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UNIFOitM COVEN.aNTS. BOf~OM•cr and l.enJe~ c~~venant and agrre as follows:
1. Payment of Pdnctpai aad lnteresl. Borruwer shall promptly pay H~hcn due thc principal of and interest on the i
indebtedness evidenced hy ihe Note, prepaym~nt and'~te charbes ac provided in the Nate, and the prinripal of and interest ~
on any Futu~e Advancrs secured by this Mortgage. +
2. Fuads tor Tazes and lasunnce. Subject ta applicable law or to a w•ritten waiver by l.ender. Borrower shall pay (
to l.ender on the day mo~thly installments of principal and interest are payablc unJer the Note, until the Note is paid in tull, ~
a sum (hcrcin "Funds") equal to one-twclfth of ~he yearl~~ taxes anJ assessments which may attain priority over this
Mortgage, and ground rents on thc Pmperty, if.any, plus one-twclfth of ycarly premium installments for hazard insurance,
plus one-twelfth of yearly premium installments for mortgage insurancc, if any, all as reasonably estimated initially anJ from
time ro time b~~ Lender on the basis of asscssmcnts and hills and reasonable estimata thereof. ~
The fiunds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or
state agenc~~ (including Lender if Lender is such an instituti.~n). I.ender shall apply the Funds to pay said taxes. assessments,
insurance premiums and grou~d rents. t_ender ma)~ not charge for ~o holding and applying the Funds, analy~zing said account,
or verifying anJ compiling said assessments and hills, unless l.ender pa~•s Borrower interest on the Funds and applicable law
permits Lender to make such a charge. Borrower and l.ender niay :+gree in writing at the time of execution of this ~
Alortgage that interest on the Fu~ds shall f~e paid to Borrower, and unless such agreement is made or applicable law
reyuires such interest to be paid, Lender shall not bc required to pay Borrower any interest or earnings on the Funds. 1_e~der
shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpose for which each debit to the Funds was made. The Funds arc pleciged as aJditional security for the sums secured
by this Mortgage.
If the amount of the Funds held by Lender, together w~ith thc futurc monthly installments of Fu~ds payable prior to
the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amou~t requircd to pay said taxes,
assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either y
promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. lf the amount o[ the Funds
held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as thep fall due,
Borrower shall pay to Lender any amount necessary ta 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 securcd by this Mortgage. I_cnder shall promptly refund to Borrower any Funds ,
held by Lender. lf under paragraph 18 hereof the Property is sold or thc Propcrty is othenvise acquired by Lcnder, LenJcr
shall apply, no later than immediatcl~~ priot to the sale of the Property or its acquisition by I.ender, an} Funds held by i
l.ender at the time of application as a creJit against the sums secured by this hlortgage.
3. Application of Paymeats. Unless applicable IaH• provides atherwise, all payments recei~ed by t_ender unJer the
Note and paragraphs I and 2 hereof shall be applied by Lcnder first in payment of amounts payable to I.cndcr by Borrow•er f
under paragraph 2 hereof, then to interest payablc on the 1~utc, then to the principal of the Note, and then to interest and
principal on any Future Advances. E
4. Charges; Lkns. Borrower sh~ll pay all t~xec, askssments and othcr charges, fines anJ impositions attributable to
the Property which may attain a priority over this `iortgage, and lcasehold 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, directly to the ~
payee thercof_ Borrower shall promptly furnish to Lender all notices of amounts duc under this paragraph, and in the event
Borrow•er shall make pa}ment directly, Borrow~cr shall prompily fumish to l.ender receipts evidencing such payments.
Borrower shall promptly discharge any lien ~~•hirh has priority ovcr this Mortgage; provided, that Borrower shall not be t
required tu discharge any such lien so long as Borrower shall agree in w riting to the payment of the obligation secured by
such lien in a manner acceptable to Lender, or shall in goocl faith contest such lien by, or defend enforcement of such lien in, ~
legal proceedings which operate to prevent the enforcement ot the lien or forfeiture of the Propeny or any part thereof. 3
5. Hazard lnsurance. Borrow•er shall keep the improvements now existing or hereafter erected on the Property insured
against loss hy fire, hazards incluJed within the term "~~tended coverage", and such other hazards as Lendcr may require ~
and in such amounts and for such periods as Lender m~y reyuire: pro~•ided, that Lender shall not reyuire that the amount of ~
such coverage excecd that amount of coverage required to pay the sums securcd by this Mortgage.
The insurance carrier providing the insurance shaU be chosen by Borrower subject to approval by -LenJer, provided, -
that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
~ provided under paragraph 2 hereo[ or. if not paid in such manner, by Borrower making payment, when due, directly to the ~
: insurance carrier. ~
€ All insurance policies and renew~als thereof shall tx: in form acceptable ro Lender and shsli include a standard mortgage ~
~ clause in favor of and in form acceptable tu I_ender. Lender shall ha~~e the right to huld the policies and renev?~al~ thereof. ~
; and Borrow~er shall promptly f~irnish to Lender all rencwal notices and all receipts of paid premiums. In the event of loss.
; Borrower shall gi~•e prompt noticc to the insurance carrier and I_ender. Lender may make proof of loss if not made prompd}' ;
f bv Borrower.
~ Unless Lender and BorroW~er othcrwisc agrec in ~riting, insuranrc procecds shall be applied to restoration or repair of
5 the Properly damageJ, provided such restoration or repair is rconomically (easible and the security of this Mortgage is
? not thereby impaired. lf such restoration or repair is not economic~lh• feasible or if the security of ihis Mortgage would
~ be impaired. the insurance proceeds shall be applied to the sums secured by this Mortgage, w~ith the excess, if any, paid '
~ to Borrower. If the Properq• is abandoned hy Borrower, or if Borrower fails to respond to I_erulcr within 3U days from the ~
~ date notice is mailed b~~ Lender to Borrower that the ins~rance carrier offers to settle a claim for insurance benefits, Lender ;
~ iti authorized to collect and apply the insurance proceeds at l.ende~ s oPtion either to restoration or repair of the Propert}'
' or to thc sums ~ccurcd h}' this Nlortgagc.
~ Unlesc I.end~r ar~d Borrower otherwise agree in wnting, an~~ such appli~ation c~f proceeds to principal shall not extend
or postponc thc duc Jatc of thc monthly installmcnis refcrrcd ta in paragraphs 1 and 2 hcreof or change the amaunt of
such installments. If under paragraph I8 hereof the Property~ is acyuired b~ l.ender, all right, title and interest of Borrower
~ in and to an~~ insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale ;
° or acyuisition shall pass to Lender to the e~tent of the wms secured by this Atortgage immediately prior to such sale or
~ acquisition. ~
a 6. Presenation and ~fainlenance of Propert~; I.easeholds; Condominiums; Planned Unit Ue~•elopments. Borrow~cr ~
~ ~hall keep thc Property in good repair and shall not commit wastc or permit impairment or deterioration of the Property -
and shall comply with the provisions of any lease if this :~1~~rtgage is on a Icasehuld. If this Mortgage is on a unit in a ~
condominium or a planned unit dcvelopment. Borrower tihall perform all of Borrower s obligations under the declaration
- or covenants creating or governing the condominium or planned unit development, the b}•-laws and regulations of the
- condominium or planned unit developinent, and constituent documents. If a condominium or planned unit development -
ri~er is executed by Borrower ~nd recorded together ~ith this Mortgage, the covenants and agreements of such rider :
J shall be incorporared into and sh~ll amend and supplement the covcnants anJ agreements of this Mortgage as if the rider ;
s Hcre a part hercof. `
~ 7. Prolection of [.ender's Security. If B~rrower fails to ~xrform the covenants and agreements contained in this
- hlortgage. or if any action or proceeding is cummenceJ w•hich materially ~fiects Lender's interest in the Property.
including, but not limited to, eminent domain, insolvenc}~, code enf~rcement, or arrangements or proceedings in~~olving a
~ bankn~pt or decedent, then Lender at Lender's option, upon notice to Borrower. may make such appearances, disburse such 4
sums and take such action as ~s necessary to protect Lender's interest, including. but not limited to, disbursement of
_ reasonable attome}~'s fces and entry upon thc Propcrt~• to makc rcpain. If Lender required mortgage incurance as a
~ cundition of making the loan secured b~~ this :~tongage. Borro~er shall pay the premiums required to maintain such
~ insurance in efiect until such time as the reyuirement for s~ch insurance terminates in aceordance with Borrower's and
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