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UNIpURM COV!?NANTS. Bor~uwe~ and l.cndu co~-enant anJ agrre as faliows:
1. Paymeat of Priacipal wd laleresl: Ho~ruwer shall pr.~mptly pay wtxn Jue the principal o[ and inte~est on the
indebted~ess evide~ce~ by ~he Ntt~. prcpaymcnt and late charges •rs pruvided in the Nate, and the principai uf and intercst
o~ any Future Advanccs se~;ured by this Mor~gage.
Z. Ruads [or Tsies and lnwrance. Subjcct to applicable law or to a written waiver by I.endcr. Barrowe~ shall pay
to I.ender on the day monthly installments of principal and ~ntcrest arc payable unJer thc Note. until th~ 1~ote is paid in full,
a sum (herein "Funcls") equal lo one-twelfth of ~he yearly taxes anJ assessments which may attain priority ovcr this
Mongage, and ground rents on the Property, if aoy, plus ane-twelith of ycarly premium' installme~ts for hazard insurance.
plus one-tweifth of yearty premium installmeots tor mortgagc insurance, if any, all as rcuonably estimateJ initially and from _
time to timc by Lcnder on thc basis of assessments •rnd hills anJ ~ea~~?nablc estimates thereof.
'il~e Funds shall be held in an instiwtion the deposits or accounts of which are insurod or guaranteed by a Federal or ~
state agency (including Lender if Lender is such an institulion). I.ender shall apply the Funds to pay said taxes, assessments.
insurance premiums ancl ground rents. ~ender may not charge ior so holdiog und applying the Funds, analyzing said accaunt,
. qr ~erifying anJ compiling said assessments and bills, unless l.ender pays Borrower interest on the Ftinds and applicable law
permits Lender to make such a charge. Bc~rrower and l.ender may agree in writing at the time ~t execution of this
Mortgage that inter~~st on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law
requires such interest to be paid. t.ender shatl not be required ta pay Bor~ower any interest or earnings on the Funds. Lender
shall give to Barrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpose for which each dobit to the Funds was made. The Funds are pledged as adJitional securit~ tor the sums secured
by this Mortgage.
lf the amoun~ of the Funds held by Lender, together with the futurc monthly installments of FunJs payable prior to
the due dates of taaces~ assessments. insurance premiums and ground rent~, shall exceed the amount required to pay said taxes.
assessments, insurance premiums and ground rentc as thcy fall due, such excess shall be, at Borrower's option. either
promptly repaid to Bormwer or credited to Borrower on monthly installments of Funds. If tfie amount of the Funds
held by ~ender shall ~ot be sufficient to pay taxes, asiessments, insurancc preraiums anJ ground rents as they fall due,
Borrower shall pay to Lender any amount necessary to make up ~he deficiency within 30 da~~s (rom the date natice is mailed
by Lender to Borrovver reyuesting payment thercof.
Upon payment in full of all sums secured by thic Mongage. l.ender sha11 promptly refund to Borrow•er any Funds
held by Lcnder. If under paragraph 18 herco( the Property is sold or the Propcrty is otherwisc acquired by Lender, {_ender
shall appl~, no later than immediatcly prior to the sale of the Propccty or i~s acquisition by I.ender, any Funds held by
Lender at the time of apolication as a creciit aaainst the sums secured by this MortltaQC.
3. Applicatioa of Paymeats. Unless applicable lav? provicles otherwi~e, all payments rereived by Lender under the
Notc a~d paragraphc I and 2 hereof shall bc applieJ by LenJer first in payment of amuunts payable to Lender by Borrower
under paragraph ? hercof, then to intcrest payable on the Note, then to the principal of thc Note, and then to inte~est and
princ~pal on any Future Advances.
4. Charges; Lkns. Burrow~r shall pay all taxcs, ;~ssestiments and other charges, fines and imp~~sitions at~ributahle to
the Property w~hich may a~tain a priority over this ~tortgagc. and leasehold payments or ground rents, if any, in the manner
pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making pay~nent, when due, directly to the
payee thcreof. Borrower shall'promptly furnish to LenJer all noticcs of amounts due under this paragraph, and in the event
Borrow•er shall mxke payment directl~•, Harrow~er shall promptly furnish to l.ender receipts evidencing such payments.
BorroN•er shall promp~ly discharge any lien which has priority over this Mortgage: provided, tha~ Borrower shall not be
required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by
such lien in a manner acceptabl~, to Lender, or shall in gc~d faith contest such lien by, or defend enforcement of s?ech lien in,
legal pro~eedings which opcrate tu prevent the ~nforcemcnt of the lien or fodeiturc of thc Propen~~ or any part thereof.
5. Hazard Insurance. Horro~•er shall keep the impro~•ements now existing or herrafter erected on the Property insured
against loss by firc, hazards incluJed w~thin the term "extended coverage", anJ such other hazards ac Lender ma~ require
and in surh amounts anJ for such periocis as Lender may reyuirc; provideJ, that t_cnder shall not rcgiiir., that the amount of
such co~•crage ~xceecl that amount of coverage required to pay ~he sums cecumd h~• this Mortgage.
The insurance carrier providing the insurance shall be cho~en by Borru~~-er subject_ to approval hy Lender. provided,
that such approval ~hati not be unreawnahly withheld. All premiums on insurance policies shall be paid in Che manner
provided under paragraph 2 hereuf or, if nut paid in such manner, by Borruwer making payment, when due, directly to the
msurance carrier.
Al) insurance policies and renewals thereot shall tx: in form acceptable to Lender and shall include a ctanJard mortgage
clause in fav~r of ar~d in form acreptable to I.ender. l_ender shall have the right to hold the palicies and renew•als thereof.
~nd B~~rrower ,h:~ll pmmptly [i~rnish to l.ender al) renewal notices and atl receipts of paid premiums. In the event of loss.
i Borrow•er shall g~~•e prompi nutice to the in~urance ~arrier and Lender. Lender may make pn~f of loss if not made prompdy
j by B~rrower.
E Unless Lender and Borrow-er otherw~se agree in writing, insurance proceeJc shall be apptied to restoration or repair of
~ the Properiy Jamaged, proviJ~;d such restoration or repair is economically feasible and the security of this Mortgage is
not therebp impaired. If su~h cestoration or n:pair is not economi~all~~ teasiMe or if the security of this Mortgage would
~ t~ impaired, the insurance proceeds shall be applieJ to the sums secured by this Mortg~ge, with the excess, if any, paid
to Burruwcr. !f the Property is aoandoned by Borr:~w•er, or if Borrow•er fails to respond to Lendcr within 30 days from the
~ date notice is maded by Ixnder to Borrower that the insurance carner ofTers to settle a claim for insurance benefits, I.ender
is authorized to rollect and apply the insurance proceeJs at Lender's option either to restoration or repair of the Propertp
or to the sum~ secured by this Mortgage.
` L~nless l.ender and Borrower otherwise agree in writing, any such application of prcx:eeds b principal shall not extend
or postpone the due date of the monthly installments refcrred t~ in paragraph~ 1 and 2 hercof or change the amount of
such instailmenu. If ~ncler paragraph 18 hereof the Property i~ acyuired b~~ L.ender, all right, title and interest of Borrower
in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale
or acyuisitiou shall pass to LenJer to the extent of the sums aecureci hy this Mortgage immediatel}~ prior ta such sale or
acquisition.
6. Presenalioo and Mainte~ance of Property; Ixasehutds; Condominiums; Planned t;nit Ihvelopments. Borrower
~ shall keep the Property in good repair and shall not commit waste or permit• impairment or deterioration of the Property
and shall comply with the provisioos of any lease if this Mortgage i~ un a leasehuld. If this l~fortgage is oo a unit in a
condominium or a planned unit dev~lopmen~, Borrower shall perform all of Borrower's obligations under the declaration
or coveaants creating or gove?ning the rondominium or planned unit development, the by-laws and regulations of the
~ conJomimum ar planoed unit develupment, and constituent documents. It a conJominium or planned unit development
riJer is executed by Borrower and recorded togeiher with ~his Mortgage. the covenants and agreements of such rider
~ shall be ~ncorporatect into and shall amcnd and supplement the covenants and agreements of this Mortgage u if the rider
were a part hcreof.
~ 7. Protectiou of Lender's Sec~rify. if Bo~row~er fails to pcrform the covenan~s and agreements coMained in this
Mor~gage. or if any actiun or proceeding is commenced which matzrially aRects Lender's interest in the Property,
including, but not limited to, emintnt domain, inx?Ivency, code enlorcement, or arran6ements or proceedings involvin; a
bankrupt or decedent, then Lender at Lender's aption, upon notice to Borrosver, may make such appearances, daburse such
wms awd take such action as ~s necessary to protect L.ender's imerest, including, but not limited to, disburse~went of
reasonable attomey s fces and enlry upun the Properly to make repair~ If Lender reqoired mortgage inwrance u a
condition uf mal:inR the loan secured by this Mortgage. ~Borrower sh~ll pay the premiums required to maintain such
insurance in efTect until such time as the reyuirement for such insurance terminates in accprdance wi~~ •Yort~wer s and
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