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Unttro~w Oovsnsrtts. Ban+owar and Lender covenaat and agree as follows:
)ti. traytasetN sfl MaefNi atrtt ittMtreal. Borrower shall promptly pay when due the principal of and interep on the
+r~debtedrtess evidenced by the Note, prepayment and late charges ac provided in the Note, and the principal of and interest
as say Future Advances securod by this Mortgage.
ltri hr Taons atsi Irtettrtrce. Subject to applicable law ax to a written waiver by Lender. Borrower shelf pay
to I.ettder on the day monthly installments o[ principal and interest arc. paysbk under the Note. anti! the Note is paid in full.
a stten (Uerein "Funda'~ aqua! to one-twelfth of the I~esrl~. tax~~ earl assessments which may attain priority over this
Mortgage. and ground trace o'n the Property, it any, plus one-twelfth of yearly premium iastallertents for hazard insurance.
Plus otte•twdtth of yearly premium installments for tno»gage insurance, if any, all as reasanabty estimated initially and from
time to time by Leader oa the base of assessments and hills and rcssonabk estimates thereof.
The Funds shall be held in an institution the deposits or accounts of which are irtsttt+ed or guaranteed by a Federal of
:fate agency (irtchrding Lender if Lender is such an institution!. Lender shall apply the Funds to pay said taxes. assessments.
irauraace premiums and ground reefs. Lender may not charge for so holding and applying the Funds, analyzing said accouit,
or verifying~rtd compling said staessments and bills. unless Lender pays Borrower interest on the Funds and applicable law
permits Leader to make such a charge. Borrower sad Lender may agree in writing at the time of execution of this
Mortgage that interest on the Funds shall be paid to Borrower. and unless such agreement is made or applicable law
rrquira such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
dull give to Borrower. without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpose for which esch ddsit to the Futtds was malt. The Funds are pledged as additional security for the sums secured
by this Mortgage.
TI the amount of the Fuads held by Lender. together with the future monthly installments of Funds payable prior to
the due dates of taxes. assessments, irtsutance premiums and ground rents. she!! czcttd the amount requited to pay said taxes,
assaetneats, irauranoe premiums surd ground rents as they fall due, such excess shah be. at Borrowers option. either
pr~omptly~ rejiaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
beW by Leader :full cwt be twl6aeat to pay taxes, assessments. insurance premiums. and ground rents as they fall due.
Borroatrer shall pay to Ltwekr any amount netxssary to make up the deficiency within 30 days [rem the date notice is mailed
by Leader to Borrower rrquestiag payment thereof. .
Upon payrtaeat is full of all sums secured by this Mortgage, lender shall promptly refund to Borrower any Funds
held by Lender. if under paragraph 18 hereof the Property is sold or the Property u< otherwise scquirtd by Lender, Lender
shall apply. no later than imanodiatdy prior to the sale of the Property or its acquisition by !.ender, any Funds held by
Leader at the tune of application as a credit sgainst the sums secured by this Mortgage.
3. A~icatiorr off Taprreda. Unless applicable law provides otherwise. all payments received by Lender under the
Note sad paragraphs 1 and 2 hereof shall be applied by Leader 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
priacipal on any Future Advances. -
4. Crarges; Elites. 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, it any, in the manner
pt+ovidid under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
PaYa ~~f• ~ shsll Promptly furnish to Lender all notices of amounts due under this paragraph. sad in the event
Borrower shat! make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments.
Borrower shall promptly discharge any lien which has priority over this Mo»gage; provided. that Borrower shall not be
required to discharge any such lien so long as Borrower shall egret 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, t
legal proceedings which operate to prevent the enforcement of the lien or [orfeiture of the Property or any part thereof.
S. Hazard lesrrssaee, Borrower shall kelp the improvements now existing or hereafter erected on the Property insured
against loss by ~irc. hazards included within the term "extendtd coverage", and such other hazards u Lender may require
and is such amoupts and for such periods as Lender may require; provided, that Lender shall cwt require that the amount o[
such rnvirage exceed that amount of rnverage required to pay the sums secured •by this Mortgage.
11re iasunnct carrier providing the insurance shall be chosen by Borrower subject to approval by Linder, provided.
that :welt approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
provided wader paragraph 2 hereof or, if rat paid in such manner, by Borrower making payment. when due. directly to the
inwraace rxrrier.
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 toss,
Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
by Borrower.
Unless (.ender 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
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
to Borrower. If the Property is abandoned by Borrower, or it Borrower fails to respond to Lender within 30 days from the
date notice is mailed by l.trtder 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 Prope»v
or to the sums secured by this Mo»gage.
Uakss Lender and Borrower otherwis4 agree in writing, any such application of proceeds to principal shall not extend ~
or postpone the due date of ttr_ monthly installments referred to in paragraphs I and 2 hereof or change the amount of
such installments. If under paragraph 1$ hereof the Prove»y is acquired by Lender, all right, tick and interest of Borrower
in and to any Auurance policies and in and to the proceeds thereot resulting from damage to the Property prior to th.: sale
or acquisitioa shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
_ acquisition.
f: htaervatloo asd Maintenance of Property; Lea6ehdds; Condominiums; Planned UnN Devebpmtak. Borrower
shall keep the Prope»y in good repair and shall not comrpit yvaste or permit impairment pr deterioration of the Properly I
and shall comply with the provisions of any lease if this Mortgage is on a leasehold. if this Mo»gage is on a unit in a
condominium or a planned unit development. Borrower shall perform all of Borrower's obligatioru under the declaration !
or covenants creating or governing the condominium or planned unit development, the bylaws 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 Mo»gage, the covenants -and agreements of such rider
shall be incorporated into and steal! amend anJ supplement the covenants and agreements of this Mo»gage as if the rider
were a part hereof.
7. Protection of Lender'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 invoh~ing a
bankrupt or decedent. then Lender at Leader's option, upon notice to Borrower. may make such appearances, disburse such
sums and take such action as is .necessary to protect Lenders interest, including. but not limited to. disbursement of ~
reasonabfi attorney's fees and entry upon the Property to make repairs. if Lender required mortgage insurance as a
coed+tion of making the loan secured by this Mo»gage. Borrower sh.rll pay the premiums required to maintain such j
insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and
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