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Uttuonw Covar+~?t~rs. Bon+o~rer aad Lardsr covenant and a~ra as tollows:
1. tiyweet ot hiecl~ai a~d lrfcreN. Borrowir shall promptly pay when due the priacipal ot and iaterest on the ~
indebtedt~s evidenced by the Note, prepsyment and late charges as provided in the Note, and the principal ot aod interest
on ~ay Puturo Advances secured by tbis Mort~a=e.
lh~~ tor Tw~ a~i I~a~ee. Subject to sppiicable !aw or to a writtcn waiver by Le~der. Botrower sha11 par
to l.endtr on the day moathly installments ot principat and intetest arc p~yabk under the Note. until tl~e Nole is paid ia tWl. ;
a smn (l~erein "Fundt'~ equal to one-tweltth ot ~he yearly taxa and atsessments which may attain priority ove~ tAis i
Mortp~e~ and ground re~b oo the Property, if any, plus or~atw~elfih of yearly premium installments [or hazard inwrsnce. ?
. plus one-twelfth of yearly pramium installments to~ mortgage insura~e, it any. all u reasonably estimated iaitially and Ec~n
time to time by Le~er on the buis of assessments and bills and reasonable estimata thercof.
7he Funds shatl be held i~ an instifution the depoaits or accounts of which are insured or guaranteal by a Federal or
state asency (including L,ender if l.ender is such an institution). (_ender shall apply the Funds to pay said taaes. assestments.
insuranee premiums at~d ground rents. I.ender may not char~e for so holding and applyi~g tho Funds, analyzin~ uid account,
or veri[ying and compling said assessmenu aod bills, unkss Lender pays Borrower interat on the Fu~ds and applicabk law
permits l.ender to make such a charge. Borrower aod Lender may agrce in writin~ at the time of eacecution ot this
Mortpee that interat on the Funds shall t+c paid to Borrower, and unless such ag~eement is made or applicabk la~r .
requires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Leoder
shaU pve to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds aad the
purpose for which each debit to the Funds was made. The Funds arc pledged as additional socurity for the sums securod
by tbis Mort~?je.
lt the aawunt of the Funds held by Lender, togethe~ wilh the future monthly installments of Funds payabk prior to
the due datp of laxa. asusunents, insurance premiums and ground rents, shall excoed the amou~t required to pay uid taxa,
as~uqents, insura~ce premiums and ground rents as they fall due, such excess shal! be, at Borrower's oplion. either
pma~pt~y repid to Bnrrower, ot credited to Borrower o~ monthly installments of Funds. If the amount of the Fun~
hdd by Lender shalt not be sul6cient to pay taxes, assessments, insurancc premiums and ground rents u ~hey fall due.
Borro~ver shall pay to Lender any amount necessary to make up the deficiency within 30 days [rom the date notice is mziled
by l.ender to BQrrower rcquating payment ~hereot.
Upon payment in full of all sums secured by this Mortgage. t.ender shall promptly refund to Borrower any Fund=
held by Lender. If under paragraph 18 hereof the Propeny is sold or thc Propcrty is othervvise acquircd by Lender. Lender
slall apply. no later than immediately prior to the sale of thc Property or its acquisition by l.ender, any Funds held by
I.ender at the time of application as a credit against the sums secured by this Mongage.
3. A~plkatlon oE Paymeots. Unless applicable law pruviJes otherwise. all paymenls received by Lender under the
Note and pangraphs 1 and 2 hereof shall be appiicd by I.ender first in paymcnt of amounts payable to Lender by Borrowec
under para~raph 2 hereof, then to inte~est payable on the Nu~e. then tu thc pri~cipal ot the •Note. and then to interut and
principal on any Future Advanoa.
1. C6ar~a; Lkas. Borrower shall pay aU taaes, asses.cmcnts and othcr charges, fines and impositions attributable to
the Property which may attain a priority over this l~tortgage, aod leasehold paymcnts or ground rents, i( any. in the manaer
providod tu~der puagraph 2 hereof or, i[ not paid in such manner, by Borrowc~ making payment, when due. direttfy to tbe
payee thereof. Borrower s6al! promptly furnish to Lender all notices of amounts due under this paragraph, and in tbe event
Borrower shall make payment directly. Borrow~er shall promptly furnish to l.ender receipts evidencin= such paymtnts.
~~a P~P~~Y discharge any lien w~hich hu priority u.•c~ this Mortgage: p~ovided, that Bormwtr shatl twt be
required to discbarge any such licn so long az Borrovrer shall agrce in writing to ~he paymeht of the obligation secured by
suc6 liea i~ a manner acceptable to l.end~r, orshall in good faith contest u~ch lien by, or defen~i enfor~cement of wch lia~ iq
leaal procoedings which operate to prevcnt thc enforcemcnt of thc lien ar forfeiture of !he Properly or any psrt tlrcroof.
S. Hasard Iwwn~ee. Borrower shall kcep thc ~mprovcmcnts now cxic~iag or hereafter erected on the Property iasured
a~aintt loss by 6re. ha7ards encluded within the term "~xtendeJ coverage". anJ such othe~ huards u Lender may rcquite
and in such amounu and for such periods as Lender may requirc: provided, that Lender shall not require that the amount of
such covuage exc~ed that amount of coveragc rcquired to pa~• the sums serurcd hy ~his Mortgase.
'Il~e insurance carri~r providing the insurance shall be chosen by Borrower subject to approval by Lender. providod,
that such approval shalt not be unreasonahly withheld. All premiumc on inwrance poiicies shall be paid in the manner .
provided under paragrap6 2 hueof or, if not paid in such manner, by Bc~rrower malcmg payment, when due, dircetty to t6e
inwranoe carrier.
AU insurance policies and renewals thereof shafl be in form acreptable to LenJer ana shall include a xtandard moctpQt
~ clause in favor of and in form acceptable to Lender. Lendcr shall have the right to hold the policies and nnewals thereo[.
~ and Borrovrer shall promptly furnish to Lender all renew~l notices and all receipts of paid premiiims. In the event of loss,
Borrower shall give prompt notice to the inwrance ~arner apd Lender. Len~ec may rqake pro.~f of loss if not made-promptly
by Borrower.
~ Unless Lendcr and Borrower othcrwisc agree in N riting, i~wran~c pnkecdc shall be applied ro restoration or repair of
~ the Property damaged, proviJed such restoration or repair is economically feasible and the xcurity of this Mortgage is
~ not Iheteby impaircd. If such reitoration or rep~ir is not economicall~~ fcasible or if the security oi this Mort~age wouW
be impaired, the insurance proceeds shall be :~pplieJ to the, sums .ecureJ by this Mortgage. with the excess, if any. paid
~ to Borrower. If the Properry is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from tht
~ date notice is m~iled by Lender to Borruwer that ihe insurance carrier o(iees ro setNe a claim for insurance benefits. Lender
~ is aut6oriza! to c~•Ilrct and apply ~he ;nwrance proceed~ at LenJer's option either to ratoration or repair of the Property
~ or to t6e sums aecured by this Mortga~e.
E Unless I~nder and Sorrow•er othen+i~e agrce ~n wnting, an} such applicauon of pra:eeds to principal shall not extend ,
or postpoot the duc date of the monthly it?.tallmcn~c r~ferred tu in prragraphti I anJ 2 hereof or chaegc the amount of
such inst~llments. If under paragraph 18 hereof the Property is acywred b} Lxnder, all tight. title and interest of Borrower ~
~ in and t~ any insurance policiu and in and to thc procreJs thereot raul~ing frum damage to the Property Qrior to the sak ;
~ or acquisition shall pass to Lender to the extent of the ~ums secure;d by this '.ltortg~ge immediately prior to such sak or
~ uquisitiori. i
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f. Presen•ation and Naintenance of PropeA~; f.easehulds; Condominiums; Planned Unit Developmeats. Borrower
shall keep thc Property in good repair and shall not commit waste or permit impairmcnt or deterioration of the Proputy
E and shall comply with the provisions uf any leax if th~s 4lortgage ~s on a Ic•rxhold. If this Mortgage is on a unit in a
condominium or a planned unit development, Borrow~er shall perform all of Borrower's obligations under the declaration
~ or covenants creating or guverning tFx: cond~mmium or plan~ed unit developm~nt, ~he by-laws and rcgulations of the
~ condominium or planned unit development, and constituent Jocuments. If a conJominium or planned unit ekvelopment
~ rider is executed by Borrower and recorded toge~her w~th this MQrtgage, the covenants ~od agreemeots of s~eh rider
shaU be incorporated into and shall amend and supplcment the covenants and agrcements of this Mort~age u if the ride[
~ were a part hereof.
7. Protection of I.ender's Security. lf Borrower fails to perform the covenants and agreements contained in this
E Mor~gage, or if any action or procetding is commenced which materially aBects Lender's interest in the Property.
~ including, but not limited to, eminent domain, irKOlvency, code enforcement, or ~rran~ements or proceedings involvin~ a
bankrupt or de - der at Lender's option, upon notice to Borrower, may make such appearances, disburse such
~ sums and take~~ is necessary to protect Leoders interest, including. but not limited to, disburxment of
~ reasooable attomey's fees and eniry upon the Property to make rcpairs. If Lender requircd mortgage insurance u a
€ coodition of making the loan securcd by this Mongage. Borrower sh•rll pay the premiums required to mainuin such ~
; imunnce in effect until such time as the requirement for such msurance terminates in accordance with Borrowers and ~
BOOK •Jc7U PEGE ~59
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