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UNllORM COV8NAN7'i. Borrower and l.ender covenant and a~ree u follows:
1. Ta~eN ot l~tlMl a~i iNeced. Bormwe~ shali prompti) paY when due the principal of aod interost o~ the
indcbtednest evidenad by the Note. prepayment and late chargcc ac provided in the Note, and 1he principal of and interesl
on anr Futuoe Advances secured by this Mongaae.
2. Ihni tor Ta:~s a~i I~ars~ce. Subject to applicabM law ur to a written waive~ by I.endet. Botrower shall pay
to Lender on Ihe day monlhly installments ot principal and intcrc~~ rre payable under the Note. until the Note is paid io t~ll,
s:um (herein "Fu~") eqwl to one-tweltth of the yea~l~~ usc. and assessments which may attain priority over this
Mortta~e. and ~round rtnts or~ tbe Property. it any, plus one-twelQh of yearly prcmium installments for huard insurance.
plus one-twel[th of yearly premium installments (or mongage insurancc. if any, all as reasonably estimated initially and hwn
time to tin~ by Lender on the buis of assessmcnts and hills and reasonable atimates thercof.
7Ue Funds shall be held in an institution ~he depos~t~ or accounts of which a~e insurcd or guaranteed by a Federal ot
:tate ageocy (i~cludina Lende~ if l.eoder is such an institutionl. I.ender shall apply ~he Funds to pay said tazes. assessments.
i~uance premiums aod groo~d rcnts. I.ender may nat charge tor so holding and applying the Fiindc. analyzing said account.
or verifyins and compling said assessments and bills, unless Lender pays Borrower interest oe the Funds and applicable law
permits Lender to make such a charge. Borrower and Lender may agrce in writing at the time of execution ot this
Mortgaae tl~at intetat on the Funds shall be paid to Borrowe~. and unless such agroement is made or applicable law
requira such intercst to be paid. Lender shall not 6e rcquired to pay Borrower any interest or earnings on the Funds. Lender
sfWl aive to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpose tor which each debit to the Funds wu made. The Funds are pledged as additional security for the sums securcd
by this Monsage.
If the amount of the Funds held by Lender, togelher with the future monthly installments of Funds payable prior to
the due dates of Iaxa, ssussmenls. insurance premiums and ground rcnts, shall exceed the amount required to pay said taxa.
su~aents. insurance premiums and ground rents as they tall due, such excess shall be, at Borrower's option, either
prompqy repaid to Borrower or credited to Borrower on monthly installments o[ Funds. If the amount of the Funds
held by Leoder shall not be sulScieat to pay tua. assessments, insurance premiums and ground reMs u they fall due,
Borrower shall pay to Lender any amouot necessary to make up the deficiency within 30 days from the date notice is mailed
by l.endsr to Borrower requesting payment thereof.
Upoa payment in full of dl :ums securcd by this Mortgage, l.ender shall promptly refund to Borrower any Funds
l~eld by Lender. If uader pusgraph 18 hercof the Property i~ soid or the Property ~s othenvise acquired by Lender, Lender
s6d1 apply. ra later than immediately prior to the sale of the Property or its acquisition by l.cnder. any Funds held bv
I.eoder at the time of application as a credit against the- sums securcd by this Mortgage.
3. App~icat~ oE Payaeats. Unless applicable law provida otherwise, all payments received by Lender under the
Note aat! paragnphs I and 2 hereof shall be applied by l.ender first in paymcnt of amounts payable to Lender by Borrower
under paragraph 2 hercof, ttnn to interut payable on the Note, then to the principal ot the Note, and then to interest and
principa! on any Future Advances.
1. Ch~rtes; Lk~. Borrower shall pay all taaes, asscssmcnts and athcr charges. fines and impositions atlrib~table to
the Prpperty which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner
ptovided under paragraph 2 hereof or, if not pa~d in such manner, by Borrower making payment, when due, dircctly to the
payoe theteof. Borrower shall promptly turnish to Lender all notices of amounts due under this paragraph, aad in the event
Borrower shall make payment directly. Borrower shall promptly furn~sh to l.ender receipts evidencing such payments.
Borrower shall promptly dixharge any aien which has priority over th~~ Mortgage; provided,.that Borrower shall not be
tequired to discharge any such lien so long as Borrower shall agree in wnUng t~ Ihe payment o( the obligation secured by
such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or Jefend entorcement of such lien in,
legal proceedings which opera~e to prevent the enforcement of the I~en or torfei~ure of the Propeny or any part thercof.
S. Huud Insunsce. Borrower shall keep the improvemcnts now existing or hereafter erected on th~ Property insured
against lou by firc, hazards included within the term "extended coverage", and such other hazards as Lender may requirc
and in such amounts and for such periuds ac Lender may require; provided, that LenJer shall not r~quirc that the amount of
such coverage exceed that amount of coverage required to pay the sumc secured ~by this Mort6a6e.
'il~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, providod.
that such approval shali not be unreasonably withheld. All premiumt on insurance polic~es shatl be paid in the manner
providod uoder paragraph 2 hercof or, if not paid in sach manner, by Borrower makmg payment, when due, directly to the
insurance carrier.
All insurance policiet and renew~als therrot shall be in form acceptable to LenJer 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 renew~als thereof,
and Borrower shall promptly furn~sh to Lender all rencwal not~ces and all receip~s of paid premiums. ln the event of loss,
Borrower shall give prompt notice to ~he msurance carner and l.ender. Lender may make proof of loss if not made promptly
by Borrower.
Unless Lender and Borrower otherwix agree in wnt~ng, insurance proceeds shall be applied to restotation or rtpair of
the Property damaged, provided such restora~ion or repair is ernnomically feasible and the security of this Mortgage is
not ~hereby impaired. If such restotaUon or repair is not cconomically teasible or it the security of this Mortgage would
be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage. v-'ith the excess, if an). 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 ~s mailed by Lender to Borrower that the insurance carrier ofTers to seule a daim for insurance benefits. Lender
is authorized to coUect and applp the ~nsurance proceeds at Lender'~ option either to restoration or repaer of ihe Propert~•
or to the sums secured by this Mortgage.
Unless Lender and Borrower otherv-ise agrec in wnting, any such application of proceeds to pnncipal shall not eztend
or postpone the duc datc of the momhl~~ installments rcferred to in paragraphti 1 and 2 hereof or change Ihe amount of
such installmeots. If under paragraph IK hereof the Property ~s acyuued h} l.ender, ali nght, title and interat ot Borrower
in and to an}• k-surance policies and in and to the proceeJs thereot resulting from damage to the Property prior to th~ ~ale
or acquisition shall pass to Lender to the extent of the ~ums secured b}~ this :~tortgage immediately prior to such cale or
acquisition. '
6. Yresenatioo aod !~taiolenance of Property; l.easeholds; Condominiums; Planned Unit Devebpmeots. Borrov-•cr
shall keep the Property in good repair and shall not com~pit yraste or permit impairment or deterioration of the Property
and shall comply with the provisions of any lease ~( this Mortgagc i~ un a leasehold. If this Mortgage is on a unit in a
condomimum or a planned umt development, BorroK~er ~hall Fxrform all of Borrower's obl~gations under the declaration
or covenants creaUng or governmg ~he condommium or planned unit develupment, the by-laws and regulations of the
condominium or planned unit develn~,ment. and cons~ituent Joc:umeniti. If a condominium or planned unit development
rider ~s executed by Borrower and recorded rogether w~~h ~hi~ Mortgage. ~he covenants and agreements of such rider
shall be ~ncorporated into and shall amend ai~d supplcment the covenants anJ agreements of this Mortgage as if the riJer
wcre a part t~ereof.
7. Protation of I.endePs Securfty. 1! Rorrc.wer fa~lc a. per(i.rm the covenant~ and agreements contained in this
Mor~gage, or if any act~on ~~r proceedmg ~~ commrn~e.i whi~h materialh~ ~~firrts Lender's mterest in the Property,
including, but n~t limi)ed to, em~nent domain. in~~.l~ency, c~~e en(uriemcnl, or arrangemenls or pra:eedings ~nvohing a
bankrupt or deredent, then Lender at I.enJer'~ op~ion, upon notice to Borrower, ma~ make such appearances, disburse such
sums and ~ake such ac~ion a~ ~s neces~ar~~ tu pn~Iect Lender'c mterest. mclud~ng. but not limrted to. Ji~bursement n(
rcasonable a~tomey'c (ees and eniry u~x~n the Proper~~~ ~o make repain. If 1_cnder reyuircJ mortgage incurance at a
condrtion oi makmg the loan tecured by th~s ~t~-rtgage. Bi~rtewcr shall pa)~ the prem~ums requireJ Io maint•r~n such
iruurancc in rttect until wch t~mc as ~hc reyuiremcnt for wch ~~rlsuran;c tcrm~natc~ m accordancc K'11I1 BOffAWCf ~ and
a~x 345 p~~t ~382