|
<br />Uxlt=oamt Covexnxss. Borrower and Lender covenant and agree as follows:
<br />7. oS ~'~ !sad hs£erest. Harrower shall promptly pay when due the principal of and interest nn the
<br />indebtedntas evidtenetd 6y [he Nott, prtpayment and late charges as provided in the Note, and the principal of and interest
<br />on any future Advances secured by this Mortgage.
<br />3. Faede tot Tares sed Iasvaaee. Subject to applicable law or to a written waiver by Lender. Harrower shall pay
<br />to Lender on the day trronthty i[tstatlments of principal and interest are payable under the Note, until the Note is paid in fu~h
<br />a stun (heron "Funds"} equal to one4welfth aF the yearly taxes and asscssments which may attain priority over this
<br />Mottg>~ae, attd grotutd rsrtts em tht Property. if any. pltrc one-twelfth of yearly premium installments fur hazard insurance.
<br />plus out-twelfth o€ yearly premit[m installments tar mortgage ensuranm. if any, all as reasonably estimated initially' and from
<br />little to tittle by I.et#der on the basis of assessments and hills and reasonable estimates thereof.
<br />Tht Funds shalt be held in an insGtutian the deposits or accounts of which are insured ar guaranteed by a Federal or
<br />_ state agtncy (it[clttding icnder if Lender is such ;tn institution I - 1 ender shall apply the Funds [o pay said taxes. assessments.
<br />insurance premiums and ground rents. Lender may not charge far so holding and applying the Funds, analyzing said acrnunt,
<br />ar verifying and comprling said asscssments and bills. unless bender pays Horrawer interest on the Funds and apphcahle law
<br />permits Lender Eo make stech a charge. Honawer and Lender may agree in writing at the time of execution of this
<br />Mortgage that interest on the Funds shall be pard to Borrower. and unless such agreement is made or applicable law
<br />regtritu such interest to be paid, Lt[tder shall not t+e reyuired to pay Rorawer any interest or earnings un the Funds. i.ender
<br />shall give to Barrmver, without charge, an annual accounting of the 1vnrJs showin¢ credits and debits to the Funds and the
<br />purpose for which eae6 debit to the Funds was made. The Funds are ptedged as addmonal security for the sums secured
<br />by this Mortgage.
<br />If the amount of the Funds held by Lender, together with the fmurc monthly installments of Funds payable nnor to
<br />tiu due dates of taxes, assessments, insurance premmms and ground rents. shaii exceed the amount requred to pay said [axes.
<br />___ assessments, insurance premiums and ground rents as they fall due. such excess shall he, at Borrower's option, either
<br />prcxuptly repaid to Harrower or credittd to fiarrewer on morithly msiallmen[s ur+t funds.-Tt-ine amountiif le~un~c's -
<br />held by Lender shall not be sufficient to pay taxes, assessments. insurance premnims and ground rents as they fall due.
<br />Bornrner shall pay to [tender any amount necessan to make up the deficiency within ±0 days from the date notice is mailed
<br />by Leader to Borrmver regtrestixig payment thereof.
<br />Upon payment in fu6 of all stuns secured by this yfortgagc. Lrndcr steal! promptly refund to Horrower any Funds
<br />betel by Lender. [f urtrfer paragraph t8 hereof the Yraperty .c s<?Id s•r the Property s otherwise acquired by !.ender, Lender
<br />shall apply, rm lazer than immediateh' prier to the ,ale of the Property or its acywsitian hs' Lender, any Funds held by
<br />Ltn+xr at the tint of application as a c relit against the sums secured hs this ttonga¢e.
<br />3. Appiies#£aw of tsay~texs. Lrntess applicable law provides :+thenvtsc. all payments received by tender under the
<br />Note oral paragraphs I and 2 hereof xhalf he applied ny Lender fir<.t .n payment r~i amounts payable to Lender by Borrower
<br />under paragraph '_' hereof. then to interest payable r*n the Vac. then to thr pnnctpal of the !Vote. and then to imerest and
<br />principal an any Future Advances.
<br />4. t-~t I3eas. Batrawer ,hall , av' alt t:recs. assessments end ,tether : hart;es, fines and tmpcnitions attnhutable to
<br />the Property uuhich may attain a pnorify over thr5 Mortgage. sod leasehold payments ur ground rents, if any. in the manner
<br />provtdtd under paragraph 2 hereof or, at not pard in uuh manner. h} 8urrawcr making payment, when due, direc[iy to the
<br />payte tttermf. Harrower shall promptly furmsh to ixnder ail naucca apt amounts t.'ue under this paragraph. and in the even[
<br />Borrower shall make payment dtrect{y, ::orrowrt <hali promptly htrnish :0 1 miler receipts cvrdencmg such payments.
<br />Borrower shall promptly diszhugc any bun whtah has prtanty =-.vet this \fcr[gage: ;ruvxled, that Horrowec shall not t+c
<br />required to dixharge any such Here =o lung as Horrcuer ..hats agree in ++;:tmg tar the pa}'ment ui the ubhgation secured by
<br />such lien in a manr~r actxptat' ,o Lender..rr shah m gakxi faith +:<+ntr,r ,ugh lien hv, or :lefend enforcement a[ such lien in,
<br />legal proceedings which operate to prevent the enforcement ut [he ::cn t r fortevture of the Property or any part thereof.
<br />5, efautd iawtanee. Hortower shall keep the v.npn,vemrnt, n.++. rsi,unk r+r t?erealter erected en the Property insured
<br />agaiffit loss by fire, hazards included within the term ~~cxtrndeJ vuvrrage~ . anti ,uch other hazards as l.etnler may require
<br />and in such amourus artd tar such pertuds as fender may require, pit++tdrai, that 1 ruder ,hall nut reyrire that the amount of
<br />suite !:overage exr:ced that amount u( ~avrragr reyuered to pa} the +u m, .evurrd hr ibis Mortgage.
<br />Tht rosuearke catrter provrdin{! the ,nsutance ,hall t+r <husrn by 8orruwer +r:btect ro appru~al C±y tender; provided,
<br />that such approval shalt not bt urrrrasunabty :vnhheld. At) prerri:ums >.+n tnsur:rE,x potiara .ball he paid in the manner
<br />provided trtxlcr paragraph 2 tieacof ar. tf riot psrd rn such martner_ hs Harrowee maletng payment, when due, drectiy to the
<br />insurance catmr.
<br />Alt itiswa€rce y~ltett3 anti rrrtcrsals thereof shaii t,e to tatter ., crptabk- to t.enuer .sod -,tail rnciude a standard mortgage
<br />clause to favor of and rn form acdeprable rv, lxuaier- Le~ndr[ ,6ta}l ;ta+e file nght a= hvfd the pulicic~s end renewals thereof,
<br />roll Borrowtt shaii promptly furmsh ru !.ender ail reneuai n~+tt~es enJ :sh rc, rrpts a,t ,std premwm<. ]n the evem at lass,
<br />Horrawer shat! give prompt rx>tur :e the msuran~r earner and Lender. i estder tuay make prua:t ai loss rt nut made promptly
<br />by Borrower.
<br />Unless Lender and Borrower nthrrwrse agree nt wntEUg, :ttsurante gr.xreds shaii be eppited to restoration ar repair of
<br />the Property afamaged, provided stub restorauun er repair +s cca,nomuatls irasst+k end the security of this Mortgage is
<br />not thueby impatred_ t# such reswratwn or rrpa,r ~s n.+t ccc+tta.nu.aiiy Seasihk .,s ~f the security of this Mortgage would
<br />be impaired, [!se tt#stuance praeceeds shall !x applied ta+ ihr scans ,r~trrrd b} .his \tungage, with [he excess, if any. pard
<br />Eu Borrower. if the Ptapen) Ss abandr,ned ry €fai;n,wer, +~r :t Harr~~wrr Saris [~ respa:nd to Lender within 3(I days Pram the
<br />dart twtn-e is matted by Lendet to Horrowrr that the insuran~r raft+cr .~tler, t., setrlr a claim for insurance benefits, Lender
<br />is authorized to collect and apply the itsuraoce ptt><rtd. at Lcuiler s ,~puon ether to restoration or repair of the Property
<br />et to ilte strats sea:uresf by tlas Mortgag=.
<br />Unless Jxrtder and Hortower o[herw:.:e .igtee :n ::tiling, an} su<h appltcarion of praxeeds to pone:pal shall not extend
<br />ar pas#ppne the duo date of f'rte rnurxhiv in.taiir:xnts ret+:rreal ta, ~~t }+ar:tgraph> ! and 'hereof or change thr arnouut of
<br />such rtsttaS#nrenis. ff ttrtder paragraph 18 he[eoi the Propeny a, ecyu,red bt Ixnder, all right, [:tic and interest of Horrower
<br />to and to say insurarut policies attd is and tr> the p:axerzl, ibereut resulting from darttage to the Property prior to the sale
<br />or acgtnsrtion sirs!! pass to Lender tti the °.xteut a?t the soots ~.ect.=r~r i,v this ~turtgage immediately nnor u, such sale nr
<br />acgttiaitirrtt. -
<br />6. Yseaetvo£iaa !sod Mtdsltwauae o£ FtopetYy; Lrtartwlds; { a:rdr»niaiums; Planned licit th+:e{opraenis. Horruw.:r
<br />shall keep the £hrapet[y in goad repair and sha4' oat comaut waste <+r perm,! +mpa,rntent or deteriorauon of the Property
<br />aAd shall ~ortrppy with rite provistatrs cr€ an} !rase iY this 4f urtgage :< :gin ., leasehold. if this '4lurtgagc is in .+ unt[ sn :+
<br />candomimum or a plutttad unit cievefapntent. Barra?wee ,hall Lvrtarnt all vtt Bora~wrr., uMrgatrz:ns under the dedarauun
<br />cx svtnatliS cteaut~ or gacermng tht condam,n,um or 1^lartncd =<ntt develupmerst, the by =aws and rrgulatious vi the
<br />cc*Qafnntintsuu or pSannad unk devciopttxrtt..rnJ constuucai 4xcumeats. if a coudamuuum ar planr:ed unit Jesrk?;?meat
<br />islet ~s executt~ bs Horrawtr atxf rccnrded tvgetEicr w-,th this .4ortgage, the ,ovenattts anal agr:xntrnts <,f ,u,:h e=der
<br />shalt be ttscorpurtsrt solo and +hai arYteud anJ supplemzni the co><erunts anal -sgreemactts of this Martgege :u It the r,dcr
<br />calif a past hereof.
<br />1, ICs+asectitsa rr£ I.et~er'a Sactr;~. IS ftarroucr fads ru perform the cavertants and agrrantrnis <untaincd in this
<br />Itfmt$~et, ur d any aciuxr or prosx~e:rng is cattuttetuccl which materially affects i endct s interest tp the Proprny.
<br />~, trsrt rr~t trmttaed ta, rme[ten# tfnmain, invalverscy, Garde cniorcement..'r arr:±ngemeots or pnxe~flags involving a
<br />arnrltrupr crt daictifa»t, then Lentfcr at l.tsder'a .~ptran, upon notict ;c+ Hn+ruwrr, niay stake such appearanrres, efe>bursr su.h
<br />v#irfss aad take ouch ~tirsrt as t-s teecessary ra prctrs:l l.€rx3tfn .nteteat, ;rxarxJrng, t?ut na# hmtcYl to, dtsburacment .±t
<br />t~ dttyi tLKb slid entry upon the PFnpcrr} to nlakr 7rpa;if S. 1t f.crw+er rieyz3Ered r+ii:ftltajyC en5irianl'C 3a ,,
<br />tvion st rrtrristr~ floe 18vtn s>t,:urr[i f±y this MorEgagt:, £snrn.wsr =hall pay [t>e lsrenuums reyrured to maintain, sucfr
<br />totausa.'t in cA+scr urttr! Tuft utrtrt as t?rt tesiutrrmtnt fnr such svzsurancP r rmtnatts :n :rccordatxc watb Hure;+wcr s and
<br />
|