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Unifona Covenants. Borrawer and Lender c~venant gnd ag~ee as follows:
1. PAYMEWT OF PRINCIPAL AND INTERE:ST. Bomuwer shall promp~ly pay when due ~he pnncipal of and ~ntercst an the indebteJness
evideaoed by tAe Note, any ~Nrpayment and latt char~a provided in the Nott and all other sums sctivrcd by this Ins~roment. ;
2. FUND6 FOR TAXFS, INSURANC6 AND OTNER CHARCES. SuDjeat to applicabk law or to a wntten wan~er by Lender, Borrowcr iAall ~
pay ~o I.endet oe the day monthly instalimentc of pnncipal or iotercst arc payabk under the Note ( or on arather day desipnated ~n wridnQ by i
Lender), uaul the Note is paid ia fuit, a sum (hercin "Funds') equa) to one•nrelfth of (a) the yea~ly water a~d sewer rata and uaa and
assasmeats which may be levkd on the Prope~ty, ( b) tht yeuty ~round «nts, if any, ( c) the yea~ly pnm~um msullmeats fot 6re and other hasa~d
insuranoe, rcnt loss insutanoe and such wher ~nsunna ooverint the Pmpeny u Ltadet may trquire punwnt to pantraph S hercof, ( d) the yearly ~
ptemium iastallments for moct~aje insunact, if any, and (e) if this Ins[tument ~s on a kaselwld, the yeady fixed rents, if any, uader the ~tound '
lease, ali as rcasonably esuma~ed iniually and fn~m time ~o ume by Lendu on thr basis of uxssmeats and bills and rcasonabk aumatts ihercot ~
Any ~raiver by Lende~ of a rcquirement that Borcower pay such Funds may ~e rcvoked by l,ender. in Lender3 sok discretwn, at any ume upon
aotia in vritina to Bormwet. Lender may «quire Bo~rowe~ to pay to Lende~, in advaaoe, such aher Funds for aher taaes, char~es, premiums.
assessments and impositwns i~ oonnection with Borcowe~ or the Propeny which Lender sh:ll rcasonably deem necessary to protect Lender's ;
interests (hercin "Other Impos~tions°). Unkss wherwise provided by applicabk law. Lendec may rcqwrc Funds fot O~her Impositions to be paid '
by Borrower in a lump sum or in period~c instaliments, at Lender's option.
'ihe Fuads shall be held in an insatwiwn~s) tix deposiu or acoounts of wh~ch arc insurcd or Luaranteed by a Federal or sute a~en~y
( indudiat Lender if Lender is such an institution l.~nder shail apply the Funds to pay said ntes, rents, uxea, assessments, insunnae premiums }
aad Other Impositans so bng u Bomower is not ~n brcach of aay oorenant or aercement of Borrower in ~his Instrumem. Lender shall make ao
char~e fo~ so hold~n~ and applyiag the Funds, analyvnY said acoount or fo~ verifyinY and oomqiine said assessme~ts and bilis, unkss Lender pays
Borrower interes~, eaminjs ot pro6ts ua the Funds and applicabk law permiu Lender to make such a char~e. Borrower and Lender may agree in
writiu~ at the time of eaecutioa of this Instrument that interest oo the Funds shal) be paid to Bo~tower, and unkss wch atreement is made or
applicabk law nequires interest, earnines or prnfits to be paid, Leader shall not be required to pay Borrower any intercst, earnin~s or profics on the
Funds. Lender shall ~ivt to Borcower, without charge, an annual aooountine of the Funds in Lender's ao~mal format showine cndits and debits to -
the Funds and the purpase for which each debit to the Funds was made. The Funds are pkdeed u addi[ional secunty for the sums secured by ~his
Instrument.
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it tne amount oi tnt tunus neia oy i.enuer at tite time oi tix annuai aooounung ii~ereoi snaii excecu ine amoum oecmeci nc~rssary oy i.cncicr -
to proviile for the payment of w~ater and sewer ntes, ~axes, usessmenu, insurance ptemiums, rents and Other Impositions, as they fall due, such
eaocss shall be crrdited to Borrower on the ne:t monthly ~nstallment or installments of Funds due. If at aay ume the amount of the Funds held bp
Leader shall be kss than the amount deemed necessary by Lsoder to pay water and sewer ntrs, taxes, assessments, insunnoe premiums, rents and
Other Imposiuons, as they fall due, Borrower shall pay to Lender any amount necessary to make up the defiaency within thirty days aRer noticr
from l.ender to Bortowe~ rcquesting paymcnt thercuf. ,
Upon Borrower's brcach of any eovenant or agreemcnt of B~rrower in this Instrument, Lender may apply, ~n any amount and in any order as
Lender shall determine in Lender's sok discretiun, any Funds held by Lender a~ the timt of applicatwn t i) to pay rates, rcnts, taxes, assessments,
insunix~r prcmiums and Other Impositions which are no~v or ~vill hercaRer bcmme due, or ( u) as a crrdit against sums securrd by this Irtstrument.
Upoe payment in full of all sums secured b~ this Instrument, Lender shall promptly rcfund to Borcower any Funds held by Lender.
.3. APPUCATION OF PAYMENTS. Unless applicabk law provides aherwice, all paymenu reoeived by Lender from Borrower under Ihe Note
or this Instrument shall be applied by Lender in the folbwing order of priority li) amouna payable to Lender by Borrower under paraEnph 2
hereof; ( o) intercst payable on the Note: ( ui ) pnnapal of the Nae: ( iv ) intercst paysbk on advanoes made pursuant to paragraph 8 hercof; ~ v)
prinapa! of advancts made pursuant to paragraph 8 hercof• ( vi ) intercs~ payabk on any Futurc Advance, provided that if more ~han one Futurc
Advana is oucsunding, Lender may apply paymena rcceived among the amounu of interest payabk on the Futurc Advances in such order as
Lender, in L.ender's sole. discr~uon, may determ~ne: 1 vii ) pnnopal of any Futurc Advance, provided that if more than one Future Advance is
outstanding, l.ender may apply payments received among the principal balanoes of ~he Futurc Advaixes in such order as Lender, in Lender's sole
discrction, may determine; and l vui 1 any uther sums securcd by this lactrument in such otder as Lender, at Lender's option, may determine;
provided, however, that Lender may, ai Lender i option, apply any sums payabk pursuant to paragtaph 8 hertof priot to interest on and pnnapal
of the Note, bu~ such applicatan chall not otherwice a6ect the order of prioriry of appl~cation speafied in this pangnph 3.
1. CHARCES; LIENS. Bunuwer shall pay all water and sewer ntes, rents, uaes, assessmenu, prcm~ums, and Other Impos~uoro attnbutabk to
the Propeny at Lcnder's option ~n the manner provided under paraYraph 2 hereof or, if not paid in such manner, by Borrower mak~ng payment,
when due, directly w the payee thercof, or in such other manner u Lender may dwpnate ~n wnung. Borrower shall promptly furnish to Lender all
notioes of amounts due undcr this paragraph 4, and in the event Borrower shall make payment ducctly, Borrower shall promptly furnish to Lender
~ reaipts evidenang such payments. Borrower shall promptly discharse any lien which has, or may have, priocity over or equality wuh, the lien of
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' this Instrument, and Borrow•er shall pay, wF~en due, the claims of all persons supply~ng labor or materials to or in oonnection with ~he Property.
t _ Without Lender's prior wntten permission. Borrower shall not allow any lien inferior to this Instrument to be perfected against the Propeny
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S~. HA?.~?RD INSURANCF_ Bonower shall keep the ~mprovements raw aeuung or hereafter erecled on the Property ?nsurcd by prtxrs at all
E times sausfaaory• to Lender against loss by fire, ha~rds included w~ttun the term "estended ooverage°, rcnt loss and such other hanrds, casualues, -
~ Gabilities and mnungencies u Lender 1 ~nd, if thu Inswment is on a IeaseMld, the tround lease ) shall requirc and m such amounts and for such
' persods u Lendcr shat! rcqussc. AI! premwms oa insuraaa poliars shal! De paid, as Leader i opuon, in the mannrs providrd under parafraph 2
~ hercof, or by Bortower mak~ng payment, when due, directly to ttrc carrier, or in such other manner u Lender may des~gnate in w•nung.
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~ All insurxnoe poGc~es and rcnewals therrnf shall be in a form aooepabk w Lender and shall indude a sqndard mortgage dause in favor of
~ and in form aeoeptable to Lender. Lender shall have ~he rigfit to hold the pol~cxs, and Borrower shall promptly fumich to Lendcr all renewal
notices and all reoeipts of paid prcm~ums. At Icast th~rty days prior to the expiration date af a policy. Borrower shall deliver to Lender a rcnewal
~ policy in form satisfactory to Lender If this Instrument is on a leaxhold. Borrower shall fumish Lender a duplicate of all policies, rcnewal notioes,
~ rcnew~a) policies and rcoeipts of paid prcmiums if, by vinue of the ground Itase, the originals thereof may not be supplied by Bortower to Lender.
~ In the event of loss, Bnrrower shall g~ve ~mmediate wn~ten noticr to the insur~noe pmer and to Lender. Borrower hercby authorius and
y crr~puwers l.tnder ~a etwrnty-in-ta~-t tor Satru~rr to maie praof of Rxs, to adj~;st and cc:npromisc any ~zir urdtr iruaran:e pali:ies, to :ppr.r in
~ and prosecute any action anung kom such ~nsurance policies, to mllect and rccr~ve ~nsunnae proceeds, and to deduct thercCrom Lender's exper?ses
z in~vtted in the mllection of such praxeds: provided however, that nothine oontau~cd in this pan~raph S shall rcqwrc Lender to ~ncur any t:pense
~ or take any action hereunder. Borrorer funher authorizes Lender, at Lender's optwa, ( a) to hold the balana of such proaeds to be used to
~ rcimburse Bonower for the oos~ of rcoonstrucuon or rcpair of the Property or ( b) to apply the balancx of such prooeeds to the paymen~ of the sums
; securcd by this Instrument, whether or not then due, in ~he order of appliation set forth in paragnph 3 hercof ( subjM. however, to the righ[s of
the lessor under the eround least if this Instrumeat is on a leasehold).
~ It the insunnoe proceeds arc held by Lender to rcimburse Borrorver for the oost of rcstorauon and rcpair of the Properry, the Properry shall be
g restorcd to the equivaknt of its oriYinal mndition or such aher mnditioo as Lenda may approvr in wriung. Lender may, at Lender's option,
~ oondition disbursemen~ of said proaeds on Lender's approval of such plans and speafications of an architect satisfaaory to Lender, mnuactor i
ant aumates, architect's ani6cates, wtiven of liens, sworn su[ements of inechania and materialmen and such other evidena of oos[s, percena`e t
oompktion of o~nstruction, application of paymenu, and satisfaction of lieas u t.eader may r+easowbly rcquut. If the insurana prooeeds arr ;
€ applied a the payment of tht sums securcd by thu Inurument, any wch applicauon of proaeds to prinapal shall not exteed or postpone the due =
3 data of the monthly installmeots rcferrcd w in pan~raphs I and 2 heaof or chanZe the amounts of such ~nsullmena. If the Properry is sold ~3
~ ~~p~ w w~~~~~ t~ n~~~ro< <r ~~a« w~~any. Lender shall have all of the ri~ht. titk and interest of Borrowtr in and to ;
any insunnae policies aod uneamed prom~ums thercon and in aad to the prooeeds rcsulunt from any dama~e to tAe Property prior to such sak or ~
aaquiaiuoa ~
~ PRFSERVATION AND lNA1NTENANCE OF PROPERTY; I.EASEHOI.DS. Borrower ( a) shall not aommit wuce or permit impaument or ~
' deteriontan of th~ Propeny. 1 b) shall not abandon the Propeny. ~ c) shall rcstorc or rcpair promptly aod in a~ood and w~orkmanlike manner aU ?
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