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UNtwRK Oovn+ants. •orrOwer std Letder covenant and agroe u folbws:
L lgtrMM e/ hisdNl tttM dtlentl. Borrower shall promptly pay when due. the principal of t~ttd interest on the
ittdebtednas evidertoed by the Note, pnpaymeat and late charges as provided in the Note. and the principal of aed jnterest
as my Futw+s Advattoes aecwed by this Mortgage.
Z. ltiatit tar Y1aea stM lowtrttoce. Sbbject to applicable law •x to a written waiver by Lender borrower trhsll pay
to Leader on the day monthly installments of principal and interest arc payable under the Note. until the Note is paid in full,
a stem pterein "Fuads'~ equal to one-twelfth of the yearly tax~~ and assessments which may sttaia priority over this
Mortgye, and ground tYnb on the Property. it any. plus one-twelRh of yearyi premium iratallrrients [a hazed insurance.
plot ace-twelfth of yearly premitim installments for mortgage insttrancc, if any, all u reasonably estimated initially and from
time to tithe by Leader oa the basis of assessritcnts and hilh and reasonable estimates thereof.
The Fttrids shall be held in an institution the deposiu or accounts of which arc insured or guaranteed by a Federal of
state agency (including Leader if Lander is such an institutiwtl. Lender shall apply the Funds to pay said taxes. assessiir?eiits.
inwrarice pemiumt and ground rents. !.ender may not charge for sn holding and applying the Fttnds. analyzing said account.
or verifying.stid compiling said ataasments and bills. unless Lender pays Borrower interest on the Funds and applicable !aw
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 Futtds shall be paid to Borrower. and unless such agreement is made or applicable law ;
requires such interest to be paid. Lender shall not be required 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
purpose for which eadi debit to the Funds wu made. The Funds arc pledged u additional security for the sums secured
by this Mortgage. j
IE the amount o[ the Funds held by Lender, together with the future monthly installments of Funds payable prior to
the dues data of taxes. assasmeaa, inwrantx premiums and ground rents. shall exceed the amount required to pay :sid toes.
assetYaents. insurance premiums and ground rents u they tall due, such excess shall be. at Borrowers option, either
promptly repaid to Borrower or credited to Borrower on monthly installments of Fund. If the amount of the Funds
bald by I.eoder shall not be w~ieat to pay taxes, asst:ssrrtent:. insurance premiums and ground rents u 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 Leander to Borrower requesting payment thereof.
Upon payaseM in (till of all atiim secured by this Mortgage, lender shall promptly refund to Borrower any Funds
held by Lender. If under paragraph 18 hereof the Property is sold a the Property is otherwise acquired by Lender. Lrnder
shall apply. no late than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by
Leinder at the time of application u a credit against the sums secured by this Mortgage.
3. Apliicatiaa at laytietMs. ~ Unless applicable law provides otherwise, all payments received by Lender under the
Note attd paragraphs 1 and 2 hereof shall be applicd by Lender first in payment of amounts payable to Lender by Borrower
uttdtx 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 Advattca.
1. Crargny Liesis. 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
pt+atrided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, directly to the
payee tber+eof. Borrower shall promgly ftuish to Lender all notices of amounts due under this paragraph. and in the event
Borrower shalt make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments.
Borrower shall promgly discharge any lien which has priority over this Mortgage: provided. that Borrower shall not be
required to discharge any such lice so long u Borrower shall agree in writing to the payment of the obligation secured by
sutli liar in a manner soceptabk to Lender. or shall in good faith contest such lien by, a 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. iflmcd lawratace. Borrower shall 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 haurds 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.
The iiswranoe carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. - " t
I' 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. diteectly to the
~ inwrance curler. ~ ~
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, 3
Borrower shall give promq notice to the insurance carrier and lender. Lender may make proof of bas if not made promgly
by Borrower-' ~
fI Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of }
the Property damaged. provided such restoratron or repair is economically feasible and the security of this Mortgage is
not thereby impaired. I[ 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
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 wms secured by this Mortgage. }
Unless Leader and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend i
or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of
web installments. If under paragraph Ig-hereof the Proferty 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 tltc sale ~
or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or 4
acquisition.
i. lraerratioo and Maintenance of Property; Leaseholds; Condominiums; Plaaaed Udt Devebpeieats. Borrower
shall 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. 1f this Mortgage is on a unit in a
condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration
or coveiunts creating or governing the condominium or planned unit development. the by-laws and regulations of the
! 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 ~
were a part hereof.
~ 7. Protection of Leader's Security. If Borrower fads 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,. a?de enforcement. or arrangements orsproceedings 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 ~s is necessary to protect Lender's interest, including. but not limited to, disbursement of
reasonable attorney's tees and entry upon the Property to make repairs. if Lender reyuircd mortgage insurance as a ~
condition of making the loan secured by this Mortgage. Born:wcr sh_dl pay the premiums required to maintain such
3 insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and
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