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Unt~qt~t JpvaN~n». Hortower and Ltnde~ covenant and a~roe u tollows:
~. tqwey o~ l~i~clNl ~i lyensf. 6o~rower shall promptly pay when due the priocipal ot aod interat on the
indebtedna~ evideAOed by the Not0. p~WY~nt snd late chargcc a~ {+rovided in Ihe Note, aod the principal ot and in~etes~
on any Future Adv~nces secured by this Morttaje.
2. F~Ns ter Tasa a~i Irara~ee. Subjat to appiical+k law .~r to a written waive~ by Lender. eo~~ ~t-.n wr
to Lender on Ihe day monthly installmenls ot principal and intcrccl ~rc ~yable under the Note, until the Note is paid io tull,
a sum (herein "Fund~'~ equal to one-tweltth ot the yea~l~~ ~axc. and assasments which may attain pnority o~e~ this
Mortsa~e. and ~mund reets on tbe Property. it any, plus one-tweltth of yearly prcmium installments for hazard insurance.
plus oue-tweltth of yearly premium instailments tor mongage insurance, it any, all as reuonably estimated initially and from
time to time by Lender on the buis of asxssmcnts and hills and rca~onabk estima~a thereof.
'Ibe Funds shall be held in an ins~itwion ~he depos~ts o- accounts of which arc insured or guanntced by a Federal oT
ttate s~ency (includina L.ender if Lcnder is such an institutionl. 1_ender shall apply the Funds to pay said taxes. asseuments.
insuranoe ~emiums and grouod rents. l.ende~ may not charge tor se+ holding and applyina the Fundc. analyzing caid account.
or verityin~.sed rnmpilina said assessments and bills, unless Lender pays Borrowe~ interat on ~he Funds and applicable law
pecmitt Lender to make such a charge. Borrower and Lender may agrce in writing at the time ot execution ot this
Mort~a~e that interat on the Funds shall be paid to Borrower, a~d unlas such agrcemeot is made or applicable law
requira wch interat to be paid. Lender shall not be rcquired to Pay Borrower any interest or earnings on the Funds. Lender
s6all pve to Borrower, without charge, an annual accounting af the Funds showiog credits and debits to Ihe Fu~ds and the
purpoae for which each debit to the Funds wu made. The Funds are plodged as additional cecurity tor the sums secured
by tbia Mortjage.
If tbe amount o[ the Funds held by Lender, together wi~h the future monthly installments of Funds payable pnor to
the due dates of taua. asxssmenu. insurance premiums and ground rcnts, shall excecd !he amount required to pay said tua.
asseameots, insurance prcmiums and gmund rents as they fall due, such excess shall be. at Borrower s optian, either
prpnptly rcpaid to Bormwe~ or credited to Bormwer on monthly ins~allments of Funds. If the amount o[ ~he Funds
held by Lender shall not be suflicieat to pay taxa. assessments, insurance premiums and ground rents u they (all due.
Borto~ver shall pay to Lender any amount necasary to make up the deficicncy within 30 days from 1he date notice is mailed
by l.ender to Borrower requGStinB paYment theroof.
Upoa paymeat in full of dl sums secuted by this Mongage, l.ender shall promptly refund to Borrower any Funds
held by [.ender. If under pusgraph 18 hercof the Property i~ sold or the Property ~s otherwise acquired by Lcnde~. Lender
s6d1 apply. no later than immediately prior to the sale of the Property or its acquisition by I.ender. a~y Funds held bv
L.eoder at the time of application u a credit against the sums secured by this Mortgage.
3. A~plicatio~ ot Pqmeets. U~less applicable law provides othenwise, all payments received by Lender unckr the
Note aad paragraphs 1 and 2 hereof shall be applied by 1_ender first in payment of amounts payable to Lender by Barrower
un~r paragraph 2 hereof, ttxn to interest payable on the Note, then to the principal of the Nae, and then to interest and
principal on any Future Advances.
~. ChaRes; Lieas. Borrower shall pay all taxec. assessmcnts and other charges, fines and impositions attributable to
the Property which may attain a priority over this Mortgage, and leasehold paymems or grouna rents, if any, in the manner
P~+ovided under paragraph 2 hereof or, if not pa~d in such manner, by Borrower making payment, when due, diroctly to the
payoe the~eof. Borrower shall promptly furnish to Lender all noticrs of amounts due under this paragraph, and in the event
Borrower shall make payment directly, Borrower shall promptly furnish to l.ender receipts evidencing such payments.
Borrower shall promptly discharge any lien which has pnonty over ~h~c Mongage; provided, that Borrower shall not be
required to discharge any such lien so long as Bc~rrower shall agree in w~rit~ng to the payment of the obligation securcd by
such lien in a manner acceptable to Lender, or shall in good faith contes~ such lien by, or defenJ enforcement of such lien in,
legal proceedings which opetate to provent the enforcement ot the lien or forfe~wre of the Property or any part thercof.
S. Hazard Inwnwce. Borrower shall kcep the improvementti now existing or hereafter erecled on the Property insured
against loss by 6rc, hazards included within the term "extended coverage". and such other hazards as l_ender may require
and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount o[
such coverage exceed that amount o[ coverage required to pay the sums secured ~by this Mortaage_
'I1~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided,
that such approval shall not be unreasonahly withheld. All premiums on insurance polic~es shall be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower mak~ng payment, when due, directly to the
insurance carrier.
All insurance policies and renewals therrof shall be in form acceptable to Lender and shall include a standard mortgage
clauu in favor of and in form acceptable to Lender. Lender shall have the right to hold the policiu and renew•als thereof,
and Borrower shall promptly furnish to Lender all renewal notices and all receipts ot paid premiums. In the event of loss.
Borrower shall grve prompt not~ce to the insurance carner •rnd l.enJer. l.ender may make proof of loss if not made pramptly
by Borrower.
Un(ess Lender and Borrower othervv~u agree in writing, insurance procceJs shall be applied to restoration or repair of
the Property damaged, proviJed such restorat~on or repair ~s economically feasible and the security of th~s Mortgage is
not thereby impaired. If such restoration or rcpa~r is ~~ot economically feasible or it the securiry of this Mortgage would
be impaired. the insurance proceeds shall be epplicd to the sums secureJ by this Mortgage, wi~h the excess, if an~•, paid
to Borrower_ If the Propeny is abandoned by Borrower, or it Borrower fa~ls to respond ta Lender within 30 days from the
date notice is maded by l.ender to Borrowe~ that ~he insurance carrier oflers ~o se~tle a claim for insurance bene6ts, 1_ender
is authoriaui to collect anJ apply the insurance proceeds at 1_enJer's option either to restora~ion or repa~r of the Propertr
or to the sums secured by this Mortgage.
Unless Lender and Borrower otherv-a~se agree in writing, any such applica~ion of pra;eeds to pnneipal shall not extend
or poatpone the due date of the monthly installmcnts rcferred to in p.ragraphc I and 2 hereof or change the arnount o(
such installments. If under paragraph 18 hereof the ProE,erry ~s acywred by l.enJer, ali nght, ti11e and interest of Borrowcr
in and to any tnsurance poiscies and in and to the proceeds thereof resulting irom damage to the Propeny prior to Ihc sale
or acquisition shall pass to Lender to the extent o[ the sums secured by this :~tortgage ~mmediately prior to such sale or
acquisition.
6. Preservation and 1laiotenanct of Property; I.tasehvlds; ('ondominiums; Planned Unit De~•ebpments. Borrow•cr
shall keep the Property in good repair and shall not cumroit yvaste or permit impairment or deterioration of the Property
and shall comply with thc provisions of any lease ~f th~s Mor~gage n on a leaschold. I( this Mortgage is on a unit in a
condominium or a planned ume devclopment, 8orrower shall pcr(orm all ot Borrower s obl~gations under the declaration
or covenants creatmg or guvernmg ~he condominium or planned umt develupment, the by-laws and regulation~ of ~he
condominium or planoe~ unit develo~ment. and constituent Jucument.. It a cunJominium or planned unit Jevelopment
rider is eaecuted by Borrower and recorded toge~her with th~~ Mortgage, the covenants and agreements ot such rider
shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the nJer
were a part f~ereof.
7. Protection of Lender's Securfty. If R~rrnwer fa~l. t~• per(i~rm the covenaMs and agreements contained in this
Mortgage, or if any action ~-r proceeding i~ rammrnced whi~_h ma~erially afiectc I ender's interest in Ihe Pmperty.
includ~ng. but not lim~ted to. eminent domain. m~~~l~ency. cocle enforcemem. ~•r rrr~ngemcnts or proceedings mvohing a
bankrupt or decedrnt. ~hen I.ender at I.enJer'~ ~~pt~on, upon nohce to Bortower, mr~ make such appearances. Jnhurse such
sums and lake such action a~ is nece«ary t~~ protect l.ender's ~nterest. mclu~ling. but not limited to, dabursement of
reasonable a~tomey'~ (ces and en~ry u~x~n ihe Propcrty to makc repeu~. I( Lender rcyiiireJ mortgage in~urance a~ a
condiUqn of makmg the loa~ ~ecured by~ tha M~~rtgagr. Barrr.wrr sh dl pay thr prem~ums reqiured to mai~~ta~n ~uch
insunnce in etTect untd ~uch t~me as ~he reyuiremeni for ~uch m;uran;c tcrm~natrti m:~ccordance wi~h Bnrrower'~ •rnd
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