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UNIF(1AM COVSNANTS. Borrower and Len~iu covenant a~d agree ss follows:
1. ~at ot Mncip~l aad l~terat. Borrowu shail promptly p~y when due the pri~cipal of and interest on the
indebtedneu evideaoed by the Note. prepaymeat and late charges as providod in the Note, and tha principal of and interest
on any Puture Advaaces sxured by this Mort~aie-
3. I4ois tor 'I'~es ~ai Lwruee. ~bjed w appikabk law or to • writtaa waiver by Lender. Boirower ahaU paY
to Lender on the day monthly instal?ments of principal and interest are payable under the Note, until the Note is paid in fuU,
a sum (herein "Funds'~ eqwl to one-twelfth of Ihe yearly taxes and assessments which auy attain priority over this
MorttaYe. ar~d g~ouad nnts on the Pmperty, if any. plut ono-twelfth of yearly premium iastaUments for hazard insurance.
plus ono-twelfth of yearly premium i~stallments for mortgsge iosurance, if any, all as ressonably estimatod initially snd from .
time to time by Lender on the basis of aasessmeats and billa aod reasonabk estimatea the~eof.
The i~nds shall be held in an institution the deposits or accounb of which are insured o~ gtura~teed by a Fedenl or
state atency (including Leader if Leader is sach an institution). Lender shatl apply the Flinds to pay uid tues, aasessments. _
iiuurance premiums and ground rents. Leader may not charge for so holding and applying the Fuads. analyzin~ said account,
or verifyi~g and oompling said assessments and bilis, unless Leader pays Borrower interest on t6e Funds and applicable law
permiu Lender tQ make such a charge. Borrower and Leader may agree in writing at the time of exaution of this
Mortgage t6at interat on the F~nds s6a11 be paid to Borrowef. and unless such agrament is made or applicabk law
rcquires such interat to be paid. Lender shall not be roquired to pay Borrower any interest or earaings oa the Funds. I.ender
sha11 give to Borrower. without charges. an annual accounting of the Funds showing credits and debiu to the Funds and the
purpose for which each debit to tl~e Funds was made. The Funds are pledged u additional sccurity for the sums secured
by this Mortgage.
If the amount of the Funds held by Lender. together with the tuture monthty installments of Funds payable prior to
the due data of taxes. assessments. insurance pnmiums and ground rents. shall exceed the amount required to pay said taxes.
usessments. insurance premiums and ground rents as tl~ey fall due, such excess shall be, at Borrower s option. either
pranpdy repatd to Bormwer or credited to Bormwer on monthly installme~ts of Funds. If the amount of the Funds
hetd by Leader shall not be sut6cient to pay taxes. assessments, insurance premiums and gmund rents as they fall. due. _
Borro'vver shatt pay to L.ender any amount nocessary to make up the deficiency within 30 days from the date notice is mailed
by Lender to Borrower nques~ing payment thereof.
Upoa payraent io fult of all aums secured by this Mongage. Lender shall promptly refund to Borrower any Funds
held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by I.ender, Lender
shal! apply. no later than immediately prior to the sale of the PropeAy or its acquisition by l.ender. any Funds held by
Le~der at the time of application as a credit against the sums secured by this ~Mortgage.
3. App~icatbn of P~ymeats. Unless applicable law provides othen~rise. all payme~ts received by Lender under the
Note and paragnphs 1 and 2 hereof shall be applied by Lender first i~ payment of amounts payable to Lender by Borrower
under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and
principal on any Future Advances.
4. C6ar`c~ I3eos. Borrower shall pay all taxes, assessmen4t and other charges, fines and impositions attributabk to
the Property which may sttain a priority over this Mortgage, and kasehold payments or grnund rents, if any. in the manner
pmvided under puagraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. dirocdy to the
payce theroof. Borrower shali prompQy furnish to Lender all notices of amounts due under this paragrapb, and in the evcnt
Borrower shall make payment direcdy. Borrower shaU promptly fumish to l.ender re~:eipts evidencing such payments.
Borrower shall promptly discharge any lien which has priority over this Mortgage; pmvided, that Borrower shall not be
required to discharge any such lien so long u Borrower shall agree in writing to .the pa~anent of the obligation secured by
sach liea in a manner acoeptabie to L.ender, or shall in good faith contest such lied by, or defend enforcement of such lien in,
legal proc~dy~,t~,,which operate to preveat the enforcement of the lie~ or fodeiture of the Property or any part thereof.
S. Huud Insurance. Borrower sball keep the improvements now existing or hereafter erected on the Property insurod
agaimt loss by fire, hazards included within the term "extended coverage", and such other hazards as L.ender may require _
and in such amounts and for such periods as Lender may require; provided. that Lender shall not require that the amount of
such coverage exceed t6at amount of coverage required to pay the sums secured by this Mongage.
'Ibe iasuraace carrier pmviding the insurance shall be chosen by Borrower sabject to approval by Lender, provided,
that such approval shall not be unreasonably withheld. All premiums on iaswance policies shdl be paid in the mancer
` provided under paragraph 2 hereof or, if not paid in such-manner, by Borrower makiag payment, when due, directly to the
t insurance casrier.
~ All insutance policies and renewals thereof shall be in form acceptable to i.ender and shall include a standard mortgage
clause in favor of aad in form acceptable to Lender. Lender shall have the right ta hold tbe policies and renewals thereof.
~ and Borrower shall promptly furniah to Lender all renewal no~ces and aU receipts of paid prcmiums. 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
_ the Property damaged, provided 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 if the security of this Mortgage would
be impaired. the insurance procads shall be applied to the sums secured by~ this Mortgage, with the excess, if any. paid
to Borrower. lf the Pmpeny is abandonod 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 iosurancc carrier ofters to setde a claim for insurance benefits, I.~nder
is aut6oriud to coUect and apply ttx insurance proceeds at Lender
s option either to restoration or repair of the Properiy
or to the sums securod by this Mortgage. '
Unless I.ender 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 paragraphs 1 and 2 hereof or change the amount of
suctl installmeats. If under paragrap6 ~8 6eroof the Property is acquired by Lender, all ;ight, tide and interest of Borrower
in and to any iaswance policies and in and to the proceeds thereof resulting from damage to the Propecty prior to the sale
_ or acquisition shall pass to-Lender to the extent of the sums securod by this Mortgage immediately prior to such sale or
acquisition.
6. Yreservatbu aod Maintenaoce of Property; Lea9eho~ds: Condomiaiums; Planned Unit De~elopments. Borrower
~ shall keep the Property in good repair and s6a11 not commit waste or permit impairment or deterioradon of the Property
~ and shall comply with the provisio~u of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a
~ coodominium or a p[anned unit development, Borrower shall perform all of Borrower's obligations und~r 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. ]f a condominium or planned unit development
~ rider is executed by Borrower and recorded together with this Mortgage, the coveoants and agrcements of such rider ~
shall be incorporated into and shall amend and supplement ihe wvenants and agreements of this Mortgage as if the rider
~ were a part heroof. ' ~
~ 7. Protectioo of I.eode~s Security. If Borrower faits to perform the covenants and agreements contained in this
Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property,
~ including, but not limited to. eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ~
bankrupt or decedent. then Lender at Lenders option, upon notice to Borrower, may make such appearances, disburae such ~
sums and take auch action as is necessary to protect Lender's interest, including, but not limited to, disbursement of i
reasonable attomey's fees and entry upon the Property to make repairs. If I.ender required mortgagt insurance as a
condition of making the loan secured by this Mortgage, Borcower shall pay the premiums required to maintaiR .such
insurance in eHect until such time as the requirement for such insurance terminates in acco[dance with Borrower's and
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