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UNlFOR1~4 COVENANTS, Bornower and Leode~ covensnt aad a~ra u(ollows:
L~ ~we~l of hi~clNl ~i Werat. Bo~rower shall promp~l) paY when due the principal ot ar?d interc~t oo the
indebtednas evideneed by the Note. p~epayment and late chargec ac p~ovidtd in the Note. and the Principal ot and intet~est
a~ aay Future Advances secwnd by this Monaase.
F~Ns tar Tasa aa~ IriaeMCe. Subject to applicabk law~ ~?r to a writ~en waiver by Lender. 8orrowe~ shal~ paY
to Lender o~ the dsy montAly i~stallme~~s of principal and i~tcrcu arr payat+k under the Note. until the Note is paid i~ tull,
a aum (herein "Fund:") eqwl to or~e-twelfth of the yea~l~ ua~~ and assessments which may attain priority ove~ this
Mott~aje. and iround rents on the Pcope~ty, if any, plus one-twel(th of yearly prcmium inuallments tor hazard insurance.
plus one-twelfth o[ yearly ptemium inslallme~ts tor mongage insurancc, i( any, all u rcuo~ably estimated iaitially and trom
time to time by Lender on the buis of asxssmcnts and hills and rcasona~k estimata thereof.
71~e Funds shall be held in an institution the depos~u or •rccounts of Mrhich are insured o~ ~uannteod by a Federal or
:tate a~ency (includina Lende~ if Lender is such an institution). 1_ender shall apply the Funds to pay said taxa. assestments.
insurance premiums and ground rcnts. t_ender may not charge for se~ holding snd applyiog 1he Fundc. analyzin~ said account,
or verifyin~ and complinj said assessments a~d Mlla, unless Leoder pays Borrower interat on the Funds ar~d applicable law
permits Lender to make s.~ch a charge. Borrower aod I.ender may agrce in writing at the time o( eaecutioo of this
Mort~age tbat interat on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law
roquira such intercst to be paid. Lender shall nat be rcquired to pay Borrower any intercst or eamings on the Fu~ds. Lender
shall ~ive to Borrower, without charge, an annual accounting of the Funds showing crcdits and debits to the Funds and the
purpose for which each debit to the Funds was made. The Funds arc plodged as additional security tor the sums securcd
by this Monpae. ~
If the unou~t ot the Fuads held by Lender, together with ~he future montMy instalimeots of ~unds payable prior to
16e due dates of taxes, auessments, insurance prcmiums and ground rcnts, shall exceed the amount required to pay said taxes.
asse~+tnents, insurance premiums and ground rcnts u they tall due, such excess shall be, al Borrower s op~ion, either
protnpUy repaid to Borrower or credi~ed to Boriuwer on monthly installments oi Funds. lf the amount of the Funds
beld by Lender shall not be sutficieat to pay taxa. assessments, insurance premiums and ground rents as they [all due. .
Borrow~er s6a11 pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by Leode~ to Bonower requesting payment thercof.
Upoa payment ia full of dl sums securod by this Mortgage, l.ender shall promptly rcfund to Borrower any Funds
held by Lender. If undtr paragraph 18 hereof the Propeny ia sold or the Property ~s otherwise acquired by Lender, Lender
shd! apply. no later ihan immediately prior to the sale of the Propeny or its acquisitio~ by I.ender, any Funds held bv
I.eader at the time of appticatio~ u a crcdit against the sums secured by this Mortgage.
3. A~plicatio~ ot l~oesls. Unless applicable law provida otherwix, all payments received by Lender under the
Nofe and paragraphs 1 and 2 hercof shall be applied by I.ender first in paymen? ot amounts payable to Lender by Borrower
under puagraph 2 hereof, t6en to interest payabk on the Note, then to the principal of the Note. and then to interest and
principal on any Future Advances.
4. Cbar~ea; Lkas. Borrower shall pay all ~aaes, assescments and other charges, ftnes and impositions attributable to
t6e Pmperty which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner
pmvided u~der paragraph 2 hercof or, if not paid in such manner, by Borrower making payment, whp~ duc, directly to the
payee theceof. Borrower shall promptly furnish to CenJer aU notices of amounts due under this pangrsph, and in the event
Borrower shall 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 Borrower shall not be
rcquired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligatiun secured by
such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defenJ enfor+cement of such lien in.
legal proccedings which operate to prevent the enfurcement o( the lien or torfeiture of the Propeny or any part thercof.
S. Hazard Inwraace. Borrower shall keep the ~mprovements now existing or hereafter erected on the Property insurod -
against loss by firc, hazards included withm the term "extended coverage", and such other hazards as Lender may require
and in such amounts and for such periods as Lender may require; provideJ, that Lender shall not require that the amount of
such coverage exceed that amount of coverage required to pay the sums secured ~by this Mortaage.
The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by LenAer, providod,
t6at wch approval shall not be unieasonably withheld. All premioms on insurance policies shall be paid in the manner
provided under paragraph 2 hereof or, if not pai~ in such manner. by Borrower making payment, when due, direcdy to the
iosunnce carrier.
All insbrance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
~lause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof,
' and Borrower shall promptly furnish to Lender all renewal nouces and all receipts of paid premiums. In the event of loss,
Borrower shall grve prompt notice to ~he insurance carrier and t_ender. Lender may make proof of loss if not made prompQy
by Borrower.
` Unless Lender and Borrower otherw~se agree in writing, insurance proceeJs shall be applied to restoration or repair ef
~ the Property damaged, provicled such rcstorat~on or repair is economically feasible and ihe security of this Mortgage is
? not thereby impaired. If such restoration or repair is not economirally fcasible or if the ucuriry of this Mortgage would
! be impaired, the insurance proceeds shall be applied to the sums secureJ by this Mongage, with the exeess. if any, paid
~ to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond tci Lender within 30 days trom the
date notice is maded b~• Lender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, Lender
~ is authorized to collect and apply the insurance proeeeds at Lender's option either to restoration or repair of the Propert~~
or to the sums secured by this Mortgage.
~ Unless Lender and Borrower otherv?ise agree in Kriting, any such application of proceeds to principal shall not extend
~ or postpone the due date of the monthly installmcnts rcferred to in paragraphc 1 and 2 hereof or change the amount of
s such installments. If under paragraph 18 hereof the Property is acqwred by Lender, all right, tiUe and interest of Borrower
~ in aod to any tnsuranc~ policies and in and to the proceeds thereof resulung from damage to the Propeny prior to thc sale
a or acquisition shall pass to Lender to the extent of the ~ums secured~ by this Mortgage immediately priot to such sale or
y acquisition.
6. Presenation aod ~faiotenance of Propert~; Leacehulds; Condominiums; Planned U~it Developments. Borrower
' shall rcep the Property in good repair and shall not comro~~ Y~'aste or permit impairment or deterioration of the Properry
~ and shall compl~• with the provisions of any lease if thu Mungage n on a leasehuld. lf this Mortgage is on a unit in a
;
~ condominium or a planned unit devclopment. Borrower shall perform all of Borrower's obfigations under the declaration
or covenants creating or govermng the condominium or planned unit development, the by-laws and regulations of the
condominium or planoed unit development, and constituent da:umentti. If a condominium or planned unit development
rider ~s executed by Borrower and recorded tvgether w~th thn Mortgage, the covenants and agreements of such rider
shall be incorporated into and shall dmend and supplement the co.enants and agreements af this Mortgage as if the riJer
~ were a part hereof.
' 7. Profection of [.ender's 5ecurSty. If Rorrower (:ul~ t~• perf~~rm the covenantti and agreements contained in this
Mortgage, or if any action ur proceeding iti rommence~l Hhich materially ~(iects l.ender's interest in the Property,
including, but n+~t lim~ted to, eminent domam. in~c.lvency, cexJe en(i~r~emenl. ~~r arrangrmentc or proceedings ~nvolc~ng a
"f bankrupt or decedent. then Lender at Lender'~ apUOn, u~~n notice lo Borrower, ma~ make such appearances, disburse such
n sums and take such actiun ati is necc~.ar}• tu protect I.ender's ~meresl, inclu~ling. but not IimrteJ to, disbursement of
_ reasonable attomey'c icc, and eniry uFxm thc Propcr~y~ makc rcpa~n. It 1_cndcr rcyuircJ m~~rtgage insurance as a
condition u( mak~ng thc loan ticcureJ h~ th~~ At~~rtgagc. BnrruNCr shall pa}• thr prcmiwns rcq~~ired to maintam such
~ ~nsurance in efiect unul ~uch Umc ai the reyuirrment for wch msuranec Icrminatr~ in arcordanec with Borrower's and
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e • ~ ~~oK 301 PACE 265
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