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UNIpORM COVBNANTS. Borrowe~ and I.enJer covcnam and ag~rc u~ IolMws:
l. l~lymeat of Priacipd a~d lolerest, Borrower shaN prompU~ pay when due the prin~ip:d c~f and intetest on th~:
~ndcbtodness evide~ced by thc Not~, piepayment and late cha: g~~ pruvi~led in the Notc, and thc principal of aod in~ercst
on any Future Advances secured by this Mortgage.
2. l+~~ds tor Tues aad Ins~ttnce. Subject ta appli~ahlr law .u ~o a w~ritten waiver by lxnde~, Borrower sh~ll pay
to Lender on thc day moothly installmenls of principal and ~ut~rc.~ arc p.?~ablc unJer tlx; Note, until the Nate is paid in full,
a sum (herein "Funds") equa) to one-tweltth of ~he yeari~ :a~~. anJ asc~.-ssments which may attain priarity over thic
Mortgage, and ground rents o~ the P~+opcr~y, if any, plus anc•twclfih ot ~•ca~ly premium installments for harard insurance, .
plus one-twelfth of yearly prcmium installmcnts for mortgagc insurancc. if any, all as rcascmably estimated initially anJ from
time to tiinc by i_ender on the basis af a+k~~nrents and h~~ls and r~a~unable estimala thercof.
The Fu~ds shall be hel~ in an ins~ituti~~n tM: depw~~~ ~x a~c~~unts of which arc insured or guaranteed by a Frderal or
state agency (including Lender if LenJe~ i~ ~uch a~i ins~i~utiun I.ender ahall apply the Funds to pay said taaes, assessments,
ir~surance premiums and graund ren~s. 1_enJer ma~• n~t charge tor s~ holding and applying ~he F~mdc, analyzing said account.
or verifying and compiling said assessmems :?nd hills, unlcss l.ender pa~~ Borrower interest on the Funds and applicable law• ~
permits Lender ta make such a charge. t3orrower and l.ender may agree in writing at ~he time of ex~wutiun o[ this
Mortgage that interesl on the Funds shall he paid to Borrower, and unless such agrcement a made ~~r applicable law
requira such intercst to be paid. l.ender shall no~ hr reyuireJ to pay Borrowe~ any interest or earnin~h c~n th~: f~unda. I.cnder
shaU give to Borrower, without charge, an a~nual acccwnting of the Funds showing credits anJ debits to tM: Func1~ and the
purpoae for which eaeh debit to the Funds wa~ made. The Funds are pleeiged as additional securit~~ for the sum~ ,ecure~i
by this Mortgage.
lf the amount of the Fuads heW hy LenJer, tose~her with ~he futurc monthly installmcots of Funds payabfc prior to
the due dates of taxes, assessments. insurance premiunu and ground rcnts, shall exceed the amount reyuired to p:+~• .aid taxes,
assessments. insurance premiums and ground rents as they tall due, such exceu shall be, a~ Horrower's uptic?n. either
promptly repaid to Borrower or credited to Borrov~rer on momhly installments of Furtds. If the amount of thc Funds
heW by Leader shall not be sufticient to pay tares, assessments, insurance premiums and goound rents as ~hcy fall due,
Bomower shall pay to Lender any amount ~ecessary to make up the deficiency within 30 day~s from Ihe date notice is mailed
by I.ender to Borrower requesting paymcnt thereof.
Upon payment in fuU of all sums secured by this Mor~gage, 1_ender shall promptly refund to Borrower any Funds
held by l.enckr. If under paragraph I8 hereof the Property i~ sold or the Property is othenvise acquired by Lender, Lender
s6a11 apply, no later than immediatcly prior to the sale of the Propeny or its acquisition by Lender, any Funds held by
Lender at the time of application as a credit against the sums secured by this Mortgage.
3. Application of P~ymeats. Unless applicable law provides otherwise, all payments received by Lender unJer the
Note aad paragraphs 1 and 2 hereof shall be applied by I_ender 6rst in payment of amounts payable to Lender by Borrower
under paragraph 2 hereof, ihen to interest F+ayable on the Note, then to the principal of the Note, and then to interest and
principal on any Future Advances.
4. C~es; Lkns. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to
the Property which may attain a priority over this Mortgage. and leasehold payments or ground rents. if any, in the manner
pruvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. diroctly to the
payoe thet+eof. Borrower shall promptly furnish to Lencier all notices of amounts due under this paragraph, and in the event
Borrower shall make payment directly. Borrower shall promptly furnish to l.ender receipts evidencing such payme~ts.
Borrower shall promptly di;charge any lien which has priority over this Mongage: provided, that Borrawer shall not be
requircd to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by
such lito in a manner acceptable to Lender. or shall in good faith contest such lien by, or defenJ enforcement of such lien in,
legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
S. Huud In4urance. Borrower shall keep the improvements now• existing or hereafter erected on the Prope~ty insured
against loss by fire, hazards included w,ithin the term "eztended coverage", and such other hazards as L.ender may require
and in such amounts and for such periods as Lender may requirc; provided, that L.ender shall not require that the amount of
such coverage exceed that amount of coverage reyuired to pay the sums secured by this Mortgage. .
11~e iasurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender provided,
t6at such approval shall not be unreasonably withheld_ All premi~ms on insurance policies shall be paid in the manner
provided uader paragraph 2 hereof or, if not paid in such manne~, by Borrower making payment, when d~, directly to ihe
~ insurance carrier.
; All insuran~c policies and renewals thereof shall be in form acceptable to Lendcr and shall include a standard morlgage
f clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the poiicies and renewals thereof,
, ~ and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of locs.
€ Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
by Borrower.
~ Unless Lender and Borrower otherw~ise agree in writing, insurance proceeds shall be apptied to restoration or repair u~
the Properiy Jamaged, provided such restorati~n or repair is economically feasible and the security of this Mortgagc ic
not ~hereby impaired_ If such restoratian or rcpair is not economically feasible or if the security of this l~tortgage wru1J
be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if an}~, paid i
to Borrrnver. I[ the Propert~• is abandonecl by Borrower, or il Borrower faiic to respond to Lender within 30 days from che i
date notice is mailed by Lender to Borrower that the insurance carrier ofTers to settle a claim for insurance benefit~, 1_rr
is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Pr~~per~:
or to the sums secured by this Mortgage. ~
Unless I~nder and Borrower otherwise agree in writing, any such application of prcx:eeds to principal shall no~ c..i~:~d
or postpone the due date of the monthh~ installments referred to in paragraph. 1 anJ 2 hercof or chandc the amount of
such installments. lf under paragraph 18 hereof the Property is acyuired by L.enJer, all right, title and i:~terest of Borr~~u•cr
in and to an}• insurance policies and in and to the proceeds thereof rc~sultin~ from damage to the Propetty prior to Ihc ~ai~
or acquisition shall pass to Lender to the eatent o! the sums secured by this 1lfortgage immediately prior to such calc or `3
acquisition.
6. Presenatioo and ~faintenance of Property; Leasehulds; Condominiums; Planned Uoit Devebpments. [3cirro~~•cr
shall keep the Property in good repair and sha11 not com~vit waste or permit impairment or deterioration of the Property
~ and shall compl~~ with thc provisions of any lease if this Mortgage ~s on a Icaschold. If this Mortgage is on a unit in a
condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declarati~m
or covenants creatiog or governing the condominium or planned unit development, the by-laws and regulations of the
condominium or planned unit development, and constituent documentc. It a condominium or planned unit development
z rider is executcd by Borrower and recorded ~ogether wi~h thi~ Mortgagc, the covenants and agreements of such rid.r
~ shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the ri~ler
~ were a part hereof.
7. Protectjon of Ltode~s Securify. If Borrower fails to pcrform the covenants and agreements contained in this
Mortgage, or if any action or proceeding is commenced w•hich materially afiects 1_ender's interest in the Propen~~.
including, but not limited to, eminent domain, insolvency, cade enforcemeot, or arrangements or proceedings invol~•ing a ~
bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such
~ sums and take such action as is necessary to protect Ixnder's interest, including, but not limited to, disbursement af
reasonable attorney's fees and en~ry upon the Propcrty to makc rcpairs. I( I.cnder reyuircd mortgage insurance as a
condition of making the loan ucured by this Mortgagc, BorroHCr shall pay thc premiums required to maintain such
insuranee in effect until such time as ~he requirement for such insurance termina~es in aecordance with Borrower s and
BOGR ~7~ PA(~ 8~