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UNIPORM COVENANi'~. BoROwer and Lende~ covenant and asra u(ollows:
1. ~weM ot hMciNl a~i lNensl. Bornower shall p~omptiy pay when due the principal ot and interest on the
inJebtedneu evideaced by the Note. propaymeot and late cha~gec ac ~xovided in Ihe Note, and the principal ot and intercs~
on any Future Advances secured by this Mortisse.
3. 14~i tor Tuq a~i lwn~ca Subject to applical+k law ..r to a written waiver by Lender. Borrower shall pay
to I.ender or~ the day monthly inslallments of principal a~d intercc~ .~rc ~yaMe unde~ the Note. u~til the Note is paid in tull.
a sum (herein "Fundt'~ equal to one-twelfth of the yeatl~' tas~~ ~ml assessments which msy attain priority over this
Mortsaje. and `mund rents on the Pmperty. it a~y, plus one-tweltth of yea~ly prcmium installments for hazatd i~sunnce.
plus onc-twellth of yarly prcmium installmen~s for mongage insunnco, it any, all as reuonably estimated initially and h+om
time to time by Lender on the buis ot asses~mcnts and hills and rcasonabk estimata thercot.
The Funds shall be held in an ins~i~ution the deposiu or ~ccounts of which arc insured or ~uaranteed by a Federal or
state ajency (includina Lende~ if Lender is such an institWion). 1_ender shall apply the Funds to pay said taxes, assessments.
insursnce prcmiums and ground rents. 1 ende~ may nat charge lor u+ holding and spplying ~he F~mdc. analyzing caid account.
or verityin~ and compling said assessments and bills, unless Lender pays Borrower interat oo the Funds and applicable law
permits Lender to make such a charge. 8orrower and I.ender may agree in writins at ~he time of execution of this
Mottgaae that i~terat on the Funds shall be paid to Borrower. and unless such agreement is made or applicable law
requira such interat to be paid. Lender shall nat be rcquired to pay Borrower any intercst or earnings on the Funds. Lendt~
shaQ aive to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpose [or which eaeh debit to the Funds waa made. Tt~e Funds arc pledged as additional securi~y tor the sums socured
by this Mortpge. ~
If the amount ot the Funds held by Lender, together w~th the futurc monthly installments of Funds payable prior to
t6e due data of taxa, assessments. i~urance premiums and ground rents, shall exceed the amount rcquircd ~o pay said taxa.
as~~ments, insunnce prcmiums and ground rents u they fall due, such excess shall be. at Borrower s op~ion, either
pranptly npaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Fu~ds
n~w by ~~ ~~i ~~ ~:~t to p.y ~ua, assessments, insurance premiums and ground rcnts u they fall due,
Botro~re~ shall pay to Lender any amount nocessary to make up the deficiency within 30 days from the date notice is mailed
by Leoder to Borrower requating payment thercof.
Upon payment in full of dl swns securcd by this Mortgage, l.onder shall promptly retund to Borrower any Funds
heW by I.ender. !f under puagraph 18 hercof the Property i~ sold or the Property ~s otherwise acquircd by l.ender, Lcnde~
shdl apply. no later than immediately prior to the sak of the Property or its acquisition by Lender, any Funds held bv
L.ender at the time of applkation as a credit against ~he sums socured by this Mortgage_
3. Applicatiw of Payments. Unless applicable law -provides otherwise, all Payments received by Lender under the
Note and paragraphs I and 2 hercof shall be applied by I.cnder first in payment ot amounts payable to I_cnder by Borrower
under paragraph 2 hcrcof, then to intercst payable on the No~e, then to the principal ot the Note, and then to interest and
principal on any Future Advances.
1. Chaqes; Lkas. Borrower sha11 pay all ~axec, assessments and other charges, fines and ~mpocitions attributable to
t6e Property which may attain a pnority over this Mortgage, and leasehold payments or ground rents, if any, in the manner
pmvided under paragraph 2 hereof or, if not paid in such manner, by Barrower making payment, when due, directly to the
payee thereof_ Borrower shall prompUy furnish to Lender all notices of amounts due under this paragraph, and in the event
Borrower shall make payment directly, Borro~er shall promptly furnish to l.ender receipts evidencing such payments.
Bonower shall promptly discharge any lien which has pnonty over th~~ Mortgage: provided, that Borrower shall not be
rcquired to dixha~ge any such lien so long as Borrower shall agrec in wnt~ng t~ the payment o( the obligatiun xcurcd by
such lien in a manner acceptable to Lender, or shall m good (aith contec~ such lien by, or defend enforcement o( such lien in,
legal proceedings which operate to prevent ~he enturcement of thr lien or (ortature o( the Property or any part thereof.
S. Huard Ir~sunwce. Borrower shall kcep ~be ~mprovement~ now~ existing or hereafter erected on the Property insured
againtt locs by fire, hazards included with~n the term "extended coverage", and such other hazards as Lender may reyuire
and ~n such amounu and for such periods as Lender may reyuirc; provided, that LenJer shall not requirc that the amount ot
such coveragr exceed that amount of coverage requ~red to pay the sums secured by this Motl6age.
71~e ~nsurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided.
t6at such approval shall not be unreasonably withhetd. All prem~ums on insurance poliaes shall be paid in the manner
provided under paragraph 2 hereof or, if not p•rid in such manner, by Borrower making payment, when due, dirtctly !o the
insurance carrier_
All insuranre Ewiic~eti and renew•als thereof shall be in form acceptabk to Lender and shall include a standard mortgage
clause in favor o( and in form acceptabte to Lender_ Lender shall have the right to hold the policies and renevvals thereof.
and Borrovver shall promptly furo~sh to Lender all renewal notices and all receipts of paid prcmiums. tn the event of loss.
Borrower ~h:,ll give pr~•mpt notice to the insuranre carner and l.ender. Lender may make proof ot loss if not made promptly
by Borrowcr.
Unless Lender and Borrowcr otherwn.: agree in writing, insurance proceeJc shall be applied to rcstoration or repair of
the Property damaged, prov~ded wch re.torauon or repair ~s economically teas~ble and the security of th~s Mortgage ~s
not ~herebv impaired. If such restorat~on or repair is not economically (easible or it the security of this Mortgage would
be imQa~red. the msurance proceed~ shall be applied to the sums secured by this Mortgage, with !he excess, if any, paid
to Borrower. !f the Propert~ ~s abandoned by Borrower, or it Borrower tails to respond to (xnder within 30 days fr~m the
date notice ~s mailed by lxnder to Borrower that the insurance carrier ofTers to setUe a claim for insurance benefits, Lender
is aut6c-rized tu collect and ~pply the in~urance proceeds at I_cnder i option eithcr to restorat~on or repair ot the Propertv
or to the sums secured hy this Mortgage
Unless l.endcr and Borruw•er otherv-ise agree m wrrting, any such application of proceeds to pr~ncipal shall not extend
or postpone the doe Jate of the monthl~ im~allments refcrred to in pa~agraphc I and 2 hereof or change the amount of
suc6 installmeut~. If under paragraph 18 hereof the Pro f,erty u acywred by l,ender, ali nght. tiNe and imerest of Borrower
in and to an~ Insurance pulic~es anJ in and tu the proceeds thereof resulung from damage to the Propeny prior to Ihc sale
or acqws~tion ~hall pass to Lender w the eatent of the sums secured by this Mortgage immediately prior to such sale or
acquisition.
6. Prtsenaliun and ~ltintenance of Property: l.easehulds; Condominiums; Planned Unit Devebpmenfs. Borrowcr
shall keep thc Propertp in g~wd repair and ~hall not comro~~ K'aste or pe~mit impairment or deterioration of the Property
and shall comply with the prov~s~ons of any lease if thu Mortgagc n on a IeasehuW. I( this Mortgage is on a unit in a
condominwm or a planned unit Jevelopment. BorroNer ~ball Exrform all of Borrowers obligations under the declarah~~n
or covenants crealmg or guvernmg Ihe cond~~mmium or planned unit develupment, the by-laws and regulations o( the
condominium or planned unit develo~,ment. and constituenl documeni~. If a condominium or planned unit elevelopment
nJer a executed by~ Borrov-er anJ recorded u~ge~her Kith thn Mortgage, ~he covenants and agreements of ~uch ri~ler
shall be incorporateJ into and shall amend and supplement the co.enants and agreements of this Mortgage as if the ri~fer
v-ere a part t.ereof.
7. Proteetion of Lenders kcur{ty. 1( f3orr~~wer fa~l~ t~~ ~xrfi.rm the covenants and agreements con~ained in this
Mortgage, ur ~f any acnon ~~r prckeedmg ~~ u~mmrnre~t wh~ch ma~rrially~ afTects 1_ender's ~nteresl in the Prope~t~•,
including. but nat limi~ed to, cminent domam. mu.lvency. axle en(~~rcemem. ~~r arr~ngements or proeeedings mvol~•ing a
b~nkrupt or decrdent. ihc~ I.ender at I.ender', opUOn, upon not~ce to Borrower, ma~ make such appearances, dishurse such
sums and take such ac~iun as is nece+sary tu pmtect Lender's ~nterest. incluJing. but not limited to, disbursement of
:easonablc a~rorney's feet and en~ry u~n the Propeny~ to make repa~rs. If I.ender reyuired mortgage incurance ac a
conditwn of makmg Ihe ~oan cecureJ by ~his ~tongage. Borrcv-er sh.dl pa~~ the premiums requ~reJ to mai~itam such
insuranCe in ettect un~d such ume •as thc reyilircment tor wch ~nsuran;c Iermmatet in ac:ordance wi~h Borrowcr's and
. . - . ~~345 p~~E fi43
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