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UNIPOwM COVBNANT3. Bornower aod l.ende~ cavenant and ag~re as follows:
l. ly~we~t ot hi~clMl a~d INerat• Borrower shall promp~l)• pay when duc the principal o( and i~terest on the
~ndebeednas evidenced by ~he Nae. prepaymeot and late chargec ac provided in the Note, and the principal of ~nd interest
on any Future Advances securod by this Mongage.
2. F~is tor Ta~a a~i I~an~ee. Subjcct to appli~:abk law ar ~o a written waive~ by I.ender, Borrower shall pay
to Lender on the day monthly installments of principal and in~crcc~ rrr payable under the Note, until ihe Note is paid in tull,
a sum (herein "Fundt'7 equal to one-twelfth of Ihe yea~ly ta~~. end assessments which may attain p~ority over this
Mortjage. and ~cound rents on the Property, if any, plus one-twel(th ol yea~ly premium installments for hazard insurance.
plus one-tweltth of yeuly prcmium installmeots for mortgage insurancc, it any, all as rcasonably estimated initially anJ trom
time to time by l.et~der on the basis of assessmems and hills and reax~nable eslimata thereof.
The Funds shall be beld in an instituti~n the depasiu or accounts ot which arc insurod or guaranteed by a Federal or
sttte aatocy (includins Lende~ if Lcnder is such an institutionl. 1_cnder ahall apply 1he Funds to pay said taxes. assessmeots.
iawrance premiums and ground rcots. 1_ender may nnl cha~ge Ior so holc~ing and apE+lying Ihe Fondc. analyzing wid account,
or veri[ying and rnmpling said assessments •rnd bills, unleu l.ender pays Borrower intercst on the Funds aod applicable law
permits Lender to make such a charge. Bor~ower and I.ender may agree io writing at the time o( eaecu~ion of this
Mortaage tbat interest on the Funds shall he paid to Borrower. and unless such agreement is made o~ applicabk law
roquires such interest to be paid. l.ender shall ~ot he rcquired to pay Borrowcr any interest or earnings on the Fu~ds. Lender
shall sive to Borrower, without charge, an annual acccwnting af ~he Funds showing credits and debits to ~he Fu~ds and the
purpoae for which tach debit to the Funds was made. The Funds arc plodged u addi~ional security for ~he sums socured
by t6is Mortgaae.
If the amount ot the Fuads t~eld by L,enikr, together with ~hr future monthly installmeMs of Funds payabk prior to
t6e due dates of taxes. assessments, insurance premiums and g~ou~d renb, shall exceed the amount required to pay said taxes.
sssessments, iasuranct prcmiums and ground reots as they fall due, such excess shall be, at Borrower s option, either
prowpdy repaid to Bornower or crodited to Borrower on mon~hly ins~allmenls of Funds. lf the amount of the Funds
hdd by Lender shall not be sut6citat to pay taxes, usessments, insurance premiums and ground rents as they fall due,
Borm*-er a6a1) pay to Lender any amount necessary to make up the deficiency within 30 days (rom the date notice is mailed
by I~eoder to Borrower requesting payment thercof.
Upon payment ia full of all swns ~cured by this Mortgage, I.ender shall promptly refund to Borrower any Funds
held by Letider. If under parsgraph 18 hercof the Property is sold or the Property is otherwise acquired by Lender, l.ender
shaU spply, ra later than immediately prior to the sale of the Pmpeny or its acqui:itio~ by Le~der, any Funds held by
I,e~der at the time of application as a creciit against the sums secured by this Mottgage.
3. A~plicatio~ ot Ps~e~. Unless applicable law provida otherwise, all payments rcceivod by Lender under the
Note and paragnphs I and 2 hereof shall be applied by I.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 ot the Note, and then to interest and
principal on any Future Advances.
4. C6ar~es; Ueas. Borrower shall pay all taxes, assessments and o~her charga. flna and impositions attributable to
t6e Property which may attain a priority over this Mortgage, and kuehold payments or ground rtnts, if any, in the manaer
providod under paragraph 2 hereof or. i[ not paid in such manner, by Borrower making payment. when due. direcUy to ihe
payae thereof. Borrower s6a11 promptly fumish to Lender all notices of a~nounts due under this paragraph, and in the event
Borrovv~r shall malce payment directly, Borrower shall promptly fumish to L.ender receipts evidencing sueh payments.
Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Bortower shall not be
roquirod to dixharge any such lien so long as Borrower shall agree in writing to the payment o[ ihe obligation securod by
such liea in a manner acceptable to I.ender, ar shal! in good faith contest such lien by, or defend enforcement of such lirn ia.
kgal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
S. Harard Iewrawce. Borrower shall keeP the improveme~ts nov-• existing or hereafter erected on the Propeny insured
against loss by fire, hazards included within the term "extendeJ 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 rnverage exceed that amount of coverage required to pay the sums securcd by this Mortgage.
'Il~e iraurance carrier providing the insurance shall be chosen by Bonower subject to approval by LenAer. pro~ided,
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 ~ot paid in such manner, by Borrower making payment, when due, dircctly to the
insurance carrier.
All insurance policies and renev-~als thereof shall be in form acceptsble 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 policia and renewals ihereof.
and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the e~ent of loss.
Borrower shall give prompt notice to the insurance carrier :~nd Lender_ I_ender may make proof ot loss if not made promptly
by Borrower.
Unless Lender and Borrower otherwi.e agree in writing. insurance proceeds shall be applied to restoration or rcpair of
the Property damaged, provided such recrorauon or repair is economically feasible and the security of this Mortgage is
not thereby impaired. If such rcstoration or repa~r is not eronomicallp feasible or i[ the security of this 111ortgage would
be impairod, the insurance proceeds shall be applied to the sums secured by this MoRgage, w'ith the exetss, if any, paid
to Borrower. t( the Property is abandoned by Borrowcr, or if Borrower [ails to respond to Lender within 30 days from the
date notice is mailed by I.ender to Barrower that the msurance carrier ofters to se~~le a claim for insurance benefits, Lender
is authorizod to collect anJ apply the inwranre proceeds :+t Lender's option either to restoration or repair of the Propen}•
or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, am such application of proceeds to pnncipal shal) not extend
or postpone the Jue date of the monthl} installments rcferred to in paragraphs 1 anJ 2 hereof or change the amount ot
suc6 installmeots.. If under paragraph 18 hereof the Property is acyuired by [.ender, all right, title and interest of Borrower
in and to any insurance policies and in and to the proceeds thereot resulung from damage to the Property prior to thc sale
or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immodiately prior to such sak or
acquisitan.
6. Preservatbn and htaintenance of Property; Leasehulds; Condominiums; Planped Ueit Devebpa~ents. Borrower
shall keep the Property in good repair and shall not comro~t waste or permit impairment or deterioration of the Property
and shall comply with the provisions ot any lease it thi~ Mortgrge is on a leasehold. If this Mortgage is nn a unit in a
condominium or a planned unit development. Borrower shall pertorm 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 planoed unit development, and constituent Jocumen~s. If a condominium or planned unit development
rider is executed by Borrower and recorded tagether 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 u it the rider
were a part heroof.
7, profection of Leode~s Secnrfty. 1f BorroK•er fa~ls to perform the covenants anJ agrcements contained in this
Mortgage. or if any action or proceedmg is commeneeJ which materially aBects Lender's interest in the Property.
including. but not limited to, eminent domain. inse~lvency, code enforcement, or arrangements or proceedings invol~ing a
bankrupt or decedent, thcn Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such
wms and take such action as is necessary to pro~ect Lender s interest, including. but not tim~ted to, disbursement of
reawnable attomey's fees~and emry upon the Propeny to make repairs. If I~nder requircd mortgage insurance u a
condition of making the ban secured by this Mortgage: Borrower shall pay the premioms reqaired to maintain such
inwrance in effect until such time as ~he rcquirement for such msurance terminates in accordanc~ with Borrower s and
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