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<br />gI--t)u453
<br />LINSPORM Covexnx'rs..Borrower and. Lender covenant and-agree as follows: - - - -
<br />- - 1. Payment of -Principal and Interest. - Borrower shall: promptly pay when due. cite principal of .and -interest on the - _ -
<br />- -. indebtedness evidenced.by [he.Note; prepayment and la;e_ charges as'provided in the Note; and.ihe principal of an_ d interest -
<br />- -on any FutureAdyances secured _by-this Mortgage. - - - - -- - - _ - _ - -
<br />- - 2. -Funds tot' Taxes and Insurance: Sub)ect to-applicable -law,br to-a written waiver by Lender, Borrower-shall pap -
<br />- -- - - -to Iznder on the day monthly-installments of principaP and interest are payable under the Note: until-theNote is paid in full.. - -- - -
<br />- asum-(herein "Funds') equal to one-twelfth- of the yearly taxes and. assessments which may attain priority over ihis -
<br />- Mortgage; anJ-ground rents on the Property. if any.- plus one-twelfth of~ yearly premium installmenK for hazard insurance. -
<br />plus one-twelfthof yearly premium installments for mortgage insurance. if any, all as ressonatih• estimated-initially and from
<br />- time to time by Lender on the basis of assessments and bills and reasonable estimates thereof.- - - -- -.
<br />-. -The Funds shall be-held in an institution the-deposits or acawnis of which are insured or guaranteed by a Federal or - -
<br />state agency (including Lender if Lender fs such 5n institution): Lender shalhapplp the Funds to_ pay said axes, assessments, - _ -
<br />insurance premiums and ground rents. Lender may not charge for so-holding-anJ applying the Eunds: analyzing said account. - '
<br />- - er verifying and compiling said-assessments and bills; unless Lender. paps Bbirower mteresron ftie'Funds and _applicahle law - - - - _ _
<br />- permits Lender to'make such a-charge. -Borrower and -Lender may -agree. in -writing 1u.-the time `of execution of this ---
<br />- - Mortgage that interest on trio Funds shall be paid. to Borrower, and--. unless such agreement is made or applicable law- - -
<br />_ requires such interest to be paid, Lender sh:dl nut be required to-pay Borrower am'-interest ur earnings on [hr Funds: Lender - -
<br />- shallgive [o Borrower, without charge: an annual accounting bf [he Funds showing~cretilts-anti.debits-to-she, Funds and the _ -
<br />- purposefor which each debit to the Funds was madc:`Tfie Funds are pledged as addiiional~security for the`sums secure) -
<br />by this Mortgage. -. - - - - - - .. - .
<br />If [he -amount of the Funds held-by-l-ender, together with ihc-future mbn[hly installments oL.FunJs payable poor to_
<br />the due.Jates. of razes, assessments; insurance premiums and grmind`i-ents, shall-e.+cecd the -amount ieyuired [opay card taxes: - --
<br />'sssessrnents,insuranee premiums--and ground--rents as they (all-due.sucB-excess shall be. at Borrower's option;-either - - - -_ _
<br />- p - p y - p ' - - _ - - - - orrower _nn mbrithly_ installments-of- Funds. --If-the _amount`o('the Funds -- - - -
<br />-- rom tl re and to Borrower, or-credued-m B
<br />held-by Lender shall not be sufficient to pay razes, assessments-, insurance'premiums and ground rents as they tall due,' -- -
<br />-: `Borrower shall pay to Lender-any amount necess'ary'm make up the-Jcficicncy within 30 Jays-from the date notice is mailed: -.. -
<br />- by Lender to Borrower requesting, payment cheroot -- ,- - - -. - - - - -
<br />-- Upon payment in full of -all sums secured 6y this-Nlongage. f_cnder shall promptly refund-[o Borrower-any Funds - - - -
<br />_ held,by Lender.- If under paragraptr 1Shereof the Property is sgld-iu the Property is. otherwise -acquired b}' lender,_Cender- - - --
<br />--shall.-apply, no later--tfian immediatel}' prior to the- sale of the Ptgperiy' br -its- acquisition.-bv'Lender,: any Finds held by.:.' '-'
<br />_ _--Lender at pP nine of application as a credit against the sums scenic) b}' this-il9ortgage. - - -
<br />3. A ltcation of Payments. Unless: applicable law pro+ades otherwise. all payments received by Lender under the _ - -
<br />_ _-_-Note and paragraphs_l. and 2_hereof shall'6e-applied-by_L,ender_firs(_in payment of amounts pavable to--Lender by Borrower - _
<br />'--. -:under paragraph.? hereof, then to-interest .payable mi the Note, then to the principal o(the Note. and then to-interest aril - -
<br />- ° principal. on any- Future Advances: - - -' - - -- - - ` ` - - - ,:- -- -- -
<br />- 4. Charges;-Liens.- Borrower shall-pay all taxes; assessments and other charges, fines :mJ impositions attributable to - -
<br />:-- the Property which-may attain a-priority over-[Ms Mortgage. and TeasehoW'payments-or ground.rents.-if _~tny'; in the manner---- _
<br />---: -__ provided under paragraph 2 hereof or,if -not--yard in such manner, by Borrower-making payment, when due,-directly to the -
<br />--'payee thereof. -Borrowecshall_promptlyrfucnish to Lenilcr all notices of amounts due under flies paragraph. and in [he event -_-
<br />-. Bbrrower'shall make payment directly.-Borrower shall-promptly furnish-ar lender receipts evidencing wch--payments.- --
<br />-" - Borrower shall promptly discharge any lien which has -priority over this- Mortgage: provided, that Borrower shall not he- --
<br />-__ required to discharge any such lien so long as Borrower, shall agree in writing. to the. payment of the-iibhgation -secured bJ- - - -
<br />- such lien in a manner aceepiableYo Leitdei; orsliall in-good f;iith eantest such Lien hv;-.or defend enforcement of such-lien in,-` - -
<br />-_ ~IegaLproceedings.whiah opert[e_to prevent the enforcement of the hen or forfeiture of the Prgpcrty-or anypart thereof.
<br />_ - 5. Hazard Insurance. Borrower shall-keep the impruventents now e,i,ting or hcrcaftct. erected on the Properly insured
<br />- - against loss 6y fire,. hazards-inchided within the term "ox[endeJ -coverage". arlJ-such other hazards-as Lender-may require- -
<br />and m-such amounts and for suefi-periods Ss [:.ender rnay-regitirct prd.ided. theta enderafiaB not require ihatafie':mtaunt of- _ - _
<br />such-coverage exceed-that amount of°caverage; required-u pap-der -sums secned by this _'ylnrtgage. - - ---. .. .-.
<br />- The insurance carrier providing, rho--~iasurmce shall be chosen by Borrower subtect. to appravxl by lxader; prov?deJ,
<br />that such approvalshall not"be nnreasonabty-w!ithheld: AtF pPennums.sin-insurance-policies shall he-paid in-the-ntannec _ -
<br />- proude'd-uhder_paragrap1i21tereof u'r. ii not pai=d iu such monitor. hr Borrower innx mg=payment.'when due.:h rectlp m the
<br />insurance- carrier.
<br />All insurance-poliuez anJ teRewals therm( tihail 6c w lurm ac<gx.rb c to I.c i:l~i .iixl ,Hell iu~Iude n ~tagdant mot kgaye
<br />clause in favor-o£ and aform'-acceptable ¢~ I end Len i hall hit ih~righ~ ~~' '~uld ih p h ire a 1J r ne+v all thereof, - and Borrower shall promptly huatish to I_cudu all c n iv.rl two cs anJ .itC receipts nt paid pronoun,. In the event c I les..
<br />,ital. ~'- rust af-loss-if nut made- rt m fly- - -
<br />Borrower shall gtv_e_prompt notic~=to theinaure tee aarrcrer-wd Lender. f_endcr to n p p P -- -- -~-
<br />byBorrower. - _ - _ - - ---- - _ --- _,_ - - -- -- --.
<br />Unless Lender and Borrower other+s'ise agree ih writing, instirince proceeds shall be applied.ti? restoration or repair of
<br />the-Property Jamaged_, provided such restoration or repair is economically feasible and the security of this Mortgage is - -
<br />not thereby impaired. If suchresfort[ion orrepairis-nut economically icasible or if thesecurit}' of-this Mortgage-would
<br />be-impaired; the insurance proceeds shall .lie applied µ? the sums secured bY. this Mortgage-, with the exi.ess, if env. paid --
<br />-- -to-Borrower.--lithe Property--is abaiidaned b}•BOorower; oril Borrower fails-to-reapond'to--"l,8nded w'rthtn:3U-day's tromth~... - _.
<br />- - - date notice is mailed by Lender to Borrower that'the insurmcecarrier iif(ers-at settle aclaim-for insurance benefits, LenJgr -
<br />_ is authorized to collect and apply the insurance--proceeds. at Lender's option either.ta restoration oc repair. of the Properly'" - -
<br />orao the Burns secured by this Mortgage. - - - - -' - - - -- ---- - - --
<br />- -Unless Lender and Borrower otherwise agree in wriung,_ any such appltcation of proceeds to principal ,hall not c~tend - -
<br />-. or,postpane the due date of the mamhly installments referred ta. in paragraph I anJ '_. hereof ur ::hmtgc the amount nF
<br />-- -such installments: I[ under paragraph IShereof rho Prhpcrty is _;icciuired b}• Li:nder,,all--right, title-ai5d-interest df.: Borrower':` - -
<br />- - - in andto any insurance policies and its-and to theproceeds thereof resulting from damage to-the Property prior fo-thesale: -
<br />- or acquisition shall-,pass to Lender to ihc extent of the-sums secure) by chi, Mortgage- immediately -poor w suchs:de.tx
<br />. 'acquisition. - ..._ - _ `- --` - - -
<br />6:--Pcesers'ation'and Maintenance ofProperty;-.Leasetiulds; Contlpmiuiums; -Pletme8 Unit I)ev'clopmcnis..' llorrn'•, cr
<br />- - - shall keep--the.Properly -in-goud:eepair and stiatl- not commit +titiste br permu impairment. nr deterioration of the- Pr4pcrtY -
<br />- -~ and shall comply:with thcproyisions of any lease iLthis Mottg.ig~ i tin u--aensehold.- if chi. M -tga),c - ~ n ~ tl; i ~ ~ -- - -
<br />-- condominium-or a-p(wmed unit develnpmen6 Barrovver. shall perfnr nt. a!! 01-l3arrower'S ohhga[ on a ~~er the di•J ,d +~n _ -
<br />or covenants creating'oi gaverning rhe~ondomrnmin~+rplannedti nit d~,~41+,pntant +fie=h}~la+c, :~uI i.r Isihn,. ,~i :its
<br />- p p • -- writ i t C[ -.c condom
<br />------ Contlominium or' tanned-nail-develo tncnt..md Doti>tituent--do-~~ iaiuru „ I,I ~nnr,l tin ,Ia, cl~,pnicN
<br />-- - rider-is-executed ny=Boh~wer ai d--re ~ordeJ together-+uth Ih'is FI ~s,age. ;hi cave tt<tnt, anJ :~gr~c ncuie +~I such u,l~~!
<br />-_ shat) be-iucorpoialeJ---into and sh:dl :,mend a~«I ,t pplernenC=th ~o.~ ant, cud tgrecmotita +,I ihc, M1~turtgati+~ a, ~t ihc rider
<br />- ue_r_e a-pact hereon. - - _ -
<br />- -7..Protection -of Lender'sSecucity. N: Burrower'fails ¢, peelonn [he-revenants add agrecmcuts u,ntoin,cd, in,ihis _
<br />_.-._ '.Mortgagee- or if-:any _aciion or_.proceedng is wtnmetxetl +chteh r i inrially-aB'cats l.:citder'> interest tit-tde-~.Prupetty. _-- __-;
<br />including, but not limned to;eminent domain, msolveticY. code cntercanr~ii. ni arrangements or pro"eeding~ m I+nig a - _---
<br />bankrupt or decedent, flied Lender at Lender's option; upim-notice to Borrower,, ntay make such appeartnce6; disburx' such
<br />' . sums and take such actian~-as is necessotry_1n protect-_-I enJer's~imarect: Including hue ~-not limited'- to. Jishurserncnt of -: -
<br />reasonable ailomevs fees and entry uporithe Propchi' tci-make .iep,u r; II Louder rcyuireJ nwrtgage tnsura t'c as a.--- - -
<br />cdndit{no_of .itftdcing_the Iaati ngeuraJ 6y'Ihs_M1torlg_age. 8~irre+,or shall pa} zhe ptpm7unb rcquirr.l t~ +naint„ ,oth -
<br />- - insurance-in eftee anal such dine as the reyuiremeni for .uch unw:mce .c rim tare, ~m.iecardance- with Bon„ac ,Anil - -. -
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