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UNr~aw CoveN~Nrs. Bo~rower a~d Let-de- covenant and a=ree u tollows:
1. ~a~we~t of hMic~l ~i lNeesst. Bo~rower shall promptly pay when due the principal ot and interest oo the
indebtednest evidenoed by the Note. Prepayment and late charge~ ac provided in Ihe Nde. and the principal ot aod intercst
on aoy Futurc Advances secu~d by this Mottjaje-
2. lhi~i tor Ta~M asi I~a~ce. Subject to spplicahk law ~~r ~o s written waiver by l.ende~. Bortowe~ shall pay
to Lender on the day mon~hly installmen~s ot principal aod in~crcc~ .~rr payable under the Note. until the Note is paid in tull.
s ium (hecein "Funds"1 eqwl to one-twcltth of ~he yea~ly ta~c. anJ assessmen~s which msy attain pnority ove~ ~his
Mortsaje, and `round re~ts oe the Property, if any, plus one-~weitth of yearly prcmium iestallments for huard insurance,
plus oae-twelfth of yea~ly premium installmen~s tor mo~tgage insi~rancc, if sny, all as reuonably estimated initially aod (rom
time to time by I.ender o~ the buis of assescmcnts and hills and reasonable atimata thercof.
'Tl~e Funds shall be held in an institu~ion the depoc~ts or •rccoun~s of which are insured or guara~teed by a Fede~al or
•tate ageocy (including Lender ~f Lender is such an institutionl. I.ender shall apply the Funds to pay said uza, assessments,
insuranoe premiums and grouod rents. 1 ender may nat charge for u+ holding and ap{+lying ~he F~mdc. analyzing said account,
or verifyin` and complin~ said assessments aod bills, unless l_ender pays Borrower interat on the Funds and applicable law
pErmits Lender to make such a charge. Borrower and l.ender may agree in writin~ at the time ot execution of this
Mo~igaae tbat interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law
requires such interat to be paid. Lende~ shall nc~t be rcqui~ed to pay Borrowe~ any interat or tarnings on the Funds. 1_ender
shall ~ive to Borrower, witAout charge, an aonual accounting of the Funds showing credits and debits ta the Funds and the
purpose tor which tach debit to the Fuods wu madc. The Funds are plodged as additional secunty for ~he sums secured
by this Moriaage.
lf the artwunt ot the Funds held by Lender, togr~her with ~he (uture monthly installments ot Funds payable prior to
t6e due data of tua. atseume~u, i~uuranct prcmiums and ground rcnts, shall ezceed the amount required to pay sa~d taxes,
assasments. insurance prcmiums and ground reots as they (all due, such eaccss shall be, at Borrower's op~~on, e~ther
promptly rcpaid to Bormwer or credited to Borrower on monthly installments of Funds. It the amount of ~he Funds
held by L.aodtr shall not be sufficieot to pay taxa, assessments, insurance prcmiums and ground rents as they tall due,
Borroaer shall pay to l.ender any amour-t nocessary to make up the deficiency within 30 days trom the date notice is mailed
by Lender to Borrower requating payment ~hereof.
Upon payment ia full of ~ll sums secured by this Mortgage, l.ender shall promptly refund to Borrower any Funds
held by l,ender. If under puagraph 18 hercof the Property i~ sold or the Propeny ~s otherwiu acquircd by Lender, LenJer
s6a11 spply. no later than immediately prior to the sale o( the Propeny or i~s acquis~tion by I~nder, any Funds helii bv
Lender at the time of applicatan as a credit against ths sums secured by this Mongage.
3. A~plicatM~ ot PaymeMs. Unless applicable law provides othtrwix, all payments received by l.ender under the
Note aad paragnphs 1 and 2 hereo( shall be applied by 1_ender fitst ~n payment ot amounts payable to t.ender by Borrower
under paragraph 2 hercof, thea to interest payable on the Note, then to the principal o( the Note, and then to inter~st and
principal on any Future Advances.
1. Cbartes; Lkns. Borrower thall pay all ~a~et, assestments and othcr chargeti. finec and ~mpatit~cns a!tnbutahk to
tl~e Property which may attain a pnority over this Mortgage, and leziehold payments or grouna rents, it any, in the manner
provided under paragraph 2 hereof or. if not paid in such manner, by Borrawer making payment, when due, dircctly to the
payee thereof_ Borrower shal! Qromp~ly furn~sh to LenJer all notices of amounts due under this paragraph, and in the event
Borrower shall make payment d~recUy. Borrower tihall prompUy fum~sh to Lender rcceip~s evidencmg such payments.
Borrower shall promptly discharge any lien which hu pnonty over th~s Mortgage; provided, that Borrower shall not be
reqwred to dixharge any such lien so long as Borrower shall agree in wnhng to the payment of the obligatiun secured by
such lien in a manner acceptable to Lender, or shall ~n g«xi ta~th contrc~ such lien by, or JefenJ enforcement of such lien in,
legal proceedmgs which operate to prevent the enfurcement ot thc I~en or forfeiture of the Property or any part thereof.
S. Huud Incurance. Borrowe~ shall keep the ~mprovements now ea~sting ur hereafter lrecled on Ihe Property insured
against loss by 6re, hazards included wi~h~n the ~erm "eitendeJ coverage", and such other hazardc as Lender ma}• require
and in such amounts and for such periods as Lender may require; provideJ, that Lernler shall not require that the amount o[,
such coverage eacced that amount ot coverage reywred to pay the ~um~ tiecured ~by this Mortaage.
71u msurance carrier providing the insurance shall be cho~en by Borrower sutject to approval by Lender; provided,
that such approval shall not be unreasonably withheld. A!! prrmwmc on insurance polic~es shall be paid in the manner •
provided under parag~aph 2 heteof or, i( not pa~~ ir+ ci~ch manner, by Borrower mak~ng payment, when due, directly to the
insurance carrier.
All insurance ~licieti and renewats thereof shall tx in form acceptable to Lender ~nd shall include a standard mortgage
clause in favor of and ~n [orm accep~able ~o Lender. t_ender ~hall have the right to hoid the policies and renewals there~f.
and Borrower shall prompdy furmsh to Lender al! renewal notices anJ all receipts of paid prcmium~. In the e~•ent of lotis.
Borrower shall g~ve prvmpt not~ce to thc ~nwrance carner and Lender. I.enJrr may~ make prcu~f of loss ~f not made prumptly~
by Borrower.
Unless Lender and Borrowcr othcrw~K agree in wnting, inwrance proceeds shall be applied to restoration or repair of
the Property damaged, prov~~led such retitorat~on or rcpa~r a economically feasible and Ihe security of th~s Mortgage -~
not thereby impa~red. It wch restor:~t~~~n or repair is not econom~cally (easible or i( the secunty of th~s Mortgage wc~uld
be ~mpaired. the insurance proceeds shall be applied to the sums secured by this Mortgage. with the excess, if an~•, pa~d
to Borrower. If the Prope-ty is ahandonrd b~ Borrower, ur it Borrower failc tu respond to I_ender w~thin 3U days from ~he
date not~ce ic ma~led b~~ Lender to Borruwer that ~he imurance carrier otien to seule :+ claurt for insurance benefits, I.ender
~s authorized to collect and npply the im~rance procee~ls ~t Lender's optiun either to reuorat~on or repa+r of the Pmpenc
or to the sums secured by ~his Mortgage.
Unless Lender and Borrower otherv-ix agrce in wnhng. any such application i~f pnxeeds to pnncipal ~hall not cvcnd
or postpone the due date of thP mcmthly m~tallments rcferred to in paragraph~ 1 and 2 hereof or change the amount ot
such installments. {f unJer paragraph 18 hercof the Propert}• ~s acywred hy Ixnder, ali nght, t~Ue and ~nterest of Bormwer
in aod to any tnsurance policies and in and to the proceeds thereof resulung from Jamage to the Property erior to th~ aale
or acquisition shall pass to Lender to thc eatent of thc ~ums sccured by th:s !-tortgage ~mmediately pnor to tiuch cale or
acquisition. ~
6. Presen•ation aod ~ttiolenance of Propert~; I.easeholds; ('ondominiums: Planned Unit Uevetopments. Borrowcr
shall keep the Property in good repair and ~hall not comrpit yvaste or perm~t impairment or deterioration of the Pro~erty
and shall comply with the prqvis~ons of any lease if th~ti M~~r~gage ~~ un a Ieasch~~ld. If this Mortgage is on a ~~nit ~n a
condominwm or a planned unit developmcnt, Borrower .hail Fxrturm all of Borrower's obl~gauons under ihe declarati~m
or coveoants creabng or govern~ng the condomimum or planned unrt develt~pment, the by-laws and reguiationt of the
condominium or planned unit develn,~ment. .~nd ccrn~tituen~ ~ucumem~. I( a condominium or planned imrt develc~pment
nJer is executed by Borrower and rec~rJed t~~gc~her w~~h ih~~ M~rtgagc. ~he cuvenants and agreements ~f such n~irr
shall be incorporated ~ntc and sh•rll dmend anJ wpplcr.~cnt thc co~rnants and agrcements of this MortgaFe ac if thc n~1cr
wcre a part F~ereof.
7. Proteclion ot Ixnders SecurSty. It H~•rr~~wcr fail. m pcrfe.rm Ihe coven~nt~ anJ agreemenK cuntained m thi~
Morlgagr, or if any acUOn ~~r prcxceJing i~ cummrnce~l v-hicn ma~rrially afirctc (.ender't intere~t in Ibe PruFxrt~,
including. but n~N I~mi~ed to. eminem domain. im~~lvenr~. c~~Je ent~~rcemr~t. i,r arrenRemrnfs or pr~~ceedings invol~ing a
bankn~pt or deceJent, then I.ender al I.enJer'ti ~ipuon, ur~n ni~tice t~i Borrourr. ma~ make wch ap~xarance~. dishune wch
sums and Iake such acUun a~ is nece«ary t~~ pmie~t l.ender'c imereN. includ~n~. bul nat lim~ted to. Ji~besrsement ~~(
re~sonable auomey'ti f~eti and cntry u~~n ihe Pr~~pert~ tc~ mal.e re{~.+ir~ It Lrndrr rryuired m~rtgage in~urance a~ :~
cundilion ut rnak~ng !hc 1~-an tie~ured h~ thi~ :1lurtg.~~c. B~.rn:~cr sh ~!I pa~ thc prcm~utm rcyinre~ la maint.~~n w~h
insurancc m ctJe~l unld wch Umc a~ ~hc rc~~wrrmcnt lur .uch in,uran;c tcrminatr~ ~n .~ccord•rncc w~th B~~rr~~Nrr'. anJ
~.~~'~3~9 ~~~1F~870