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UN/FOAM COVBttAtii'a. Borrower and Lender rnveaant and agree u follows:
3. P~grtsaN etT hitiMl atM ltMereN. Borrower shall promptly pay when due the principal of and interest on the
itldebtetlBeai evidetatxd by the Note, prepayment and late charges ac provided in the Note, and the principal of and interest
as aoy Future Advatroes secured by this Mortgage.
>Etssis hr ?aataa Itwi lrrstrra~ee. Subject to applicable law or to a written waiver by Lender. Borrower shall pay
to Lender on the day monthly installments of principal and intt•rect an payable under the Note. until the Note is paid in full.
a sum (herein •'Fuads'7 equal to one•twelfth of the yearl}• taxt.~ and assessments which may attain priority over this
Mortsase, and ground rend on the Property. if any, plus one-twelfth of yearly premium installments for hazard inwrance,
plus one-twelfth of yearly premium inuallments for mortgage insurance, if any, all as reasonably estimated initially and from
time to time by Lettder on the basis of assessments and hills and reasonable estimates thereof.
The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal otr
state agency (including Lender if Lender is such an institution). 1_ender shall apply the Funds to pay said taxes. assessments.
itrsuratrce premiums and ground rents. lender may not charge for so holding and applying the Frtnds. analyzing said account,
or verifyins and comp(ing said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law
permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this
Mortpge that interest on the Flrnds shall be paid to Borrower, and unless such agreement is made or applicable law '
nequirtes such interest to be paid, Lender shall not be rrcquired to pay Borrower any interest or earnings on the Funds. Lender
shall pve to Borrower, without charge, an annual accounting of the Funds- showing credits and debits to the Funds and the
nurlrnse for which eaueh r1eNt to the Fs!!d< vta~ msdc_ 'The Funds Are p1«1o r1 ~ x~t.iit;.,±ta! ~rs•ny f••r tF?•~ e~~tns et+r~~.r.i
by the Mortgage.
Tf the amount of the Funds held by [.ender, together with the future monthly installments of Funds payable prior to
the due dates of taxes. auessmeats, itrwrance premiums and ground rents, shall exceed the amount required to pay said taxes,
assepments, insurance premiums and ground rents as they fall due, such excess shall bt, at Borrowers option, either
promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
held by Letnder shall trot be wtficieat to pay taxes, assessments, insurance premiums and ground rents as they fall due, '
Borrower shall pay to Leader any amount tecessary to make up the deficiency within 30 days from the date twtice is mailed '
by Lender to Borrower t+equesting payment thereof.
Upar payment is fop of all sutras secured by this Mortgage, lender shall promptly refund to Borrower any Funds
held by Letrder. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
shall apply. rro later than itnmodiately prior to the sale of the Property or its acquisition by lender, any Funds held by
Lender at the time of application as a credit against the sums secured by this Mortgage.
3. A~plicatio~ of Payments. Unless applicable law provides otherwise, all payments received by Lender under the
Note anti paragraphs I and 2 hereof shall be applied by 1_ender first in 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. Cfkar=es; ll.ieas. 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 2 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 utrder this paragraph, and 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 writing to the payment of the obligation secured by
such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in,
legal proceedings which operate to prevent the enforcement of the Iron or forfeiture of the Property or any part thereof.
n>,zsra insrrcaece. Borrower shah keep the improvements now existing or hereafter erected on the Property insured
against loss by fire, hazards 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 of
such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage.
'Trio 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
j provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly t•o 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 promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss.
s Bori~wer shall Kis•e prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made prompti y t
~ by Borrower. ~
E Unless Lender and Borrower olherw~se 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
I 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 sums secured by this Mortgage, with the excess, if any, paid _
i to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier often 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 repair of the Property
or to the sums secured by this Mortgage.
j 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
such installments. If under paragraph 18 hereof the Property is acgwred by Lender, all right, title and interest of Borrower
in and to any fhsurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the 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. Preservation and Maintenance of Property; Leaseholds; Condominiums; Pbnned Unit Developments. Borrower
shall keep the Property in good repair and shall not comrpit ys•aste or permit impairment or deterioration of the Property
anti shall comp)}• with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a
• condominium or a planned unit development. Borrower shall perform all of Borrowers obligations under the declaration
or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the
I condominium or planned unit development. and constituent documents. If a condominium or planned trait 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
wort a part hereof.
7. Protection of f,ender's Security. If Borrower (ails tip perform the covenams and agreements contained in this
Mortgage, or if any action or proceeding is commrnceil which materially affects Lender's interest in the Property,
including. but not limned to, eminent domain. inu~lvencq. code enforcement. or arrangements or proceedings invoking a
bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, ma} make such appearances, dishurse such
sums and take such action as is necessary to protect Lender's interest, including. brat not limited to, disbursement of
reasonable attorney's feet and entry 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
insurance in effect until such time as the r~yairement for such msurance terminates in acrnrdance with Borrower's and
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