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UNt~aw Cover+~Hrs. Borrower ar~d Lender covenant and as~a .s follows:
l. lqwed ot trl~ciM1 aM Iwterat. Bo~rowe~ shall promptly pay when due the principal of and interest oo the
~ndebcedrKSS evide~ced by ~he Nae. Ptepaymeot and late chargcc ac p~ovided in Ihe Note. and the principal ot and inte~est
on any Fututti Advances secured by this Mongsge.
2. I4~i Ior Taua wl Iwrs~ce. Sub)ect to applicabk law a~ ~o a written waive~ by i.ende~. Borrowe~ s1-all WY
to Leoder on the day monthly installments of principal and intcrcct arr payahle under the Note. until ~he Note is paid in tull,
s sum (herein "Funds") equal to onc-twelfth ot ~he yea~l~ u~-~. anJ asscssments which may attain priority over this
Mortss~e. and ~round rents on tl~e Proper~y, if any. plus o~e-twelfth of yearly prcmium installments to~ hazard insurance.
plus oae-tweltth of yearly premium installme~~s lor mortgage ins~~nnce. it any, all as rcasonably estimated initially and from
time to time by l.ender on the buis of assescmcnts a~d hills and rea~onabk es~imates thereot.
71~e Funds shal) be held in an insti~ution the depos~n or accoun~s of which are insurcd or guaranteed by a Federal oi
state agency (iocluding Let~de~ if Lender is such an ir-s~itution). 1_ender ahall apply ~he Funds to pay said uxa. assessmenls.
imurance premiums and g~out~d rents. 1 ender may no~ cbarge tor so holding and applying ~he Fnndc. analyzing said account.
or verifyin~ a~d compling said assessments and bills, unless I_eoder pays BoROwer intetest on the Funds and applicable law
permits Lender to make such a charge. Borrowe~ and I.ender may agree in writing at ~he time af execution ot this
Mortgage that interat on the Funds shall be paid to Borrowe~, and unless such agrcemem is made Of applicable law
requires such intercst to be paid. Lender shall not be rcquired to pay Borrower any inte~at or earnings on the Funds. l~nde~
s6all give to Borrower, without charge, an annual accounting of 1he Funds showing credits and debits to the Funds and the
purpose tor which eaeh debit to the Funds w~ made. The Funds are plodged as additionat ~ecu~i~y tor the sums secured
by this Mortaage. '
If the unount o[ the Funds heW by Lender, together with the future monthly instatlments of Funds payabk prio~ to
the due data of taxes, assessments, insunnce premiums and ground rcnts, shall exceed 1he amount required to pay said taxa.
asses~tnents. insurance prcmiums and ground re~ts as they fall due, such excess shall be, at Borrower s opt~an, either
pranptly repaid to Borrower or credited to Borrower on monthly installinems oE Funds. If the amount of the Funds
held by Lender shall not be suf6cieat to pay taxes, acsessments, insurance premiums aod ground rcnts as they fall due.
Borrower shall pay to l.ender any amount necessary to make up the deficiency within 30 days trom the date notice is maited
by Lender to Botrower requesling payment thereof.
Upon paymeat in full of all sums secured by this Mortgage, l_ender shall promptly rctund to Borrower any Funds
held by Leader. I[ under patagraph 18 hercof the Property is sold or the Property ~s othervvise acqwrcd by l.ender, Lcnder
s6d1 apply. no later than immediately prior to the sale of the Property or its acquisition by Le~der, any Funds held bv
Lender at the time ot application as a crcdit against the sums secund by this Mortgage.
3. Applicatios of Paymeats. Unless applicable law provides othen+~ise. atl payments received by Lender under the
Note and paragraphs 1 and 2 hercof shall be appl~ed by I.ender first in payment o( amounts payable to Lender by Borrower
under psragraph 2 hereof. then to interest payable ~n the (~ote, then to the principal of the Note, and then to interest and
pnncipal on any Future Advances. _
~. C6ar6es; Ue~. Borrower thall pay all ~axec. a~tiessmcnts and othr~ charges, fines and impotitions attributable to
the Property which may attain a pnority over this Mortgage, and leaschold payments or groun~ rents, if any, in the manner
provided under paragraph 2 hercof or. i( not paid in such manner, by Borrower making payment, when due, dirccdy to the
payee thereof. Borrower shall promptly (urmsh to Lender all notices of amounts due under this paragraph, aad in the event
Borrower shall make_ payment d~rectly, Borrower shall promp~ly tumish to lxnder receipts evidencmg such payments.
Borrower shall promp~ly discharge any lien which hu pr~onty over th~c Mortgage: provided, that Borrower shall not be
rcqwred to discharge any such lien so long as Borrower shall agree in wnting t~~ the payment of the obligatiu~ securcd by
such lien in a manner acceptable to Lender, or shall ~n ~~~d tailh conte~~ such lien by, or JefenJ enforcement of such lien in.
legal proceedings which operate to prevent the enfurcement of the lien or [orteiture of the Property or any part thercof.
S. H~zud Inw~ance. Borrower shall keep thc ~mprovement, naw etitung ur hereafter erected on the Property insured
against loss by fire, hazards includeJ withm the term "c;tendeJ cmerage", a:,d such other hazards as I_ender may reyuirc
and m such amounts and tor such periods as Lender may reyu~rc; provideJ, that LenJer shall not require that ~he amount o(
such coverage eaceed that amount of coverage requ~red lo pay the sumt secured ~by this Mor~gage. -
"Il~e ~nsurance carrier providing tAe insurance shall be chosen by Borrower subject to approval by LenAer; provided,
that such approval shall not be unreasonably withheld. All premiumc on insurance policies shall be paid in the manner
provided under paragraph 2 hereof or, if not paid in ~uch manner, by Borrower mak~ng payment, when due, dircctly to the
insurance carrier.
All insurance polic~es and renewals therrc-f shal! be in lorm acceptable to l.ender ~nd shall include a standard mortgage
clause in favor af and in form acceptable tv Lender. 1_ender tih~ll ha~•e the right to hold ~he policies and renev~als thereof,
and BorroK•er shall prompdy furo~sh to Lender all rcneN:~l no~cces anJ all receipts of paid premiumc. In the event of loss,
Borrower ~hall g~ve prompt not~ce to the insurance carner and Le~der. Lender may make proot ot loss if not made promptly
by Borrower.
Unless Lender and Borrower o~hcrN,k agrer ~n wnting. imurance proceedc shall be applied to restoration or repair of
the Property damaged, provided such re,tora~ion or repa~r ~s erc~nomicrlly teasible •rnd the security of th~s Mortgage is
not thereby impaired. I( cuch restor~t~on or rep•r~r is n~~t economic~lly (easible or if the xcunty of th~s Mortgage would
be impa~red. the insurance proceeJs shall be app6ed to the sums secure.l b~~ th~~ Mortgage, w~th the excess, it an}~, paid
to Borrower. It the Propert}• ~s aband~med hy Horrower, ur il Borrower fa~lt tc. respond to I.ender within 30 days (rom tF~e
Jate notice is maded by Lender to Borrower that the m~urance carner otTen ~o set~le a claim for insurance benefits, l.ender
is autborized to collect and appiy the ~nsurance procee~~ at 1 ender's ophi~n eUher to restora~ion or repa~r of the Pmpett~•
or to the sums secured by ~his Mortgage.
Uniess Lender and Burrower otherw~x agree in wnting. any such application of pnkeeds to pnncipal shall not extend
or postpone the Jue date of the monthly installmem. re(erred tc~ in p~ragraph~ I and 2 hereof or change the amount oi
such installments. If under paragraph 18 hereof the Pru~.e~t} n acywred hy l~niler, ali nght, t~tle and interest of Borrower
in and to an}~ itisurance policies and in and t<~ thc prcM:ce~lti thcreut resul~ing from damage ro the Property prior to th~ sale
or acquisi!ion shall pass to Lender w the extent ot the tiums ~ecured b}• this ~fortgage immediately prior to such sale or
acquisition.
6. Presenation aod ~taintenance of Propert}: 1_eueholdc; ('ondominiums; Planned Unit Dcvelopments. Borrow•cr
shall keep the Property in good repair and shall not comroii y~astc ur perm~t impairment or deterioration of the Property
and shall comply~ with the provis~ons of any lease it th„ Mortg:~ge „ un a Ieasch~~ld. I( this Mortgage is on a umt in a
condomimum or a planned unit d~vclopment, Borrow•er .hall pcrtorm all ot Bormwer's obl~gations under the declaratwn
or covenants creahng or governing ~he condc~min~um or planncd umt devel~~pmcnt, the by-laws and regulationc of the
conJominium or planoed unit develut~ment. and conttituem ducumcntti If a condominium or planned unit development
nder is execu~ed by Borrower and rec~rJeJ a~gether wi~h th~~ tii~rtgage, ~he covenan~s and agreements o( wch rider
shaJl be incorporated into and shall amend and tuppicrncnt thc co~enantti an.l agreements of thn Mortgage as ~f ~he nJer
were a part t~ereof.
7. Protection of Lender's tiecurfty. If B~~rr~~wer (.ul~ tn ~~I~~rm the covenamt anJ a~treements rontained in this
Mortgagc, or if any action ~~r prcxceJmg ~~ :umm~ncc~t wh~rn matcnally atTrcts I.en~ler'ti imerc~t in the Proper~~~,
~ncludmg. but m~t I~miled tu. cmincn~ domain. ~n.~.l~cnr~, i~alc rnt„r~cmcnt. ~~r :,rrangcmrntc or pn.cccdings invohing a
banknipt or dcceJent. thea Lender at I ender'~ option, uFx~n ne~Uce to Horrc-wer. ma~ make such appearances, Jishur~e such
sums and take sueh act~un at is nece«ar} t~~ pmlect LenJer'~ interest. mcluding. but not limited to, d~~bursement of
reasonable pllomey'~ (re~ and entry ~ip~~n thc Prc~pert~ t~. make repa~r~. It LrnJer r~yuire~l morigage ins;~rance as a
condiUun ~-( making thc loan ~ccureJ b~ thi~ :11~~rtga~tc, B~un:v-cr sh dl p:,~• thr prcmiunn rcq~nreJ to maintam wch
insurance in rltecl until ;uch time at tbe reymrrment f~~r .uch in;uran:e trrminate. in :~ceordanee w•ith Born•wer'. and
8~K 346 F~~~E 47~
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