|
$1--t~tl~~~3
<br />UrrrFOart CavErrrrrs•s. Borrower aqd Lender cavtnant and agrce as follows:
<br />2. > of ~ dnterest. Borrower shall promptly pay when due the principal of and interest an tiwc
<br />ittdabtedtttu evidenced by the Note, prepayment and late charges as provided in the ;Note, and the principal of and 'snierest
<br />on any Future Advances stxu~ by this Mortgage.
<br />2. 1 foe 1`~: s~ Bee. Subject to applicable law or to a written waiter by Lender, Borrower shall pay
<br />to lender on the day monthly ittstaHtnents of principal and interest are payable under the Note, until the Noce is paid in full,
<br />a strm Etsercin "Fuq~") egtral to orte•twelfth of the yearly taxes and assessments which may attain priority over this
<br />Mortgage, and ground teats on the Property, if any. plus one-twelfth of yearly premium installments for hazard insurance.
<br />phts ono-twelfth of yearly prcmitrm installments for mortgage insurance, if any. all as reasonably estimated initially artd from
<br />tuns to tutu by Lender on tlu basis of assessments and bills and reasonable estimates thereof.
<br />The Funds shat! i>e hdd in an institution the deposits or accounts of which are insured err guaranteed by a FFxleral or
<br />state agency (inciting Lender if Lender is such an institution). Lender she!! apply the Funds to pay said taxes, assessments,
<br />insurartcs ptitmiurns and growtd rents. Lender may not charge for so holding and applying the Funds, analyzing said account,
<br />or verifying attd compiling said asaesarnents and bids, unless Lender pays Borrower interest on the Funds and applicable law
<br />pet'mits Lender to mate such a charge. Borrower and Lender may agree in writing at the time of execution of this
<br />Martg:ge that interest an the Funds shall be paid to Borrower, and unless such agreement is made or applicable law
<br />ragttires wch interest to be paid, Lender shall not Ue required to pay Borrower any interest or earnings on the Funds. Leader
<br />shah give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br />purpose far w6iclt each debit to the Funds was made. The Funds are pledged a, additional security for the sums secured
<br />icy this Mortgage.
<br />If the amount of the Funds heM by Lender, together with the future monthly installments of Funds payable prior to
<br />the due dates of taxes, assessments, insttiance premiums and ground rents, shall exceed the amount requited to pay said taxes,
<br />aasaa,ments, insuranx premiums and ground rents as they fall due, such excess shall be, at Borrowers option, either
<br />promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
<br />held by Leader shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due,
<br />Borrower shall pay to Leader any amount necessary to make up the deficiency within 30 days from the date notice is mailed
<br />by La>xier to Borrower tegtresting payment thereof.
<br />Upon payment in full of all sums secured by this Mortgage. Lender shaft promptly refund to Borrower any Funds
<br />held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br />aheB apply, no later than immediately prior to the sale of the Property or its acgwsition by Lender, aqy Funds held by
<br />Lender at the time of applleatioq as a credit against the sums secured by this Mortgage.
<br />3. A#pBeatlon ~ 1PsyrnstNs. Unless applicable law provides otherwise, al! payments received by Lender ugder the
<br />Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
<br />'=-"`~.t r_ro-'~.,t.- ? ~t.,af :tom...., .........., payabr~..,.. t!u !"ate. then to t~° pri^sepal of thx N•• qd then ... ............ err;.!
<br />principal on any Future Advances.
<br />4. C (lens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to
<br />the Property which tray attain a priority over this Mortgage, and leasehold payments or ground rents, if any, is the matttaer
<br />provided ugder paragraph 2 hereof or, if na paid in such manner, by Borrower malting payment, when due, directly to the
<br />payee thereof. Borrower shall promptly furnish to Lender all nauces of amounts due under this paragraph, and iq the evrM
<br />Borrower shall matte payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments.
<br />Harrower shall promptly discharge any lien which has prvoriry aver this Mortgage; provided, that Borrower shall not be
<br />required to discharge aqy such lien so long as Borrower shall agree in writing to the payment of the obligation secured by
<br />such lien in a manger acceptable to Lender, or she!( in goof faith comes[ such lien by, or defend enforcement of such Nett in,
<br />legal pmceedings which operate to prevent the enforcement of the lien ur forfeiture of the Property or any part thereof.
<br />5. Haaed Ins. Borrower shall kelp the improvements new existing or hereafter erected on the Property insured
<br />against loss by Src, hazards included within the term "extended coverage", and such other hazards as Lender may require
<br />and in such amounts and for such periods as Lender may require; provided that Lender shall not require [hat the amount of
<br />such coverage sxi-eed that amount of coverage required to pay the sums centred by this Mortgage.
<br />'llt+s itasttrance cattier prov~igg the insurance shall be chosen by Borrower subject to approval by Lender, provided,
<br />that such approval shall not br unseasonably withheld. All premiums on insurance policies shelf be paid in the meaner
<br />provided under paragraph 2 hereof or, if not paid in such meaner, 6y Horrawer making paytrunt, when due, directly to the
<br />insuragce carrier.
<br />Ati lD:uraii ~ poiici.:r, and rar~wals ti~rsof Shelf i~t~ t+e itii5 a~icpta€ic tG i_irii~r and shall ittciudt a standaru' ntartgagC
<br />ctattae in favor of and iq farm acceptable to Lender. L~ :s:er shall have the ;iaht to held thz policies and renewals thereof,
<br />and ~ttrowet shall ptarnptly furnish to I,orrler elf rertewai notices and all r:x~ipts of paid pra<tniums. In the event of lass.
<br />u..aanrra ~..~., arc mU_ .p;i --`--~ t- ------ -- - -- - - =~SedCr. =,-ter rr?>,y meet ~rFx,~ of !q~ i`S n.,t n?ai~e pr~,[3eotly
<br />- ~ - - '-~_ -~ e_~ er.~rata~ sa;~r alyd
<br />by Borrower.
<br />- -
<br />Unkas Lender and Borrower otherwise agree in writing, insurance proceeds shalt f>r applied to restoration ur repair of
<br />for Property damaged, provided such restoration ur repair is ecutwmically feasible and the security of this Mortgage is
<br />rtM thrrtdty impaired. If such restoration or repair is not economically feasible err if the security of this Mortgage would
<br />be igapaired, tier insurance proceeds shall be applieJ err the sutras created by this Mortgage, with the excess: if any, paid
<br />to Harrower. If the Property is abandoned by Borrower, or it Borrower tails to respond to Lender within 30 days from the
<br />date notice is mailed by Lender to Borrower that rho insurance earner oHc[s to scale a claim for insuragce benefits, Lender
<br />is authorized to collect and apply ttu insurance: proareds at Lender's option either to restoration err repair of the Property
<br />or to the stems secured by this Mortgage.
<br />Unless Lender and Borrower otherwise agree to wsitigg, any such application of proceeds to principal shall rat extend
<br />or prastponr the dtir date of the monthly instatirnents referred to in paragraphs t and Z hereof or change the anwunt of
<br />such igatallgtagts. If under paragraph ! 8 hereof the Property is acywred by Lender, all right, title and interest of Borrower
<br />Iq and t0 any igaUranCe patlclei and in and to ttte praceods thorcaf resulting from damage to rho Property prior [a the sale
<br />at acyuiaiuon shall pass to legdcr to t}~ extrnt of tfu sutra sue:ured by this Mortgage imutrdiately prier to such salt ur
<br />acqutsitmq.
<br />6. 1C-worvaUea and Maiateaastco erf Property; t.sasehaldG l;gndomiaiums; Phtgged Unit Uevelaptoegts. Borrower
<br />shalt keep tlrr Froperty in good repair and shall rat commit waste or permit impairment or deterioration of the Property
<br />attd sbaA comply with the provisions of any lease i[ this Mungagc is an a Ie:rschuld. If this Martgagc is on a unit in a
<br />c~dw`giieittrq err a plantrxa [Writ deveiapgicnt, Htttraw~r shall porforttt all of Borrower's etbligations under rho dts:larariaa
<br />err covegants creating or govsrging tits ~ndontinium or planned unit douelooment, thr by-laws and regulations of rho
<br />condominium err plantxd upit devrloptnent, and constituent doctimenu. it' a condominium or planned unit dovelopntent
<br />rittr~ is exrcutcd by Borrawrt and recorded tugetltcr with this Martgagc. the covenants and agroontt:nts of such rider
<br />ahaB be iiuarporated into and shall amend and supplornont the covenants and agreements of this Mortgage as if the rider
<br />carts a part hereof.
<br />7. Fseeectiam elf Lender's Security. If Harrower Fails to perform the covenants and agreements contained in this
<br />lttiortgags, or it aqy action err prtxeedirrg is commenced which materially aHectx Lendei s interest in tlto Property,
<br />igciudiq$. but rat litttited to, t>rnfgent domain, insatvoncy, coda eniarcoment, err arrangements err pracoedings im~olving a
<br />bankrupt err dect^~trt, then Lender at Leixier i option, ape>n notice to Borrower, may make such appearances, disburse such
<br />turps attd take stilt attiatt as is necessary to pratet:t Lender's interest, uxtuding, but tteu limited ter, disbursement of
<br />rabic sttottray's free and entry upon thr Fraperty to make repairs. if lender required mortgage insurance as a
<br />t:iatditian of making tiro (Dart secured by this Martgagc, Burrower shalt pay tkee premiums required to maintain su:h
<br />i&stuarx~ in eHsct until such time as tree re~airement for such ittsuraetcs tetmirtates in accardane with Hi>rra>wer's aril
<br />
|