|
_,.
<br />S -,~ij3583 -
<br />~NmoaM CovaNaNTS. Borrower and Lender covenant and agree as follows:
<br />1. Payment erf Priae~id aced Iattrest. Borrower ells!! promptly pay when due the principal of and interest on the
<br />indebtedness evidenced by the Note, prepayment and {ate charges as provided in the Note, and the principal of and interest
<br />~ on any Future Advances soured by this Mortgage.
<br />~ 3, Pearls 1'or Taaes sad taatataasee. Subject to applicable law of ro a written waiver 6y Lender, Borrower shall pay
<br />to Leader on the day mooehly installments of principal and interest aze payable under the Note, arcs! the Note is paid in full,
<br />a sum (herein "Fortis"} egwl to Otte-twelfth of the yearly taxes and assessments which may attain priority over this
<br />Mortgage, and grottad clots on the Proptrty, if any, plus one-tweifrh of yearly premium installments far hazard insurance.
<br />plus orte-Twelfth of yearly premium instaittnenTS for rttortgage insurance, if any, al{ as reasonably estimattd initially and from
<br />tutu Tp time by Lt~r on the basis of assessments and bills and reasonable estimates thereof.
<br />The Funds shalt be held in an ittst{tution the deposits or accounts of which are insured ar guaranteed by a Federal or
<br />state a<°_acy (indttd{ng Lender if Lender is such an institution). Ltnder shalt apply the Funds to pay said taxes, assessments,
<br />insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account,
<br />or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law
<br />permits Lender to make such a charge. Borrower and [.ender may agree in writing at the time of execution of this
<br />Mortgage that interest on the Funds shall be paid to Harrower, and unless such agreement is made or applicable law
<br />requftYS such irttttest to be paid, Lendu shall not rte required ro 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 and debits to the Funds and the
<br />' purpose for which each debit to the Funds was made. The Funds art pledged as additional security for the sums secured
<br />by this Mortgage.
<br />If the amount of tht Ftmds held by Lender, togethu with the future monthly installments of Funds payable prior to
<br />the due darts of lazes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />ti u_M ~+ Rn_nwe_r'x notion. either
<br />------ asatsamtnts, insurance prtmrums an~u~i~ ds~ir~`.~aiT-dam:-~-.[~-_«~-^_-^ - ----
<br />promptly repaid to Borrower or credited to Harrower on monthly installments of Funds. df the amount of tht Funds
<br />held by 1-order shall not be sufficient to pay taxes, assessments, msurancc premmms and ground rents as they fall due.
<br />Borrower shall pay to Ltnder any amount necessary to make up the defic+ency within 3U days from the date notice is mailed
<br />by Lt:tder to Borrower requesting payment thereof.
<br />Upon payment is full of all scans secured by [his Mortgage. Lender shall prnmpt{y refund to Harrower any Funds
<br />held by Ltnder. If under paragraph 18 hereof the Property is sold or the Property a otherwise acyurrcd by Lendtr. Lender
<br />. shall apply, na later than +mtrsediately prier to the sale of the Pmpeny nr ns acywsmon by lender, any Funds held by
<br />Ltnder at the ume of application as a credit against the sums secured by thrs \tnrtgage.
<br />3. AptYea[foe of Paystseels. Unless applicable law pravtdes rtherwtse, a!I payments received by Lendtr unrltr the
<br />Nate sad paragraphs I and 2 hereof shall be applied by Lendtr firs[ m paymer:[ of amounts payable [a Ltnder by Sorrowtr
<br />uttdtr paragraph F Ixreof, then to interest payable on the Nate. then to the principal at the Note, and then to interest and
<br />pttttctpal on any Future Advances.
<br />i. CYu;as: [3eaa. Borcower shaf3 pay all taxes, assessments and oboe ::hart;c>. fines and :mpasarans attributable to
<br />the Property which may attain a pnarity over thts Mortgage. and leasehold payments or ground rents. if any, in she manner
<br />provided urttier paragraph 2 hereof or. tf rat pa+d in such manner. b+_ Burrower maAmg payment, when due, directly to the
<br />payee tltereaF. Borrawu shall promptly fttrntsh to Lender all routes cd amounts dot node; th+s paragraph, and in the event
<br />Borrower shall make paymem drectly. Borrower .hall promptly hrrmsh io {-ender receipts evidenang such payments.
<br />Borrower shall promptly discharge any I+eo uh+ch has pnonty c ter this Mortgage: provrdeil, that Harrower shall not be
<br />reyutred to discharge any such lien u, long as Borrower shall agrer ir. wrnmg to the payment of the ubhgation secured by
<br />such lien in s manna acceptable to Lender, or shall in good faith wontr,t such hen trc, or defend enlorcemen[ of such lien tn,
<br />legal grocer&ngs which operate to prevent the enforcement of the hru or iurferture of the Proptrty ur any part thereof.
<br />5. Hasard lttrwraara. Borrower shall keep the ,mprusemem9 now reuung or hereattcr rrecttd an the Property insured
<br />against Lass by fire, hoards included within the term "esttnded v`tradcil, hat Ltn erthhalhn~rreyuire [hatethe amuunttot
<br />and in such amounts and for such periods as t_endtr may rcyutre, p a~
<br />such coverage txt:ted that amount of coverage reyurred to pat the sums secured by his biastgage.
<br />The insurance tamer providing the insurance shall be chosen by Borrower subject to approval by Lender: provided,
<br />that such approval shag not be unreasanablp wtthhetd. Atl premium+ un insurance pulicrts shalt be paid m the manner
<br />provided under paragraph 2 hueot` or..t nai pa+d +n such manner. by Sora?wt[ making payment, when due, il:recily to the
<br />insuratut carrier.
<br />Alf insurance policies and renewals thereat shall ZK :n farm a~ecptabie to Leneier end shat! include a .standard mortgage
<br />etause in favor of and in farm acceptable to t.endtr. Lcndce shall base the right to hold the policies end renewals thereof,
<br />acrd Borrower sha{I promptly furnish to Lender act renewal nut+~ts and ail recetpis ut paid premiums. In the event of loss,
<br />Borrower shall grve prompt route to the insurance Carr+er and lender. Ltnder ma} make pox+t of loss tt no[ made promptly
<br />by Borrower.
<br />Unlme Lender and Borrower a[htrwist agttx +n unung, msurancc proceeds shall be app{ted to restoration ur repair a{
<br />the I'roptriy damaged, provided such zestorauon ur repair rs ecnnam+wlly sensible and the security of this Mortgage is
<br />not [herby impatrtd. if such rtswrauon or reps+r is nc,t ecnnamtca3ly feasible or +! ht stcunty of this Mortgage would
<br />be impaired, the msurancc proceeds shaft be applied to the sums secured by his Mottgagt, with ihr excess. if anp, paid
<br />Ta Borrower. 1f the Property is abandoned by Harrower. ur ~s Borrower tads to respond to Lender w+th+n 3U days from the
<br />_ daft notice is mailed by Lendtr to Borrower hat ht insurance wrr.er nt{tr+ to settle a claim for insurance benefits. Lender
<br />rs authottztcf to collect anti apply the insurance procttds at L tader's option either to testerauon ur repair of the Properly
<br />or to the sums secured by this Mortgage.
<br />- Unites Lender and Barcawer athetwrse agree an unung, ant such appiicstton .•f pr .czeds to pnnc+pai shall no[ esttnd
<br />or Pastpotte the dot date of the monthly installments referred t.~ u+ paragraphs ! and 2 hereof or change the amount of
<br />such inttailntents. If undo paragraph I8 hereof ttte Pn?ptny r~ a.:y:r+red h} Lender, ail right, t~tlt acrd interest ut Borrower
<br />in acrd to any' trtsurance policies and in acrd ro the pttxteds therm[ resciung !corn damage to the Properly prior a• the +.+ie
<br />- or acquisition shat! pass to Lender to the escort of the sums se.:w+.-~t b} this `tfurtgagr unn[ed+atet} pour _;,. >uch ,:de .+:
<br />acquisitiarr.
<br />6, Pttttatrsatloe said hlai~ttaaace of Proptrty: Leaseholds: Condornittiuttts: Plaoaed L'oN lhvelopateaTS. Borrower
<br />shall keep tftt Property in goad repair anti slttdl rat commit waste ur permit :mpairmtnt or deteriarauon of the Progeny
<br />and shall comply with the provisions of any Itast tf tfr+s Murtgagt +s ~+n a leasehold. If this ~iurtgagc s, un .r ++mt in a
<br />condominium or a planned unit dtvtlapmtni, Borrau-tt shalt perfurrn di! ,*Y Borrower s abhgatic>ns +ender thn decla+atwn
<br />ar cavtoants crtatittt} ar gaverntng the candam+mum ter planned trait davrlapmen[, the hq-laws and regulate>n. .+f the
<br />coaciantiaiwa at plantttd unit devtloptutitt, and canstuutnt dt_x:urncnts. If a condominium ar plannned tout dot ciopu+to[
<br />tidtr ix txtcutod by 8otrawer and rtcardcd tagtiher wttlt th+s Mortgage, the covenants end agreements „t su.h i,dcr
<br />eRall be iizcotporatai iota and shall amend oral supplement the covtnanis and agreements of this Mottgagc as tt the triler
<br />caret a prat hereof.
<br />7, 1!'satssllea ti iaadtr's Sorority. Ii Harrower fads ter perform the covenants and agrttmtnts coma+ntd to his
<br />av.
<br />9forigtKt. ar if any action ar protxtding +s commenced which materially affects Lcndtr's +nscrtst in the Prapenv.
<br />ittcltading, but trot lixnitr~ to, emitttat dtmsain, insc+ivtttcy. colt enfotccmeut, or arrangettttnts csr pnxecdings ntvitiv tog a
<br />baakntpt tst daeed0ttt, [hen l.etsdcr at Ltndes's opttan, upon natit:e to $artawer, Wray crake such apptaranct.. d,sfsurse ,uch
<br />sums, acrd take stt+,Lt action as u txcessary to prottet l.cndtr'x mtcrast. intiudsng. but scot lira+tad to, dr>burscment .~t
<br />r~ atfatras;'s rtes erred entry upon the Propetzy to make ttpafrs. if Lxtrdtr reyuirt<i muttgake instuance a. .+
<br />c.~lstti'.ioa stf ritttkirta tine !pact stxurtd by this Mangagt, Barrawcr shat! gag t#tt pratniums required m mainta+n such
<br />imtxaarce itr tflact uotil stun titae as the rcgturemcnt far eruct rnsurance terminates in a;a:ardsrtce w+ti+ &?rrower s and
<br />
|