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Ut+uoaw Covat+awis. lort+ower and Larder covenant and agree az follows:
Fgr¦tsM s! M Irtlesrasf. Borrower :ftall promptly pay when due the principal of and interest on the
ittdebtedtress evideooed by the Note. ptepayraatt and late charges ac provided in the Nora. and the principal of and interest
as soy Future Advaaas tectu~ed by this Mortgage. -
!r•ai tar 7~ea rttatt Ittartra¦c+e. Subject to applicable law sx to a written waiver by Lender, Borrower shall pay
to Lender on the day monthly installments of principal snd interest are payable under the Note. until the Note is paid in toll,
a sum (ha+ein "Frurds'~ egwl to one-twelfth of the yearly tax~~ :ntl assessments which may attain priority over this
Mortgage. sad ground rsnb on the Property. if any. plus onc~twelfth of yearhi premium iastallntettb for haurd insuranrx.
plus one-twelfth of yearly premirun installments for mortgage insurance, if any, all as reasonably estimated initially and tr+om
time to time by Leader on the basis of assessments and hills and reasonable estimates thereof.
The Funds shall be beW in an institution the depoaia or accounts of which arc insured a guanateed by • Federal of ~
state agency (including Larder if Lender a such an ittstitutionl. I~nder:ltall apply the Funds to pay said taxes. assesssrrtertb. i
iwnrattoe premiums and potted rents. Lender may not charge for sn holding and applying the Fends, analyzing said account, I
or verifying.and eompiliog said atsessments and bilk, unless Leader pays Borrower interest on the Funds and applicable law r
permib Lender to make such a charge. Borrower and Lender may agree in writing at the time o[ execution of this
Mortgage that interest on the Funds shall be paid to Borrower, and furless such agreement a made or applicable law
requires such interest to be paid. Lender shall not be required to pay Borrower any interest a earnings on the Funds. Lender
shall give to Borrower, without charge, an annual accounting of the Funds showing credib and debits to the Funds and the t
purpose for which eadr drsbit to the Funds was made. The Funds arc pledged as additional security for the sums secured
this M I
~ If the amount of tors Funds held by Lender, together with the future monthly installments of Funds payable prior to t.
the due dstes of taxes. asses:meob, inwranoe premiums and ground rents. shall exceed the amount rogtrir+ed to pay said taxes.
assessments, inwrance premiums and ground rents as they fall due. such excess shall be, at Borrower's option, either 1
promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds ~
held by Leader shall not be to pay taxes. assesurrents, insurance premiums and ground rents ss they fall due. t
Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by Leader to Borrower rcgtrtxtiag payment thereof.
Upon pyment in fuU of su sums secured by this Mortgage, Lender shall promptly refund to Borrowe: any Funds ~
held by Lender. Tf under paragraph 18 heroof fire Property is sold or the Propeny is otherwise acquired by Lender, Lender
shall spply. rro later than immediately prior to the sale of the Property or its aogtri:ition by Lender, any Funds held by
Lender at the time of application as a credit against_ the wms secured by this Mortgage. 1
3. A~iicatiaa d Payaeab. Unless applicable law provides otherwise, all payments received by Lender under the
Note and paragraphs 1 sad 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
under paragraph 2 hereof. then to interest payable on the Nwe, then to the principal of the Note, and then to interest and ~
principal on say Future Advatroes.
4. Crarge~ Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to
the Property which may attain a priority over this Mortgage. and leasehold payments or ground rents, if any. in the manner
provided under paragraph Z hereof or, if not paid in such manner, by Borrower making payment, when due. directly to the
payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this parsgraplt, and in the event f
Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evideacittg 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 brag as Borrower shall agree in writing to the payment of the obligation secured by
such lice in a manner aecsptabk to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien in, s
legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or soy part thereof. ~
S. Basard lawraaee. Borrower shall keep the improvements now existing or hereafter erected on the Property insured 1
against lass by tire, hazards included within the term "extendeJ coverage", and such other hazards as Lender may require s
i and in wch amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of
~ such rnverage exoxd that amount of coverage required to pay the wms secured Eby this Mortgage.
~ The iawrantx carrier providing the insurance shall be chosen by Borrower subject to approval by Leader. provided,
f that such approval shall not be unreasonably withheld. All prcmiums~ on inwrance policies shall be paid in the manner
l provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. dit~ectly to the
it>sunnce carrier.
6 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. i
and Borrower shall promptly furnish to Lender all renewal notices and all roceipts of paid premiums. In the event of loss,
Borrower shall give prompt notice to the ituuranee carrier and Lender. Letrder may make proof of loss if not made promptly i
by Borrower.
Unksr 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
s not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would
be impaired, the insurance proceeds shall be applied to the stuns secured by this Mortgage, with the execs:. if any, paid
to Borrower. If the Property is abandoned by Borrower, or if Borrower [ails to respond to Lender within 30 days from the
date notice is 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 procxeds at Lender's option either to restoration or repair of the Property
dr to the stuns secured by this Mortgage.
Unless 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 paragraphs 1 and 2 hereof or change the amount of
sorb installments. If under paragraph f 8 hereof the Property is acquired by Lender„all right, tick and interest of Borrower
z in and to any Insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to cite sale #
or acquisition shall puss to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquisition.
f. Preaenatloa sad Maiatetawrce of Property; Leaseholds; Condomiaitrms; Planned Utsit Devdopmeats. Borrower
shalt keep the Property in good repair and shall not comrpit yvaste or permit impairment or deterioration of the Property
- and shall comply with the provisions of any lease if this Mortgage is on a leasehold. !f this Mortgage is on a unit in a
condominium or a planned unit development, Borrower shall perform all of Borrowers obligations under the declaration t
or covenants creating or governing the condominium or planned snit development, the by-laws and regulations of the
5 condominium or planned unit development, and constituent documents. If a condominium or planned unit development
rider is executed by Borrower and recorded together with this 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 rider
4 were a part hereof. ~
a 7. Protection of Leader's Security. If Borrower fails 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 Lender's option, upon notice to Borrower, may make such appearances, disburse such
sums and take such action as is necessary to protect Ixnder s interest, including, but not limited to, disbursement of
reasonable auomey's fees and emry upon the Property to make repairs. If Lender required mortgage insurance as a
condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such
y insurance in effect umil such time as the reyuiremem far such ins~uance terminates in accordance with Borrowers and
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