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UNIlORM COVHNAtiTS. BoRO~wer and Leader covenant and a~rce u tollows:
l. lqwe~t ot tA~dNl aN lNereN. Borrower shall promptly pay when due the principal of and i~terest on the
indcbtednas evidenced by the Note. prepayment and late chargec ac provided in the Note. aod the principal ot and iete~+est
on any Future Advances secured by this Mohgage.
2. Fwi for Tua s~i t~arra~ce. Subject to applicable law ar to a writtcn waiver by Lender. Botm~vet shal~ My
to Lender on the dsy monthly installments of principal a~d intcrcct arr payahk under the Note. until the Note is paid in tu11,
a sum (herein "Fur~ds'7 eqw~ to one-twelfth of the yea~l~~ ta~~~ and assessments which may attain priority ove~ this
Mon~aje~ and `round renb on the Pt+operty. it any, F+lus one•twelfth of yearly premium installments for hazard insunnce.
plus oae-tweltth of yearly premium insultments (or mongage insurance, if any, all as reuonably estima~ed ioitially snd irom
time to time by Leader on the basis of assasmcnts and hills and rcaaanable atimata thercof.
71~e Funds shall be held in an institution ~he deposia or ~rcouots of which are insuted o~ guarantad by a Fedenl ot
:Ude agency (includina Le~der if Lcnder is such an ins~itution). 1_ender shall apply the Funds to pay said laxes. assasments.
insuranoe premiums and ground rcnts. t.ender may oat charge to~ so holding and applying the Fnndc. analyzing said account.
or verifyin~ and compiling said asxssments and bills, unless Lender pays Borrower imerat on the Funds and applicable law
permits Lender to make such a charge. Borrower and Lender may agrce in w~ting at the ~ime of execution ot this
Mort~age tbat interat on the Funds shall be paid to Borrower. and unless such agreement is made or applicable law
requires such interat to be paid. Lender shall not be rcquircd to pay Borrower any interat or earnings on the Funds. Lender
shaQ pve to Borrower. without charge, an annual accounting of the Funds showing credits and debits to the Fu~ds aod the
purpose [or which each debit to the Funds wu made. The Funds are plodged u additional security for the sums secured
by this Mortgaae.
If the amount of the Funds held by Lender, together with the future mon~hly installments of Funds payabk prior to
the due data of taxes. assessments. insurance premiums and ground rcnts, shall exceed the amount requircd to pay said taxa.
asswments. insurance premiums and ground reots as they tall due, such ezcess shall be. at Borrower s oplion, eithe~
promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. lf the amount of the Funds
held by Leoder shall not be sut6cient to pay tues. assessments, insurance premiums and ground rents as they Iall due,
Borrowrer shall pay to l.ender any amount necessary to make up the de6ciency within 30 days from the date notice is mailed
by I~ender to Borrower requesting payment thercof.
Upon ptyment in full of all sumt socured by this Mortgage, l.ender shall promptly rc(und to Borrower any Funds
heW by Lender. If under puagraph 18 hercoi the Property ia sold or the Property ~s othenvise acquircd by Lender, Lender
sbdl apply. rw later ihan immediately prior to the sale of the Property or its acquisition by Lender. any Funds held bv
I.eoder.at the time of application as a credit against the sums securcd by this Mongage.
3. A~lication of Payments. Unless applicable law provides otherwise, all payments received by Lender under_ the
Note and paragraphc 1 and 2 hereof shall be applied by I.ender first in payment ot amou~ts payable to Lender by Borrower
undtr 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 Advancex.
4. C6trZa; Lieas. Borrower shall pay all ta~es, assessmcnts and o~hcr charges. fines and impositions attributable to
t6e PropeAy which may attain a priority over this Mortgage, and leasehold payments or ground rcnts, if any, in the manner
pmvided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due, directly to the
payee thereot. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph. aod in the Cvent
Borrower shal! make payment directly. Borrowe~ shall promptly (urnish to l.ender receipts evidencing such payments.
Borrower shall promptly discharge any lien which has pnonty over th~c Mortgage; provided, that Borrower shall not be
requircd to discharge any such lien so long as Borrowe~ shall agree in wnting tc. the payment of the obligatiun secured by
such lien in a manner acceptable to Lender, or sh•rll in good faith contett such lien by, or defend enforcement of such lien in.
legal proceedings which operate to prevent the enforcement of the I~en or torfe~ture of the Properiy or any part thereof.
S. Huud Insuraace. Borrower shall keep the improvements now existing or hereaiter erected on the Property insurod
against loss by fire, hazards includeJ withm the term "extended coverage", and such other hazards u Lender may rcquire
and in such amounts and for such periods as Lender may require; provideJ, that LenJer shall not rcquire that the amount of
such coverage exceed that amount of coverage required to pay ~he sums secured ~by ~his Mort~aae.
The iasurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided,
that such approval shall not be unreasonably withheld. All premiumt on insurance polic~es shall be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
insunnce carrier.
All insurance policies anJ 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 [urnish 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 l.ender. 1_ender ma~• make proof of loss if not made promptly
by Borrower.
Unless Lender and Borrower otherw~se agree in wrrt~ng, incurance proceeJs shall be applied to restoration or repair of
the Property damaged, provided such reatorat~on or repair is economically feasible and the security of this Mortgage is
not ~hereby impa~red. lf such restorati~n or repair is not economically feasihle or it the security of this Mortgage would
be impaired, the insurance procee~Ls shall be applied to the sums secureJ by this Mortgage, with the excess, if any. paid
to Borrower. If the Propert~• is abandoned by Borrower, or it Borrower tails to respond to Lender within 30 days trom the
date notice is mailed by l.ender to Borrower that the ~nsurance carrier otTers ~o aettle a claim for insurance bene6ts, Lender
is aut6orized to collect and apply the insurance proceeds ~t Lender's option either ro restoration or repa~r of ihe Propert~~
o~ to t6e sums secured by this ylortgagc.
Unlus Lender and Borrower otherv-ise agree m writ~ng, any such application of proceeds to principal shall not extend
or postpone the duc date of the monthl~• installments rcferred to in paragraph~ I and 2 hereof or change the amount ot
such installments. If under paragraph 18 hereof the ProE.erty is acyu~red b} L.endcr, all r~ght, title and interest of Borrower
in and to any it~surance policies and in and to the proceeds thereof resolting from damage to the Propeny prior to thc sale
or acquisition shall pass to Lender to the ex~ent ot the wms secured by tha Mortgage immediately prior to such sale or
acquisition.
6. Preservatlon aod ~iaintenance of Proper/y; Leauhulds; Condominiums; Planned Unjt Devebpments. Borrower
shall keep tne Property in good repair and shall not comroit yvaste or perm~t impairment or deterioration of the Property
and shall comply with the provis~ons of any leau it thn Mortgagc ~s on a leaschold. If this Mortgage is on a unit in a
condominium or a planned unit devclopment, Borrower shall E+er(orm all of Borrower's obligations under the declaration
or coveoants creatmg or govern~ng ~he cond~~mmium or planned unit development, the by-laws and regulations of ihe
conJominium or planned unit develo~,ment. and constituent do~umentc. It a condominium or planned unit development
rider ~s executed by Borrower and rerorded together w~th thiti Mortgagc, the covenants and agreements of such ridcr
shall be incorporated into and shall amend anJ supplement the covenants and agreements of this Morlgage as if the tider
were a part tereof.
7. Proteetion of t.ender's Security. If BorroNCr fad~ t~~ per(~.rm the covenants and agreements contained in this
Mortgage, or it any act~on ur prcxeedmg ~~ cummcnced which materially aQects l.ender's interest in the Pmperty.
includmg, but not limi~ed ~o. eminent domam. inti~.lvency, c~,c1e ent~~rcement. ~~r arranRements or proceedings invol~ing a
bankrupt or deceJent, then LenJer at I.enJer'~ option, opon notice to Borrower, ma~ make such appearances. Jishurse such
sums and lake sucfi action a~ is neces~ary tu pri~tect I.cnder's mterest, including. but not limued to, disbursement ot
rcasonable attorney'~ tees and entry uFx~n ~he Propcrt~• to make repairc. It Lrneier reyuired mortgage in~urance as a
condit~on o( making thc ~oan ~ccured b} thi~ Mar~~agc. B~~rrr.wrr sh.~ll pay Ihr prcmiums rcquireJ to maintain such
insurance in etlect until sucb timc •rs Ihe reyuiremem for ,uch m,uran,e terminaleti m accordanc~ with Borrower's and
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