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insured or guaranteed b~~ n Federal a• stnle u~cncy ! ini•ludiii~; l.~~i~der if Lemler i, ,ucl~ an institut.ion 1. I.ender
~hall apply the Fundg to pay ~xid tnxes, us.>c~.~mcnt~, insuri~nc~• ~~mmiun?~ :?nd ~rouncl mnts. l.endcr shall makc no
charge far s~halding and Applying the Fundc or vcrifyin~ un~l c•ompiliug `au~ uaticssments and bi11s• Aorrower and
I.ender may agrce in writing i~t the time oi exeeution of thi• \lortga~e tli:?t intem.t on the Funds shnll bc paid to
13orrower, nnd unless such agreemcnt i~ »>nde, I.c~~~icr ~hall not 1?c mquirc~l to 1?a~' BorroH•cr any interest on tl?e
Funds. Lender shall gi~'e to Rorron~er, witl~out eliar~c, au nnnunl accounting of the Funds shu~~ in~ cmdit~ and
debiis to tlic ~:ncls snd the pur{?as~ for whicl~ each debit to the ~nds ~vas madc. Thc Funds are hledRed as nddi-
tional security for the sums secured by this \(ort~nKe.
If the amount ot the Funds heid by I.ender, to~etl~er ~vitl~ the futu~~e wonthly instiillmeuts of Fands payable
prior to the due dates of taxes, Assessments, insurunce ~~re~uiums ~nd Rmund rents, shall exceeci the amount re-
nuired to pay said taxes, i~ssessments, insurAnce ~~rewiums ;u~d ~round rents as they fall due, such excess shall be.
~~t Borrower's option, either promptly repnid to IIorro~ver or rredited to Borroner on monthly inst~llments of
Funds. If the amount ot thc Funds held 1~~• T.ender shall not 1?c suflicient to pay t:?xes, a~sessments, insurance prc-
n~iuins and ground rents ~s they fall due, Borro~vcr S~IA~~ ~)RY to I.ender any nmount necessary to make up the
~ieficiency ~vithin thirty days ~iter notice Irom I.ender to Borro~~er requesting payment thereof.
IIpon payment in full of ull sums secttreci by this \tortgagc, i.ender si~nlt promptly retund to Borro~ver ~n~•
Funds held by I.ender.
If under paragraph 18 l~ereof the Propcrty is sold or the Propertv is other~vise ucquireci by T.ender, i.ender
~hall Apply, no later thnn inuuecliately prior to thc snle ot tlic Yropert~ or its acquisition hv I.endcr, an~ Funds
held by I.ender nt the time ot applicalion as a creclit uKnin~t the ~ums secai~ed 1~~ thi~ ~tortgaRe.
3. Application of Payaaents. Unless npplic~tble 1~~~• ~n~ovide. othenvisc, all pn~•inents mceiveci by I.ender
~u?der tl~e Note nnd paragrnphs 1 and 2 hercot ~I~ull bc a~~plicxl h~- i:~n~ler fi~~t in puyment oi nmounts payAble to
i:ender by Aorro~~er imder ~~arngraph 2 hcrcot, then to intemst ~?aynble on thc Notc and on Futurc Advauces, if
sny, and then to the principal of the Note and to the ~~rincipal of Futum A<i~•ances, if ~ny.
4. Char9es: Liens. Borrower shall pa~ nll taxc~, ~ssc;s~ncnts an~l otl~er charges, fines nn~i impositions attrib-
~table to the Property ~vhich muy attnin a priority over thi~ \~[ortg~ge, and ~rounci rents, if nny, at Lender's
option in the manner provided under paragraph 2 hereof or b~ Rorro«cr uiaking ~~ayment, ~vhen due, directly to
the payee thereof. Borro~+er shnll ~~romptly furnish to I.ender ull notice.~ of nmounts ~iuc under this paragraph,
and in the c~•ent Rorrower ~hull n~~ke pay~uent ~lirectly. Rorro~cer shall ~~ront~~th~ furnisl~ to T.ender receipts evi-
~lencing such payments. Borro~ver shnll promptly discha~gc :?n~• licn ~vhich has priorit~ over t.his \tortgage; pro-
rided, that Borro~~er shAll not bc requin~cl to discl~argc nn~ ~uch lien so long as Rorro~ver shttll agrce in ~vriting to
the pnyment of the obligatiou securect by such lien in a~nanner accept.iblc to I.encler. or shnil in ~ooci faith contest
such lien hy, or defend enforcement of such licu iu, legal I~mceeciing~ ~~~hich o~~er:?tc to prevent the enforcement of
the lien or forfciture of the I'ropert~ or any ~i~rt thereof.
5. Hazard Insurcmce. ~ Bon~o«•er sliall kce~~ the im~~ro~•en~ent~ no~~• existin~ or I~ereatter erec±ed on the Prop-
~rrty insumd against loss Uy fire, hnzards includeci witl~in the term "extendeci coverage", and such otl~cr hazards a.s
I.ender may require nncl in such aniounts and for sucl~ ~~erial~ T,~nder ~nn~ require; pro~'idetl, that l.ender shall
not requirc that thc amount of such co~~erage exceeti tl~~t :~~nount of coverage requirt.vl to pay the sums secured by
this \iortgage.
The insurAnce carrier providiug tl~e insurance shnil bc ~l~osen hv Rorm~ver suhject to approval by t.ender;
~?rovidecl, that. sucl? approvAl shall not. be unrcasonably withhcld. All premiums on insurance policies shail be paid
at I.ender's option in thc n~anner ~~rovideci i~nder ~~aragra~~h 2 l~crcot m• 1?~• i3orro~rer u~akin~ ~?a~ ment, when due,
rlirectly to the insurance carrier.
All insurance polieies anc! rene~~ais thereo[ shall b~ in torn~ :i~~•~•~?tl~tile to i.en~ler nn~l ~hall include a st:?ndard
u?orkgage clause in fn~or of ~nd in form acceptable to I~ nder. I.euder ~h111 ha~•e tlic ri~ht to hold the policies and
rene«als thereof, and Borro~~•er shall ~~rom~?t.l~ turnish to i.en~l~r all rene~~al notices and :ill receipts of paid pre-
miums. In fhc e~•eni ot loss. I3orro~.•er ~lr.~ll gi~-e ~~rom~~t noticc to the insurancc cnrricr and I.ender, and Lender i
I ~nay n~uke proof of lo~s if not madc prom~~tl~~ h~ Borro~vcr. S
I Unless I.ender :u~d I3orro~~ cr othern ise agmc in ritin~. iosur:~i~cc {rrocceds ~hall be appiieci to re~toration or
~ repuir of the Yropert~ ~lamxged. ~?m~•idc~l suc1~ restoration or m~~air i~ economi~all}• feasible anci the securit.v of
~ this ~[ortgage is not thereb~• imi~aireci. If such mstoration or re~u~ir i~ not cconomicall~ te:~ible or if the security `
af this ~tortgage ~~•ould be i?npaired, tl~e insuranec ~~roceecls ~h:ill he a~~pliecl to the si~~i~s seeure~l h~ tl~is \iortgage, t
~cith the exeess, if any, pnid to Rorro~~er. If the Yro~~ertt is al?amloneci 1?}• I3orro~~•er or ii Borro~~er fails to respond ;
to 1.ender ~rithin 30 cl~~~ after notice b~ I.ender to Borro~ver that tl~e in~urance carrier oflers to settlc a claim for i
insuranee henefits. i.ender is authorizecl to collect and ap~~l}' th~• insur:u?ce-~~roceeds at I.encler's option either to
restor~tion or repair of the Pro~~ertv or to the su~us secw•e~l b~~ tl~i~ ~[ortgage.
Un)ess I.ender sn~l Borro~~er othen~-isc agree iu ~vritin~, sm' ,ucl~ ap}~lication of ~~roceecls to principal shali
not extend or postpone tlie due date o[ the monthh~ installu~cui~ mferre~l to in ~?sragrapl~s 1 and 2 hereof or change
the amount of such instullments_
~ If under paragraph 18 hereof the Yropert.~• is acquired h~• I.en~ler. all ri~ht. title :in~l intemst of Borrower in
~ ;u~d to ~m• inst~r:~nce policie> an~l in an~i to the ~~rocee~ls thereof Ito th~• extent of tl~c ~iuu~ ~ecurecl i~y thi~ I41ort-
{,age imu~c~liatelv prior to ~uch ~al~ or :?cqui~itionl resulfiin~; from ~lauiage to thc• Yropert}• ~~rior to the ~ale or
~ :~cquisition shall pac~ to I.ender. ~
~ 6. Preservation cmd Maintenance of Property; Leaseholds; Condominiums. Rorro~ver Fl~all keep the Yrop- ~
crty in goai repair and shall not ~~ern~it or commit «•astc, in~~~ainnent. or deterioration of thc Propertf nnd shall ~
~ ~~omply «'ith the l~co~•isions of an}• lea~c, if thi~ ~lortgage i~ on a 1e~schoid. Ii tl~is ~tortgage i~ on a condominium
~ unit, Borro~r-er ~t?all ~~eriorm all of Borro~~er'~ obli~ation~ ~n?~ler thc ~leclsrntion of con~iominimn or master deed.
~~16 ~ly-~S«S an~l regulations of thc conclon~inittm ~~roje~'~ .uui ~`biiiitiii-i]~ :.0~.:.^.:~•^•~c• (
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7. Protectioa of Lender's Security. If Rorro«•er fail~ t~? ~~erfo~~n the covenant~ and a~reeu~ents containec ~n
~ tl~is ~Iottgage, or if an} ~etion or procecding is co?nmence~l ~~'hich n~ateriall}~ affeet~ I.~nder s interest in the Prop-
~ erty, including, but not limite~l to, cminent da~uAin. in~ol~'enc~, cale cnforcement, o?- srran~ements or proceeci-
~Y~ ings involving a 1>ankrupt or dececient. then I.ender :1t I.en~icr'~ o~~tion. a~~on notice to Borro~~er, ~nay make such i
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~ u~~pearunce~, ~Ii~burse ~uch sums and take ~ucl~ acti~n a~ i~ nece~sai}• to ~~rotect I.ender's interest, including. init
~ not limitecl to, disl,urement oi reasonable attornet'~ iec~ an~1 entn• u~~on the Yro~~ert~• to make repairs. Any ~
~ amounts disbursed by I.ender ~~ursuant to this ~~aragraph 7. ~~'itl~ intcre~t thereon, shall hccome ad~iitional indebt-
e~iness of Borro«•cr secured h}' this \lortgage. i?nless RorroH•er and I.en~ler agrcc to other tenus of pAyment. such
~ .?mounts sh~l) I~e payable upon notice from I.ender to Botro~~~cr requc~ting ~~ay~nent thereof, and shall bear ~nter-
~ est from the date of disbur~ement at thc rate ~tnte~l in thc \ote tuiles~ ~~:ipn~ent. of interest at such rate would be
contrary to applicai~le la«, i~i ~~'hich c~~ent such :unount~ ~tiali hexr interest at thc highest rate ~~ennissible by
.?pplicAble law. \othing containc~i in thi~ ~~aragra~?h 7~I~all rc~uirc Lender to inc~u• an}• ex~ense or do any act
~ hereunder.
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BOUK ~~JJ PAGE
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