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UNtFO~M CoveN,~r+rs. Bomower and Le~Jer a~venan~ and ag~re as follows:
1. laymeat ot Priocipl aod lwttrest. Horrower xhall pramp~l~• pay when due the principal oi and interest on the
~:~debtedneu evidenccd by the Note, ptepayment and late charbe~ as provided in the Note, and the principal ot and intercst
on any Futuro Advances xcured by this Mortgage.
2. F~ads for Taua waii Ins~ra~te. Subjcet to aPplir~hlc law .~r t~ a w~itten waiver by 1_erider. Borrower shall pay
to I.ende~ on the day morUhly installments of principal anJ ~ntcre.~ arc payahl~ unde~ the Nate. until the Note is paid in full.
a=um (herein "Funds") tqual to one-twelfth ot the yearl~ ta~~~ anJ asccssments which may attain priority over this
Mort~age. and ground reots oo the Prope~ty, if any. plus one-twclhh of pearly premium installments for hazard insurance,
plus one-twelfth ot yearly prcmium installmen~s for mortgage insi~raocc. if any, all as ressonably estimated initially and from
time to time by Cender on thc basis of assessmcnts and hills ~nd rea~onable estimates thereot.
'Il~e Funds shall be held in an institution the deposit~ or :,ccounts ot which are insured or guaranteed by a Federal or
state agency (including Lee~der if Lcnde~ is such an inslitution). I.endcr ~hall apply the Funds ta pay said taxes, assessme~ts.
irtsurance premiums and ground rcnts. I.ender may no~ ebarge Ior se~ holding and ap~+lying ~he F~mdc. analyzing said account.
or verifying a~d compiling said assessments and bills, unless l.e~der pays Borrower interest on the Funds a~d applicable law
permits Lender to make such a charge. Bc~rrower and l.ender may agree in writing at the time of executiun of this
MoRgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law _ .
requires such interat to be paid. Lender shall not t~c rcquired to pay Borrower any interat or ramings on the Funds. I_ender
shall give to Borrower. without charge, a~ annual aca~unting af the Funds showing credits a~d debits to the Funds and the
purpose [or which eaeh debit to the Funds was made. The Funds are pledged as additional security (or the sums secured
by this Mortgaae.
If the amount of the Funds held by Le~der, toge~her with the future monthly installments of Funds payable prior to
t6e due dates of taxes. asussments, insurance premiums and ground rents, shall exceed the amount required ~o pay said taxes.
assea~ne~ts, insurance premiums and ground rents as they_ (all due, such excess shall be, at Borrower's option, either
ptompdy rcpaid to Bormwer or credited to Borrower on monthly installments of Fu~ds. If the amount o( thc Funds +
held by Lentkr shall not be sut6cieat to pay taxes, assessments, insurance premiums and ground rents as they fall due, '
Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed '
by Lender to Borrower requesting payment thereof. -
Upoa payment in fuq of all aums secured by this Mor~gage, I.ender shall promptly iefund to Borrower any Funds
he{d by Lender. If under paragraph 18 hereof the Property is sold or the Properry is otherwise acquired by Lender, Lender
shdl apply, no later than immediately prior to the sale o( tF~e Property or its acquisition by Lender, any Funds held by
L.ander at the time of application as a credit against the sums secured by this Mongage.
3. Applkatim of Paymeats. Unless applicable law provides otherwise, all payments received by ~ender under the
Note and patagraphs l.and 2 hereof shall be applied by 1_enJer first in paymcnt of amounts payable to l.cnder by Borrower
under patagraph 2 hercof, then to interest payable on the Note, then to the principal of the Note, and then to intcrest and
principal on any Futuc~e Advances.
4. C6~es; Lk~. Borrower shall pay all taxes, assessments and othcr charges, fines and impositions attributable to
the Pc~operty which may attain a prioriry over this Mortgage, and leasehotd payments or gmund rtnts, if any, in the manner •
pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making paytdent, whee due. directiy to the
payee theteof. Borrower s6a11 promptly fumish to Lender all notices of amounts due under this para~rapb, and ia the event
Borrower shall make paymeat dircctly. Borrower shall promptly furnish to Lender receipts ev~dencing such payments.
Borrower shall promptly discharge any lien which has priority over this Mortgage; provided. that Borrower shall not be
required to discharge any such lien so long as Borrower shall agree in writing to the. paypnent of the obligation secuced by .
suc6lien in a manner acxeptable to Lender, or shall in good faith contest such lien by~ or defeud eofotrement of such lien in.
legal proceedings which operate to_preveat the enforcement of the lien or fotfeitdte of the Properiy or a~y part thereof.
S. Huard Iawr~aace. Borrower shall keeQ the improvements now existing or hereafter erected on the Property insured
against loss by fire, hazatds included wichin the term "extended coverage", and such other hazaids as Lender may require _
and in such amounts and for such periods as Lender may require; pravided, that Lender shall not require that the amount of
such coverage ez~ced that amouM of coverage required to pay the sums secured by this Mort6age.
"Ibe inauranoe carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided.
that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
~ provided under paragraph 2 hereof-or, if not paid in such rnanner, by Borrower making payment. when due, directly to the
i insurance carrier. '
i All insurance policies and renewals thereof shall be in form accep~able to Lender and shall include a standard morigage
i clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof,
; and Borrower shall Qromptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss.
i Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly. -
f by Borcower. .
~ Unless Ltnder and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
the Property damaged, provicied such restoration or repair is economically feasible and the security of this Mortgage it
~ 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 if Borrower faits to respond to Lender within 30 days from the
~ date notice is mailed by Lender to Borrower that the insurance carrier ofTers to settle a claim for insurance benefits, Lender
~ is authorized to collect and apply t6e insurance praxeds at (_ender's option either to restoration or repalr of the Propert}~
~ or to the sums secured by this Mortgage.
~ Unlass Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
° or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of
~ suc6 installmeats. If under paragraph 18 hereof the Property is acquired by I.ender, all right, title and interest of Borrower
~ in and to any insuraoce policies and in and to the proceeds thereof resulting from damage to the Property prior to th.: sale
or acquisition shall pass to Lender to the extent of the sums secureci by this Mortgage immediately prior to such sale or ;
~ acquisition. :
~ 6. Prrservatioe ahd Maintenaace of Property; Les~seholds; Condominiumr, Planned Uait Devdopments. Borrower
: sha8 keep the Property in good repair and shall not comroit waste or permit impairment or deterioration of the Property
~ and shall comply with the provisions of any lease if 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 obligations under the declaration
~ or covenants creating or governing the condominium or planned unit develupment, the by-laws and regulations of the .
condominium or planoed unit development, and constituent ciocuments. {f a condominium or planned unit cievelopment
~ rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider
s6a11 be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the riJer
~ were a part hereof.
~ 7, protectio0 of Leode~'s Security. If Borrower Fails to perform the covenants and agreements contained in this •
~ Mortgage. or if any action or proceeding is commenced which materially affiects Lender's interest in the Property,
~ including, but not limited to. eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a
~ baakrupt ot decedent, then Lender at Leoder's option, upon notice to Borrower, may make such appearances, disburse such
~ sums and take such actioo as is nocessary to protect l.ender's interest, including, but not limited to. disbursement of
reasonabk attomey's fees and entry upon the Property to make repairs. If Lender required mortgagc insuranct as a
~ condition of making the Ioan secured by this Mortgage, Borrower shall pay the premiums required to maintain such
~ intwa~t in efEoct until such time as ~he requirement for such msurance terminates in accordance with Borrowei s and
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