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Ut+rrostas Oovttnat+n, Borrower and Leader covenant and agree ss follows:
1. hlywMt ell hiwdpwl atstlltNateM. Borrower shall promptly pay when due the principal o[ and intereq on the
ittdebtedaps evidertoed by the Note. prepayment and late ciwrges as trovided in the Note, and the prirtcipsl of and interest r
oa any Future Advatt~a sxured by this Mortgage.
Il<r.wis ht 7~as ttrM Ittsttsseee. Subject to applicable law ~x to a written waiver by Lender. Borrower shall pay
to bender oft the day twartthly irstallments of principal and interest arc payable under the Note. until the Note is paid in full,
a two (ha'ein "Fttads'~ equal to one-twelfth of the yearly tax~~ and assessments which tray attain priority over this
Mortgage. and ground teats on the Property. it any.• plus one-twelfth of yearly premium installments for hasard insurance.
plus one-twd[th of yearly premium installments for mortgage instrrartce. it any. all as reasonably estimated initially and trap
time to time by Leader on the basis of assessments and hills and reasonable estimates thereof. I
11te Funds shall be heW in an institution the deposiu or accounts of which are imured or guaranteed by a Federal or
Wte agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments.
irtsurartce premiums and ground rents. 1_ender may not charge for so holding and applying the Funds. analyzing said account,
or verifying_sed compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and appligbk law
permits Leader 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 a made or applicable law
requires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Fund:. Lender
sbaU give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpose~or which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured
If the amount o[ the' Funds held by Lender, together with the future monthly installments of Funds payable prior to
the due dates of taxes. assessments. inwrance.prcmiums and ground rents, shall exceed the amount required to pay said taxes.
saeatmenb. insurance premiums and ground rents as they fall due, such excess shall be. at Borrowers option, either
promptly repaid to Borrower ar credited to Borrower on monthly installments of Funds. If the amount of the Furls •
held by Lettdsr shsA not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they tall due.
Borrower shall p.y to bender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by Leader to Borrower requesting payment thereof.
- Upon payment iw full of all sums secured by this Mortgage, Lender shill promptly refund to Borrower any Funds
held by Leader. It under paragraph I8 hereof the Property is sold or the Progeny rs otherwise acquired by Lender. Lender
:hall spply. no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by
Lender at the hate of application as a credit against the wms secured by this Mortgage.
3. A~ieatiow of tq~ewls. Unless applicable law provides otherwise, all payments received by Lender under the
Note and paragraphs i and 2 hereof shall be applied by I_cnder first in payment of amounts payable to Lender by Borrower
owlet parsgraph 2 hereof. then to interest payable on the Note, then to the principal of the Note. and then to interest and i
prinrtipa) on any Future Advances.
d. (.'ranges; Liews. 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 I
payer: 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 promptly discharge any lien which has priority over this Mortgage: provided, that Borrower shall not be c
required to discharge any such lien so long u Borrower shall agree in writing to the payment of the obligation secured by
such 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. Hsuard lwsruawee. 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 u 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. ~ _
The inwrance 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
~ provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when doe, directly to the
~ insurance carrier.
All insurance policies sad 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. ,
i 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 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 feasible and the security of this Mortgage is
not thereby impaired. If such restoration or repair is not economically feasible or it the security of this Mortgage would
be impaired, the insurance procetds shall be applied to the sums secured by this Mortgage, with the excess. if any. grid
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 collect and apply the insurance proeads 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 I and 2 hereof or change the amount of
such installments. If under paragraph 18 hereof the Profeny is acquired by Lender, all right, title and interest of Borrower
in awl to any lnsurance policies and in and to the proceeds thereof resulting from damage to the Property prior to thy: sale j
or acquisition shall pass to Lender io the extent of the sums secured by this Mortgage immediately prior to such sale or ~
acquisition.
~ Ptrrservatiow awl Maintenance of Property; Leasehdds; Condominiums; Planned UwH Devebpwtewts. Borrower
shall keep the Property in good repair and shall not comrpit yeaste or permit impairment or deterioration of the Property
awl shall comp)}' with the provisions of any lease it this Mortgage is on a leasehold. Jf this Mortgage is on a unit in a
condominium or a planned unit development, Borrower shall perform all of Borrowers obligations under the declaration r
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. It 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
were a part hereof.
~ 7. Pr~otectiow of Larder's Securffy. If Borrower fails to perform the covenants and agreements 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. insolvent}', code enforcement, or arrangements or proccedings involving 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 interest, including. but not limited to, disbursement of
reasonable attorney's tees and entry upon the Property to make repairs. if I.cnder required mortgage insurance as a
condition of making the loan secured by this Mortgage. Borrower .sh.rll pay the premiums required to maintain such
insurance in effect until such time as the requirement for strth insurance terminates in accordance with Borrower's and
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