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UHtrouK Cpyat~~~s, Horrpwer and irende~ covena~t and s~rcs as tdlows:
~ lqf~e~t ef hie~l ri L~Iei~eN. 8orrovre~ shall {uomM~) Wy when due the principal ot and interat on the
indebtednas evidenoed b~? tbe Note, prepsyment snd late chargec a.a ~xovided in the Nde. aod the principal ot and interat
on any Futuro Advances ~eturod b~? this Monsa~e. ;
R1Ni~ ht Tai~s Mi Lrrra~ce. Subject to applicat+k law a~ to a writtee waive~ bp Lende~~ Borro~ shall P~Y ~
to Leader oe the day monthly installments of principal and interect arc payaMe under the Note. until the Note is paid in fult.
a wm (bereir~ "Fund~'~ oqual to a~e-twelfth oF ~he yearl~• tas~~ a~xl assessmeets which may attain prioriry ove~ this ~
Mort~aje. and ~round reaa oa ebe Pnnpeny. if any, plus one-tweltth of yeuly prcmiutn instapmeob [or hazard insurance. ;
plus oae-twdith ot yearly premium inuallments tor matgs~e insurancc, if any, all as reasonably estimated initially and troan
time to time by Lender ot~ tbe basis ot auasments and hills and rcasonabk estimata thereot. :
1be Funds shall be held in an institWion the deposiu or •rccounts of which arc insursd or guaranteed bY a Federal ot ;
~ stata sjency (includina Lend~r if Lcnde~ is such an institution). I.eoder shall apply Ihe Funds to pay uid tua. sssasments. ~
inwranoe premiums and ~ound rcnts. I_ender may no~ charge for u+ holdina and applyint the Fnnda, analyzing said accoun~ ~
or verityi~~and complin~ said aueuments and bilh, unlas Lender pays Borrower interat on the Funds and applicable law !
pem~its I.l~der to malce :uch a char6e. Borrowe~ and Lender may agroe in writing at the time ot execution of this #
Mortpse that ioterat on the Fwids shall be paid to Borrowe~, and unlas such aaroement is made or applicabk law
r~quira wch interat to be paid. Le~der shsll ~ot be required to pay Borrower any interest or earnings on the Funds. Lertder a
s6all pve to Borrower. witbout charee, a~ annual acoountiog of tl~e Funds showing credits and debits to the Funds and the ;
purpose for ~rhich eub debit to the Funds was made. The Fu~ds arc plodged u additional security for the sums secured
by tba Mortpje.
If tbe amount o[ tbe Funds bdd by'Lender, together with the futurc monthly installments of Funds payabk prior to
t6e due data of tua, assasments. iusunnce premiums and g~ound rents, shall exceed the amount requircd to pay said taxa.
assa~meats. iasuranoa prcmiums and ground rents as theY fall due, such eacess shall be, at Borrower's option, either
promptly repaid to Bornower a credited to Bormwer on monthly installments of Funds. If ihe amount ot thc Funds
held by Leader shdl twi be w~Cieat to pay tues, assasments. insurance premiums and gmund rents as they Eall due,
Borrower sbap pay to I.ender any amount necessary to make uP the de6ciency within 30 days troin the date notice is mailed
by Leader to Borrower roquatina WYnxnt thercof.
Upoo payment ia fuU of all sums sxuced by this Mortgage, Lender shall promptly rcfund to Borrower any Funds
held by Lendar. If under pua~rsph 18 hereof the Property ia sold or the Propeny ~s ahervvise acquiad by Lender. Lender
shall apply, no later tban imtnediately ptior to the sale of the Property or its acquisitio~ by Lende~, any Funds held bv
I.ender at the time of applicatan ss a credit against the :ums socured by tMs Mortgage.
3. A~liatlo~ oi tqrse~. Unless applicabk law provides otherwise. all payments rcceived by Lender under the
Note and paragrap6s 1 and 2 l~eceof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
uader paragraph 2 heroof. tDea to iaterest payable on the No~e, then to ihe principal of the Note. and then to interest and
priacip~l on any Future Advanoes.
1. Crar~e~ I3e~s. Borrower shall pay all taxa, assessments and other charges, fines and impositians attributable to
tbe Property which may attain a priority over this Mortgage, and leaseho!~ payments or ground rents, if any. in the manner
provided under puagraph 2 hercof or, if not paid in such manner, by Borrower making payment, whea due, diroctly to the
payee the~eof. Borrower shall promptly furnish to Lenckr all notices of amouats due under this par~graph, and in the event
Bormwer shall malce payment directly, Borrawer shall promptly furnish to I.ender rcceiPts evidencing such paymtnts.
Borrower shali ptoonptly discharge any lien which has priority over this Morigage; provided, that Borrower shall not be
rcquired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by
such lien in a manner acceptable to Lender, or shall in good [aith contest such lien by, or defenJ enforcement of such lien in.
kgal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thcreof.
S. Rarard Isswa~ce. Boaower shall keep the improvements now existing or hereafter erected on ihe Property insured
against loss by firc, hazards i.~cluded within the term "extendeJ coverage", and such ottxr hazards as L.ender may require
and in wch amounts and for such periods as Lender may require; provided, that Lender shall not requirc that the amount of
such rnverage exceed that amount of coverage required to pay the soms secured by this Mortaage.
'Ibe insuranoe carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided,
that such approvat shall not be uareasonably withheld. All premiums on insurance policia shafl be paid in the manner ;
provided uoder paragraph 2 bercof or. if not pai~ in such manner, by Borrower making payrtxnt. when due, direcdy to the ~
~ insurauce carrier. ~
E All insurance policies and renewals thereof shall be in form acceptable to LenJer and shall include a standard mortgage
~ clause in favor of and in form acceptable to Lender_ Lender shall have the right to hold the pc~licies and renewals thereof,
{ and Borrower shall promptly 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
~ by Borrowtr.
Unless Lender and Borrower atherwise agree in writing, insurance proceeds shall be applied to restoradon or repair o!
~ the Property damaged. provided such restorat~on or repair is econamically feasible and the security of this Mortgage is
~ not thereby impaired. If such restotation or repair is not economically feasible or if• the security of this Mort$age would
~ be impaired, the insurance procetcis 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 fails to respond to Lender within 30 days from the
~ date notice is maited by I.ender to Borrower that the insurance carrier ofTers to setlle a claim for insurance benefits, Lender
~ is aut6orized to collect and apply the insurance proceeds at Lender's optiun either to restoration or repaer of the Propert~•
~ or to the sums securod by thia Mortgage.
~ Unless L.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
~
a or postpone the due date of the monthly installments referred to in paragraphc 1 and 2 hereof or change the amount of
~ such installmeots. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower _
~ in and to any Auurance policia and in and to the proceeds thereof resulting irom damage to the Property prior to thc sale
e or acquisition shall pass to Lender to the eatent of the sums secured by this Mortgage immediately Qrior to such sale or
~ acquisition.
" ~reservatbo aod Maintenance of Properly; Lcasehulds; Condominiums; P~nned Unit Devebpments. Borrower
_ shall keep the Property in good repair and shall not comro~~ ~aste or permit impairment or deterioration of the Property
and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a z
~ condominium~or a planned uoit development, Borrower shall perform all of Borrower's obligations under the declaratiun ~
or covenants creatiag or governing the condominium or planned unit development, the by-laws and regulations of the
~ condominium or planoed unit devebpment, and constituem doc:uments. I( a condominium or planne~ unit development
rider is executed by Borrower and recorded toge~her with Ehis 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 riJPr
; were a part hereof.
` 7. Protection of Lender's Security. I( Borrovrer failc t~ perform the covenams anJ agreements contained in this
~ Mortgage, or if any action or proceeding is commenced which materially afiects I.ender's interest in the Property.
~ including. but not limited to, eminent damain, incolvency. code en(orcemem, or arrangements or proceedings invol~~ing a -
~ bankrup~ or deceden~. then l.ender at l_ender's option, upon notice to Borrower, may make such appearances, disburse such
~ sums and take such action as is necessary tu protect Lender's mterest, incluJing. but not lim~ted to, disbursement of
; reasonable auorney i tees and rn~ry upon thc Propcrty to make rcpa~rti. If Lcnder reyuircJ mortgage insurance as a ;
~ cond~t~on of making the loan xcureJ by ~his Mortgage. B~rrower shall pay the premiums requireJ to maintain such
~ ir.surance in efiect until such time as the re.yuiremenl for tiuch inwrance terminates in :~ecordance wilh Bormwer s and
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