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UNIFORM CO\'FNxNTS. BOfCOwCr and Lendcr covenant and agree as follows:
1. Payment of Priaclpal rutd Interest. Burrower shall promptly pay when due the principal of and interest on the
indebtedness evidenced by the Notc, prepayment and late charges as provided in the Note, and the principal of and interest
on any Future Advances secured by ;his Mortgage.
2. Runds for Trues and Insurance. Subject to applicable law or to a written waiver by lender, Borrower shall pay
to Lender on the day monthly installments of principal and u?terest are payable under the Note, until the Note is paid in full,
a such (herein "Funds") equal to one-twelfth of the yearly taxes and assessments which may attain priority over this
Mortgage, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments far hatanl insurance, '
plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from ~
time to time by 1_ender on the basis of assessments and hills and reasonable estimates thereof.
'ihc Funds shall be held in an inshuttion the deposits or accounts of which are insured or guaranteed by a Federal or
state agency (including Lender if Lender is such :+n institution). Lender shall apply the Funds to pay said tares, assessments,
insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account,
or verifying and rnmpiling said assessments and bills, unless Lender pays Borrower interest un the Funds and applicable law
permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this
Mortgage that interest on 'the Funds shall he paid to Borrower, and unless such agreement is made or applicable law
requires such interest to be paid, Lender shall nut be reyuireil to pay Burrower any interest or earnings on the Funds. 1_ender
shall give to Burrower, 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 I=unds arc pledged as additional security for the sums secured
by this Mortgage.
If the amount 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.
assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either
promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. if the amount of the Funds
held by Lender shall not be sufficient to pay taxes, assessments, insurance prertitrms and ground rents as they fall due,
Borrower shall pay to Lender any amount necessan• to make up the deficiency within ~0 days from the date notice is mailed
by Lender to Borrower requesting payment thercol.
Upon payment in full of all sums secured by this Mortgage. Lender shall promptly refund to Burrower any Funds
held by Lender. It under paragraph 1K hereof the Property rc sold or the Property is otherwise acquired by Lender, lender
shall apply, no later than immediately prior to the sale of the Prulxrty or its acquisition by Lender, any Funds held by
Lender at the time of application as a credit against the sums secured by this Mortgage.
3. Application of Payments. Unless applicable law provides otherwise. all payments received by Lender under the
Note and paragraphs 1 and 2 hereof shall tx~ applied b}• Lender first in pa}meat of amounts payable to 1_ender by Burrower
under paragraph ?hereof. then to interest payable on the tiute, then to the principal o[ the Dote, and then to interest and
princtpal un any Future Advances.
J. Charges; Liens. Borrower shall pay all taxes, assessments and other charges. fines and impositions attributable to '
the Property which may attain a priority over this 'Mortgage. and leasehold payments or ground rents, if any, in the manner
provided under paragraph 2 hereof or, if nut paid in such manner, by Borrower making payment, when due, directly to the
payee thereof- Borrower shall promptly furnish to Lender ail notices of amounts due under this paragraph, and in the event
Borrower shall make payment d+i-cctly, Borrower shall promptly furnish to Lender receipts es•idc;ncing 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 Burrower shall agree in writing to the payment of the obligation secured by
such lien in a manner acceptable to Lender, ur shall in gcxxl faith contest such lien by, or defend enforcement of such lien in,
legal pn-.eedings which operate to prevent the enforcement of the li~+t ur forfeiture of the Property or any part thereof.
5. Hazard Insurance. Borrow r: shall i.eep the +m{+rosements now existing ur hereafter erected on the Properly rmured
against los; by fire. hazards include) within the term "extended corcray;e". and cnch rnher hazards as Lender may reyuire
.uni in such amounts and for such periods as Lender may reyuire: pros•ideJ. that I_cnder shall not reyuire that the amount of
If ,uch ccx~erace exceed that amount of coverage reyuired k• pay the uims secured by this Mortgage.
f The insurance earner providis,g the insurance shall bc: chcxen by Borrower subject to approval b}• [,.coder; provided.
that such approval shall not be unreasc~nahh• withheld. All premiums an insurance policies shall be paid m the manner
! nruwded under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. chrectly to the
uuurance earner.
All insurance policies and ren.wals thereof shall Ex in form acceptably to Lender and shall include standard mortgage
Jause ~n fas•ur of and in form acceptable to Lender- Lcndcr .hall base the right to hold the policies and renewals thereof.
and Borrower shall promptly furnsh to Lcndcr all renywal notices and all receipts of paid premiums. In the es~ent of loss.
~ B~rn+w-er shall gis~e pru!rpt notice to the insurance carrier and Lendcr. 1_ender may make proof of loss if not made promptly
t+s• Burru~rcr.
t Unless Lcndcr and Borrower otherwise agree +n wr~Ung, insurance proceeds shall be applied to restoration or repair of
the Property damaged, provided such rystoratiuu ur repair +s economically feasible and the security of this ;1lortgage is
not thereby impaired. if sun restorat:un or repair is no: y.:onumically fyasihle or if the security of this Mortgage would
b+: impaired, the insurance proceeds shall be applied to the sums secured by this 1\lortgage. with the excess, if any, paid
:u BOIfOWef. If the Propertc is aharsd~~ncd by Borrower. ~~r if Borrower fails to respond to Lcndcr within 30 days from the
date notice is mailed by Lcndcr to Borrower that the insurance carrier ofTers to settle a claim fur insurance benefits, Lender
a authorized to collect and apply the inwranre proceeds :?t 1_ynder~s option either to restoration or repair of the Property
or to the sums secured by this Mortgage.
Unless 1_endyr and Borrower otherwi,c agrea in writing. any such application of prcx:eeds to principal shall not extend
++r postpone the due date of the monthly installments referryd to ro paragraph, i and 2 hereof or change the amount of
wch installments. If under paragraph ! 8 hereof the Property „ acycured by Lendcr. all right, title and interest of Borrower
in and to any imurance poLcies :,rid in and to the proxeeds thereof resulting from damage to the Property poor to the sale
ur acquisition shall pass to Lender to shy extent of the sums secured Ly this \lurtgage immediately prior to such sale or
acquisition.
6. Preservation and ~taintenancc of Property: Leaseholds; ('ondominiums; Planned l~nit Der,•elopments. Borrower
shall keep the Property- in good repair and shall not commit waste or permit impairment or deterioration of the Property
grid shaft comply with the provisions of any lease ?f this Mortgage is un a lyasehaid. If this Mortgage is on a unit in a
condominium ur a planned unit development, Borrower shall perform all at Borrower's ubliga!iuns under the declaration
or covenants creating or gu~erning the condominium or planned unit dcvelupment, the by-laws and regulations of the
:9 condominium ur planned unit des~elupment, and constituent Documents. If a condominium or planned unit de~~elopment
_ rider is executed by Borrower and recorded together urth thrs ~lorteage, 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-
7. Protection of Lenders Security. If Borrower faih to perform the covenants and agreements contained in this
Mortgage. ur if any action or proceeding i. commyneed which materiall}• affects Lender's interest in the Property,
including. but riot limited to. eminent domain. insolvency. code enforcement. or arrangements or proceedings involving a
bankrupt or decedent. then Lender at Lender's option, upon notice ro Borrower, ma} make such appearances, disburse such
sums and take such :+ctiun as is necessary to protect Lender's nuerect, including. but not limited to. disbursement of
- reasonable attorneys fees and entry upon the Property to male repairs. It Lendcr required mortgage imurance as a s
cuntiition of making the loan secured by this Mortga_re. Burruwcr shall pay shy premiums required to maintain such
insurance in effect until such time as the requirement for wch insurance terminates in accordance with Borrower's and
5 k 305 ,Q~ 2472
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