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UNtFOnnt Cov~N~NTS. Bom~wer ar~d LenJe~ covcnam and agree as folk~ws:
1. Pqs~est o[ trioclpd aod lMerest. t~rrowrr shall pmmpAy pay when duc thc principal o! and interest on tM.
ildebtedness evidenced by the Note. prepaytnent and latr cha~b~~e ac pruvicled in the Note, and the principal of and interest
on any Future Advances s~cured by this Mortgage.
2. t+tiads [or Tuea aad I4wrance. Subject to applic:,hle I~w ~~r ~a a written vraivcr by ~endet. Borrower shall pay
to I.endcr on the day manthly installments of principal and intcrra arc payaMc under the Notc, until the Note is paid in full.
a aum (hercin "FunJs") equal to one-tv?~elfth af thc ycarty ta~~. anJ asscssments which may attain priority over this
Mortgage. and g~ound renta on the Propcny, if any, plus cu~e-t~vclfih of yearly premium installments fo~ hazard insurunce.
ptus one-twelfth of yearly premium installments for martRage insurancc, if any, all as rcasonably estimated initially anJ trom
dmo to time by I_ender on thC basis af asses~mrnts and hills and rra~onable astimatcs thereof.
71~e Ftinds shall be held in an instituti~~n tlx: deposiu ar aca~unts of which are insured or guaranteed by a Federal or .
state agei~cy (including Lender if Lcnder is such rn ins~iwtionl. I.cnder ahall apply the Funds to pay said laxes, ascessmcnts,
insurance premiums aod ground rents. I_ender may oot cbarge for s~ holding and applying the Funclc, analyzing said account.
or ve~fying and compling said asussments and hilh, unless Lencier pays Borrower interest o~ the Funds aod applicable law ;
perm~ts Ltnde~ to make such a charge. liorrower and l.ender may ag~ee in writing at the time of exccwion of this `
Mortgage that interest on the Funds shall he paid to Borrower, and unless such agreement is made or applicable law
rcquires such interest to be paid, Lender shall no~ t~e required to pa~ Borrower any intcrat or earnin~s on thc 1=unds. I.endcr t
shall give to Borrower~ without charge, an annual accounting of the FunJs showing credits and debits to the Funct~ and the ;
purpose for which each debit to the Funds was made. The Funcls arc pleclged as additional securiry for the sums secureci t
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by this Mortgage. ~ '
If ihe aatount of the Funds held by l.ender, together a•ith the futurc monthly installmcnts of FunJs payable prior to ;
the due dates of taxes, assessments, insurance premi~ms a~d ground rents, shall exceed the amount required to p:+~• said taxes.
assesstne~ts, insurance premiums and ground rents as they fall due, such excess shall be, at Borrowe~ s option, either ~
promptly repaid to Borrower or crcdited to Borrower on monthly installments of Funds. . lf the amount of thc Funds 4
held by I.ender shall not be sufficient to pay taxes, assessments, insurance premiums anJ ground rents as thcy fall due.
Borrower s6all pay to Lender any amount necessary to make up the deficiency within 30 dayY from the date notice is mailed
by Lender to Borrower requesting payment ~hereof. ~ s
Upon payment in full of all sums secured by this Mortgage, l.cnder shall promptly refund to Borrow•er any Funds ;
heW by L.ender. If under paragraph 1R hereof the Property is sold or thc Propcrt~ is otherwisc acquired by Lender, Lender
shall apply, no later than immediatcly prior to the sale o( the Property or its acquisition by Lender, any Funds held by
I.ender at the time o[ application as a credit against the sums secured by this Mortgage..
3. Application of P~yments. Unless applicabte law provides otiierwise, all payments received by Lender under the
Note aad•paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lcnder by Borrower
under paragraph 2 hereof. then to interest payable on the Nae, then to thc principal of the Note, and then to interest and
principal on any Future Adva~ces. ~
4. Charses; Lie~. Borrower shall pay all taxes,-assessments and othcr charges, fines and impositions attributable to
tLe PropeKy which may attain a priority over this Mortgage, and leasehold payments or ground rents. if any. in the manner
pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due. directly to the
payce theteof. Borrower shall promptly furnish to Lender all notices of amouats due under this paragraph, aad in the event ,
Borrowe~ shall make payment directly. Borrower shall promptly fumish to l.ender receipts evidencing such payments. . '
Borrower shall promptly discharge any lien which has priority over this Mongage; provided, that Borrower shall not be =
requirod to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by
such lien in a manner acceptable to Lender, or shall in good faith contest such tien by, or defend enforcement of such lien in,
legal proceedings which operate to prevent the enforcement of the licn or forfeiture of the Property or any part thereof.
S. Huard Insarance. Borrower shall keep the improvements now• existing or hereafter erected on the Property insured • j
against loss by fire. hazards included within the term "extendeJ coverage", and such other hazards as Lender may reqaire ~
and in wch amounts and for such periods as Lender may requirc; provided, that ~ender shall not require that the a~?ount ot
such eoverage exceed that amount of coverage required to pay the sums secured by this Mortgage.
'ILe iaturance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. providal.
that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
iasurance carrier.
; All insurance policies and renewals thereof shall be in form acceptable to Lencier and shall include a standard mortgage ~
€ clause in favor of and in form acceptable to L.ender. l:ender shall have the right to hold the policies an~ renev?~als thereof.
g and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In th~ event of loss.
~ 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 othervrise agree in writing. iosurance proceeds shall be applied to restoration or repair of
the Property ciamaged, proviJed such restoration or repair is cconomically feasible and the security of this Mortgage is •
not thereby impaired. i[ such restoration or repair is not economical{y feasible or if the security of this Morigage would ,
be impaired. the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if an}•, paid
to Borrower. If the Propert}~ is abandoned hy Borrower, or if Borrower fails to respond to Lender within 30 days from ~he
date notice is mailed by Lender to Borrower that the insurance carrier otters to settle a claim for insurance benefits, 1_er.der
is authorizec! to c~llect and apply the insurance proeeeds at Lender's option either to testoration or repair of the Pr~pert~~
or to the sums secured by this Morigage. .
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not ~~tend
or postpone the due date of the monthly installments refe~red to in paragraphs I and 2 hereof or change thc amount of
suc6 installments. If under paragraph 18 hereof the Property is acquireci by Lendcr, all right, tille and interest of Borrower
in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to thc sale
or acquisition shall pass to I.ender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquisition. ~
6. Preser`ation aod Mainteaance of Property; Leaselwlds; Condominiums; Planned Unit DevebQments, Borrowcr .
~ shall keep the Properiy in good repair and shap not comro~~ ~+~+aste or permit impairment or deterioration of the Ptoperty
and shali comply with the provisions of any lease if this Martgage is on a leaschold. If this Mortgage is on a unit in a
~ condominium or a planned unit development, Borrower shall perfprm all of Borrower s obiigations under the declaratiun
~ or covenants creating or governing the condominium or planned unit develupment,_ the bylaws and tegulatioat of the
condominium or planned unit development. and constituent Jocumenis. If a condominium or planned unit clevelopment
~ rider is executed by Borrower and recorded together with this Mongage, the covenants and agreements of such rider
~ shall be incorporated into and sball amend and supplement the covenants and agreements of this Mortgage as if the riJer
~ were a part hereof.
7, protectioo of Lende~'s Security. If Borrower fails to perform the covenants and agreements rnntained in ihis
~ Mortgage, or if any action or proceeding is commenced which materially afiects [.eneier's interest in the Property. 3
including, but not limited to, eroinent domain, insolvency, code enforcement, or arrangements or proceedings involving a
bankrupt or decedent. ~hen l.ender at Lender's option, upon notice to Borrower, may make such appearances, disburse such
~ sums and take such action as is necessary to protect l.ender s interest, including, but not limited to, disbursement of
reasonable atloroey's fees and entry upon the Property to make repairs. IE Lender required mortgage insurapce as a
condition of malcing the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such
insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower s and
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