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UNIFOIIl+t C'OVkN\NTS. BOrfOWCr and ).ender cm•cnant and agree as follows:
1. Payment of Priaclpd and laterest. Borrower shall prompt)}• 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.
Funds [or Ta:e9 and lasurance. Subject to applicable law ur to a written waiver by Lender, Borrower shall pay
to Lender on the day monthly installments of principal and intcrcxt arc payable under the Notc, until the Notc is paid in full,
a sum (herein "Funds") equal to one•twelfth of the yearly taxes and assessments which may attain priority over this
Mortgage, and ground rents nn the Property, if an}•, plus one-twelfth of }•early premium installments for hazard insurance,
plus one-twelfth of }•early premium installments fur mortgage insurance, if any, all as reasonably estimated initially and from
time to time M• Lcndcr on the basis of axscssntcros and bills and reasonable estimates thereof.
The Funds shall he held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or
state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pa}• said taxes, assessments,
insurance premiums and ground rents. lender ma}• not charge fur su holding and applying the Funds, analyzing said account,
or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law
permits lender to make such a charge. Burrower and Lender may agree in writing at the time ut 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 not he reyuired to pay Burrower any interest ur earnings on the Funds. Lender
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 Funds are pledged as additional security fur the sums secured
by this Mortgage.
If the amount of the Funds held by Lender, together with the future momhly installments of Funds payable prior to
the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount reyuired to pay said taxes,
assessments, insurance premiums and ground rents as they fall due, such excess shall he. at Borrowers option, either
promptly repaid to Borrower or credited Io Borrower un monthl}• installments of Funds. If the amount of the Funds
held by Lender shall not be sufficient to pay taxes, assessments, imur-.mcc premiums and ground rents as they fall due,
Borrower shall pay to Lender any amount necessar}• to make up the deficiency within :10 days from the date notice is mailed
by Lender to Borrower rcyucsting payment thercot.
Upon payment in full of all sums secured by this I?fortgage. I.cnder shall promptly refund to Borrower any Funds
held by Lender. If under paragraph 18 hereof the Propert}• is u.ld or the Property is otherwise acquired by Lcndcr, 1_ender
shall apply, nu later than immediate)}• prior to the sale of the Property or its acquisition b}• Lcndcr, any Funds heW by
Lender at the time of application as a credit against the sums secured b}• this Mortgage.
3. Application of Payments. Unless applicable law provides otherwise. all payments received by Lcndcr under the
Note and paragraphs I and 2 hereof shall be applied b}• Lcndcr fires in payment of amounts pa}•ahle to 1_ender by Burrower
under paragraph ?hereof, then to interest payable on the Note, then to the principal of the Notc, and then to interest and
principal on any Future Advances.
S. Charges; Liens. Burrower sh:dl pay all taxes, assessments and other charges, fines and impositions attributable to
the Property which may attain a priority over this Mortgage, and IcasehoW payments or ground rents, if any. in the manner
provided under paragraph 2 hereof or. if nut paid in woh manner, b}- Borrower making payment. when due. Directly to the
payee thereof. Borrower shall prompt)}• furnish to 1_ender all notices of amounts due under this paragraph, and in the event
Borrower shall make payment directy, Burrower shall promptly furnish to Lcndcr receipts evidencing such payments.
Borrower shall promptly discharge any lien which has priority over this Mortgage: provided, that Borrower shall nut be
reyuired to discharge an}• such lien so long as BOrfOwer shall agree in writing to the payment of the obligation secured by
such lien in a manner acceptable to Lender, or shall in go.?d (with contest such Bien by, or defend enforcement of such lien in,
legal pr~><ccdings which operate to prevent the enforcement of the hen or forfeiture of the Property or any part thereof.
5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
against loss by fire. hazards included within the term °extcnded coverage''. and such other hazards as Lcndcr may reyuire
~ and in such amounts and for such periods as Lcndcr may reyuire: provided. that Lender shall not reyuire that the amount of
such coverage exceed that amount of coverage reytured to pas the sums secured by this Mortgage.
The insurance carrier providing the insurance shall he chu,en by Borruveer subject to approval h}• 1_ender, provided,
that such appnna) shall not be unreawnably withheld. All premiums on insurance policies shall he paid in the manner
provided under paragraph 2 hereof ur, if nut paid in such manner, b}• Borrower making payment, when due. directly to the
~ insurance carrier.
All insurance policies and renewals therein shall tte in fomt acceptable to Lender and shall include a standard mortgage
clause in favor of and in form acceptable n. Lcndcr. 1_ender 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 inwrance carrier and Lender. I_endrr ma}• make proof of loss if not made promptly
h}• Borrower.
Unless 1_ender and Borrower otherwix agree in w riling. insurance pnxeeds shall be applied to restoration o: repair of
~ the Property damaged, prux•ided such restoration or repair is economically feasible and the security of this Mortgage is
~ not thereby impaired_ If such restoration or repair is nr~t economicalh• feasible or if the security of this Mortgage would
be impaired. the insurance pr.xeeds shall be applied t.• the sums scoured by this Mortgage. with the excess, if any, paid
to Borrower. If the Propert} is abandoned h} Burrower. or if Burrower fails to respond to I_endcr within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier offers to seine a claim for insurance benefits, 1_ender
r is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
ur to the sums secured by this Mortgage.
l:nless Lender and Borrower otherwise agree in venting. any such application of prrxeeds to principal shall not extend
or postpone the duo date of the monthly inttallments referred to in paragraphs I and 2 hereof or change the amount of
s such installments. If under paragraph l8 hereof the Property is acquired by Lender, all right, title and interest of Borrower
I in and to am insurance policies and in and to the pra:eeds thereof resulting from damage to the Property prior to the sale
or acquisition shall pass to Lender to the extent of the sums secured b}• this lortgage immediately prior to such sale or
acquisition.
6. Presenalion wad ~laiatenance of Propert}; Leaseholds; Condominiums; Planned Unit Uecelopments. Burrower
shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property
and shall comply with the provisions of any lease if this Mortgage is un 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
ur covenants creating or governing the condominium or planned unit development. the b}•-laws and regulations of the
~ oondaminium or planned unit development. and constituent documents. If a condominium or planned trait development
rider is executed by Borrower and reoord~d together with this Mortgage, the .covenants and agreements of such rider
shall be tncorpurated 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 &~rrower fads to perforirt the covenants and agreements contained in this
~forteage. ur if any action ar prcx:cedtng ~s armmenoed which materialh• aBeots lender's interest in the Propert}•,
including. but nut hnt~~ed tu. eminent domain. insokeno}. code enforcement. or arrangements or proceedings involving a
bankrupt or decedent. then Lender at Lender's option, upon notice to Burrower, ma} make such appearances, Disburse such
sums and take such action as is necessary to protect 1_ender•s interest: including. but not limited to, disbursement of
reasonable attorne}~s secs and entry upon the Propcrt}• to make repairs. If Lcndcr reyuired mortgage imuranoe as a
oond~hrn at making the loan secured h}' this Mortgage. Burrower shall pay the premiums regwred to maintain such
insurance in effect until such time as the requirement fur such insurance terminates in aecerdance wrth Borrower's and
~~~K 336 ~~~E 1218
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