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Uetttrottw Covartxnts. Borrower std Letrder covenant and agree s: tolk+rr::
I<a~setN of Mae4ai t1M 1¦Issaef. Borrvwe? shall promptly pay when due the principal of std interest on the
utdebbderas evidettoed by the Kota, ptepayttseat and late charges ss provided in the Note. and the principal of std jnbttCS{t ~
oa say Future Advances aecttrr,d by this Mortgage.
llNi Ibr '11so<sa ttsttl iswsanc~e. Subject to applicable law or to a written waiver by lender. Borrower shag py }
to Leader oa the day monthly ittstallmenb of principal and interest ire payable under the Note. until the Nob is paid in toll.
a sum (Mreia "Ftudt'~ equal to one-twslfth of the yearly tax~~ and assessmenb which taay attain priority over this
Mortgags. and gtottad renb oa the Property. it any. plus oae•twelfth of yearly premium int?Wlntenb for hazard inwrance.
plus otte•twelUh of yttarly premium installments for mortgage insurance. if any. all as reasonably estimated initially and from ~
tuna to time by Leader oa the basis of assessments and hills and reasonable estimates thereof. 1
The Funds :ball be held in an institution the deposits or accounts of which arc inwred or guaranteed by a Federal of
stab agency (including Lender if Lender is such an irtstitutionl. Lender shall apply the Funds to pay said taxes. asseamatts.
iawranoe prerrtiutrrs and ground rents. lender may not charge for so holding and applying the Funds. analyzing said account, i
or verifying~nd compiling said assessments and bilk, unku Lender pays Borrower interest on the Funds and applicable !aw ~
permib Leader to make catch a charge. Borrower and Lender may agree in writing st the time of execution of tha
Mortgage tbat interest on the Funds shall be paid to Borrower. and unless such-agf+eement is made or applicable law
r+equit+as such interest to be paid. Lender shall rats 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 credib and debits to the Funds and the
putpote for which eadt debit to the Funds was made. The Funds arc pledged as additional security for the sums secured
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ant o[ the Funds held by Lender, together with the future monthly installments of Funds payable prior to ~
the due dates of taxes. assessments. irrwrance premiums and ground rents, shall exceed the amount requirrd to pay acid taxes.
asaaameab. insurance premiums and ground rents as they fall due. such excess shall be, at Borrower's option. either
promptly repaid to Borrower ar credited to Borrower on monthly installments of Funds. If the amount of the Funds
6dd br Leader shall not be wl&ient to pay taxes, assessments, insurance premiums and ground rents ss they fall due,
Borrower tthttl pay to Leader any amount necessary to make up the deficiency within 30 days from the date notice is mailed
bq Leader to Borrower tegtrestiag payment thereof.
Upon payttteat is full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds
held by Leader. tt under paragraph 18 hereof the Property is sold or the Progeny us otherwise acquired by Lender. Lender
shall apply. ra later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by e
Lender at the time of application as a credit against the sums secured by this Mortgage.
3. A,~ileatiaa of tgnestls. Unless applicable law provides otherwise, all .payments received by Lender under the
Nob and paragraphs 1 sad 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
under paragraph 2 hereof. rhea to interest payable on the Nae, then to the principal of the Note. and then to interest and +
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principal on any Future Advances. #
1. CMrges; Iierts. 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
provides! under paragraplt2 hereof or, if not paid in such manner, by Borrower making payment. when due. directly to the
payee tbetnof. Borro~rer shall promptly furnish to Lender all notices of amounts due under this paragraph. and is the event
Borrower shall make payment directly, Borrower shall promptly furnish 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
such lien in a manner atxeptabk to Lender, 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 [orfeiture of the Property or any part thereof.
S. Rararl iwsmarrce. Borrower shall keep the improvements now existing or hereafter 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 is such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of
such rnserage exceed that amount of coverage required to pay the sums secured ~y this Mortgage.
'Ibe inwranoe carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided. i
that such approval shall rat be unreasonably withheld. All premiums on insurance policies shall be paid in the manner. ~
I~ provided under paragraph 2 hereof or, if rat paid in such manner, by Borrower making paymi:at. when due, directly to the t
~ ~ iawraace carrier.
~ . All insurance policies sad renewals thereof shall be inform 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.
Borrowu 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 proceeds shall be applied to restoration or repair of
the Property damaged, provided such restoration or repair is economically feas~ble and the security of this Mortgage is
rat 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 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 collcet and apply the insurance proooeds 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, any 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 Property is acquired by Lender, all right. title and interest of Borrower
in and to any Insurance policies and in and to the proceeds thereof rewlting from damage to the Property prior to Ih~ sale
or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquisition.
1. Preaenatloa and Maintenance of Property; Leaseholds; Condominiums; Planned Uait Devebpments. Borrower
shall keep the Property in good repair and shall not comrpit yvaste or permit impairnnent or deterioration of the Property
' and shall 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 Borrowers obligations under the declaration
or covenants creating or governing the condominium or planned unit development, the by-laws and regulations o[ the
condominium or planned unit develol,nrent, and constituent documents. It a condominium or planned unit development
rider is executed by Borrower and recorded together with this Mortgage, the covenants and agrcements of such rider
shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider
were a part hereof.
7. Protectloa of Lender's Security. If Borrower fails ~a perform the covenants and agreements contained in this j
Mortgage, or if any action or proceeding is commenced which materially affects Lenders interim-st in the Property, r
including, but not limited to, eminent domain, insolvency. axle enforcement. or arrangements or proceedings invoh•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 Lender's mterest,' including. but not limited to, disbursement of
reasonable attorney's tees and entry upon the Property to make repairs. If lender reyuircd mortgage insurance as a
condition of making the loan secured by this Mortgage. Borrrwrr shall pay the premiums required to maintain such ~
i irourance in efiect until such lime as the rcyuirement for such insurance terminates in accordance with Borrowers and
BOOK ~ PdGE ~ .
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