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UNt>FOnw Covt3NSrrn. Borrower and Lender covenant and agree u follows:
1. lrgweat o~ Psi~efMl tttad lrtterest. Borrower shall promptly pay when due the principal of and interest on the
indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest
on any Future Advances secured by this Mortgage.
Il~wi let TaeM stet Iwrtrce. Subject to applicable I:w or to a written waiver by Lender. Borrower shall pay
to Lender on the day monthly installments of principal and interest arc payable under the Note. until the Note is paid in full,
a sum (herein "Funds' equal to one-twelfth of the yearly tax~~ and assessments. which may attain priority over this
Mortgage. and ground rents on the Property, if any, plus one•twelfth of yearly premium installments for hazard insurance,
plus onatwel[th of yearly premium installments for mortgage insurance, if any, all u reasonably estimated initially and tr+orrt
time to time by Lender on the buffs of assessments and hills and reasonable estimates thereof.
The Funds shall be held in an institution the deposua or accounts of which are inwred or gwranteed by a Federal of
state agency (including Lender if Lender is such an institutionl. 1_ender shall apply the Funds to pay said taxes. asseuments,
insurance premiums and ground rents. lender may na charge for sn holding and applying the Funds. analysing said account,
or vtrifying and compiling said assessments and bilk, unless Lender pays Borrower interest on 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 be paid to Borrower, and unless such agreement is made or applicable law
requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
shall gtve 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 wu made. The Funds are pledged u additional security for the sums secured
by this Mortgage. -
If the amount o[ the Funds held by Lender, together with, the future monthly installments of Funds payable prior to
the due data of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
a:sasaAents, insurance premiums and ground rents as they fall due, such excess shall be, at Borrowers 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 premiums and ground rents u they fall due,
Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by Lender to Borrower requesting payment thereof.
Upon payrneat in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds
held by Lender. If under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired, by Lender. Lender
shall apply. no later than immediately prior to the sale of the Property 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. A~iicatiotr off Payrtoeels. Unless applicable law provides otherwise, all payments received by Lender under the
Note and paragraphs I and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and
principal on any Future Advances.
1. Charles; I.ie~. 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 not paid in such manner, by Borrower making payment, when due, directly to the
payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and-in the event
Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments.
Borrower shall oromotly discharge anv_ lien which has priority over this Mortgage; provided, that Borrower shall not be
required 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 g«x1 faith contest such lien by, or defend enforcement of such lien in.
legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
S. Hwrd lawrance. Borrower shall keep the improvements now existing or hereafter erected on the Property itnured
against loss by fire, hazards 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 require that the amount of
such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage.
'I1te insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
i provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, 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 Lender. Lender shall have the right to hold the policies and renewals thereof,
and Borrower shall promptly furnish to Lender all renewal notices and- all receipts of paid premiums. In the event of loss,
Borrower shall give prompt notice to the insurance carrier and lender. Lender may make proof of loss if not made promptly
~ by Borrower. '
Unless (.ender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is
not (hereby imparted. It such restoration or repair is not economically feasible 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 Property is abandoned by Borrower, or it Borrower fails to respond to Lender within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier otters to settle a claim for insurance benefits, Lender
is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, an}• such application of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments. If under paragraph 18 hereof the Pro ferry is acquired by Lender, all right, title and interest of Borrower
in and to any Insurance policies and in and to the proceeds thereat resu{ting from darnage to the Property prior to the sale
or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquisition.
6. Preservation and Maintenance of Properi}: Leaseholds; Condominiums: Planned Unit Devebpments. Borrower
shall keep the Property in good repair and shall not comrpit yvaste or permit impairment or deterioration of the Property
and shall comply with the provisions of any lease it this Mortgage is un a leasehold. If this Mortgage is on a emit in a
~ condominium ur a planned unit development, Borrower shall prrfurm all of Borrower's obligations under the declaration
or covenants creating or governing the condominrum or planned unit development, the by-laws and regulations of the
~ condominium or planned unit development. and constiwent Jcxuments. If a condominium or planned unit development
t nder is executed by Borrower and rernrded together with this Mortgage, the covenants and agreements of such rider
~ shall be incorporated into and shall amend anJ supplement the covenants and agreements of This Mortgage as if the rider
were a part hereof.
7. Protection of Lender's Security. I( Burrower f:+ils to perform the covenants and agreements contained in this
Mortgage, or if any action ur proceeding is rommenceJ which materially aBects Lender's interest in the Property,
including. but rant limited to. eminent domain. in~ulvenc}. axle en(urcemeM, or arrangements or proceedings invoh•ing a _
bankrupt or decedent, then (.ender at Lender's optu?n, ulx.n notice to Borrower, ma}• make such appearances. disburse such
sums and take such action as is necessary to protect Lender's interest, including. but not limned to, disbursement of
reasonable attorney's free and entry ulxm the Proprny to make repairs. If Linder rcyuircJ mortgage insurance, as a
condrtam of making the loan cecurrd by this Murlgage. Bnrruwer shall pay the premiums require) to maintain such
insurance in effect until uich umeas the rcyuuement for .uch insurance terminates m accordance with Borrower's and
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