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UNUO1tM povat~~tm, Horrowtr and Lende~ covenant and a~roe u tollows:
j. rqw~y ~[ hMcM1 a~i bNhsd. Borrower ahall p~c-mptl~ psY wheo due the principal of and interat on the
indebtodnat evide~oed by tbe Note. prapayiaent and late char~es ac ~ovided in the NMe. and the p~ncipal ot and inte~
oa aor Futura Advances sxurod by this Mortssse.
3. !~i tK Taz~s a~i I~ce. Subject to applicabk law ~.r to • written waiver by t.ender. Borro~-e~ shall pay
to Le~der a~ the day mo~nthly installments ot principal and int~rcc~ arc paysbk under the Note. until the Note is paid in tull.
a aum (Mrein ••Fw~dt"1 ~qwl to ona-tweltth of the yea~ly ax~~. anJ assessments which m~y attain prio~itY ove~ this
Mo~a~e. and ~round re~a a, cbe Propeny. if any. ~lus onatwelUh ot yeuly promium installments tor huard insunnce.
plus oae-twelfth of yearly premium installmeets (or mort`sae insurancc, if any. all u reasonably estimated ioitially and trom
time W time by Le~de~ on tl~e buis ot assa.~mcnts and hills and reasonabk atimata theteot.
The ~nds shatl be held in an iestitution the deposin or accounts of which are insured or ~uannteed by a Foderal ot
state a~ency (includin~ Letwler if Lende~ is such an inslitution). I.eoder shall apply the Funds to pay said tua. sssessments.
iusuranoe premiums and jmund reots. l.endet may not charge for u+ hoWing aod applyins the Funds. anal~rtin~ said account.
or verityin=.snd complios said assessmeots and bills, unless Lende~ pays Borrower interat on the Funds and applicable law
pamiq Lender to make such a charte. Borrower and Lender may asrce in writin` at the time ot execution oi tha
Mort~e that interat oo the Funds shall be paid to Borrovve~. and unlas suc6 a~eement is made or applicable law
requira such interat to be paid. l.ende~ shall not be requited to pay Borrower any intercst or earoings on the Funds. Lender
sha11 pve to Borrower. witl~out charge, an annual accounting of the Funds showina c~edits and debits to the Funds and the
purpose for which eush debit to the Funds was made. The Funds are pledged u additional security tor the sums secured
by this Mortpse.
If tbe amount ot the Funds heW by Leoder, together with the future monthly ins~allments of Funds payabk prior to
tbe due data of taxa. assessmeats. insurance premiums a~d grou~d rents, shall exceed the amount required to pay said tues.
aaeu~oeats. insuranoe premiums and goound rcnts as they fall due, such excess shall be. at Borrower s option, either
promptly repaid to Hormwe~ or ctndited to Borrower on monthly installments of Funds. If the amount of the Funds
heW by Lendar shall not be w~aent to pay taxes. assasmenu, insurance premiums and smur~d rents as Ihey (all due,
Bormaer sball p~y to I.eode~ any amount necessary to make up the deficiency within 30 days-from the date r~otice is mailed
by Leoder to Borrower roquatinE paYment thercof.
Upoa payment in full of all su~ ~cured by this Mortgage, l.ender shall promptly rctund to Borrower any Fun~
held by Lender. If utKkr parajraph 18 hereot the Property ia sold or the Property ~s othervvise acquired by Lender, Lender
ahaU appty. ra later than immodiately prior to the sak ot the Property or its acquisition by Lender. any Funds held bv
I.ender at tbe time of applicstan as a credit against the :ums secured by this Mortgage.
3. A~licatio~ ot P~eNs. Unless applicable law provida otherwix, all payments received by Lender under the
Note and pusgnphs 1 and 2 hereof shall be applied~by Lender first in payment ot amounts payable to Lender by Borrower
uader parasraph 2 hereof, t6ea to interest payabk on the No~e, theo to the principal of the Note. and then to interat and
priacipal on any Future Advances.
1. Crar~a; [.k~s. Borrower shall pay all taxes, assessments and othe~ charges. fines and imposipons attribulable to
tbe property which may attain a priority over this Mortgage, and leasehold payments or ground rcnts, if any, in the manner
provided under paragraph 2 hereof or, it not pa~d in such manner, by Borrower making payment, when due, directly to the
payee thereof. Bortower shall promptly fe,rnish to Lender all notices of amounts due under this para~raph. and in the event
Borrower shall make payment directly. Borrower shall promptiy furnish to l.ender receipts evidencing such payments.
Borrowu shall promptly discharge any lien which hu priarity over this Mor~gage; provided, that Borrower shatl not be
required to discharge any such lien so long as Borrowcr shall agree in wriung to ~he payment of the obligatiun securcd by
sucb liea in a manner acceptabk to Lender, or shell in good faith contes~ such tien by, or defend entorcement of such lien in,
kgal proceedints which operate to prevent the enforcement of the lieo or [orfei~ure ot ~he Property or any part thereof_
S. Haiard laa~n~ce. Borrower shall kecp the improvemeots now existing or hereafter erected on the Property insured
agai~t loss by 6rc, hazards included within the term "extended coverage", and such o~her hazards as ~ender may require
and in such amounu and [or such periods as Lender may require; provided, that t~nder shall not requirc that the amount of
such coverage exceed that amount of coverage required to pay the sums secured by this Mortaaae.
The insurance carrier providing ~he insurance shall be chosen by Borrower subject to approval by Lender. provided,
tbat wch approval shall not be unreasonably withheld. All premiums on insurance policiu shstl be paid in the manner
provided under paragraph 2 hereof or, if not pai~ in such manner, by Borrower making payment, when due, directly to the
iosurance carrier. '~
All insurance policies and renewals therrof shall be in (orm acceptable to Lender and shall i~clude a standard mortgage
clause in favor~f and in form aceeptable to Lender. Lender shall have the right to hold the policia and rcnewals thereof,
and Borrow•er'shall promptly fura~sh to Lender all renewal r~ouces and all receipts o( paid premiums. In the event of loss,
Borrower;tiall give prompl not~ce to the ~naurance carrier and l.ender. Lender may make proot of loss if not made prom~tly
by Borcawer.
Unless Le~der and Borrc~wer othtrw~se agree in writ~ng, insurance procceds shall be applied to restoration or repair of
tht Property damaged, proviJed such restorat~on or repair is economically leasible and 1he security of this Mortgage is
not thereby impaircd. I[ such restorat~on or repair is not economically (easible or it the security of this Mortgage would
be impaired. the insurance proceecis shall bo applied to the sums xcured by this Mortgage, with the exeess, if any. paid
to Borrower. If the Property is abandoned by E3orrower, or if Borrower fails t~ respond to 1_ender within 30 days from Ihe
date notice is ma~led by Lender to Borrower that the insurance carrier ofters to set~le a claim for insuranetbeneSts, Lender
is authoriud to collect and apply the insurance proceeds at Lender's option either to restoration or repa~r of Ihe Propenv
or to t6e sums secured by this Mortgage.
Uoless Lender and Borrower otherv-ise agree m writing, any such applica~ion of proceeds to pnncipal shall not extend
or postpone the due date of the mon~hly installments rcfe~red ~o in paragraph~ 1 and 2 hereof or change the amount of
wch installmeots. If unJer paragraph 18 hereof the ProE.erty is acyuired by Lender, all right, tide and interest of Borrowcr
in and to any Insurance policies and in anJ to the proceuls thereof resulung from Jamage to the Properly prior to thc sale
or acqnisition shall pass to Lender to the ex~ent ot the sums xcurrd by this Mortgage immediately prior to such sale or
acquisition.
6. tresenalba and ~taintenance of Property; Lepsehulds; Condominiums; Plsnoed Ueit Devebpmeots. Borroacr
shall IceeQ the Property in good repair and shall not com~pil Waste or perm~t impairment or deterioration of ~he Property
and shall comply with the provisions of any lease it this Mortgagc i~ on a leaschold. I( this Mortgage is on a unit in a
coodominwm or a ptanned unit ckvelopment. Borrower shall per(orm all of Borrower's obbgations under the declarati~m
or covenants crc~ting or govermng the condommium or planned ~~nit develupment, the by-laws and regulalionc of the
condominium or planaed unit development, and constituent documenic. If a conJominium or planned unit development
nder is executed by Borrower and rccorded toge~her w~th this Mongage, the covenants and agreements of such nder
shall be incorporated mto aod shall amend and supplement the covenants and agreements of th~s Mortgage as if the rider
were a Part h~ereof.
7. Protection ot I.ender's Securfty. It Borrower fa~lc t~, per(orm the covenants and agreements contained in this
Mortgage, or i( any action ur proceeding ~c ce-mmence~l wh~ch ma~erially aficcts I.ender's interest in the Propert~•.
includmg, but_not limi~ed to, eminent domain, incolvency. c~xle enforcemenl, or arrangements or pruceedings invoh~~ng a
bankrupt or decedent. ~hen lRnder at I.enJer's opUOn, upon notice to Borrower, ma} makc such appearances, dishurse such
sums and take such action as is necessary tu protect I~nder's mterest. ~ncluJing, but not lim~ted to, disbursement of
reuonable auomey's tees and emry u~n ~he Propcr~y Io makc rcpair~. If Lcnder reyuircd mortgage incorance as a
condi~ion ot mak~ng the loan secured by this Mortgage. Borrawer sh.ill pay the premiums requireJ to ma~nta~n such
insurance in eRect until such time as thc rcquiremsnt for ,uch ~nsuran:e terminates in accordance wi~h Borrower's and
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