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UNtratH Cove.n~Nts. Borrowu and L~der covenant and s~ra u follows:
3. h~~eN a/ hi~e}~I a~i i~eN. 8o~rower shall promptl~ paY when due the principal of and interest on the
indebtednett evidenoed by the NotR P~WY~nt and late chargcs ac providtd in the Note. aod the principal of and inte~est
on any Future Advances securod by this Mortaage.
x 1h~Ns tor Tua a~i lwn^ce. Subject to applicaDk law ar to a written waiver by l.ende~. Borro*-e~ st-aQ MY
to Lendet on ~he day monthly installmems of principal and intcrca arc payable under the Note. until the Note is paid in tull,
a sum (hercin "Fun~'~ equal to onc-tweltth of Ihe yes~ly ttst,~ and assasments which may attain priority over this
Mortsaje. and around rents on the Prope~ty, if any. F-lus cme-tweltth ot yearly premium installments for huard inwrance.
plus oae-tweltth o[ yearly premium installments for mortgage insurancc, i( any, all as rcaso~ably estimated initially aod trom
ame to time by i.ender on the buis ot asxscmcnts and hills and rcawnable estimata thercof.
The Funds shall be held in an institwion the deposiu or accounts of which arc insured or guaranteed by a Federal ot
state agency (includina Lender if Lender is such an institution). I.ender ahall apply the Funds to pay said taxa. asxssme~ts.
insutanoe ~emiums and ground rcnts. I.ender may ~at cbarge tor sc- holding and applyiog the Fnndc. analyzing uid account.
or verifyin`and compling said assessments and bills, unless Lender pays Borrower inte~at on 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
Mon~age that interat on the Funds shall be paid to Borrower. aad unleu such agrcement is made or applicable law
requircssuch ioterat to be paid, Lender shall not be required to pay Borrower any in~erest or earnings on the Funds. Le~de~
shall give to Bortower. without charge. an annual accounting of the Funds showing crcdits and debi~s to the Funds and the
purpose for which each debit to the Funds waz made. The Funds are pledged u additional sccurity for ~he sums socured
by this Mortgage.
If tbe amou~t ot ihe Funds heW by Lender, together with the future monthly installments of Funds payable prior to
tix due datss of taxa. assasments. msurance premiums and ground rents, shaU exceed the amount re.~uired to pay said taxes.
as~nentt. insu~ar~oe premiums and ground rents as Ihey tall due, such excess shall be, at Borrower's option, either
promptly repaid to Borrower or crodited to Bormwer on monthly installments of Funds. !f the amount o( ~he Funds
held by Leoder shall not be sutficient to pay taxes, assessments, insurance prem~ums and ground rents as they tall due,
Bormwer shall pay to Lender any amount necacsary to make up the deficiency within 30 days from the date notice is mailed
by Lender to Borrower ~equesting payment theroof.
- Upon payment in full of dl :ums secured by this Mor~gage, l_ender shall promptly retund to Borrower any Funds
held by Lender. If under pusgnph 18 hercof the Property i~ sold or the Propeny ~s otherwise acquircd by Lender, Lender
ahall apply, no later than iramediately prior to the sale of the Propeny or its acquisition by Lender. any Funds held bv
Leader at the time of application as a crcdit against the sums secured by this Mortgage.
3. Apptic~tioe ot Paymeafs. Unless applicable law provides otherwise, all payments received by Lender unckr the
Note and paragnphs 1 and 2 hereof shall be applied by 1_enJer first in paymeot of amounts payable to Lender by Borrower
under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Not~, and then to interest and
pri~ipal on any Future Advanas.
1. Ciiartes; Lie~s. Borrower shall pay all t~aes, assessmcnts and othcr charges, fines and impositions attributable to
the Property which may attain a priorily over this Aiortgage, and leasehold payments or gtound rents, if any, in the man~er
provided u~der paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, dircctly to the
psyte thereof. Borrower shall promptly furnish to LenJer all notices of amounts due under this paragtaph. and in the event
Borrower shall make payment d~rectly, Borrower shall promptly fum~sh to Lender receipts evidencing such payments.
Borrorrer shall promptly dixharge any lien which has prionty over th~s Mortgage; provided, that Borrower shall not be
required to discharge any such lien so long as Borrower shall agree in wnhng to the payment of Ihe obligatiun secured by
such lien ~n a manner acceptable to Lender, or shall m good faith contes~ such lirn by, or defend enforcement ot such lien in,
legal proceed~ngs which operate to prevent the enfurcement of thr I~en or torfenure of the Property or any pan thercof.
S. Huud l~unnce. Botrower shaU kcep the ~mprovementti now existing o~ herea[ter erected on the Property insured
against loss by 6re, hazards included withm the term "exlended coverage", and such other hazards u Lender may require
and ~n such amounts and for such periods as Lender may require: provided, that Lender shall not require ihat the amount of
such coverage eaceed that amount of soverage required to pay tbe sums secured ~by ~his Mortaage.
'Ihe insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
that such approval shall not be unreasonably withheld. All premiumc on insurance poliaes shall be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, dircctly to the
insurance carrier.
AI! insurance Ewlicies and renewals thereof shall be in form accep~able to Lender and shall include a standard mortgage
clause in favor of and in form acceptable to l.ende~. Lender shall ha~•e the right to hold the policiu and renewals thereof.
and Borrower shall promptly furmsh to Lender all renewal notices and all receipts of paid premiums. In the event of loss,
8orrower shall g~ve prompt notice to ~he insurance carrier and I.ender. Lender ma}~ make pr~t ot loss if not made prompUy
by Borrower.
Unless Lender and Borrower other.vise agree in writing, insurance proceeds shall be applied to restoration or repair of
the Property Jamaged, pronded such re,tora~ion or repair is economicaily feasible and the ~ecutity of this Mortgage is
not thereby impaired. If sach rcstoration or repa~r is nc.t rconamicallp feasible or if the xcunty oE this Mortgage would
be impa~red, the insurance proceeds shall be applied to the sums secured by this Mortgage. with the excess. if an~•, pa~d
to Borrower !f the Propert~• is abandoned by Borrower, or it Borrowcr fa~ls to respond to Lender within 30 days from Ihe
date not~ce is maded b~~ L,ender to Borrower that the insurance carrier ofTers to settle a claim for insurance benefits, Lender
is autborited to collect and apply the imurance proeeeds at Lender's optian either to restoration or repa~r of ihe Propem•
or to the sums secure~i hy this Mortgage.
Unless Lender and Borrower otherv-ise agree m writing, any such applica~ion of proceeds to pnncipal shall not extend
or postpone the due Jate of the monthly~ installmcntc rcfcrrcd ~o in paragrapbt 1 and 2 hereof or change the amount o[
suc6 installments. It under paragraph 18 hereof the Property is acyuireJ by Lender, ali nght, title and interest of Borrower
in and to any fnsurance policies and in anJ to the proceeds thereof result~ng from damage to the Propert} priot to th~ sale
or acqwsition shall pass to Lender to the extent of the sums secured by this l~fortgage immediately prior to such sale or
acquisition.
6. Presen•atioa aod ~taintenance of Property; I.easehulds; Condominiums; Planned Unit Developments. Borrower
shall Iceep the Propeny in good repair and shall not comroit y~aste or permrt ~mpairment or deterioration of the Property
and shall comply~ with the provisions of any lease i( this Mortg:+ge ic on a IeasehoW. 1f this Mortgage is on a unit in a
condominium or a planned unrt develapment, Borrower tihatl perform all of Borrower's obligat~ons under the declaration
or covenants creatmg or govermng ~he condominium or planned unit develupment, the by-laws and regulations of the
condominium or planned unit develo~ment. ~nd constituent dckument.. i( a condominium or planned «nit Jevelopment
rider is eaecu~ed by Borrower and re~orded ~ogether w~th ~hit Mortgage, the covenanls and agreements of such rider
sha11 be incorporated ~nto and sh:+ll amend and supplcment the co.enants and agreements of this Mortgage as if the rider
were a pan hereof.
7. Protection ot Lender's Securfty. If Borr~tiwer (ailc a~ ~xrlarm the covenams and agreements contained in this
Mortgage, or if any action or proceedmg n~ummrnced wh~ch ma~eriaify afTects l.ender's interest in the Praper~y,
including. but not lim~ted ta rminent domam. ~n~~lvenr~, code enf~~rrement. or arrangements or proceedings invol~•ing a
bankrupt or decedent, then 1_ender at I.ender'~ option, upun nc.~ice to Borrc~u~er. ma~ make such appearances, dishurse such
sums and take such action as is nececsary tu prn~ect Lender's mterest. including. but not limrted to. disbursement of
reasonable attomey'c (ee~ and entry u~n the Property to make repa~r~ If Lender reyuired mortgage in~urance as a
condition o!• making ~hc loan ucureJ by this ~tortgagc. BorrrNCr sh.~ll pa}• thc prcmiwns rcquireJ to mainta~n such
insurance in efTec~ until such dme as the reyuiremenl for .uch m~uran;e termin~~es ~n ac:ordance w•i~h Borrower's anJ
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