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UNI~M COVlNANTi. Bormau and Lender covenaet and a~roe as tollow::
1. l~weM ef l~i~c~l a~i 1~te~eN. Borrower shai) Mompily pay wheo due the principal ot aod interat oe the
it~debtednea evideaoed by tbe Note. prepayment and late chargec ac ~uovided in the Note, and the principsl ot and intetat
on any Future Advanca ~curod b~? this Mottjsje.
2. !ri tor TaaiM ~i iwr~ea Subject to applicabk law ~x ~o a written waive~ by Lender, Borro~ver shall pay
to Lender on the dsy mootht~? inuallments of p~ncipal and intcrcst arc payable unde~ the Note. until the Note is paid in tull.
a sum (he~ein "rund~'~ eqwl to onc~tweltth of ~he yesrl~~ ~ax~~ ancl assessments which may anain priority over this
Mortsa~e. and ~round reets on tl~ Pr~peny. it any, plus one-twel(~h of yearly premium i~uallments for huard inwrance.
plus oae-twelfth of yearly premium installmenls tor mott~age insunnce, if any, all u reawnably atimaled ioitially and trom
time to tima by Leader on the buis of assescmcnts aod hills and reuonabk estimata thereof. -
'IUe Funds shall be held in an institutic+~ the deposiu or accounu of wrhich ~ro i~nursd or ~uaranteed by a Fedenl ot
state a~ency (includina Lender if l.ender is such an institwion). 1_ender shall apply the Funds to par uid taxp. assessments.
iawranoe premiums and ~round rcnts. l.ender may na~ cha~ge ~o~ u+ holding and applyins the Funds, analyzing said account. .
or verifpin~ and complin~ uid sssessments and bills, unless l.eader pays Borrowe~ inlerat on the Funds and applicabk law .
pemuts I:ender to make such a char~e. Borrowe~ and Lender msy agrce in writing at the time of ezaution ot this
Mort~sje tbat interat on the Fuads shall be paid to Borrower. and unlas such asreement a made or applicabk law
roquiees auch interat to be paid, l.ender shall nat be rcquired to pay Borrower any interest or earnings on the Funds. Lender
abaU pve to Bormwer, without charge, qo annual accouoting of the Fuods showina crediu and debits to the Funds and the
' purpose tor which each debit to the Funds wu made. The Funds are plodgod u additional secu~ity for the sums secured
by W~ Mort~ase. ~
If tbe anwunt ot tbe Ftu~ds held by Lender, together with the futurc monthly installments of Funds payabk prior to
t6e due data of taxes. assessmeats. i~uranoe prcmiums and ground rcnts, shall exceed the amount requircd to pay said taxes.
a~nenu. iasurance premiums aad ground rents as they ~fall due, such excess shall be. at Borrower
s option, either
promptly repaid to Borrower or ctedited to Borrower on monthly installments of Funds. If the amount ot the Funds
lidd by Leoder shall not be w8'icieat to pay tues. ass~sxments, insurance premiums and ground reots as they fall due.
Borrower s6a11 Qay to Laider any amount necessary to make up the deficiency within 30 days from the date notice is mailcd
by Lender to Horrower requatia8 WYment thereof. .
Upon paymeat in tull of all sums secured by this Mortgage, l_ender shall promptly refund to Borrower any Funds
held by Leadet. If undet puagraph 18 hereof the Property i~ sold or the Property ~s otherwise acquired by Lender, Lender
shall apply, ra later t6aa immediately prior to the sale of th~ ~Properiy or its acquisition by Lender. any Funds held bv
I.eoder at the time of applicat'an st a credit against the sums securcd by this Mortgage.
3. A~licatloa ot ta~eds. Uqltss applicable law provida oiherwix, all payments receivcd by Lender unde~ the
Note and pang~aphs 1 and 2 hereof shalt be applied by [.ender first in payment ot amounts payable to Lender by Borrower _
under parsgraph 2 hereof, tben to interest payabk on the Note, then to the principal of the Note. and then to interest and
principal on any Future Advances.
1. C6arier, Litas. Borrower shall pay all taxes, assessments and othcr charges, 6nes and impositions attributable to
t6e Propeny which may attain a priority over this Mortgage, and leasehold payments or ground rents. if any. in the manaer
pcmrided under paraaraph 2 hereof or. if not paid in such manner, by Borrower making payment. when due, directly to the
payee theroof. Borrower shall promptly [umish to Lender all notices of amounts due under this patagraph. and in the event
Borrower shall make payment directly, Borrower shall promptly fumish to Lender receipts evidencing such payments.
Borrower shall promptly discharge any lien which hu prio~ity over this Mongage: provided, that Borrower shall not be
required to discharge any such li~n so long as Borrower shall agree in writing to Ihe payment of the obligation secured by
such lien in a manntr acceptable to Lender. or shall in good faith contest such lien by, or defend e~forcement of such lien in.
legal proceedings which operate to prevent the enforcement ot ~he lien or forfeiture of the Property or any pan thercof.
S. Ha~ard lacnn~ce. Borrower shall keep the improvemen~s now existing or hereafter erected on the Prope[ty insurod
against loss by fire, hazatds included withm the .term "extended coverage", and such other hazards as Lender may require
aad in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of
such caverage exceed that amount of coverage required to pay the sums secitred by this Mort6age. .
'I~e insurance carmr providing the insurance shall be chosen by Borrower subjoct to approval by Lender, provided,
t6at wch approval shall not be unreasonably withheld. All premiums on insurance policies shafl 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 renewals therrof shall be in form acceptable to Lencier and shall indude a standard mortgage
i clause in favor of and in form acceptable to Lender. Lender shall have the iight to hold the policies and renewals thereof,
~ and Borrowe~ shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss.
! Borrower shall grve prompt notice to the insurance carrier and t_ender. Lender may make proof of loss if not made promptly
~ by Borrpwer. -
Unless Lender and Borrower otherw~se agree in writing, insurance proceeds shall be applied to ratoration or repair of
~ the Property damaged, provided such restorahon or repair is economically feasible and the security of this Mortgage is
not thereby impaired. If such restoration or repair is not economically feasible or if the stcurity of this Mortgage -would
~ be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any. paid ~
~ to Borrower. If the Properry is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
date notice is mailed by L.ender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, Lender
is aut6orized to collect and apply the insurance proceeds at Lender's option either to resroration or repair of.the Propenv
or to the sums secured by this Mortgage. ~
Unless Lender and Borrower otherwise agree in v?~~riting, any such applica~ion of praceeds to principal shal) not extend
or postpone the due date of the monthly installments referred to in paragraph~ I and 2 hereof or change the amount of
such installmepts. If under paragraph 18 hereof the Property is acywred br• Lender, all right, title and inteiest of $orrower
r in and to any h~surance policia and in and to the proceeds thereof resultmg from damage to the Properry prior to th~ sale
~ or acquisidon shall pass to l.ender to ihe extent of thc ~ums sccured by this Mortgage immediately prior to such sale or
acquiaition.
~ 6. Pr+eservalion and Naintenance of PropeAY; Leasehulds; Condominiurns; Planned Unit Devebpments. Bortowcr
~ shall keep the Property in good repair and sball not comroit yvaste or permit impairment or deterioration of the Properry
~ and shall comply~ with the provisions of any leax if this Mortgage is un a leasehold. If this Mortgage is on a imit in a
~ condominium or a planned unit development, Borrower shall ~rform all of Borrowers-obGgations under the declaration
or coveoants creat~ng or governmg the condommium or planned imit developmem, the by-laws and regulations of the
~ condomin~um or planned u~it development, and constituent Jocumentc. !f a conJominium or planned unit Jevelopment
~ rider ~s executed by Borrower and recorded te~gether w~th ~h~ti Mortgage, the covenants and agreements of such rider
~ shall be incorporated into and shall amend and supplcment thc covenants and agreemcnts of th~s Mongage as if the riJer
~ were a part hereof. ~
~ 7. Prolection of t.ender's Securfty. If BorroHCr fa~l~ t~~ perform the covenants anJ agreements contained in this
~ Mor~gage, or if any act~on ur proceedmg is c~~mmcnce~l wh~ch ma~erially afiects LenJer's mterest in the Properry,
~ including. but n~~t lim~ted to, emment domain. inu~h•enry, axle en(or~ement. or arrangements or proceedings invoh•ing a
~ bankrupt or decedent. ihen lxnder at Lender'a opt~on, upon not~ce to Borrower, ma~ make such appearances, dishurse such
~ sums and take such action a~ is necessar~• tu pm~ect Lender's mterest. inclu~ing. but not lim~ted to, disbursement of
~ reasonable auorney's fees and emry up~m the Propcri}• to makc repairs. If Lender rryuireJ mortgage inturance as a
~ cond~t~on o( makmg thc loan secure.l b~~ th~~ Mi~rtgagr, Borr~?wrr sh:~ll pay Ihc premiums required to maintam such
~ ~nsurance in efTect un~il ~uch time as ~he reyuiremenl tor tiuch msuranre tcrm~nates m accordance wi~h Borrow•er's and
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~ ~ BOOK 3U3 ~AGE 5~~
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