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g U~u ~~:e~~ Cuvf:~,~HTS. l1~~rrow~r an~l ~cri~la~ c.~vrn.u~t ~nd a~rre a. fullows:
I 1, i'avmrnt uf f'rincipu! and intr~at. 13orrawer shnli prompdy pay ~vhc~ due the p~incipai uF and intrce~t c?n the
( in.:~bt~•dn~ss evi~lenced by the \otc. pr~plyment and l~tc ch~rges ac pruvi~led in tht Nota, ~nd th~ princiaal of anJ i:iterest
on any Fuh~ro Adva~ces s~~cureJ by this MortKagc.
2. Fundc for Tuxes aud lnsurnnce. Subject to applicabla 1:?w or to a~vriUtn waivar by l.en~tr. liorrowr~ shall pay
ta I_c~~~l~r on ~he day monthly imtallmcnts o[ p~incip;?1 and intcrc~t atc p~yabla un~ar the Nota. untit the T~ote is paid in full,
a sum (t:crein "Funds") equal ta one-twelfth o[ Ihe yea~ly taxes and as+essments ~vhich may attain p~iority ovrc this
~turtgae~. ~n~t b~ound re~t~ on the Ptope~ty. if auy, plus or?z-twzlfth of y~a~ly premium instaUments fur haza~d insu~ancr.
ptus unc-t~selfth of yearly premium iastallments tor murtgaga imuranc~. if any. all a~ reasonably estimated i~itially anJ trom
time to tiine by Lcndrr on the basis of is~es~ments and bills anJ rr:~sonable estimates thereof.
'il~c I~unds shall be held in an institutiun the deposits or accounts of which are insur~~l or guatantreJ by a Fc.K1er~1 or
I staic aKency (includins Lender if l.e~det is such an institution). l.endrr shall apply the Funds to pay said taxes. assessments,
insura.~ca premiums and g~ou~d rents. LcndCr may not chacge fu~ so halding and applying the Fur?Js, anal}•zing said account~
or verifying and compiling said assessm~nts artd bills. unless Lende~ pay~s Borrower interest on the Funds snd zpplicable law
~rmit~ I.~nder to make such s charge. Bor~ower and Lender may agrce in writing at the time of execution of this
~tortgage t:~:~t intaest on the Fundi shall t?e paid to E3orrowar. anJ unless such agrerment is made or applicable law
rcquirrs such intcrest to be paid~ Lcoder shall not bt required to p5y Qorrawer aoy interest or earnincs on the Funds. I.cnder
shall gi~~e to IZorrower, ~vithout cha~~e. an annual accounting ot the Fun~s showing credits and d~hits to the Funds and the
purpo:c fur which each debit to the Funcls was made. 'I'i~e Funds are pledged as additiona) security for the sums secured '
by this Atortgsge.
If the amou~t of the Funds held by Lender. tegethec v?ith the futurc monthly installmtnts of Funds payable prior to `
the clua datcs of ta~ces. assessments. insurance premiums and g~ound rents. shall exceed the amount requirad to pay said taxes.
assessments, insurance premiums and g~ound rents as they fail due. such exctss shall br. at Bocrower's option. either
promptly repaid to Borrower or credited to Borrower on monthly iristallments of Funds. If the amou~t of the Funds
held by Lender shall not be sufficient to pay taxes. assessments. insurance premiums and gcound rents as they fall dua.
Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 da}~s f~om the date notice is mailccl
by Lendec to Borrower requesting payme~t thereof. -
Upon payment in fuli of all sums secured by this Mortgag~, l.ender shall promptly refund to Bormwtr any Funds
held by I.ender. If unde~ paragraph 18 hereof the Propecty is sold or the Property is othenvise acquired by Lender. Lender `
shall apply, no late~ than immediately prior to the sale of the Ptoperty or its acquisition by Lender, any Funcls held by
Lender at the time of application as a credit against the sums secured by this Mortgage.
3. Application of Paymeots. Unless applicable law proviJes othenvise. all payments received by Lender under the
Note and pa~agraphs 1 and 2 hareof shall ba applied by Lender 5rst in payment of amouMs payable to Lender by Borrower
under paragraph 2 hereof. then to interest payable on the Note. then to the principal of the Note. and then to interest and
principal on a~y Futun Adva4cex.
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4. Charges; Liens. Borcower shalt pay all taxes, assessments and other charges, fines and impositions attributabla to ~
~ the Property which may attain a priority over this Mortgage. and leasehold payments or ground rents. if any. in the manner
I ?rovided u~der paragraph 2 hereof or. if not paid in such manner. by Borrower making payment. when due. dircetly to the
~ payez thareof. Borcower shall promptly furnish to Lender all notices of amouats due under this paragraph, and in the cvent
( Borrower shall make payment di~ectly, Borrower shall promptly furnish to Lender receipts evidencing such paym~nts. ~
Borrower shall pmmptly discharge any lien which has priority over this Mortgage; provided. that Borrower shall not t?z
requirzd to discharge any such lien so long as Borrower shali ag~ee in writing to the payment of the obligation secured by
such lien in a manner acceptable to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien in.
legal proceedings which operate to prevent the enforcemcnt of the lien or forfeiture of the Property or any part thereof.
5. Hazard Insuranca Borrower shall keep the impmvements now existing or hereafter erected oa the Property insured
against loss by firc. hazards incluJed within tha tcrm "extended coveragz", and such other hazards as Lender may cequire
and in such amounts and for such periocis as Lender may require; Qrovided. that Lender shall not require that the amount of
such covarage exceed that amount of coverage requircd to pay the sums securcd by this Mortgage.
~e insurance carrier providing the insurance shatl be chosen by Bonower subject to approval by Lender, provided,
that such approval shall not be unreasonably withheld. All premiums on insu~ance policies "shall bz paid in the manner
provided under paragraph 2 h~reof or. if not paid in such manner. by Borrower making payment. when due, directly to the
inwrance carr,'er. •
All insurancr polieies and renewals thereo[ shall be in [orm acceptable to Lender and shall intludt a standard modgage
clause in favor of and in form acceptable to Lender. I.ender shall have.the right to hold the palicies and renewals thereof.
and Borrower shall promptly furnish to Lender all renewal notices and all ~eceipts of paid prerniums. In the event of loss.
Borrower shal! give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
by Borrower.
Unless Lender and Borrower othenvise agree in writing. insurance proceeds shall be applied to restoration or npair of
the Property damaged~ provided such restoration or repair is economically feasible and t6e security of this Mortgage is
not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would
be impaired, the insurance proceeds shall be applied to the sums secured by t6is Mortgage, with the excess. if any. paid
io Borrower. If the Property is abandoned by Borrower~ or if Borrower fails to respond to Lender within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance btne6ts, Lendec
is authorized to collect and apply t6e insurance proceeds at Lender's option either to restoration or repair of the Property
or to the sums secured by this Aiortgaga
Unless Lender and Borrower othenvise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 heceof or changz the amount"of
such installments. If under paragraph t8 hereof the Yroperty is acquired by Lender, all right, tiUe and interest of Borrower
in and to any insuraoce policies and ir. and to the proceeds thereof resulting from dam~ge to the P;op~erty prior to the sale
or acquisition shall pass to Lender to thc extent of the sums secured by this Mortgage immediately prior to such sale or
acquisition.
6. Preservalion aad 1Lfaintenance oE Property; Leaseholds; Condominiums; Planned Unit Developmenls. Borrower
shall keep thc Property in good repair and shall not commit waste ~r permit impairment or deterioration of the Property
and shall comply with the ptovisions of any lease if this l~tortgage is on a leasehold. If this Mortgage is on a unit in a
cond~minium or a planned unit development, Rorrower shall perform all of $orrower's obligations under the declaration
or covenants creating or governing the condominium or planned unit development, the by-laws and regulatio~is of the
condominium or planaed unit development, and cortstituent documents. if a condominium or planned unit development
rider i~ executed by Borrowtr and recorded togethrr ~vith this ~iortgage. the covenants and agreements oF snch rider .
shall be incorporated into and shall a?nend and supptement the covenants and agreements of this Mortgage as it lhe rider
were a part hereof.
7. Protection of Lende~s Securify. If Borrower fails to perform the covenants and agreements contained in this
Aiortgage, or if any action or proceeding is commenced which materially afiects Lender
s interest in the Property,
including, but not limited to, eminent domain, insolvency. code enForcement, or arrangements or proceedings involving a
ban!crupt or decedent, then Lender at Lender's option, up:~ notice to Borrower, may make such appearances. disburse such
sums and take such action as is necessary to protect Lender
s interest, including, but not limited to. disburxment of
reasonabla attomey's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a
condition of making the loan secured by this ??iortgage. Borrower shall pay the premiums r!quired to maintain such
iasuranca in e~_ct until cueh tima as the requirement fur such insura~ce te~minates in aeeordance witn Borrow~cs and
e~RK263 PacE ~~Q .
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