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Ur~tr-aeat Cov~x~rrrs. Borrow~tr and Lender covenant arxi agree u fotlows:
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1. l~~reN o( TciwclNl aN Lftsest. Borrowet shall promp~ly pay w•hen due the principal of and interest on the
• indebtedness evideno~d by tbe Note. prepayaxnt and late charges u prrnided in the Note. and the principal of and interes~
oa su~r FWure Advanoes socured by this Mortaage.
2. i?~is fer Tao[es a~i I~swa~ce. Sbbject to applicabk law or to a written waiver by Lender. Borrower shall pay
to Lender on the day monthty installments of pri~ciQal and interest arc payabk unde~ the Note, until the Note is paid in full.
s sum (berein "Fuads") eqwl to one-tweltth ot the yearty taaes and assusments which may attain priority over this
Mortsa~e, and aroiu~d rruts on the Pmperty. if a~y, plus on~-tweifth of yearly prcmium instaliments for hazard insura~ce,
ptus ooNtv?~elfth of yeuly premium iastaittae~ts tor mortgage insurance, if any, all u reasonably estimated initially and trom
time to time by 1~eoder oa tbe ba~sis of uses~nen~s and bilh and rcasonabk estimates thereof.
7be Funds sleall be beld in an i~utitution the deposits or accounu ot which are insured or guaranteed by a Federal or
state aaency (includina l.eador if Lende~ is such an institution). Lender shall apply the Funds to pay said taxes, assessments,
iasutaooe pr~emiums and ground rents. Lender may~ not charge for so holding and applying the Funds, analyzing said account,
or verifying and compying said asxssments and bills, unkss Lender pays Borrovrer interest oa the Funds and applicable law
permits l~endcr ta make such a charge. Borrower and I.ender may agrce in writing at the time of execution of this
Morta,a~ that intercst on the Funds sball be paid to Borrovvcr, a~d untess such agroement is made or applicable law
tequircs such intecrst to be paid. Lendc~ slwll not be required to p~y Borrowor any intercst or earnings on the Funds. Lender
shal! give to Bomov?w, wittaut charge, an annual accounting of the Funds showing credits and debits to the fiunds and the
p+erpose for which tach debit to the Funds wu mad~. The Funds are plodged as additional socurity for the sums secured
by t6is Mortaage.
If the anwunt of the Funds beld by Lender, together with the future monthly installments of Funds payable prior to
the due dates of tues, issessmcnts, inwrance premiums and ground rents, shall exceed the amount requircd to pay said taxes.
assessmeats, it~surance premiums and gruund rentc as they fall due, such eactss shali be. at Borrower s option, either
promptly rep~id to Bormvrer or credited to Borrow~er on monthly installments of Funds. If the amount of the Funds
bdd by l.eoder sball not be suE~cient to pay taxa, assessments, insurance pcemiums and ground rents as they fall due,
Borrower shall pay to Lender any amount necGS.wn• to make up the deficiene~ within 3p da}s from t6e date notic8 is maiied
by l.ender w Borrower reque,sting payment thereof.
Upon payment ia full af all swns securrd by this Mongage, l.ender shall promptly refund to Borro~ver any Funds
held by Lendcr. If under paragraph 18 hereof the Property ic xold or the Propeny is othenvise acquired by Lender, Lender
s6a1! apply, no later than immediately prior to the sale of the Property or its acquisition by [xnder, any Funds held by
Lend~r at the time of application as a credit against the sums secured by this Mortgage.
3. A~Gcatio~ ot TaYoe~ts, Unless applicabk law provides otherwise, a!! payments received by Lender under the
Note aad Qaragnphs 1 and 2 hereof shall be appl~ed by Lender 6rst in payment of amounts payable to Lende~ by Borrower
under paragtaph 2 hereof, then to interut payabk on thc Nute, then to the principal of the Note, a~d then to interest and
principal on aay Future Adv:ooes. ~
d. C~e~ t.iess. Borrow•er shaii pay all taces, assessmenis and other charges, fines and impositions attributable to
t6e PtopeRy which may atiain a priority over this I?iwtgage, and leivehold payments or ground rents, if any, in the manner
pmvided unckr paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, whe~ due, direcdy to the
payoe thereof. Borrowu s6a1t promptly furnish to Lender a11 notices of amounts due under this paragraph, artd ia ihe event
Borrow~er shalt malce payment directly, Barrow•er shall prompUy farnish to I.ender meipts evidencing such payments.
Bom~w•er shall promgtly diuharge any lien a•hich hu priority over this Mortgage; providtd, that Borrower shall not be
required to discharge any such lien so bng as Borrow~er shaU agree i~ v?riting to the payment of the obtigation secured 6y
soc6lieo in a manner acceptable to Lender. or shalf in good faith contest such lien by, or defe~d enforcement of such lien in,
legal proceedings which operate to Qreveni the eo(orrement of the lien or forfeiture of the Property or any part thereof.
5. Ha:ard lasaraoce Borrower shall keep the impro.ements now existing or hereafter erected on the Property insured
againu labs by 5re, hazacds included wit6in the ter.~n "eue~ded coverage", and such other hazards as L.ender may require
and in such amQUnts and for wch periuds as L,ender may require; Qrovided, that Lender shatl not require that the amount of
such coverage e~eeed that amou~t of coverage required to ~ay the sums secured by this Mortgage.
The iasurance catrier providing the inwrance shall be chosen by Borrower subject to approval by Lender, provided,
that wch approval shall not be unreasonably w~thheld. All pr~miums on insurance policies shall be paid in the manner
pro~ided under paragraph 2 hereof or. if not paid in such manner, by Borrow•er making payment, when due, directly to the
inwrance carritr. ~ •
A!1 inwr~nce policies and renewals thereof shall be in form acceptable to l.ender and shall include a standard mortgage
clause in favor of and in form acceptabk to l.ender. Lender shall have the right to hold the policies and renew•als thereof,
and Borrow-er shall promptly furnish to Lender alt renew•at ratices and all receipts of paid pmmiums. In the event of loss,
Bormwcr shall give prompt not+ce to the insurance carrier and Ixnder. ~ender may make proof of loss if not made promptly
by Borrower. ~
Unkss Lender aad Borrower othen.~ise agree in w•riting, insurance proceeds shall be applied to restoration or repair of
the Property damaged, provieied such restoration or repair is economicalh• feasible and ihe security of this Mortgage is
not therebi~ impaired. If such restoration or mpair is not econornically feasible or ii the security of this Mortgage would
be impair~d, the inwrance procoeds shalt be applied to the sums secured by this Mortgage, with the excess, if any. paid
to Borrowcr. If ttx Propertp is abandoned hy Borrower. or if Borrower fai(s to respond to Lender within 30 days from the
date notice is mailed by L.ender ro Borrower that the insurance carrier ofier~ to settle a claim for insu~ance benefits, Lender
is authorizod to cdkct and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
or to the wms secured by this Mortgage_
Unless Lender and Borrorrer othecwise agree in writing, am~ such application of proceeds to prineipa) shall not eatend
or pcutpone thc due date of the monthly~ iastallmeots referred to in paragraphs 1 and 2 hereof or change the amuunt of .
wc6 installmrnts. If onder paragraph 18 hereof the Propertm is acquired b}~ Lender, all right, tide and interest of Borrov?cr
in and to an} insurance policies and in and to t6e proceeds thereof resulting from damage to the Propeny prior to the sale
or acquisition shall pass to Lender to the extent of the sums secured by this ;tiartgage immediately prior to sueh sale or
acquisition.
6. Presenata~ aad ~~aiatenance of Properis; Lezscholds: foadominiums, Ptsaned Uuit De~dopmeois. Borrower
shall keep the Property in good repair and shall aot comntit waste or permit impairment or deterioration of the Property
and shail compiy w-ith the provisioos of any lease if this Mongage is on a leasehoid. If this Mortgage is on a unit in a
condominium ur a p[anned un~t development, Borrow~er shal! perform al! of Borrowei s obligations under the declaration
or covenants cteating or govtrning the condominium or planned unit devefopment, the by-laws and tegulations of the
candominium or planned unit development, and constituent doc~unents_ i( a condominium or planned unit development
rid~r is ezecuted by ~orrower and recorded together with this Mortgage, the covenants and agreements of such rider
shatl be incorpacated into and shatt amend and supplement ttx co+~enants and agreements of this Mortgage as if the rider ,
urre a pari heroof.
7. Trotectioe of Lcader's Security. If Borrow•er fails to perform the covenants and agreements contained in this
Mortgage, or if any action or prooeeding is commenced w•hich materialty af~ects Lender 5 interest in the Property,
including. but not lim?ted to, eminent domain, insolvency~. code enf~rcement, or arcangements or proceedings involving a
banJcrupt or decedent, then Lender at l.ender's option, upon natice to Borror~•er, may ma~e such appearances, disburse such
wms and take such action u is necessan to protect l.ender s interest, including, but not limited to, disbursement of
reasonabk attomey's fees and entry upon ehe Property to make repairs. ~ If [.ender required mortgage insurance as a
condition of malcing the loan secured by this Mortgage. 8orrou~er shall pay the premiums required to maintain such
inwranet in e~ect ~;ntil such time as the te.quiremeot for svch mwrance terminates ia accordance with $orrower s and
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