|
[JtitPtMM CovexaNrs. Borrower and Lender covenant and agree as follows: ~ ~ ~~~ ~' ? t~
<br />1. Tayateat of Ptlnellal tend intereaf. Borrower shall promptly pay when due the principal of and interest on the
<br />indebtedness evidenced by the Note, prepayment and late charges as provided in the Npie, and the principal of and interest
<br />on any Future Advances secured by this Mortgage.
<br />s. °srada for Tans ud Iasweace. Subject to applicable taw or to a written waiver by Lender, Borrower shall pay
<br />to L.etldp~ on the day monthly installments of principat and interest are payable under the Note, until the Note is paid in full,
<br />a scan {herein "Funds"} equal to one-twelRh o[ the yearly taxes acid asassments which may attain priority over this
<br />Mottgagc, and ground rents on the Property. if ar.,, plus one-twelfth of yearly premium installments for hazard insurance.
<br />phra pne-twdfth of yearly premium instaUment~ for mortgage insurance, if any, act as reasonably estimated initially and from
<br />tune to time by Lct~er on the basis of aasessrrrcnts and bills and reasonable estimates thereof.
<br />T'!de Funds shad be held in an institution the deposits or accounts of which are insured oc guaranteed by a Federal or
<br />state agency firidttding Lender if bender is such an institution). Lender shall apply the Funds ro pay said taxes, assessments,
<br />ioeitraace pmniums and ground rents. Lender may not charge for so ttatding and apptying the Funds, analyzing said account,
<br />or vsifying and wmpiling said assessments and hills, unless [.ender pays Borrower interest nn the Funds and applicable law
<br />permits tinder to make such a charge. Aorrower and Lender may ogre in writing at the time of execution of this
<br />Mortgage that interest an the Funds shaft tx paid t^ Borrower. slid unless such agreement is made or applicable law
<br />requires such interest to be paid, Lender shat) not he required to pay Harrower any interest or earnings on the Funds. (xnder
<br />shall give to Borrower, without chatgt, 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 msde. Tlie Funds are pledged as additional seturity for the sums secured
<br />by this Mortgage.
<br />If the amoan[ of [he Funds held by Lander, together with the future monthly installmenu of Funds payable prior to
<br />the due dales of taxes, assessments, insurance premiums and ground rents, shall exceed the atrrount required to pay said taxes,
<br />assesttnerits, insurance premiums and ground rents a.s they tall due. such excess shall lx, at Borrower's option, either
<br />pr~ptlp repaid to Borrower ar uedited to Bnrmwwer on monthly installments of Funds. [f the amount of the Funds
<br />held by Lender shall not be sut5cient to pay :axes, assessments, insurance prematms end ground rents as they fall due,
<br />Botrosver shaft pay to Lender any amount necessan to make tip tht cfefiaency within 3Q days from the date notice is malted
<br />6y L.eader io Borrower reytmting payment thereof.
<br />Upon payment m full of al! sums secured by th+s Mortgage. Lender shall promptly refund to Borrower any Funds
<br />held fly Lemier. If uredrs puagraph It+ hereof the Property ,s said ar the Prapenv is otherwise acquired by Lender, Lender
<br />shall apply, no :stet than :mmtdiately poor to the sate .tf the Property or its acquismon by Pander, any Funds held by
<br />Lender at ttte ume of application as a credit agatnst the sums secured by tha Mortgage.
<br />3. ApPlkadsa d Payasens. t~nlass applicatitt taw provides otherwise. all payments received by Lender under the
<br />dote and paragnphs t and ? txreaf shill tx app'.ied ftr' Lender ftrst .n payment of amounts payable to Lender by Borrower
<br />under paragraph I hereof. mien so miercst payable an the Note. [hen to the prncipal of the Note. and then to interest and
<br />pntrapai on xny Future Advances.
<br />0. C'iarRea [.Ias. Burrower shat! pay alt :axes, a;xssments and other charges. tines and impositwns attributable to
<br />the Property which cosy attain a prtarity aver thts t}ortgage, and Ieasehnld payments ur ground rents'. if any, in the manner
<br />provided under paragraph Z hereof or. if nut paid m such manner, by Hormwer mai:mg payment. when due, directly to the
<br />payee thereof. Borrower shall promptly !urh.-.h to Ltndtr ail nnuces of amounts dot under this paragraph. and in the evem
<br />Borrower shall make payment duecti>. &rrrc.wer ,hall promptly turntstt rn !.ender receipts rvidenemg such payments.
<br />Borrower shall pmmpl}' diss:harge any lien htiich has priority over [his \lortgage: provided, that Borrower shall oat be
<br />requital to discharge any such li,a xt long .ts B;:,rrn~+.~er shall ;+gree ir. -~+rttr:,g ro :he payment nt tht obligaiien secured by
<br />such lien in a mantic auxptabte to !.ender. ,+r shar3 m i;«xf !ash iOrurst ;uch iten try, or dtfend rnfcrcement of such lien m,
<br />regal proctXdirigs whrch operate ut prevent the cnic*rrtment at the i,tn c,r ierteri.tre ,tf the Property or any part thereof.
<br />$. Hmrd Iesoraate. Borrawsr ,flail ..cep the ~mprc+,-tenants n..u ~ .:-sing c,r nereatter rrttted an the Property insured
<br />against lo:n by fin, hazuds trxtuded wrthtt•, itx term cstrnde:: ,....vtragt .and ,uch cnher hazards as Lender rosy require
<br />and to such amounts quid for such pertads ss I.ei:dti rnry ~eyu~re. ~ s.,e tde.l. Chet Lender shall rot rryuire that the arnaunt of
<br />such :overage eu-ecd that amatmt ,st ,.overage rryuucd rep pav tht ,.ems .ecurnt hs :tit. Mortgage.
<br />The itssriraticc canter providing stir ?nsararicr ;hal! fx .ho3en ov Borrower sub;act to approval by Lender, provided,
<br />tr:t :mot: approval shall rir'rt bt unrcasvrtahft wnhheW qlt premrumv .xi insurance paliaes shall be paid in the manner
<br />provtdtd under paragraph 2 hermf sir, :I riot paid rn. 7u>.!: mantle,, by Borrower making payment, when c'ue, directly to the
<br />irisuraatx carrttr.
<br />Alt insurance poitcics anti rtnewais tnert+ai -,hail iK~ sr; torrtt .t.epta6tt to f,cnder end shat! inchide a vtandard mortgage
<br />clause in favor cif acid in form acceptab3e ,+~ I_cne~r Lcrnlet shall nave the rtght to hold {he policies and renewak thereof,
<br />aced Borrower s}iatt promptt} futnuth to Lender aiE renewal notccts and alt receipts of paid prenuums. In the event of loss.
<br />Borrower shall gist pmmpt ruwce Iu the :iisuran~r wrier and Lender. tinder may make proof of Voss i[ not made promptly
<br />by Borrow•u
<br />l.'nletes Lender and &trrawtr +xficnvrx egret :n +nung. +nsurance prcxetds shad be applied to restoration or repair of
<br />tht Property damaged, pruvrded sutih rt+turauon ,++ rrpau rs econaitaicatiy feasible and the security of this Mortgage +s
<br />tin! lhueby impairtd. if saich rcNara4t++n or reps - cs n,ri taoni,mtcatt}' feasible ar it the security of thts Mortgage wtwld
<br />be tatpaired, ttit rnauran:t pr:r.eai+ shalt tie appttet t:' tht sums .secured by this Mongagr, with the access, if any. paid
<br />W Borrower. tt the Property is abarid+~ned rn tkxr.wcr. ,•r +6 Borrower Paris to rtspond to Lender within .3tt days from the
<br />date notice +s nia:ied by I.tttder u: Bcrrc;wct ttrai '.he :n>urarist ,orrice +>ifers to sense a claim for insurance benefits, Lender
<br />is autlWrimd to s:olta:i anti apply the ;nsurans.t , a+w'eess ,tt Lenders ,rption either to testarat+on or repair of the Property
<br />ar tti the steals stxurrd fly rtes ytarigagc
<br />L;oleas Lander and Bornwcr oitcetw:„e ag+et .n wrtttng, any such application of proceeds to prmerpal shalt not extend
<br />or postporx the due dart of tht rn.,nihty ,nsraitments ;etcrred ±o rn paragraphs t and 2 hereof or change the amount of
<br />sitth iaenlinunu. If under p~aragrap6 r htreat the Property is acyusrtd by lrtufer. all rrgbt, title and interest cat Borrower
<br />in.aad t0 any inwrati;t pofutta; sod ;n and -.~ ;tie pr..cee.is titrtre++1 reaulung from damage to the Property prior to the sale
<br />or acquisition shall pass to f,.cnskr to the t,:t+rrii „t the ;ums +ccsattc.l t,y thrs !Mortgage rmntediatety priory to such sale or
<br />acgt:.~iWa.
<br />6, Prsssr>=utloit siail !Naiateaaree of P'taga•ety: f.ea.eitul4k; (-oaAeraFair~e: Phniaed [itW [hvdoPoreats. Bartowtr
<br />st4al7 keep tht Property is ga~od repair and sttatt »cx commie wool or permu itapatrment ar dcieriantion of the Property
<br />sad shall canply with the paorisetma of an} lease ,I ih+s Mortgage rs on a ie+athuld. 7f this Morgage is cite a unit to a
<br />c~uuti or a p4utrral unit devclttpmem, Borrxtwtr -:Pal: pericjttn atl ut Leorrciwtr c+bltgauons under the dtclaratian
<br />iM coventrats creating w gsmetn+ng ttte :.>.*rida`iuttt»um o: piannti 1 umt development, the bylaws atu! ngutations of :cue
<br />;.brrdt,ririinitaa or plarlued uan devefopareni, grid cc>nstiiuettt ,tucumcnts if a condaminiiim er Planned unit d:veleptiicm
<br />rider is eaacutecl by BtKrowffi acid raorded togtthtr with tars Mongagc, she covenants and agrtemems of such rider
<br />abaft tle ittcorpraratod ttuo sad sbaf3 amend and suppltrnent the Cavetiants and agiemienta of this Morfgsge as rt rite rider
<br />wttts a pets listed.
<br />7: IrliaEr~etlgrs ad 1MttiN`ti 5 if Burrower falls to ptrfarm ttx covenants and agretrrtenis canrautesl to this
<br />~; err ¢! ~ a.Aical :.r proi~dt~ is carrimetictd whuF, materistty aSecu f,ttukr's :ntcrtst, in the Property.
<br />u~, but cwt haussd xu, eminent domain, insolvency. aids eufuttxment, or arrangements nr prsicrcalinys :nrolvmg a
<br />air d~txtstH, than: LL'tider at Leader's apt tan, upon tiertice to ticrruwer, may stake sw::.h appearstues, dtsbutx stub
<br />wets rind tsfis well action as is ntxtssarv to prtittst l.ertder's interest, itxludrng, hat cwt !united to, dtsbursonierit ai
<br />rat7t atuitaity'te fats and entry rtpan t~ Prctparty to make repairs, It Lcti$er rcyuitul rnartgage ittsutanie as a
<br />conditiaa cif rai3csag tilt ioui aicwtsit ii?s ibis tsdsiflt;agc. Borrcisver shall pay- ttie prtniwttus =equsred ks inaitatain sw°h
<br />ialaatttaws in east clot!! t:~t creole as t$t teyuiteeosttt fc«r stu#t ensuratwe tsrmiisatts rn 3~~=,~dtirue with Bat rowtr'c atwf
<br />
|