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Ursu~ortit Oovtrtst~rts. Bormwsr and Lttoder covenant and agt+ee ss follows:
~ >Tt4t~e~t of _ tui d1uw1. Borrower Mall promptly Pay when due toe principal of sad iattxeq on the
indabtedope svidsaoed by tits Note, pt~spayttteat and bee charges as provided in the Note, curd tht prirrcipd of attd t
as nay Fsst~ Adr iis? the i?ilort8t?8e. _ f
iiatrer flat tlmost! ttrrtl Irtteaaee. Subject to applicable .taw or to a written waiver bq Lesfrder, Bon~oarer tdrsp My
to Leander oa tbs day wonthly~ iasWNpents of principal and interest ire-payable under the Note. uaW the Note is paid in fall.
a ettos t7rsrdn "Frtals'h pool to oaa-twelfth of the yearly taxes and ataesstneaa which taay attain priority over the
Mortgage. and gtewRd t+ata oa t4e Property, if any. plus one-twelfth of yeari)i ptwaieem imalbtrerra far battsrd itauranee,
plus one-twelfth of yetarly premium inuallme:nts for mortgage irrsterance. it any. all as teassonably estimated initially and ftnrn
lima to time by Larder oa fire basis of asstasments sad hills and rrarottabk w.:sut;x tlttxeof.
Ths Fttads slop be held in an institution the de:pasia or accouna of arlticb are itattred or guarantetd by a Federal eat -
atale agency (including under if Larder a such an institution). Lender droll apply the Fund: to pay said taxes, atsearereags, -
irretrrance praniurtu and ground rrnts. Lender may not charge for sa holding and applying the Funds, anslyzing uid account,
or wrifyini.aad oompiliag laud ataessments and bill:, unless Leader pays Borrower imerest on the Funds and applicable law
perrgits li~ender to make torch a chugs: Borrower and Leader may agree in writing at the time of exexution of this
- Mortgage that ietetrst oa the Funds shop be paid to Borrower. and unless sudr agt+eartrart a made -or applkabk law
rpuir+ea twdr interest to be paid, Lexrder >arall not be required to pay Borrower any interest or earnings on the Funds. lender
t~ give tD Borrower, without e:harge, an annwl aooounting of the Fund: showing credits and ekbia to the Funds aed the'
ptrrpoae for which ewe6 debit to the Funds was made. The Funds. are pledged as additional security for the sums t~ecured
by this MotKgttge.
it the amount of tbes Funds held by Leader, together with the future: aanthly installmena of Funds payable prior to
the dos dtrtes of taxea<, ataeaserrena, itrwrance premiums and ground rents, droll exceed the: attwuat required to pay said taxety
aapattteab„ insttranoe praaiurns and gr+oetnd real: as they fall due. such excexs shall bes. at Borrovrer's option. either
pr+ornptly repaid to Borrower or credited to Borrower on monthly iastalhrtent: of Funds. If the amount of the Funds
..held blrLeadarshati trot"be- do pay taxes; ss~rtltara, insurance-premiwra-and grotrttd_retta_trt;_they fall due,
Borrower tdtall pay to Loader any amount aexasae3? to make up the de&ieacy within 3Q days from the date notice is mailed - -
by Leader to Borrower regtratiog payment thereof.
Upon payment in full of all forms secured by this Mortgage, Lender shall promptly refund to Borrower any Funds
[teW by Larder. If under parap~aph l8 hereof the Property is sold a the Property a otherwise acquired by Leader. Lender
tthail apply, ao later than immediately prior to the sale of the Property or its acquisition by Lexrder, any Funds held by
Lander at the time: of application as a credit sgairW the twins secured by this Mortgage.
B. AMilpNem eat Paattetsb. Unless applicable law provides otherwise. all payments received by Lender under the
Note and paragnpbs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to luender by Borrower
under paragraph 2 Ixreof, they to interest payable oo the Note, then to the principal of the Note, and then to interat and
pria7pal oa any Futeme Advaoaa.
4. f%'itrger lUeaa. Borrower shall pay all taxes. asse;ssrrrenta and other charger, lines and impositions attributable to
the Property which may aWria a priority over this Mortgage, and leasehold payonent: or ground Hots, if any. in-the manner
provided under puagraph 2 hereof -or, if not paid in such manner. by Borrower making payment, wheat due. direecdy to the
payee thereof. Borrowu dull promptly furnish to Lender all notices of amoup)s due under this paragraph, and in the event
Borrower ulrall make paytnerrt directly. Borrower shall promptly fumish to Letrder receipts evideaciag such payments.
Borrower :loll promptly discharge: any lien which has priority over this Mortgage; provideel, that Borrower shall rat tie
required to discharge any such lien so bog as Borrower shall agree in writing to the payment of ibe obligation secured by
such lien in a manner sooeptalak to Lander, or shall in good faith contest such Ilen by, or defend eaforoemerrt of such liter in,
legal proceedings which operate to prevent the enforcement of the lien of forfeiture of the Property or any part thereof.
S. 1fllaard lewsarrce. Borrower shall keep the improveoxnts now exiuing or hereafter eroded on the Property inserted
against loss by 5rc. hazuds included within the term "extended coverage". 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 reoquirc that lire amount of
such eoversge exceed that amount of coverage required to pay the sums secured ~y this Mortgage.
Tln inwraaae cattier providing the insurance shall be ctrosen by Borrower subject to approval by Lender, provided,
that such approval aball not be unreasonably withheld. All premiums on inwrance policies shall be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making paymart, what ~ue, directly to the:
insurance carrier.
All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
clause in favor of and in form acceptable to Leader. ientler shall have the right to hold the policies and renewals theroof,
sad Borrower shall promptly feeraish to Leader all renewal notice;: and all receipts of paid premiums. in the event of loss.
Borrower shall give prompt Mice to the insurance carrier and Lender. Lender may make proof of lea if not trade promptly
by Borrower.
' Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to ratoration or repair of
the Pr~erty damaged, provided such ratoration or repair is economicagy feasible and the security of this Mortgage is
tort thereby impaired. If such restoration or repair is not economically fesasibk or if the security of this Mortgage would
be impaired. the insurance proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid
to Borrower. If the troperty is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the -
date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender
is authorized to collect and apply the insurance proceeds at Ixnder's option either to restoration or repair of the Properly
or to the sums secured by this Mortgage.
Unless Lender and $orrower otherwise agree in writing. any such application of proceeds to principal shall not extend
or poeRpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such instaltmeerts. If under paragraph 18 hereof the; Property is acquired by Lender, all right, titlt and interat of Borrower
in and to nay losurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale
or acquisition shall pass to Lender to the extent of the sotto secured by this Mortgage immediately prior to such sale or
acquisition.
f. lf'raerratiean aed Maiateaaece of PropcAy; Leaseholds; Condomiuiunr:; Planned U~ )Der
shall the Pro ra cod re ur and shall not comrpit yraste or Borrower
~P PertY ~ 8 P ~ permit impairment or deteraration of the Property
sad shag comply with the provisions of any lease if this Mortgage is on a leasehold. if this Mortgage is on a unit in a •
condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration
or covenants creating or governing the condominium or planned unit devebpment, the by-laws and regulations of the
condominium or planned unit development, and constituent documents. If a condominium or planned unit development
rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider
" :half be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider
were a part hereof.
7. Prertectlou of Lender's Se:curfty. If Borrower fails to perform the covenants and agrcements 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 involving a
bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such
sums and take such action as is necessary to protect Lender's interest, including, but not limited to. disbursement of
reasonable attorney's fees and entry upon the Property to make repairs. if Lender required mortgage insurance as a
condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such
• insurance in effect until such time as the requirement for such insurance termenates in accordance with Borrower's and
a~~ 3~.fi PEE 854