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UNIPOiIM ~.vVENANi'tt. BOrrower and Lender covenant and agree u follows:
1l. il'tyweM d hlat:iMi stuff IldereA. Borrower shall promptly pay when due the principal of and interest on the
indebtedness evidenced by the Note. Prepayment and late charges as provided in the Note, and the principal of and interest
oa soy Ftuurc Advances secured by this Mortgage.
2. RttttNs ftor Twe ttai I>,etrrarrs~e. Subject to applicable law or to a written waiver by Lettder, Borrower shall pay
to Lender on the day monthly installments of principal and interest arc payable tinder the Note. until the Note is paid in full,
a strm (herein "Ftrnds'~ egttal to one-twelfth of the yearly faze. and assessments which may attain priority over this
Mortgage. and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for heard insurance.
plus one-twelfth of yearly premium installments for mortgage insurance, if any, all u reasonably estimated initially and from _
tints to time by Leader on the buffs of assessments and hills and reasonable estimates thereof.
The Funds shall be bell in an institution the deposits or accounts of which are inwred or gwranteed by a Federal of
state agency (incltding Lender i[ Lender is such an institution). Lender shall apply the Funds to pay aid taxes. assasments,
insurance premiums arrd ground rents. Lender may not charge for so holding and applying the Funds. analyzing aid account,
or vtrifying and compiling said assessments and bills, unless Lender pays Borrower interat 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
Mortgage that interest on the Funds shalt be paid to Borrower, and unless such agreement is made or applicable law
r+equit'es such interest to be paid. Lendec-shall nw be required to pay Borrower any interest or earnings on the Funds. Lender
shall give 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 the Furtds wu made. The Funds are pledged u additional security for the sums secured
by tba Mortgage.
If the amount o[ the Ftmds held by Lender, together with the future monthly installments of Funds payable prior to
the due dates of toes, aasasmenta, insurance premiums and ground rents, shall exceed the amount required to pay said taxes.
asswments, insurance premiums and ground rents u they tall due, such excess shall be, at Borrower's option. either
promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
held by Lender shall not be sttt6cieat to pay taxes. assessments, insurance premiums and ground rents ss they fall due,
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 r+equating payment thereof.
Upon payment in full of all sums sectrr+ed by this Mortgage, tender shall promptly refund to Borrower any Funds
held by Lender. If under paragraph l8 hereof the Property is sold or the Property rs otherwise acquired by Lender, Lender
shall apply, no later than imrnodiately prior to the sale o[ the Property or its acquisition by Lender, any Funds held by
Lender at the tune of application u a credit against the sums sxtrred by this Mortgage.
3. A~iicatioa a< hymeNs. 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 Nae; then to the principal of the Note. and then to interest and
principal on any Future Advances.
4. Cbsrges; I,ksts. 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 mantxr
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, what due, directly to the
payee tbet+eof. Borrower shall promptly furnish to Lender all notices of atnotrnts due under 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 hu 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 lien or forfeiture of the Property or any part thereof.
S. Hasard latarrawce. Borrower shall keep the improvements now existing or hereafter eructed on the Property insured
agairut loss by Ere, hazards included within the term "extended coverage", and such other hazards u Lender may require
and in such amounts and for such periods as Lender may require: provided, that Lender shall not require that the amount o[
such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage.
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 rat paid 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 promptly furnish to Lender all renewal notices and all receipts of paid premiums. 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
j by Borrower.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
the Properly 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 proceeds shall bt applied to the sums secured 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 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 proceeds at Lender's option either to restoration or repair of the Property
or to the sums 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
such installments. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower
in and to any insurance 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 Propert}•; Leaseholds; Condominiums; Planned Unit ffkvetoptaents. Borrower
shall keep the Property in good repair and shall not commit 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. It 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
condominium or planned unit development, and constituent documents. It 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
were a part hereof.
7. Protection of Letder's Security. If Borrower fads to perform the covenants and agreements contained in this
rs Mortgage, or if any action ar proceeding i~ commenced which materially affects Lender's interest in the Property,
including, but not Gmrted 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 Lender's interest. including. but not limited to, disbursement of
reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a
condiu~n of making the loan scoured by this Mortgage. Borrower shall pay the premiums required to maintain such
insurance in effect until such time as the requirement far such ~~nsurance terminates in accordance with Borrower's and
. ~ ac~o~32? P~E~.362
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