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Urrtt~ Oovst+arns, tiorr+ower sad Larder Covenant and agree ss follows: ' t 1
L i~tpttts~t et lsfrelral tN laistaf. Borrower shall promptly pay when due tliej ptM~ipal o[ shd`t
lreq on the
indebtetl[tea evtdertoed by the Note, prepayruetrt and Tate charges ac provided in the Note. and the principal of Cud interest
tttt soy Ftrttue Advances secured by this Mortgage.
lttttti fer Tiaose W Lsttnuce: Subject Io applicable law sx to • written waiver by Lender, Bortou?er shall pay
to tender on the day ir?atthly installments of principal and imcre~t arc payable under the Note. until this Note is paid in full,
a sutra (herein "Fttnds'q equal to efts-twelfth of the yearly tas~'. and assastnettts which may attain priority over this
Mortgage, and ground [alb on the Property. it any, plus ate-twelfth of yearly premium installments for htrzard insurance,
plus oae•tweltth of yearly premium installments for rnortgsge inu~ranco, if any. all as reasonably estimated initially and troar?
lima to tints by Lender on the basis of asseuments and hills and reasonable estimates thereof. ~
The Funds shall be held in an institution the deposiw or accounts of which aro instrted or gwnnteed by a Federal otr
state agency (including Leader if Lender is such an institution). 1_eader shall apply the Ftmds to pay said taxes, assessments. i
ittstrraoce premiums and ground rents. lender may not charge for sn holding and applying the Frrndt, analyzing said account,
or verifyiag.and compiling said assessments and bilk, unless Lender pays Borrower interest on the Funds and applicable law
permit Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this
Mort~ge that intersst on the Funds shall be paid to Borrower. and unless such agreement is made or applicable taw ~
requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds, Lender
shall give to Borrower, without charge, an annwl accounting of the Funds showing crediu and debits to the Funds and the
for which each debit to the Funds was made. The Funds arc eel ~
purpose pl god ss additional security for the sums secured !
by this Mortgage.
Tf the amount o[ the Fttads held by Lender, together with the future monthly installments of Funds payable prior to ~
the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, {
assessaents, irauranoe premiums and ground rents as they fall due, .such excess shall be. at Borrower's option, either !
promptly repaid to Borrower a credited to Borrower on monthly installments of Funds. If the amount of the Fund:
held by Lender shall not be sutticient to pay taxes, assesstrtcr•,ts, insurarta premiums and ground rents ss 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 tD Borrower requesting payment thereof.
Upon payment in full of all sums sxurcd by this Mortgage, tender 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, rw later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by
Ltsoder at the time of application a: a credit against the sums secured by this Mortgage.
3. Apllkatioss d ltpeseNs. Unless applicable law provides otherwise, all payments received by Loader 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, thou to interest payable on the Note, then to the principal of the Note, and then to interest and
principal on any Future Advances.
t. Charges; I.krrs. Borrower shall pay all taxes, assessments and other charges, fines and impositiars attributable to ~
the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents. if any. in the manner I
ptoovided 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 famish to Lender receipts evidencing such payments. .
Borrower shall promptly discharge any 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
sorb lien in a manner acceptable to [.ender. or shall in good 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. Huard lrrwrsace. Borrower shall keep the improvements now existing or herea[ter erected on the Property insured
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 Eby this Mortgage.
The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lander, provided.
that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
provided uisder paragraph 2 hereof or, if not paid in such manner. by Borrower making payment. whin due, directly to the
inwrance carrier. ~
All insurance policies and renewals thereof shall be in form acceptabM to Lender and shall include a standard mortgage
clause in favof~of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof,
sad Borrower sl*II promptly fufaish to ~Ltnder all renewal rwtices acrd 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 loo if not made promptly
by Borrower.
- Unless Lender and Borrower otherwise agree in writing, insurance pra:eeds 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
cwt thereby impaired. if 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
data notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits. Lender j
is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
or to the earns secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of
such installments. If under paragraph I g hereof the Pro ferry is acquired by [.ender, all right, title and interest of Borrower
in and to any Insurance 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 sums secured by this Mortgage immediately prior to such sale or
acquisition. -
6, trr'servatioo sod. Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower
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 lean if this Mortgage is on a leasehold. If this Mortgage is on a unit iu 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 development. 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
shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider t
wore a part hereof.
7. Protectiwr of Leader's Security. If Borrower fads a• perform the covenants and agreements i:ontained in this
Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, i
including, but not limited to. eminent domain, insolvency. code enforcement. or arrangements or proceedings invols•ing a
bankrupt or decedent, then 1_ender at Lender's option, upon notice to Borrower, may make such appearances, disburse such
sums and take such action as is necessary to protect Lenders interest, including. but not limited to, disbursement of
reasonable attorney's tees and entry upon the Property to make repairs. It I_cnder required 'Mortgage insurance ai a
conduion of making the loan secured by this Mortgage. Born:Krr shall pay the premiums required to maintain such
insurance in effect until such time as the requirement for _iuch msuran:e terminates in accordance with Borrower's and i
. BQOK VJ~ PACE
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