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Unt~w CovaN~rns. Hormwer aad Leode~ covenaM snd a~roe u tollows:
4 TMl'~ a~i I~1. Bormwu ~all promM~) PsY when due tbe principal of and interat on the ~
;rdebtednua evideaced by the Note, p~epayntent and late cha~gec sx ~uOVidtd in the Nda. and the ptiecipal ot and inte~+at
oa any Future Advanoes tecurod by this Mort=a~e.
Z. lh~i h~'fi~Zts a~i Iwe~ce. Stib,KCt to applical+k law ~.r to a written waiver b~? Lender. Bo~ro~~~ ~1 P~y
to Lender on the dsy moethly installmeets of principal and in~~rc~t are payaMe under the Note, until the Note is paid io tull.
a sum (herein "Fuadt'~ eqwl to one-twdith ot the yes~l~• tax~y snc! auasments which may attain priority ove~ this
Mortp`e. and ~round rrnts on tba P~+opertY. if aoy, plus one•tvreltth of yeart~? prcmium installmenb for hasard insurance.
plus oao-twelfth of yearly premium. iastallments tor mortgaae insurance, it any, all u ~+easonably estimated initially and trom .
time to tin~e by Lender on t6e bua of assa.cments and hills a~d reasonabk atimata thereof. ;
'Ibe Fundt shall be held in ae institutic+n the deposiu or accounu ot which are insured or auarantocd by a Federal ot +
sta~e sjeecy (includin~ Lender if Lender is such ao institutionl. 1_endu shall apply the Fu~ds to pay said taxa. assasments.
insuranoe premiums aad s[ound rents. l.ender may nd charge lor u+ holdi~ and applyin= the F~~odc. snalyzin= said account,
or verif~rins..and compilins aaid assasments and bilh, unkss Leoder pays Borrowe~ interat on the Funds and applicable law
petmits I~ender to make wch a char~e. Borrower aad Lende~ may agroe in writin` at the time of execution of this
Mort~a~e that inte.rat on the Funds sha~l be paid to Borrower, and uokss such aareement is made or applicabk law
requira wch iaterest to be paid. Lender shall not be rcquircd to pay Bo~mwer any intercst or earnings on the Funds. Lender
sball ~ive to Horrower. witLout cbarae, a~ annual accounting of tl~e Funds showina crediu and debits to the Funds and the
purpose for which a~h debit to the Funds was made. The Funds arc pledged u additional security for the sums securcd
by t6is Mortp~e.
It t6e amount ot the Funds hdd by Lender, togetber with the tuture mo~thly installments of Funds payabk prior to
t6e due data of taxa. assessments. iasurance premiums and ground rents, shall ezcecd the amount required to pay said taxa.
as~astneats, insurance premiums and ground ren~s as they tall due. such excoss shall be. at Bonower's option. either
promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
hdd by I,eoder sha11 not be wf5icient to pay taxes, ass~ssme~ts. insurance prcmiums a~d ground rents ss they fall due.
Bo~rower s6a11 psy to I.ender any amount necessary to make up the de6ciency within 30 days from the date notice is mailed
by Lender to Borrower requatia8 WYment tl~ereof. • j
Upon paya~ent ia fult of all :ums txured by this Mortgage, Lender shall promptly refund to Borrower aoy Funds
held by I.eader. If under Qarasraph 18 heroof the Property ia sold or the Propeny ~s otherwise icquired by Lender. Lender
fhall apply. no later than immediately prior to the sale of the Propeny or its acquisition by Lender. any Funds held bv j
I,eader at the time of application as a credit against the sums secured by this Mortgage. ?
3. Ap~icatio~ ot ~poe~b. Unless applicable law pcovida oiherwise. all payments received by Lender under the ~
Note aad pangnphs 1 aad 2 hereof shall be aPP~~ed by Lender first in payment of amounts payable to L.e~der by Borrower ~
under puagraph 2 heeeof. t6en to interest payabk on the Note, then to the principal of the Note. and then to intercst a~d ~
principal on any Future Advances.
4, C~arfe~ Lie~s. Borrower shall pay all taxes, assessmenu and other charges. fines and impositions attributable to
the property which msy attain a priority over this Mortgage, and lessehold payments or ground rents, if a~y, in the manner
provided under puagraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, directly to the
payee theroof. Borrower shall promptly furnish to Lender all notica of amounts due under this paragraph, aad in the event
Borrower sha11 make payment directly. Borrower shall promptly fumish to L.ender receipts evidencing such payments. ,
Borrowa sha11 pranptly discharge any lien which hu priority over this Mortgage; provided, that Bonower shall not be +
rcquired to discharge any such lien so long as Borrowtr shall agree in writing to the Qaytnent of the obligatiun ucured by -
such liea in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in. g
kgal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 3
S. Hasard inauawce. Borrower shall keep the improvements now existing or hereafter erected on the PropertY insurod ~
against loss by 6re, hazards included within the term "extended coverage", and such other hazards u I.ender may requirc -
and in such amounts and for such periods u Lender may require; provided, that [.ender shall not require that the amount of ~
such coverage excced that amount of coverage required to pay the sums secured by this Mortaage.
7he insurance carrier providing the inwrance shall be chosen by Borrower subject to approval by Lender pro~id~, ~
that wch approval shall not be unrcasonably withheld. All premiums on insurance policies si~ail be paid in the manner
! providtd under paragraph 2 hercof or, if not pai~ in such manner, by Borrower making payment, when due. directly to the
insurance carrier.
! AU insurance policies ued renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
~ clause in favor of and in form acaptable 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.
Borrower shal! give prompt notice to the insurance carrier and Lender. Lender may make proof of loas if not made promptly
~ by Borrower.
Ualess Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
~ the Property damaged, provicied such restoration 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 it the security of this Mortgage would
be impaired. the insuranoe procoeds shall be applied to the sums secured by this Mortgage, with the excess. if any. paid
to Borrower. lf the Property is abandoned by Borrower, or if Borrower [ails to respond to Lender within 30 days from the
date notice ~s mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender
is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repaer of the Propeny
or to t6e sums secured by this Mortgage.
Uoless 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 referred to in paragraphc I and 2 hereof or change the amount of _
~ sucb installments. If under paragraph 18 hereof the ProE,erty is acquired by l.ender, all right, title and interest of Borrower ;
in aod to aay insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to 1hc sale
~ or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or ~
acquisition. ?
~ 6, heservatbo and Mnintenaace of Property; Lessehvlds; Condominiums; Planotd Unit Devebpments. Borrower ' ;
~ shall kap the Property in good repair and shall not comroit yvaste or permit impairment or deterioration of the Property =
and shall compl~ with the provisions of any lease if this Mortgage is on a leasehold. lf this Mortgage is on a unit in a ~
condominium or a planned unit development, Borrower shall perform all ot Borrower s obligations under the dedaration ~
~ or coveoants creating or governing the condom~nium or planned unit development, the by-laws and regulations of the 2
H condominium or planned unit development, and constituent da:umemc. If a condominium or planned unit development ~
rider is eaecuted by Borrower and recorded ~ogether w~th thi~ 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 tiJer ;
~ were a part hereof. - ~
~ 7. Protection of Lender's Securfty. If Borrower faik i~ pertorm the covenants and agreements contained in this ~
~ Mortgage, or if any action or proceeJ~ng is commencc~l whrch materially afiects I_ender's ~nterest in the Properly. ~
s
~ including, but not limited to, eminent domain. insc~lvency, code enforcement. or arrangements or proceedings invol~ing a
~ bankrupl or decedent. then Lender at Lender's opuon, upun not~ce to Borrower, ma~ make such appearances, disburse such
~ sums and take such action as is nece~sary w protect Lender's mterest, including, but not limited to, disbursement of
3,. reasonable attomey's (ecs and emry upon ~he Properly to make repaus. If Lrnder reqoireJ mortgage • insurance as a
~ condrtion o( makmg the loan secured by this Mortgage. B~rrov?cr shall pay the premiums requireJ to maintam such
insurance in eBect until sueh time as ~he reyuiremenl for ~uch mwranee terminates ~n aeeordanee with Borrower s and
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~ . . . ~ . ' ~o~~ 307 ~~~E 488
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