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UntroRw CovaneNrs. Hotrowu and Leade~ covenanl and stroe u follows:
1. l~eN o/ hMclMi a~i INerest. 8o~rower shall promptl) paY whe~ due the principal ot and interest o~ the
indebtedness evidenced by the Not0. prepayment a~d late chargec ac ~+rovided io 1he Note, and the principal of and ioterest
on ~ny Future Advsnces secured by tAis Mortaate.
2. th~i tor TasM a~i Iwwnece. Subject to applicabk law ~~r to a writtee waive~ by Lende~. eo~~ ~+~u wr
to Leoder on Ihe day monthly installments of principal and intcrcc~ arc payahle unde~ the Note. until Ihe Note is paid in tull,
a ium (hercin "Fundt'~ equal to one-tweltth of the yea~l~~ ~ax~~ and assessments which may attain priority over this
Mort~aje. and `round rents on tbe Prope~ty. if any, plus one-twelGh of yearly premium installments fo~ hatard insurance.
plus oae-twelfth of yearly prcmium installments for mongage insurancc, if a~y, all as rcasonably estimated initially and tmm
time to time by Lender on the basis ot assacmcnts and hills and rcasonable es~imata thercof.
'R~e Fu~ds shall be held in ao ins~itution ~he depe~aita or accounts of which are insurcd or guuanteed by a Fedenl ot
state a~ency (including Lender if Lender is such an institulion). 1_ender shall apply the Funds to pay said Uxa, assessments.
i~surat~ce premiums and gtound rcnts. l.ender may nol charge for s~- holding and applying the Fundc. analyzing wid account.
or verifyi~~ and rnmpiling said assessments and t~iils, unless Lender pays Borrowe~ interest on the Funds and applicablt law
permits Lender to make such a charge. Borrower and Lender may agrce in writing at ~he time o( execution ot this
Mort~aae that interat on the Funds shall be paid to Borrower, and unleu such agreement is made or applicable law
tequires wch interat to be paid. Lender shall not be rcquired to pay Borrower any interest or earnings on the Funds. Lender
sha11 pve to Borrower, without charge, an annual accounting of Ihe Funds showing credits and debits to the Funds a~d the
purpose for which eaeh debit to the Funds wu made. The Funds are pledged u additional security~for the sums secured
by this Mortpge.
If the amount o[ the Fuadt held by [.ender, together with ~he future monthly installments of Funds payable prior to
t6e due data of u~ca. assasments. insurance premiums aad ground rcnts, shall exceed the amount rcquired to pay said taxa,
atsasments. insuranoe premiums and ground rents u they tall due, such exccss shall be. at Borrower's optian, either
prampdy repaid to Borrower or credited to Borrower on monthly installments of Funds_ If the amount ot the Funds
hdd by Leoder shall not be sufficieot to pay taxes. usasments, insurance premiums and ground rents u they fall due,
Borro~-er sliall pay to Lender any amount necessary to make up the deficiency within 30 days trom the date notice is mailed
by L,ender to Horrower requatina payrmnt thereof.
Upoa payment ia full of all :ums secured by this Mortgage, l.ender shall promptly retund to Borrower any Funds
held by i.eader. If under pusgraph 18 hercof the Property i~ sold or the Property ~s otherwise acquircd by Lender, Lender
shdl apply. no later than immediately prior to the sale of the Propeny or its acquisitioo by Lender. any Funds held bv
I.ender at the time of application as a credit aga~nst the sums socurcd by this Mortgage_
3. Appiicatim oE Paymeett. Unless applicable law provides wherwise, all payments receivod by Lender under the
Note aad paragnphs 1 and 2 hereof shall be applied by I.ender first in payment of amounts payable to Lender by Borrower
uoder paragraph 2 heroof. tben to interest payable on the Note, then to the principal of the Note, and then to interest and
principal on any Future Advances.
4. Ch~rtes; Lkns. ''Borrower shall pay all taxes, assessments and ather charges, fines and impositions attributable to
tLe Proporiy which may attain a pnority over this Mortgage, and leasehold p~yments or gcvund rcnts, if any, in the manaer
provided under paraaraph 2 hereot or. if not paid ~n such manner, by Borrower making payment, when due, diroctly to the
psyee theroof. Borrower shall promptiy turnish to Lender all notices of amounts due under this paragraph. and in the event
Borrower shall make payment directly, Borrow~er shall promptly furn~sh to Lender receipts evidencing such payments.
Borrower shall promptly discharge any lien which has pnonty over thic Mongage; provided, that Borrower shall not be
required to dixharge any such lien so long as Borrower shall agree in v-n~~ng to the payment ot ihe obligation securcd by
sucb lien in a manrxr acceptable to Leoder, or shall m goad fai~h contes~ such lien by, or defenJ entorcement of such lien in,
legal proceedings which operate to prevent the enforcemr.nt of thc I~en or torfeiwre of the Prop~rty or any part thercof_
S. Hazard lasunwce. Borrower shall keep the ~mprovements now existing u: herea[ter erected on the Property insured
against loss by 6re, hazuds included within the term "extended coverage", and such other hazards as I_ender may require
and in such amounts and for such periods as Lender may requirc: provided, that Lender shall not rcquire that the amount of
such coverage eaceed that amount of coverage required to pay the sums secured ~by this Mortaaae.
'Ilie ins:irance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided,
that such approval sha11 not be unreasonably withheld. All premium~ on insurance polic~es shall be paid in the manner
provided under parag~aph 2 hereof or, ~f not paid in ~ucb manner, by Borrower makmg payment, when due, directly to the
iosurance curier.
All insurance policies and renewals therrof shall be in form acceptablr to Lender and shall include a standard mortgage
clause in favor of and in form acceptabk to Lender. Lender shall have the right to hold the policia ~nd 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 grve prompt notice !o the insurance carner and Lender. t_ender may make proof of loss if not made promptly
by Borrower.
Unless Lender and Borrow~er otherwise agree in wri~~ng, insurance proceeJs shall be applied to restoration or repair of
the Propeny damaged, proviJed such restoral~on or repair is economically (easible and the security of this Mortgage is
not ~hueby impa~red_ If such restorat~on or repair ~s not economically teasible or i( the ucurity of this Mortgage would
be impaired, the insurance proceeds shall be applied to the sums secured by this MoRgage. with the excess, if any, paid
to Borrower. If the Property is abandoneci by Borruwer, or it Borrower tails to respond to Lender within 30 days from the
date notice is maded by Lender to Borrower ~hat the insurance ca~rier ofTers to settle a claim for insurance benefits, Lender
is aut6orized to collect and apply the insurancc proceeds at Lcndcr's opiion either to restoration or repau of the Propert~~
or to tt~e sums secured by~ this ~tortgage.
Unless Lender and Burrower othens~se agree in wnt~ng, any such •rpplication uf proceeds to pnnc~pa) shall not extend
or postpone the due date o( the mon~hly installmentc referred to in paragraph~ 1 and 2 hereof or change the amount of
such installmenls. It under paragraph 18 hereot thc Prof.ertp ~s acywr~Ki by l.endcr, ali nght, title and in~erest of Borrower
in aod to any ihsur~nce policies and in anJ to the proceeels thereot resulnng from damage to the Property_prior to th~ sale
or acquisition shall pass to Lender to the extent of the sums secured b~ this Mortgage immediately prior to such sale or
acquisition.
6. Preservat'an and ~laintenance of Property: Leasehulds; ('ondominiums; Planned Unit Developments. Bc~rrow~cr
shall kcep the Property in good repair and shall not com~it yvaste or permit impairment or deterioration of the Property
and shall comply with the ptovisions of any lease i( this Mongagc ic uo a leasehuld. If this Mortgage is on a unit in a
condominium or a planned unit development, Borrower shall ~xrform all of Borrowers obGgations under the declaraUun
or covenants creatmg or guverning ~he condominium or planned unit develupment, the by-laws and regolations of the
condominium or planned unit Jevelo~,ment. anJ ~onstituent il~nument~. I( a condominium or planned unit Jevelopment
rider ~s eaecuted by Borrower and recorded t~~gether v-ith th~~ Mortgage. the covenants and agreements ot such rider
shall be incorporated into and sh•rll amend anJ supplcment the co~enants and agreements of this Mortgage as if the rider
were a part hereof.
7. Protection of I.ender's Securfty. If B~rrc~HCr (a~l~ t~~ ~xr(~rm the covenants and agreements contained in this
Mor~gage, or if any act~on ur proceedmg ~~ commence.l v-hicn maleriall}~ aficct~ Lender'~ mterest in the Pmperty,
including. bul n~~t limited to, em~nent doma~n. ins~hency_ code en(orcement. or arrangemenK or pro~eedings invoh•~ng a
bankrupt or decedent. then I.enJer at I.ender's option, upun nntice tn Borrowe~, ma~ make such appearances. J~shurse such
sums and Iake such acuon ac is nece~.ar}' tu protect Lender'c mtere~l. ~ncluJing. but not lim~ted to. disbursement of
rcasonabSe at~orney'c fce~ and en~ry upcm ~hc Propcr~y to makc rcpeu~. I( I.cndcr rcyuireJ mor~gage in~urance ac a
condition of mak~ng thc loan tiecured by ~hi~ ~lurtgagc, B~~rrr.wcr sh.dl pay thc prcmiums requireJ to maii~ta~n such
insurance in efTec~ unlil such t~me :IS the n:yuiremen~ for tiuch m;uran;e terminates in :~ecordance N'IIFI BOff(~M'L~ ti and
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