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UNIPORM COVBNAt~tT3. Borrowcr ar~d l.ender rovenant and agrec as (ollaws: ~
1. ~lJlqtA~ OI MOC~I ]p~lft3~. Born?we~ shall p~omptly pay N•hen duc thc prirtcipal of and interest on the
indebtedtkas evideoced by the Note. prepsyment-a~d late ch~rges as proviJed in the Note, and the principal of and imeres~
on aay Future Advances secured by this Mortgage. !
Ftiads for Tues and Inaunoce. Subject to appiicabk law ar to a written waivcr by [_ender. I3orrower shall pay ~
to I.e~der on the day monthly installments of ptincipal and inte~cst are payable under the Note,~until the Nole is paid in (u11. '
a sum (herei~ "Funcis") equal to one-twel[th ot the yearly taxes anJ accessme~ts which may attain priority ove~ this ,
Mortgagc, and ground renss on the PrQperiy. if aay, plus onc-twe!(~h of yearly premium installmeots for hazard insurance,
plus o~e-twdith of yearly premium installmcnts [or mortgage insu~aRCC, if any,'all as rea~onabl~ estimated initially and from }
timc to time by l.endcr on the basis of assessntcnts and bills a~d reasonable estimates the~cof.
7be ~Lnds shall be held in an institutian the depoaits or accounts of ~which are insured or guaranteed hy a Federal or ~
state agency (including I.tnder if Leoder is such an institutioni. 1_ender shalt appty the Funds ta pay said taxes, assessments. s
+tuettance prietniams and gramd rents. 1_ender may not cbarge for ui holding and applying the Fundc, analyzing ~aid accou~t.
or verifying and compiling said assessments and bills. unless Leoder pays Borrowe~ interest on 1he Funds and applicable law #
. petmits Lende~ to make such a charge. Borrower and L.enJer, may agrce in writing 'at the time of caecution of t?~is ;
Morigage that interest on the Funds shatl be p:rid to Borrower. and unless such agreement is madc or applicable law
rcquira such interest to be paid, I.ender shall not be rcquired to pay Barrower any interest or earnings on the Funds. l.ender `
shall give to $orrower, without charge, a~ annual accounting of the Funds showing credits and debits to the Funds and the ~
purpost for which each debit to the Funds was made. The Funds are pleciged as additionaf security (or the sums secured ~
by this Mortgag~e. - }
If the artwunt of ihe Funds held by I.ender, together with the future monthty installmeats of Funds payable prior to
the due dates of taxes, assessmenu, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, ~
assessments. insurance premiums and goound re~ts as they fall due, such excess shall be; at Borrower s aptiun, either
proaepily rtpaid to Borr~ower or credited to Borrower on monthly installments of Funds. If the amount of the Funds ~
held by L.eader shall not be su~c~nt to pay taxes, ass~ssments, insura?~ce premiums anJ ground rents u they fall due,
Borrower s6a11 pay to Lender any amount nocessary to make up the deficiency within 30 da~~s from the date notice is mailed ~
by Lender to Borrower requestirig payrricnt thereof. ~ 4
Upoa payment in full of all sums secured by this Mongage, Lender shall promptly refund to Borrower any Funds ~
held by L.enckr. If under paragrap6 18 hereof tfie Propeny ia sold or the Property is otherwise acquired by I.ender, Lender =
s6al! apply, no later than immediatcly prior to the sale af the Propeny or its acquisition by I_ender, any Funds held by j
Lender at the time of application as a credit against the sums secured by this Mortgage. _
3. App~iratioa oi psymeots. Unless applicable law provides otherwise, all payments received by Lender unJer the ;
Note and paragraphx 1 and 2 hereof shall be applied by l.cnder first in payment of amuunts payable to [.enclcr by Borrower !
under paragraph 2 hereof, then to interest payable on the Note, then to thc principal o[ the Note. and thcrt to interest and
principal on any Future Advances. _
4. C6arses; Liens, Borrower shall pay all taaes, assessmcnu and othcr charges, fines and impositions atlributable to
the PropeRy which may attain a priopty rner this Mortgage, and leasehold payments or ground rents. if any, in the manner ~
pr~videci under paragraph 2 hereof oc, if not paid in such manner, by Barrower making payment, when due, directly to the ~
payce thet~eof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event ~
Bornower shafl make payment directly. Borrower shall promptly furnish to L.ender receipts evidencing such payments. ~
Borrower shall promptly discharge any lien which has priority over this Mortgage; provided. that Borcower sball not be l
requirod to discharge any such lien so Iong as Bortower shall agree in writing ta the payment of the obligation secured by
such lien in a manner aeceptable to [.ender, or sha!! in good faith contest such lien by, or defend 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.
5. Hawrd Insarance. Borrower shall keep the improvements now• existing or hereafter erected on the Property insured
against loss by fire, hazards included within the tetm "extended coverage", and such other hazar+ds ac Lender ma~~ require
and in suc~ amounts and for such periods as Lender may requirc; provided, ttiat Lender shall not require that the amount ot
such coverage exceed that amount of co~•erage required to pay the sums secured by this Mortgage.
'I7~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
that such approval shatt not be unreasonably withheld. Ail premiums on insurance policies shall be paid in the manner
rovidod under r ra 2 hereof or, if not a~d in such manner, b Borrowu makin '
P Pa a8 Ph p~ y g payment, when due, directly to the
insurance carrier. i
AU insurance policies and renewals thereof shall be in form acceptable to Lender and s6af1 include a standard mortgage ~
clause" in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, i
and Borrower sha!! promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss,
Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of bss if not made promptty
by Borrower. .
Untess Lender and Borrower otherwise agree in writing, insurance proceeds sha!! be applied tn restoration or repair of
the Propeny damaged, proviJed such restoration or repair is economically (easible and the security of this Mortgage is
not thereby impaired. If such restoration or rcpair is not economically feasible or if the security of this Mortgage would
be impaired, the insurance proceeds shal! be applied to the sums secured by this Mortgage, with the eacess, if any. paid _
to Borrower. If the Property is abandoned by 8orrower, or if Borrower fails to respond ro Lender within 30 days from the
date aotice is maile~ by l.ender to Borrower that the insurance carrier of~ets to settle a claim for insurance benefits, I.ender
is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Properiy
or to the sums secured by this Mortgage.
Unless I.ender and Borrower olherwise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installmcnts referred to in paragraphs 1 and 2 hereof or chan~e the a~nount of
such installments. If under paragraph I8 hereof the Property is acquired by Lender. all right. title and interest of Borrower
in and to any insurance policies and in aad to the.procceds thereof resulting from damage to ihe Pmperty prior to the sale •
or acquisition shall pass to L.ender to the eztent of the sums secured by this Mortgage immediately prior to such saie or
acquisition.
6. Prraer~atlan and Maintenauce of Properiy; I.case6nlds; Condomiuiuau; Planoed Unit Devdopmeats. -Borrower
shall kcep the Propetty in good repau and shall not com~pit waste or permit impairment or deterioration of the Property
and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this •Mortgage is on a unit io -a ,
condominium or a planned unit development, Borrower shall perform all of Borrower
s obligations under the declaration ~
or covenants creating or governing the condominium or planned unit development. the by-laws and regulations of the
condominium or planned unit deveiopment, and consiituent documents. If a condominium or ~lanned unit development ~
rider is executed by Bonower and recorded logether with ~his Mortgage, the covenants and agreements of such rider {
shall bt incorporated into and s6a11 amend and supplement the covenants and agreements of this Mortgage as if the rider i
wert a part hereof. ~
7. Protactio~ oE Leoder's Secrrit~. If Borrower faiis to perform tiie covenants and agreements contained in this =
Mortgage, or if any action or pioceeding is commexecl which materially aBects Lender's interest in the Propeny, `
including, but not limitod to. eminent doitlain, insolvency, code enforcement. or urangements or proceedings involving a
bankrupt or dxedent. then Lender at l.ender's option, upon notice to Borrower, may make such appearances, disburse such
sums and take such xtion u is neoessary to protect Lender's interest. including, but not limited to. d'abursement of
rea~onabk attomey's [oes and entry upon the Property to make repairs. If l.erxkr required mortgage insurance as a
,+:+_.w. ~f makino the ban securcd bv this MortRaRc. Borrower shall pay thc premiums required to mainlain such
inwranve in effxt until such time as the requirement for sucfi insurance terminates in accordanoe with Bortnwer
s aod
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