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UNIPORM COVENANTS. Horrowe~ and Lende~ covenant and s~rce u follows:
1. ~we~! of hi~c~l a~i 1Mcrest. Borrowe~ shal) promp~l~• pay when due the principal ot and intercst on the
indebtednas evidenoed by the Note. prcpaymeot and late chargec ac provided in tht Note, and lht principai of and inteisst
on aoy Futuoe Advances securod by this Mortgate.
2. lh~i tor T~s~s u/ I~w~r+~ce. Subject to applic~bk law ~.r to a written waive~ by Lende~. Botrawer shall paq
to Lender o~ Ihe day moothly installments ot principal and intcrcu arr ~yaMe under the Note. uotil ~he Note is paid in tull.
s sum (herein "Funds'~ equal to one-twelfth of the yea~l~ ~aac. and asxssmenls which may attain pnority over this
Mortsaje. and =round nnts on the Pr~peny, if any. ~lus ooe-tweltth of yea~ly premium installme~ts for hazard insurance.
plus ooe-twelfth of yeuly premium installments for mongage insunncc, if any, all as rcuonably estima~ed initislly and trom
time to time by I.ende~ on the buis ot asse:cmcnts and hills and reawnabk estimates thercof.
The Funds shall be held in an institutic.n ~he depo~~u or accounls of ~-hich aro insurcd or guaranteed by a Fedenl ot
state a~ency (including Lender it Lender is such an institutionl. 1_tnder shall apply ~he Funds to pay said ~axa. assessments.
insuranoe ptemiums and ground rcnts_ ! ender may not charge tor so l~olding and applying the P~mdc. analyzing caid account.
or verifyin~ and compiling uid assessments and bills, unleu Lender pays Bonower interat on the Funds and applicable law
permits I.ender to make such a charge. Barrower and Lender may agrce in writing at ~he ~ime o( executioo ot this
Mortgaae that interat on the Funds shall be paid to Bor~ower, and unlas such agrcement is made or applicable law
requires such i~terat to be paid. Lender shall nat be rcquircd to pay Borrower any intcrat or earnings on the Funds. Lendt~
shall `ive to Borrower, without charge, an annual accounting of ~he Funds showing credits and debits to thr Funds and the
purpoae for which eaeh debit to the Funds wa~ made. The Funds are plodged as additional security for ~he sums secured
by this Mortpge. .
It the ~moun~ of the Funds held by Lender, logetht~ w~th tht tulure monthly installmtets of Funds payable p~ior to
t6e due dates of tua, auessments. insurance premiums and g~ound rcnt~, shall excecd the amount requircd to pay said taxa,
sssatments, insurance prcmiums and ground rents as they (all due, such excess shall be, at Borrower's option, either
pranptly rcpaid to Horrower or credited to Borrower on monthly installmenls of Funds. It the amount of the Funds
new by te~~ ~n~i ~~ e~ :ws~c to pay ~.xa. assessments, insurance premiums and ground rents u they fall due,
Bocroaer shall pay to L.ender any amount necasary to make up the deficiency within 30 days [rom the date notice is maiicd
by Lender to Borrower requating payment thereof.
Upon paymeat in full of all sums secured by this Mor~gage, l.ender shall promplly rcfund to Borrower any Funds
held by L,ender. If under paragraph 18 hercof the Property i~ sold or the P~operty ~s otherwise acquircd by l.ender, l_ender
s6d1 apply. no later than immediately prior to the sale of the Propeny or its acquisition by Lender, any Funds held bv
Lander at the time of application u a credit against the :ums secured by this Mongage.
3. Appticatios of Payments. Unless applicable law provida otherwise. all payments received by Lender under the
Note and paragnphs 1 and 2 hereof shall be applied by t_ender first in payment of amounts payable to Lender by Borrower
~ader paragraph 2 hereof, then to interest payable on the Notc, then to the principal ot the Note, and then to internt and
principal on any Future Advances.
4. Char~es; Lkas. Borrower shall pay all taxe~, assetcments and o~ber charges, fines and ~mpositions aUnbutable to
tbe Property which may attain a priority over this Mortgage, and leasehold payments or grouna rcots, if any, in ih~ manner
~rovided under paragraph 2 hereo[ or, if not paid in such manner, by Borrower making payment, when due, directly to the
payee thet+~of. Borrower shall promptly furnish to [_ender all notices ot amounts due under this paragraph, and in the event
Borrower shall make payment d~rectly, Borrower shall promptly furmsh to Lender receipts evidencmg such paymtnts.
Borrower shall promptly dixharge any lien which has prionty over Ih~c Mongage: provided, that Borrower shall not be
required to discharge any such lien so long as Borrower shall agree in wnting 1~• the payment of the obligation securcd by
such lien in a manner acceptable to Lender, or shall ~n g~xxi taith cantest such lien by, or Jefen.i enforcement of such lien in,
Iegal proceedmgs which operate to prevent the enforcemrnt o( thc I~en or forfe~wre of the Property or any part thereof.
S. Huud I~urance. Borrower shall kcep the ~mpro.•ementc now exiiting or hereafter erected on the Propertv insured
against loss by 6re, hazards included with:n the term "extended coverage", and such other hazards as Lender may reyuue
wd in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of
such coverage exceed that amount of coverage required ta pay the sums secured ~by ~h~~ Mort6age.
"Itie 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 premium~ on insurance policies shall be pa'sd in the manner
prov~ded under paragraph 2 hereof or, if not pai 1 in such manner, by B~rrower makmg payment, when due, dircctly to the
insurance carrier.
All insurance Fwlicieti and renewals thereof shall be in form aceeptable to LenJer and shall include a standard mortgage
clause in favor of and in fotm acceptable to Lender. Lender sh•rll have the right to hold the policies and renewals ihereof,
and Borrow•er shall promptly furnish to Lender all rcnewal notices and al! receipts of paid premium~. In the event of loss,
Borrower shali g~~•e prompt notice to the insurance carner and LenJer_ l.ender ma} make pn~f ot loss if not made promPtl}'
by Borrower.
Unless Lender and Borrow•er otherv-~u agrec in wnting, insurance proceeds shall bc applied ~o restoration or repair of
the Property damaged, proviJed such restoration or repair is economically feasible and the security of this Mortgage is
not thereby impa~reJ. If such restoration or repair ~s not cconom~cally (easible or it the secunty of this Mortgage would
be impaired, the insurance procceds shall be applied to the sums secureJ by this Mortgage, with the excess, if an}•, paid
to Borrower. If the Property~ is abandoned M• Bormwer, or ~t Borrower fails to respond to Lender within 30 days from the
date nodce ~s mailed by Lender to Borrower that ihe imurance rarrier ofTers to u~~le a claim for insurance benefits, Lender
is authonzed to collect and apply the ~nsurance proceeds ~t Lender's opuon e~ther to restoration or repa~r of the Propert~•
or to the sums ucurcd by this Mortgagc
Unltss Lender and Burrower otherv-ise agree in wnting, any such appli_•ation of prcx:eeds to pnncipal shall not extend
or postpone the due date of Ihe momhly inslallmcntt rcferrcd to in paragraphti I and 2 hercof or change the amount of
suc6 installments. It under paragraph 18 hereof thc Propert~ u acyuued b~ Lender, aU nght, tiUe and interest of Borrowcr
in aod to an~~ tnsurance policies and in and to thc proceeJs thereof resulting from damage to the Property prior to th~ sale
or acquisition shall pass to Lender to the extent vf the sumi secured by th~s Afortgage immediately prior to such sale or
acquisitiort.
6. Prcservateon ~od ~lainten~nce ~~f Property; I.eaceholds; Cundominiums; Planned Unit Developments. Borrow•cr
shall keep the Property in good repair and shall not comroit y-aste or permit impairment or deterioration of the Property
• and shall compl~• with the provis~ons of any lease ~f thn Mortgage ~~ un a Ieasehold. If this Mortgage is on a unit in a
condominium or a planned unit dcvclopment, Borrower shall prrform all of Borrower's obligatians under the declarahun
or coveoants creaUng or govermng the condommium or ptanncd unit devclopmen~, the by-laws and regulationc o( ~he
condominium or planned unit devcto~,ment. and constituent Jvcumem~. It a condominium or planned umt development
rider ~s executed by Borrower and recordeJ together wi~h thn Mortgage. ~he covenants and agreements of such nder
shall be incorporated into and shall amend and supplement thc co~cnants and agrrements of this Mortgage as ~f the nJcr
were a Part Fereof.
7. Proteclion of I.enders Securffy. If H~~rr„wer (cuh ~c~ perf~.rm the covenams anJ agreements contained in thic
Mo~tgage, or it any action ur proceeding i~ cummence~l wh~ch materially efTrrts I_enJer'ti interest in ~hr Property~.
includ~ng. but n~~t hmited ~o. eminent domain, m«hency, cude enforcemem. ~~r arranRements or proceedings ~nvoh~ng a
bankrupt or decedent. ~hen LenJer at LenJer's option, upe~n nouce to Borrowcr, mat m:~ke such appearances, dishurse such
sums and lake such ection a~ is nece~tiar} tu prc~tect Lender'c mterest. includ~ng. but noI limited to, disbursement of
reasonable auome)''~ tceti and entry uM~n th~ Propcr~~~ ~o makc repairti. It I.rndcr reyuircd mortgage imurance a~ a
condq~on uf making !hc loan ~ccured b} ~h~~ M~~r~~agr. Hi~rrr•HCr sh dl ~ap thr prcmunm rcywreJ to mai~~ta~n wch
insurance in rfiect untd tiuch timc a~ ihc rcyinrcmcn~ t~~r ,uch m~uran:c trrm~natc. ~n :ic~ordancc with BorrrHCr', ~nd
3Q~~A•J~o p!GE~~~