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UNI~ORN COVBNANT3. Borrower and Lende~ covenant and agrte u toliows: ~
1,~ ~weN ot hi~c~i a~i INerat. Borrower shall prompd) paY when due the principal of and interest on the
indebtedne:t evidenced by the Note. prepaymeot ar~d late chargec ac provided in the Note, and the principal ot and intercsl
o~ aoy Future Advances secured by this Mongage.
2. FMi tar Taza a~i iwe~ce. Subject to applicaDk law ur to a written waive~ by Lender~ Borrower shall pay
to Lender on Ihe day monthly installmeots ot principal a~d intcrec~ r~c paysMe under Ihe Note. until the Note is paid in tull.
a sum (hereio ••Fundt•~ eqwl to~one-twelfth of tlx yea~l~ uac. anJ assessments which may sttain priority over this
Mortja~e. and around rena on the Property, if any, plus one-tweltth of yearly premium insullments for huard insurance.
plus oae-twelfth of yearly premium installments for mohgage insurancc, if any, all u rcason~bly atima~ed initially and tran
time to time by Lender on the bua of assacmcnts and hills and rcasonabk estimates thercof.
The Funds sball be held in an institution the depos~u or accounts of which are insurcd or guaraoteed by a Federal or
ttate agtocy (ir~cluding Lender if Lender is such ao institutionl. I.ender ahall apply ~he Funds t~ pay said taxes, assessments,
inturance premiums and ground rcnts. I_ender may not cha~ge tor so holding and applying the Fundc. analyzing said actount,
or verifyin~ a~d complin` said assessments,and bills, unless Lender pays Borrower imerat on the Funds and applicable law
peimits Lender to make such a charge. Borrower and Lender may agrce in writing at the lime ot execuuon of this
Mottgaje that interat on the Funds shall be paid to Borrower. and unkss such agroement is made or applicable law
requires such interest to be psid. Lender shall not be required to pay Borrower any intercst ot earnings on the Funds. Lender
shall aive to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpose for which each debit to tht Funds wu made. The Funds are pledged u additional security for ~he sums secured
by this Mort,~age. ~ ,
If tlfe unount o[ the Funds heW by I.ender, together with the future monthly installmenls of Funds payabk ptior to
the due dates of ta~ces. assessments. insurance prcmiums and ground rcnts, shall exceed the amount required to pay said taxa.
ass~taents. in:urance premiums and ground rents u Ihey fall due, such excecs shall be. at Borrower s opiion, either
praaptly repaid to Borrower or credited to Borrower on monthly inslallments of Funds. If the amount o( thc Funds
hdd by Leoder shdl not be suf6cieat to pay taues, assessments, insurance premiums and ground rents as they fall due,
8orrow?er shall pay to Leader any amount nccessary to make up the deficiency within 30 days [rom the date notice is mailed
by I.eoder to Borrower requesting payment thereof.
Upon payment i~ full of all sutns secured by this Mortgage, l.ender shall promptly refund to Borrower any Funds
hdd by L.ender. If under patagraph 18 herco[ the Property i~ sold or the Property is otherwise acqwrcd by Lender, Lender
sball apply. no later tha~ immediately prior to the ule of the Property or its acquisition by Lender, any Funds held bv
I.eader at the time of application as a credit against the sums securcd by this Mortgage. ~ '
3. A~plication ot P~yoests. Unless applicable law provida otherwise,'all payments received by Lender under the
Note apd pangraphs 1 and 2 heeeof shall be applied by I_ender first in payment of amounts payable to Le~der by Borrower '
under paragraph 2 herwf. t6en to interest payable on the Note, then to the principal of the Note, and then to interest and
principal on any Future Advances.
1. C6ar~es;.Lkns. Borrower shall pay all taxes, assessmeats and otber charges. fines and impositions attributable to ~
tbe Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
payee the~zof. Borrower shall promptly f~rnish to Lender all notices of amounts due under this paragraph, aad in the event
Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments.
Borrower shall promptly discharge any lien which has priority over this Mortgage: provided, that Borrower shall not be
required to discharge any such lien so long as Borrower shall agree in wri~ing to the payment of the obligatiun securcd by
such lien in a manner acceptable.to Lender, or shall io good (aith contest such lien by, or defend enforcement of such lien in,
legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Ptoperty or any part thereof.
S. Hazud Ins~rance. Borrower shall kcep the ~mprovements now• existing or hereafter erected on the Property insured
against loss by fire, halards included within the term °extended coverage", and such other hazards as Lender may require
and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount ot •
such coverage eaceed tha~ amount of coverage required to pay the sums secured by this Mortgaga
The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided,
that such approval shall not be unreasonably withheld. All premiums 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, directly to the -
insurance carrier.
~ All insurance policies and renewals thereof shall 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 prompUy furnish to Lender all renewal notices and all receipts of paid premiums. in the event of lou.
Borrower shall.give prompt notice to the insurance carrier and Lender_ Lender may make proof of loss if not made promptly
~ by Borrower. ,
Unless Cender and Borrower otherwisu; agree in wnting, 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 ptoceecis 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 trom the
~ date notice is mailed by Lender to Borrower that ~he insurance carrier ofTers to settle a claim for insurance benefits, Lender
i is authorized to collect and apply the insurance proceeds at Lcnder's option either to restoration or repa~r of the Propem~
~ or to the sums secured by this Mortgage.
Unless Lender and Borrower otherv~ise agree ~n wnting, any such application ~~f proceeds to pnncipal shall not extend
~ or postpone the due date of the monthly installments referred to in paragraphti I and 2 hereof or change the amount of
a such installmeats. If ~nder patagraph 18 hereof the Property is acyuired b~• Lendcr, ali nght, tide and interest of Borrower •
~ in and to any ihsurance policies and in and to thc pruceeds thereof resulung from Jamage to the Property prior to thc sale
u or acquisiGon shall pass to Lender tu the e+tent of the sums secured by this Mortgage immediately prior to such sale or
' acquisition.
6. Presenation and 1laintenance of Properiy; Le~seholds; Condominiums; Planned Unit Devebpments. Borrower
shall keep the Property in good repair and shatl not comroit yaastc or permit impairment or deterioration of the Property
and shall comply with the provisions ot any lease if thi~ Alortgage is un a leaschuld. !f this Mortgage is on a ~mit in a
condominium or a planned unit development. Borrower shall per(orm all of Borrower's obligations urider the declaration
; or coveoants creating or governmg the condominium or planned unit development, the by-laws and regulations of the
£ condominium or planned unit development. ~nd constituent d~xumems. If a conJominium or p~anned unit development ,
rider ~s eaecuted by Borrower and recorded toge~her w~th thi~ Mortgage, thc covenants and agreements of s~ch rider
shall be incorporated into and shall amend and ~upplement the co~enams and agreements of this Mortgage as if the ri.ier
were a part hereof.
- 7. Protection ot I.ender's Securfty. If H~•rr~~ucr fails tr pcrform the covenank an~ agreements contained in this _
` Mortgage, or if any action or proceeding ~x~mminced W hirh ma~crially aflects I.ender's interest in the Property,
~ including, but nut 6mited to, cminent domain. in~~.l~cnc~~, axle cnfar~emcnt, ~~r :,rranR~ments or pr~~ceedings invoh•ing a
bankrupt or decedent. ~hen Lender at Lender'~ c~puon, u~m ~ot~ce to Borrower, ma) make surh ~~ppearances, disburse such
~ sums and take such ac~ion sc is nece~sary~ tu protert t.ender's ~nterest, including. but not IimiteJ to. Jisbursement of
reasonable attorney's (ces and en~ry u~x~n the Propen}~ to m.ike repairti. If Lcnder rey~iireJ mortgage in~urance as a
~ conJition ot makin ihc loan ~ccured by Ih~~ ~11~~rt ~acc. B~.rn?~+rr shall
R 6 pay thr prcmiums rcqu~reJ t~ maintam such
insurance in ettect until ~uch t~me as ihc reyu~rrmen~ (i~r .uch ~nwrancc termmatr. in accordanec w•ith Borruwer's anJ
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