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UNIpoRM COVBN~N7s. Borrower and L.cn~ler cavcnanl and ~grre as follaws:
1. hraed ot Pdncipt a~d lMerat. Horrowcr shall pmmpll~• pay whcn due thc principal ot and interest on the
~ndebtedt~tst evideaced by the Note. prepayment anJ late charbr. a. pruvided in the Note, and the prioc+pal of and intensl
on wy Future Advances secured by this Mortgage.
2. F~eads tor Tua aad iamraRCe. Subjecl to applirahlc IJK' ~~f to a N•rit~en waiver by l.ender. Borrower shall pay
to l.anckr on ~he day monthly installments ot principal ~nd ~ntrrr~~ arc payahlc undcr thc Note, until the Note is paid in fu1L
s:um (herein "Funds") equal to one-twelfth ot the yearl~ ~a~r. and acccssmentc which may attaia priarity ovrr this
Mwtgage~ and ground ren~ on the Pt+operty, if any. Flus one-twelfth of yearly premium inslallments for hazard insurance,
plus one-twelflh of yesrly prcmium installmen~s tor mortgage i~~s~~~ancc. any, all as rcasonably cstimated initially and irom
time lo time by I.e~der on the basis of asses~mcnts anJ hills and reautinable estimata thcreof.
The Funds shall be held in an insti~ution thc depotn, or a~cow~ts ot which are insurcd or guaranteed by a Federal or
state agency (including,l.ender if Ler~cler is such an enstiwtion). Lender ahall apply the Funds to pay said taxa, assossments.
insurance premiums and ground rcnts. l ender may not charge 1or so haldinR and applying ~he FunJc. analyzing said accaunt.
or verifying and comqling said assessments and hiU~, unless l.ender pa~s Bormwer interest on the Funds and applicable law
permits Lender to make ;uch a charge. Bc~rrower and l.ender may agree in writing at the time ot exccution of this
Mortgage that interat on the Funds shall t~c paid to Borrower, and unless such agreement is made or applicable law
rcquires such intercst to be paid. Lender shall not be rcquired to pay Borrower any inte~est or earnings an the Funds. t_e~der
shal! giv~ to Borrower~ without charge, an annual accounting ~f the Funds showing credits and debits to ihe Funds aod iht
purpose for which each debit'to tt~e Funds w~ made. The Funds are pleclged as additional secu~ity for the sums secured
by this Mortgage. .
If the amount of the Funds held by LenJer, together with the ioture mpnthly installments of Funds payable prior to
the due dates of taxes. asseuments. insuranee pnmiums and ground rents, shall e~cceed the amount required to pay said taxa,
asstuments, insuranc~ pnmiums and ground rents as ~hey fall due, such excess shall be, at Borrower s option, either
pranpdy rcpaid to Borcuwer or credited to Borrower on monthly installments of Funds. If the amount of thc Funds
beld by Leoder shall oot be suf6cient to pay taxes, assessments, insura~ce premiums and ground rents as they fa11 due,
8orrower shail psy to Lender any amount nocessary to make up the de6ciency wilhin 30 days from the date notice is mailed
by Lender to Borrower requatin8 payment thereof.
1 ~
Upon payment ia full of all sums secured by this Mortgage, t_ender shall promptly refu~d to Borrower any Funds
heW by I.ender. If under paragraph 18 hereof the P~opertjr i~ sold or the Property is otherwise acquired by t_ender. Lender
s6at1 apply. no later than immediately prior to the sale of the Property or its acquisition by l.ender, any Funds held by
Leoder at the time of application as a credit against the sums secureci by this Mortgage.
3. Application of Paymeets. Unless applicable IaW~ prnvides otherwise, all payments received by [.ender under the
Note and paragraphs 1 aad 2 hereof shall be applied by Lcnde~ first in payment ot amounts payable lo Lender by Borrower
under paragraph 2 hereof. then to interest payable on the tiote, lhen ~o the principal of the Note, anci then to interest and
principd on any Futute Advances. ~
Cbtrscs; Lie~. Borrower shall pay all iaxes, assessments and othcr charges. fines and impositions attributable to
t6e Pmperty which roay attain a priority over this Mortgage, and leacehold payments or ground rents, if any, in the manner
provided under paragraph 2 heroof or, if not paid in such manner, by Borrower making payment, whe~ due, dirocUy to the
psyee tbereof. Borrower s6a11 ptomptly furnish to Lender all notices of amounts due under this paragraph, aqd in ihe event
Borrower shal) make payment direcdy, Borrower sha11 promptly furnish to Lender receipts evideacing such payments.
Borrower shall promptly discharge any Iien which has priority over this Mortgage: provided. that Borrower shall not be '
required to discharge aey such lien so long as Borrower shaU agree in writing to the paymeot of the obligation securcd by
such lien in a manner acceptable to Lender. or shall in good faith contcst such lien by, or defend enforcement of such lien in,
legal proceedings which operate to prevent the enforcement of the lien or forfeiture of tF~e Property or any part ther+eof.
S- Hazard lswrance. Borrower shall keep th~e improvements now existing or hereafter erect~d on ihe Propeny insured
againtt loss by fire, hazards~included withi~ ihe tetm "extended coverage": and such other hazards as Lender may require -
and in such amounts and for such periods as Lender may requirc; provided, that Lender shatl not require that the amount of
such rnverage eaceed that amount of coverage required to pay the sums secured by this Mortgage.
"Ibe insurance carrier praviding the insurance shali be chosen by Borrower subject to approva! by Lender, provided,
that wch approval shall not be unrcasonably withheld. All premiums on insurance policies shall be paid in the ma~ner
provided under paragraph 2 hereof'or, if not paid in such manner, by Borrower making payment, when due, directly to the
insurance carrier.
Att insurance policies and reaewals thereof shall be in form acceptable to Lencier and shall include a standard mortgage
claust in favor of and in form acceptabte to Lender. Lender shall have the right to hold the policies and renewals thereof,
and Borrower shall promptly furnish to Lettder all renewal notices and all receipis of paid premiums. In the event of loss.
Borrowe~ shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made prorr~pUy
by Botrowet.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
the Property damaged, provicled such restoration or repair is economically feasible and the securiry of this Mortgage is
not ~hereby impaired. I( such restoration or repair is not economically feasii~le or if the security of this Mortgage would
be itnpairod, the insurance Proceecis shall be applied to the sums secureJ by_ this MoRgage, with the excess, if any, paid
to Borrower. !f tht Propert~~ is abaadonesf by Borrower, or if Borrower fails to respond to l.ender within 30 days from the
date nodce is mailed by Lender to Borrower that the insurance carrier ofiers.to settle a claim for insurance benefits, Lender
is authorizod to collect and apply the insurance proceeds at 1_ender's opt+on either to restoration or rep~asr of the Property
or to the sums secured by this Mortgage.
Unless L.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shal) 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 instaltmeots. Ii under paragraph i S hereof the Property is acquired by Lender, all right, title and interest of Borrower
in and to any inwrance policies and in and to the proceeds thereof resulting trom damage to the Property prior to thc sale
or acqaisition shall pass to l.ender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquisition.
6. Yrcservation and tifainteoance of Proprirty; Leasehulds; Condominiums; Planned Unlt DereMpments. Borrowrr
shall koep the Property in good repair and shall not comrqit waste or permit impairment or deterioration of the Property
and shal) compiy with the proviseons of any lease it this Mortgage is on a leaschold. If this Mortgage is on a unit in a
condominium or a planned unit development, Borrower shall perform all of Borrower s obGgations under the declaration '
or covenants creating or governing the condominium or planned unit development, the by-~aws and cegulations of ihe
condom+nium or planned unit development, and constituent documems. If a condominium or planned unit Jevelopment
rider is executed by Borrower and recorded together with ~his Mortgage, the covenants and agreements of such rider
shall be incorporated into and shall amend and supplcment the covenants and agrcements of this Mortgage as if the rider
were a part hereof. l
7. Prohcfioa oE I,ende~s Secarity. If Borrow•er failc to per(orm the covenants and agreements contained in this
Mottgage, or if any action or proceeding is commenccJ which materially afiects Lender's interest in the Property,
including, but not limiled to, erninent domain, insolvency, code enforcement, or arrangements or proceedings invol~•ing a
baakrupt or decedent, t6en t,ender at Lender's option, upon notice to 8orrower, map make such appearances, disburse such
swns and take sueh action u is t~eeessary to. proloct Ler?der's ~nlerest, including. bot not limited to, disbursement of ~
reasonabk atlomey's [ees and entry upon the Properry to make rcpairs. 1( Lender requircd mortgage insurance as a '
condition of malcing the loan xcured by this Mongage. Barrower shall pay the premiums required to maintain such
insi.rance in eBect unti( such time as the reyuirement for such insurance terminates in accordance with Borrower's and
~ ~ ~ ~ - 8flax 295 ~,,~f ' 282 :
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