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UN1FMlM COVFN~NTS. BOrrowE~ and l.ender covCnant and a~ree as fullows:
1. Taytnent ot P~incipai aua lot~~est. Bormwe~ shall promptly pay when due the priocipai of and interest on the
indebtednets evidenced by the Note, propayment and late charges as providod in tfie Note. and the principal o[ and intercst
on any Future Advances secured by this Mortaa`e.
Z 14nd~ fo~ 'Itia~a sai Iaar~sce. Stibject to applicable law or to a written waiver by Ce~der, Borrower ahall pay
to I.ender on the day manthly installments of principal and interest are payable under the Note~ until the Note is pald in full.
~:um (hercio •'Fun~b") cqual to onatwelhh of the yearly taxes and a~sessments which may attain priority over this
Mon~aQe, and ~round reots on the Pt~opetty. if any. pl~u oao-tweltth of yearly premium installments fnr hazard insurance.
plua oru-twelfth of yearly pnmium installments for mortgage in:urance, if any. ~II u reasonably estimated initially and.from
time to time by Lender oa the buis of $ssessmenu and billa and rcasonable estimates thereof.
The Funds shall be held in an institution the depcnits or accounta of which are insured ar guaranteod by a Federal or_
state a~ency (including Lender if Lender ia such an inaptitutipn). Lender ahall apply the Funds to psy said taxes. astesameats.
insurance premiums and ground rcnts. Lender may not cluirge for so holding and applying the Funds. analyzi~g aaid account,
or verifying aad rnmpiling said assess:nents and bills. unless Lender pays Bonower interest on the Funds and applicable law
permits Lender to make such a charQe. Borrower and Lender may agrcc in writing at the time of cxecution of this
Mo~tgage that intercst on the Funds shall be paid to Borrower, and unless such agrcement is made or applicabte law
requira such interest to be paid. Lender ahall not be roquired to pay Borrower any interest or eamings on the Funds. Lender
shal) give 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 the Funds was made. 71~e Funds are pledged as additional security for the sums secured
by this Mortgagt.
If the amou~t of the Funds held by Lender, tagether with the future monthly installments of Funds payable prior to
the due dates of taxes, asses;ments, insurance premiums and ground rents. shall excetd the amount required to pay said taxes,
assessments. insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option. either _
~pranpqy repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
held by Lender shall ~ot be sufficient to pay taxes. aasessments, insurance prcmiums and ground rents as they fall due,
Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days trom tht date notice is mailed
by Lende~ to Borrower rcquating payment thercof.
Upcm payment in ful! of all aums securcd by this Mortgage, I.ender shall promptly retund to Borrower any Funds
held by I.ender. If under paragraph 18 hercof the Propeny is sold or the Property is othervvise acquired by Lender. Lender
shall apply, no later than immediately prior to the sale of the Property or its acquisition by I.ender, any Funds held by
Lender at the time oF applicadon as a credit against the sums secured by this Mortgage.' -
3. Appticatioa oE Payments. Unless applicable law provides otherwise, all payments receivod by Lender under the
Note and paragraphs 1 and 2 hereof shall be applied by l.ender first in payment of amounts pay~ble to Lender by Borrow~er
under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the 1'Qo~e; and then to interest and
principal on any Future Advances. ~ut~ • ~ . • ~ ' •
4. C6arga; Lkas. Borrower shall pay all ~axes, asscssments and other charser, •finerand ip}ptiric~n:. atuibut~ble to
the Property which may attain a priority over this Mortgage, and leasehold payments or ground renta. if any. in the manner
provided uader paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, diroctly to the
payce thereof. Bonower shall promptly furnish to Lenckr all notices of amounts due under this paragraph. and in the event -
Borrower shal! make payment directly, Borrower shall promptly furnish to I.ender receipts evidencing such payments.
Borrower shall promptly discharge any lien which has priority over this Mortgage; provickd, that Borrower shall not be
rcquired to discharge any such lien so long as Bor~ower shall agree in writing to the payment of the obligation secured by
such lien in a manner acceptable to I.ender, or shall in good faith contest such lien by, or defend enforcement of such lien in,
legal proceedings which operate to prevent the ~enforcement ot the lien or forfeiture of the Property or any pan thereof. .
S. Huard Inserance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
against loss by Sre. ha7ards included within the term "extended coverage". and such other hazards as Lender may require
and in such amounts and for such periods as Lender may require; pravided; that~Lender shall not require that the amount of
such coverage excoed that amount of coverage required to pay the sums secured by this Mortgage.
T6e insurance carrier providing the insurance shall be chosen by Borrower :ubject to approval by Lender. provided,
tbat such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
provided under parag~aph 2 hereof or, if ~ot paid in such manner, by Borcower making payment, when due. dirccUy to the
insurance carrier.
Aq insurance policies and renewals thereof shall be in form acceptable to Lender and shall include.a standard mortgage
clause in favor of and in form acceptable to I.ender. ~Lender shall have'tfie right to hoW the poliriu and renewals thereof,
; and Borrower shall 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 loss if not made promptly
by Borrower.
~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
E the Propeny damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is
not Ihereby impaired. If such restoration or repair is not economicalty feasible or if the securiry of this Mortgage would
~ be impaired, the insurance procceds shall be applied to the sutns secured by this Mortgage, with the exvess, if any. paid
; to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 dayt from the
' date notice is mailed by I.ender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits~ Lender
t is aut6orized to colket and apply the insurance proeeecis at Lender's option either to restoration or repair of the Property
~ or to the. sums ucured by this Mortgage.
Unless I.ender and Borrower otherwisc agree in writing, any such application of proceeds to principal shall not extend
~ or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of
s such installments. If under paragraph I S hereof the Property is acyuired by Lender. all right, title .and interest of Borrower
- in and to any insurance policies and in and to the proceeds theroof resulting from damage to t6e Propeny prior to the sale
~ or acquisition shal! pass to I.ender to the extent of the sunu secured by this Mortgage immediately prior to such sale or
acquiaition.
6. Preservatbn and Majntenance of Property; Leaseholds; Condomlaiums; Plaaned Udt Devdopments. Borrower
; shalt Iceep the Property in good repair and shall not commit waste ur permit impairment or deterioration of the Property
~ and shall comply with the provisions of any lease it this Mortgage is on a leasehold. !f this Mortgage is on a unit in a
condominium or a planned un~t 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 development, and constituent documents. If a condominium or planned unit development
rickr is executed by Borrower and recorded together w~th this Mortgage, the covenants and agreements of such rider
shaU be incorporated into and shall amend and supplement the rnvenants and agrcements of this Mortgage as if the rider ,
were a part hereof. i
; 7. Protectioa of Leader's Security. If Borrower fails to perform the covenants and agreements contained in this
- Mortgage, or if any action or proceeding is commenced which materially afiects Lender's interest in the Property,
_ including, but not limited to, eminent domain, insolvency, code en(orcement, or arrangements or proceedings involving a
~ bankrupt or decedent, then I_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 Lender's interest, including, but not limited to, disbursement of
reasonable attomey's [ees and entry upon tht Propeny to make repairs. If [.ender required mortgage insurance as a
~ condition of making the loan secured by this Mongage. Borrower shall pay the premiums required to maintain auch
insurance in ef~ect until such time as the requirement for such insurance terminates in accordance with Borrower s and .
0~297 ~ 47 ~
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