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UK~onw (;oven~rns. Borw~wer and Le~der covenant and sjrce u[ollows:
~ Zqr~N ~~~ ~~. Bormwer shall prompd) paY when due tAe principal ot aod intetest on the
indebtedness evideaced by tbe Nda. Prepayment snd late cha~gec ac ~+rovided in the Note. and the principal ot and interest
on aay Future Advsnces secwed by this Mortta~e.
2. P1Mi tK Taaas a~i Ir~~ea Subject to applical+k law ~.r to a written waive~ by Lende~. Bormrre~ sha~~ Wy
to Lender on the day moethly installments ot principal and iolcrccl ~tc payaMe under the Note. until the Note is paid in tutl.
a sum (herein "Fuad~'7 equal to on~-twdith of the yearl)' ta~~~ anJ assesunents which may attain prio~ity over this
Mortjajs. aad foouad rena on ebe P~+openy. if any, plus one-tweltth of yearty premium installments [or hazard insunnce.
plus o~e-tweltth of yearly premium installments tor mon6age insurance, if any, ail as reuonably estimated initially and trom
time to time by Let~der on the basit of assescmcnls and hills and rcasonable estimata thercof.
The Funds shall be held in an institutic+n the deposit~ or accounts of which aro insured o~ Suannteed by a Fedenl ot
stata asency (includina L.ender if Lender is such an institution). I_ender shall apply Ihe Funds to pay said taxa. asxssmen~s.
iaturanoe pr+emiums aod 6rout~d tents. l.ender may nat charge tor so holding and applying the Fundc. a~alyzing caid account.
or verifyinj and rnmplina said assessmenu and bills, unless 4ender pays Borrower interest o~ ~he Funds and applicable law
permia l~er~der eo make such a chargo. Borrower and Lender may agrce in writing at ~he time o[ eaxution ot this
Mortaa~e tbat interat on the Funds shall be paid to Borrower. and unlas such agreeme~t is made or applicable law
requira such i~tercst to be paid. Lender shall not be rcquired to pay Borrower any interest or ear~ings o~ the Funds. Lende~
shall aive to Borrovrer. without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpose tor which each debit to tbe Funds wu made. The Funds are pledged u additional security for the sums secured
by tl~is MortPee.
If tbe amount ot the Funds held by Le~der, together with the future monthly installments o[ Funds payabk priot to
the due dates ot ~ua. assessments, i~urance premiums and ground rcnts, shall excecd tht amount rcquired to pay said taxes.
a:saanents. insuance premiums and ground rents u they tall due, such excess shall be. at Borrowei s option, either
pranptly repaid to Borrower or creditod to Bo~rower on monthly installments of Funds. If the amount of thc Funds
held bq Lender shall not be suRaeot to psy taxes. sssessments, insurance premiums and ground rents as they (all due,
Botm~-er s6all pay to Lender any amount oecetssary to make up the deficieocy wilhin 30 days from the datc notice is mailed
by I,eoder to Borrower rcquesting payment thereof.
Upoa payment in full of dl :was secured by this Mongage, l_ender shall promptly rcfund to Borwwer any Funds
held by Lender. If under puagraph 18 heroo[ the Property is sold or the Propeny ~s otherwise acquired by Lender, Lender
~6a11 apply. no later than immediately prior to the sale of the Pmpeny or its acquisition by L.ender. any Funds held bv
t.ender at the time of application u a crcdit against the sums secured by this Mortgage.
3. A~iicatio~ of t~~eNs. Unless applicable law provides otherwix, all payments receivod by Lende~ under the
Note and pangraphs 1 and 2 hereof shall be applied by [.ender first in payment of amounts payable to Lender by Borrower
under puagraph 2 heroof, tben to interest payable on the Note, then to the principal of the Note. and then to interest and
principal on any Futun Advanoes.
~. Crtt~es; Lieas. Borrower shall pay all taaes, assessments and othcr chargcs, fines and impositions attnbutable to
the PropeKy which may attain a priority over ~his Mortgage, and leauhold payments or ground rents, if any, in the manaer
provided under paragraph 2 hercof or. if not paid in such manner, by Borrower making payment, when due, diroctly to the
payee t6eroof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, aod in the event
Borrower shall malce payment directly, Borrower shall promptly (umish to l.ender receipts evidencing such payments.
Borrower shall promptly discharge any lien which hu priority over th~s Mongage; provided, that Borrower shall not be
tequired to dixharge any such lien so long as Borrower shall agree in w~rit~ng to the payment of the obligation securcd by
such lien in a manner acceptable to Lender, or shall in good taith contest such lien by, or defend enforcement of such lien in.
kgal ptoceedings which operate to prevent the enforcement of the lien or forfe~ture af ~he Property or any part thercof.
S. Hazsrd In~nrswce. Borrower shall keep the ~mprovements now existing or hereafter erected on the Propeny insured
against loss by 6rc, hazards included wit6m the term "extended coverage", and such other hazards as Lender may rcquire
and in such amounts and for such periods as Lender may requirc: provided, that Lender shall not require that the amount of
such coverage exceed that amount of covenge required to pay the sums secured by this Mort6~6~•
'Ilie iraurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided.
that wch approval shall not be unreasonably withheld. All promiumc on insurance polic~es shail be paid in the manner
provided under paragraph 2 hereof or, if not pai~ in such manner, by Borrower makmg payment, when due. directly to ihe
insurance carrier.
All insurance policies and 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 har•e the right to hold the policia and rcnewals thereof,
aad Borrow~er shall promptly furaish to Lender all renewal not~ces and all receipts of paid prcmiums. In the event of loss,
Borrower shall give prompt nouce to the insurance carrier and Lender. Lender may make pr~x-f of loss if not made prompUy
by Borrower.
Unless Lender and Borrower otherw~se agree in wnting, insurance proceeds shall be applied to restoration or repair of
the Property damaged, pronded such restorat~on or repair is economically feasible and the security of this Mortgage is
not ~hereby impa~red. It such resto~ation or repair is not econom~cally feasible or i( the security o( this Mortgage would
be impaired, the insurance procceds shall be applied to the sums secureJ by this Mortgage, with the exccss. if any. paid
to Borrower. If the Property is abandoned by Borrower, or il Borrower fails to respond to Lender within 30 days from the
date notice is maded by l.ender to Borrower ~hat ~he insurunce carrier ofiers to settle a claim for i~surance benefits, Lender
is aut6orized to collect and apply the insurance proceeds at I_ender's option either to restoration or repaer of. the Propertv
or to t6e sums secured by this Mortgage.
Unless Lender and Borrower othervaise agree ~n wnting, any such application of proceeds to principal shall not extend
or postpone the due date of the monthly ins~allments rcferred to in paragraph~ 1 and 2 hereof or change the amount o[
such insullments. If under paragraph 18 hereof the Property is acyuired by Lender, all right. title and interest of Borrower
in and to any Auurance policies and in and to the proceeds thereot resultmg (rom damage to the Property prior to th~: sale
or acquisition shall pus to Lender to the extent of the ~ums secured by this Mortgage immediately prior to such sale or
acquisition. '
6. Presenation aod ~ltinlenance of Property: Leasehulds; Condominiums; Plsnned Uuit Devdopmenls. Borrowcr
shall keep the Property in good repair and shall not comrpit K•aste or permit impairment or deterioration of the Property
and shall comply with the provisions of any lease if this Mor~gage ~s on a leasehold. It this Mortgage is on a unit in a
condominium or a planned unit ~levrlopment, Borrower shall pertorm all of Borrower's ob6gations under the declaration
or covenants creat~ng or govermng ~he condominium or planned unit develupment, the by-laws and regulationc ot ihe
condominium or planned unit develo~,ment, and constituent d«:umeni:. If a condominium or planned unit development
ridet ~s executed by Borrower and rccorded ~oge~her with th~~ Mortgage, the covenants and agreements of such ~der
shall be incorporated into and shall amend and supplement thc covenan~s anJ agreements of this Mortgage as if the rider
were a part hereof.
7. Prottation of Lenders 5ecuritr. If Borro~er kul~ to perf~~rm the covenants and agreements contained in this
Mortgage, or if any acUOn or proceedmg i~ commcnced which ma~crially atiects I.ender'c interest in the Properly,
includ~ng, but not lim~~ed to, emmenl domain. m~cdvenc~. ~~x1e cn(orcement, or arrangements or proceedings invoh•ing a
bankrupt or decedent, then Lender at I.enJer'~ op~ion, opcm nouce to Borrower, m•r} make such appearances, dishurse such
sums and take such ac~ion a~ ~s nece~tiary t~~ protec~ Lender'c ~nteresl, including. but not limited to. d~sbursement of
reasonable attorney'c tces and entry u~m the Propert}• la make repa~n. I( I.cnder reyuircJ mortgage insurance as a
cond~tion of rnakmg thc loan ucured by lhis Murlgagc. Bnrrr.wcr ah.~ll pa)• Ihc prcmiums requireJ to mainta~n such
insurance in elTec~ until such time •rs the reyuirement for ~uch msuran,e term~nate~ in accordance w~~h Borrower's and
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Bs~K 3~5 ~~~;t 1319
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