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Borrower and Len~er covenant aad ag~ae aa follovin: '
1. Payment ot Peiacipwl apd Intere~~ Aorrower shall DromP~Y PeY when due the priacipal of and intered oa the indebtedAess ;
evidenoed by the hok. prepaywent and late char~e~ aa pmvided in the Note, and the principal of and int~eest oa any Flture Advances ~ecured t
by thiu Mottga~e. `
Z. Elwda for Tues aud Inauranee. ~3ubject 1o appl~cable iaw or to a written waiva by I.ender. Borrower uhali {?~y w t.cuurr un ti-ia day ~
monthly inatallments of principal and interest are payable undu the Note. unW the Note is paid in fiill. e aum (herein "Fun~a'7 equal to one ~
twelRh of the yearly t~ucee and aasessments which may attain priority oves this MortgaQe. and ground rents on the Pmperty. if any. plus one-
twelRh of yearly premium indallments for hazard inaurance. plua onctwelRh ofyear~jr preraium installments for mortgage inaurance, if any.
all es rea~onably eslimeted initially and from time b time by I.ender on the beais of esaessme~ts and bills and rcasonable estimales thereof.
'1Le FLnds shaU be held in an in~titution the deposita or aooounta of which are in~ured or ~uaranteed by a Federal or State ageacy
(including Lende~ ii Lender is such an inatitution). l.ender shall apply the Fnnda to pay eaid ta:e+s. asse~amenta. inauraAOe premiums end
ground reats. Lender mayr not charge for so holding ane~ applying the PLnds. analysing said accoun~ or verifying eind compiling aaid
asse~smeata a~ad biW. unless Lender paye Borrower interest on the Pliada and applicabk law permita L.ender to make such a charge. Borrower
and I.ender may agrce ia writinB at the time of e:ecution of Wia Mortgege that interat on the Plinds ahaU be paid to Borrower, and ualess
suc!? agraement ia u~ade or applicable law roquirea such intereet to be paid, Lend~r shall aot be required to psy Borrower any iaterPSt or
earnings oa We I~nds. I.ender ahall give to Borrower. withoat charge. an anoual aooounting of the Funde showing credits and debits to We '
Funds aad the purpose for which ear,~t debit to the ~nds was made. The Fanda are ptedged as additional security for the siuna secured by this t
MortQaga. - i
If the a~nount of the FLnda held by Lender, together with the fnture monthly inatallments of Fnnds payeble prior to the due dates of t~es,
aaseasments. insnranoe premiums and ground nnte; shaU esozed the amount reqnired b pay said ta~cea. aseeasments, insnrance premiums +
and ground renta aa Wey fall due. such e:cess shall be, at Borrowei s option, either pmmpdy repaid to Bormwa or crcdited to Borrower o~
monthly inatallmenta of ~nda. If the amount of the Funds held by I.ender shall aot be sufficieat to pay t~ea. asseasments. inaurance
premiuins and geo~ad rents aa they fali due. Borrower shaU pay to Lender any amount necessary to make up the deficiency within 30 days ~
from the data notice ia mailed by I.ender to Borrower requeeting payment thereof.
Upon pajrment in fuU of aU sums eecured bY tlW?.1VLVit8s8e, Leadet shaU promptly ~efund to Borrowrr any funds held by Lender. V under
paragraph 18 hereof the Property ia eold or the Property is otherwiee acquired by Iender. Lender ahall apply, no later than immediately prior .
to the sale of the Pcoperty or ita aaquisition by Lender, any ~unde he~d by I.ender at the time of application as a ct~edit againat the sums secured
by rhia Mortgege. ~ .
3. Appllcadoa • of Peyments. Unleas applicable law provides oWerwise, -all payments~. received by Lender under the Note and
paregraphs 1 and 2 hereof ahaU be applied by Lender firet in payment of amoants payable to Lender by Borrower under paragraph 2 hereof.
then to intereat payable on the Note. lhen to the principal of t}ie Note, and then to intersst and'principal on aay Future Advancea. ~
4. Chargea; Liene. Borrower ahall pay all tauea,-aasessments and other charges, fines and impoaitions attributable to the Property which
may attain a priority over this Mortgage, and leasehold paymenta ot ground rents, if any. in the manner provided under paragraph 2 hereof or,
if not paid in auch manner, by Borrower making payment, when due, directly to the payee thereot Borrower ahaU promptly furniah to Lender
all notices of amounte due ander this paragraph, and in the event Borrower shall make payment directly, Borrower ahall promptly furniah to
Lender receipts evidencing such paymente. Borrower shall p~ptly discharge any lien which has priority over this Mortgage; pmvided, that ,
Borrower ehall not be required to diecharge any such lien so long as Borrower ahall agree in writing to the payment of the obligation secured by '
such lienin a menner acceptable to I.ender, or ahall in good faith contest such lien by, or defend enforce~nent of such lien in, legal proceedinga
which o~te to prevvent the enforcement of the lien or forfeiture of the Prop~ty or any part thereof
5. Hazard Ins~urance. Borrower ahall keep the impmvements now emisting or hereafter rrected on the Property inaured againat loss by
fire~ hazards inclnded within the term "e~ctended ooverage." and auch other hazards as Lender may require and in wch amounfa and foranch
perioda as Lender may reqiure; provided, that Lend~ ahall not require such aoverage amount ezceeding We minimum. as may be required by
etate or federal regulatione governingpctivitiea of Lender. or that amount of rnverage reqnired 6u pay We euma secared by thia Mortgage,
wluchever is the greater.
The insurance carrier providing the inaurance aha11 be chosen by Borrower subject to approval by Lender; provided, that euch approval
shall not be unrnaeonably withheld. All premiums on insurance policies ahall be paid in the manner provided under parxgraph 2 hereof or, if '
' not paid in such manner, by Borrower making payment, when due, directly to the inaurance carrier.
~ All inaurance policies and renewals theieof shall be in form aoceptable to I.ender and ahaU inclode a standard mortgage clanse in favor of
and in form aooeplable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower ahall prompt]y furniah to
~ i,ender aU renewal aotices and all receipts of paid premiums. In the event of loss, Borrower shsll give prompt notice to t6e insarance carrier
E and I.ender. Lender may make proof of loes if not made pmmpdy by Bormwer.
f Unleee Lender and Borrower otherwise agree in writing, inanrance proceede ahall be applied to restoration or repair of the Property
damaged, provided such restoration or repair ia economically fea8ible and the secarity of this Mortgage is not thereby impaired. If snch
restoration or repair is not eoonomically feasible or if the security of this Mortgsge would be impaired, the inaurance pmoeeds ahall be applied
to the auma secured by this Mortgage, with the euceas, if any, paid to Borrower. If We Property is abandoned by Borrovveer. or if Borrowrrr faile to
~ reapond Lo I,ender within 30 days from the daLe notice ia mailed by I.ender to Borrower W at the insarance carrier ogers to eettle a claim for .
insnrance beaefita, Lender ia anthorized to collect and apply the insarenoe prooeeds at Lende~a option either to restoration or repair of the
Property or the sume secured by this Mortgage.
Unlese I.ender end Borrower otherwiee ag~ee in writing, any snch applicatian of piviceeds to principal ahall not eztead or postpone the dae
date of the monthly inetallments referred to in paragraphe 1 and 2 hereof or change the amonnt of each insLalimenta. If nnder paragraph 18 ,
hereof the Property is aoquired by Leader. aU right, tide and interest of Borrower in and to any inavrance polici~ and in and to the proceeda
thereof reeulting from damage to Property prior to the eale or aoquieition shall paas to L~der to the eztent of the sums sa~ared by this
Mortgage immediately prior to such sale or aoquisition. _
B. Preaervation and Maintenance of Property; I.eseeholds; Condomtnums; Planned Unit Developmenta. Barrower ahall keep
the Property in good npair and shall not oommit waste or permit impairment or deterioration of the Property and shall oomply with the
pioviaions of any lease if thid Mortgage is on a leseehold. If this Mortgage is on a unit ia a oundomininm or a planned unit development,
Barrower ahall perform all of Borrower's obligationa under the declaration or covenants creatingor g~overning the oondominium or planned
unit development, the by-laws and regulations of tha oondomininm or planned anit devdopment, snd oonstitnent documents. If a
oondomini~un or planned unit developmeat rider is e~cecuted by Borrower and recorded together with thia Mortgage. the oovenanta and
agreemente of auch rider shal) be incorporated into and shall amend and supplement the oovenanta and agreemente of thia Mortgage as if the
rider were a part hereof.
7. Protection oi Lender'~ Securitp. If Borroa~ faib to perform the oovenants and agreemenb eontained in thi~s Mortgage. ~ if any
z action or prooeeding is oommenced which materially affecte Leader's. ini~rest in tbe Propaty, inc3uding. but na! limiit~ci ta. ~mia~sst damaip,
~ inwlvency. oode enforoeffieat, or anangements or proceedings involving a bsnkinpt or decadea; th~a Lmder at Leader's optioa.npon
notioe to Bor~+ower may malce such appearanoe~. diaburse snch s~ and take sndi sctioa as i~ neoeaary to proted I.~'~ intaest,
indnding, bui not limited to, disbaraement of reaaonable attoraey's fees and entry np~ the Property to make npain. If Le~d~r reqnaed _ t
mo*~SaBe iniuranoe as a oondition of making tl~e loan sec.vred by this Mortes8e. Borrower shall pay tbe preminm~ reqaited to maintein '
~uch insnsanoe in egect nntil such time as We requirem~t for such insaranoe terminatcs in acaoedanee with Bonowds and L.endds 3
written agreement or applicable Law. Borrower shall pay the amount of aU moetgage iniurance pre~minms in tbe manner provided nnder
Pa~BmPh 2 hereof. ~ t
Any amonnts disbarsed by I.ender persu$nc to ~his pare$*erh 7. with intse~t thereon, ahall beoome additional indebtedness of
Borrower ~ecurad bY thi~ Mortgage. Unless Borrower end Lender agree to other terms of PaYmen~ sach amoants shall be payabk npon 2
notioe imm I.enda to Borrow~er *e4~e~8 PgYmeat thereo~ aad e6a11 b~r inten~t from the date of dis~rsemeat at the rate paYabk firom _
time to time on outstanding principal tu~der the Note nnless payment of intere~t at aach rate wonld be oontrary to applicuble law. in which
evmt mch umounb shall bear interest at the highest rate permissible nnda applicabk lew. Nothing oontained in this para8raph 7, shall ~
reqnire Lender to incur any e:pense or take any action hereundez. ~
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