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UN~ROat~ CoveN~NTS. Borrower and Lender cuvena~t anJ agrre as follows:
l. hya~ed ot Priwci~l aod laferest. &~rruwer shali p~umptl~' p~y Mhcn due thc principal ot and inttrest on Ihe
~ndebtednas evidenced by the Note. prepayment and latc chargc. a. proviJcd in the Notc, and the principal of and intercst
a? aay Futurc Advsnces secured by this Mortgage.
2. F1i~ds tor Ta:a sad IawraNCe. Subject to applir;?hlc I~w ~~r to a written waiver by l.ender, Borrower shall pay
to I.ender on the day mo~thly installmen~s of p~incipal and mtrr.~i .~re payahle unde~ tM: Nae, until the Note is paid in tull.
a sum (hercin "Funcis") eqwl to one-twelfth o( the yrarl~ ia~~• ~nJ accessments which may attain priuriry over ~his
Morigage. and ground renu on the Pooper~y, if any. F+lus onc-tw•clfth ol yearly premium installments for hazard inturance,
ptus oae-twelfth of yearly premium installmen~s tor mangage i~isurancc. if any, all as reasonably eslima~ed ini~ially anJ from
time to time by Let~der on the buis af asses~mcnls arxl hills anJ reawnable estimates thereof.
The Funds shall !~e held in an instituti~~n ihe depcnu+ or accounts ol which aro insurcd or guaranteed by a Federal or
state agency (including Lender if Lcnder is such a~ institutionl. l.ender ahall apply ~he Funds to pay said ~axes, assessments.
insurance premiums and g~ound rents. 1 ender may n~t charge tor so holding and ap{+lying the F~mdc. analyzing caid acc~unt.
or verifying and compiling said assessments and bill~, unless l.ender pays Borrower interest on the Funds and applicable law .
permits Lende~ to make such a charge. Borrower and IxnJer may agree in writing at ~he time ot execution o[ this
Morigage that interest on the Funds shall be paid to Borrower, and unlas such agreement is made or applicable law
rcquires such interest to be paid. Lender shalt not he required ~o pay Bo~rower any imerest or earnings an the Funds. I_ender
shall pve to Borrower, witlwut charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpoae for which each debit to the Funds was made. The Funcis are pledged as addi~ional security for the sums secured
~ by this Mort6age.
If tAe amount of the Funds held by [.ender, togtther with the future monthly iost•rllments of FunJs payable prior to
Uu due dsta of taxa, assessmeats. inturance premiums and ground rents, shall excetd the amount reyuired to pay said taxes,
aaseua~ents. insurance prcmiums and ground rents as they fall due, such eacess shall be, at Borrower s op~ion, either
promptly ropaid to Borrower or credited to Borrower on mon~hly installments of Funds. It the amount of the Funds
held by Lender shdl not be sut6cient to pay taxes, assessments, insurance premiums and ground rents as they [all due,
Bocm*?er shall pay to Le~der any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by L.ender to Borrower requesting payment thereof.
Upon payment in full of all sums secured by this Mortgage, I_ender shall promptly refund to Borrower any Funds
held by L,ender. If under paragraph 18 hercof the PropeRy ia sold or the Property is otherwise acquired by I.ender, Lenckr
shall apply, no later than immediately prior ~o the ule of the Property or its acquisrtion by Lender, any Funds htld by
L.ender at the time of application as a credit aga~nst the sums seeured by this Mongage.
3. Apptication of Payoe~ts. Unless applicable law proviJes otherwise, all payments received by Lender under the
Note aad paragraphs 1 and 2 hereof shall be applied by l.enJcr first in payment of amounts payable to 1_ender by Borrower
under pangraph 2 hereof, t6en to interest payable on the Note, then to the principal ~f the Note, and then to interest and
principal on any Future Advancxs.
4. Charta; Lie.s. Borrower shall pay all taxes, assessments and othcr charges. 6nes and impositions attributable to
the Property which may attain a priority over this Mortgage, and leuehold payments or ground rtnts, if any, in the manaer
pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, ditectly to the
payee thereof. Borrower shall promptly fumish to LenJer all notices of amounts due under'this paragraph, aod in the event
Bornovrer shall m~lce payment directly. Borrower shall promptly furnish to I.ender receipts evide~ing such paymenu.
Borrower shall pranptly discharge any lien which has priority over this Mortgage: provided, that Borrower shall not be
~zquired to discharge any such lien so long as Borrower shall agree in writ~ng to the payment ot the obligation secured by
such liea in a manner aoceptabk to I.ender, or shall in good faith contcst such lien by, or defend enfonement of such lien in,
legal proceedings which operate to prevent the enforcement of the I~en or forfeiture of the Property or any part thereof.
S. Hazud Ins~trawce. Borrower shall keep the improvements nov? existing or hereafter erected on the Property insured
against loss by fire. hazards included within Ihe term "extended coverage", and such other hazards as Lender may require
and in wch amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of
such rnverage exceed that unount of coverage required to pay the sums secured by this Mort6age.
; '[Le insurance carrier pmviding the insurance shall be chosen by Borrower subject to aQproval by Lender, provided.
~ that tuch approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
i provided under paragraph 2 hereof or. if not paid in such manner. by Borrower making payment, when due, dircctly to the
€ insutance carrier.
£ All insurance. policies and renewals thereof shafl be in form acceptable to Lender and shall 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,
: and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss.
z Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
s by Borrower.
~ Unless Lender and Borcower other.vise agrec in wriGng, insurance proceeds shall be applied to restoration or repair of
, the Prop~rty damaged, proviJed such restoration or ~epair 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 security of this Mortgage would
~ be impairtd, the insurance proceeds shall be applied to the sums secureJ 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 nodce is mailed by I.ender to Borrower that the insurance carrier ofiers to setNe a claim for insurance benefits, l.ender
~ is aut6oriud to coUcet and apply the insurance proceeds at Lender's option either to restoration or repalr of the Propem~
or to the sums secured by this Mortgage.
~ Unless Lender and Borrower otherwise agree in writing, any such appfication of proceeds to principal shall not extend
~ or postpone the due date of the monthly installments re(erred to in paragraph~ 1 and 2 hercof or change the amount of
~ such installments. If under paragraph 18 hereof the Property is acyuired by Lender, all right, tiUe and interest of Borrower
~ in and to any insurance policies and in and to the proceeds thereof resul~ing from damage to the Property prior to th~ sale
~ or acquisition shall pass to I,ender to the extent of the sums secured by this Mortgage immediately prior to such sale or
~ acquisition.
6, Preservatioo and Mainteaance of Property; Les~ehulds: Condominiums: Pbnned Uait Developments. BorroK~cr
~ shall keep the Property in good repair and shall not comro~~ N'aste or permit impairment or deteriotation of the Property
and shall comply with thc provisions of any lease if this Mortgage ic on a Icasehold. If this Mortgage is on a unit in a
~ condominium or a planned unit development, Borrower shall pcriorm all of Borrower s obligations under the declaratiun
or covenants creating or governing the c~ndominium or planned unit development, the by-iaws and regulations of the
; condominium or planned unit development, and constituent documeats. !f a condominium or planned unit development
_ rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such ridcr
~ shall be incorporated into and shall amend and supplement ihe covenants and agreements of this Mortgage as if the riJer ;
~ were a part hereof. `
7, protection of Ltode~'s Securftr. If Borrow~er fails to perform the covenan~s and agreements contained in this
Mortgage, or if any action or proceed~ng is commenced which materially afiects l.ender's interest in the Property.
including. but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings invoh~ing a
~ bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such
~
~ sums and take such action as is necessary to protect l~nder's interest, including. but not limited to, disbursement of
reasonable attomey's fees and entry upon the Property to make repairs. If [~nder reyuircd mortgage insurance as a
condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such I
~ insurance in effcet until such time as ~he reyuirement for such insurance terminates in accordance with Borrower's anJ
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