require
<br />and is such amounts and for stash periods as Lender may require: provided, that Lender shalt not require that the amount of
<br />such cover~e excetM the[ amount of coverage regwred to pay t':e sums secured by this Mortgage.
<br />'t'he ituurarrce carrier providing the irrs;rrance shall be chosen Ny Borrower subject to approval by Lender, provided,
<br />that such approval shall not be uareasonabiy withheld. All premiums an insure :ce policies shall be paid in the manner
<br />provided utsdEr paragraph 2 hereof or. if not paid in such manner. by Borrower making payment, when due, directly to the
<br />ir~arasce carrier.
<br />AB inw,rwn[;e policies and renewals thereat shall be in form acceptable to Lender and shall include a standard mortgage
<br />claust in favor of and in form aceep[abk to Lender. Lender shall Nave the right ro hold the policies and renewals thereof,
<br />ate Borrower shall promptly furnish to Lender all renewal rwuces and all reyeipts of paid premiums. In the event of loss,
<br />Borrnw+sv shall yvE proms co:iu to the i^sur~:ce carrrer acd Lender. tender may make proof of loss if not made promptly
<br />by Borrower.
<br />Unkss Lwder and Borrower otherwise agrcE rn wrs[ing, insurance procseils shall be applied m restoration or repair o:
<br />the Property damaged, provided such restoration or reparr is economically feasible and the security of this Mortgage is
<br />not thetrby impaired. if such rcsmration or repair is not economically feasible or d the security of this Mortgage would
<br />be impaired, the insurance proceeds shall be applied to the sums secured by [tits Morgage, with the excess, if any, paid
<br />m Borrower. if the Property is abandoned by Borrower, ar it Borrower fails to sespand to Lender within 30 days from the
<br />date notice is mailed by Lender to Borrower that the insurance carrier offers ea settle a datm for insurance benefits, Lender
<br />is atntarized to collect and apply the imurance proceeds at Ler[der's option either to restoration or repair of the Property
<br />of m the sums sxtrred by this Mortgage.
<br />Udas Lender and Borrower otherwise agree in writing, any such application of prex:ceds to princtpa! shaft not extend
<br />a ptWpaae ttm due date of t~ monthly iastal(mems referred to in paragraphs t and :hereof or change the amount of
<br />nacL ittstailmeats. If under paragraph 18 hereof [he Property is acquired by Leader, ail right, title arrd interest of Borrower
<br />in acrd to 2,ay ira»rattce poticits and in sad to the proceed: thereof resulting from damage to the Property prior to the sale
<br />m acgrruirion shaft pass to Lettdsr to the extent of the sums secured by this Mortgage immediately prior ro such sale or
<br />6, paasrtrsdwr sad 7iaftttRenutce of PropxrtY; Lerssehutds: Cgndomialrr~; Pleased U~ ~evt:bpaxats. Borrower
<br />shall keep dte property in goad rtpair a~ shall not summit waste or permit impairment ~ deterioration o€ the Propca'ty
<br />and shag casnpiy with the provissons of any !case if this Mortgage is on a Icaschaid. If this Mortgage is on a unit in a
<br />Wndomialum ar a piaaaEd wale development, Borrower shall perform all of Borrower's obliganons under the declaration
<br />or cmeaants ertatiag or gavcrniag the earsdominium or planned unit development, the by-laws and regulations of the
<br />canddmint[ttrt Or planned wait developttunt, and ronstiUtent docwmms. if a condominium or planned amt development
<br />rhiat is suculed by Hprrovmr sod r•ECarded togc:her wath this Mortgage, the covenants artd agreements of such rider
<br />a>talt he ttsan'pondad.int~ and droll amend and supplement the covenants and agreements of this Mortgage as if the rider
<br />awes a ~ hsrap[.
<br />7, yc#ps d {:agiaPa If Barrrawer faits to perform tlx covenants and agreements coatairted in [his
<br />i[ot[tgps, nt' ii ira4y aMion or-proctadiag is cammeneed which materially aHeets Lcrnier's itMerCSi in the Property.
<br />Vii{. btft atilt ltautad itt. tamlrtent dtunain, iosrslyerrcy, cede entoreemens, ar arrangements o[ proceedings involving a
<br />~ m tMecsfant, then Lerrdtt at t.tasdar's option, open natitx [a Borrower, may mats saris appearamxs, disburse such
<br />suers sad tttitc ytais aetioa sass txcssasry W protect I.endaPs intetsst, irscltrding, but ant timrted to. disbursement of
<br />tisa6si~ls atturasy's fsa'+ ar.d txit€g upbr `tx, pry^y to make !Tpttir?. [f 1_titder matrircl tnartgaEE insurancs as a
<br />Biqa of rat#tia~g else loos t+rc.f by thin Mort;sga t3nrtawer shall pay the premitms required to maintain such
<br />~ Est tmfd cities as tNE requirsarat[t for &UCh ltarlutancE tefrtT[rtatd 4a accordance wuh Barnwcr"s and
<br />
|