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Unt~ae~t CoveN~t~m. Borrower aod Lende. covenant and a~ra u tollows:
1. lqwe~t ot hi~clMl a~i iMerat. Borrower shatl prompd~ pay when due the principal ot snd intercsl on the
~ndobtednat evidenc~ed by the Note. Prepaymeot snd late chargec ac p~ovided in the Note, and the principal ot and intetes~
on wy Future Advsnces secured by this Mort~ase.
2. Rb~ tor Tata a~wi laars~ce. Subjat to applicahle law ar ~o a written waive~ by Lende~. Borrower shall pay
to Lende~ on the dsy mon~hly installments ot principal and in~crcq arr p~ysAle under the Note. until the Note is paid io full,
a sum (herein "Fur~ds") eqwl to one-tweltth at the yea~l~ ~aa~~ a~xl auasments which may attain priority over this
Mortsase. aed ~round renu on the Prope~ty, it any, plus one-twelt~h of yearly premium installments for huard insunnce.
plus one-tweltth of yearly premium installments for monga~e insurancc. i( any, all as rcasa~ably estima~ed initially and trom
time to time by I.ender on the buis of asxs~mcnls and hills and reasonable estimala thercof-
The Funds shall be held in an institmion the depoxit+ or •rccounts of which are insured or guuanteed by a Federal ot
state agency (including Lender i[ Lende~ is such an institutionl. I_ender ahall apply Ihe Funds to pay said taxes. assessments.
insurance premiums and ~round re~ts_ 1 ender may no~ charge to~ u+ holding and ap{+lying the F~indc. analyzing caid account,
or verifyin~ aod compiling said asussments and bills, unless I.ender pays BoROwer interat on the Funds and applicable !aw
permits Lender to make such a charge. Bc~rrower and Lender may agree in writing at ~he time ot execution ot this
Mortgaae that interest on the Fu~ds shall be paid to Borrower, and unless such agrcement is made o~ applicable law
rcquires such interat to be paid. Lende~ shall nat be rcquired ta pay Borrower any interat or ear~ings on the Funds. l_ender
shall give to Borrower, without charge, an annual acccwoting ot the Funds showing credits and debits to the Funds and the
purpoae (or which each debit to the Funds wu made. The Funds arc pledged as additionat security tor the sums secured
by this Mortaaae.
If tbe amount of the Funds held by Lender, together wilh ~he future monthly inslallmenls of Funds payabk prior to
tlx due data of taxa, assessments, insunnce prcmiums and ground rents, shall exceed the amount requircd ~o pay said taxes.
a:sestments, insurance premiums and ground rents as they tall due, such eacess shall be, at Borrow~r s op~ron, either
promptly repaid to Borrower or ctedited to Borrower on monthly mstallments of Funds. If the amount ot the Fu~ds
hdd by Leader shall not be suf6cient to pay laxes, assessme~ts, insurance prcmiums and ground rents u they fall due,
Borrower shall pay to Lender any amount necasary to make up the deficiency within 30 days trom the date notice is mailed
by Lender to Borrower requesting ~yment thereof.
Upoo payment in full of dl sums :ocurcd by this Mortgage, 1_ender shall promptlp retund ~o Borrower any Funds
held by l.ender. If under pusgraph l8 hercof the Propeny i~ sc~ld or ~he Properry ~s otherwise acqwrcd by Lender, Lender
a6d1 apply. no liter than immediately prior to the sale o( the Propeny or its acquis~tion by t.ender, any Funds held bv
[.ender at the time of application as a crcdit against the sums secured by this Mortgage.
3. ApplicaNoe ot Paymeats. Unless applicable law provides otherwise, all payments received by l.ender unJer the
Note and pangnphs 1 and 2 h~reof shall be appl~ed by I.enJer first in payment ot amounts payable to I.enJer by Borrower
under paragnph 2 hercof, then to inlerest payable on the Note, then to the principal ot the Note, and then to interesl ~nd
principal on any Future Advances. . .
4. C6ar~es; I.k~. Borrower shall pay aU taxei. assessments and othrr ch~rge~. 8nes and ~m{xni~wns attnbutabk to
tl~e Propetty which may attain a priority over this Mortgage, and teasehold payments or grouna rents, if any, in the manner
provided under paragraph 2 hereof or, if not paid in cuch manner. by Borrower making payment, when due, directly to ihe
payee thereoL Borrower shall promptly furn~sh ~o l.ender all noticcs ot amounts due under th~s paragraph, and in the event
Borrower shall make payment duectly, Borrower ~hall promptly (urmsh to l.ender receipts evidencmg such payments_
Botrower shall promplly dixharge any lien which has prionry over thrc Mortgage: provided, ~hat Borrower shall not be
reqwred to discharge any such lien so long as Borrower chall agrre ~n wri~~ng 1~~ the payment of the obbgatiun securcd by
such lien in a manner accep~able to Lender, or shall ~n g~xx1 fauh cuntctit such lien by, or defend enforcement of such lien in,
legal proceed~ngs which operate to prevent the enfi+rcemen~ oi ~he I~en or forfeuure o( the Property or any part thereof.
S. Hazard Inwranee. Borrower shall I~eep the ~mprovemen~+ nc~N evtting or here:~(ter erected on the Property insured
against loss by firc, hazards included wi~hm the term "ex~enJed cove~age", a:~d such other hazardc ac 1_ender may rryuire
and ~n such amounts and for such periods ac Lender may reyuire: provideJ, ~hat LenJer shall not requirc that ~he amount of
such coverage exceed that amount of coverage reqwred to pay the tumt secured ~by th~s Mortaagt.
71~e insuraoce carrier prov+ding the insurance shall be chosen by Borrower subject t<~ approval by Lendor, provided.
t6at such approval shall not be unreasonably withheid. AI! premiom~ on insurance polic~es shatl be paid ~n the manner
prov~ded under paragraph 2 hereot or, ~f not paid in such manner, by Borrow~er makmg payment, when due, directly to the
insurance carrier.
All insurance policie~ and ~enewals thercof sh•rll be in fomi accrptable to LenJer ~nd shall include a standard martgage
claux in favor of and in form acceptable tu Lender. Lender shall ha~~e the right to hold the policies and renewals ihereof.
and Borrower shall promptly furnish to Lender all renewal no~~ces and all rece~pts of paid prcmium~. In the event of loss.
Borrower shall grve prompt not~ce to the insurance carner and Lender. 1_ender m~} make pn~f of loss if not made promptly
by Borrowcr. ~
Unless Lender and Borrower otherv-~x agree in wnling, inwrance proceedc shall be applied to restoration or repair of
the Property Jamaged, prov~ded such re.toratu~n or repair is erunomically feasible and the ucurity of th~s Mortgage is
not thereby impaired. 1( such restoration or repair ~s n~~t econom~crll~~ feasible or ~( the secunty of th~s~Mortgage would
be impaired, the insurance proceeJs shall be applied to thr sums secureJ by thn Mortgage. w~~h the excess, if any, pa~d
to Borrower. If the Propert~ is abandonecl by Borrower, or il Borrc~wer fails ~u res~nd to 1_ender within 30 days ir~m Ihe
date notice ~s maded by Lender to Borrower that the insur.~nce carner otiers ~o urtUe a claim for inwrance benefits, Lender
is autboriud to collect and ~ppl y the m~uranre proceed~ ~t Lender's ~~pt~on e~ther to restorat:on or repa~r of the Propert~•
or ro the sums secured by this 4lortgage.
Unlest Lcnder and Borruwer utherw~~c agrec in wnhng, any~ such appiica~ian ~~f pr~eeds to pr~nc~pa) shall not extend
or postpune Ihe duc date ot the mon~hl}• inct~llmcmti refcrred ti~ in p~ragraph~ I and 2 hereof or change Ihe amount o(
such instaltmenis. It under paragraph 18 hereo( the Property n acywreJ h~ Lender, ali nght, title and interest o: Borr~~wer
in and ~o any tnsuranre policies anJ ~n anJ to thr proceeds thereot re~ulting from damage to the Property prior to thc aale
or acquisition shall pass to Lcnder to thc extcn~ of the ~ums secured by this ~lortgagc immediately prior to such sale or
acquisition. •
6. Presenallon and 1laintenance of Property; I.easeholds; ('ondominiums; Planned Unit De~elopments. Borrowcr
shall kcep thc Propcrty in good repair and shall not comrpit Kastc or permu impa~rment or deterioratiun of the Proper~y
aad shall comply with ~he pro~•i~ions of any leax i( th„ Nortgage ~, ..n a leasch~~ld. If th~c Mortgage is on a unit in a
condominium or a planned unrt ~evrli~pmen~. Borrower tihall perturm all of Borrower's obligat~ons under the declaraUun
or coveoants creabng or guverning ~he condununium ur planned unit devel~~pment, the by-laws and regulation< <.f the
conJominium or planned umt develupment, ~nd ~onstitucnt d~xumcr~r.. If a condominium or pl•rnned un~t Jcvcl~pmcnt
nder ~s executed by E3orrower and recorded t~~geiher N~th ~h~~ Mnrtgage, the covenants and agreements of tiuch ri~ler
shall be iRCOrporaled ~nto and shall amend :~nJ ~upplcmenl Ihe co~enants anJ agrrements o(. ~h~~ Morlgage as ~f the nder
vvere a part tereof.
7. Protalion of Lenders Security. I( B~~rr~~wer ta~h t~~ ~xrf~~rm the covenant~ anJ agreements amtained in this
Morlgage, or if any action ~-r proceeding i. i~~mm~nre~t Nh~cn m:neriath .~firctt LenJer'ti ~nleretit in Ihe Pro~xrt}•.
including, birt n~~t ~~m~ted ~i~, cminent dum:+m. i~iti~~l~rn«. ~~x)e ~nf~~rcemcnt. ~~r ;~rr~ngcm~ntc ~ir pruceedings inved~~nR a
bankrupt or decedent. ~hen 1 enJer at I enJer'~ ~~pUon, u~fn ni~UCe to Hormwer. ma~ make wrh appearance~, dnhur~e such
sums and take such a~t~un a~ ~s nece~wr~ tu prrnect Lender'c imerest. in~luJiog. bul not Iim:teJ to. dnbursement of
reasonable auomey't icc~ anJ rntry u~~n thc Prnpcr~~ ~i, m:~kc rc~a~r. I( Lrndcr rcy~iirrJ m~.rtgage in~urance ae a
conJ~tion o( making thc loan ~ccoreJ b} Ih~ti Mung.~gc. 13~.rrr.N~r ~h ~II pa~ ~hc nremiums req~ured to mai~ita~~~ ~uch
insurance in cliecl untd ~uch timc as thc rcywrcmcnt frr ,uch m;uran;c ~crmin:~tc. in :~c.ordancc wrth Bc~~r~.•wcr'~ anJ
BO~K ~46 PA~E ~4i
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