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Borrower und Lendar oovenant and agree as foqows:
i. Paymeat oi Priacipal and Iaterei~ Aorrowe~ shell promptly pny when due the principal oi and interest on the indebtedness
evideaced by the Note, prepayment and late char~a as provided in the Note, and the principal oi and intereat on any 6Lture Advancee secured
or
• by thu Mort~ags.
2. I~Lnds for Truces and Insurance. 3ubject to applicable la~ or to a v?r~ttea waiver by I.ender, Bormwer ehall pqy to l.ender on the day
monthly uutallme~ta of principal and intereet are pelyable under the Note, until the Note is paid in full. a sum (herein "I~nds'h equal to one '
twelRh of tl?e yearly taxes and a~ssessment's which may attain priority over this ~Iodgsge, and ground renta on the Property. it any. plus ono- ~
twelRh of yeatiy pnmium installments for hazerd i~surance. plua onctwelRh ofyearly premium inatallment'a Cor moKgage insurance, itany. '
aU as reasonebly estimated initially and from time ta time by I.ender o~ the basis of asseeaments and billa snd reasonable eatimates thereot ' s
The Fhnds shell be held in aa in~titntion the dtpoeita os account~ of whic~ are inaured or guaranteed by a Federal os State agency ~
(including Leader if Lender is such an institution). L,ender ehall apply the I~nds to pay said ta:es, asaesaments. inaurance premiums and
groand rents. Lender mqy t~ot charge for w holding and applying the fi~nds. analyzing said acoount, or verifying and compiling seid . F
aseeeaments and biW. unless I.ender pays Borrower intereat on the Ftinds and applicable law permita Lender w make such a charge. Borrower
end Lend~r mey agree in writing at the time of e:ecution of thie Mortgage lhat interest on the I~nda 8hall be paid to 8orrower, and unlesa :
~uc6 agreemeat ia made or applicable law requires euch inf~erest to be paid, I.ender ehall not be required b pay Borrower any intereat or i
~rnings on the Elrnds. Lender ahatl giva to Bormwer; without charge. an annual acoounting of the F'unda ehowing credite and debite to the '
F~nda and the purpose for which each debit to the I~nda was made.'l~e Funds are pledged as additional security for the aums secured by this ~
Mortg~ ~ount of the ~nds held by Lender, together with the future tnonthly inatallments of ~nda payable prior to the due dates of taxes, ~
ess~ements, inauraace premiums and ground rents, shall e~c~ted the amonnt required to pay said ta~cea, asseeamenta, insurance premiums ~
and ground rente as they fall due. such exceas shall be, at Bormwer
s option~ either prompdy repaid to Borrower or credited to Borrower on ~
monthly inatallments of P~nds. I! t6e amount of the Funds held by Lender ehaU not be aufficient to pay t~es, ase~aments, ineurance
premiums and ground rents ae they iall due, Borrower ahall pay.to Lender any amount neoessary to make up the deficiency within 30 deys
from the date notice ia mailed by [.ender to Borrower requesting payment thereof. E
Upon paymeat in fiill of aU sume aecured by this Mortgage, Lender shall prompdy refund to Sorrower any funda held by Lender. If under ~
paregraph 18 benof the Property is eold or the Property ie otherwiae acquired by Lender, L.ender shall apply, no later than immediately prior s
to the sale of the Property or ite aoquisition by Lender, any ~nda held by Lender at the time of application as a credit againat the suma secured '
by this Mortgege. .
3. Application of Paymeats. Unlese applicable law providee otherwiee, all pa~ received by ieader under the Note and
paragraphs 1 and 2~ereof shall be applied by I.ender firat in payment of amounts 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 any ~ture Advanoea.
4. Chargea; Liens. Borrower aha11 pay all taxea, assesaments and other chargea, fin~ and impoeitiona attributable to the Property which
may attain a priority over this Mortgage. and leasehold paymente or ground renta, i[any, in the manner provided under paragraph 2 hereof or, ;
if not paid in such manner: by Borrower makine payment, when due, d'erectiy to the payee thereof. Borrower shall promptly furniah to Lender
all noticee of amounte due under this paragraph, and in the event Borrower shalE make payment directly. Borrower ahall promptly fumish to i
Lender receipta evidencing auch paymenta. Borrower shalf promptly discharge any lien which has priority overlhis Mortgage; provide~l, that }
Borrow~ ahall not be required to discharge any auch lien ao long as Borrower sha11 agree in writing to the payment of the obligation secured by' {
such lien in a manner aoceptable to L.ender, or shall in good laith rnntket auch lien by. or defend enforcement of such lien in, legal proceedinga j
which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
5. Hazard Inaurance. Borrower ahall keep the unprovementa now existing or hereaRer erected on the Property inaured against lose by
fire, hazarda included within the term "eutended rnverage," and auch other hazards ae Lender may require and in such amounte and for auch j
perioda aa I.ender may require; provided, that Lender ahaU not require auch ooverage amount exceeding the minimum, ~as may be required by ~
etate or federal regulationa governing activitiea of Lender, or that amount of coverage required to pay the suma eecnred by ttiis Mortgage. •
whichever ia the greater, - ~
The insurance carrier providing the inaurance ahall be chosen by Borrower subject to epproval by Lender, provided, that such approval i
shall not be unreasonably withhelc4 All prnmiuma on irisurance policies Fhall be paid in the mannet provided under paragraph 2 hereof or, if _ ?
not paid in such manner, by Borrower making payment, v?hen due, directly to the insurance carrier_
Al! insurance poliries and renewale thereof ehall be in [orru acceptable to Lender and ahall include a standard mortgage clauee in favor of
and in form acceptable to I.ender. Lender ahall have the right to hold the policies and renewals thereof, and Borrower shall pmmptly fumieh to
i.ender all renewal notices and all receipts of paid premiume. In the event of loas, Borrower ahall give prompt notice to the inswance carrier
and Lender. Lender may make proof of loss if not made prompdy by Borrower.
Unlees Lender and Borrower otherwiee agree in writing, insurance proceeda ahall be applied to restoration or repair of the Property
damaged. provided such reatoratie~ or repair is economically feasible and the security ot thie Mortgage ie not thereby unpaired. If such
j restoration or repair ie not economically feasible or if the eecurity of this Mortgage would be impaired, the inaurance prooeede shall be applied
~ to the aums secured by thia Mortgage, with the ezcess, if any, paid to Borrower. If tbe Property ie abandoned by Borrower, or it Borrower faile to
; respond to Lender within 30 days from the date notice ia mailed by Lender to Borrower that the insurance carrier ogers to setde a daim for
ineurance benefita, Lender ie suthorized Eo collect and apply the inaurance proceeds at I.ender's option either to reatoration or repair of the
Property or the suma eecured bjr Wis Mortgage.
Unleee Lender and Borrower otherwise agtee in wdting, any euch application of proceeds to principal shall not pactend or poatpone the due
date of the monthly inetaUmenta referred to in paragraphs 1 and 2 hereof or change the amount of auch inatalimente. If under paragraph 18
hereof the Pe~perty ia acqnired by Lender, all right, tide and interest of Borrower in and to any insurance policiea and in and to the proceeda
~ thereof resulting from damage b Property prior to the sale or aaquiaition shall pass to Lender to the eYtent of the ausns aecured by this
Mortgage immediately prior to auch sale or soqnisition.
6. Preservation end Meintenance of Property; Leaaeholda; Condominuma; Planned Unit Developments. Borrower ahall keep
the Property in good repair and ehall not commit waste or permit impairment or deterioration of the Property and shall oomply with the
proviaions of uny leaee if this Mortgage ie on a leasehold. If thiB Mortgage ie on a unit in a condominium or a planned unit development, ~
Borrower ahall perform all of Borrower's obligatione ander the declaration or covenants creatingor governing the oondominium or planned
unit developmen~ We bylaws and regnletions of the oondominium or planned unit development, and conatitnent docuinenta. If a
condomininm or planned unit development rider ia e:ecuted by Bormwer and recorded together with thia Mortgage, the oovenents aad
agreementa of such rider shall be inrnrporated into and ahall amend and supplement the covenanta and agreementa of this Mortgage as if the
rider were a part hereof. •
7. Protectioo of Lender's Secnrity. If Borrower fails to perform the mvenants and agreements oontained in this Mortgage. or if any
action or proceeding ia commenced which materiellY affects Lendefs interest in the Property, including, bnt not limited to, emineat domain, ~
insolveacy, oode enforcement, or arrangemente or pmceedings involving a bankrupt or deoeden~ thea Lender at Lende~'s option.npon. ~
~ aoticx to Borrower may make such appearances, diaburee euch suma and talce such action ae is aeceesary to protect Lendd~ intenst, :
ineloding. bat not limited to, disb~usement of reesonable attorney's fee8 and entry upon the Property to meke repaire. If Lender requited
~ mortgage insurance as a condition of making the loan secured by thia Mortgage, Borrower shall pay the pn~miums reqaired to mainiain
sach insursnce in ~ftect nntil such t~e as the requirement for such insurance terminatea in aacordance with Borrowez~s and I.endds '
~ writLen agreema~t or applicabk Law. Borrower ehap pay the amount of all mortgage ineurance premiuma in the manna provided nnder ~
~ paragraph 2 hereof.
Aay amounts disb~rsed by Lender persuant to this peragraph 7, with inteieet thereon, ehaU beoome additional indebtedness of
~ Borrowa secared by this Moregage. Unleee Borrower and Lender agree to othes terms of payment, anch amounts shell be payable upon ;
} notioe trom I.ender to BorroweT requeeting payment theteof, and shall bear interest from the date of disbureement at the rate payable ~om +
time to time on outetanding prinripal undez the Note unlets payment of interest at anch rate would be oontrary to applicable Iaw, in which
event snch amounts shall bear interest at the higheat rate permiseible under applicable law. Nothing contained in this paragraph ahall
~ reqaire Lender to incur any ~e~cpense or take any acbion hrreunder. -
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