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UNiF:utt?t CovtN.~NTS. Borrower and Lender covenant and a~ree u followr.
1. layment ot PrinciNl a~i We[af. Borrowet shall p~omptly pay when due the pri~cipai u[ aod interest on the
indebtedness evidenced by the Note, pcepayment and Iate charges as pravided in the Nute, and !he principal of and interest
on any Future Advances secured by thi~ Mortga~e. _ ~
~ ~.~~b~...~,. ' a wr~uee waiver by 1_ender. Aorrower sha,~ll ~ay_
to Leeder on the day montf?ly installments oi principal and interest arc payable under the Note, until the Notei-paia~i-n [u~~. ~
a aum (herein "Fu~~s") equal to one-twelhh ot the yearly taxcs and assessments which may atta6n priority over this
Mortgage. and ground r+ents on the P~+opecty. if any. plus onatweltth of yearly premium inuallments for hazard insurance.
pius ane-twelfth of yearly pnmium installments tor mongsge insurance, it any. all as reasouably estimated initially and fmm
time to time by Lendc~ on the basis of assessments and bills and reasonable atimates thereof.
The Funds ahall be held in an iostitution the deposits or accounts o[ which are insurod or guaranteM by a Federal or
~ state aQeocy (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments.
insuranco pr+emiums and ground nnts. Lender may not charge for so holding and applying the Fu~ds, analyzing said accoun~
or verifying and compiling said assessments and bilb. unless Lendec pays Borrowe~ interest on the Funds and a~plicable law
permits l.ender to make such a charge. Borrower and Lender may agree in writing at ~he time of execution o[ this
Mortgage that interest on the Funds shal! he paid to Borrower, and unless ~uch agreement is made or applicabte law
requires such interest to be paid. L.e~der shall not be rcquireii to pay Borrower any interest nr earnings on the Funds. Lender
shall give to Borrower, without charge. an annual accounting of the Funds sf?awing credits and debits to the Funds and the
purpose far which eaeh debit ta the Funds was made. 'Rte Funds are pledged as additional security for the 'sums secured
by this Mortgage. ~ ~ '
If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to
the due dates of taxes, assessments. insura~ce premiums and ground rents, shall exceed ttie amount ~equired to pay said taxa.
usesaments. insurance premiums and gr+ound rents as they fa!! due. such escess shall be, at Borrower s option, either
prQCnpt~y rcpaed to Borrower or credited to Borrower on monthly installments of fuads. If the amount of the Funds
held by Lender shall not be sufficieat to pay taxes, assessments, insurance premiums and ground nnts_ as they fal! due, .
Borrow~~ shall pay to Le~der any amount necessary to make up the deficiency within 30 days from the datt notice is mailed
by Leuder to Borrower requesting payment thercof. _
Upon payment in full of a!1 aums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds
held by I.ender. If under paragraph 18 hereo( the Property is sold or the Properry is othen~vise acquircd by Lender, Lender
s6a11 apply. no latet than immediately prior to the sale of the Property or its acquisition by I.ender, any Funds held by
~ Lender at the time of application as a credit against the sums secured by this Mortgage.
3. Applieallon of Payineats. Unless applicable law pruvides otherwise. all payments received by I_ender under the
Note and paragraphs 1 and 2 hereof shall be applied by Lcnder first in payment nf amounts payable to Lender by Borrower
undei paragraph 2 hereof, tben to interest payable on the Note. then to the principal of the Note. and then to interest and
principal on any Future Advances.
4. C[arges; Liens. Borrower shall pay all taxes, assessments and other charges, finas and impositions attributable to
tbe Property which may attain a priority over this Mortgage, and leaschold payments or ground rents, if any, in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. diroctly fo the
payee thereof. Borrower shall pmmptly furnish to Lenikr a!! notices of amounts due under ihis paragraph, and in the ~veat
8orrow~er shall make payment directly. Borrower shall promptly fumish to Lender receipts evidencing such paymenu.
Borrower shall promptly discharge any lien which has priority over this Mortgage; provided. that Borrower shall not be
required to slisct~arge any such lien so long as Borrowec shall agree in µrit+ng to the payment of the obligAtion secured by
sucd lien in a manner acceptabte to l.ender, or shall in good faith contest sucl? lien by, or defend enforceme~it of such lien in,
lega) proceedings which operate to prevgnt the enforcement of the lien or fodeiture of the Property or any pan thereof.
S. Hazud Insuraace. Borrower shall keep the ~mprovements now• existing or hereafter erected on the Property insored
against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require
aad in such amounts and for such periods as Lender may reyuire; provided, that Ltnder sha{I not require that the amount-of
such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. • .
'The it~.surance carrierproviding the insurance shall be chosen by Borrower subject to approval by Lender; pro~iaed,
that such approval shall not be uoreasona6ly withheld. Ail premiums on insurance policies shall be paid in the manoer
' provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
insuraace carrier. -
j • All insurance policies and renewals thereof shalt be in form acceptable to Lender and shail include a staodard mortgage
~ clause in favor of and in form acceptabtt to [.ender. Lender shall have the right to hold the policies and renewals thereof,
e and Borrower shalt promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss.
S $orrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of -loss if not made promptly
~ by Borrower. E
Unlesa Lenckr and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
the Property damagtd, provicied such restoration or repair is eco~omically feasible and t6e security of this Mortgage is
not thereby impaired. I[ such restoration or repair is not economically feasible or if the security of this Mortgage would i
be impaired, the insurance proceeds shall be applied to the suins secnred by this Mongage, with the excess, if any, paid ~
to Borrower. If ti~e Property is aE~andoned by Borrowcr, or if 8orrower fails to respond to Lender within 30 days from the '
date notice is maited by Lender ta Borrower that the insurance car~ier offers to seule a claim for inwrance benefits. I.ender ;
is autborized to coUect and apply the insurance proceeds at Lender's option either to testoration or repair of the Property
or to the sums secured by this Mortgage.
Unless I.ender and Borrower otherv?~ise agree ~n 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 hereof or change the amount of
such installments. If under paragraph 18 bereaf the Property is acquired by Lender, all right, title and interest of Borrower
in and to any insurance policies and in and td the proceeds thereof resulting ~rom damage to the Property prior to the sale ~
or acquisition shall pass to Leader to the extent of the sums xcured by this Mortgage immediately prior to such sak or _
acquisition.
6. Pmervation and Maiutenwce of Property; I.easeholds; Condominiums; Planned Unit Developmeats. Borrowet
shall keep the Property in good repair and s6all not commit waste or pormit impairment or deterioration of the Property
~ and shall comply wit6 the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a y
` condominium or a planned unit development. Borrower shall perform all of Borrower s obligations undor the deciaration ~ a
~ or covenants creating or governmg the condomir.ium or planned unit development, the by-laws and regulations of the
condominium or planoed unit development, and constituent documents. If a condominium or planned unit development
~ rider is executed by Borrower and recorded together w,th this Mortgage, the covenants and agrcements of such rider
~ shal! be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider .
~ were a part hereof. - ~ _
~ 7. Protectioa of I.ender's Security. lf Borrower fails to perform the covenants and agreements contained in this
~ Mortgage, or if any ac~ion or proceeding is commenced wh~ch materially aHects Lender's interest in the Property, ;
~ inciuding, but not limited to. eminent domain, insolvency. code enforcement, or arrangements or proceedings involving a :
~ bankrupt or decedent, then Lender at Lender's option, upon notice to Bc?rrower, may make such appearances, disbvrse such ~
~ sum3 and take such action as ia necessary to protect Lender's interest, including. but not limited to, disbursement of
~ reasonabie attomey's fees and entry upon the PropcrEy to make. repairs. If Lender requircd mortgage insurance as a
condition of making the loan secured b}~ this Mongage. Borrower shall pay the premiums required to maintain such
~ insurance in eftect until such time as the requirement for such insurance terminates in accordance with Borrower's and
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