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UNIFORM CovEN~Nts. Bo~rowcr and LCnder Cav~naiu and agrre as folMws: • •
1. hyment of priecipal aad taterat. Bc~rmwer shall p~omptly pay v?•hcn due thc principal af and interest an th~
indebtedneas evidenceci by Ihe Note. prepayment and late charge~ pmvided in the Noie, and the principal ot and interest
on any Future Advances xcurod by this Mo~tgage.
2. Fhads for Tuet aod loawrance. Subjec~ ta applicablc law ur to a written w•aive~ by I_ender, Borrower shall pay
to l.ender an 1he day monthly installments of principal and ~ntcrest arc payable undet the Notc, until the Nate is paid in full.
a sum (herein "Funds") equal to one-twelfth of thc ycarly tarc~ and asussmcntc which may attain priority ovcr this
Mortgsge. and ground te~ts on thc Pr+operty. if any. plus ooe-twclf~h of yearly premium installments for hazard insurance,
plus one-twelfth of ytarly prcmium installments tor mortgagc insurancc, i( any, all as r~easonably ectimatcd initially anJ from
time to time by L~nder on thc basis of assrssments anJ bills and rea~onable estimates thereof.
• 71u fi~nds shall be held in an insti~ution Ihe depasits or arci~unts af which are insured or guaranteed by a Fcderal or
sta[e agency (including Lender if Lender is such an institution). I.cnder ~hall apply the Funds to pay ~aid taxes, assessments,
insurauce premiums and ground rents. 1_eoder may not charge for s~ holding and applying the Fnndc. anal~zing saiJ arcount,
or verifying and compiling said assossments and bilts, unless I_ender pays Barrawcr interest on the Funds and applicable law
permits I.e~der to make such a charge. Borrower and l.ender may agree in writing at the time of execution of this '
Mortgage that interest o~ the Fundc shall t~e paid to Bor~ower, and unless such agreement is made or applicable law `
requires such interest to be paid. Lender shall not t~r requi~ed to pay Borrower any intcrest or earnin~.n on the Funds. l.ender
shaii giv~ to Borrower, without charge, an annual accounting of the Funds show•ing credits and dehits to the Funds and the
purpose for which eaeh debit to the Funds w;u made. The Funds are pleclged as additional security for the sums secured
by this Mortgage.
lf the amount of the Funds held by LenJer, together with the future ~nonthly installments of Fimds pay~ble prior to
. the due datat of taxes. assessments, insurance premiums and ground rents, shall exceed the amount reyuired to pay said taxes,
assess~nents, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower s option, either
protpptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of thc Funds
hetd by Lender shall not be suflicieat to pay taxes, assessments, insura~cc premiums a~d ground renfs as ~hcy tall due,
Borrower shal! pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by I.ender to Borrower requesting paymcnt thereof.
Upon payment in full of all sums secured by ihis Mortgage. [.cnder shall promptly refund to Borrower any Funds
held by I.ender. If under paragraph 18 hereof the Properly is snld or the P~operty is otherwise acquired by 1_ender, I.ender
sbaU apply. no later than immediatcly prior to the sale of the Property or its acquisition by Lender, any Funds held by
Lender at the time of application as a credit against the sums secured by this Mortgage.
3. Appiication of Payments. Unless applicable law provides othenvise. all payments reccived by 1_ender under the
Note and paragraphs t and 2 hereof shatl be applied by Lender Srst in paymeot of amounts payable to !_ender by Borrow~er
under paragraph 2 hereof. then to interest payable on the Notc, then to the principal of the Notc, and thcn to interest and
principsl on any Future Advances. ~ ;
4. Charges; Lk~. Borrower shall pay all taxes, assessmcnts and othcr chargcs, fines anJ impositions attributable to
the Properiy which may attain a priority over this Mortgage, and leasehold payments or gr~und rents: if eny, in the manner
ptnvided under paragraph 2 hereof or, if. not paid in such manner, by Borrower making payment, when due, directly to the
payce thereof. Borrdwer shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event
Bornower shall make payment directly, Borrower shall promptly fumish to Lender receipts evidencing such paymertts.
8orrower shall promptfy discharge any lien a~hich has priority o~er this Mongage; provided. that Borrower shall not be
required to discharge any such lien so long as Borrower shall agree in v?riting to the payment ot 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 enforcement of the lien or forfeiture of the Property ar any part thereof.
S. Hazard Iasurance. Borrower shall keep the improvements now existing or hereafter crected on !he Propeny insared j
against loss by fire, hazatds included within the term "extended coverage". and such other hazards as Lender may require
and in such amounts and for such periods as ~ender may require; provided, that Lender shall not require that the amount of
such coverage exceed that amount of coverage required to pay the sums secured b} this Mortgage_
'lhe insuraace carrier providing tt~e insurance shall be chosen by Borrower subject to approval by Lender, provided,
that such approval shall not be unteasonably withheld. All premiums on insurance policies shall be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower maki~g payment, when due, Jirectly to the
insurance carrier.
All insurance policies and renew•als thereof sha!! be in form accepteble fo Lender and shall include a stanJard mortgage '
clause in favor of and in form acceptable to l.ender. Lender shall have the right to hold the policies and renewals thereof,
and Borrow•er shall• promplly furnish to Lender all renewal notices and all receipts of paid premi~ms. In the event of loss,
Borrower shall give prompt notice to the insurance carrier and Lender. l.ender may make prcx~f of loss if not made promptly
by Borrower.
Unless [.ender and Borrower otherwise agree in w~riting, 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 or repair is nat cconomically feasible or if the security of this Mortgage would ?
be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid
to Borruwer: If the Propert}~ 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 insurance carrier ofTers to settle a claim for insurance benefits, Lender !
is aut6orized ta coflect and appty the insuranre proceeds at I_ender's option either to restoration or repair of the Property
or to ihe sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of praceeds to principat shall not extend j
or postpone the-due date of the momhly installments rcferrcd to in paragrapha I and 2 hereof or change the amount of
such instaiiments. If under paragraph 18 hereof the Properry is acyuired by l.ender, al! right, tide 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 acqui~ition shall pass to l.ender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquisition.
6. Preservation and Naintenaace of Property; Leaseholds; Condominiams; Planned Unit De~elopments. Borrowcr j
shaN keep the Property in good repair and shall not comroit waste or permit impairment or deterioration of the Property ~
and shall compl~ with the provisions of any lease if this Mor~gage is on a Ieaschold. lf this Mortgage is on a unit in a
condominium or a planned unit development, Borrow~er shall pcrform all of Borrower's obligations under the dcclaratic~n ~
or covenants creating or governing the condominium or planned i~nit development, the by-laws and regulations of the ~
condominium or planned unit deveiopment, and constituent documents. If a condominium or planned unit development ;
rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider t
shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider
were a part hereof.
7. Protection of Leoder's Security. If Borrnwer fails to perform the covenants and agreements contained in this '
Mortgage, or if any action or proceeding is commenccd which materially afTects l.ender's interest in the Propert~•, ;
including, but not limited to, eminent domain, inso{ven~y, code enforcement, or arrangements or proceed~ngs im~olving a F
bankrupt or decedeM, then C.ender at Lender's option, upon notice t~ Borrower, may make such appearaoces, disburse such
suros and take such action as is necessary to protect Lender s interest. including, but not limited to, disbursement of
reasonable attorney's fees and entry upon the Propcny to make repairs. If I_ender requircd mortgage insurance as a
condition of making the loan secured by this Motlgage. Borrou~er shall pay the premiums required to maintain such
insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower s and
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