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UNiPatt~c CoveN~wr's. Borrower and Lender covenant snd agree as follow::
1. Pa~a+e~t ot hfsr~d ~si laterat. Bormwer ahxll promptly pay when due the principal of a~~i intereat on the
indebtednea~ evidenced ay the Note, prepaytnent aad late chargcs as provided in the Note, and the pri~cipal of ~nd interest
on any Futurc Advances securod by this Mort~aae.
2. F~d~ tor Tast~ awd Lwia~ce. Subject to applicabk !aw or to s written waiver hy Lender, Borrowe~ ahall pay
to I.ender on the day monthly installmen~s of principal and interest are payabk under the Note, until the Note is paid in tull.
a awn (herein "Fundi") equal to one-twelfth ot the ycarly tixes and sssessments whech may altain priority over this
Mortsa,~e. and ~round rents on the Pmpeny, if any, pius ono-twelfth of ytarly prcmium installments for hazard insurance,
plus o~e-twelfth of yearly premium installments for mort~a~e in:unnce, it any, ali as reasonably estimated initially and irom
time to time by Lender on the basis of assasmentt and bills and reasonable estimates thereof.
The Funds shall be held in an institution the deposits or accounts of whirh are insured or guaranteed by a Federal or
state ageney (including Lender if l.ender is aoch an institution). Lender shall apply the Funds to pay said taxes, asscssmtnts.
insur:nce premiums and ground nnts. Lender may not charge for so holding and applying the Funds, analyzing said account.
or vtrifyinY and eompilin~ said asseuments and bills, unless Lender pays Sorrower interat on thc Funds a~d applicable Isw
, pctmits Lender to make such a charge. Borrower and I.ender may agree in writing at the timt of execution ot thia
Mortgage that interat on the Fuads shall be paid to Borrower, and unless soch agreement is ma~e or applicable law
rcquites such interat to be paid. Lender shaU not be required to pay Borrower any interest or earni~gs on the Funds. L:ender
shall give to Borrower, without charge, an annual accounting of ~he Funds showing crodita and debits to the Funds and the
` purpose for which each debit to the Funds wu made. The Fu~ds are pledg~d u additiona! sesurity for the sums secured
by this Mon~a~e.
If the amount of the Funds held by L.ender, together with the future monthly installments of Funds payable prior to
the due data of ~axes, assasments. insurance prrmiums and ground rents, shall.exceed the amount requircd to pay said taza.
usessments, insunnce pnmiums and ground rents as they fall due, such excess shall be, at Borrower's option, either
prompdy rcpaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of ihe Funds
held by L.ender shalf not be suffictient to pay tucs, asaessments, insurance premiums and gr~ound rents u they fall due,
Borrower shall pay to Ltnder any amount necessary to make up the deficiency within 30 days from the date notice is mailtd
by Lender to Borrower rcquesting payment thereof.
Upon Qayment in full of a!1 sums secured by this Mortgage, l.ender shaU promptly refund to $orrower any Funds
held by Lender. If under puagraph 18 htrcof the Property is satd or thc Prepeny is othtrwise acquircd by Lender, L.ender
s6a11 apply. no late~ than immediatcly ptior to the salt of the Property or its acquisition by Lender, any Funds htid by
[.ender at the time of application as a crcdit against the aums secured by ihis Mortgage.
s 3. Applicatioe ot Par~e~ts. Un{eu applicable law proviJa otherwise, all payments receiv~d by Lender under the
Note and pangnphs 1 aad 2 herto( shall.be applied by I.ender first in payment of amounts payable to Lender by Borrowe~
uoder pata~raph 2 hereof, then to interest payable on the Note, then to the principal of ihe Note, and ihen to interest and
principal on any Futun Advances. ~
1. C~es; Lkas. Borrower shall pay all laxa, assessments and other charges, fines and impcxitions attributabk to
tht Propeny which may attain a priority over this Mortgage, and leasehold payments or ground rcnts, if any. in the manner
providtd under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. direcdy to the
payee theroof. Borrower shall promptly furnish to Lender all notices of amoants due under this paragraph, aod in the event
Borrower shall make payment directly, Bortower shall promptly furnish to L.ender receipts evidencing such payments.
Borrower shall promptly discharge sny iien which has priority over this Mortgage; provided, Ihat Borrower shall not be
rcquired to discharge any such lien so long a: 8orrov?er shall agrce in writing to the payment of the obligation ucurcd by
such lien in a manner acceptabk to L.ender, or shall in good faith contest such lien by. or defend enforcement of such lien in,
tegal procadings which operate to prevent the enforcement of the lien or forfeiture of the Property or any pan Ihereo(.
S. H~zsr~ I~rawce. Borrower shall keep the improvements now existing or hereaf~er erected on the Property insured
agtintt loss by fire, ha~ards included within the term "extended coverage", and such oiher haurds as Lender may rcquire
and in such amounta and for such periods as Lender may require; provided, that Lender shall not requirc that the amoUnt of
such coverage exceed that amount of coverage required to pay the sums securcd by this Mortgage.
The insurance carrier providing tbe insurance shall be chosen by Borrower subject to approval by Lender, provided,
that such approval shall not be onrcasonably withheld. All premiums on insurance policiea shall be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payrtient, when due, directly to the
i insurance curier.
~ All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
' clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and rcnewals thereof.
and Borrower shall protnptly furnish to L,ender all renewal notices and all rcceipts of paid premiums. In ihe event of lou.
Borrower shall give prompt notice to Ihe insurance carrier and Lend~r. Lender may make proof of Ioss if not made promptly
~ by Borrower.
Unlesa Lender and Borrower otherwise agree in wri:ing, insurance proceeds shall be applied to restoration or repair of
the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is
not thereby impaired. If such restoration ar repair is not economically fcasibte or i[ the security of this Mortgage would
be impaired, the insurance prceeeds shall be applicd to the sums secured by this Mortgage, with the excess, if any, paid
to Borrower. If the Ptoperty is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
~ date notice is mailed by L.ender to Borrower that the iosurance carrier otTers to settle a claim for insurance bentbts, I.ender
is authorizod to collxt and apply the insur:~nce proceeds at Lender's option either to ratoration or repair of the Property
~ or to the sums ucurod by this Mortgage.
~ Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall nat extend
or postpone the due date of the monthly installments referrcd to in paragraPhs I ~nd 2 hereof or change the amount of :
~ such installments. !f under puagraph f 8 hereaf the Property is acquired by Lender, all right, tide and interat of Borrower °
in and to any insurance policiea and in and to the proceeds thereof raulting from damage to the Property prior to tht sale '
~ or acquisidon shall pass to L.ender to th~ extent of the sums secured by this Mortgage immedia~ely prior to such sale or ;
acquiaitian.
~ 6. Preservatioe a~d Malntenance of Properfy; Lciscbolds; Condominiums; Planned Uwit Devebpmenta. Borrower
~ :hall keep the Property in good repair and shall not commit wute or permit impairment or deterioration of the Property
f and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a
! condominium or a planned unit development, Borrower shall ,perform all of Borrower's obligations under the declaration
~ or coveaants creating or governing thf condominium or planned unit development, the by-laws and regulations of the
condominium or planned unit devdopment, and constituent documents. lf a condominium or planned unit development
rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements af such rider ;
ihall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider ~
were a part hereof.
~ 7. ~rotectioa of Leode~'t Security. If Borrower fails to perform the covenants and agrcemcnts contained in this
Q Mortgage, or if any action or proceeding is commenced which materially aHects Lender's interest in the Propeny.
~ including, but not limited to, eminent dornain, insolve~cy, code enforcement, or arrangements or proce~dings involving a
bankrvpt or decedent, then Lender at Leader's option, upon notice to Borrower, may make such appearances, disburse such
~ aums and take euch action as is necessary to protect l,ender's interest, inciuding, but nat limited to, disbursement of
reasonable attomey's fees and entry upon the Property to enake repairs. If Lender requircd mortgage insurance as a
€ condition of makin the loan secured b this Mort a e, Borrower shall
g y g g pay the premiums requircd to maintain such
• iasurance in effcet until such time as the reguirement for such insurance terminatcs in accord~nce with Borrower': and
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