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Unt~oiu[ CoveH,?Hn. Borrower and Le~der coveoant snd a~roe u lollows: ,
1~eN o[ hi~clMl ~i I~IereN. Borrower shali p~omptl) paY when due tbe principal o( and intereq on the
~ndebccedneu evideooed by ~be Nae. Prepaymee~ and la~e chargec a.~ provided in ~he Nae, and the principal ot and interat
ae~ my Future Advances ~ecured by this Mort~ate.
1~ri fer Tat~s a~i ir~rsc~. Subjat to applicabk law ~~r to a written waive~ by Lender. eoRO~ ~i wr
to Lende~ on ihe day monthlp installments of principal and intcrc~~ arc payal~le under the Note. until the Note is paid in tull.
a sum (herein "Fund~'q eqwl to onc-twelfth of the yearl~- ta~?~~. snil assasme~ts which may atqia prioritp over this
Matssse. and ~rou~d rents on the Propeny, it any, plus oc~e-~welith of yeuly prcmium inuallmenb [or hszard insuraoce.
plut ono-tweltth of yearly premium installments for nwrtga`e insunncc, if any. all u rsasonably estimated initially and traa
time to time by Lender oa the buis of assa.~ments and hills and rcasonabk atimates thereof.
The Funds shdl be beW in an institution the depasia or ~ccounts of which are insurod ot ~uan~teed by a Fedenl ot
state a~ency (includioa Leader i[ l.e~der is such a~ institution). I.ender shall apply the Fut~ds to pay said lua, astatments.
inwrance premiums and ~round rcnts. I.ender may not charge for sc~ holdina and applyins the Fnndc. analyzinj said account,
or verifyinj and compilin~ uid assessmeots and bills, unlas Le~der p~ys Borrower interat on the Funds and applicsMe law
pemiits Lender to make such a charge. Borrower and Lender may a~rce in writin~ :t the time of eaecution ot this
Mort~a~e that interat on the Funds shall be paid to Borrower, and uakss suc6 aarament is made or spplicabk law
requira such interat to be paid. Lender shall not be required to pay Bonower any intercst or earni~gs on the Funds. Lender
s6a11•pve to Borrower. without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpose for which each debit to t6e Fuods was made. The Funds arc plodged u additional security for tl~e sums secured
by tha Mortpje. . - . .
If t6e amou~t o[ tbe Fuc~ heW by Lender, toge~her with the futurc monthly ins~allments of Funds payabk p~ior to
the due data of tua. auasmcatt. ir~surance prcmiums and ground rcnts, shall ezceed the amount required to pay uid taxes.
assaaaents, iraunnce premiums and ground rents u they (all due, such excess shall be. at Borrower's option, eieher
promptly rcpaid to Borrower or credi~od to Bomower on monthly installments of Funds. If the amouni of the Funds
heW by Lender shal! not be sut6cieat to pay taxa. assessme~ts, insurance premiums and ground rcnts aa they fall due.
Horroaer shall pay to Lender any amount necessary to make up 1he deficiency within 30 days from the date notice is mailed
by l.eoder to Borrower requestiqg payment thereof.
Upon paymeot in full of aIl tums secu~ed by this Mongage, Lender shall promptly refund to Borrower any Funds
held by L.ender. jf under pusgraph 18 hereot the PropeAy ia sold or the Propeny is otherwise acquired by Lende~. Lender
s6a1! apply. no later t6an immodiately prior to the sale of the Propeny or its ac.~uisition by Lend~r, any Fund . held bv `
I.ender at the time of applicatan u a credit against. the sums socured by this Mortgtge. .
3. A~piicatiw~ ot Pq~meats Unless applicable law provides otherwise, all payments received by Lender under the
Note and puagraphs t and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
uader puagraph 2 hereof. then to interest payable on the Note, the~ to the principal of the Note. and then to interest and
principal on any Future Advanoes. . .
i
1. CY~es; I,kos. Bonower shafl pay all taxes, assessments and other charges, fines and impositions attributable to
tbe PropeRy which may attain a priority over this Mortgage. and leasehold payments or ground nnts; if any. in the manner
pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. diroctly to the .
payee thet+eof. Botrower shall promptty furnish to Lender all notices of amounts due under ihis paraaraph. and in ttie eveat
Borrower shall make payment directly, Sorrower shall promptly furnish to l.ender rcceipts evidencing such payments.
Borrower shall prompUy discharge any lien which hu prio~ity over this Mortgage: provided, that Borrower shall not be
rcquirod to discharge any such lien so long as Borrower shall agree io wri~ing to the payment of the obligation secured by
such lien in a manner acceptabk to Lender, or shall in good [aith contes~ such lien by, or defend enforcement of such lien in. s
legal proceedings which operate to provent the enforcement of the lien or forfeiture of the Property or any part thereof. :
S. . Hazard lasrraece. Borrower shall koep the improvements now existing or h~reafter erected on the Property insurcd
against loas by 6re, hazuds included within the term "ectended coverage", and such other huards as Lender may requirc
and in such amounu and for such periods as Lender may require; provided, that Lender shall not require that the amount of
such coverage exceed that amount of coverage required ro pay the sums secured by this Mortaaga -
The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided.
Wat such approval shall not be unreasonably withheld. All premiums on insurance polici~s sha11 be paid in the manner :
' provided under.paragraph 2 hereof or, if not paid in such manner. by Borrower making payment. when due, dircctly to the
! insurance carrier.
; All insurance policies and renewa{s thereof shall be in form acceptable to Lender and shall include a standard mortgage
~ etause in favor of and in form uceplable to Lender. Lender shall havc the right to hold the policia and renewals thereof,
and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. in the event of loss.
j Borrower shall grve prompt notice to the insurance carrier and Lender. Lender may make proof of laas if not madt promptly
~ by Borrower.
~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to rcstoration or repair of
~ the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is
not thereby impaired. If stxh restoration or repair is not economically feasible or if the security of this Mortgage would
be impairad, the insurance procceds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid
to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier offers to xttle a claim for insurance benefits. L.epder
is authoriud to collect and apply the insurance Proceeds at Lender's opfion either to restoration or repa~r of the Propenv
or to the sums secured by this Mortgage.
Ualess Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installments rcferred to in paragrapht I and 2 hereof or change the amount of
sucb installmeuts. If under paragraph I S hereof the ProE,erty is acquired by Lender, all right, title and intercsC of Borrower
in and to any itisurance policia and in and to the proceeds thereof resulting trom damage to the Property priot to th~ sale
or acquisition shall pass to L.ender to the extent of the sums secured by this Mortgage immediately prior to such sale or
~ acquisition.
~ 6. Preservation aod t?faiatenaoce of Property; Lessehulds; Condominiums; Planned Uait Devebpmenls. Borrowcr
~ shall keep the Property in good repair and shall not comrpit yraste or permit impairment or deterioration of the Ptoperty
~ and shaU complf with the provisions of any lease ~L th~s Mortgage is on a leasehold. !t this Mortgage is on a unit in a
; condominium or a planned unit de~•elopment, Borrow•er 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 development, and conslituent do~:uments. If a condominium or planned unit development
~ rider is ex~cuted by Borrower and recorded toge~her whh this Mortgage, the covenants and agreements of such rider
~ shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the riJer
~ were a part hereof_ ,
7. Protectioe of [.eader's Security. )f Borrower fa~ls perfarm the covenants and agreements contained in this
~ Mortgage, or if any act~on or proceeding is rummenced wh~ch materially affects Lender's interest in Ihe Propeny,
~ includmg, but nc~t lim~ted to, eminent domain. ~n«~h~encp, code en(orcement, or arrangements or proceedings invoking a
~ baaknipt or decedent. then Lender at Lender'~ option, upcm notice to Borrower, map make such appearances, disburse such
sums and take such action as is necescar}~ tv protect Lender's ~nterest. including, but .no1 lim~ted to, disbursement of
~ reuonible attomey's (ees and en~ry upon the Proper~y to make repairs. If [.ender required morigage insurance as a ~
condition of making the loan aecureJ by~ this Afortgage. Borrower shall pay the premiums requireJ to maintain such
insurance in etiect until such time as the reyuiremeni for wrh msurance terminates in accordance with Borrower s and -
~ ~ 3~uK295 Y~~ "4~ ~
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