|
~1-=.-U~00~
<br />Utat~oreas t:.ovarrarrrs. Harrower and Lrrtder covenant and agree as follows:
<br />f. 11Rsyttreat M Prfsss~-tl sad llalereat. Borrower shall peamptly pay when dtte the principal of and interest on the
<br />iadebtedrreas evidcrttxd by the Nate, prepayment and late charges as provided in the Note, and the principal of and intr-•at
<br />on any Futvre Advances sectored by this Mortgage.
<br />1. Yrsis for 7ftmee tint htwateee. Subject to applicable law or to a written waiver by Lender, Borrower shell pay
<br />fo Lender tin t~ day raoathiy installments of principa! and interest arc payable under the Nott, until the Note is paid in full,
<br />a sum t1tsrcin "Ftrrtds'~ squat to one-twelfth of the ytarty taxes and assessments which may attain priority over this
<br />Mortgage, and ground rents an the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance,
<br />phts t~twelfih of yearly premium installments far mortgage insurance, if any, all as reasonably estimated initially and from
<br />tithe to tithe by Letxkr on the psis of assessments and bills and reasonable estimates thereof.
<br />The Ftmds shall be Geld is as institution the deposits or accounts of which are insured or guaranteed by a Federal or
<br />state :gerrcy (inchrding Lender if Lender is soeh an institution ). I-ender shall apply the Funds to pay said taxes, assessments,
<br />ituuance psanittrrtt and ground rents. Lender may hat charge far so holding and applying the Funds, analyzing said account,
<br />or verifying and compiling said assessments and bills, unless Lendee pays Borrower interest on the Funds and applicable law
<br />permits Lender to make such a charge. Borrower and Lender may agree in writing a[ the time of execution of this
<br />Mortgage that interest on the Futtds shall be paid to Borrower, and unless such agreement is made or applicable law
<br />requires uxh interest to tae paid, Lender shall not be required to pay Borrower any interest or earnings on the Fundy. Lender
<br />shat) give ¢o Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br />pttrpoae for which each debit to the Funds was made. The Funds are pledged as additional security far the sums :.ecttred
<br />by this Martga;e.
<br />If tee amount of the Fund held by Lender, together with the future monthly installments of Funds payable prior to
<br />the due dates of taxes, assessments, inuurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />me>,martts, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either
<br />promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amoun. of the Funds
<br />held by Lender shall not be sttfficidrtt to pay taxes, assessments, insurance premiums and ground rents as they fall due,
<br />Borrrnvee shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
<br />by Leader to Harrower regtresting payment thereof.
<br />lJpon paytrtent in fu[! of all stuns secured by this Mortgage, Lender shall promptly refund to Borrower any Futds
<br />held by Lender. Lf under puttgrap6 18 hereof the Property is sold or the Property is otherwise acquired by Leader, Lender
<br />shall apnty, no suer than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by
<br />Linder at the tittle of applicatwn as a credit against the sums secured by this Mortgage.
<br />g. A~Beatiata d Raymew. Unless applicable law provides otherwise, all payments received by Lender under 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 />under puagraph 2 hereof, then to interest payable an the Note, Cher, to the principal of the Nate, sad then [a interest and
<br />principal on any Futttrc Advances.
<br />4. Cingas; IlJeas, Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to
<br />~ Property wh~h may attain a priority over this Mortgage, and le><vehald payments or ground rents, if any, in the manner
<br />provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when dtre, directly to the
<br />payee thereof. Harrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event
<br />Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments.
<br />Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be
<br />required to dischuge any such lien so long as Harrower shall agree in writing to the payment of the obligation secured by
<br />such lien in a manner acceptable to Lender, ar shall in goad faith contest such lien by, or defend enforcettten[ of such lien in,
<br />legal proceedings which operate to prevent the enforcement of the lien ar forfeiture of the Property or any part thereof.
<br />.S. IHaard Iasaertece. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
<br />against loss by Brc, hazuds included within the term "extended coverage", and such other hazards as Lender may reyuire
<br />and in ursh atrrounts and for such periods as Lender may reyuire; provided, that Lender shall hat require that the amount of
<br />such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage.
<br />Ilto itutrrtttace carrier pravMirtg rite insurance shall be chosen by Borrower subject to approval by Lender; provided,
<br />that such approval shall hat be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
<br />provided under paragraph 2 ttereaf or, if trot paid in such manner, by Borrower making payment, when due, directly to the
<br />insurance carrier.
<br />All iusttrauc'.a policies and rts~uicwais thereat shah ire inso~ ~„ acceptable to Ltadzr and shat: include a standard mortgage
<br />clause in €avar a€ sad io €arm tk~ceptabie to Len~r. Lender ;hall have the right to bald the pali<ies and rtnewats thereat.
<br />and Borrower shalt pramp[ly furnish to Lender all renewal tintless and all receipts of paid premiums. in the event of lass,
<br />BatrawES strati gsv+€ praa*p=_ m:~~ to tL+s et~ura~'^- sasr!sr one ~~nec_, Lsr,dts ay ma. ~,. u ,.,.,a . „u. maw p M.y
<br />by Hasrawer. ~ ~,~ .~..,.
<br />Unless Lender and Harrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair o[
<br />the Property damaged, provided such restoration ar repair is economically feasible and the security of this Mortgage is
<br />cwt thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would
<br />be impaired, the ituurattce proceeds shall be applied to rho stuns secured by this Mortgage, with the excess, if any, paid
<br />tp Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Leader within 30 days from the
<br />date tootles is mailed 6y Leader to Borrower that the insurance carrier oilers to settle a claim for insurance benefits, Lender
<br />is authorized to calt~t and apply the insurance proceeds at Lender's option either to restoration m repair of the Property
<br />or to the stems taxtusd by this Mortgage,
<br />Udess Lender and Borrower otherwise agree in writing, any such application of proceeds to pnttcipa! shal- hat extetxl
<br />or patpane the due date of the monthly installments referred to in puagraphs 1 and 2 herea[ or change the amount of
<br />such instalments. !f under paragraph I8 hereof the Property is acyuired by lxnder, all right, title and interest of Borrower
<br />in attd to any insurance policies and in and W the proceeds thereof resulting from damage to the Property prior to the sale
<br />or acquisition shall pass to [.corder to the extent of the runts secured by this Mortgage immeciiattly prior to such sale ar
<br />acgtrisitaw.
<br />fi, 1ltsewrvW)iaa rill MtsiMetaatt'e of Ptopesis; I.casetsalds; (. ~: Plaosied Unit 1Devetaipareats. 13cxrawcr
<br />shall keep the Property in goal repair std shall not commit waste or permit impairment or deterioration of the Property
<br />and shall tbntply with the provisions of any lease i[ this Mortgage is an a leasehold. If this Mortgage is on a unit in a
<br />eaadamirtiuat ar a planned unit devtlopmeut, 13orrawer shah perfarnt ail of Harrawee's obligations under tl-~ dcitaratiau
<br />or s~.tvosrants creating ar gavcrni_rtg the condominium ar planned unit develaptuent, the by-laws and rcgulatians of the
<br />coatbttsrttittm or planned unit devetapment, and constituent documents. If a condominium or planned unit Development
<br />rider is exesured by Barrawu and retarded together with this Martgagc, the eavenants and agreements of such rider
<br />shalt Ao inegtpotaUed into and shall amend and supplerment the covenants and agreements of this Mortgage as if the rider
<br />ware a part hetr~.
<br />?. lsotscligr M Leatk~s Seetstiey. IE Harrower fails to perform the covenants and agreements contained in this
<br />ltdtxtgage, of if any aetiaa or proceeding is commenced which materially attests Lender's interest in the Ptapert}•.
<br />inclutng, but not 1'tmited to. eminent domain, insolvency, Cade enforcement, ar arrrngemeats or proceedings involving a
<br />bankrupt or decedent, then Ixrtder at [.cadet's aptian, upon notice to Borrower, may make such appearances, disburse such
<br />sums and take such acticut as is necessary to protect Iznder's interest, including, but not limited to, disbursement o[
<br />teastxiable attottaey's foes and carry upon the Property to make repairs. If Lender reyuirtd mortgage insurancr as
<br />eatditton at making the Loan stxured by this Mattgagc, Harrower shall pay tht premiums required [n maineain s~ECh
<br />iti4WttmCe iA aAect until such time as the reyuiremtnt for such insurartte terminates in accardanct with Barnwer`s and
<br />
|