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UN[F(1RM COVENANTS. Bonower and Lende~ covenaot and a~ra u follows:
1. layment o~ Mnci~al aai Idered. Borrowe~ shall promptly pay when due the principal of and interost on the
indebted~es: evidenced by the Note. prepayment and late charges u provided in the Note. and the principal of and interest
on any Futuro Advances sccured by this Mortgage.
2. Fnsds tor Tu~s aoa IawnK~e. Stibject to apQlicabk law or ro a written waiver by I.ender, Borrower shall pay
to Ltnde~ on the day monthly instaliments of principal and interest are payable under the Note. until the Note is paid in iull, .
a:~im (henin "Funds") equal to one-tweifth ot the yearly taxes and assessments which may attain priority over this
Mort~aa~ee. and ~round nats on the Property. if any, plus onrtwelfth ot yesrly premium installments for hazard insurance.
plus oae-twelfth of yearly premium installments for mortgage insu~ance, if any, all as reuonably estimated initially and fmm
dme to time by Leader oa the basis of sssessments and 6ills and reasonabk estimates thereof. ~
'I~e Fands shall be held in an institution ttie deposits or accounts of which are insured oc guaranteed by a Fedenl or
state agency (inciuding Lender if L.ende~ is such an iastitution). Lender st~all apply the ~nds to pay said ta~ces, assessments. :
insurance premiums aad grouad ceats. Lender may ~ot charge (oi so holding and applying the Funds. analyzing said account,
or verifying aad compiling said asseuments and bills. unlas Lender pays Borrower interest on the Funds and applicable law _
permita Lender to make such a charge. Borrower u~d Leader may agree in writing at ~he time of execution of this
Mortgage that i~terest on the Funds shall be paid to Bonower. and unless such agreement is made or applicable law !
rcquires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender ~
s6a11 give to Borrower, without charge. aa annua! accounting of the Funds showing crcdits and debits to the Funds and tho ~
purpose for which each debit to the Funds was made. .The Funds arc plcdged as additional security for the sums secured '
by this Mortgage. ~ °
If the amoant of the Funds held by Lender. together with the future monthly installments of Funds payable prior to ~
the due dates of taxes, assessments. insurance premiums and ground rents. shall exceed the amount required to pay said taxes.
ssseasments. insurance premiums and ground rents as they fall due, such excess shall be, at Borrower s option, either :
protnpUy repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds ;
held by Leader shall not be suf6cient to pay taxes, assessments, insurance premiums and ground rents as they fall due.
Borrower shap 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. ~ `
Upon payment in full of all sums secured by this Mortgage, l.ender shall promptly refund to Borrower any Funds ~
held by Lender. If under paragraph 18 hereof the Properiy is sold or the Property is othen~rise acquired by Lender, Lender ~
shall apply. no lat~r 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. Applle~tlon ot P~ments. Unless applicable law provides otherwise, all payments received by Lender under the
Note aad paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amou~ts payaWe to l.ender by Borrower j
under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and
principa! on any Future Advances. ~
4. C6ar~a; Lkns. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributabk to
the Piroperty which may attain a priority over this Mortgage, and leasehold payments or gmund rents. if any. ia the manoer
provided under paragraph 2 hereof or, if ~ot paid in such manner, by Borrower making payment. when due, dirtcdy to the
payee thereof. Borrower shall promptly fumish to Lender all notices of amounts due under this paragraph, and in the event
Bornower shall make payment directly, Borrower shaU promptly furnish to L.ender receipts evidencing such payme~ts.
Bonower shall prompQy dischargc any lien which has priority over this Mortgage; provided, that Bormwer shap not be
rcquirod to discharge any such lien so long as Borrower shall agrce in writing to the payment of the obligation securcd by ;
suc6 lian in a manne~ acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien ia,
legal ptoceedings which operate to preveat the enforcement of the lien or forfeiture of the Property or any part thereof.
S. Haiard I~nrance. Borrower shall keep the improvements now existing or hereafter erected on the Property iosured
against loss by fire. hazards included within the term "extended cove[age", and such other hazards as Lender may require
and in such amounts and for such periods as Lender may require; provided. that Lender shall not require that the amount of
such coverage exceed that amount of coverage required. to pay the sums secured by this Mortgage.
1~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. providcd,
t6at such aQproval shall not be unreasonably withheld. All premiums on insurance policia shall be paid in the manner
provided under paragcaph 2 hereof or, if not paid in such manner. by Borrower malcing payment, when due, direcdy to the
insurance curier.
All insurance policies and renewals ihereof s'~all be in form acceptable to Lender and shall include a standard mortgage ~
clatue in favor of and in form acceptable to Lender. Lender shall have the right to hoid the policies and renewals thereof, -
; and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss.
Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
' by Borrower. ~
! Unless Lender and Borrow~er otherwise agree in writing, insurance proceeds shalt be applied to restoration or repair of .
j the Property damaged. provided such restoration or repair is economically feasible and the security of this Mortgage is ~
f not thereby impaired. If such restoration or repair is not economicaUy feasible or if the security of this Mortgage would ~
~ be impaired. the insurancx proceeds shall be applied to the sums secured by this Mortgage, with the excess. if any. psid '
; to Bormwer. !f the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
~ date notice is mailed by l.ender to Borrower that the insurance carrier ofters to settle a claim for insurance benefits, Lender
is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Propecty x
p or to the sums secured by this Mortgage.
Unless I.ender 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 1 and 2 hereof or change the amouot of
~ suc6 installments. !f under paragraph t8 hereof the Property is acquired by Lender, all right, title and interest of Borrower
in and to any insurance policies and in and to the proceeds thereof raulting from damage to tt~e Property prior to the sale
~ or acquisition shall pass to Lendtr to the extent of the sums secured by this Mortgage immediately prior to such sak or
~ acquisition. ~
, 6. PresetvaHon and :lfaintenance of Property; Leaseholds; Coodomiaiums; Planned Ueit Devebpments. Borrower
~ shall keep the Property in good repair and shall not rnmmit waste or permit impairment or deterioration of the Property
R and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in 9
condominium or a p{anned unit devebpment, Borrower shall perform all of Borrower s obligations under the declaration ;
or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the
condominium or planned unit development, and constituent documents. If a condominium or planned unit development
rickr is eaecuted by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider
shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider
= were a part hereof.
T. Protsction of Lender'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 affects Lender's interest in the Property.
~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings imolving a
~ bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such
~ sums and take sueh actian as is necessary to protect i..ender s interest, including, but not limited to, disbursement of
~ reasonable attorney's fces and entry upon the Property to make rePairs. If Lender required mortgage insurance as a
~ condition of making the loan secured b~• this Moctgage. . Borrower shall pay the premiums required to maintain such
~ insurance in eHect until such time as the requirement for such insurance terminates in accordance with Borrower's and
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