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UHIFOIIM COVEN~NTS. Borrowt~ a~d l.endcr c~~vcnanl and ag?re foliuws:
1. Parataf ot Pdnclpal sod latetest. Borrower ~hall prumptl~ pay v?hcn duc thr principai of and.intcrest on thc
indebtednest evidenced by the Notz, prepayment anJ latc ch:~rbc. provi~kd ~n ~hc Notc, and the principal of and mtercs~
0o any Futurc Advances secured by this Mortgage.
2. F+mds tor Ta~[q and laturaace. Subject ~o applicahlc laN ur to a W~ritten wa~ver by I_ender, Borrower shall pay
to Lender on the day monthly installments of principal anJ int~~rc.i .ur payablc ~mdrr the Note, until the Note ~s paid in full.
a sum (hercin "Funds") equal to one-twelAh of the yearl~ ~a~c. anJ as~escments which may attain priariry ove~ this
Mortgage, and ground rents on the Pr+nperty, if any, plus c~natw~lhh ol ycarl~• prcmium installments for hazard insurance,
plus one-twelfth of yearly premium installmenls for martgage insu~ance. if any, all ac rcasonably estimated initially and [rom
time to time by Lender on the basic of assesemcros and hill, and rea~onable estimates there~f.
'Il~e Funds shall be held in an institution the depoc~n or ac:counls of which are insured or guaranteed hy a Federal or
state agency (including Lender if Lcnder such an instimtionl. Lcnder ~hall apply the Funds to pay aaid taxes, assessments,
insurance prcmiums and graund ~ents. I ender ma}• not charge lor hotding and applying the Fnndc. analyzing said accou~t.
or verifying and compiling said assessments and bill~, unless t_ende~ pays Bnrrowe~ interest on !he Funds and applicabl~ lavv
permits Lender to make such a charge. 8orrower and Lender may agrce in writing at thc timc ot executiun of this
Mortgage that interest on the Fu~ds shall t~e paid to Borruwer, and unless such agreement is made or applicable law
rcquires such inte~est to be paid. Lender shall n~t he required to pay Borrawer an}• interest or carnings ~n the Funds. l.ender
shall give to Borrower, without charge, an annual accaunting of the Funds showing credits and debits to the Funds and the
purpoae for which each debit to the Funds was madc. The Funds are plcdgetii as additional securit~~ fo~ the sums secured
by this Mortgage. '
If the amount of the Funds held by Lender, toge~her with the future manthly installments o( Funds payablc prior to
the due data of taxes, asstssmtnts, insuranct premiums and ground rent~, shall exceed the amount reyuired to pay said taxes,
ssspsments, insurance premiums and ground rents as they fall due, such excess shall be, at Horrower's option, either
pranptly repaid to Borrnwer or croditcd to Borrower on monthly installments of Funds. If the amou~t of thc Funds
held by Lender shall not be sutTicient to pay taxes, assessments, insurance premiums and ground rents as thcy fall duc,
Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 da~s trom the date notice is mailed
by Lender to $orrower requesting payment thereof. -
Upon payment in full of all sums aecucrd by this Mortgage, l.ender shali promptly refund to Borrauer any Funds
held by Lender. If under paragraph 18 hereof the Property i. sold or the Propcrty ;s otherwisc acqu~red by l.ender. I.ender
shsll apply, no later than immediately prior to the sale of the Properiy or its acquisition h~ 1_ender, any Funds he1J by
Lender at the time of application as a credit against the sums sec~red by ~his Mortgage.
3. Applicatioa of Paymenfs. Unless applicable law• proviJes otherv?~ise, all payments received by Lender under the
Note and paragraphs I and Z hereof shall be applied by Lcrtder first in payment of amounts payable to Lcnder hy~ Bo~rower
uadec parsgraph 2 hereof, then lo interest payable on the Note, then to thc principat•of the Note, and then to interest and
principal on any Future Advances.
4. C6ar~es; Litns. Borrower shall pay all taxec, assessments and other charges, fines and impositions attributable to
the Property which may attain a prioriry over this Mortgage, and leasehold payments or ground rents, if any, in the manner
pt+ovided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paraarsph, aod in the event
Borrnwer shall make payment directly, Borrower shall promptly (urnish to Lender receipts evid~ncing such payments.
Bortower shall promptly discharge any lien which haz priority over-this Mongage; provided. that Borrower shall not be
tequirad to dixharge any such lien so long az Borrower shall agree in writ~ng to the payment of the obligation secured by
such lien in a manner acceptable to Lender, or shall in goad faith contest such lien by, or defenJ enfot+cement of such lien in,
legal ptoceedings which operate to prevent the enforcement of the lien or [orfeiture of the P[aperty or any part thereof_
S• Hazard Iosurance. Borrower shall keep the improvements no~~ existing or hereafter encted on the Property insured
against loss by fire. hazazds included within the term "extended coverage", and such other hazards as [_ender may reyuire .
and in such amounts and for such periods as Lender may requim; pravided, that Lender shall not require that the amount of
such coverage exceed that amount of coverage required to pay the sum~ secured ~by this Mortgage.
'I7~ insuran¢e carrier providing tt~e insurance shall be chosen by Borrower subject to approval by Lender. provided,
Wat such approvaf shall not be unreasonably withheld_ Alt premiums on insurance policies shall be paid in the manner
providod under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, directiy to the
iasurance carrier.
All insurance policies and renewals thereof shal! be in form acceptable to Lender and shall include a standard mortgage
elause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof,
and Borrower shall promptly furnisi~ to Lender al) renewal notices and alt receipts of paid premiums. In the event of loss.
$orrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made pramptly
by Borrower.
Unless Lender and Borrower otherwise agrce in writing, insurance proceeds shall be applied to restoration or repair of
tht Property damaged, provided such restoration or repair is economically feasibte and the security of this Mortgage ic
not thereby impaired. If such restoration or repair is not economically 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 Borrower. if the Property is abandoned by Borrower, or i( Borrower fails to respond to Lender within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender
is aut6orized to collect and apply the insurance proceeds at Lender's option either to restoration or repalr of the Propem~
or to the sums secured by this Mortgagt.
Unltss Lender and Borrower otherwise agree in wriUng, any~ such application of prckeeds to pnncipal shall not extend
or postpone the due date of the monthfy instatlments refcrred to in paragraphc 1 and 2 hereof or change the amount of
such instaltmeots. If under paragraph 18 hereof the Property is acquired by l,ender, all right, title and interest of Borrower
in and to any insurance policies and in and to the proceeds thereof resulung from damage to the Propeny prior to th~ sale
or acquisition shall pass to Lender to the extent of the sums secureci by this Mortgage immediate(y prior to such saie or
acquisition.
6. Praervation and Maintenance of Propcrty; Leasehulds; Condominiums; Planned Unit Developments. Borrow•cr
shal! koep the Propetty in good repair and shall not com~pit waste or permit impairment or deterioration of the Property
and shall comply with the provisions of any lease if this Morfgage is on a leasehold. lf this Mortgage is on a unit in a
condominium or a planned unit development, Borrower shail perform ali of Borrower's obligations under the declaratiun
or covenants creating or governing the condominium or planned unit development, the by-laws and regulations af the
condominium or planned unit development, •rnd constituent documentc. If a condominium or planned unit development
rider is executed by Bonower and recorded together with this Mortgage, the covenants and agreements of such rider
shall b~ incorporated into and shali amend and supptement the covenants and agreements of this Mortgage as if the rider
were a part h~rcaf.
7. Protection of Lendet's Security. If Borrower fails to perform the covenants and agreements contained in ihis
Mortgage, or if any action or proceeding is commenced which materially afiects Lender's interest in the Prope~ty,
iacluding. but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings invotving a
bankrupt or decedent, then Lender at Lender's opt+on, upon notice to Borrower, may make such appearances, disburse such
sums and talce such xtion u ia nxessary to protect Lender's interest, including, but not limited to, disbursement of
reasonabk attorney's fees and en~ry upon the Property to make repairs. If Lendcr requircd mortgag~ insurance as a
condition of making the loan secured by this Mortgage, Borrow~cr shall pay thc premiums required to maintain such
inwranee in effect until such time as the reqoirement for such msurance terminates in accordance with Bormwer's anJ
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